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Cardano (ADA) continues to extend its corrective phase, trading below the $0.29 level at the time of writing on Thursday. Selling pressure has become increasingly evident, reflected by the formation of two consecutive bearish daily candles over the past two sessions. This price behavior highlights a weakening market structure as buyers struggle to regain control.
Beyond spot price action, developments in the derivatives market further reinforce the bearish outlook. Short positioning in ADA has increased, while overall market participation is fading. From a technical perspective, short-term sentiment remains firmly negative, with Cardano drifting closer to price levels not seen since October 21, 2023, raising concerns about the sustainability of current support zones.
Cardano Derivatives Data Signals Growing Bearish Bias
According to derivatives data, Cardano futures open interest (OI) on Binance dropped to $90.21 million on Thursday, marking its lowest level since early November 2024. This decline follows a steady downtrend that began in mid-January, suggesting that capital is gradually exiting ADA-related derivatives markets.
A falling OI typically indicates that traders are closing positions rather than opening new ones, signaling reduced conviction and declining risk appetite. In the current context, this trend aligns with persistent downside pressure and reinforces expectations of further weakness in ADA’s price action.
Additional data from CoinGlass shows that ADA’s long/short ratio stood at 0.95 on Thursday. A ratio below 1 implies that short positions outnumber long positions, highlighting a dominant bearish bias among derivatives traders. This imbalance reflects growing expectations that Cardano may continue to face downside risks in the near term.
Market Outlook
Overall, the combination of weak spot price structure, declining derivatives participation, and a skew toward short positioning paints a cautious picture for Cardano. Unless market sentiment improves or buyers step in decisively, ADA may remain vulnerable to further downside as the broader correction unfolds.
This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research before making any financial decisions. The author assumes no responsibility for any investment outcomes.
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BNB fell below the $700 psychological level during Thursday’s trading session, marking its third consecutive weekly decline. The Binance ecosystem token remains firmly under pressure as price action continues to trade well below two key trend-defining indicators — the 50-day EMA near $863 and the 200-day EMA around $875.
Adding to the bearish outlook, shorter-term moving averages have crossed below longer-term averages earlier this week, confirming the formation of a “death cross”. This technical pattern often signals a prolonged bearish phase and reinforces the prevailing downward trend for BNB in the near to medium term.
Momentum Indicators Point to Growing Selling Pressure
Momentum indicators show little sign of stabilization so far. The MACD line and signal line remain deeply below the zero level, while the negative histogram bars continue to expand, highlighting increasing downside momentum and persistent selling pressure.
At the same time, the Relative Strength Index (RSI) has dropped to 21, pushing deep into oversold territory. While such extreme readings can sometimes precede a technical rebound, they also reflect very cautious market sentiment, suggesting that bearish control remains dominant and that downside risks have not yet been fully exhausted.
Key Technical Levels to Watch
From a technical standpoint, the nearest and most important support lies at the 78.6% Fibonacci retracement level around $620. This level is measured from the February 2025 low near $500 to the October 2025 peak at $1,375. A decisive breakdown below this zone would significantly increase the probability of a deeper corrective phase.
On the upside, any relief rally is likely to face immediate resistance. A firm daily close above the 61.8% Fibonacci level at $735 would be needed to temporarily ease selling pressure and open the door for a short-term recovery attempt. Without such confirmation, upside moves may remain limited and vulnerable to renewed selling.
Market Outlook
Overall, BNB continues to trade in a technically fragile environment, dominated by bearish trend signals, weakening momentum, and cautious investor sentiment. Until price reclaims key resistance levels, downside risks are likely to remain elevated.
This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research before making any financial decisions. The author assumes no responsibility for investment outcomes.
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Stacks (STX) recorded a modest rebound at the time of writing on Thursday after suffering a sharp 10% decline in the previous session. Despite the short-term bounce, the broader technical structure remains tilted to the downside, with sellers continuing to defend key resistance levels.
The main obstacle for STX remains the 50-day Exponential Moving Average (EMA), which is trending lower and currently positioned around $0.3119. This moving average has acted as a dynamic ceiling, successfully capping price advances and preventing a sustained recovery attempt during Wednesday’s trading session.
Momentum Signals Suggest Selling Pressure Is Easing — But Trend Remains Weak
Momentum indicators suggest that bearish pressure may be losing some intensity, though not yet enough to confirm a trend reversal. The MACD indicator remains close to its signal line, while the negative histogram bars are gradually contracting, indicating that downside momentum is weakening rather than accelerating.
At the same time, the Relative Strength Index (RSI) is hovering near 44, remaining below the neutral 50 level. This reading implies that bears still hold a structural advantage, although selling pressure is no longer dominant enough to trigger panic-driven moves.
What Would Confirm a Recovery Scenario?
For a clearer bullish recovery to develop, Stacks would need to secure a decisive daily close above the 50-day EMA at $0.3119. A confirmed breakout above this level could allow price to extend higher and test the upper resistance zone between $0.3500 and the Pivot R1 level at $0.3646, where supply pressure is expected to increase.
A move into this zone would likely signal improving short-term sentiment, though further confirmation would still be required to shift the broader trend outlook.
Downside Risks Remain if Sellers Regain Control
On the downside, if selling pressure re-emerges, traders will be closely watching the October 10 swing low near $0.2010. This level remains the most critical support zone and could play a decisive role in shaping Stacks’ next directional move. A breakdown below this area would significantly weaken the short-term technical structure.
Market Outlook
Overall, Stacks remains in a fragile technical position, with recovery attempts constrained by falling moving averages and only tentative signs of momentum stabilization. Until price reclaims key resistance levels, caution continues to dominate the short-term outlook.
This article is for informational purposes only and does not constitute investment advice. Readers should conduct their own research before making any financial decisions. The author bears no responsibility for investment outcomes.
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Zcash (ZEC) is trading around the $250 level at the time of writing on Thursday, remaining under sustained selling pressure as the broader correction phase continues. The privacy-focused cryptocurrency is currently trading below both the 50-day and 200-day Exponential Moving Averages (EMAs) — two key trend indicators that are now sloping downward and approaching a potential death cross, a technical pattern often associated with increasing medium-term bearish risk.
ZEC’s decline accelerated after price was rejected near the $300 area, which closely aligned with the 200-day EMA, reinforcing this zone as a major dynamic resistance. The pullback also pushed Zcash below the 38.2% Fibonacci retracement level at $258, calculated from the September 22 swing low at $46 to the November 7 peak at $750.
Downside Risk Expands Toward $186 Fibonacci Support
Since the start of the week, ZEC has lost approximately 20% of its value, signaling growing downside momentum. If selling pressure persists, technical projections suggest that the correction could extend toward the 50% Fibonacci retracement level near $186, which now stands out as the next major support zone to monitor.
A decisive move toward this area would indicate a deeper structural retracement within Zcash’s prior rally, particularly if broader market sentiment remains cautious.
Momentum Indicators Remain Bearish
Momentum indicators continue to confirm the bearish outlook. The MACD indicator shows both the MACD line and the signal line trending lower in negative territory, while the expanding red histogram bars reflect strengthening selling pressure and limited upside momentum.
At the same time, the Relative Strength Index (RSI) has dropped to around 28, placing ZEC firmly in oversold territory. While such readings may open the door for short-term technical rebounds, they do not, on their own, signal a confirmed trend reversal.
Key Resistance Levels to Watch
On the recovery side, the $300 level remains the most important resistance area. Any meaningful rebound would likely require ZEC to reclaim the $258 Fibonacci level, which could help stabilize price action in the near term. Until then, upside attempts may continue to face selling pressure at higher levels.
Market Outlook
Overall, Zcash remains in a technically vulnerable position, with trend structure, moving averages, and momentum indicators aligned to the downside. While oversold conditions may trigger brief relief moves, the broader setup continues to favor caution until stronger confirmation of demand emerges.
This article is for informational purposes only and does not constitute investment advice. Readers should conduct their own research before making any investment decisions. The author is not responsible for any financial losses incurred.
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Bitcoin (BTC) is trading around the $72,000 level at the time of writing on Thursday, down more than 1% and marking its third consecutive daily decline. The world’s largest cryptocurrency remains under sustained selling pressure, as price action continues to trade well below both the 50-day and 200-day Exponential Moving Averages (EMAs) — two widely watched technical indicators that are now sloping downward.
The positioning below these key moving averages reinforces the bearish market structure, suggesting that downside momentum remains dominant in the short to medium term.
Bearish Flag Breakdown Signals Trend Continuation
From a technical perspective, Bitcoin’s weakness intensified after a confirmed breakdown from a bearish flag pattern, a classic continuation formation that often appears during corrective phases within broader downtrends.
Following the breakdown, BTC is now approaching a key Fibonacci extension target near the 61.8% level at $69,743, which is viewed as a critical downside objective by many technical analysts.
This Fibonacci projection is derived from:
The October 6 peak at $126,199
The November 21 swing low at $80,600
The January 15 corrective high near $97,924, which marked the third technical retracement before the latest sell-off resumed
As long as price remains below the broken flag structure, the probability of a continued move toward this Fibonacci target remains elevated.
Momentum Indicators Confirm Selling Pressure
Momentum indicators continue to support the bearish outlook. The MACD indicator and its signal line remain deeply entrenched in negative territory, while the histogram bars are expanding, highlighting accelerating downside momentum and increasing selling pressure.
Meanwhile, the Relative Strength Index (RSI) has dropped sharply to around 22, placing Bitcoin firmly in deep oversold territory. Historically, such extreme RSI readings can precede short-term technical rebounds or relief rallies.
However, analysts caution that any rebound may remain corrective rather than trend-reversing, especially if broader market sentiment stays risk-averse and liquidity conditions remain tight.
Key Resistance Levels to Watch on Any Rebound
On the upside, Bitcoin is likely to face immediate selling interest near the 50% Fibonacci retracement level around $75,124, which now acts as the nearest resistance zone. A sustained move above this level would be required to ease short-term bearish pressure, though current technical conditions suggest such a scenario may be challenging in the near term.
As a result, market participants are closely monitoring whether BTC can stabilize near current levels or whether further downside extension toward the $70,000 psychological zone comes into play.
Market Outlook
Overall, Bitcoin remains in a fragile technical position, with trend indicators, chart patterns, and momentum signals aligned to the downside. While oversold conditions may allow for brief countertrend moves, the broader structure continues to favor caution until stronger confirmation of demand emerges.
This article is for informational purposes only and does not constitute investment advice. Readers should conduct their own research before making any investment decisions. The author is not responsible for any financial losses incurred.
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Changpeng Zhao (CZ), founder and former CEO of Binance, has publicly addressed and debunked what he describes as an organized misinformation campaign targeting both himself and the Binance exchange. According to CZ, the campaign relied on long-running fake accounts, AI-generated images, and staged narratives designed to appear as constructive criticism before turning into direct accusations.
The Fake “Supporter” Account That Raised Red Flags
The situation came to light when CZ noticed a post from an account named “Wei 威 BNB”, which claimed it would close its Binance account due to alleged market manipulation by the exchange. At first glance, the account appeared highly credible, boasting over 863,000 followers and using images from a BNB Chain-related event, giving the impression of close ties to Binance.
However, several inconsistencies quickly raised suspicion. CZ revealed that the account had blocked him, an unusual move for someone claiming to be a long-time supporter. More importantly, the account shared multiple photos allegedly taken with CZ — images that showed clear signs of digital manipulation.
In one image, CZ was depicted wearing a shirt color he stated he does not own. Another image showed CZ and Binance co-founder Yi He in noticeably lower resolution, while the account owner appeared sharp and clear, suggesting image compositing. CZ clarified that the original photo was actually taken with Leonard, CEO of Aster, not the person behind the account.
Signs of Account Takeover or Ownership Transfer
Beyond manipulated images, CZ pointed to the account’s historical activity as further evidence of inauthentic behavior. Archived data shows that the account originally belonged to a woman and exclusively posted female personal photos until mid-2015. After that point, the content abruptly shifted to cryptocurrency-related posts, with earlier content left untouched.
“Either the account was hacked or it was bought,” CZ commented, emphasizing that such tactics are commonly used to build long-term credibility before launching coordinated FUD campaigns.
He described the operation as “sloppy”, suggesting that the individuals behind it spent more time monitoring Binance than improving their own products. CZ also implied that the campaign may have been orchestrated by a self-proclaimed competitor attempting to undermine Binance’s reputation.
Community Reactions and Broader Context
CZ’s disclosure received support from several community figures. Teki, CEO of World of Dypians, thanked CZ for clarifying the situation and admitted that the original post initially seemed convincing. Another commentator known as Vegas offered a broader perspective, stating that attacks on Binance typically originate from three groups:
Opportunists seeking attention and engagement
Traders who suffered losses and became emotionally frustrated
Coordinated FUD campaigns with financial backing
Vegas further claimed he had personally been offered payment to spread negative sentiment about Binance, hinting at possible involvement from market “whales” or direct competitors.
Binance Under Ongoing Scrutiny
These revelations come amid continued scrutiny of both CZ and Binance. On January 28, CZ faced criticism for allegedly promoting risky investment behavior after expressing support for a long-term holding strategy. He later clarified that the statement reflected personal opinion only and was not applicable to all tokens or investors.
Shortly afterward, on January 30, Binance announced it would convert $1 billion from its SAFU insurance fund from stablecoins back into Bitcoin. While many viewed this as a vote of confidence in BTC, the move also intensified public discussion around Binance’s financial strategy.
Despite the controversies, Binance’s market position remains strong. Data released by CryptoQuant shows that in 2025, Binance accounted for 41% of global spot trading volume and 42% of Bitcoin perpetual futures volume among leading exchanges.
Final Thoughts
CZ’s response highlights the growing sophistication of misinformation tactics in the crypto space, particularly as AI-generated content becomes harder to distinguish from reality. While criticism and accountability remain essential, CZ argues that transparency and fact-checking are equally important to protect both users and the broader ecosystem.
This article is for informational purposes only and does not constitute financial or investment advice. Readers should conduct their own research before making any decisions.
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Dogecoin (DOGE) is hovering near the key $0.1000 support level at the time of writing on Thursday, as selling pressure continues to spread across the broader cryptocurrency market. The leading meme coin remains trapped in a weakening structure, weighed down by risk-off sentiment, declining retail liquidity, and technical signals that continue to point to downside risks.
Despite brief stabilization attempts, DOGE has yet to establish a meaningful recovery, as market participants remain cautious amid persistent volatility.
DOGE Extends Sell-Off as Retail Participation Fades
Dogecoin is facing notable pressure from the ongoing contraction in the derivatives market. Open interest (OI) in DOGE futures fell to approximately $1.16 billion on Thursday, down sharply from $1.27 billion recorded just one day earlier.
This decline stands in stark contrast to the speculative peak seen on September 14, when Dogecoin futures open interest surged to an all-time high of around $6 billion. The wide gap between these two levels highlights the significant cooling of speculative capital and reflects a broader shift toward risk aversion across the crypto market.
A sustained reduction in open interest typically indicates that traders are closing positions rather than opening new ones, reinforcing selling pressure on spot prices. Conversely, a recovery and renewed expansion in OI could signal a return of risk appetite, potentially providing Dogecoin with fresh upside momentum if overall market sentiment improves.
Market Sentiment Remains Deeply Negative
At the same time, sentiment indicators continue to flash warning signs. The Crypto Fear & Greed Index published by Alternative has declined from 14 to 12, signaling a state of extreme fear across the digital asset market.
Such conditions suggest that investors remain highly cautious amid prolonged sell-offs, with fewer participants willing to initiate new positions. While this environment often suppresses short-term price performance, historical market behavior shows that periods of extreme fear have, at times, preceded notable rebounds once selling pressure begins to ease.
Technical Structure Under Strain
From a technical perspective, DOGE remains vulnerable as long as it fails to decisively reclaim key resistance levels. Price action continues to reflect weak demand near current levels, and any sustained break below the $0.1000 support zone could expose the asset to further downside in the absence of renewed buying interest.
Until derivatives activity stabilizes and sentiment indicators show signs of recovery, Dogecoin is likely to remain sensitive to broader market movements and shifts in retail participation.
This article is for informational purposes only and does not constitute investment advice. Readers should conduct their own research before making any financial decisions.
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Binance has publicly rejected a circulating cease-and-desist letter that appeared on social media, stating that the document is fabricated, as renewed rumors surface accusing the exchange of insolvency.
On Wednesday, an X (formerly Twitter) user known as Lewsiphur claimed that the world’s largest cryptocurrency exchange had become insolvent. The user warned that such a scenario could have “catastrophic” consequences for the crypto market, allegedly surpassing the impact of the collapse of FTX.
Later the same day, Lewsiphur stated that he had received a cease-and-desist notice from Binance and shared an image of a document claiming that the exchange would pursue legal action unless the post was permanently deleted before 5:00 p.m. ET.
The image quickly spread across social media, prompting other users to repost and amplify the insolvency allegations.
Binance: “A Fabrication With a Very Active Imagination”
Binance’s official customer support account responded shortly after, stating that the letter did not originate from Binance. The exchange described the document as a fake, referring to it as a fabrication created with a “very active imagination,” and urged the community to remain cautious of forged documents and misinformation.
Despite claims that the letter demanded removal of the post by a specific deadline, the original content remained online at the time of publication. In a follow-up post, Lewsiphur stated that he planned to host a livestream to present evidence supporting his claims, while simultaneously promoting an online casino.
Ongoing FUD and Historical Context
This incident is not isolated. Over the past several weeks, liquidity-related rumors surrounding Binance have resurfaced, often linked to allegations that the exchange played a significant role in a sharp market downturn in October 2025.
During that period, users reported multiple platform issues, including account freezes, failed trade executions, and delays in deposits and withdrawals amid extreme market volatility. The episode was largely attributed to macroeconomic pressures, elevated leverage across the market, and thin liquidity conditions.
Binance has repeatedly denied any responsibility for that market decline. Former CEO Changpeng Zhao previously dismissed similar allegations as “completely absurd” during public Q&A sessions.
Community Trust and Withdrawal Campaigns
Lingering distrust within parts of the crypto community has led some users to call for mass withdrawals from Binance to self-custody wallets, contributing to renewed waves of fear, uncertainty, and doubt (FUD) surrounding the exchange.
Binance co-founder Yi He acknowledged that certain community members initiated coordinated withdrawal campaigns. However, she noted that the total assets held in Binance-controlled wallets actually increased after the campaigns began, suggesting that the platform successfully processed withdrawals without liquidity stress.
Yi He added that periodic withdrawals by users can be viewed as a form of stress testing for centralized exchanges, reinforcing transparency and operational resilience rather than indicating systemic weakness.
Misinformation Risks in Volatile Markets
The incident highlights the speed at which unverified claims and fabricated documents can spread during periods of heightened market anxiety. Industry observers continue to emphasize the importance of verifying information through official sources and distinguishing between legitimate concerns and misinformation amplified by social media dynamics.
This article is for informational purposes only and does not constitute investment advice. Readers should conduct their own research and are fully responsible for any financial decisions they make.
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Litecoin (LTC) has fallen to its lowest price level in more than four months, shedding nearly 12% over the past week. While the recent price action reflects growing short-term bearish sentiment across the crypto market, it tells only part of the story.
Beyond technical charts, Litecoin continues to show signs of resilience, supported by steady institutional adoption and consistent real-world usage in payments.
LTC Slips to Multi-Month Lows
On the daily timeframe, LTC declined to levels last seen in October before staging a modest bounce. Despite this short-term relief, the broader trend remains tilted to the downside. Price action continues to trade below key moving averages, and Litecoin has yet to reclaim previously lost support zones.
Momentum indicators reinforce the cautious outlook. The Relative Strength Index (RSI) remains in oversold territory, signaling strong selling pressure, while the MACD stays below the zero line, suggesting bearish momentum has not fully exhausted. Volatility has also increased, with LTC repeatedly testing the lower Bollinger Band, a typical sign of sustained downside pressure.
Institutional Adoption Continues to Expand
From an adoption standpoint, recent developments suggest that institutional confidence in Litecoin remains intact. SBI VC Trade, a Japanese cryptocurrency exchange backed by SBI Holdings, has recently added LTC to its digital asset lending offerings.
Through its Lending Coin program, users in Japan can now lend Litecoin to earn yield, placing LTC alongside widely adopted assets such as Bitcoin (BTC), Ethereum (ETH), and Ripple’s XRP.
The platform currently supports lending for more than 30 cryptocurrencies, and the inclusion of Litecoin is widely viewed as a positive signal. It reflects sustained trust in LTC as a reliable and liquid digital asset suitable for longer-term financial products.
Usage Data Shows the Network Remains Solid
On-chain and payment data further support the view that Litecoin’s fundamentals remain stable. According to CoinGate, LTC ranked as the third most-used cryptocurrency for payments in January, accounting for 17.7% of total transaction volume, behind only Bitcoin and USD Coin (USDC).
Notably, this share increased from 16.4% in December, indicating a clear month-over-month rise in payment adoption. The data suggests that Litecoin continues to play a meaningful role as a medium of exchange, particularly in merchant payments.
At the same time, activity on Litecoin’s optional privacy layer, MWEB (MimbleWimble Extension Block), has reached new highs. The amount of LTC locked into MWEB surged over the past month, with peg-in transactions hitting record levels.
This growth highlights increasing user interest in privacy-enhanced transactions, while also signaling deeper engagement with Litecoin’s evolving technical features.
Price Weakness vs. Network Strength
In summary, while short-term market sentiment remains fragile and price action continues to face downward pressure, Litecoin’s core utility metrics remain comparatively strong. Institutional support, payment usage, and on-chain activity suggest that the network continues to fulfill its role as a fast, low-cost payment-focused blockchain.
As broader market conditions stabilize, these underlying factors may play a role in shaping Litecoin’s longer-term outlook.
This article is for informational purposes only and does not constitute investment advice. Readers should conduct their own research before making any investment decisions.
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Axie Infinity, the blockchain-based creature-battling game developed by Sky Mavis, has announced an upcoming airdrop of a new in-game token called bonded AXS (bAXS). According to an official statement released on Tuesday, the airdrop will be distributed to eligible wallets based on a snapshot taken on February 5.
The airdrop will distribute a total of 100,000 bAXS, with each token backed 1:1 by AXS, the native governance token of the Axie Infinity ecosystem. Wallets that have staked at least 10 AXS—worth approximately $16.90 at current prices—will qualify for the distribution.
For participants staking more than 10 AXS, the allocation will be influenced by two factors:
the amount of AXS staked, and
the player’s Axie Score, a metric reflecting in-game activity and engagement.
What Is bAXS and How Will It Be Used?
At launch, bAXS will mirror many of the core functions of the original AXS token. Players will be able to use bAXS for activities such as Axie evolution, breeding, and participation in secondary markets. However, unlike standard AXS, the bonded version is specifically designed to encourage in-game usage and strengthen the internal economy of Axie Infinity.
Sky Mavis co-founder Jeffrey Zirlin explained that a significant portion of AXS spending currently takes place through Axie Core, a system that requires players to consume AXS to upgrade Axie attributes. Each body part upgrade consumes AXS, making token usage closely tied to gameplay progression.
With the expansion of part evolution mechanics, demand for upgrade-related tokens is expected to increase across the ecosystem. Zirlin noted that the upcoming releases of Atia’s Legacy and Terrariums are likely to significantly amplify this demand, positioning bAXS as a key utility token within future gameplay loops.
bAXS Distribution Beyond the Initial Airdrop
In addition to the first airdrop, Sky Mavis confirmed that bAXS will also be distributed to players of Terrariums, an upcoming land-based game set within the Axie Infinity universe.
According to official descriptions, Terrariums is envisioned as the foundation of Axie Core—a living environment where Axies reside, grow, and earn rewards through a wide range of activities. These include mini-games, exploration, guild participation, territorial gameplay, accessories, and collectible items.
Zirlin stated that the launch of Terrariums will further increase demand for both AXS and bAXS, as both tokens will gain additional utility within the Terrarium system. Use cases are expected to include purchasing consumable power-ups for Terrariums and Axies, as well as other gameplay-related enhancements.
The Terrariums land game is scheduled for release in Q2, following the official launch of bAXS and the completion of two separate airdrop phases. Details regarding the second airdrop have not yet been disclosed.
AXS Price Context and Market Background
The introduction of bAXS comes during a period of heightened volatility for AXS. Over the past 30 days, AXS has surged 57%, reaching approximately $1.55, but remains down roughly 35% over the past week after briefly spiking to $2.92 in late January.
Despite the recent rebound, AXS is still trading nearly 99% below its all-time high of $164.90, recorded in 2021 when Axie Infinity surpassed one million daily active users at the peak of the play-to-earn boom. Since then, both Axie Infinity and the broader blockchain gaming sector have faced structural challenges amid shifting market conditions.
Axie Infinity is built on Ronin, an Ethereum scaling network focused on gaming and developed by Sky Mavis. The Axie brand continues to expand, with Axie Infinity: Atia’s Legacy, a new MMO title first revealed last year, representing the next phase of the franchise’s evolution.
This article is for informational purposes only and does not constitute investment advice. Readers should conduct their own research and are solely responsible for any investment decisions they make.
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Hyperliquid (HYPE) has emerged as one of the strongest performers in the crypto market over the past two weeks, rallying nearly 70% to around $35, its highest level since December last year. The move stands in sharp contrast to the broader market trend, as Bitcoin and major altcoins such as XRP continue to face downside pressure amid a global risk-off environment.
According to data from CoinPhoton, HYPE is among the top-performing tokens in early 2026, attracting growing attention from traders who see the protocol’s business model as structurally advantaged during periods of heightened volatility.
A Rare Outperformer in a Risk-Off Market
The strength of HYPE becomes even more striking when viewed against the broader macro backdrop. Over recent weeks, risk aversion has spread across multiple asset classes, not only cryptocurrencies. Macroeconomic shocks and tightening financial conditions have triggered synchronized drawdowns across crypto, precious metals, and other risk assets, wiping out an estimated $6 trillion in global market value in the opening weeks of 2026.
In this “sea of red,” Hyperliquid stands out as a rare exception. Market data suggests that U.S.-based traders have played a significant role in driving demand, but the rally cannot be fully explained by simple capital rotation into a strong chart. Instead, the price action appears to reflect deeper structural dynamics.
Unlike most altcoins, which are primarily valued on speculative narratives, HYPE increasingly trades like an exchange-linked asset. In risk-off environments, speculative tokens are often sold aggressively, while platforms that monetize volatility can see their fundamentals improve as market turbulence increases.
Why Volatility Benefits Hyperliquid
Hyperliquid’s core product is perpetual futures (perps). When volatility rises, trading activity in perps typically accelerates as traders hedge exposure, rotate positions, speculate on price swings, and face liquidations. All of this activity generates trading fees.
Crucially, Hyperliquid’s design directly links protocol revenue to token demand.
Data from DefiLlama shows that Hyperliquid Perps recorded:
$216.29 billion in trading volume over the past 30 days
$11.78 billion in volume in the last 24 hours
$68.42 million in 30-day revenue
$834.7 million in annualized revenue
Open interest exceeding $6 billion
The Buyback Flywheel
The key mechanism lies in fee distribution. According to DefiLlama’s methodology, 99% of protocol fees (excluding builder fees) are directed into a support fund used to buy back HYPE tokens from the market.
This creates a mechanical feedback loop:
Higher volatility → more trading → more fees → more HYPE buybacks → sustained buying pressure, independent of broader market sentiment.
This structure helps explain why HYPE can behave as a “lone winner” during broad market downturns. Fear-driven trading increases volume, strengthening the protocol’s cash flow even as leverage elsewhere in the market is reduced.
Data from ASXN indicates that daily HYPE buybacks have climbed to nearly $4 million, the highest level since November. Over the past month, cumulative buybacks have exceeded $55 million.
Two key trends stand out:
Buyback intensity is accelerating — the 30-day average is approximately $1.86 million per day, while the 7-day average has risen to $2.85 million per day.
Buybacks are occurring at progressively higher average prices over shorter timeframes, suggesting tightening supply amid rising activity.
Expanding the “Volatility Surface” With HIP-3
Beyond token mechanics, product expansion has also supported HYPE’s rally. Hyperliquid is broadening the range of assets that traders can access by moving into real-world assets (RWAs) and permissionless markets through the HIP-3 upgrade.
HIP-3 opens the listing process by allowing builders to deploy new perpetual futures markets. Builders must stake 500,000 HYPE, with the risk of slashing for misconduct. This staking requirement creates a direct token sink while imposing a meaningful cost of entry for rapid market listings.
This infrastructure has already enabled Hyperliquid to expand aggressively into commodities. According to analytics platform Milk Road, Hyperliquid has captured approximately 2% of the global spot silver market within just 30 days of listing — a notable achievement that underscores the protocol’s ability to grow even during weak market conditions.
Data from Flowscan further shows that aggregate open interest across HIP-3 DEX markets has surpassed $28 billion.
The Next Growth Narrative: HIP-4
Looking ahead, the next potential catalyst is HIP-4, a proposal introducing outcome-based markets. These fully collateralized contracts settle within predefined price ranges, resembling prediction markets and limited-risk option structures.
The design aims to eliminate margin calls and liquidation cascades, offering traders capped risk exposure. DeFi analysts suggest that if outcome-based contracts can be combined with perps, traders could construct more capital-efficient strategies.
For example, a trader could hold a long ETH perpetual position while simultaneously purchasing an outcome contract such as “ETH below $2,000” as a hedge. Because the positions offset each other, margin requirements could be reduced — a feature that many existing prediction platforms do not support.
Social sentiment data indicates growing optimism around HIP-4, with expectations that new derivatives and prediction-style markets could attract additional trading volume.
Token Unlock Remains a Key Risk
Despite strong structural arguments, HYPE faces an important near-term challenge. According to Tokenomist, approximately 9.92 million HYPE tokens are scheduled to unlock for the core team on February 6, representing roughly $335 million at recent prices.
The nominal value of this unlock is equivalent to nearly 4.9 times the protocol’s 30-day revenue. While the buyback mechanism may absorb some selling pressure, the timing and pace of distribution will be critical.
If a large portion of unlocked tokens is sold quickly, HYPE could face downside pressure despite ongoing buybacks — especially if overall market risk appetite remains weak. Conversely, gradual distribution combined with sustained volatility could allow the buyback mechanism to act as a stabilizing force, turning the unlock event into a potential “buy-the-dip” opportunity.
However, if market volatility declines and trading activity slows as macro conditions stabilize, buyback yields would fall accordingly, and HYPE could revert to trading more like a conventional risk asset.
This article is for informational purposes only and does not constitute investment advice. Readers should conduct their own research and are fully responsible for their investment decisions.
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Solana (SOL) has entered early February under clear and persistent pressure. The token is down nearly 30% over the past 30 days and continues to trade within a weakening descending channel, with price gradually sliding toward the lower boundary of this structure.
As long-term holding confidence fades, on-chain and market data increasingly point to a growing amount of SOL becoming liquid — at a time when technical support is turning fragile.
Sharp Decline in Staking Increases Breakdown Risk
The bearish tone around Solana is being reinforced by a significant drop in staking activity. One key metric to watch is Solana’s staking balance delta, which measures the weekly net change in SOL locked in native staking. Positive values indicate net staking inflows, while negative readings signal net unstaking.
At the end of November, long-term sentiment was still constructive. During the week ending November 24, staking recorded net inflows of more than 6.34 million SOL, reflecting a strong accumulation phase.
That trend has since reversed decisively. By mid-January, weekly staking flows turned negative. The week ending January 19 saw net unstaking of approximately –449,819 SOL. Just two weeks later, in the week ending February 2, net unstaking accelerated sharply to –1,155,788 SOL — representing an increase of roughly 150% in unstaking volume over a very short period.
This shift means a growing amount of SOL is being unlocked and returned to liquid circulation. Once unstaked, tokens can be moved to exchanges and sold immediately, increasing downside risk.
Notably, this surge in unstaking is occurring as SOL trades near the lower edge of its descending channel, making a downside break increasingly relevant. With price hovering around $96, the combination of technical weakness and rising liquid supply creates a vulnerable setup. A decisive breakdown could open the door to a deeper move — potentially on the order of another 30% toward lower support zones.
Exchange Demand Weakens as Short-Term Speculation Rises
The deterioration in staking metrics is also reflected in exchange flow data. The 30-day Exchange Net Position Change tracks the net amount of SOL entering or leaving centralized exchanges. Strongly negative values typically indicate net outflows and accumulation, while a narrowing negative value suggests that buying pressure is slowing.
On February 1, the metric stood near –2.25 million SOL, signaling strong net withdrawals. By February 3, it had weakened to around –1.66 million SOL. In just two days, net outflows declined by nearly 26%, pointing to a clear slowdown in accumulation demand.
More concerning is the timing: buying pressure is fading just as unstaking accelerates, increasing the amount of SOL available for trading. When supply rises while demand softens, prices often become more vulnerable to fast and extended drawdowns.
At the same time, speculative activity is picking up. HODL Waves data shows that the share of SOL held for 1 day to 1 week increased from 3.51% to 5.06% between February 2 and February 3. This cohort typically represents short-term traders who enter during volatility and tend to exit quickly.
A similar pattern appeared in late January. On January 27, this group accounted for 5.26% of supply when SOL traded around $127. By January 30, their share dropped to 4.31% as price fell to $117, a decline of nearly 8%. This suggests recent inflows are driven more by short-term positioning than by durable accumulation, making relief rallies less likely to sustain.
Outlook
Taken together, Solana’s current setup reflects rising liquid supply, weakening demand, and increasing short-term speculation — a combination that historically raises downside risk. While no single metric guarantees further losses, the alignment of these signals suggests that the market remains fragile as SOL tests key technical support.
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This article is for informational purposes only and does not constitute investment advice. Readers should conduct their own research before making any financial decisions.