Crypto Data and Research Reports

BlackRock Bitcoin ETF (IBIT) options trading volume surges, becoming the ninth-largest options trading platform in the U.S. As of February 10, there are 7.33 million IBIT contracts active or open interest, ranking ninth among options linked to U.S. listed stocks, ETFs, and indices. The open interest of options linked to the SPDR Gold ETF is 6.44 million contracts, lower than IBIT.

The on-chain options market has recently reached new trading volume highs, with $44 million in the first week of February, mainly concentrated in Ithaca and Derive protocols. The possible reasons for the surge in trading volume include the decline in USDT lending yields on Aave and anticipation for the new Hyperliquid markets. Renowned DeFi trader Route 2 Fi pointed out that low yields are prompting users to seek higher-return investment channels.

LayerZero launches Zero blockchain, with ZRO rising against the trend by 22% to $2.42, reaching a four-month high. Zero achieves 2 million transactions per second at a cost of $0.000001. Citadel and ARK make strategic purchases, with trading volume surging by 410%. Tether, DTCC, ICE, and Google Cloud explore collaborative applications.

ChainCatcher reports that, according to Arkham data, at 13:18, 649.45 BTC (worth approximately $43.97 million) was transferred from an anonymous address (starting with 1GFsAPFa...) to multiple addresses, including Satoshi Nakamoto's address (starting with 1A1zP1eP...).

At the "Build and Scale in 2026" forum held in Hong Kong, Sei Labs co-founder Jayendra Jog pointed out that stablecoins are becoming an important application of blockchain and predicted that their revenue models will surpass transaction fees. However, he expressed caution about "dedicated stablecoin chains," believing their differentiation advantages are limited. Jog also shared updates on Sei Network's progress, emphasizing its low costs and upcoming high-throughput features.

In the cryptocurrency market, the "Bitcoin Profit and Loss Supply" indicator is considered an important tool for determining the bottom of a bear market. When the supply of profitable and loss-making Bitcoin approaches or converges, it often signals that the market bottom has been formed. According to Glassnode data, currently about 11 million Bitcoins are in profit, and approximately 8.9 million are in loss. The gap between the two is narrowing, suggesting the market may be repeating historical bottoming scenarios. This indicator has historically accurately identified bear market bottoms and has become an important reference for investors.

February 11 News, the tokenized commodities market has increased by 53% in less than six weeks, with a market capitalization surpassing $6.1 billion, making it the fastest-growing vertical in the tokenization of real-world assets. This surge is mainly driven by more gold being onboarded. According to data from the crypto analytics platform Token Terminal, the market capitalization of the tokenized commodities market was slightly above $4 billion at the beginning of this year, meaning it increased by about $2 billion in just over a month. The market is primarily composed of gold products, including Tether's gold-backed token Tether Gold (XAUt), which grew by 51.6% in the past month, reaching a market cap of $3.6 billion; Paxos's PAX Gold (PAXG) also increased by 33.2% during the same period, with a market cap of $2.3 billion.

Venture capital firm Y Combinator interviews the popular open-source personal AI agent OpenClaw developer Peter Steinberger, who predicts that about 80% of apps will disappear, and applications that simply manage data can be automated and replaced by AI agents. OpenClaw's biggest advantage is breaking down data silos and storing data locally to ensure privacy.

On February 11, during a panel discussion at the Consensus Hong Kong 2026 conference, several industry leaders explored the development trends of tokenized real-world assets (RWA). Participants included Evan Auyang, President of Animoca Brands Group; Christian Rau, Senior Vice President of Digital Assets and Blockchain at Mastercard; Nicola White, Vice President of Crypto at Robinhood; and Marcin Kazmierczak, Co-founder of Redstone Group, who moderated the discussion. During the discussion, the guests echoed the view of Rob Goldstein, Chief Operating Officer of BlackRock: digital ledgers are the most exciting innovation in finance since the advent of double-entry bookkeeping 700 years ago. Currently, RWAs are primarily targeted at institutional investors, with demand mainly focused on tokenized money market funds, U.S. Treasuries, stablecoin integration, and collateral optimization products, such as BlackRock’s BUIDL and Robinhood’s solutions, demonstrating the increasing practical value of this field.

February 11 News, Lily Liu, Chairwoman of the Solana Foundation, shared her forward-looking ideas on the "Internet Capital Market" during a fireside chat with Conference Chair Michael Lau at the 2026 Hong Kong Consensus Conference. Lily stated that the core value of blockchain should focus on financial and market innovation rather than utopian technological ideals. She envisions achieving seamless integration from everyday payments to high-frequency trading through comprehensive tokenization of global assets, building a unified global capital formation market. Lily reviewed the development of crypto financing, from early ICOs to the current rapid financing models, emphasizing that blockchain infrastructure should serve non-crypto projects and enterprises worldwide, promoting the democratization of talent and capital. She pointed out that this technology can bring greater efficiency and fairness to global markets, especially in fostering innovation projects and attracting talent.

The Ethereum mainnet has launched the ERC-8004 standard to establish identity, reputation, and verification mechanisms for AI agents. Led by MetaMask AI leaders and others, feedback was collected from over 80 teams. A trust system is built through three on-chain registries, integrated with x402 payment. It has been deployed on 12 chains, with an ecosystem including Virtuals Protocol, ElizaOS, and more.

Over 1M SOL have been withdrawn from exchanges in 72 hours as long-term holders show confidence. Post-flush price consolidation shows that the market absorption is not renewed selling pressure. In February, TVL cooled gradually, as holders redistributed

Uniswap wins in lawsuit against Bprotocol Foundation and LocalCoin Ltd., with lawyers stating it did not infringe on related patents. Uniswap Labs reaffirms its protocol code is open source and opposes the allegations.

At the "Build and Scale in 2026" forum, several guests discussed the key challenges of the new Web3 era, including identity and trust issues, AI agent payment security, and blockchain-supported sustainable development, believing that by 2026, the industry will shift its focus to infrastructure development and practical applications.

Tether has invested in LayerZero Labs to enhance cross-chain infrastructure. Their partnership developed USDT0, an omnichain version of USDT, allowing for real-time transactions across blockchains. The investment underscores Tether's focus on expanding its crypto portfolio and technological capabilities.

BitMine holds 4.326 million ETH, accounting for 3.6% of the circulating supply, making it the largest corporate holder. On-chain data shows a single-day purchase of 40,000 ETH worth $83.4 million on Monday. Tom Lee states that the price of Ethereum does not reflect its utility, with nearly 2.9 million ETH in a staked state.

Lily Liu, Chair of the Solana Foundation, stated at the Consensus 2026 conference that blockchain is financial infrastructure, with the key being providing digital scarcity and trustworthy value. She believes that combining Web2 applications with public blockchains is essential to unlocking the full potential of the ownership economy, and native financial applications are expected to reshape the global financial system.

Grayscale research shows that Bitcoin prices are highly correlated with software stocks and have zero correlation with gold. The report's author, Zach Pandl, pointed out that Bitcoin fell 50% from $126,000 in October, while gold broke through $5,000. This reflects Bitcoin's deeper integration with traditional finance, driven by institutional participation and ETF activity, but its long-term value storage potential remains optimistic.

Grayscale report indicates that the correlation between Bitcoin and software technology stocks is as high as 0.73, showing that it has become more like a high-risk growth asset rather than a hedge. Bitcoin is currently in an evolutionary stage, and its high correlation with tech stocks stems from the popularity of ETF activities, and it will continue to evolve towards a store of value in the future.

Hyperliquid's HIP-3 set a record of $5.2 billion in daily trading volume on February 5, with silver perpetual contracts reaching $4.09 billion. TradeXYZ led the way, with precious metal contracts accounting for 90% of the trading volume. Previously, gold broke $5,000 and silver dropped below $100, leading to a sharp decline. The platform's metal trading volume has reached 1% of COMEX, transforming into a full-asset trading layer.