BeInCrypto Global

As market volatility persists, select altcoins are showing signs of potential all-time highs despite broader uncertainty. Some remain close to record highs, while others are drawing attention through supportive on-chain signals. 

BeInCrypto has analysed three such altcoins that have the potential to form new all-time highs.

Canton (CC)

CC is trading near $0.165 at the time of writing, sitting just 18.25% below its all-time high of $0.195. Despite broader market bearishness, the altcoin has shown relative resilience. Holding near recent highs keeps CC positioned for a potential continuation if conditions stabilize.

CC is currently hovering below the $0.176 resistance while awaiting clearer recovery signals. Its negative correlation with Bitcoin, sitting near -0.50, creates a unique dynamic. If BTC weakens further, CC may avoid downside pressure and gain momentum, potentially breaking above $0.176.

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CC Price Analysis. Source: TradingView

However, improving conditions for Bitcoin could weigh on CC due to this inverse relationship. Under that scenario, CC may consolidate above the $0.155 support. A breakdown below this level would invalidate the bullish thesis, exposing the token to a deeper pullback toward $0.142.

Rain (RAIN)

RAIN is showing one of the strongest setups among altcoins, trading within 16.7% of its all-time high at $0.0105. Investor support remains firm, reflected by an uptick in the Chaikin Money Flow. Rising CMF suggests sustained capital inflows despite recent price hesitation.

The growing inflows are forming a bullish divergence against RAIN’s price decline. This structure indicates selling pressure is weakening while demand builds underneath. If price begins reflecting these inflows, RAIN could challenge the $0.0100 resistance. A clean break above that level would open the path toward its ATH.

RAIN Price Analysis. Source: TradingView

However, technical risks remain. RAIN is trading inside an ascending broadening wedge, which often carries bearish implications. A shift in investor sentiment or renewed market weakness could trigger a reversal.

Under that scenario, RAIN may slide toward the $0.0084 support, invalidating the bullish outlook.

Impossible Cloud Network (ICNT)

ICNT remains one of the altcoins farthest from its all-time high, requiring a 37% rise from $0.430 to reach $0.601. Despite recent gains, multiple resistance levels lie ahead. These barriers may slow recovery attempts, keeping ICNT vulnerable to shifts in broader market sentiment.

Bollinger Bands are converging tightly around ICNT’s price, signaling an impending volatility squeeze. This setup often precedes sharp directional moves. Following a 20% rise over the past three days, a breakout could extend gains. A successful move may push ICNT past the $0.463 resistance.

ICNT Price Analysis. Source: TradingView

Downside risk persists if selling pressure returns. Investor profit-taking could drag ICNT below the $0.410 support. Losing this level would expose the altcoin to further losses.

Under that scenario, ICNT may slide toward $0.362, invalidating the bullish thesis and halting recovery momentum.

Willkommen beim US Crypto News Morning Briefing – Ihr wesentlicher Überblick über die wichtigsten Entwicklungen im Krypto-Bereich für den bevorstehenden Tag.

Nehmen Sie einen Kaffee und treten Sie einen Schritt zurück von den täglichen Preischarts. Unter dem Lärm glauben einige Analysten, dass der jüngste Rückgang von Bitcoin eine ganz andere Geschichte erzählen könnte – eine, die weniger über den Zusammenbruch und mehr darüber handelt, wie sich der Markt selbst verändert.

Krypto-Nachrichten des Tages: Bernstein hält an der BTC-Prognose von 150.000 $ fest

Der jüngste Rückgang von Bitcoin mag Krypto-Analysten vertraut vorkommen, aber Experten der Forschungs- und Brokerage-Firma Bernstein argumentieren, dass dieser Zyklus fundamental anders ist als frühere Rückgänge.

Ethereum price hit its projected breakdown target near $1,800 in early February. It even slipped to $1,740 before bouncing. Since then, ETH has rebounded almost 23%, giving traders hope that the worst may be over.

But price rebounds inside downtrends often look strong at first. The real question is whether this bounce is supported by strong buyers. Right now, charts, on-chain data, and technical metrics suggest that support remains weak. Several warning signs still point to downside risk.

The ETH Price Breakdown Worked, But the Rebound Lacks Real Strength

On February 5, Ethereum completed a major breakdown pattern on the daily chart, as predicted by BeInCrypto analysts. This pattern usually signals that sellers are taking control. The projected target was near $1,800. Ethereum price followed that path and dropped to $1,740 on February 6.

After hitting this zone, ETH rebounded about 23%. At first glance, this looks like strong dip buying as the February 6 price candle saw a large lower wick. But momentum tells a different story.

Between February 2 and February 8, the price made lower highs. At the same time, the Relative Strength Index (RSI), which tracks short-term momentum, moved higher.

Breakdown Target Hit: TradingView

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This creates a hidden bearish divergence, where momentum improves but price fails to follow.

In simple terms, price is struggling to rise, even though short-term momentum looks better. That usually means sellers are still active in the background. So while the breakdown target was reached, the rebound does not yet show deep conviction.

This weak follow-through sets the stage for the next risk.

Short-Term Bounce Is Slipping Into Another Bearish Setup

Because the rebound lacks strong follow-through, the next thing to watch is the structure of the move. On the 12-hour chart, Ethereum is forming a bearish pole and flag.

First, the price dropped sharply. Then it rebounded inside a rising channel. This is a classic continuation pattern in downtrends.

It often leads to another leg lower as volume confirms the risk. On-Balance Volume, which tracks real buying and selling activity, is staying weak. It is not rising aggressively, like the price. This means fewer real buyers are supporting the rebound. Additionally, the OBV metric itself is close to breaking down its own ascending trendline. If volume breaks down, this flag structure could fail.

Bearish ETH Price Pattern: TradingView

That would open the door to deeper losses, around 50% from the lower trendline levels. To understand whether buyers, who led the 23% rebound, can prevent that, we need to look on-chain.

Are Short-Term Traders Buying As Long-Term Holders Sell?

On-chain data shows that the recent rebound is being driven mainly by short-term traders, not long-term investors.

A key metric here is short-term Holder NUPL, which measures whether recent buyers are sitting in profit or loss.

In early February, as Ethereum dropped to $1,740, short-term holder NUPL fell to around -0.72, placing it firmly in the capitulation zone. This reflected heavy unrealized losses among recent buyers.

During the 23% rebound, however, NUPL recovered to about -0.47. That is an improvement of roughly 35% from the bottom. While it remains negative, the speed of this recovery shows that many short-term traders rushed in to buy the dip.

This pattern closely resembles past failed bottom formations.

STH NUPL: Glassnode

On March 10, 2025, NUPL also rebounded to around -0.45 while ETH traded near $1,865. At that time, many traders believed a bottom had formed. A more durable bottom only appeared on April 8, 2025, when NUPL dropped close to -0.80, roughly 75% deeper than the March level. That phase marked true seller exhaustion and preceded a sustained recovery. The price was around $1,470 at the time.

Today’s structure looks much closer to March 2025 than April 2025. Losses have eased too early, suggesting that panic has not fully cleared. At the same time, long-term holders remain cautious.

The 30-day rolling Hodler Net Position Change, which tracks investors holding ETH for more than 155 days, remains negative. On February 4, outflows stood near -10,681 ETH. By February 8, they had widened to around -19,399 ETH.

ETH HODLers: Glassnode

This represents an increase in net selling of roughly 82% in just four days. This signals weak conviction at current levels. So the rebound is being driven mainly by short-term traders chasing a bounce, while long-term investors continue reducing exposure.

Key Ethereum Price Levels Show Why the $1,000 Risk Is Still Alive

All technical and on-chain signals now point to a weak structure. Ethereum must reclaim key resistance to stay safe. The first resistance is near $2,150.

Holding above this would ease short-term pressure. The major invalidation level is $2,780.

Only above this would the bearish structure truly break. On the downside, risk remains heavy.

Key support levels are:

$1,990: short-term support

$1,750: Fibonacci support

$1,510: major retracement zone (close to the April 8, 2025 bottom)

$1,000: bear flag projection

\Ethereum Price Analysis: TradingView

A daily close below $1,990 would weaken the rebound. Losing $1,750 would expose the $1,500 ETH price zone. If the bearish flag fully breaks, the projected move points toward $1,000.

That would mean a drop of nearly 50% from current levels. Right now, Ethereum is still below major resistance.

Volume is weak. Long-term holders are selling. And Short-term traders dominate activity. Until these conditions change, the risk of a much deeper Ethereum price move remains real.

Meme coins are once again drawing trader attention as speculative capital rotates back into high-volatility setups. After weeks of choppy conditions, several meme-driven assets are beginning to show technical signs of stabilization and early reversals.

BeInCrypto has analysed three such meme coins that investors should watch in February week 2.

Pippin (PIPPIN)

PIPPIN is attempting a trend reversal after a sharp corrective leg, with price bouncing cleanly from the $0.1565 demand zone and forming short-term higher lows. Momentum is improving as the MACD histogram is forming a bullish crossover, suggesting selling pressure is fading, and buyers are stepping back in.

Price is currently trading around $0.2592, which remains the immediate level to reclaim. A strong daily close above $0.2671 would confirm continuation and open the path toward $0.3083, with a further extension toward $0.3729 if momentum and volume expand in favor of bulls.

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PIPPIN Price Analysis. Source: TradingView

This recovery structure stays intact as long as the price holds above $0.1861 on a daily closing basis. A breakdown and close below $0.1565 would invalidate the bullish reversal, flip momentum back bearish, and expose downside continuation, signaling the bounce was corrective rather than trend-changing.

Bone ShibaSwap (BONE)

BONE is noting a bounce after an extended downtrend, with price defending the $0.0482 swing low and reclaiming the 23.6% Fibonacci level at $0.0607. The structure hints at a potential short-term reversal as bullish candles step in, while CMF ticks up to -0.11, signaling declining but still cautious capital outflows.

Price is currently trading at $0.0685, testing the 38.2% Fibonacci retracement. A clean daily close above $0.0685 would open upside continuation toward $0.0747 (50% Fib), followed by a move to $0.0810 at the 0.618 level. A breach above $0.0810 would shift the market structure bullish and target $0.0899 next.

BONE Price Analysis. Source: TradingView

This recovery remains valid as long as the price holds above $0.0607 on a daily closing basis. A breakdown below this support would fully invalidate the bullish reversal, sending BONE to $0.0481.

Banana For Scale (BANANAS31)

BANANAS31 has rallied sharply over the past four days, trading near $0.0043 at the time of writing. The meme coin is pressing against the $0.0043 resistance, which aligns with the 38.2% Fibonacci retracement. This level is critical for determining whether recent momentum can sustain further upside.

Historically, BANANAS31 has failed to clear this resistance, making the current attempt decisive. A successful breakout would confirm bullish continuation. The Money Flow Index indicates strong buying pressure, reinforcing upside potential. A move above $0.0047, the 50% Fibonacci level, could accelerate gains toward the $0.0051 target.

BANANAS31 Price Analysis. Source: TradingView

On the other hand, failure to break $0.0043 may trigger a pullback toward $0.0039. Losing the 23.6% Fibonacci support would weaken the structure. Under that scenario, BANANAS31 could slide to $0.0035, invalidating the bullish thesis and erasing the meme coin’s recent recovery gains, sending it back to early February’s price.

XRP hat kürzlich einen starken Verkaufsdruck erlebt, der den Preis nahe der 1,00-Dollar-Marke drückte und damit den tiefsten Punkt seit fast 15 Monaten markierte. Der Rückgang erschütterte das Vertrauen der Marktteilnehmer und löste weit verbreitete Angst unter kurzfristigen Inhabern aus.

XRP konnte jedoch im letzten Moment einen tieferen Rückgang vermeiden. Die entscheidende Frage ist nun, ob der Abwärtsdruck wieder einsetzen oder sich stabilisieren wird.

XRP-Inhaber zeigen gemischte Signale

Große XRP-Inhaber sind während des Rückgangs in den Akkumulationsmodus zurückgekehrt. Wallets, die zwischen 100 Millionen und 1 Milliarde XRP halten, haben in der vergangenen Woche mehr als 1,6 Milliarden Token erworben. Bei den aktuellen Preisen übersteigt dieser Kauf 2,24 Milliarden Dollar, was ein erneutes Interesse von einflussreichen Marktteilnehmern signalisiert.

Over the past two years, the landscape for crypto derivatives has shifted dramatically. A significant contraction in the supply of ETF leveraged tokens has occurred across top-tier exchanges. Platforms that previously championed these products have initiated phased suspensions, halted subscriptions, or delisted leveraged pairs entirely throughout 2024 and 2025. However, the demand for leverage among traders has not vanished. It has simply been displaced.

In this environment of market retrenchment, Gate has taken a contrarian approach. Rather than withdrawing, Gate has doubled down, treating ETF leveraged tokens not as a niche add-on, but as a core product line. By prioritizing transparent mechanisms and a unified low-fee framework, Gate has transformed what was once a complex instrument into a scalable, user-friendly tactical tool.

Why Exchanges Are Leaving

In the context of crypto, ETFs generally refer to ETF Leveraged Tokens. These are tokenized instruments traded on the spot market that track perpetual futures positions, allowing users to gain leveraged exposure (e.g., 3x Long BTC) without managing margin or liquidation prices.

Despite their utility, these products are highly structured. Without robust risk controls and clear user education, they are susceptible to volatility decay in ranging markets. Consequently, major platforms have exited the space to minimize compliance risks and user disputes. For example, exchange no. 1. phased out leveraged token services in early 2024, eventually discontinuing support, and exchange no. 2. followed suit in late 2025, issuing batch delisting announcements for BTC and other major assets.

This industry wide reduction has created a vacuum. As comparable platforms shrink, product availability itself has become a scarce competitive advantage. Gate has stepped in to absorb this liquidity, offering a stable home for short-term leveraged trading demand.

Simplifying Leverage With Unified Fees

Gate’s ETF architecture is designed to map professional derivatives positions into a simple tokenized format. For the user, the experience mirrors spot trading, there is no need to monitor margin maintenance or fear sudden liquidation events.

A key differentiator is Gate’s approach to cost transparency. In derivatives trading, costs are often fragmented across funding rates, trading fees, and slippage. Gate consolidates these fragmented costs into a single, understandable metric known as the unified management fee. This flat 0.1% daily fee is entirely all-inclusive, covering everything from hedging costs and funding rates to potential trading friction.

By packaging costs at the product level, Gate shifts the complexity from the user to the platform. The user gets a predictable cost structure, while the platform leverages professional expertise to manage execution and hedging.

Transparency in Mechanics

The sustainability of leveraged tokens relies on explainability. Two critical variables define these products: the Net Asset Value (NAV) and Rebalancing Rules.

The sustainability of leveraged tokens relies on explainability. Unlike competitors that often operated these mechanisms as “black boxes,” Gate provides explicit parameter disclosures. This includes specific leverage fluctuation ranges where rebalancing is not triggered, which significantly reduces frictional costs in choppy markets.

For instance, Gate ensures position stability by avoiding rebalancing for 3x Long tokens as long as leverage stays between 2.25x and 4.125x, while the 3x Short variant maintains a range of 1.5x to 5.25x. Similarly, for 5x tokens, no adjustments are triggered unless the leverage moves outside the 3.5x to 7x boundary. These technical parameters are vital for professional traders as they minimize the “decay” often associated with these products during range-bound price action.

Scale by the Numbers

Gate’s ecosystem is expanding. According to Gate’s 2025 annual report, the “Scale Effect” of their ETF product line is evident in the platform’s ability to support 244 different ETF leveraged tokens throughout the year. This robust supply served a cumulative user base of over 200,000 traders, driving average daily trading volumes into the hundreds of millions of dollars. This growth is supported by continuous technical iterations, including the launch of multidimensional data dashboards, rebalancing history displays, and specialized educational modules designed to reduce the learning curve for new participants.

The platform’s success is not merely a result of being one of the last providers standing, but rather a reflection of its commitment to product depth. Gate continues to broaden its asset coverage, ensuring that users can access leveraged exposure across a diverse range of emerging and established tokens. Looking ahead, Gate plans to build on this momentum by introducing sophisticated new formats, such as portfolio ETFs and low-leverage inverse ETFs. By retaining technical complexity at the platform level while delivering operational certainty to the user, Gate is positioning itself to capture an even larger share of the short-term leveraged trading market.

Conclusion

The industry wide contraction of leveraged tokens was not a failure of the concept, but a failure of execution regarding transparency and education. Gate has succeeded where others retreated by systematizing the product.

By offering clear disclosures, a unified 0.1% daily fee, and a spot-like user experience, Gate has built a sustainable ecosystem that preserves the utility of leverage while mitigating its complexity. As the market matures, Gate’s ETF offering stands as a testament to the value of explainable, transparent financial engineering.

Disclaimer: Investing in the cryptocurrency market involves high risk. Users are advised to conduct independent research and fully understand the nature of the assets and products before making any investment decisions. Gate is not liable for any losses or damages resulting from such investment activities.

Executives from Bitpanda, Dune, and Libertex identify AI agents and demographic shifts as defining forces for 2026

More than fifteen years after the Bitcoin white paper sparked a revolution in how we think about money, the cryptocurrency industry is entering a period of rapid transformation. It now sits at the intersection of three powerful forces: co-option by incumbent financial institutions, the rise of AI agents, and the shifting demographics that come with mainstream adoption.

What started as a fringe, ideologically pure attempt to escape centralised financial control is now being embraced by the very institutions it was designed to disrupt. The idealistic manifesto published by the mysterious Satoshi Nakamoto, and the blockchain innovations that followed, is no longer confined to the margins. Crypto is quietly sliding into the plumbing of global finance. Crypto’s real-world use cases are no longer playing out in headlines, they’re being embedded quietly into the backend of global financial infrastructure.

Many would argue this is a sign of maturity, and perhaps inevitable. But this transition brings with it a new set of challenges alongside the opportunities.

That shift is forcing a rethink across the industry. The next phase of growth will not be driven by hype cycles, but by companies that understand how information is consumed and produced by both humans and AI systems, particularly autonomous agents whose transaction volumes may soon eclipse those of people. At the same time, crypto’s audience is expanding well beyond its early adopters, reshaping how distribution works. Take this as a case in point. What was once mocked by the Davos elite now dominates centre stage, generating daily headlines in once hostile TradFi broadsheets like the Financial Times.

This new paradigm was clearly articulated at BeInCrypto’s inaugural Executive Council, where senior leaders from Bitpanda, Dune, and Libertex came together for an extended discussion on the industry’s most urgent strategic challenges, and the opportunities emerging from the convergence of AI, blockchain infrastructure, and mainstream financial adoption.

The roundtable surfaced one finding that surprised even the participants: traditional performance marketing is becoming obsolete. Traffic to top websites has declined more than 11% over five years, according to SimilarWeb data, and AI agents are increasingly bypassing subscription models entirely — consuming content without paying for it.

Figure 1: Average monthly web traffic to the top 1,000 sites (Source: Similarweb via Axios) Key Takeaways

Crypto moves to the backend. The industry is shifting from hype-driven growth to infrastructure mode. “We don’t need to explain the concept anymore — it’s becoming invisible,” one participant noted.

AI agents are economic actors, not tools. Autonomous systems now consume, summarize, and act on content. Traditional monetization models — subscriptions, traffic-based advertising — face structural disruption.

Demographics are diversifying. Banks and traditional financial institutions are mediating crypto adoption, bringing older audiences who consume news through legacy media rather than crypto-native channels.

Volatility remains unsolved. While traditional markets have mature volatility management tools, crypto still lacks equivalent infrastructure at scale.

Trust still requires humans. Despite rapid AI adoption, authority, expertise, and social proof — not algorithms — remain the primary trust signals for users.

Detailed Findings

From Headlines to Backend Infrastructure

Crypto’s maturation is accelerating. TradFi, fintech, and crypto now operate on similar rails, competing for the same users with similar tools. The competitive boundaries that once separated these sectors have largely dissolved.

User acquisition has fragmented across referrals, partnerships, and LLM-powered search — a shift that renders traditional performance marketing increasingly ineffective. At the same time, token price appreciation is no longer a reliable revenue driver, forcing projects to reassess opaque or outdated business models.

“We’re entering a new era where success isn’t measured by token prices alone. Dune, as the leading onchain data platform, is seeing that shift firsthand. Blockchain teams are increasingly focusing on data points that directly reflect their utility and real-world impact.”— Alsie Liu, Full-stack Web3 Marketing Manager, Dune

The Social Era: Signals Over Opinions

Social platforms have become primary news sources, particularly among younger audiences. In the US, 54% of people now access news via social media, with over half of under-35s relying on these platforms as their main source — surpassing TV and traditional news websites for the first time.

Figure 2: Proportion using each as source of news in the US, 2013-2025 (Source: Reuters Institute)

The shift is not merely about platform preference — it reflects deeper changes in content expectations. Audiences increasingly demand signals and verifiable facts over opinion-heavy analysis. Personalization is now baseline, not premium.

The rise of social media-based news is not unique to the United States, but changes are happening faster there. The US is joining a “social-first club” that includes Brazil, many African countries, the Philippines, and Indonesia. Meanwhile, European countries and Japan show more resilience toward traditional news brands.

Figure 3: Proportion saying social media is their main source of news (Source: Reuters Institute)

“Boomers are coming to the game. They consume news the old-fashioned way… Boomers will go to the banks.”

— Vishal Sacheendran, VP Global Markets Strategy & Operations, Bitpanda

AI as Economic Actor

AI is no longer just a productivity tool. According to McKinsey’s 2025 survey, 88% of companies now use AI in at least one business function — but only 7% have deployed it enterprise-wide. This gap creates a significant first-mover advantage for organizations that scale quickly.

Figure 4: AI adoption and deployment phases, 2017-2025 (Source: McKinsey Global Survey)

At leading AI-native organizations, 60% of daily work is AI-assisted, delivering a 50% productivity boost. The structural challenge: AI agents can consume, summarize, and publish content autonomously, bypassing traditional monetization entirely. Platforms lose subscriptions and traffic-based ad revenue. No one has yet solved how to monetize agent-driven behavior.

“Success in the next era means creating content that serves both humans and AI agents. Companies that design for machine-readability alongside human engagement will be positioned at the forefront of how information flows.”— Alsie Liu, Full-stack Web3 Marketing Manager, Dune

Regulatory gray zones compound the challenge. Data center location, jurisdiction, and compliance accountability are now strategic considerations.

“There is hype coming from managers that we need to add AI everywhere. But we need governance while doing it.”— Dennis Alexander, CTO, Libertex

Trust in the AI Age

Despite rapid automation, trust formation remains distinctly human. The attention crisis is real:

In this attention-scarce environment, authority and social proof outperform algorithmic recommendations. Younger users follow community signals; older audiences rely on familiar platforms and brands.

“No evidence in their A/B tests that clients use AI for analysis; they use it for shortcuts.”

— Dennis Alexander, CTO, Libertex

Strategic Implications

The Executive Council findings point to three strategic imperatives for crypto media:

Optimize for AI consumption. Content strategies must account for non-human readers that summarize and redistribute information without traditional engagement metrics. Publishers who build AI-friendly infrastructure first will capture the distribution advantage.

Diversify audience channels. As banks and traditional institutions mediate crypto adoption, media platforms must meet users where they are — including legacy and local news channels. The audience is fragmenting; reach requires multichannel presence.

Prioritize trust signals. In a world of AI-generated content, editorial authority, expertise, and social proof become competitive differentiators. Human voices — with real accountability — will command premium attention.

The Bottom Line for Media Strategy

The era of performance marketing and platform dependence is ending. The future belongs to organizations that can:

Build direct audience relationships

Create AI-consumable content infrastructure

Establish human trust signals that algorithms can’t replicate

About the Executive Council

BeInCrypto’s Executive Council brings together internal leadership and external executives to identify blind spots, debate solutions, and challenge strategic assumptions. The January 2026 session included:

Vishal Sacheendran, VP Global Markets Strategy & Operations, Bitpanda

Alsie Liu, Full-stack Web3 Marketing Manager, Dune

Dennis Alexander, CTO, Libertex

Discussion was held under Chatham House-style principles. Insights are synthesized to reflect collective perspectives unless individually attributed with speaker approval.

Crypto analyst Alex Krüger says most tokens have failed by design, arguing that outdated regulation pushes projects to launch assets stripped of enforceable rights.

His comments coincide with a period of elevated token failures in the crypto market. Since 2021, over 13.4 million tokens have “died.”

Why So Many Altcoins Fail in Today’s Market

According to CoinGecko research, 53.2% of all cryptocurrencies listed on GeckoTerminal had failed as of the end of 2025. 11.6 million tokens collapsed in 2025, representing 86.3% of all failures recorded since 2021, signaling an unprecedented acceleration.

The number of crypto projects listed rose from about 428,000 in 2021 to 20.2 million by 2025. This surge was met with escalating failures: just 2,584 dead coins in 2021, rising to 213,075 in 2022, 245,049 in 2023, and 1.38 million in 2024. Yet, 2025’s collapse dwarfed all previous years.

Certain niches experienced even higher failure rates. Music and video tokens failed at rates close to 75%. Crypto analyst Krüger argued that outdated regulations and token structures fueled the crisis.

“​Most tokens ever created are worthless by design because of outdated regulations,” he wrote.

In a detailed post, Krüger argued that the SEC’s use of the Howey Test and enforcement-led oversight pushed crypto projects into a corner. For context, US regulators use the Howey Test to determine whether a transaction qualifies as an “investment contract” and therefore a security under federal securities laws.

A transaction is a security if it involves:

an investment of money,

in a common enterprise,

with an expectation of profit,

based on the efforts of others.

If all four are met, US securities laws apply. To avoid being classified as securities, teams systematically stripped tokens of all rights. The result, he said, was an asset class defined by speculation rather than ownership.

This design choice had far-reaching consequences. When token holders have no contractual rights, they also have no legal recourse. At the same time, founders face no enforceable fiduciary duties toward the people funding their projects. 

In practice, this created an accountability vacuum. Teams could control large treasuries with or abandon projects entirely, often without facing legal or financial consequences.

“​In any other market, a project offering zero rights and total treasury opacity wouldn’t raise a dime. In crypto, it was the only compliant way to launch. ​The result is a decade of tokens designed to soft rug,” he added.

Disillusioned by VC-backed utility tokens, retail traders turned to meme coins, which offered a transparent lack of utility. As Krüger highlighted, this trend increased speculation and intense market behaviors.

“And this only made the rot worse: memecoins are even more speculative and less transparent, accelerating a shift toward predatory PVP trading and zero-sum gambling,” he remarked.

Krüger believes the solution is a new generation of tokens governed by a stronger regulatory framework.

Der Kryptomarkt wird in der zweiten Februarwoche 2025 Token im Wert von über 278 Millionen Dollar willkommen heißen. Große Projekte, darunter Connex (CONX), Avalanche (AVAX) und Aptos (APT), werden erhebliche neue Token-Angebote herausgeben.

Diese Entsperrungen könnten Marktvolatilität einführen und kurzfristige Preisbewegungen beeinflussen. Hier ist eine Übersicht, worauf man achten sollte.

1. Connex (CONX)

Entsperrdatum: 15. Februar

Anzahl der freizuschaltenden Token: 1,32 Millionen CONX

Veröffentlichte Menge: 84,63 Millionen CONX

Gesamtangebot: 100 Millionen CONX

Binance’s SAFU (Secure Asset Fund for Users) continues to draw attention after the exchange confirmed a fresh Bitcoin purchase.

The latest conversion brings the fund’s total holdings to 10,455 BTC, valued at roughly $734 million.

How the Binance SAFU Fund Acts as a Crypto Market Indicator

The latest accumulation is part of a broader plan to convert the entire $1 billion reserve into Bitcoin over a 30-day period. Could this offer clues about broader crypto market cycles?

“Binance SAFU Fund just bought another 4,225 $BTC ($299.6 million), bringing its total purchase to 10,455 $BTC ($734 million),” Lookonchain reported.

Binance later confirmed the transaction, citing 4225 BTC for the SAFU Fund, amounting to 300 million USD stablecoins.

The SAFU Fund, established in 2018, functions as an emergency insurance reserve designed to protect user assets in the event of hacks or operational failures.

Historically funded by roughly 10% of trading fees, the reserve was largely held in stablecoins to ensure liquidity and minimize volatility.

That approach changed in late January 2026, when Binance announced it would convert the entire reserve into Bitcoin through phased purchases to avoid market disruption.

Early batches included purchases of approximately 1,315 BTC and 3,600 BTC, followed by the latest 4,225 BTC acquisition.

The shift has been widely interpreted as a strong signal of long-term confidence in Bitcoin, particularly as the purchases add steady buying pressure amid uncertain market sentiment.

Historical Patterns Fuel “Market Indicator” Theory

Beyond the immediate impact on liquidity, some analysts argue that SAFU’s allocation changes have historically coincided with major turning points in crypto markets.

In March 2023, Binance converted approximately $1 billion in SAFU reserves into Bitcoin, Ethereum, and BNB.

Over the following year, Bitcoin rose roughly 250% while Ethereum climbed about 160%. The total cryptocurrency market capitalization expanded by an estimated $1.8 trillion.

Bitcoin and Ethereum Price Performances. Source: TradingView

“March 2023 – Binance announced conversion of $1 billion SAFU Fund into BTC, ETH, and BNB. – BTC pumped 250% in a year, ETH pumped 200% and Crypto MCap added $1.8 trillion. January 2026 – Binance has announced plans to convert $1 billion from the SAFU Fund into Bitcoin. We all know what’s coming next,” remarked crypto commentator Ash Crypto.

Chart showing correlation between SAFU fund conversions and market cycles (Source: AshCrypto)

Arkham data also shows that when the SAFU Fund’s total value exceeded $1.2 billion in March 2024—driven largely by rising asset prices—Bitcoin was simultaneously approaching a cycle high.

Binance SAFU Fund. Source: Arkham

This has led some traders to speculate that SAFU’s value and allocation shifts may reflect broader market extremes, rising near peaks and shifting into accumulation phases during downturns.

Confidence Signal or Coincidence?

Despite growing interest in the theory, correlation does not necessarily imply predictive power. Binance’s decisions may simply reflect prudent treasury management—buying Bitcoin at relatively lower prices to strengthen the long-term value of a reserve that may rarely need to be deployed.

Still, the transparency of SAFU’s on-chain transactions offers rare insight into how one of the industry’s largest exchanges manages risk and capital during volatile conditions.

Binance could continue its scheduled purchases through late February or early March 2026. However, whether SAFU accumulation proves to be a reliable indicator of cycle turning points or merely a reflection of them may only become clear in the months ahead.

Bitcoin (BTC) has declined 22.5% over the past month. The coin briefly dipped to its lowest level in over a year last week before rebounding.

The pullback has intensified debate around historical cycles, technical indicators, and on-chain data that could signal where Bitcoin’s current bear market will finally bottom. As uncertainty rises, several analysts are now focusing on key price zones below $40,000.

Bitcoin Bottom Prediction: Analysts Point to Key Levels

BeInCrypto Markets data showed that the largest cryptocurrency fell to $60,000 on February 6. Prices later recovered, with Bitcoin trading at $70,354 at press time, up 1.20% on the day.

Bitcoin (BTC) Price Performance. Source: BeInCrypto Markets

A recent report from 10x Research suggested that the broader downtrend remains intact despite sentiment and technical indicators nearing extreme levels.

At the same time, flow data suggests investors remain cautious. Continued ETF withdrawals and rising stablecoin conversions point to limited appetite for aggressive dip-buying.

“Positioning dynamics suggest traders remain focused on deleveraging and position unwinds rather than on preparing for a typical snapback rally,” 10x Research wrote.

With uncertainty still dominating, the focus has shifted to identifying Bitcoin’s potential bottom. Many analysts believe more declines cannot be ruled out, with attention increasingly centered on price zones below $40,000.

Analyst Ardi examined Fibonacci retracement levels linked to past cycle bottoms. He noted that Bitcoin bottomed at the 78.6% Fibonacci mark during 2022’s bear market. This level currently sits near $39,176, hinting at further downside.

Bitcoin Bottom Prediction. Source: X/Ardi

Historical trends offer another clue. Analyst Nehal highlighted historical drawdown data showing that Bitcoin’s bear markets have become progressively less severe over time.

According to the analysis, Bitcoin declined by 93% in 2011, 86% in 2015, 84% in 2018, and 77% during the 2022 downturn. Based on this pattern, Nehal argued that each cycle’s drawdown has been roughly 7% smaller than the previous one.

Applying this framework to the current cycle, the analyst suggested that if Bitcoin peaked near $126,000, a drawdown of around 70% would imply a potential bottom near $38,000.

On-chain data also matters. Analyst Ted Pillows stated that the long-term holder realized price, which tracks the average cost for long-term investors, shows that cycle bottoms typically occur when prices drop 15% below this figure. 

With the current realized price at about $40,300, the model aims for a potential bottom near $34,500.

“I don’t personally think we could go this low,” he added.

Moreover, another analyst sees Bitcoin fully bottoming at $30,000 by the end of 2026 before kicking off another aggressive multi-year rally.

Why Some Analysts Say Bitcoin May Not Drop Below $50,000 Again 

Meanwhile, some market commentators argue that Bitcoin’s market bottom may already be in, challenging the widespread expectation that another deep bear market leg is still ahead.

A pseudonymous analyst stated that Bitcoin often bottoms near levels most investors least expect, pointing to previous cycles where bear market lows formed just below prior all-time highs. 

“Most people think Bitcoin still has ‘one more big crash’ left and that the ‘bear market’ is just getting started.  $40K. $35K. Some are even waiting for $20K again. And that belief alone is exactly why it probably won’t happen,” the post read.

According to the analyst, the market structure has changed due to factors such as spot Bitcoin ETFs and increased institutional participation, which may be influencing how Bitcoin behaves during market downturns, making a move below $50,000 less likely.

“Why Bitcoin below $50K doesn’t make sense anymore…Would institutions that just: launched ETFs, onboarded billions in capital, educated shareholders, built infrastructure…allow Bitcoin to revisit levels that invalidate their thesis? Unlikely. Could we get volatility? Absolutely. Could we get scary pullbacks? Of course. But structurally? Sub-$50K Bitcoin would require something breaking – not just sentiment shifting,” the analyst remarked.

Analyst Darkfost also revealed that Bitcoin’s Sharpe ratio has entered a zone historically associated with the later stages of bear markets. 

“This type of dynamic is precisely what tends to appear near market turning zones. We are gradually approaching an area where this trend has historically reversed,” the analyst claimed.

Nonetheless, he cautioned that this does not signal the end of the bear market. Instead, it suggests that Bitcoin is approaching a phase where the risk-to-reward profile becomes increasingly extreme. 

The analyst added that this phase could last for several more months and that further price declines remain possible before a meaningful reversal takes place.

Die Krypto-Märkte zeigen möglicherweise frühe Anzeichen der Stabilisierung nach wochenlangem intensiven Verkauf, laut dem neuesten CoinShares-Bericht über digitale Vermögenswerte.

Investmentprodukte verzeichneten einen Rückgang der Abflüsse von über 1,7 Milliarden Dollar, die in zwei aufeinanderfolgenden Wochen verzeichnet wurden, auf nur noch 187 Millionen Dollar in der letzten Woche.

Krypto-Abflüsse schrumpfen auf 187 Millionen Dollar, zeigt der CoinShares-Bericht

Die neuesten Zahlen von CoinShares zeigen, dass die verwalteten Vermögenswerte auf 129,8 Milliarden Dollar gefallen sind, den niedrigsten Stand seit März 2025. Dies spiegelt die anhaltenden Auswirkungen des jüngsten Preisrückgangs wider.

Crypto discussions often default to token price, market cap, and short-term performance. But if tokens are taken out of the equation entirely, what actually remains valuable?

In an interview with BeInCrypto, Ryan Chow, CEO and co-founder of Solv Protocol, said that if tokens stopped mattering tomorrow, priorities would snap back to fundamentals. He also shared 3 crypto protocols he believes would still clearly matter in 2026, even if tokens no longer existed.

Are Token Prices a Reliable Measure of Value in Crypto? 

Crypto is often defined by its tokens and volatile price swings. Much of the industry conversation revolves around price speculation. 

What top coins will do next, when altcoin season might begin, or which token could be the next 100x winner? These narratives dominate headlines, social media, and market sentiment.

While prices dominate mindshare, what do they actually say about whether a project is actually working, being used, or delivering real value? 

Chow mentioned that price can be informative when it’s backed by sustained usage and revenue. However, most of the time, he described it as a “lagging, noisy proxy.”

The real test, he said, is when it’s backed by sustained usage and revenue, and becomes infrastructure that people build on, and institutions can trust, regardless of market charts.

“Token price tells you what the market feels, not whether the system works,” he stated.

According to Chow, price movements often run ahead of fundamentals or diverge from them entirely. Tokens can rally on expectations alone, while protocols that are steadily gaining adoption may see little immediate price reaction. 

He added that a project’s real progress is better measured by the strength of its infrastructure, the security of its operations, and its ability to earn trust from institutional participants. Chow explained that if tokens are removed:

“Value then comes down to adoption, usability and security. Metrics like onchain adoption, integration with other protocols, compliance readiness and the ability to scale reliably for institutions are far stronger signals of impact than market cap alone.”

What User and Developer Behavior Looks Like Without Crypto Tokens

But if tokens, and with them trading, were to disappear, would users leave as well? Chow suggested that without the ability to profit from holding or trading tokens, most speculative activity would vanish almost immediately. 

This includes momentum trading, airdrop, points farming, mercenary liquidity, and governance.

“What would remain is purely instrumental use: stablecoins for payments and treasury, onchain credit for capital efficiency, and institutions using verifiable rails for issuance and collateral.  I am seeing genuine demand in crypto for capabilities, settlement, custody, verification, distribution, and risk-managed yield, not for tokens. This tells us that real utility is what sustains a project beyond price incentives,” he told BeInCrypto.

The executive also stressed that such a theoretical scenario would fundamentally shift developer priorities. According to Chow, token performance has pushed builders to focus on short-term gains rather than long-term infrastructure. 

The current structure rewards what is easiest to market, such as new narratives, incentives, points programs, and short-term total value locked (TVL), rather than what is hardest to build: security, risk controls, reliability, and clear unit economics.

“If tokens stopped mattering tomorrow, priorities would snap back to fundamentals. Builders would focus on systems that earn trust, such as verifiable reserves and accounting, execution and management, auditability, uptime, governance, and compliance-ready workflows. You’d see more work on distribution rails across wallets, exchange integrations, settlements, identity, and business models that work on fees,” he remarked.

Lending, Settlement, and Custody as Core Crypto Use Cases 

Chow also argued that crypto would continue to exist even in the absence of tokens.

“In a token-agnostic world, crypto survives as paid infrastructure, with revenue tied to measurable work,” he commented.

He pointed to several business models that are already operating sustainably. These include usage-based fees for settlement, execution, minting, and routing, as well as financial primitives such as lending protocols. According to him,

“One of the most proven sustainable revenue models in DeFi is lending protocols. Well-designed lending protocols generate revenue through interest rate spreads and borrower fees, with income scaling based on utilisation and risk management rather than token emissions.”

Chow noted that even during periods of market volatility, demand for leverage, hedging, and liquidity tends to persist, allowing these systems to continue generating revenue.

Chow also highlighted infrastructure designed for institutional use as among the most resilient segments of the industry. Services such as custody, compliance, reporting, and payments are typically paid for in fiat or stablecoins and are adopted to reduce operational and regulatory risk. In weaker market conditions, he said, these services often remain the primary bridge between traditional finance and crypto.

“Another sustainable revenue model is to incorporate transactional infrastructure fees. Blockchains and settlement layers that charge for real activity, such as processing transactions or facilitating cross-chain transfers, generate revenue regardless of the market sentiment, making it sustainable even in the face of speculation, hedging, or arbitrage,” he remarked.

Ultimately, Chow argued that any system capable of reliably solving real-world problems and integrating into enterprise workflows can sustain itself, regardless of token performance or market cycles.

Which Crypto Projects Would Still Matter in 2026 Without Tokens? 

The question now becomes which crypto protocols would still clearly matter in 2026 if tokens were removed entirely. Chow told BeInCrypto that the answer lies in identifying projects that have built real economic infrastructure that solves actual problems. He pointed to 3 protocols:

1. Chainlink

First, Chow pointed to Chainlink. He detailed that it would remain essential because it provides critical data infrastructure underpinning much of the crypto ecosystem. 

DeFi protocols rely on accurate and secure price feeds to function properly. Without reliable oracles, basic activities such as liquidations, derivatives settlement, and asset pricing become unsafe.

He claimed that Chainlink has emerged as the de facto standard for oracle services, processing billions of dollars in transaction value. Chow emphasized that even without the LINK token, protocols would continue paying for these services in stablecoins or Ethereum (ETH). 

“Because the alternative is building inferior oracle systems themselves or facing catastrophic failures from bad data. Institutions and protocols would continue paying for Chainlink’s verifiable, tamper-proof data feeds because the cost of not having them is existential.”

2. Canton Network

Second, Chow highlighted the Canton Network. He argued that its relevance is driven by institutional demand for privacy combined with regulatory compliance. 

According to Chow, Canton provides a regulated settlement layer where BTC-backed positions can move without exposing sensitive counterparties or proprietary strategies.  The executive revealed that its value is still clear, institutional coordination, and settlement funded by enterprise usage and validator/service fees. 

“It would survive because its demand is structural (regulated workflows don’t disappear in bear markets) and its economics are usage-funded (enterprise adoption and validator/service fees), not dependent on speculation,” he suggested.

3. Circle

Third, Chow said Circle would continue to matter in a tokenless crypto space. USDC, he noted, has become foundational infrastructure for crypto payments, treasury management, and cross-border settlement. 

For banks and enterprises seeking a reliable and regulated digital dollar, USDC has emerged as a trusted settlement option. Without a native token to manage or distribute, Chow described Circle as essentially a modern financial utility that earns spreads on deposits. 

As demand for instant, programmable dollars capable of moving globally around the clock continues to grow, he argued that Circle could potentially thrive in a token-agnostic world by continuing to solve real financial problems.

Overall, Chow’s comments present an alternative framework for assessing value in crypto that places less emphasis on token price and more on usage, infrastructure, and operational reliability. 

His views suggest that, in the absence of token-driven incentives, projects with sustained adoption, clear revenue models, and institutional relevance would be better positioned to remain relevant over time.

An analysis by Coinglass comparing perpetual decentralized exchange (perp DEX) data has sparked fierce debate and, in the process, highlighted rifts within the crypto derivatives sector.

The study exposed marked discrepancies in trading volumes, open interest, and liquidations across Hyperliquid, Aster, and Lighter. Users are left asking what qualifies as genuine trading activity on these platforms.

Coinglass Data Sparks Debate Over Authentic Trading on Perpetual DEXs

Coinglass is facing backlash after publishing a comparison of perp DEXs, questioning whether reported trading volumes across parts of the sector reflect genuine market activity.

A 24-hour snapshot comparing Hyperliquid, Aster, and Lighter shows that:

Hyperliquid recorded approximately $3.76 billion in trading volume, $4.05 billion in open interest, and $122.96 million in liquidations.

Aster posted $2.76 billion in volume, $927 million in open interest, and $7.2 million in liquidations

Lighter reported $1.81 billion in volume, $731 million in open interest, and $3.34 million in liquidations.

Top crypto decentralized derivatives exchanges ranked. Source: Coinglass on X

According to Coinglass, such discrepancies can matter. In perpetual futures markets, high trading volume driven by leveraged positions typically correlates with open-interest dynamics and liquidation activity during price moves.

Exchange Liquidations. Source: Coinglass on X

The firm suggested that, rather than organic hedging demand, the combination of high reported volume and relatively low liquidations may indicate:

Incentive-driven trading

Market-maker looping, or

Points farming.

Based on this, Coinglass concludes that Hyperliquid showed stronger internal consistency across key metrics.

Meanwhile, the volume quality of some competitors warrants further validation using indicators such as funding rates, fees, order-book depth, and active trader counts.

“Conclusion…Hyperliquid shows much stronger consistency between volume, OI, and liquidations — a better signal of real activity. Meanwhile, Aster/Lighter’s volume quality needs further validation (vs fees, funding, orderbook depth, and active traders),” the analytics platform indicated.

Critics Push Back, but Coinglass Defends Its Position

However, critics argue that conclusions drawn from a single-day snapshot could be misleading. Specifically, they suggest alternative explanations for the data, including whale positioning, algorithmic differences between platforms, and variations in market structure that could influence liquidation patterns without implying inflated volume.

Others questioned whether liquidation totals alone are a reliable indicator of market health, noting that higher liquidations can also reflect aggressive leverage or volatile trading conditions.

Meanwhile, Coinglass rejects accusations that its analysis amounted to speculation or fear, uncertainty, and doubt (FUD), emphasizing that its conclusions were based on publicly available data.

“Coinglass simply highlighted a few discrepancies based on publicly available data. We didn’t expect that a neutral, data-driven observation would trigger such hostile reactions,” the firm wrote, adding that open discussion and tolerance for criticism are essential for the industry to improve.

In another response, Coinglass stressed that disagreements should be addressed with stronger evidence rather than accusations.

The firm also argued that higher leverage ceilings on some platforms could make them structurally more prone to forced liquidations. This outlook shifts the debate away from raw numbers toward exchange design and risk management.

A Pattern of Backlash in the Perp DEX Sector: What Counts as “Real” Activity?

The controversy comes amid a broader wave of disputes surrounding Hyperliquid and the perpetual DEX market.

Earlier, Kyle Samani, co-founder of Multicoin Capital, publicly criticized Hyperliquid, raising concerns about transparency, governance, and its closed-source elements.

His remarks triggered strong reactions from traders and supporters of the platform, many of whom dismissed the criticism and questioned his motives.

BitMEX co-founder Arthur Hayes further escalated the feud by proposing a $100,000 charity bet, challenging Samani to select any major altcoin with a market cap above $1 billion to compete against Hyperliquid’s HYPE token in performance over several months.

The dispute highlights a deeper issue facing crypto derivatives markets: the lack of standardized metrics for evaluating activity across DEXes.

Trading volume has long served as a headline indicator of success. However, the rise of incentive programs, airdrop campaigns, and liquidity-mining strategies has complicated the interpretation of those figures.

As new perp DEX platforms launch and competition intensifies, metrics such as open interest, liquidation patterns, leverage levels, and order-book depth are becoming central to assessing market integrity.

This Coinglass incident mirrors how data itself has become a battleground amid a sector driven by both numbers and narratives. Therefore, the debate over what those numbers truly mean is likely to intensify as the perpetual futures market continues to grow.

Bedenken, dass Quantencomputing eines Tages die Kryptographie von Bitcoin brechen könnte, sind wieder aufgekommen. Doch ein neuer Bericht von CoinShares argumentiert, dass die quantenbedingten Risiken fern bleiben, wobei nur ein Bruchteil des Bitcoin-Angebots potenziell anfällig ist.

Der Bericht stellt Quantencomputing als eine langfristige ingenieurtechnische Herausforderung dar. Er argumentiert, dass Bitcoin genügend Zeit hat, sich anzupassen, lange bevor Quantenmaschinen eine kryptographisch relevante Größe erreichen.

Die Quantenbedrohungsbewertung für Bitcoin

In dem Bericht mit dem Titel „Quantenanfälligkeit bei Bitcoin: Ein handhabbares Risiko“ erklärte Christopher Bendiksen, Leiter der Bitcoin-Forschung bei CoinShares, dass Bitcoin auf elliptischer Kurven-Kryptographie beruht, um Transaktionen zu sichern.

Bitcoin-Händler steuern auf eine makroorientierte Woche zu, in der vier US-Wirtschaftsereignisse erwartet werden, die die Stimmung auf den Kryptomärkten beeinflussen könnten.

Da Bitcoin in einem volatilen Bereich handelt und makroökonomische Narrative die Marktpsychologie dominieren, behandeln Händler wirtschaftliche Veröffentlichungen zunehmend als kurzfristige Katalysatoren, die scharfe Bewegungen in beide Richtungen auslösen können.

Welche US-Wirtschaftssignale sollten Bitcoin- und Krypto-Investoren diese Woche im Auge behalten?

Eine Medienauftritt des Gouverneurs der Federal Reserve (Fed), wichtige Arbeitsmarktdaten, wöchentliche Arbeitslosenanträge und die Inflationszahlen für Januar könnten alle die Erwartungen hinsichtlich Zinssätzen und Liquidität beeinflussen – zwei der stärksten Treiber der Preisschwankungen von Bitcoin.

Der Bitcoin-Preis ist nach einem Rückgang auf fast 60.000 $ am 6. Februar um fast 20 % gestiegen. Dieser Anstieg hat die Hoffnungen auf „Kaufe den Rückgang“ neu belebt und Gespräche über einen lokalen Tiefpunkt angeheizt. Gleichzeitig haben die US-Nachfrageindikatoren begonnen, sich von den jüngsten Tiefstständen zu erholen.

Aber unter der Oberfläche deuten Volumensignale, On-Chain-Daten und Preisstruktur darauf hin, dass die Rallye fragil sein könnte. Mehrere Warnmuster ähneln jetzt Setups, die größeren Rückgängen in diesem Zyklus vorausgingen.

Bärenflagge zeigt, dass großes Geld nicht vollständig engagiert ist.

Eines der klarsten Warnsignale kommt vom Klinger-Oszillator, einem volumenbasierten Indikator, der den großen Geldfluss verfolgt.

After falling to nearly $2.0 trillion last Friday, the total crypto market capitalization has rebounded to above $2.3 trillion. Investors appear to be spotting opportunities, and buy-the-dip sentiment is resurfacing.

The key question is whether this rebound is strong enough to form a classic V-shaped recovery. Several market signals offer insight.

Signs of Buy-the-Dip Behavior After the Panic Sell-Off

One of the earliest and most notable signals is the renewed inflow of stablecoins into centralized exchanges. This trend reversed after months of decline, even though selling pressure remains elevated.

Rising stablecoin balances on exchanges reflect investors’ readiness to deploy capital. This signal is particularly relevant to retail traders, who primarily trade on exchanges.

All Stablecoin Exxchange Infflow (ETH-ERC-20). Source: CryptoQuant.

Data from CryptoQuant shows that the 7-day average value of ERC-20 stablecoins flowing into exchanges on Ethereum increased from $51 billion in late December 2025 to $102 billion as of now.

The $102 billion figure also exceeds the 90-day average of $89 billion. This suggests that capital deployment has accelerated over the past few weeks.

Although selling pressure remains significant, the growth in stablecoin inflows indicates renewed investor interest. Some market participants may already be accumulating positions at perceived market bottoms.

Additionally, the Accumulation Trend Score from Glassnode provides further confirmation. Wallets of all sizes, from small holders to large entities, are shifting toward stronger accumulation.

This indicator measures changes in balance across wallet cohorts and assigns a score between 0 and 1. Higher values indicate more aggressive accumulation behavior.

Accumulation Trend Score. Source: Glassnode

Glassnode’s chart shows the score moving from yellow and red zones (below 0.5) over the past two months to blue zones (above 0.5) across multiple wallet categories. Wallets holding 10–100 BTC stand out as the most aggressive buyers, with the indicator turning dark blue and approaching 1.

Observations from Lookonchain, an account that tracks notable on-chain activity, further support this data. The account has repeatedly reported whale accumulation in recent periods, not only in Bitcoin but also in Ethereum.

Overall, these signals suggest that buy-the-dip sentiment is returning among both retail investors, as reflected in rising stablecoin inflows, and whales, as reflected in on-chain accumulation. However, a sustainable recovery still depends on the market’s ability to hold key levels in total capitalization.

According to well-known analyst Daan Crypto Trades, TOTAL swept the April 2025 lows, which were associated with tariff-related news, and then closed back above them. He argues that the market must hold above $2.3 trillion in the coming days to justify expectations of a recovery toward $2.8 trillion.

Total Crypto Market Cap. Source: Daan Crypto Trades

“I think this is an important area for the market to hold if it wants to sustain a further relief bounce,” Daan Crypto Trades said.

He also noted that after several weeks of heightened volatility, market volatility could begin to decline. Price action may then stabilize within a defined range, allowing investors to reassess conditions and search for new opportunities.

A recent analysis from BeInCrypto also highlighted the importance of the $71,000 level for Bitcoin. Only if the price stabilizes above this support level can the market reasonably expect a broader, more extended recovery.

Trend Research, an investment firm led by Jack Yi, founder of Liquid Capital, has sold its entire Ethereum (ETH) position, reportedly locking in losses of nearly $750 million.

The large-scale sell-off comes as Ethereum continues its broader downturn, with the altcoin down more than 30% in the past month. The price performance has reignited debate over whether ETH is approaching a market bottom.

Trend Research Sells Ethereum Amid Market Volatility

BeInCrypto recently reported that Trend Research began transferring Ethereum to Binance at the beginning of the month. On-chain analytics platform Lookonchain confirmed that the firm completed the sell-off yesterday.

In total, Trend Research moved 651,757 ETH, worth approximately $1.34 billion, to Binance at an average price of $2,055. The transactions reduced the firm’s ETH holdings to just 0.0344 ETH, valued at around $72.

Data from Arkham Intelligence corroborates the near-complete exit, showing residual balances of roughly $10,000 in USDC and minor amounts of other tokens.

“The total loss is ~$747 million,” Lookonchain wrote.

Trend Research’s Portfolio After ETH Sell-Off. Source: Arkham

The exit followed a leveraged strategy built on the decentralized finance (DeFi) lending protocol Aave. An analyst explained that Trend Research initially purchased ETH on centralized exchanges and deposited it as collateral on Aave.

The firm then borrowed stablecoins against the collateral and repeatedly reinvested the borrowed funds into additional ETH purchases, creating a recursive leveraged position that significantly increased both exposure and liquidation risk.

As ETH’s price continued to decline, the position moved closer to the liquidation threshold. Rather than risk forced liquidation, Trend Research chose to unwind the entire position voluntarily.

While Trend Research pivoted to selling, BitMine has taken the opposite approach. Despite mounting unrealized losses, the firm has continued to increase its exposure, recently purchasing $42 million worth of Ethereum.

What an Ethereum Market Bottom Could Mean for Bitmine and Trend Research

The opposing strategies come amid a period of heightened market volatility for Ethereum. BeInCrypto Markets data shows that the second-largest cryptocurrency has declined 32.4% over the past month.

On February 5, ETH also slipped below $2,000 before recovering. At press time, Ethereum was trading at $ 2,094.16, up around 0.98% over the past 24 hours.

Ethereum (ETH) Price Performance. Source: BeInCrypto Markets

Amid the downturn, some analysts have suggested that Ethereum may be approaching a market bottom. One analyst described Trend Research’s exit as the “largest capitulation signal.”

“Such forced exits often happen near major lows,” Axel stated.

Joao Wedson, founder of Alphactal, also noted that Ethereum’s price bottom is likely to occur months before Bitcoin’s, citing the faster liquidity cycle typically observed in altcoins.

According to Wedson, some chart indicators suggest that Q2 2026 could mark a potential price bottom for ETH.

“Some charts already indicate that Q2 2026 could mark a potential price bottom for ETH. Capitulation has arrived, and realized losses are set to increase sharply,” Wedson added.

While no bottom has been confirmed yet, the possibility could carry broader implications for institutional sentiment, particularly as some firms choose to de-risk while others continue to accumulate amid ongoing market weakness.

If Ethereum is indeed approaching a market bottom, BitMine’s continued accumulation could prove well-timed, positioning the firm to benefit from a future recovery.

However, if downside pressure persists, Trend Research’s decision to fully unwind its position may ultimately be viewed as a prudent move to limit the risks associated with leveraged strategies.

Ethereum-Mitbegründer Vitalik Buterin und Krypto-Analyst c-node haben die Debatte über den wahren Zweck der dezentralen Finanzen (DeFi) neu entfacht.

Zusammen fordern die beiden Branchenexperten die boomende Branche heraus, ihre Prioritäten zu überdenken.

Experten streiten darüber, was als „echtes“ DeFi zählt

Das zugrunde liegende Problem, so die Experten, ist, dass viel von dem heutigen DeFi-Hype oberflächlich ist und spekulativen Interessen dient, anstatt die wirklich DeFi-Infrastruktur voranzutreiben.

„Es gibt keinen Grund, DeFi zu nutzen, es sei denn, Sie haben Long-Positionen auf Kryptowährungen und möchten Zugang zu Finanzdienstleistungen, während Sie die Selbstverwahrung bewahren“, schrieb c-node.