Stacks, Hyperliquid, and Zilliqa Lead Altcoin Gains Amid Mixed Crypto Market

I. Crypto Market Overview

Key Takeaways

Macro Environment

The Reserve Bank of Australia raised rates, strengthening the AUD and tightening global liquidity. US labor data delays heighten Fed policy uncertainty, increasing crypto market volatility. Turkish inflation remains above 30%, driving local demand for BTC and stablecoins as hedges.

Crypto Market

The crypto market showed mixed performance over the past 12 hours. BTC is up 0.27% at $78,302, while ETH slipped 0.44% to $2,304.94, with ETF outflows and weak spot demand weighing on sentiment. Altcoins diverged: Stacks (STX) surged 17.86%, Hyperliquid (HYPE) rose 10.65%, and Zilliqa (ZIL) gained 14.46%, driven by network upgrades and ecosystem news. Polygon (POL) climbed 8.63% on accelerated token burns. Solana (SOL) and Arbitrum (ARB) were flat to slightly down, while FET dipped 0.58%.

Today's Outlook

No major token unlocks or high-impact events are scheduled for today, but traders are watching for volatility from recent ETF flows and ongoing macroeconomic uncertainty. Key focus remains on upcoming Digital Assets Week in Hong Kong and the European Blockchain Convention later this week.

Fear and Greed Index

10.00% Annual Percentile

15 Fear

Total Crypto Market Cap

$2.63T

0.02%

Total Market Trading Volume

$130.12B

32.26%

Altcoin Season Index

45.45%

Quarterly Percentile

30 / 100

Total Futures Market Open Interest

3.44B

2.61%

Futures

613.21B

8.40%

Perpetuals

II. Industry Updates

Macro-economic Policies

The Reserve Bank of Australia raised its policy rate by 25bps to 3.85%, citing persistent inflation. The rate hike strengthened the Australian dollar and may reduce crypto market liquidity as risk assets face higher funding costs.

A partial U.S. government shutdown has delayed the January jobs report, creating uncertainty for the Federal Reserve's March rate decision. The lack of key labor data increases volatility in crypto markets as traders reassess macro risk.

South Korea's January CPI fell to 2%, the lowest in five months, signaling easing inflation. This could support risk-on sentiment and potentially boost capital flows into digital assets and DeFi platforms.

Turkish inflation surprised to the upside in January with a 4.84% MoM CPI increase, keeping annual inflation above 30%. Persistent inflationary pressure may weaken the Turkish lira, increasing local demand for BTC and stablecoins as hedges.

The U.S. dollar strengthened on expectations that the new Fed chair will be less aggressive in cutting rates. A stronger dollar typically pressures BTC and altcoin prices, while also impacting DeFi yields and global crypto flows.

Cryptocurrency Regulatory Trends

US prosecutors have criticized the new GENIUS Act stablecoin law, warning it lacks provisions to return stolen funds to fraud victims, potentially emboldening issuers like Tether and Circle. This raises concerns over consumer protection and may undermine investor confidence.

A Nevada court issued a temporary restraining order against Polymarket, classifying its event contracts as unlicensed gambling and challenging CFTC authority. This highlights ongoing state-federal regulatory tensions and could impact DeFi prediction markets.

Coinbase accused major Australian banks of systematically denying banking services to crypto firms, calling it an 'unofficial regulatory ban.' This restricts industry access to financial infrastructure and may deter institutional participation in Australia.

Stacks (STX): Stacks surged over 18% in 24 hours, driven by a broad crypto market recovery and renewed bullish sentiment, with trading volume exceeding $69 million.

Hyperliquid (HYPE): HYPE rallied 20% after the HyperCore team announced support for HIP-4, a proposal to add outcome-based trading, pushing daily volume above $1 billion.

Polygon (POL): POL gained 11% following accelerated token burns and increased network activity, with 25.7 million POL burned in January and 24h trading volume near $151 million.

Smart Money Movements

BlackRock deposited 1,134.13 BTC ($88.69M) and 35,358 ETH ($80.65M) into Coinbase, signaling continued institutional accumulation.

UBS increased its stake in Strategy by acquiring 3.23 million shares, raising its total holdings to 5.76 million shares valued at $805 million.

A Bitcoin whale acquired 806.47 BTC worth $63.36 million from B2C2 and Coinbase within 11 hours, bringing total BTC holdings to 40,411 BTC ($3.14B).

Trend Research deposited 45,000 ETH ($105M) to Binance, totaling 118,589 ETH ($289M) in deposits since February 1, reducing its ETH holdings by 17.9%.

A new wallet withdrew 6,368 ETH ($14.73M) from Binance, marking a significant on-chain movement of Ethereum.

Events to Watch

Feb 4 (Wed)

Digital Assets Week kicks off in Hong Kong, focusing on the latest trends in digital assets and institutional adoption.

Feb 5 (Thu)

XDC Network (XDC) will unlock $30.4M in tokens; European Blockchain Convention opens, gathering major asset managers and institutional investors.

Feb 9 (Mon)

AIBC Eurasia Summit and Global Blockchain Show begin in Dubai, featuring 300+ speakers and 10,000+ attendees on blockchain and Web3 innovation.

III. Phemex Market Focus

New Listings

Feb 03: (TRIA/USDT)

Introducing Tria(TRIA) to the Phemex Spot Market with TRIA/USDT trading pair.

Feb 03: (ZAMA/USDT)

Introducing Zama(ZAMA) to the Phemex Spot Market with ZAMA/USDT trading pair.

Jan 29: (QQQON/USDT)

Introducing Invesco QQQ Ondo Tokenized(QQQON) to the Phemex Spot Market with QQQON/USDT trading pair.

Jan 29: (SPYON/USDT)

Introducing SPDR S&P 500 ETF Ondo Tokenized(SPYON) to the Phemex Spot Market with SPYON/USDT trading pair.

Jan 29: (MSTRON/USDT)

Introducing MicroStrategy Ondo Tokenized(MSTRON) to the Phemex Spot Market with MSTRON/USDT trading pair.

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