Emily Vuong

Since June of last year, when all asset types increased in value, $BTC has become the only asset that strangely decreases in value every time the Fed injects more liquidity.

$BTC

Ethereum enters February 2026 at a crossroads. ETH has decreased nearly 7% in January, reversing the familiar seasonal factor and leaving a rather fragile technical structure. Selling pressure shows signs of slowing down, but there has not yet been a clear capitulation to confirm a bottom.

The 3,000 USD – 3,340 USD range is the critical boundary. If ETH cannot reclaim this area, the scenario of sliding back to 2,690 USD, or even deeper around 2,120 USD, remains on the table. Conversely, a successful reclaim will help the market form a new equilibrium area.

On-chain data shows a two-sided picture: long-term holders and whales tend to accumulate, but institutional capital flows are not stable enough to create sustained momentum. Therefore, February is not a time to bet on a breakout, but rather a phase of confirming the structure. ETH needs to prove the 3,000 USD mark; otherwise, every rebound is merely technical. $ETH

Solana is facing increasing selling pressure as the price dips below the $120 range, but the picture is not just purely bearish. On-chain activity is starting to show signs of revival: active addresses are rising sharply, trading volume on launchpads remains high, and the amount of new tokens being minted continuously—all of which create demand for transaction fees and internal cash flow for the Solana ecosystem.

This point is important because the market does not just react to price but reacts to the level of actual participation. When the network is still populated with users, spot buying power can absorb selling pressure, rather than allowing the price to slide freely due to leverage.

Stablecoins on Solana continue to expand, helping to maintain liquidity in the context of overall weak sentiment.

$SOL

The nearly 10% drop of Bitcoin did not stem from a major macro shock. It started from the market structure. The $84,600 level was eroded and then breached — not just a technical support but a threshold of confidence where the concentration of long-term held coins is the thickest.

When this area broke, spot selling appeared first, causing an imbalance in the market. Leverage was not the root cause, but became a catalyst. Long positions were liquidated en masse, with nearly 800 million USD swept, pushing the price down faster in a structure that was already weak.

The key point lies here: this is not panic, but a repricing of risk. When confidence breaks, liquidity pulls back, and the market is forced to find a new equilibrium. If BTC does not soon regain key on-chain levels, the scenario of a deeper retreat is entirely plausible.

$BTC

Trump officially announced the selection of Kevin Warsh as Fed Chair. The market reacted quite positively due to the memories of returning policies.

Kevin Warsh is not a stranger. He served on the Fed Board from 2006 to 2011 and was instrumental in steering the Fed through the 2008 crisis. After leaving the Fed, he became one of the harshest critics of how the Fed handled the post-crisis situation.

He believes that QE did not save the economy. It inflated asset prices, widened inequality, and concentrated benefits towards the financial markets. He referred to QE as "Reverse Robin Hood."

Warsh also rejected the argument that inflation after 2020 was inevitable, directly pointing at Powell and stating it was a "serious policy mistake."
Therefore, in the upcoming Fed term, there likely will not be another massive QE.

Kevin Warsh supports cutting interest rates but will not open liquidity as broadly as previous Fed chairs have. On this point, Kevin shares the same view as Trump:
- Trump wants low-interest rates.
- Warsh wants monetary discipline.
- The greedy market always hopes for rate cuts + QE.

It is too early to predict Kevin's policies since he hasn't even officially assumed the Fed Chair position. However, the general view is likely to keep interest rates at a "moderate" level instead of cutting deeply below 2% as the market expects.

Trump has just announced the nomination of Kevin Warsh for the upcoming term as chairman of the Fed.

📍 SEC & CFTC launch “Project Crypto” – coordinating the management of the crypto market

📌 SEC and CFTC officially join forces, ending overlapping issues and prolonged disputes in crypto regulation.

📌 “Project Crypto” aims to establish a clear classification framework for digital assets, providing unified oversight from spot to derivatives.

📌 The goal is to reduce legal risks, lower compliance costs, and keep crypto operations in the U.S. instead of flowing abroad.

$BNB

📍 Binance transfers the entire SAFU fund of $1B to Bitcoin

📌 Binance confirms that it will transfer the entire ~$1B SAFU fund from stablecoin to Bitcoin, gradually over 30 days.

📌 SAFU is a user protection fund established in 2018, used to compensate for extreme incidents such as hacks or asset losses.

📌 Binance stated that it will continuously monitor the fund's value – if SAFU drops below $800M, the exchange will add BTC to bring it back to the $1B mark.

📌 This move demonstrates a strategic belief in Bitcoin as a core asset and a long-term store of value, rather than relying on stablecoin.

$BTC

📍 Global gold ETFs record a historic capital inflow in 2025:
Global gold ETFs attracted +$88.6B in net capital in 2025, the highest level in history.
North America led with +$50.7B, followed by Asia +$25.3B and Europe +$11.7B.
This is only the second year with capital inflows in the last 5 years, with December alone attracting over $10B, becoming the third strongest month of the year in terms of capital flow, pushing total AUM of gold ETFs up +114% to $582.9B - something that has never happened before.
Demand by volume reached +801 tons, the second highest in history only after 2020 (+893 tons).
A memorable year for gold.
$XAU

A new report shows that Gen Z is shifting towards prediction markets not only for entertainment but also to find income opportunities amid economic instability – tight job markets – low wages.
Key points:
- Gen Z is gathering on prediction platforms (e.g., Polymarket, Kalshi…) to earn additional income outside of their main salary.
- The main motivation is the widening income gap: the average income of young people is lower than that of previous generations at the same age.
- Rising education costs and living expenses, but quality jobs with high wages are not increasing correspondingly, forcing Gen Z to seek other niches.
- Prediction markets are viewed as an opportunity for "higher returns" compared to traditional investment/trading options, but they come with significant risks and are not suitable for everyone.
- As a result, this market attracts a lot of small capital, with many new players, increasing price volatility and highlighting the wealth gap within the youth community.
The bigger picture: Young people not only lack stable income but also opt for non-traditional financial products to compensate.
-> This reflects the economic-financial pressure on Gen Z, pushing them into higher-risk markets.

📍WLD price increased by 44% after rumors of OpenAI integrating World technology

The WLD token of World recorded a 44% increase after rumors emerged that OpenAI is considering integrating World’s identification technology.

OpenAI is said to be researching the use of World ID – the “real person” verification system of World – to eliminate bots and automated accounts on a new social platform or AI product.

World is developed by Tools for Humanity, a project co-founded by Sam Altman. This ecosystem has currently attracted tens of millions of users through the World App and a biometric-based identity verification network.

Currently, there has been no official confirmation from OpenAI or World.
$WLD

📍Fidelity is preparing to launch its stablecoin FIDD on Ethereum
Fidelity Investments is in the process of preparing to issue its own stablecoin called FIDD (Fidelity Digital Dollar), deployed directly on Ethereum.
Some key points have been confirmed:
- FIDD is pegged 1:1 with USD, aimed at being used in Fidelity's digital finance ecosystem
- The issuing entity is Fidelity Digital Assets, through a licensed legal structure
- This stablecoin is designed to facilitate transactions, payments, and on-chain settlement, especially for institutional clients
- Ethereum has been chosen as the initial deployment infrastructure
This move brings Fidelity directly into the stablecoin game, alongside established names in the market such as USDT, USDC, PYUSD.

📍The strangest transaction string ever recorded on Ethereum.
In February 2025, a wallet claiming to be Hu Lezhi appeared on Ethereum, believed to be a Chinese programmer. This wallet executed a series of transactions:
- Burned a total of 603.38 ETH (~$1.67M at that time)
- All sent to a zero address
- Each transaction accompanied by a long message, recorded directly on-chain
- The content of the messages revolves around a consistent theme: mind control through technology.
Some excerpts:
- "I have been monitored and manipulated since birth."
- "Brain control technology has been implemented at a military level."
- "Humans are being turned into digital slaves."
- Among these, the burn transaction of 500 ETH specifically mentioned:
- Two individuals: Feng Xin and Xu Yuzhi
- A Chinese hedge fund: Kuande Investment (WizardQuant) with allegations of using brain control technology to manipulate employees.
Other transactions continued with the same content:
- 70.36 ETH: "Wildlife has become digital chaos."
- 33.03 ETH: "A victim gradually loses desire, then becomes a complete slave."
👉 Total ETH burned: 603.38 ETH. All can be verified on Etherscan.
After that, this very wallet sent an additional 711.52 ETH to the WikiLeaks donation address, accompanied by a very long note, further asserting being monitored and controlled since birth by an "organization controlling the brain."
Could these mysterious allegations be true, or is it just a wealthy person seeking attention? $ETH

🔸Reasons the market reacted to Mr. Powell's statements
🔸Policy
- Current interest rates are appropriate for the state of the economy.
- The Fed is actively standing still to review new data.
-> Mr. Powell stated that the Fed is a long way from letting the market or "any political forces" influence its decisions.
🔸Economy
- The risks of rising inflation and declining employment have diminished, but are not completely gone.
- The number of new jobs is nearly zero.
- GDP for the year is above 2%
-> Mr. Powell is confident there will be no hard landing.
🔸Inflation
- Long-term inflation expectations are unchanged.
- Inflation due to tariffs is temporary, expected to decrease from mid-2026.
-> There is no reason to rush to loosen.
🔸USD - Gold - Silver
- Mr. Powell avoided commenting on the USD, "that is the responsibility of the Treasury Department."
- The Fed "does not see data" indicating that risk-averse capital is leaving the USD.
- The rise in gold and silver prices is not linked by the Fed to macroeconomic instability.
🔸Mr. Powell did not answer about staying at the Fed after his term -> implicitly understood to mean he will stay. He also emphasized that the Lisa Cook issue is a key problem regarding the independence of Fed personnel. Overall, he is quite hawkish, optimistic about the U.S. economy, and has not hinted at any changes in the interest rate path.

📍FOMC January 2026 - FED pauses after 3 rate cuts, with the message: The economy doesn't need further rescue yet.

🔶FED maintains the interest rate at 3.5%-3.75% as expected after a series of 3 consecutive easings in 2025. Voting 10-2, only Stephen Miran and Christopher Waller voted for an additional 25bps cut in this meeting.

🔶There was no shock to the market, as we look at the FOMC minutes to see the Fed's perspective more clearly: Compared to the previous meeting (November), this FOMC statement is noticeably more optimistic. "Economic activity expanding at a moderate pace" has changed to "solid pace." The FED believes that economic growth remains strong, and there is no need for strong stimulus yet.

🔶The labor market has also been "downgraded" in terms of risk. Previously, the FED mentioned that job gains were slowing, unemployment was ticking up, and the risk of job losses was increasing, but this time that section has been completely removed. Instead, it states: The unemployment rate has shown signs of stabilization.

🔶The perspective on inflation remains unchanged: "somewhat elevated" (higher than desired but not out of control).

🔶The FED removed the entire section discussing reserve balances and the possibility of buying short-term T-bills. The previous meeting even mentioned "ample reserves" and technical actions to maintain system liquidity. The Fed's message: No liquidity stress.

=> Fed Pause as expected and nothing surprising in the minutes + comments from Mr. Powell. DXY continues to fall and precious metals continue to break records.

- [DEGEN] $PENGUIN - The price surged 50% after Elon Musk retweeted a post featuring a penguin

- [DEGEN] $clawd - ClawdBot Rebrands to MoltBot to Avoid Trademark Issues with Claude AI (99% price dropped) (SOL chain)

- [DEGEN] $CLAWD - AI agent meme coin from the Ethereum Foundation's Austin Griffith, launched through Clanker on the Base network (MC 22m)

- $SENT OKX lists Sentient (SENT) for spot trading

- $USTA OKX launches USAT spot trading pair

- $TRIA, $ZAMA on Coinbase roadmap

- $MEZO Mezo launches Phase 1 $MEZO token allocation

- $USA₮ Tether launches USAT, a federally regulated dollar-backed stablecoin made in America

- $PENDLE Pendle Launches Boosted Pools with Tapering Emissions & Co-Incentives

- $THEO Theo introduces yield-bearing tokenized gold asset built for DeFi utility

- $BIRB Introduces Tokenomics
- US Marshals probe $40M crypto theft by government contractor's son

- Mesh reaches $1B valuation with $75M Series C for universal crypto payments

- Morgan Stanley appoints Amy Oldenburg to lead its digital asset strategy

Polymarket is betting on the likelihood of the US government shutting down at 80%
-> The wave of protests is increasing significantly, the Democratic Senate says it will refuse to pass the budget of the Department of Homeland Security.
The financial markets continue to rise strongly, indicating that the market is not pricing in a government shutdown. The Republican Party will compromise to secure enough votes to pass the budget.

🇺🇸 Most of the leading banks in the USA have now entered the crypto market. $BTC

📍 Bitcoin holders have begun to record net losses for the first time since October 2023
📌 According to the latest on-chain data from CryptoQuant, investors $BTC have started to record net losses in January 2026, marking the first time this phenomenon has appeared since October 2023.
📌 Net Realized Profit/Loss has turned negative, indicating that the total amount of $BTC being sold at a loss is greater than at a profit, reflecting a significant change in market selling behavior. Many buyers at higher price levels have had to cut their losses.
📌 This selling pressure is not only coming from short-term investors but also from mid-term holders, leading to a notable increase in the total realized loss over the past 30 days.
📌 Additionally, the significant outflow from ETFs over the past month has also put heavy pressure on overall market sentiment. Historically, if prices do not quickly increase to reverse market sentiment, this trend of cutting losses will become even stronger as "dip buyers" will also be forced to cut losses. $BTC

📍 Surprise identity of the suspect related to the theft of over $40M in crypto from the US government wallet

📌 On-chain investigator ZachXBT recently released investigation results indicating that an individual is connected to the unauthorized withdrawal of over $40M in cryptocurrency from the US government's seized asset wallets.

📌 According to blockchain tracing data, the withdrawn funds include ETH and ERC-20 tokens, which were subsequently split, bridged across multiple chains, and mixed through anonymous tools to erase traces.

📌 The suspect has been identified as John Daghita, who also uses the online alias "Lick" – a name familiar in previous underground crypto communities.

📌 A significant point of interest is that John Daghita is reportedly the son of Dean Daghita, the Chairman of CMDSS – the unit that was once hired by the US government to manage, custody, and process seized crypto assets in several major cases.

📌 This raises suspicions of insider risk, as the suspect may have accessed the wallet management system or sensitive information through family connections.

📌 ZachXBT stated that suspicious transactions occurred over a long period, with transaction patterns matching addresses previously controlled by CMDSS, increasing the credibility of the hypothesis.