Gate Research Institute: ME up over 39% in 24 hours | Major US stock indices all decline

Cryptocurrency Market Overview

• BTC (+0.14% | Current price 65,495 USDT): Bitcoin has continued its weak consolidation over the past 24 hours. After multiple failed rebounds, it accelerated downward, with the low dropping to around $65,230. It then slightly stabilized and recovered, currently trading within a narrow range of $65,400–$65,600. Overall, the rebound momentum is weak, and market sentiment remains cautious. Technically, short-term moving averages are turning downward, with MA5 and MA10 crossing below and suppressing the price. MA30 remains in a downtrend, indicating a short-term weak pattern. The key support levels are at $65,200–$65,000; if broken, further testing of lower levels is possible. Resistance is at the $66,200–$66,500 zone. Until this area is reclaimed, the trend is likely to remain weak and oscillatory.
• ETH (+0.16% | Current price 1,913 USDT): Ethereum has shown a mostly downward oscillation over the past 24 hours. After failing to hold above $1,980 during a rebound, it fell back, with the low near $1,896. It is now consolidating weakly between $1,910 and $1,930. Market sentiment is cautious, with more funds adopting a defensive stance. Technically, short-term moving averages continue downward, with MA5 and MA10 exerting clear resistance. MA30 remains unflattened, indicating the trend has not yet reversed. The critical support is at $1,900; a breakdown could lead to further correction. Resistance is at $1,950–$1,980. Only if the price stabilizes above this zone can a short-term trend improvement be expected.
• Altcoins: Most mainstream altcoins are maintaining slight gains, with market sentiment mainly “neutral” or “buy.” The Fear and Greed Index today is at 9, still in extreme fear territory, indicating market sentiment has not yet recovered.
• Macro: On February 13, major US stock indices declined collectively. The S&P 500 fell 1.57% to 6,832.76 points; the Dow Jones dropped 1.34% to 49,451.98; the Nasdaq declined 2.03% to 22,597.15, with the Nasdaq 100 down 2.04%. Market risk sentiment has weakened significantly. In safe-haven assets, spot gold remains strong, with real-time data showing a price of $4,986.69 per ounce, up 1.32% intraday, continuing to attract capital inflows amid stock market pressure.

Hot Tokens to Watch

BTR Bitlayer (+63.33%, Market Cap $40.03 million)

According to Gate data, BTR is currently priced at $0.1499, up 63.33% in 24 hours. Bitlayer is a Layer 2 project built on the Bitcoin ecosystem, dedicated to enhancing scalability and smart contract capabilities through the BitVM architecture, bringing more DeFi and application scenarios to the BTC ecosystem.

Recent market news indicates that BTR’s surge over the past 24 hours was mainly driven by a broader rally in the Bitcoin ecosystem, with increased attention to BTC Layer 2 narratives, attracting capital inflows. Additionally, as a token with a relatively limited circulating supply, its price elasticity has been rapidly amplified by increased trading activity and short-term capital speculation. This rally reflects sector sentiment and capital rotation-driven short-term market dynamics.

ME Magic Eden (+39.60%, Market Cap $79.74 million)

Gate data shows ME is currently priced at $0.1886, up 39.60% in 24 hours. Magic Eden is a well-known multi-chain NFT trading platform, originally launched on Solana and now expanded to Ethereum, Bitcoin Ordinals, and multiple blockchains, with high recognition in NFT and on-chain asset trading.

The rise of ME is mainly due to renewed market interest in on-chain asset trading platforms. Meanwhile, funds have shifted into mid-cap projects with narrative support amid a correction in major cryptocurrencies, leading to a rapid increase in ME’s trading volume. This surge mainly reflects sentiment recovery and short-term capital inflows.

TNSR Tensor (+35.48%, Market Cap $19.58 million)

Gate data shows TNSR is currently priced at $0.0586, up 35.48% in 24 hours. Tensor is a key NFT trading and liquidity infrastructure project within the Solana ecosystem, focused on providing efficient NFT marketplaces and tools for professional traders.

TNSR’s rise is primarily related to increased activity within the Solana ecosystem, with NFT sector sentiment improving and attracting capital to infrastructure tokens. Additionally, recent trading activity has surged, with prices rising quickly amid capital rotation into Solana assets. This increase mainly reflects short-term market reactions driven by ecosystem enthusiasm.

Alpha Insights

Standard Chartered Lowers Bitcoin Long-Term Outlook, 2026 Target Price Reduced to $100,000

According to foreign media reports, Standard Chartered’s latest research report revises its Bitcoin price outlook, projecting that after a further correction, with prices possibly dropping to around $50,000, Bitcoin could recover to $100,000 by the end of 2026. This target is a significant reduction from the previous $150,000 estimate, roughly one-third lower. Simultaneously, the bank has also downgraded Ethereum’s long-term outlook, lowering its 2026 target from $7,500 to $4,000.

The report notes that since the sharp market decline last October, Bitcoin ETF holdings have decreased by nearly 100,000 BTC from their peak, with some investors holding an average cost around $90,000 still at a loss. Standard Chartered believes that, amid potential economic slowdown and market expectations of limited monetary easing before a new Fed chair takes office, continued capital outflows could suppress prices of cryptocurrencies including Bitcoin and Ethereum over the coming months.

Vitalik Comments on Fileverse Incentive Model: Crypto Apps Should Focus on Product, Not Just Incentives

Ethereum co-founder Vitalik Buterin recently shared his views on Fileverse’s token distribution to early users, emphasizing that a more sustainable approach involves generating revenue through charging some users, which can then subsidize others’ usage costs and compensate for early-stage risks and unrefined products. He believes incentive mechanisms should serve long-term development rather than short-term user growth.

Vitalik further stated that “airdrop” strategies aimed at rapid user expansion often attract short-term participants motivated by profit, which is detrimental to community quality, especially in social applications. He stressed that successful crypto applications today should focus on building practical, valuable products rather than relying on incentive narratives to drive speculation.

Tether Executive-Linked Company Acquires Northern Data’s Bitcoin Mining Business, Raising Attention

According to the Financial Times, Tether-backed German data center and AI firm Northern Data sold its Bitcoin mining subsidiary Peak Mining in November this year for up to approximately $200 million. Company documents show that the buyer includes multiple entities directly linked to Tether executives, controlled by Tether co-founder Giancarlo Devasini and CEO Paolo Ardoino. Since Northern Data is only listed on the secondary market, this related-party transaction was not publicly disclosed.

The timing and structure of this deal have attracted attention. The sale of Peak Mining occurred shortly before Tether-supported Rumble announced a $767 million acquisition of Northern Data, of which Tether remains a major shareholder and creditor. Northern Data is also under investigation by European regulators for tax and operational issues. Meanwhile, Tether continues to expand its Bitcoin mining footprint, aiming to secure its Bitcoin holdings and increase industry influence, though its related-party transactions and risk exposures are closely scrutinized by markets and rating agencies.
References:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Gate, https://www.gate.com/trade/GT_USDT
• Gate, https://www.gate.com/price
• Panews, https://www.panewslab.com/articles/019c5221-d397-753c-be37-7e2fa52771d7
• Panews, https://www.panewslab.com/articles/019c522e-6f50-75ac-b38e-554dd8778bfa
• The Block, https://www.theblock.co/post/383439/tether-backed-northern-data-sold-bitcoin-mining-arm-to-companies-run-by-tethers-own-executives-ft

[Gate 研究院](https://www.gate.com/learn/category/research) is a comprehensive blockchain and cryptocurrency research platform providing in-depth content, including technical analysis, hot topics, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

Disclaimer Investing in cryptocurrencies involves high risk. Users are advised to conduct independent research and fully understand the assets and products before making any investment decisions. Gate assumes no responsibility for any losses or damages resulting from such investment decisions.