Gate Research: ME Surged Over 39% in 24 Hours | Major U.S. Stock Indices Saw a Broad Pullback

Crypto Market Overview

• BTC (+0.14% | Current Price: 65,495 USDT)：Over the past 24 hours, BTC continued to trade in a weak and range-bound manner. After multiple failed rebound attempts, price accelerated to the downside, briefly dipping to the 65,230 USDT level before stabilizing and staging a mild technical repair. BTC is currently consolidating within a narrow range between 65,400 and 65,600 USDT. Overall rebound momentum remains limited, and market sentiment is relatively cautious. From a technical perspective, short-term moving averages have turned downward, with MA5 and MA10 crossing below price and acting as resistance. The MA30 remains in a declining trend, indicating that BTC is still structurally weak in the short term. On the downside, the 65,200–65,000 USDT zone represents a key support area. A decisive break below this range could open the door to further downside testing. On the upside, attention should be paid to resistance in the 66,200–66,500 USDT region. Until this area is effectively reclaimed, BTC is likely to remain in a weak consolidation phase.
• ETH (+0.16% | Current Price: 1,913 USDT)：ETH showed an overall downward consolidation trend over the past 24 hours. After failing to hold above the 1,980 USDT area during a rebound attempt, price resumed its decline, briefly testing lows near 1,896 USDT. ETH is currently trading weakly within the 1,910–1,930 USDT range. Market sentiment remains conservative, with capital flows skewed toward defensive positioning. Technically, short-term moving averages continue to slope downward, with MA5 and MA10 exerting clear pressure on price. The MA30 has yet to flatten, indicating that the broader trend has not reversed.The 1,900 USDT level serves as a critical support zone. A breakdown below this level could expand the corrective range. On the upside, resistance lies between 1,950 and 1,980 USDT; only a sustained recovery above this area would signal potential short-term structural improvement.
• Altcoins: Most major altcoins recorded modest gains, with overall market sentiment leaning toward “neutral” or “buy.” The Fear & Greed Index stood at 9 today, remaining in the zone of extreme fear, indicating that market sentiment has yet to meaningfully recover.
• Macro: On February 13, major U.S. equity indices saw a broad pullback. The S&P 500 fell 1.57% to 6,832.76, the Dow Jones Industrial Average declined 1.34% to 49,451.98, and the Nasdaq Composite dropped 2.03% to 22,597.15, with the Nasdaq 100 down 2.04%, reflecting a clear deterioration in risk appetite. In contrast, safe-haven assets continued to outperform, with spot gold extending its strength. According to intraday data, gold prices rose 1.32% to $4,986.69 per ounce, continuing to attract capital inflows amid equity market pressure.

Trending Tokens

BTR – Bitlayer (+63.33% | Circulating Market Cap: $40.03M)

According to Gate market data, BTR is currently trading at $0.1499, up 63.33% over the past 24 hours. Bitlayer is a Bitcoin-ecosystem Layer2 project built on the BitVM architecture, aiming to enhance Bitcoin’s scalability and smart contract capabilities while introducing more DeFi and application scenarios to the BTC ecosystem.

Recent price gains were primarily driven by a broader recovery in Bitcoin-ecosystem narratives, as market attention toward BTC Layer2 projects increased and capital flowed into the sector. In addition, BTR’s relatively limited circulating supply amplified price elasticity amid rising trading activity and short-term capital rotation. This rally largely reflects a phase-driven move fueled by sector sentiment and capital flows.

ME – Magic Eden (+39.60% | Circulating Market Cap: $79.74M)

ME is currently quoted at $0.1886, up 39.60% in the past 24 hours. Magic Eden is a well-known multi-chain NFT marketplace that originated in the Solana ecosystem and has since expanded to Ethereum, Bitcoin Ordinals, and multiple other chains.

The rally was mainly supported by renewed activity in the NFT and Bitcoin Ordinals sectors, which revived market interest in on-chain asset trading platforms. Against the backdrop of a pullback in major assets, capital rotated toward mid-cap projects with narrative support, driving a rapid expansion in ME’s trading volume. This move primarily reflects sentiment recovery and short-term capital momentum.

TNSR – Tensor (+35.48% | Circulating Market Cap: $19.58M)

TNSR is currently trading at $0.0586, posting a 35.48% gain over the past 24 hours. Tensor is a key NFT trading and liquidity infrastructure within the Solana ecosystem, focusing on professional-grade tools and efficient marketplaces for NFT traders.

The price increase was largely driven by improving activity across the Solana ecosystem, with a concurrent recovery in NFT-sector sentiment. As capital rotated toward Solana-related assets, TNSR saw a rapid price lift amid rising trading participation. This gain mainly reflects a short-term market response to ecosystem heat rather than a fundamental revaluation.

Alpha Insights

Standard Chartered Lowers Long-Term Bitcoin Outlook

According to overseas media reports, Standard Chartered has revised its long-term outlook for Bitcoin, projecting that BTC may undergo further correction—potentially falling toward the $50,000 level—before recovering to $100,000 by the end of 2026. This marks a sharp downgrade from its previous $150,000 target. The bank also lowered its long-term Ethereum outlook, cutting its end-2026 target from $7,500 to $4,000.

The report noted that since the sharp market sell-off last October, Bitcoin ETF holdings have declined by nearly 100,000 BTC from their peak. Some investors with average costs near $90,000 remain underwater. In an environment of slowing economic growth and limited expectations for near-term monetary easing, continued capital outflows may persistently pressure crypto asset prices.

Vitalik Comments on Incentive Design: Crypto Apps Should Refocus on Products

Vitalik Buterin recently commented on Fileverse’s token incentives for early users, suggesting that a more sustainable approach would involve using revenue from paying users to subsidize others, while compensating for early-stage risks and product immaturity.

He argued that indiscriminate token distribution aimed at rapid user growth often attracts short-term, profit-driven participants, which can undermine community quality—especially in social applications. Truly successful crypto applications, he emphasized, should focus on building genuinely useful and valuable products rather than relying on incentive-driven speculation.

Tether-Linked Entities Acquire Northern Data Mining Business

According to the Financial Times, Tether-backed German data center and AI firm Northern Data sold its Bitcoin mining subsidiary Peak Mining for up to $200 million in November. Company filings show that buyers included entities directly linked to Tether executives, controlled by co-founder Giancarlo Devasini and CEO Paolo Ardoino.

The timing and structure of the transaction drew attention, as the sale occurred shortly before Tether-backed Rumble announced its acquisition of Northern Data. With Northern Data still under regulatory scrutiny in Europe, Tether’s expanding exposure to Bitcoin mining—alongside related-party transaction concerns—continues to attract close monitoring from the market and rating agencies.


References

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Gate, https://www.gate.com/trade/GT_USDT
• Gate, https://www.gate.com/price
• Panews, https://www.panewslab.com/articles/019c5221-d397-753c-be37-7e2fa52771d7
• Panews, https://www.panewslab.com/articles/019c522e-6f50-75ac-b38e-554dd8778bfa
• The Block, https://www.theblock.co/post/383439/tether-backed-northern-data-sold-bitcoin-mining-arm-to-companies-run-by-tethers-own-executives-ft

Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.

Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.