Crypto Market Steadies as BTC, ETH Rebound; HYPE, ZRO Lead Altcoin Gains

I. Crypto Market Overview

Key Takeaways

Macro Environment

Escalating Middle East tensions have driven safe-haven flows into gold and Treasuries, spiking oil prices and increasing crypto volatility. Surging USDC supply and on-chain volume reflect capital flight to digital assets amid macro uncertainty. Anticipation of the US CLARITY Act is boosting sentiment, with regulatory clarity expected to support institutional crypto adoption.

Crypto Market

The crypto market is consolidating after recent volatility, with BTC at $66,698 (+0.74%) and ETH at $1,974 (+0.95%) over 24h, both stabilizing after ETF-driven swings. Altcoins show mixed trends; Hyperliquid (HYPE) leads with +6.73%, LayerZero (ZRO) gains 3.57%, while Jupiter (JUP) drops 11%. Strong cross-chain and DEX activity drive HYPE and ZRO, while JUP faces profit-taking.

Today's Outlook

Key macro events today include the release of US ISM Manufacturing PMI, US Unemployment Rate, UK and EU manufacturing indices, and China Caixin PMI. These data points may drive volatility across global and crypto markets, with particular focus on risk sentiment and liquidity shifts.

Fear and Greed Index

80.00% Annual Percentile

16 Fear

Total Crypto Market Cap

$2.29T

0.33%

Total Market Trading Volume

$100.72B

1.76%

Altcoin Season Index

36.36%

Quarterly Percentile

34 / 100

Total Futures Market Open Interest

3.13B

0.79%

Futures

376.47B

5.94%

Perpetuals

II. Industry Updates

Macro-economic Policies

Escalating Middle East tensions have driven a surge in safe-haven assets like gold and U.S. Treasuries, while oil prices spiked above $82/barrel. This risk-off sentiment increases volatility in BTC and DeFi as investors rebalance portfolios.

Maersk suspended transit through the Strait of Hormuz due to the US-Israel-Iran conflict, raising concerns over global oil supply. Higher energy prices may fuel inflation, impacting Fed rate expectations and crypto market liquidity.

UAE closed its stock market for two days following Iranian strikes, highlighting regional financial instability. Crypto markets, operating 24/7, saw increased activity as traditional markets paused, boosting BTC and stablecoin trading volumes.

Circle reported USDC supply reached $75.3B in Q4 2025, with on-chain volume up 247% to $11.9T. The surge in stablecoin demand reflects capital flight to digital dollar assets amid macro uncertainty, supporting DeFi and NFT market liquidity.

JPMorgan analysts expect the US CLARITY Act to pass mid-year, promoting tokenization and institutional participation. Anticipation of clearer policy is already supporting positive sentiment and capital inflows into crypto assets.

Cryptocurrency Regulatory Trends

JPMorgan analysts report the U.S. CLARITY Act could pass by mid-2026, providing regulatory clarity, ending 'regulation by enforcement,' and promoting tokenization, which may boost institutional participation and lift crypto market sentiment.

The CLARITY Act proposes clear classification of digital assets, exemptions for new project registration, and developer reporting relief, potentially reducing compliance burdens and encouraging innovation in the U.S. crypto sector.

Ongoing debates over stablecoin yield restrictions and conflict-of-interest rules remain key hurdles for the CLARITY Act, with outcomes likely to impact stablecoin issuers and institutional adoption strategies.

If enacted, the CLARITY Act is expected to facilitate real-world asset tokenization, clarify staking taxation, and provide tax exemptions for small crypto transactions, supporting broader market growth and regulatory certainty.

LayerZero (ZRO): LayerZero surged 15% in 24h, reaching $1.81 with $153M volume, driven by strong cross-chain interoperability demand and over 1M holders.

Hyperliquid (HYPE): Hyperliquid rose 12.5% in 24h to $30.95, with $345M trading volume, fueled by its zero gas fee perpetual DEX and high on-chain activity.

Jupiter (JUP): Jupiter gained 8.9% in 24h, peaking at $0.0002336, as renewed interest in its secure dApp infrastructure and military-grade encryption boosted sentiment.

Smart Money Movements

Lighter DEX withstood a $50 million ARC perpetual long squeeze, limiting liquidity provider losses to $75,000 while a whale lost $8.2 million on February 26.

A whale exchanged 1,000 ETH (about $1.94 million) for 358.49 XAUT, incurring a loss of over $60,000; the whale's ETH holdings dropped to 645 ETH ($1.25 million).

SpaceX held 8,285 BTC valued at $545 million on Coinbase Prime, down $235 million from three months ago, reflecting significant market-driven valuation changes.

Institutional interest in digital assets remained strong as 75+ crypto funds joined iConnections, generating 750 meetings, despite Bitcoin's 25% price decline this year.

A trader using three wallets earned $2.35 million in one month by betting on Bitcoin price movements on Polymarket, highlighting substantial profits from prediction markets.

Events to Watch

Mar 2 (Mon)

US ISM Manufacturing PMI, US Unemployment Rate, UK S&P Global Manufacturing PMI, EU HCOB Manufacturing Index, China Caixin Manufacturing PMI, and Tellor mainnet upgrade are all scheduled for release or activation today.

Mar 3 (Tue)

EU CPI inflation data, EU preliminary CPI, Australia GDP growth data, Dusk Aegis protocol upgrade, and Australia Q4 GDP release will occur, impacting global and crypto markets.

Mar 4 (Wed)

US ISM Services PMI, US S&P Composite PMI, US ISM Non-Manufacturing PMI, ADP Employment Survey, Australian GDP q/q, Hathor fee-based tokens mainnet launch, and EU HCOB Services PMI are set for release.

Mar 5 (Thu)

US Jobless Claims, US Trade Balance, and Federal Reserve Beige Book will be released, providing key economic signals for global markets.

Mar 6 (Fri)

US Non-Farm Payrolls, US Unemployment Rate, EU GDP growth data, Hyperliquid and ENA major token unlocks, and private sale token unlocks will take place, likely affecting market volatility.

III. Phemex Market Focus

New Listings

Feb 28: (ROBO/USDT)

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Feb 28: (ROBO/USDT)

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Table of Contents

I. Crypto Market Overview

Key Takeaways

Macro Environment

Crypto Market

Today's Outlook

II. Industry Updates

Macro-economic Policies

Escalating Middle East tensions have driven a surge in safe-haven assets like gold and U.S. Treasuries, while oil prices spiked above $82/barrel. This risk-off sentiment increases volatility in BTC and DeFi as investors rebalance portfolios.

Maersk suspended transit through the Strait of Hormuz due to the US-Israel-Iran conflict, raising concerns over global oil supply. Higher energy prices may fuel inflation, impacting Fed rate expectations and crypto market liquidity.

UAE closed its stock market for two days following Iranian strikes, highlighting regional financial instability. Crypto markets, operating 24/7, saw increased activity as traditional markets paused, boosting BTC and stablecoin trading volumes.

Circle reported USDC supply reached $75.3B in Q4 2025, with on-chain volume up 247% to $11.9T. The surge in stablecoin demand reflects capital flight to digital dollar assets amid macro uncertainty, supporting DeFi and NFT market liquidity.

JPMorgan analysts expect the US CLARITY Act to pass mid-year, promoting tokenization and institutional participation. Anticipation of clearer policy is already supporting positive sentiment and capital inflows into crypto assets.

Cryptocurrency Regulatory Trends

JPMorgan analysts report the U.S. CLARITY Act could pass by mid-2026, providing regulatory clarity, ending 'regulation by enforcement,' and promoting tokenization, which may boost institutional participation and lift crypto market sentiment.

The CLARITY Act proposes clear classification of digital assets, exemptions for new project registration, and developer reporting relief, potentially reducing compliance burdens and encouraging innovation in the U.S. crypto sector.

Ongoing debates over stablecoin yield restrictions and conflict-of-interest rules remain key hurdles for the CLARITY Act, with outcomes likely to impact stablecoin issuers and institutional adoption strategies.

If enacted, the CLARITY Act is expected to facilitate real-world asset tokenization, clarify staking taxation, and provide tax exemptions for small crypto transactions, supporting broader market growth and regulatory certainty.

Trending Tokens

LayerZero (ZRO): LayerZero surged 15% in 24h, reaching $1.81 with $153M volume, driven by strong cross-chain interoperability demand and over 1M holders.

Hyperliquid (HYPE): Hyperliquid rose 12.5% in 24h to $30.95, with $345M trading volume, fueled by its zero gas fee perpetual DEX and high on-chain activity.

Jupiter (JUP): Jupiter gained 8.9% in 24h, peaking at $0.0002336, as renewed interest in its secure dApp infrastructure and military-grade encryption boosted sentiment.

Smart Money Movements

Lighter DEX withstood a $50 million ARC perpetual long squeeze, limiting liquidity provider losses to $75,000 while a whale lost $8.2 million on February 26.

A whale exchanged 1,000 ETH (about $1.94 million) for 358.49 XAUT, incurring a loss of over $60,000; the whale's ETH holdings dropped to 645 ETH ($1.25 million).

SpaceX held 8,285 BTC valued at $545 million on Coinbase Prime, down $235 million from three months ago, reflecting significant market-driven valuation changes.

Institutional interest in digital assets remained strong as 75+ crypto funds joined iConnections, generating 750 meetings, despite Bitcoin's 25% price decline this year.

A trader using three wallets earned $2.35 million in one month by betting on Bitcoin price movements on Polymarket, highlighting substantial profits from prediction markets.

Events to Watch

Mar 2 (Mon)

Mar 3 (Tue)

Mar 4 (Wed)

Mar 5 (Thu)

Mar 6 (Fri)

III. Phemex Market Focus

New Listings

Feb 28: (ROBO/USDT)

Feb 28: (ROBO/USDT)

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