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Cryptocurrency markets have turned lower once more after Bitcoin slipped beneath 67,000 dollars for the first time since Friday. While ZRO surged into the top 100 digital assets by market capitalization, most altcoins recorded sharp losses.

Bitcoin had been trading within a range between 68,000 and 72,000 dollars for several days. Earlier today, that support gave way, pushing the asset below 67,000 dollars.

The past two weeks have been difficult for bullish traders. On January 28, Bitcoin was trading near 90,000 dollars before entering a prolonged correction. The decline intensified last Friday when the price dropped about 17,000 dollars in just over 24 hours, briefly touching 60,000 dollars, its lowest level since before the United States presidential elections in November 2024. Buyers stepped in and drove a rebound toward 72,000 dollars later that day.

Over the weekend, Bitcoin moved sideways within the 68,000 to 72,000 dollar range. Attempts to break above the upper boundary on Monday and Tuesday failed, and the rejection pushed the price back down below 67,000 dollars. Bitcoin’s market capitalization has fallen to approximately 1.34 trillion dollars, while its market dominance has slipped under 57 percent.

Altcoins have posted steeper losses. Ethereum has fallen below the 2,000 dollar level after a decline of more than 3 percent. XRP has dropped over 4 percent to trade under 1.40 dollars, and BNB has retreated to around 600 dollars following a 5 percent decrease.

Other large capitalization assets such as Solana, Cardano, Dogecoin, Chainlink, Litecoin, and Hyperliquid are also in negative territory. Monero has stood out with a gain of about 3 percent, trading above 340 dollars.

Pi Network’s token has reached another record low, while MYX has fallen more than 12 percent. BGB has declined around 9 percent. In contrast, ZRO has climbed roughly 20 percent, securing a place among the top 100 cryptocurrencies.

The total cryptocurrency market capitalization has dropped by more than 50 billion dollars over the past day, now standing near 2.35 trillion dollars.

Goldman Sachs has disclosed its cryptocurrency exposure in its Q4 2025 Form 13F filing, revealing positions in four of the largest digital assets by market capitalization. The bank’s exposure comes through crypto exchange traded funds rather than direct ownership of the tokens.

According to the filing, Goldman holds indirect exposure to about 13,740 BTC through United States based spot Bitcoin ETFs. Because the report reflects valuations at the end of the quarter rather than current market prices or original purchase costs, there is now a noticeable gap between the reported value and today’s worth due to ongoing market volatility.

At the end of Q4, the Bitcoin position was valued at roughly 1.7 billion dollars. Since then, Bitcoin has fallen by nearly 50 percent, reducing the estimated value of those holdings to about 920 million dollars. A further drop below 67,000 dollars has widened the difference between earlier reported figures and current market prices.

However, this decline does not represent a realized loss, and the filing shows that Goldman has not trimmed its Bitcoin exposure.

The bank has also gained exposure to three major alternative cryptocurrencies, including XRP and SOL, following the launch of exchange traded funds tracking their performance in the fourth quarter of last year.

Is Wall Street Increasing Its Crypto Exposure

The disclosure quickly gained traction on social media, with many in the crypto community viewing it as a strong signal that major financial institutions are committing billions to digital assets.

The timing has drawn additional attention as the White House continues to develop crypto legislation known as the CLARITY Act, which has faced opposition from parts of the banking sector. Some observers suggest that the release of Goldman’s filing at this moment may reflect strategic positioning rather than routine transparency.

Since August 2025, XRP investors have been moving their coins at a rising pace, increasing selling pressure and pushing the asset’s on chain profitability into negative territory.

The last six months have been difficult for XRP, the native token of the Ripple Network. The asset now appears to be signaling capitulation, as holders lock in significant losses during a wave of panic driven selling.

According to data from Glassnode, XRP’s on chain profitability has turned negative. The Spent Output Profit Ratio, or SOPR, has declined from 1.16 on July 25, 2025 to 0.96 at present. Analysts note that this setup resembles the period between September 2021 and May 2022, when XRP’s SOPR dropped below 1. That decline was followed by an extended consolidation phase before the market stabilized.

XRP Investors Face Steep Losses

Since August 2025, XRP’s price has trended downward, with only brief recoveries before continuing lower. By late October, the token had fallen 27 percent from 3.5 dollars in mid July to 2.4 dollars. As prices weakened, long term holders who accumulated before November 2024 increased their daily spending by 580 percent, from 38 million dollars to 260 million dollars.

This elevated level of selling continued into early November, suggesting distribution during weakness rather than strength. Analysts pointed out that this wave of selling differed from previous profit taking periods that coincided with price rallies. The data indicated that experienced market participants were closing positions, adding further downward pressure on XRP.

By mid November, the portion of XRP supply in profit had dropped to 58.5 percent, its lowest level since November 2024, when the asset traded at 0.53 dollars. Although XRP was valued around 2.15 dollars at that time, roughly four times its November 2024 price, more than 41 percent of the circulating supply was at a loss. This suggested a market structure heavily weighted toward late buyers and vulnerable to further declines.

Capitulation Signal or Structural Breakdown

In mid November, XRP fell below the 2 dollar mark. The 30 day estimated market average of daily realized losses climbed to 75 million dollars. Since the start of the year, each retest of the 2 dollar level has been accompanied by weekly realized losses ranging between 500 million and 1.2 billion dollars. The 2 dollar level has become an important psychological threshold for XRP investors.

At the time of writing, XRP was trading at 1.40 dollars and had fallen below the average cost basis of its holders, a factor contributing to panic selling. This has led to debate over whether the market is undergoing capitulation or facing a deeper structural breakdown. Analysts argue that the current situation represents capitulation rather than structural failure, noting that market fundamentals are stronger today compared with 2022, when regulatory clarity was still lacking.

Binance users hold roughly 87 percent of USD1, the Trump-linked stablecoin, according to a Forbes report published on February 9, 2026. This places most of the token’s circulating supply on a single exchange, raising questions about concentration and potential risks.

Binance founder Changpeng “CZ” Zhao said the high concentration reflects user demand rather than political connections or preferential treatment. He emphasized that Binance users hold the largest share of nearly every major stablecoin, including USDT, USDC, and USD1, compared with other centralized exchanges.

Exchange Control and Public Scrutiny

The Forbes report, citing Arkham Intelligence, found Binance controls approximately $4.7 billion of USD1’s $5.4 billion supply. This includes both customer balances and wallets controlled by the exchange, although the exact breakdown remains unclear. USD1 was launched in March 2025 by World Liberty Financial, a venture with backing from members of former President Donald Trump’s family. CZ was among the first to publicly share news of the token. Trump is listed as co-founder emeritus, and affiliated entities are entitled to a significant portion of proceeds from the governance token, WLFI.

The custody concentration has drawn criticism. Independent researcher Molly White warned it creates “theoretical risk” if assets are tied up in legal or operational disputes. Corey Frayer, a former SEC adviser, questioned whether USD1 was intended as a broadly used stablecoin at all.

CZ Responds and Broader Context

Zhao responded on social media, highlighting that Binance users dominate holdings across most stablecoins, making the concentration unsurprising. The controversy around USD1 reflects broader scrutiny of Zhao and Binance, especially following the former CEO’s presidential pardon in October 2025 after pleading guilty in 2023 to compliance failures related to anti-money laundering controls. Zhao’s legal team emphasized that the case was regulatory and rejected claims of political favoritism.

Coordinated FUD and Market Reality

CZ and Binance executives describe the negative attention as part of a coordinated campaign of fear, uncertainty, and doubt. Earlier in the month, Zhao exposed a fake social media account with 863,000 followers that used AI-generated images of him to first pose as a supporter and then spread negative sentiment. A separate AI analysis reported what appeared to be a deliberate smear campaign against the exchange.

Market data suggests Binance’s dominance extends beyond USD1. A January CryptoQuant report showed the exchange captured 41 percent of spot trading volume and 42 percent of Bitcoin perpetual futures volume among top exchanges in 2025. Binance also held 72 percent of the combined USDT and USDC reserves on major platforms, supporting Zhao’s argument that large user holdings on the exchange are common and not unique to USD1.

The decentralized perpetual futures exchange Hyperliquid has quietly overtaken Coinbase in trading volume, according to data from Artemis. Hyperliquid recorded $2.6 trillion in volume, nearly double Coinbase’s $1.4 trillion over the same period.

Hyperliquid Outperforms Coinbase

Year-to-date performance highlights a stark contrast between the two platforms. Hyperliquid has gained 31.7 percent in 2026, while Coinbase has fallen 27 percent, creating a divergence of nearly 59 percent in just a few weeks. Artemis noted that this gap in trading activity and asset performance demonstrates growing market attention toward Hyperliquid’s rapid rise in the decentralized exchange sector.

While Coinbase remains one of the largest centralized exchanges worldwide, Hyperliquid is an emerging player in decentralized finance. In 2025, the platform generated $822 million in revenue, and so far in 2026, it has recorded $79.1 million. Open interest on Hyperliquid stood at $4.1 million over the past 24 hours.

Institutional Integration with Ripple Prime

Hyperliquid’s expansion continues as Ripple announced that its Ripple Prime brokerage will now support the exchange. This integration allows institutional clients to access Hyperliquid’s on-chain derivatives while cross-margining exposure across cleared derivatives, OTC swaps, fixed income, forex, and digital assets with a single counterparty.

Michael Higgins, international CEO of Ripple Prime, said the move combines decentralized finance with traditional prime brokerage, improving liquidity and trading efficiency. Hyperliquid continues to see billions in daily trading volume, further solidifying its position in the decentralized perpetual futures market.

HYPE Shorting Controversy

Despite its growth, Hyperliquid has faced challenges. In December, the exchange confirmed that a former employee dismissed in early 2024 for insider trading executed large short positions in its native HYPE token. On-chain analysis showed that the wallet used leveraged shorts totaling over $223,000, including $180,000 in HYPE at 10x leverage.

The platform reiterated its strict insider trading policy, prohibiting employees and contractors from trading HYPE derivatives.

Ethereum is struggling to maintain the $2,000 mark after a market-wide pullback, with the leading altcoin losing nearly 14 percent over the past week. At the same time, it has experienced the biggest outflow from exchanges since last October, as investors move their holdings into private wallets or long-term storage.

ETH Withdrawals Surge

Data from CryptoQuant shows that Ethereum withdrawals from exchanges have accelerated sharply. Net outflows have exceeded 220,000 ETH over the past few days, marking the largest withdrawal wave since October. This trend indicates a shift in investor behavior, with more participants choosing to hold ETH off trading platforms either for accumulation or risk reduction.

Binance accounted for a significant portion of the activity, with daily net outflows reaching approximately 158,000 ETH on February 5. This was the largest single-day withdrawal from the exchange since August, reflecting the high liquidity concentration on the platform.

These outflows occurred while ETH traded between $1,800 and $2,000, suggesting that some investors were repositioning their holdings or accumulating at these price levels following the recent decline. CryptoQuant noted that consistent outflows of this size reduce the supply available for immediate selling, which could provide structural support for the price in the near term, especially if market momentum improves.

$2,000 Level Under Close Watch

Market analysts are closely monitoring the $2,000 level. ETH was recently rejected near $2,100, making $2,000 a critical support zone. Ted Pillows warned that a break below this level could result in a retest of last week’s lows, a concern echoed by analyst Ali Martinez.

MN Capital founder Michaël van de Poppe highlighted the disconnect between Ethereum’s network activity and its price. He explained that price often lags behind fundamentals during early growth phases, similar to Ethereum’s 2019 cycle. Stablecoin transaction volumes on the network have increased by 200 percent over the past 18 months, while ETH has fallen around 30 percent, creating potential opportunities for buyers.

Bitcoin and the broader crypto market continue to face price weakness, but this market cycle has avoided the large scale institutional collapses that defined previous downturns.

While investors deal with prolonged drawdowns, real world assets are steadily expanding on blockchains, largely independent of cryptocurrency price movements.

Real World Assets Continue Expanding On Chain

In a recent post on X, Chainlink co founder Sergey Nazarov said the current cycle stands apart from the last one, which was marked by failures such as FTX and several crypto lenders. He explained that crypto systems have handled price declines and liquidity stress more effectively this time, creating a more dependable environment for both retail and institutional participants.

Nazarov also noted that the adoption of real world assets on blockchains is accelerating regardless of market conditions. He pointed to continued issuance of tokenized assets and the growth of on chain perpetual markets tied to traditional commodities like silver, which can compete with conventional markets, especially when permissioned systems become restrictive.

According to Nazarov, the momentum behind RWAs comes from the benefits of always available markets, on chain collateral management, and access to reliable data, rather than from Bitcoin price action.

He outlined three forces likely to drive the next phase of adoption. The first is the long term value created by on chain perpetual markets and tokenized real world assets. The second is growing institutional interest fueled by the advantages of permissionless and always on DeFi infrastructure. The third is rising demand for robust systems that support the tokenization and management of complex assets.

Nazarov added that if these trends persist, real world assets on chain could eventually exceed cryptocurrencies in total value, reshaping the industry while also drawing more capital into crypto.

Developer Activity Remains Strong

Data from Santiment shows continued developer engagement across RWA related projects over the past month. Hedera led the rankings, followed by Chainlink and Avalanche, with Stellar and IOTA also placing near the top. Other projects including Chia Network, VeChain, Lumerin, Creditcoin, and Injective rounded out the top ten.

The data suggests that development across RWA focused blockchains remains resilient despite ongoing market volatility.

BitMine, an Ethereum focused treasury firm chaired by Fundstrat’s Tom Lee, purchased approximately $83 million worth of ETH on Monday, even as its existing holdings remain heavily underwater.

The buying took place during another turbulent trading session for Ethereum, with on chain data indicating strong selling activity from other major holders and ETH hovering near multi month lows.

BitMine Accumulates ETH as Other Whales Sell

According to data shared by analytics firm Lookonchain on February 10 and 11, BitMine completed two major purchases of 20,000 ETH each through institutional platforms BitGo and FalconX.

The firm has been steadily adding to its position, acquiring more than 40,000 ETH last week and nearly 42,000 ETH the week before. BitMine now holds around 4.32 million ETH, accumulated at an average price of $3,850 per token. With ETH currently trading near $2,040, Lookonchain estimates the firm is sitting on unrealized losses exceeding $7.8 billion.

Despite this, Lee has played down the recent sell off, arguing that price action is not aligned with Ethereum’s on chain fundamentals. He has pointed to record levels of daily transactions and suggested that the downturn is driven by external factors such as rising gold prices and low leverage, rather than weaknesses in the Ethereum network.

Lee also emphasized that BitMine carries no debt that would force it to liquidate its ETH holdings. This stance contrasts sharply with other large investors. Lookonchain data shows that Trend Research has sold nearly all of its ETH since early February, depositing more than 650,000 tokens to Binance and realizing losses of roughly $747 million.

Ethereum Faces Pressure but Long Term Signals Emerge

Ethereum is down about one percent over the past 24 hours and nearly 13 percent over the past week. Over the last month, the asset has lost more than 34 percent of its value, according to CoinGecko.

ETH fell below $2,000 on February 5 for the first time in months. While selling pressure from large holders has been evident, other indicators suggest potential relief ahead. Analyst CoinNiel recently noted that ETH exchange reserves have dropped to multi year lows, signaling that long term holders may be moving assets off exchanges.

The current market reflects a clear split. Some participants are exiting positions after steep losses, while others, including BitMine, are increasing exposure based on long term confidence that Ethereum’s fundamentals are stronger than current prices suggest.

Bitcoin’s price recovery has stalled just below $70,000, while RAIN emerged as the standout performer with a nearly 20 percent daily gain. Other altcoins showing notable increases include M, NEXO, and ASTER, whereas HYPE lost more than five percent of its value.

The recent movements in Bitcoin have raised questions about the broader market trend. The cryptocurrency reached $90,000 on January 28, but it experienced a sharp decline over the following week, culminating last Friday when it dropped to $60,000 for the first time in over a year. This represented a $30,000 loss in less than 200 hours.

Following the drop, Bitcoin rebounded quickly, gaining $12,000 in under a day to reach $72,000 by Saturday morning. Despite this rebound, the rally failed to sustain momentum, and BTC slipped below $70,000 for most of the weekend. Attempts to push higher on Monday were halted at $71,000 and $72,000, and the cryptocurrency now trades around $69,000. Its market capitalization has fallen to $1.38 trillion, with Bitcoin maintaining a 57 percent dominance over altcoins.

Ethereum continues to struggle to stay above $2,000 after a slight daily decline, and TRX experienced a similar drop. XRP gained three percent, pushing its price above $1.40. Other altcoins including BNB, SOL, BCH, ADA, and ZEC also posted positive movements, led by ZEC which surged six percent to $242.

On the other hand, HYPE fell 5.5 percent and remains below $30, highlighting the uneven recovery across altcoins. Meanwhile, RAIN has captured attention as the largest daily gainer, rising nearly 20 percent to surpass $0.01. The total cryptocurrency market capitalization has remained relatively stable, holding just above $2.42 trillion.

Overall, while Bitcoin struggles to reclaim $70,000, selective altcoins such as RAIN, NEXO, and M are driving short-term market excitement, illustrating continued volatility and uneven performance among major digital assets.

Bitcoin miners faced increasing pressure in late January and early February after network difficulty declined by roughly 14 percent over three weeks, while publicly listed miner Cango revealed it sold $305 million worth of Bitcoin.

The combination of weakening profitability indicators and targeted asset sales suggests mounting stress across the mining industry, even though broader on chain data does not yet point to widespread or panic driven selling.

Falling Difficulty Signals Mining Cutbacks

On chain analyst Axel Adler Jr. reported on February 10 that Bitcoin’s network difficulty dropped a total of 14.1 percent between January 22 and February 6, following two consecutive reductions. Such declines typically indicate that less efficient miners are shutting down equipment, often during periods of declining prices.

Over the same period, Bitcoin’s price fell by about 25 percent, briefly dipping to $60,000 before recovering toward $70,000. At the time of reporting, Bitcoin was trading near $69,000, down slightly on the day and more than 12 percent over the past week, according to CoinGecko.

Bitcoin has also dropped around 24 percent over the past month and nearly 29 percent compared to a year ago, falling short of earlier cycle expectations and keeping mining profit margins under pressure.

Amid these conditions, Cango confirmed the sale of 4,451 BTC for approximately $305 million, saying the move was intended to strengthen its balance sheet. The announcement weighed on investor sentiment, with Cango shares closing 8 percent lower in the first trading session following the disclosure.

Adler emphasized that the sale appeared to be an isolated event rather than a sign of forced liquidation across the sector. He noted that overall miner transfers to exchanges remain stable, suggesting no large scale dumping of reserves.

Data tracking miner inflows to exchanges supports this view. The 30 day average of daily miner transfers stands near 82 BTC, only slightly below mid January levels and consistent with recent norms. There have been no sustained spikes that would indicate broad selling pressure from miners.

Profitability Remains Under Strain

Profitability indicators continue to signal stress. Adler noted that the Puell Multiple, which compares daily miner revenue to its annual average, fell to a 30 day average of 0.77 in early February, down from 0.86 in mid January. Short term readings briefly dropped to around 0.61, a range historically linked to mining stress and capacity reductions.

When miners earn below their annual average, they tend to focus on liquidity and selective reserve sales rather than expansion. Adler added that a full recovery typically requires difficulty adjustments to turn positive and the Puell Multiple to move back toward the 0.85 to 0.90 range.

For now, the data suggests miners are responding mainly by reducing hashrate rather than selling aggressively. However, Adler warned that another drop below $60,000 could further pressure profitability and trigger additional sales by other publicly traded miners.