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Robinhood has introduced the public testnet for Robinhood Chain, an Ethereum Layer 2 network built using Arbitrum technology. The United States based trading platform said the initiative aims to speed up the development of tokenized real world and digital assets, while giving developers early access ahead of a planned mainnet launch later this year.

With the testnet now active, developers can begin building and testing applications in an environment compatible with standard Ethereum tools. The network relies on Arbitrum’s scaling technology and is already seeing integration from infrastructure providers such as Alchemy, Allium, Chainlink, LayerZero, and TRM. Additional partners are expected to join during the early testing phase.

Robinhood has provided access points to the testnet, developer documentation through its website, and early infrastructure support from ecosystem collaborators. The company said this phase is intended to encourage experimentation, uncover potential issues, enhance network performance, and prepare for the eventual mainnet rollout.

The chain is built on Robinhood’s existing infrastructure with an emphasis on reliability, security, and regulatory compliance. It supports bridging and self custody features, along with the scalability required for financial focused decentralized applications, including tokenized asset platforms, lending services, and perpetual futures products. Developers will also be able to experiment with testnet specific assets such as Stock Tokens and integrate directly with Robinhood Wallet.

Robinhood has been expanding its presence in the crypto sector in recent years. The company completed its 200 million dollar acquisition of Bitstamp last year, marking a formal step into institutional digital assets. However, recent financial results show softer performance. In the fourth quarter of 2025, crypto transaction revenue reached 221 million dollars, representing a 38 percent decline compared with the previous year. This followed a stronger prior quarter when crypto revenue rose to 268 million dollars during heightened market volatility.

Spot Bitcoin exchange traded funds recorded 145 million dollars in net inflows, while Ethereum products attracted 57 million dollars, offering a measure of optimism after a sharp market downturn.

Bitcoin and Ethereum rebounded following recent heavy selling, with BTC briefly touching 71,000 dollars and ETH climbing to 2,150 dollars as ETF inflows resumed. At the time of writing, the two assets were trading near 68,000 dollars and 1,980 dollars respectively. The recovery has fueled speculation that Bitcoin may have formed a short term bottom. However, traders remain focused on upcoming United States Non Farm Payroll and Consumer Price Index data, which could influence Federal Reserve policy expectations and determine whether the rally can continue.

According to QCP, Bitcoin ETFs added 145 million dollars in net inflows, building on 371 million dollars recorded last Friday. Ethereum ETFs also returned to positive territory after several days of outflows. These inflows follow a steep correction that recently pushed Bitcoin down to around 60,000 dollars, its lowest level since before the November 2024 United States elections.

Despite improving ETF flows, on chain metrics suggest volatility may persist. Data indicates that more than 7,000 BTC were moved from Binance to other spot exchanges on February 6, marking one of the largest daily transfers in the past year. At the same time, transfers from Binance to derivative platforms surged to their highest level since January 2024. Analysts interpret this as a sign that larger investors may be hedging risk or preparing for significant price swings.

The Coinbase Bitcoin discount has narrowed, indicating reduced selling pressure from United States traders. Still, the Crypto Fear and Greed Index remains deep in extreme fear territory at a reading of 9, underscoring fragile sentiment.

The broader market remains under pressure. Bitcoin recently dipped below 67,000 dollars, dragging major altcoins such as Ethereum, XRP, and BNB lower. Total crypto market capitalization has fallen to approximately 2.36 trillion dollars, losing more than 50 billion dollars in a single day. However, some tokens such as Monero posted gains, and ZRO surged 20 percent to enter the top 100 digital assets.

Unlike prior downturns, the current correction has not been accompanied by major systemic failures. Industry participants note that blockchain based real world assets continue to expand, supported by ongoing institutional interest and around the clock market access.

While renewed ETF inflows provide cautious hope, analysts warn that elevated volatility and derivative positioning call for careful risk management in the weeks ahead.

Fear, uncertainty, and doubt continue to dominate social platforms despite Bitcoin’s recovery from its recent drop to 60,000 dollars. Although the asset bounced from those lows, bearish commentary still outweighs bullish sentiment.

On February 11, Bitcoin slipped back below 67,000 dollars, extending a volatile period that began with last week’s sharp decline. Data from Santiment indicates that negative posts remain elevated, suggesting retail traders are reluctant to buy at current prices. At the same time, larger investors appear to be accumulating during moments of heightened fear. Historically, strong rebounds have often followed spikes in negative sentiment, though this does not confirm that a market bottom is in place.

Short term price action remains unstable. A move below 67,000 dollars reportedly triggered around 127 million dollars in long liquidations within four hours. At the time of writing, Bitcoin is trading near 66,700 dollars, down about 3 percent in the past day and nearly 13 percent over the week. Over the last month, the asset has declined more than 27 percent and remains roughly 47 percent below its October 2025 all time high.

Recent trading ranges highlight ongoing instability. The 24 hour range has fluctuated between 66,600 and 69,900 dollars, while weekly prices have swung between approximately 62,800 and 76,500 dollars.

Volatility data supports this uncertain environment. Binance figures referenced by Arab Chain analysts show seven day annualized volatility at 1.51, the highest level since 2022. However, 30 day and 90 day volatility readings remain lower, indicating that recent turbulence has not yet developed into a prolonged high volatility phase. Analysts also noted that the average true range as a percentage is near historically compressed levels, which have often preceded significant directional moves.

Concerns about a deeper downturn have resurfaced after Bitcoin closed three consecutive weeks below its 100 week moving average, a pattern observed in prior bear markets. CryptoQuant founder Ki Young Ju recently stated that strong upward momentum is currently limited due to persistent selling pressure. Other analysts have described the market as trading within a broad consolidation range between 57,000 and 87,000 dollars, warning that sideways movement could lead to another decline.

Macroeconomic factors are also contributing to caution. Weaker United States retail sales and slowing wage growth suggest reduced consumer activity, which may pressure risk assets in the near term. Analysts have also pointed to a consistently negative Coinbase Premium Gap since late 2025, indicating subdued United States spot demand compared to derivatives trading.

Despite the prevailing pessimism, some industry figures believe sentiment could strengthen over time. WeFi executive Maksym Sakharov stated that future optimism may be driven not only by price speculation but also by broader real world adoption.

For now, Bitcoin remains caught between fear driven negativity and technical support around 60,000 dollars, with traders closely watching whether volatility resolves to the upside or downside in the coming weeks.

XRP has declined 15 percent over the past week, 26 percent in the last two weeks, and more than 40 percent over the past year. The asset is clearly in a downward trend as the broader crypto market faces bearish conditions. A closer look at its price history and fundamentals may offer perspective on how XRP performs during extended market downturns.

Market sentiment is currently deeply negative. The Crypto Fear and Greed Index recently dropped to 7, signaling extreme fear, a level rarely seen.

XRP in Previous Bear Markets

When evaluating cryptocurrencies, it is important to distinguish between Bitcoin and alternative coins. XRP falls into the altcoin category, which generally means higher volatility compared with Bitcoin and traditional financial assets. Unlike many altcoins, XRP is closely associated with Ripple, a large United States based company focused on building a fast settlement network for banks and financial institutions.

During the 2018 bear market, XRP fell sharply after reaching highs above 3 dollars, eventually trading near 0.30 dollars for most of the downturn. In the 2021 bull cycle, XRP climbed to around 1.70 dollars in April and attempted to revisit those highs later in the year before declining again to roughly 0.35 dollars by spring 2022. It remained in that range until November 2024, when it surged past 2 dollars and eventually reached a new all time high in July 2025.

Investors who bought near bear market lows and sold near cycle peaks saw returns approaching ten times their initial investment. At present, XRP appears to be cooling off after another strong rally, following a similar cyclical pattern.

With a current market capitalization of about 85 billion dollars, expectations of an extreme price explosion may be less realistic. Still, past cycles suggest that XRP has generally moved in line with broader market trends, despite regulatory challenges such as its prolonged legal battle with the United States Securities and Exchange Commission.

Important Considerations

The crypto market can broadly be divided into Bitcoin and all other digital assets, with the latter often showing less durability over time. Ripple continues to expand its operations, launch new products such as the RLUSD stablecoin, and secure regulatory approvals in multiple jurisdictions.

However, XRP is not directly linked to Ripple’s corporate performance. Holding XRP does not grant ownership rights or profit sharing. The token is designed primarily for transactions, a point emphasized during Ripple’s legal dispute with regulators over whether XRP should be classified as a security.

Although XRP has a fixed supply, a significant portion is held by Ripple, which periodically sells tokens to fund operations.

While history shows that altcoins can experience powerful recoveries after prolonged downturns, past performance does not guarantee future results. Further downside remains possible before any sustained recovery takes shape.

This overview is not financial advice but rather an analysis of XRP’s historical performance and its relationship with Ripple.

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.