Crypto Macro News and Global Policy Updates

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.

February 11 News, according to Bloomberg, the cryptocurrency Super PAC Fairshake's affiliate organization, Defend American Jobs, plans to spend approximately $5 million to support pro-cryptocurrency candidate Barri Moore's campaign for U.S. Senate. The five-week campaign will run political ads on television and cable media, with Trump also publicly endorsing her, quickly making this election a key indicator of U.S. cryptocurrency policy battles. Super PACs can raise funds from corporations and associations but cannot donate directly to candidates. Instead, they influence voters through independent advertising and media campaigns. Fairshake stated that Moore is committed to economic growth and supports making the U.S. a "global crypto innovation hub," and therefore, industry forces should rally behind her.

On February 11, news reports indicate that influenced by the shift towards a hawkish outlook in the US macroeconomic prospects, Bitcoin and mainstream cryptocurrencies collectively weakened in early Wednesday trading. Data shows that Bitcoin's price fell below $67,000, declining about 3% in the past 24 hours to around $66,800; Ethereum also retreated to approximately $1,960. Major coins like XRP and BNB each dropped more than 4%, with market risk appetite significantly cooling. Analysts point out that the core driver of this correction is the re-pricing of expectations regarding US monetary policy. Andri Fauzan Adziima, Head of Research at Bitrue, stated that after Kevin Warsh was nominated as Federal Reserve Chair, the market generally believes that future policies will be more tightening, and the liquidity environment may continue to tighten, with less room for rate cuts. This expectation directly weakened the willingness to allocate assets to high-risk investments.

February 11 News, the White House led a new round of consultations with representatives from the cryptocurrency and banking industries regarding the stablecoin provisions in the Crypto Market Structure Act. Participants generally described the meeting as "productive," but no consensus has been reached on the core disagreements. Ripple Chief Legal Officer Stuart Alderoty posted on X platform stating that both sides are trying to find room for compromise, and both parties remain optimistic about the legislation on the crypto market structure. He emphasized that this is a critical window of opportunity to advance the implementation of the US crypto regulatory framework.

The Central Bank of Malaysia (BNM) announced that it will test the practical applications of Ringgit stablecoins and tokenized deposits in 2026, evaluating their impact on monetary and financial stability. The Digital Asset Innovation Hub (DAIH) has launched three initiatives: Standard Chartered Bank and Capital A are exploring inter-company stablecoin settlements, Malayan Banking and CIMB are testing tokenized deposit payments. The tests will cover domestic and cross-border payment scenarios, with some use cases considering Islamic law.

Goldman Sachs invested over $260 million in XRP and Solana through U.S. spot ETFs, indicating a strategic shift from Bitcoin. The bank reportedly sees greater potential in these utility-focused altcoins, as evidenced by reduced Bitcoin holdings.

The Hong Kong Securities and Futures Commission has officially announced the "Accelerator" program tender, aimed at optimizing regulatory and market communication. Meanwhile, Ye Zhiheng added measures for financial funding and perpetual contracts to ensure two-way interaction and participation of professional investors, promoting global liquidity connectivity.

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.

BlockBeats News, February 11 — A-shares with digital currency concepts showed unusual movement in the afternoon, with YuYin Co., Ltd. hitting the daily limit up, and CuiWei Co., Ltd., HengBao Co., Ltd., YingShiSheng, and SiFang JingChuang following the upward trend. On the news front, Hong Kong SAR Chief Executive John Lee stated that the Hong Kong Monetary Authority is actively processing license applications for stablecoin issuers, and believes the first batch of licenses will be issued next month. (Jin10)

The White House held its second meeting on Tuesday, attempting to mediate the disagreement between the banking industry and the crypto industry over stablecoin yield issues. However, TradFi bank representatives brought a "principles document" insisting on a complete ban. The document calls for prohibiting any financial or non-financial incentives to stablecoin holders, emphasizing that stablecoin activities must never trigger deposit outflows.

Due to a temporary suspension by some government departments, the U.S. January non-farm employment report has been postponed to this Wednesday. Several employment data points show signs of weakness, raising concerns about a slowdown in employment. White House officials have adjusted market expectations, emphasizing that current employment growth can be seen as a stable level, and the market should pay attention to the impact of benchmark revisions.

February 11 News, Hong Kong financial regulators are accelerating the launch of perpetual contracts to enrich the local cryptocurrency market product lineup. Hong Kong Securities and Futures Commission Chairwoman Lisa Fong Yip said at the 2026 Consensus Hong Kong that regulators are about to announce a high-level framework that will allow regulated trading platforms to offer perpetual futures contracts to institutional clients. According to Lisa Fong Yip, the framework is primarily aimed at institutional investors, with retail clients not currently included, and it emphasizes risk management and customer fairness. Brokers will in the future be able to provide financing services to creditworthy institutional clients, with collateral including Bitcoin (BTC) and Ethereum (ETH) to ensure market stability.

The approval of Bitcoin spot ETFs in 2024 marks a revolution in the crypto market. Wall Street is beginning to view blockchain as a financial infrastructure, collaborating with several major financial institutions to improve trading efficiency and reduce costs. Unlike previous speculative approaches, Wall Street is focusing on the practical applications of blockchain, such as tokenization of government bonds and asset settlement, to meet real financial market needs. This process will transform the structure of crypto assets, making them more aligned with traditional finance and ultimately integrating into the global economy.

Cryptocurrency mining hardware manufacturer Canaan's Q4 revenue surged 121% to $196.3 million, a three-year high, but the stock price fell 6.9% to $0.56. Bitcoin revenue increased by 98.5%, with reserves of 1,750 coins valued at $120 million. Hash rate delivery reached 14.6 EH/s, a new high. Nasdaq warned that the company must close 10 consecutive trading days at $1 or higher before July 13 to avoid delisting.

According to SoSoValue data, on February 10th, the total net inflow of Ethereum spot ETFs was $13,818,400. Among them, Grayscale Ethereum Mini Trust ETF had the highest net inflow, totaling $13,317,300. Currently, the total net asset value of Ethereum spot ETFs has reached $11.755 billion, with a historical cumulative net inflow of $11.880 billion.

The EU is considering a ban on all crypto transactions with Russia to prevent Moscow from circumventing sanctions imposed due to the Ukraine conflict. The proposal aims to target Russian crypto entities that support military operations and to restrict exports to Kyrgyzstan due to concerns over arms trade.

According to SoSoValue data, on February 10th, the total net inflow of XRP spot ETFs was $3,262,400, of which Grayscale XRP Trust ETF had a net inflow of $2,167,200, and Bitwise XRP ETF had a net inflow of $1,095,100. The total net asset value of XRP spot ETFs reached $1.006 billion, with a historical cumulative net inflow of $1.231 billion.

According to SoSoValue data, on February 10th, SOL spot ETF experienced a single-day net inflow of $8,430,500, with Bitwise Solana Staking ETF having the highest net inflow of $7,698,400. The total net asset value of SOL spot ETFs currently stands at $700 million, with a historical total net inflow of $870 million.

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.

On February 11, U.S. cryptocurrency and banking industry executives held a meeting at the White House to discuss the stablecoin yield and related market structure legislation. Both parties described the talks as "productive," but no agreement was reached on key issues. Participants included Ripple, the Cryptocurrency Innovation Committee, the Blockchain Association, as well as major banks such as Goldman Sachs, Citigroup, JPMorgan Chase, and representatives from the American Bankers Association. During the meeting, banks took a hard stance on stablecoin yields. According to leaked documents, the banks proposed a set of "prohibition principles," advocating for a complete ban on any financial or non-financial benefits related to holding or using payment stablecoins, and strict enforcement of anti-avoidance measures to prevent any form of yield or interest promotion beyond the limits. This position goes beyond the latest draft of the Market Structure Bill, which only prohibits passive holding of stablecoin-generated yields but allows limited active reward activities. The banks emphasized that any yield exemptions should be strictly restricted.