The global crypto market cap is currently at $3.24tn, a 2.22% increase over the last day. The total crypto market 24h volume decreased by 4.35% to $98.51bn. The volume of all stable coins is now $90.83bn, which is 92.20% of the total crypto market 24h volume. Meanwhile, the USD inflows into stablecoins have significantly decreased over the past 3 days compared to the beginning of the month, but remain positive.
While US President Trump's new 25% tariffs on steel and aluminum, set to take effect on March 4, override all existing agreements, the market's reaction has been relatively quiet as investors expect potential concessions to emerge from negotiations between the countries beforehand.
Despite the "buying on weakness" in crypto ETFs last week resulting in digital asset investment products attracting inflows of $1.3 billion, Monday's trading session saw net outflows for both BTC and ETH spot ETFs. The BTC ETFs recorded a net outflow of $186m while ETH ETFs recorded net outflows of $22.5m
According to Lookonchain, over the past 2 days, over 121,500 ETH ($320m) were withdrawn from Binance and Bitfinex by two whale addresses. Santiment further highlighted the scale of these movements, reporting that in the 24 hours from February 8 to 9, approximately 224,410 ETH flowed out of exchanges, which marks the highest single-day net outflow in nearly two years.
Another ETH whale withdrew 4000 ETH (~$10.7 million) from Binance and staked the entirety of it on ether.fi according to on-chain analyst @ai_9684xtpa on X.
On Feb 10, 14,000 Bitcoins that had remained dormant for 7 to 10 years were moved according to CryptoQuant. However, none of these coins were sent to exchanges, suggesting that an immediate sell-off is unlikely.
Strategy (previously Microstrategy), has acquired 7,633 BTC for $742.4 million, now holding a total of 478,740 BTC.
Binance's corporate reserves decreased by $8 billion from the previous $14 billion as of Feb 2025. These funds were listed as excess collateral in Binance’s Dec proof-of-reserves but were no longer accounted for by Feb 1. Between Jan and Feb 1, the amount of BTC held by Binance across third-party custody and exchange balances decreased, while customer net balances increased, resulting in the collateralization rate dropping from 108% to 100%.
The exact reasons for this decline remain uncertain, with speculation suggesting possibilities such as regulatory settlements, FTX-related clawbacks, business expansions and the reallocation of funds to generate returns instead of maintaining over-collateralization. Binance and its executives, including founder Changpeng Zhao, have not yet addressed the report or responded to media inquiries. Currently, Binance holds $160 billion worth of 34 crypto assets listed in the report, all maintained at a 1:1 or greater ratio against user balances.
Klarna, a fintech company known for its "buy-now-pay-later" services, announced on February 8 via X that it is open to embracing cryptocurrency. However, CEO Sebastian Siemiatkowski made it clear that digital assets would be explicitly excluded from its BNPL offerings.
Crypto liquidations came in at $149.06m over the past 24hours, with 68% of those long positions. The 24h futures volume decreased by 14.62% to $143bn, while open interest increased 3.70% to $115bn.
