On-Chain Data

On February 5th, Bitcoin's price dropped from $70,000 to $60,000, with on-chain realized losses reaching $3.2 billion, marking the largest single-day loss in history. This sell-off is analyzed as a typical capitulation event, potentially signaling the bottom of the bear market.

Last week, the cryptocurrency market experienced intense volatility, with Bitcoin plummeting from around $70,000 to $60,000 in a short period, triggering the largest "realized loss" event in history. On-chain analysis platform Glassnode shows that the adjusted realized losses reached as high as $3.2 billion, setting a new record for the Bitcoin network. This metric measures the USD value of Bitcoin sold below cost and excludes the impact of transfers within the same entity, thus providing a more accurate reflection of genuine selling pressure. This figure even exceeds the approximately $2.7 billion loss during the 2022 LUNA collapse, indicating that the current downward sentiment shock has surpassed the darkest phase previously experienced. Data platform Checkonchain pointed out that this market movement exhibits typical "capitulation sell-off" characteristics: rapid decline, large transaction volumes, mainly driven by holders with the weakest conviction being forced to liquidate.

PANews February 12 News, according to Cointelegraph, Polkadot data shows that robots currently generate 51% of the total network traffic, officially surpassing human activity for the first time.

Alameda Research bankruptcy liquidation address will exchange the 129 million STG tokens it holds for 11.142 million ZRO tokens, valued at $24.29 million, accounting for 12.9% of the total STG supply. LayerZero plans to launch the L1 public chain Zero and has acquired Stargate for $110 million.

Bitcoin (BTC) has once again weakened and declined, currently around $67,570 as of February 12. The US non-farm payrolls added 130,000 jobs in January, exceeding expectations and suppressing rate cut expectations. BlackRock will purchase an undisclosed amount of Uniswap tokens UNI. MicroStrategy CEO stated that the company will issue more perpetual preferred shares to alleviate investors' concerns about the stock price.

"Today Show" host Savannah Guthrie's mother, Nancy Guthrie, has been kidnapped. The ransom letter demands $4 million in Bitcoin, with a potential increase to $6 million if not paid. TMZ reported recent activity of hundreds of dollars in transactions on the Bitcoin wallet. A Polymarket market titled "Can the kidnapping suspect be caught before February 28?" shows traders estimating the probability at approximately 78%.

ChainCatcher message: According to Arkham data, at 06:59, 11,141,600 ZRO (worth approximately $24.29 million) was transferred from an anonymous address (starting with 0x9219...) to Alameda Research.

Within 18 hours, XRP had regained the level of $1.41, and it rose by more than 25 percent since the last time it was below $1.15. Whale activity was up sharply, with 1389 transactions over $100,000, which is the highest since four months ago. There was a rapid increase in network

ChainCatcher reports that, according to Arkham data, at 01:08, 75,150.89 SOL (worth approximately $5,886,600) was transferred from an anonymous address (starting with 26bmhQ...) to degen-retard.sol.

ChainCatcher message: According to Whale Alert monitoring, the USDC Treasury has minted an additional 250 million USDC on the Solana chain.

Messari's BNB Chain Q4 2025 report shows that the BNB market capitalization at the end of the year reached $118.9 billion, a 17.8% increase year-over-year. The average daily trading volume grew by 30.4%, with RWA becoming the growth engine, and on-chain scale reaching $20 billion. The stablecoin market cap increased by 9.2%, and DeFi TVL was $6.6 billion.

ChainCatcher reports that, according to Arkham data, at 21:23, 170 BTC (worth approximately $11.36 million) was transferred from an anonymous address (starting with 168Bve...) to Cumberland DRW.

Bitcoin has fallen for three consecutive days after reaching $70,000, and market panic sentiment has intensified. Although spot trading volume has decreased, stable ETF capital inflows have offset selling pressure. On-chain data indicates that this correction is mild, and short-term prices are still expected to be highly volatile. The market is paying attention to US economic data that could influence risk asset sentiment.

Recently, Bitcoin's price briefly dropped below $75,000 due to weekend sell-offs, triggering a sharp change in market sentiment. Pessimistic bets on its future trend have surged on the prediction platform Polymarket. Analysts believe that the current market is influenced by technical factors and macro liquidity, while Bitcoin's core value is being overlooked. Institutional forecasts are divided, but investors should focus on tangible factors such as holding costs, macro data, and on-chain activity, and maintain their own investment logic.

Under Tom Lee's leadership, BitMine has aggressively accumulated Ethereum, staking an additional 140,400 ETH worth approximately 19,283,746,565,748,392,010 million. They now hold 2.97 million ETH, representing 68% of their crypto assets. Despite recent stock declines, BitMine aims for long-term staking yields and strategic investments.

Nancy Guthrie, missing since February 1, received a ransom demand in Bitcoin. Activity was detected in the ransom wallet following FBI interest in the case. The investigation continues, with no confirmed links to the kidnappers yet.

On February 11, news reports indicate that since 2026, Ethereum (ETH) has continued to weaken, with a total decline of over 30% this year, and the price has once fallen below the $2,000 mark. The latest data shows that ETH is currently trading at approximately $1,971. The main holding groups—including long-term accumulated addresses and ETF investors—have all entered an unrealized loss zone, but there has been no panic outflow of funds. The market presents a complex pattern of “price pressure and stable chips.” On-chain analyst CW8900 pointed out that the current ETH price has fallen below the realized average price established during the whale accumulation period since June 2025, indicating that a large number of core addresses are in floating loss. Meanwhile, the on-paper loss of the world's largest Ethereum vault, BitMine, has exceeded $7 billion. However, data shows that these addresses have not withdrawn en masse; instead, they have continued to add positions at low levels.

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.