Crypto Market Surges: BTC Nears $70K, Altcoins Lead Gains on Renewed Risk Appetite

I. Crypto Market Overview

Key Takeaways

Macro Environment

Five major crypto firms, including Circle and Ripple, secured U.S. national trust bank licenses, enabling direct Federal Reserve access and boosting stablecoin settlement efficiency. The CFTC now allows national trust banks to issue payment stablecoins, expanding compliant issuer options and supporting on-chain liquidity. The White House will resume high-level talks on stablecoin yields, signaling stablecoins' growing systemic importance and potential impact on DeFi and NFT market liquidity.

Crypto Market

The crypto market rebounded sharply in the past 12 hours, with BTC up 8.76% to $69,913 and ETH rising 7.95% to $2,040, driven by renewed risk appetite and strong ETF inflows. Altcoins outperformed, led by Midnight (NIGHT) up 23.96%, XDC Network (XDC) up 22.29%, and LEO Token (LEO) up 19.93%, fueled by privacy narratives, institutional integrations, and exchange utility. Decred (DCR) surged 15.30% on governance momentum, while Solana (SOL) gained 12.36% amid ecosystem growth.

Today's Outlook

China's January CPI data will be released today, providing key inflation insights for Asian and global markets. Eurozone December retail sales data will also be published, offering a snapshot of European consumer demand trends. These macroeconomic releases may influence global risk sentiment and impact crypto market volatility.

Fear and Greed Index

12.00% Annual Percentile

5 Fear

Total Crypto Market Cap

$2.39T

9.30%

Total Market Trading Volume

$232.28B

22.17%

Altcoin Season Index

7.14%

Quarterly Percentile

23 / 100

Total Futures Market Open Interest

3.61B

1.64%

Futures

540.34B

9.29%

Perpetuals

II. Industry Updates

Macro-economic Policies

Five major crypto firms, including Circle and Ripple, have received U.S. national trust bank licenses, enabling direct access to the Federal Reserve's clearing network. This integration is expected to boost stablecoin settlement efficiency and enhance institutional trust, potentially increasing DeFi liquidity and supporting digital asset adoption.

The White House will resume high-level talks on stablecoin yields with both banking and crypto industry leaders, reflecting the growing systemic importance of stablecoins. Outcomes may influence capital flows into stablecoin protocols and impact liquidity across DeFi and NFT markets.

The CFTC updated its guidance to explicitly allow national trust banks to issue payment stablecoins, expanding the pool of eligible issuers. This move supports the growth of compliant stablecoin products, which can facilitate greater on-chain liquidity and cross-border crypto transactions.

A major platform reported the recovery of 99.7% of 620,000 BTC mistakenly distributed due to a technical error. The swift asset recovery has helped maintain market stability and confidence, limiting potential negative spillover to BTC price and broader crypto market sentiment.

Cryptocurrency Regulatory Trends

Five major crypto firms, including Circle and Ripple, have received U.S. national trust bank licenses, enabling direct Federal Reserve access and boosting stablecoin compliance and settlement efficiency.

The CFTC updated its guidance to allow national trust banks to issue payment stablecoins, expanding eligible issuers and supporting broader adoption of regulated stablecoins in derivatives markets.

The White House will resume joint talks with banks and crypto industry on stablecoin yields, aiming for unified regulatory standards that could shape future stablecoin market structure and investor protections.

Brazil's Ministry of Finance plans to tax cryptocurrency and stablecoin transactions as foreign currency exchanges, potentially increasing costs and regulatory burdens for crypto users in Brazil.

Binance assisted global law enforcement in recovering $131 million in illicit assets in 2025, highlighting increased regulatory cooperation and pressure on crypto exchanges to combat financial crime.

Midnight (NIGHT): NIGHT surged 24% in 24h, driven by ongoing privacy narrative and recent exchange listings. Weiss Crypto cited its predictable fees and GDPR-compliant privacy as key strengths.

XDC Network (XDC): XDC rose 22% in 24h, supported by new institutional integrations. BitGo custody partnership and HashKey enabling USDC withdrawals via XDC boosted institutional adoption and on-chain activity.

LEO Token (LEO): LEO gained nearly 20% in 24h, outperforming most exchange tokens. Its resilience amid market volatility and continued Bitfinex utility drove strong trading volume and investor accumulation.

Smart Money Movements

Yi Lihua's address transferred 96% of its Ethereum holdings to an exchange, signaling a likely full liquidation of assets worth tens of millions USD.

Major exchanges and wallets accumulated over 68,000 BTC in spot purchases, with Binance adding 28,668 BTC and Coinbase 14,001 BTC, indicating strong institutional buying.

An OTC whale acquired 4,000 CBBTC ($296M) and 83,392 ETH ($204M) from Coinbase during the market dip, demonstrating aggressive accumulation despite volatility.

GameStop sold approximately 4,710 BTC ($450M) by transferring to Coinbase Prime, while MicroStrategy continued accumulating, recently adding 1,286 BTC.

USDC Treasury transferred $100 million USDC to Coinbase, highlighting significant stablecoin liquidity movement between issuer and exchange.

Events to Watch

Feb 7 (Sat)

China January CPI data will be released, providing key inflation insights for Asian and global markets.

Feb 7 (Sat)

Eurozone December retail sales data will be published, offering a snapshot of European consumer demand trends.

Feb 8 (Sun)

Decred (DCR) community will vote on increasing treasury expenditure limits, potentially impacting project funding and governance.

Feb 10 (Tue)

LayerZero will hold a major ecosystem catalyst event, expected to drive short-term volatility and market attention.

Feb 10 (Tue)

China January CPI data will be released again, offering further inflation signals for the region and global investors.

III. Phemex Market Focus

New Listings

Feb 06: (RDDT/USDT)

Support for RDDT/USDT futures with up to 10x leverage

Feb 06: (PLTR/USDT)

Support for PLTR/USDT futures with up to 10x leverage

Feb 06: (ORCL/USDT)

Support for ORCL/USDT futures with up to 10x leverage

Feb 06: (AMZN/USDT)

Support for AMZN/USDT futures with up to 10x leverage

Feb 06: (COIN/USDT)

Support for COIN/USDT futures with up to 10x leverage

Table of Contents

I. Crypto Market Overview

Key Takeaways

Macro Environment

Crypto Market

Today's Outlook

II. Industry Updates

Macro-economic Policies

The White House will resume high-level talks on stablecoin yields with both banking and crypto industry leaders, reflecting the growing systemic importance of stablecoins. Outcomes may influence capital flows into stablecoin protocols and impact liquidity across DeFi and NFT markets.

The CFTC updated its guidance to explicitly allow national trust banks to issue payment stablecoins, expanding the pool of eligible issuers. This move supports the growth of compliant stablecoin products, which can facilitate greater on-chain liquidity and cross-border crypto transactions.

A major platform reported the recovery of 99.7% of 620,000 BTC mistakenly distributed due to a technical error. The swift asset recovery has helped maintain market stability and confidence, limiting potential negative spillover to BTC price and broader crypto market sentiment.

Cryptocurrency Regulatory Trends

Five major crypto firms, including Circle and Ripple, have received U.S. national trust bank licenses, enabling direct Federal Reserve access and boosting stablecoin compliance and settlement efficiency.

The CFTC updated its guidance to allow national trust banks to issue payment stablecoins, expanding eligible issuers and supporting broader adoption of regulated stablecoins in derivatives markets.

The White House will resume joint talks with banks and crypto industry on stablecoin yields, aiming for unified regulatory standards that could shape future stablecoin market structure and investor protections.

Brazil's Ministry of Finance plans to tax cryptocurrency and stablecoin transactions as foreign currency exchanges, potentially increasing costs and regulatory burdens for crypto users in Brazil.

Binance assisted global law enforcement in recovering $131 million in illicit assets in 2025, highlighting increased regulatory cooperation and pressure on crypto exchanges to combat financial crime.

Trending Tokens

Midnight (NIGHT): NIGHT surged 24% in 24h, driven by ongoing privacy narrative and recent exchange listings. Weiss Crypto cited its predictable fees and GDPR-compliant privacy as key strengths.

XDC Network (XDC): XDC rose 22% in 24h, supported by new institutional integrations. BitGo custody partnership and HashKey enabling USDC withdrawals via XDC boosted institutional adoption and on-chain activity.

LEO Token (LEO): LEO gained nearly 20% in 24h, outperforming most exchange tokens. Its resilience amid market volatility and continued Bitfinex utility drove strong trading volume and investor accumulation.

Smart Money Movements

Yi Lihua's address transferred 96% of its Ethereum holdings to an exchange, signaling a likely full liquidation of assets worth tens of millions USD.

Major exchanges and wallets accumulated over 68,000 BTC in spot purchases, with Binance adding 28,668 BTC and Coinbase 14,001 BTC, indicating strong institutional buying.

An OTC whale acquired 4,000 CBBTC ($296M) and 83,392 ETH ($204M) from Coinbase during the market dip, demonstrating aggressive accumulation despite volatility.

GameStop sold approximately 4,710 BTC ($450M) by transferring to Coinbase Prime, while MicroStrategy continued accumulating, recently adding 1,286 BTC.

USDC Treasury transferred $100 million USDC to Coinbase, highlighting significant stablecoin liquidity movement between issuer and exchange.

Events to Watch

Feb 7 (Sat)

Feb 7 (Sat)

Feb 8 (Sun)

Feb 10 (Tue)

Feb 10 (Tue)

III. Phemex Market Focus

New Listings

Phemex Promotions