Important news from last night and this morning (February 2nd - February 3rd)

Binance: There was a technical issue with the withdrawal function; the team has begun fixing it.

Binance officials stated that the platform's withdrawal function is currently affected by technical issues, but the team is actively working to resolve the problem, and the service will be restored as soon as possible.

Step Finance Hack Statement: Approximately $40 million was stolen; we advise against using STEP tokens for the time being.

Step Finance issued a statement regarding the hacking incident on its X platform, disclosing that approximately $40 million was stolen from its vault due to an intrusion into the devices of its executives. After detecting the security vulnerability, Step Finance collaborated with cybersecurity researchers and relevant departments to launch an investigation into the attack and notified law enforcement. During this period, some operational activities were temporarily suspended. Approximately $3.7 million in Remora assets and $1 million in other positions have been recovered. As the largest liquidity provider for Remora Markets, LP activities will resume once the system is fully secure. Remora Markets is not involved in this incident, and all rTokens remain 1:1 secured by escrow collateral. At this stage, it is recommended that no one use STEP tokens until the investigation is complete. System snapshots will be obtained prior to the exploit to ensure the security of STEP token holders. Updates will be released immediately as soon as any progress is made.

Abraxas Capital closed its short position in HYPE, realizing a profit of $9.07 million.

According to The Data Nerd, Abraxas Capital began closing its short positions in HYPE one hour ago. Currently, its total unrealized profit for all short positions is approximately $9.07 million, but its funding fee income is $39.73 million.

Tria launched its TRIA token economics, with a community share of 41.04%.

Tria has launched a self-custodied financial operating system based on the TRIA token, aiming to achieve unified consumption, trading, and revenue across chains without bridging, gas fees, or custody. TRIA, as the system's native token, handles value settlement, execution coordination, and incentive alignment, supporting its consumer-facing digital bank and infrastructure layer, BestPath. The total supply of TRIA tokens is 10 billion, using a fixed supply, no-inflation model, with an initial circulating supply of 21.89%. The token allocation plan includes the community (41.04%), the foundation (18%), ecosystem and liquidity (15%), investors (13.96%), and core contributors (12%). All tokens will enter circulation through a pre-set unlocking plan. Previously, it was reported that Binance Alpha would list Tria (TRIA).

Santiment: A surge in negative sentiment on social media may foreshadow a continued rebound.

According to Santiment's monitoring, Bitcoin has fallen 16% since January 28th, hitting a low of $74,600, and has since rebounded to $78,300. Santiment points out that this rebound is related to retail selling, further confirming that market movements often contradict public sentiment. Furthermore, negative sentiment towards cryptocurrencies has surged on social media, with retail investor sentiment at its most pessimistic level since the market crash of November 2021. This is the most pessimistic period for retail investor sentiment since the plunge on November 21st. Typically, a rebound occurs after such significant negative sentiment. So far, this rebound has been encouraging, similar to the two previous rebounds following widespread panic.

Trump's team allocated a wallet to transfer $22.44 million to BitGo.

According to Onchain Lens monitoring, the Trump team allocated 5.267 million Trumps, worth $22.44 million, to the BitGo custodial wallet via the Aduis...PUU4 wallet.

A 74-year-old French man was kidnapped and tortured for 16 hours; the kidnappers mistook his son for a cryptocurrency tycoon.

Three men in their twenties have been arrested for allegedly kidnapping and torturing a 74-year-old man, according to French media reports. The incident occurred early on January 25 in Voiron, Isère, in southeastern France. The kidnappers attempted to extort $3.5 million worth of cryptocurrency from the victim's son, but ultimately discovered that he was not a cryptocurrency tycoon, but rather an ordinary web developer. Police stated that the victim suffered nearly 16 hours of torture after being kidnapped, including having his fingers cut off and sustaining facial injuries. The kidnappers also took the victim to a back room of a bar, filmed the abuse, and sent the video to his son via encrypted message demanding a ransom. After confirming the mistake, the kidnappers released the victim that evening. In recent years, kidnapping and violence related to cryptocurrency have been on the rise in France. Statistics show that 19 similar cases were reported in France last year, including the kidnapping of Ledger co-founder David Balland and his wife. Police are urging cryptocurrency holders to be vigilant and guard against potential threats.

The US reduced tariffs on Indian goods from 50% to 18%, and India agreed to stop buying Russian oil and switch to buying US oil.

US President Trump announced a trade agreement with India, under which the US will drastically reduce tariffs on Indian goods from 50% to 18% in exchange for India lowering trade barriers, ceasing purchases of Russian oil, and instead buying oil from the US and, possibly, Venezuela. Trump stated that Indian Prime Minister Modi pledged a significant increase in "buying American goods," including over $500 billion worth of energy, technology, and agricultural products. Under the agreement, the US will remove the 25% punitive tariff previously imposed on India for purchasing Russian oil. Furthermore, Modi stated that the agreement will allow "Made in India" products to enjoy lower tariffs and thanked Trump. Analysts believe this move will align India's tariff levels with those of other Asian countries, helping to eliminate the drag on Indian exports and the rupee exchange rate. India's Trade Minister also stated that the agreement will bring more development opportunities to the Indian economy. It is worth noting that the details of the agreement have not yet been fully disclosed, including the specific timeline for tariff reductions and the list of US goods India has pledged to purchase. Trump also hinted that India might replace some of its Russian oil imports by purchasing Venezuelan oil.

Galaxy Digital: Bitcoin may test the 200-week moving average of $58,000 within months.

Alex Thorn, Head of Research at Galaxy Digital, analyzed that Bitcoin's recent price weakness, with a 15% drop between January 28th and 31st, including a sharp 10% single-day decline on January 31st, triggered over $2 billion in long contract liquidations. Bitcoin's price fell to a low of $75,644, breaking below the average cost price of $84,000 for the US Bitcoin ETF and approaching the yearly low of $74,420 reached in April 2025. Currently, 46% of Bitcoin's supply is unrealized. The analysis indicates that Bitcoin may further decline to the bottom of the supply gap near $70,000, and even test the 200-week moving average (approximately $58,000) and realized price (approximately $56,000). These two price levels historically typically mark cycle bottoms and provide strong entry opportunities for long-term investors. Furthermore, although profit-taking by long-term holders has slowed, there are no signs of large-scale accumulation by whales or long-term holders in the market. The report also noted that Bitcoin's recent failure to rise in tandem with traditional safe-haven assets like gold and silver has weakened its narrative as a "currency devaluation hedge." Analysts believe that Bitcoin may continue to face downward pressure in the coming weeks and months, but long-term investors can look for entry opportunities at key support levels.

SpaceX acquires xAI, valuing the company at $1.25 trillion.

Elon Musk's rocket company SpaceX has acquired xAI, the artificial intelligence company he founded three years ago, at a valuation of $1.25 trillion. This is a massive and unconventional deal aimed at integrating the two previously unlisted companies ahead of their planned IPO this year. The IPO is reportedly poised to be one of the largest in history in terms of market capitalization. Previously, Bloomberg reported that SpaceX was in advanced talks to merge with xAI, with an announcement potentially as early as this week.

Coinbase adds DeepBook and Walrus to asset roadmap

Coinbase has announced the addition of DeepBook (DEEP) and Walrus (WAL) to its asset roadmap.

Auction functionality is now available on the Uniswap web app.

Uniswap Labs announced on its X platform that the auction feature on the Uniswap web application is now live, allowing users to discover, bid on, and claim tokens from the same platform. This feature is powered by Continuous Clearing Auctions (CCA).

Huang Licheng deposited another 250,000 USDC into Hyperliquid and opened long positions in ETH and HYPE.

According to Onchain Lens monitoring, Huang Licheng (@machibigbrother) has deposited another 250,000 USDC into Hyperliquid and opened long positions in ETH (25x leverage) and HYPE (10x leverage). Huang Licheng's cumulative losses have exceeded $26 million.

Coinbase will launch spot trading for Zama (ZAMA).

According to an official announcement, Coinbase will launch spot trading for Zama (ZAMA). If liquidity conditions are met and trading is supported, the ZAMA-USD trading pair will open later today.

US prosecutors accuse stablecoin laws of allowing crypto companies to profit from fraud.

According to CNN, New York Attorney General Letitia James, Manhattan District Attorney Alvin Bragg, and several other prosecutors recently sent a joint letter to federal senators criticizing the GENIUS Act, a stablecoin regulatory bill, for serious flaws. They argue that the act fails to effectively protect victims of fraud and could provide legal cover for stablecoin issuers to "profit from fraud." The letter alleges that while the bill establishes bank-like reserve requirements for stablecoins, it lacks provisions mandating the return of stolen funds to victims. This deficiency, they argue, "emboldens stablecoin issuers and even provides legal cover for them to continue controlling stolen funds instead of returning them to victims." The letter further accuses two major issuers of specific actions: Tether, while capable of freezing suspicious USDT transactions, only handles them on a case-by-case basis when cooperating with federal law enforcement; and Circle, even after agreeing to freeze funds, is accused of holding them rather than returning them to victims, earning interest by investing in the underlying assets—a "clear" economic incentive to refuse law enforcement requests.

Tom Lee: All the signs that the crypto market has bottomed out are now present.

In an interview with CNBC today, Fundstrat co-founder and BitMine chairman Tom Lee said that all the signs of the crypto market bottoming out are now in place.

WSJ: Cboe targets prediction markets, plans to relaunch "all or nothing" options products.

According to The Block, citing The Wall Street Journal, major derivatives exchange Cboe Global Markets is considering relaunching "all-or-nothing" binary options contracts for retail investors to directly compete in the rapidly growing market prediction space. The contract will operate as a fixed-income derivative, paying a fixed amount if the underlying asset meets preset conditions at expiration, otherwise it will be worthless. Cboe previously launched binary options linked to major financial indices in 2008, but delisted them due to their failure to attract a market dominated by institutions at the time. With this planned revival, the exchange stated that it will conduct rigorous legal and compliance reviews before listing the product, and the relevant contracts will be regulated by the U.S. Securities and Exchange Commission or the Commodity Futures Trading Commission.

Hyperliquid announced that HyperCore will support "Outcome Transactions" (HIP-4).

Hyperliquid announced on its X platform that HyperCore will support "Outcome Trading" (HIP-4). Outcomes are fully collateralized contracts that settle within a fixed range. It's a general-purpose foundational component suitable for applications such as prediction markets and option-like finite instruments. Outcome trading introduces non-linear characteristics, periodic contracts, and a new form of derivatives trading without leverage or liquidation. This foundational component expands HyperCore's expressive power and can work in conjunction with other components such as portfolio margin and HyperEVM. Outcome contracts are currently under development and are only being tested on the testnet. A standardized market based on an objective settlement source will be deployed after the technology development is complete. The standardized market will be denominated in USDH. Based on user feedback, the infrastructure will be gradually rolled out to a permissionless deployment model.

Arcium launched its mainnet Alpha version on Solana, while Umbra simultaneously released a financial layer-shielded version.

According to The Block, the crypto-computing network Arcium has launched its mainnet Alpha version on Solana, marking its transition from a testing environment to early production-ready infrastructure. The project aims to power crypto capital markets on public blockchains, with its execution engine allowing developers to build verifiable and composable applications while keeping data fully encrypted. The first application to launch on the network, Umbra, simultaneously launched its "private mainnet," building a shielded financial layer on Solana through a phased launch, initially offering shielded transfers and crypto exchange functionality. Initially, access will be limited, opening to 100 users per week with a $500 deposit limit. Access is expected to expand and the limit increased in February.

Changpeng Zhao: I've lowered my confidence in a Bitcoin supercycle, but I still believe it could happen.

According to Forbes, Binance founder Changpeng Zhao stated during a live stream on Binance's social media platform, "A few weeks ago, I was quite optimistic about the Bitcoin supercycle, but now, given all the fear, uncertainty, and skepticism (FUD) permeating the community, and all the inflammatory sentiment, frankly, my confidence in it has decreased." He addressed allegations that Binance was behind the October Bitcoin price flash crash, which triggered one of the most severe liquidation cascades in market history. Zhao said, "The more FUD you stir up, the more chaotic the community becomes, the greater the negative impact. Currently, we are living in a very volatile period of global geopolitics. It's difficult to predict what will happen next." However, he believes a Bitcoin "supercycle" is still possible.

Binance Alpha will list Tria (TRIA)

According to an official announcement, Binance Alpha will list Tria (TRIA) on February 3rd. Eligible users can claim the airdrop using Binance Alpha Points on the Alpha event page after trading opens. More details will be announced soon; please follow Binance's official channels for the latest information.

Strategy's BTC holdings have a paper profit of $1.332 billion, while BitMine's ETH holdings have a paper loss of $6.5 billion.

According to on-chain analyst Ember, Bitcoin treasury company Strategy (MSTR) purchased 855 BTC last week at $87,974 (US$75.22 million). They now hold a total of 713,502 BTC (US$54.263 billion), with an average cost of $76,052 and a paper profit of US$1.332 billion. Ethereum treasury company BitMine purchased 41,787 ETH last week at approximately $2,601 (US$108 million). They now hold a total of 4,285,125 ETH (US$9.941 billion), with an average cost of $3,837 and a paper loss of US$6.5 billion.

BitMine: Currently holds 3.55% of the ETH token supply, with total asset value reduced to $10.7 billion.

According to PR Newswire, Nasdaq-listed Ethereum treasury company BitMine disclosed that it now holds 3.55% of the Ethereum token supply. BitMine's total cryptocurrency, cash, and "Moonshots" holdings have decreased to $10.7 billion (up from $12.8 billion disclosed last Monday), including approximately 4.285 million ETH, $586 million in uncollateralized cash, and other cryptocurrency assets. As of February 1st, Eastern Time, the company's cryptocurrency holdings included 4,285,125 ETH and 193 BTC. In addition, the company held $200 million worth of Beast Industries shares and $20 million worth of Eightco Holdings shares, as well as $586 million in uncollateralized cash. BitMine's total staked Ethereum is 2,897,459 ETH (totaling $6.7 billion at $2,317 per ETH), an increase of 888,192 ETH from last week.

Bitmine increased its holdings by 41,788 ETH last week, bringing its total holdings to 4.2851 million ETH.

According to PR Newswire, Bitmine added 41,788 ETH last week, bringing its total holdings to 4,285,125 ETH.

Shares of Coinbase, Gemini, and Bullish have fallen by approximately 40% to 55% over the past three months.

According to Bloomberg, major cryptocurrency exchanges including Coinbase, Gemini, and Bullish are facing pressure from a sharp decline in trading volume. Their share prices have fallen by 40% to 55% over the past three months. The root of this pressure lies in the fact that most exchanges' core revenue is heavily reliant on transaction fees. When trading activity shrinks, their profitability declines rapidly. Since its all-time high last October, Bitcoin's price has fallen by more than 35%. This decline has been accompanied by widespread market turmoil, with investors withdrawing from broader equity risk assets.

BlackRock deposited 6,918 BTC and 58,327 ETH into Coinbase Prime one hour ago.

According to Lookonchain, BlackRock deposited 6,918 BTC (worth $538.6 million) and 58,327 ETH (worth $133.6 million) into Coinbase Prime an hour ago.

Bernstein: The short-term crypto bear market may reverse by 2026, with Bitcoin potentially bottoming out around $60,000.

According to The Block, investment research firm Bernstein, in its latest report, points out that the crypto market may still be in a short-term bear market cycle, but this trend is expected to reverse in 2026 (most likely in the first half of the year). Bitcoin prices may bottom out near the highs of the previous cycle (around $60,000), subsequently establishing a higher price base. The institutional cycle has made this market structure different from previous retail-driven booms and busts. The report points out that US policy dynamics could be a catalyst, such as the government using foreclosed Bitcoin to build strategic reserves and changes in Federal Reserve leadership. Furthermore, institutional participation remains resilient, ETF outflows are relatively limited, and there has been no large-scale leveraged liquidation of miners as seen in previous cycles. Corporate holders (such as Strategy) continue to increase their holdings during the downturn, and miners are diversifying their revenue streams to AI-related data center businesses. Bernstein concludes that the current weakness may be a late-stage correction rather than the start of a long winter, and the market reversal in 2026 could usher in one of Bitcoin's most far-reaching cycles.

Strategy spent $75.3 million last week to acquire 855 bitcoins.

According to official sources, Strategy (formerly MicroStrategy) disclosed that it spent $75.3 million last week to acquire 855 Bitcoins, at an average purchase price of approximately $87,974 per Bitcoin. As of February 1, 2026, the company will hold a total of 713,502 Bitcoins, with a total cost of approximately $54.26 billion and an average holding cost of approximately $76,052 per Bitcoin.

BlackRock deposited 58,327 ETH, worth $133 million, into Coinbase.

According to Onchain Lens, BlackRock deposited 58,327 ETH (worth $133.32 million) into Coinbase, and may deposit more.

BitMine and SharpLink have unrealized losses on their Ethereum holdings of approximately $6.95 billion and $1.09 billion, respectively.

According to Cointelegraph, major Ethereum treasury firms are facing massive paper losses as Ethereum prices have recently fallen. BitMine, the largest holder, has unrealized losses of approximately $6.95 billion due to an average cost of $3,883; the second-largest Ethereum treasury firm, SharpLink Gaming, also has paper losses of $1.09 billion. These continued losses are testing these companies' fundraising capabilities. The market capitalization-to-net-value (mNAV) ratios of the two companies have fallen to 1 and 0.92 respectively. A ratio below 1 makes it more difficult for companies to raise funds through new share issuances, thus limiting their ability to purchase crypto assets. Asset management firm Pantera Capital predicts that the crypto treasury industry may undergo a "brutal reshuffle" in 2026, with only the most well-capitalized companies surviving.

The White House will hold a meeting on February 3rd at 2:00 AM with cryptocurrency and banking representatives regarding stablecoin yields.

Crypto journalist Eleanor Terrett reported that the White House will hold a meeting at 1 p.m. ET (2:00 a.m. Beijing time on February 3) with cryptocurrency and banking representatives regarding stablecoin yields.

Hyperliquid's Assistance Fund holds over 40 million HYPE tokens, representing approximately 4% of its total supply.

According to MLM monitoring, as of yesterday, Hyperliquid's Assistance Fund held more than 40 million HYPE tokens (worth $1.25 billion), accounting for approximately 4% of its total supply.

Trend Research has deposited another 20,000 ETH into Binance, bringing its total deposits to 73,500 ETH, which will be used for selling and repaying loans.

According to Onchain Lens, Trend Research has deposited another 20,000 ETH (worth $45.52 million) into Binance. In total, Trend Research has deposited 73,588 ETH (worth $168.6 million) into Binance for sale and loan repayments.