Industry Reports

Zhongchi Chefu Internet Technology Co., Ltd. completed the acquisition of digital assets worth $1.87 billion from a crypto institution, including a variety of mainstream and potential tokens. At the same time, the company reached a cooperation agreement with the institution, and both parties will conduct in-depth collaboration in the digital asset repository and crypto payment infrastructure fields, marking the company's transformation towards global digital asset allocation.

Cardano Foundation has upgraded Cardano Rosetta Java to v2.0.0, enhancing backend infrastructure for faster data access with a 30% reduction in synchronization time. This upgrade improves exchange onboarding, reliability, and scalability, potentially boosting ADA adoption and price.

As of February 10, the Hyperliquid platform's 24-hour trading volume was $6.64 billion, leading other platforms. The trading volumes of the remaining platforms did not exceed $4 billion, and the overall open interest reached a nearly 9-month low, indicating a decline in market activity.

Kaiko Research reports show that Bitcoin's decline from $126,000 to $60,000, a 52% drop, perfectly aligns with the bear market pattern after the halving. The peak occurs 12-18 months after the April 2024 halving, with futures open interest down 55% and ETF outflows exceeding $2.1 billion. Kaiko warns that bear markets typically last 6-12 months.

Coinglass highlights inconsistencies between Perpetual DEXs, including Hyperliquid, Aster, and Lighter. The analysis shows gaps between volume, open interest, and liquidations, raising questions about trading quality on perp DEXs and debate over Coinglass analysis The latest Coinglass analysis

The Bitcoin-focused investment vehicle Strategy reported a staggering net loss in the fourth quarter of 2025, underscoring how a sharp swing in crypto prices can still weigh on a stock that remains tethered to its long-term thesis. The quarter saw Bitcoin fall 22%, dragging prices from a

Tether's Q4 2025 report highlights a USD₮ market cap of $187.3B, a 3.5% growth despite market challenges, with 534.5M users and strong reserves. On-chain activity peaked at $4.4T, showcasing USD₮'s increasing role as a transaction asset and store of value.

The World Gold Council (WGC) reported that physically backed gold ETFs registered record inflows in January, with investors pouring more than $19 billion into these funds. North American and Asian markets led the charge with strong demand despite recent price declines. Paper Gold Markets Keep

_Strategy Inc achieved a net loss of $12.4 billion on a quarterly basis and had 713,502 bitcoins valued at $59.75 billion. Its Digital Credit platform, STRC, grew to $3.4‧billion._ Strategy Inc shocked investors with a massive $12.4 billion net loss for Q4 2025. The Bitcoin Treasury Company

BCG, Aptos Labs, and Hang Seng Bank white paper state that tokenization in Hong Kong can double asset management scale. Based on the e-HKD+ pilot, a survey of 500 retail investors shows that 61% are willing to double their investments, and 97% are interested. It addresses counterparty risk, reduces costs, and enables 24/7 liquidity. BCG: The turning point in 2026 requires transitioning from pilot to commercial scale.

Galaxy Digital Research Director clarifies that the main reason for clients selling $9 billion worth of Bitcoin in Q4 is not quantum computing risk, but profit-taking. CEO Novogratz said quantum is "the biggest excuse," reflecting a weakening of the HODLing belief. Quantum threats require millions of qubits, but currently there are less than 1,000. The BIP-360 proposal is underway, allowing Bitcoin to upgrade in response.

K33 believes that Bitcoin will not repeat the four-year cycle of an 80% crash. Research Director Lunde pointed out that Bitcoin has fallen 40% since October, similar to 2018 and 2022, but the current situation differs due to institutional adoption, regulatory product inflows, and loose interest rates. On February 2, trading volume at the 90% percentile exceeded $8 billion, with derivatives liquidations of $1.8 billion, but confirmation of the bottom requires the 95% percentile.

Galaxy reported a $482M Q4 loss from crypto price declines, with EPS at $(1.08) as market cap fell 24% in the quarter. Full-year loss totaled $241M, including $160M in one-time costs, while adjusted gross profit reached $426M in 2025. Cash hit $2.6B and equity $3.0B as Galaxy expanded

According to Cointelegraph Research report, cryptocurrency venture capital is expected to reach $34 billion in 2025, primarily driven by the tokenization of real-world assets, with funding exceeding $2.5 billion. Institutional investors are increasingly focused on sustainable revenue models, leading to an 18% decline in seed funding, while Series B funding has grown by 90%. The total market capitalization of tokenized RWA has surpassed $38 billion, with significant room for growth. Ethereum Layer 2 funding enthusiasm has waned, with only $162 million in 2025, a 72% decrease.

CertiK report indicates that by 2025, there will be 72 global wrench attack incidents, a 75% increase year over year, with losses exceeding $40.9 million. Europe has become a high-risk area. Attackers use violence and threats to force victims to hand over private keys, with the level of violence escalating, and attackers becoming more professional and organized. The report provides security recommendations for individuals and organizations, emphasizing the need to shift focus from asset protection to personal safety.

On February 2nd, Bitcoin remained in a sluggish trend, temporarily reported around $76,850, breaking below active realized price support. Tiger Research pointed out that the shrinking liquidity of Bitcoin is a deep-rooted reason. Microsoft’s earnings report and Walshi’s nomination news caused excessive volatility in the thin market, and Bitcoin’s rebound lagged behind other assets.

U.S. President Trump’s nomination of Kevin Wash as Federal Reserve Chair has sparked market concerns. Analysts point out that his hawkish stance could put pressure on cryptocurrencies like Bitcoin. Wash has previously emphasized maintaining high real interest rates, which could lead to a slow economic recovery and rising unemployment, conflicting with Trump’s expectations for interest rate cuts. The market is uneasy about his policy direction.

Author: Citrini Research Translation: Felix, PANews The chances for retail investors to achieve high returns in the stock market are becoming increasingly slim. The underlying reason may be related to companies delaying their IPOs. Research firm Citrini has published an article exploring the issue of modern capital markets where companies tend to remain private for extended periods, leading to growth value being primarily captured by VC institutions, and public markets have largely become liquidity exit tools. Below are the details. It is simply nonsense for companies to remain private for the long term. While I personally understand the motivations behind this and do not blame founders for doing so, such actions undermine the system that originally created these companies. Fundamentally, it is a breach of the promise that allows capitalism to operate. The social contract in the United States has always worked quite well for capital markets. That's right, you might be working at a dull small business, or have a job that is not...

This report is authored by Tiger Research. What if bridging assets could be utilized? We conducted an in-depth analysis of Katana, a never-sleeping blockchain. It reinvests 100% of on-chain and off-chain yields and transaction fees into DeFi. Key Highlights Most Layer 2 solutions lock bridging assets without utilizing them. Katana deploys these assets into Ethereum lending protocols to generate yields, then redistributes the yields as incentives for DeFi protocols. Storing assets in a vault does not generate any returns. Users must deploy capital into Katana's DeFi protocols to earn additional rewards. As of Q3 2025, over 95% of Katana's TVL is actively deployed in DeFi protocols. This contrasts with most chains, where utilization rates range from 50% to 70%.

This report forecasts a target price of $185,500 for Bitcoin in Q1 2026, indicating that the macro environment remains stable but institutional capital outflows are impacting demand. On-chain indicators show the market turning neutral, with $84,000 as an important support level and $98,000 as a resistance level. Despite lowering some forecasts, it still believes Bitcoin has approximately 100% upside potential, and the medium to long-term bullish outlook remains unchanged.