Cryptocurrency Market Overview
- BTC (-11.70% | Current Price $64,437): Bitcoin experienced a rapid decline with increased volume over the past 24 hours. The price briefly dipped to around $59,980 before showing clear signs of stabilization, followed by a corrective rebound. It is now trading above $64,000 with sideways movement. Overall, the first half was dominated by panic selling, while the second half gradually entered a phase of emotional recovery, though no clear reversal pattern has formed. Technically, the intraday rebound has brought the price back near short-term moving averages, with MA5 and MA10 showing signs of flattening, but MA30 remains clearly downward, indicating the price is still under medium-term moving average resistance. The overall movement suggests a technical rebound after a decline. During the drop, volume significantly increased, indicating panic liquidation, while during the rebound, volume contracted, showing that funds are mainly testing the market with tentative buybacks.
- ETH (-11.94% | Current Price $1,910): Ethereum followed the broader market downward, with a sharp decline over the past 24 hours, reaching a low near $1,745 before a noticeable rebound. Currently, the price is trading in the $1,900–$1,920 range. The slope of ETH’s decline was steep, with obvious short-term oversold signals, and the rebound is mainly driven by emotional and technical correction. On the technical side, the price temporarily broke above MA5 and MA10 but remains under downward pressure from MA30, which continues to act as resistance. The overall structure has not yet broken out of the downtrend channel. Volume during the decline was concentrated at the end, and the rebound saw relatively moderate volume, indicating that bulls have not yet formed a sustained offensive.
- Altcoins: Most mainstream altcoins maintained small gains, with market sentiment mainly “neutral” or “buying.” The Fear & Greed Index today is at 9, still in extreme fear territory, indicating relatively low market sentiment.
- Macro: On February 6, the S&P 500 fell 1.23% to 6,798.40 points; the Dow Jones Industrial Average dropped 1.20% to 48,908.72 points; the Nasdaq declined 1.59% to 22,540.59 points; the Nasdaq 100 fell 1.38% to 24,548.69 points; the Russell 2000 small-cap index decreased 1.79% to 2,577.65 points. Market volatility has increased significantly, with the VIX index rising 16.79% to 21.77. Meanwhile, as of 23:02 (UTC), spot gold was at $4,817.24 per ounce, up 0.77% intraday, continuing to strengthen amid broad weakness in US stocks.
Hot Tokens to Watch
ZEUS Zeus Network (+89.29%, Market Cap $10.93 million)
According to Gate data, ZEUS token is currently priced at $0.013417, up 89.29% in 24 hours. ZEUS is a token related to the Zeus Network ecosystem, which aims to build cross-chain and modular network infrastructure to enhance asset and data interoperability across different blockchains.
In the past 24 hours, ZEUS’s sharp increase occurred against a backdrop of overall market decline, representing a typical contrarian capital game. Structurally, ZEUS has a small circulating market cap and low price base, making it more susceptible to short-term capital concentration and rapid upward movement in weak market conditions. As trading volume rapidly increased, the price accelerated higher, but the overall rise is mainly driven by capital and sentiment rather than fundamental changes. In this high-volatility state, the price is highly sensitive to capital inflows and outflows, and its sustainability will depend on subsequent capital support.
C98 Coin98 (+34.19%, Market Cap $30.47 million)
According to Gate data, C98 is currently priced at $0.03179, up 34.19% in 24 hours. C98 is the core token of the Coin98 ecosystem, positioned as a multi-chain wallet and DeFi aggregator, providing users with asset management, cross-chain interaction, and DeFi services.
C98’s recent 24-hour rally also occurred amid overall market pressure. From a capital behavior perspective, this rise is not due to a broad risk-on sentiment but rather structural capital rotation. In the context of continued weakness in major coins, some funds are flowing into well-known tokens with relatively moderate market caps for short-term trading. The increased trading activity of C98 supports its price, but the overall market remains in a rebound phase within a weak environment, and its sustainability remains to be seen.
SKR Seeker (+24.69%, Market Cap $123 million)
According to Gate data, SKR is currently priced at $0.021790, up 24.69% in 24 hours. SKR is the native token of the Seeker platform, which aims to create a decentralized information discovery and incentive network, connecting content contributors and users through token mechanisms to improve participation efficiency and data value flow.
In the past 24 hours, SKR’s rise occurred amid a generally weakening market, representing a clear contrarian move. Structurally, this rally is not driven by an improving overall trend but by short-term capital seeking high elasticity assets in a weak market environment. With a moderate circulating market cap and low price base, SKR can quickly surge when capital flows in. The increased trading activity further amplifies price volatility, but the overall performance remains sentiment and capital-driven in the short term, with ongoing attention needed on subsequent capital support.
Alpha Insights
Crypto ETFs Continue Net Outflows, Capital Risk Appetite Significantly Declines
Latest data shows that the overall crypto ETF market continues to experience net capital outflows. The current daily net outflow is about $327 million, with Bitcoin ETFs losing approximately $259 million and Ethereum ETFs about $72.3 million, being the main directions of capital withdrawal. In contrast, Solana and XRP-related ETFs saw small net inflows of about $2.9 million and $0.775 million respectively, but their scale is limited and insufficient to significantly improve overall capital flow.
From a medium-term perspective, over the past week, month, and quarter, crypto ETFs have shown clear net outflows, with over $3.3 billion in total outflows in the past month and about $6.37 billion in the last quarter. Although the total assets under management (AUM) of crypto ETFs remain high at around $170.4 billion, ongoing capital outflows indicate a significant cooling of institutional risk appetite. In this environment, the market remains defensive in the short term, with mainstream assets under pressure, and capital tending to stay on the sidelines or engage in structural, small-scale allocations.
Bitcoin’s Sharp Decline Dragged Performance, Strategy Suffers $12.4 Billion Loss in Q4
Affected by Bitcoin’s significant price drop, the Bitcoin-heavy strategy company Strategy (MSTR) reported a net loss of $12.4 billion in Q4 2025. Data shows that in the last three months of 2025, Bitcoin’s price fell from about $120,000 high to around $89,000 at year-end, causing a substantial impact on the company’s book value. Bitcoin’s further decline recently pushed it down to $64,000, intensifying market concerns over asset volatility.
On the day of the earnings release, Strategy’s stock closed down 17%, marking a large single-day decline in recent years, with a slight rebound in after-hours trading. Currently, Strategy remains the largest publicly traded company holding Bitcoin, with a total of 713,502 BTC purchased at an average cost of about $76,052. The company states that as of year-end, it still holds about $2.25 billion in cash, enough to cover dividends and debt interest for approximately 2.5 years. Market attention will focus on the upcoming earnings call to understand management’s strategy amid extreme volatility.
Tether Invests $150 Million in Gold.com to Accelerate Tokenized Gold Expansion
Stablecoin issuer Tether announced it has invested $150 million to acquire a 12% stake in Gold.com (GOLD), aiming to expand its issuance and distribution channels for the gold-backed token XAUT. The deal was disclosed via official blog on Thursday. Gold.com is a platform offering physical gold and tokenized gold trading, and the partnership aims to promote the global availability of tokenized gold and enable users to purchase physical gold bars directly with Tether’s stablecoins.
This investment comes amid a strong gold price environment, with the tokenized gold market exceeding $5 billion in size, reflecting increased demand for safe-haven assets during macroeconomic uncertainty. Tether stated it will deeply integrate XAUT into Gold.com’s infrastructure, further strengthening its position in the tokenization of real-world assets.
References:
[Gate 研究院](https://www.gate.com/learn/category/research) is a comprehensive blockchain and cryptocurrency research platform providing in-depth content including technical analysis, hot topics, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.
Disclaimer
Investing in cryptocurrencies involves high risk. Users are advised to conduct independent 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 resulting from such investment decisions.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
