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The market has shown resilience since the US session opened yesterday, with a strong rally pushing prices from $94k to $102k. Positive catalysts such as the announcement of a US sovereign wealth fund and the delay in tariffs have provided a clear boost. Funding rates for major pairs are gradually returning to positive territory after dipping into negative levels following a significant leverage washout. This is an attractive moment for those looking to expand their long-term positions. SOLETH continues to show strength, with Solana outpacing Ethereum in the short term, despite Eric Trump’s tweet yesterday suggesting it’s “a great time to add ETH.” It’s obvious that something significant is unfolding there.
However, the bullish momentum was tempered when China announced tariffs on US imports, set to take effect on February 10. This move is a direct response to US tariffs on Chinese exports, following the US's decision to pause further tariffs on Canada and Mexico. As for Bitcoin, we remain range-bound with no clear directional move unless another catalyst emerges, likely coming from Trump. From a technical standpoint, the RSI remains capped by a declining trendline, and while open interest and CVD volume haven’t fully returned, BTC’s price action continues to follow the trajectory seen in the 2017 cycle, maintaining alignment with prior market cycles.
Ethereum, on the other hand, has increased its transaction handling capacity. Validators have agreed to raise the gas limit to nearly 32 million units, a change that was automatically implemented after more than half of the validators signaled their approval, eliminating the need for a hard fork.
The News Room
Senator Hagerty Set to Introduce New Stablecoin Legislation
Senator Bill Hagerty (R-TN) plans to introduce the Guiding and Establishing National Innovation for US Stablecoins bill, aiming to establish a regulatory framework for stablecoins. The legislation would require stablecoins to be backed by U.S. dollars, Treasury bills, and Federal Reserve notes, while issuers must provide monthly audited reports. Co-sponsored by Senators Kirsten Gillibrand, Tim Scott, and Cynthia Lummis, the bill aligns with President Trump’s pro-crypto stance. Previous stablecoin legislation efforts in Congress have stalled due to disagreements over federal versus state regulatory authority. The bill follows Trump’s executive order to develop a federal digital asset framework.
Publicly Traded Company Adds DOGE Tokens to Its Holdings
Canadian blockchain firm Neptune Digital Assets has purchased 1 million DOGE tokens for approximately $270,000, marking it as the second publicly traded company to invest in Dogecoin after Spirit Blockchain. Neptune acquired the tokens through a strategic derivative purchase at an average price of $0.37. The move comes amid rising institutional interest in DOGE, with Bitwise, Osprey Funds, and Rex Shares all seeking to launch spot Dogecoin ETFs. Neptune CEO Cale Moodie emphasized the company’s focus on expanding its crypto holdings while managing risk and debt levels.
US Ethereum ETFs Hit Record $1.5B Daily Volume Amid Trump Tariff Uncertainty
U.S. spot Ethereum ETFs saw record trading volumes of $1.5 billion on Monday, surpassing the previous $1.22 billion high, as President Trump’s tariff plans triggered market turmoil. Ethereum dropped 36% to $2,100 before rebounding over 30%, while Bitcoin and Solana also saw steep declines. BlackRock’s ETHA led ETF trading with $736 million, followed by Grayscale’s ETHE at $415 million. Despite the price drop, Ethereum ETFs attracted net inflows of $83.6 million, contrasting with $234.4 million in outflows from Bitcoin ETFs. The market recovered after reports of a temporary pause in U.S. tariffs on Mexico and Canada, though China announced retaliatory tariffs, adding to uncertainty.
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Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
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