On-Chain Data

On February 11th, news broke that on its first day of launch, the Monad platform quietly demonstrated "platform-level" trading capabilities on the Solana network. According to statistics from Sunrise DeFi writer shaddwfax, the on-chain trading volume of MON on Solana, when compared to traditional crypto trading platforms, would rank in the top five globally on that day, second only to a few leading platforms. This performance quickly sparked a reevaluation in the market of Solana's high-throughput public chain and its DeFi liquidity capacity. Data shows that the initial trading volume of MON on Solana was approximately $97 million, not a slow accumulation but a rapid surge within a short period. Within 24 hours of launch, its trading volume exceeded that of early Hyperliquid MON trades by over 122%, making Solana the core battleground for this round of price discovery. Even more noteworthy, within just 48 hours, the network completed over $400 million in related transactions, with nearly 360,000 total trades, demonstrating large-scale participation of real users and real funds.

February 11 News, as the largest stablecoin by market capitalization, USDT has recently shown rare signals. Its market cap growth, after expanding for two consecutive years, has turned negative for the first time, sparking market concerns about a weakening mid-term trend. Multiple on-chain indicators show that changes in stablecoin supply are becoming a key reference for measuring risk appetite and liquidity in the crypto market. Data shows that the 60-day moving average of USDT market cap change, as reported by CryptoQuant, turned negative in February. The last time a similar situation occurred was in the third quarter of 2023. Historical charts indicate that when USDT supply continues to grow, new liquidity often flows into crypto assets; when the growth rate is negative, it suggests funds are more inclined to withdraw from the market rather than wait for a rebound. Analyst Crypto Tice pointed out that a contraction in purchasing power weakens downside support, making short-term rebounds more susceptible to selling pressure.

February 11 News, privacy cryptocurrency Zcash (ZEC) continues to weaken amid rising market risk aversion, with a decline of over 25% this month. In January, ZEC plummeted more than 41%, continuing its downward trend since 2026. As of press time, ZEC is priced at approximately $227.22, down another 4.29% in the past 24 hours. Looking back at its trend, ZEC once surged over 440% in October 2025 against the trend, becoming one of the few strong assets at that time. Despite volatile fluctuations in November and December, it ultimately closed slightly higher. However, after entering 2026, global risk assets came under pressure, coupled with rumors of Electric Coin Company (ECC) parting ways with Bootstrap, which significantly cooled market sentiment and led to continuous selling pressure on ZEC.

Odaily Planet Daily reports that, according to Token Terminal data, the Ethereum staking rate has exceeded 30%, reaching a new all-time high.

Gate News bot message, FTX/Alameda has unstaked 196,611 SOL tokens, with a total value of $15.97 million. The unstaking operation involves a significant amount of Solana tokens previously locked in staking.

On February 11, it was reported that the US spot Bitcoin ETF recorded net capital inflows for the third consecutive trading day, attracting approximately $167 million on Tuesday. The total inflow for this week has reached $311.6 million, nearly offsetting last week's outflow of $318 million. Previously, these products experienced three consecutive weeks of negative inflows, with total outflows exceeding $3 billion. Although Bitcoin's price has fallen about 13% over the past seven days and briefly dropped below $68,000, capital movement indicates that there has been no large-scale withdrawal by institutions. Several analysts pointed out that recent selling pressure has significantly eased, and the ETF capital curve shows signs of stabilization, with market sentiment gradually recovering.

Gate News bot message, Whale 0x28eF staked 60,073 ETH valued at $117.08 million. Three days ago, this whale purchased 60,784 ETH worth $126 million. According to earlier reports from Lookonchain on February 8, 2026, the whale withdrew 60,784 ETH ($126 million) from centralized exchanges over a 30-h

Shiba Inu remains under intense bearish pressure, but fresh on-chain data shows exchange reserves have shrunk massively from 82 trillion last month. The rapid decline in Shiba Inu’s exchange reserve has sparked debate over how the shift could influence SHIB’s price action. Key Points Shiba Inu

BitMine Chairman Tom Lee stated at the Consensus 2026 Conference that if Ethereum reaches $1890 again, it will form a perfect bottom. He pointed out that since 2018, Ethereum has experienced 8 declines of over 52%, and all 8 previous declines resulted in V-shaped bottom reversals. Last year, Ethereum dropped 64% from January to March and recovered at the same speed.

Ethereum has fallen over 30% since the beginning of the year, with the price dropping below $2,000 and trading prices below the average entry price of accumulated addresses and ETF holders. BitMine's unrealized losses have surged from $6 billion to $7 billion, but on Tuesday, they still bought 40,000 ETH and staked 140,400 tokens, with total staked amount reaching 2.97 million. Despite the losses, the net holdings of exchanges have turned negative, indicating withdrawals exceeding deposits, and Ethereum whales continue to increase their holdings.

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.

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...).

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.

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

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.

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.

Bitcoin (BTC) remains in a downturn, temporarily trading around $69,160 on February 11. Federal Reserve Board member Waller warned that the cryptocurrency boom is fading as it remains closely linked to traditional finance (TradFi). The former SafeMoon CEO was sentenced to 8 years in prison for a cryptocurrency scam and ordered to forfeit approximately $7.5 million and two residential properties.

PANews February 11 News, according to Emmett Gallic monitoring, around 04:00 this morning, an entity minted 376 million BUIDL on Solana. BlackRock's BUIDL fund is one of the largest tokenized real-world asset funds, providing institutional investors with a channel to invest in U.S. Treasuries and cash equivalents on-chain.

Despite Bitcoin's price dropping nearly 40%, giant whales have increased their holdings by approximately 53,000 BTC over the past week, worth over $4 billion, stabilizing market confidence. However, the lack of widespread funding in the short term means that whether the market rebound can continue still depends on macroeconomic catalysts.