PA Daily Report | Binance holds 87% of the USD1 supply; market sentiment is low, but He Yi says FUD will rise once it subsides.

Today's top news highlights:

Trump sets a 15% growth target; Warsh's potential appointment as Fed head may increase pressure.

Hong Kong Victory Securities has suspended cryptocurrency trading functionality for users with mainland Chinese identities.

He Yi: When FUD (Fear, Uncertainty, and Demand) subsides, that's when prices will rise.

The Astra Nova project team has transferred out 5.354 billion RVV in the past four days, accounting for 53.54% of the total RVV supply.

Bitcoin whale holdings have caused the price to fall below $69,000, a situation that lasted for seven months in 2022.

Forbes: Binance currently holds approximately 87% of the circulating supply of the USD1 stablecoin.

Macro

Trump sets a 15% growth target; Warsh's potential appointment as Fed head may increase pressure.

According to Jinshi News, Trump stated that his nominee for Federal Reserve Chair could stimulate economic growth at a rate of 15%. This extremely optimistic target underscores the immense pressure Kevin Warsh will face if appointed. It remains unclear whether Trump is referring to year-over-year growth or some other metric. The U.S. economy is projected to grow by 2.4% this year, compared to an average annual growth rate of 2.8% over the past fifty years. Since the 1950s, U.S. GDP has grown by more than 15% only a few times, including the third quarter of 2020 when businesses reopened after pandemic shutdowns.

Hong Kong Victory Securities has suspended cryptocurrency trading functionality for users with mainland Chinese identities.

According to Techub News, Victory Securities (Hong Kong) officially shut down cryptocurrency trading for all users with mainland Chinese identities on the afternoon of February 9, 2026. Only withdrawal permissions remain; deposits and new transactions are no longer supported. This is a continuation of the platform's gradual tightening of services for mainland users, including previous measures such as prohibiting purchases and suspending new address verification, aimed at complying with Hong Kong Securities and Futures Commission regulations and relevant mainland policies. Currently, non-mainland tax resident users can still use cryptocurrency trading services normally, and affected users can continue to withdraw their assets.

Opinion

Analysis: Bitcoin market sentiment hit an all-time low; contrarian investors believe $60,000 is the bottom for BTC.

According to Cointelegraph, the Bitcoin market sentiment index has fallen to an all-time low, with some contrarian investors believing that $60,000 may be the bottom of this cycle. Data shows that the cryptocurrency fear and greed index fell to a record low of 7 over the weekend, indicating that the market is in a state of "extreme fear." Michaël van de Poppe, founder of MN Capital, pointed out that this indicator, along with the Relative Strength Index (RSI), shows the market is deeply oversold, similar to situations that occurred during the 2018 bear market and the March 2020 pandemic-induced market crash, potentially creating conditions for a rebound.

He Yi: When FUD (Fear, Uncertainty, and Demand) subsides, that's when prices will rise.

Binance co-founder He Yi posted on the X platform: "For newcomers, Binance is the entire crypto world. Seeing FUD (Fear, Uncertainty, and Doubt) makes them hesitant to enter. For existing players, those who can't see the situation clearly will take profits and run. For OGs (Original Experts), who are already financially independent, seeing the brainwashing FUD and AI attacks every day only makes them doubt themselves and want to quit the crypto world. This is why CMC's crypto fear index has dropped to 5. When FUD subsides, that's when the market will rise."

Ethereum market shows signs of capitulation, and analysts are divided on its future trend.

According to Cointelegraph, Ethereum's MVRV Z-Score has fallen to -0.42, entering what is typically considered a capitulation zone, but analysts disagree on whether its price is nearing a bottom. This indicator compares market capitalization with realized value to assess whether an asset is overvalued or undervalued. CryptoQuant analyst Joao Wedson points out that the current value shows Ethereum is in a clear capitulation process, but the intensity is far less than the historical extremes seen in December 2018 (-0.76) and the 2022 bear market bottom. He warns that the market may still have further downside potential before a structural bottom is formed.

Project Updates

The Astra Nova project team has transferred out 5.354 billion RVV in the past four days, accounting for 53.54% of the total RVV supply.

According to on-chain analyst Yu Jin, after Binance announced on February 5th that it would delist the RVV/USDT perpetual contract today (February 10th), the Astra Nova project address transferred out 5.354 billion RVV in the past four days, accounting for 53.54% of the total RVV supply. RVV has also fallen by 59% since the delisting announcement ($0.0027 USD → $0.0011 USD). Of these, 354 million RVV ($607,000 USD) have already entered exchanges such as Bitget, Kucoin, and MEXC. While the remaining 5 billion RVV ($5.97 million USD) have not yet been transferred to exchanges, the addresses receiving these coins transferred RVV to the aforementioned exchanges yesterday, so the possibility of these coins entering exchanges in the future cannot be ruled out.

Binance Futures will launch pre-market trading of ESPUSDT USDT perpetual contracts.

According to the official announcement, Binance Futures will launch ESPUSDT perpetual contract pre-market trading on February 10, 2026 at 16:10 (UTC+8), with a maximum leverage of 5x.

Important data

Bitcoin whale holdings have caused the price to fall below $69,000, a situation that lasted for seven months in 2022.

According to OnChain monitoring, during the recent market downturn, the price of BTC has fallen below the realized price (approximately $7 million to $70 million) for whales holding between 100 and 1000 BTC. Current data shows this realized price is $69,000. It's worth noting that the last time a similar situation occurred after reaching an all-time high was in June 2022, when the price of BTC remained below the realized price for approximately seven months.

Tether burned 3.5 billion USDT on the Ethereum mainnet.

According to Whale Alert, Tether destroyed 3.5 billion USDT on the Ethereum mainnet an hour and a half ago.

The two addresses have now collectively held over 95,000 ETH in long positions, with a total value of $190 million.

According to on-chain analyst @ai_9684xtpa, two addresses have collectively held long positions in over 95,000 ETH, totaling $190 million, making them the top two long positions on Hyperliquid ETH. Address 0x6C8…D84F6 deposited 21.798 million USDC as margin into Hyperliquid in the past three hours, subsequently opening a 20x long position in 35,164.2 ETH ($70.5 million), with an average opening price of $2,044.11, currently showing a floating loss of $1.245 million. Address 0xa5B…01D41 holds the largest long position on Hyperliquid ETH, opening a long position in 60,000 ETH ($120 million) last night, with an average opening price of $2,059.8, currently showing a floating loss of $3.12 million.

A new wallet deposited 12.88 million USDC into Hyperliquid to go long on ETH with 20x leverage.

According to Lookonchain monitoring, a newly created wallet, 0x6C85, deposited 12.88 million USDC into Hyperliquid to go long on ETH with 20x leverage. As of now, it has opened a long position of 16,270 ETH (worth $33.38 million).

Bitcoin spot ETFs saw a total net inflow of $145 million yesterday, with Grayscale BTC leading the way with a net inflow of $131 million.

According to SoSoValue data, Bitcoin spot ETFs saw a total net inflow of $145 million yesterday (February 9th, Eastern Time). The Bitcoin spot ETF with the largest single-day net inflow was Grayscale's Bitcoin Mini Trust ETF (BTC), with a net inflow of $131 million, bringing BTC's historical total net inflow to $2.071 billion. This was followed by Ark Invest and 21Shares' ETF ARKB, with a single-day net inflow of $14.0874 million, bringing ARKB's historical total net inflow to $1.488 billion.

Investment and Financing/Acquisition

Bloomberg: Stripe's valuation could reach $140 billion in a new round of takeover bids.

According to Bloomberg, payments giant Stripe Inc. is arranging a tender offer that would value the company at least $140 billion, more than $30 billion higher than its valuation of approximately $107 billion last year. Sources familiar with the matter indicated that the terms of the offer are still subject to change. Stripe declined to comment. Since 2024, the company has frequently made tender offers to allow employees to sell shares without going public. This deal suggests that Stripe may continue to postpone its IPO. Co-founder and president John Collison stated in January that he was happy to remain private and was "still in no hurry to go public."

Sources say Backpack is in talks to raise funds at a $1 billion valuation.

According to Axios, citing sources familiar with the matter, Backpack Exchange, a centralized crypto exchange founded by former FTX and Alameda executives, is negotiating a new round of funding at a pre-money valuation of $1 billion. Specifically, Backpack is planning to raise $50 million, but the final size of this round could be larger.

YouTube influencer MrBeast to acquire teen mobile banking app Step

YouTube influencer MrBeast announced on the X platform that his team will acquire Step, a mobile banking app for teenagers. MrBeast stated that he never received any education on investing, credit building, or financial management growing up, and this is precisely the reason for his partnership with Step—to provide millions of young people with the financial foundation he lacked at the time. Previously, in January, it was reported that Bitmine planned to invest $200 million in MrBeast's Beast Industries.

Institutional holdings

Forbes: Binance currently holds approximately 87% of the circulating supply of the USD1 stablecoin.

According to Forbes' analysis of data from blockchain analytics platform Arkham Intel, as of Monday, Binance held approximately 87% of all circulating USD1 stablecoins in its own wallets and user accounts—about $4.7 billion of the total supply of $5.4 billion—making it the third-party exchange with the highest concentration of holdings among the top ten stablecoins by market capitalization. Binance responded that its support for USD1 is no different from other cryptocurrencies, that it is common for large exchanges to hold large amounts of specific tokens, and that Changpeng Zhao's pardon is unrelated to the promotion of USD1. World Liberty Financial stated that the related promotions are standard practice and denied that Binance could exert influence over them. The White House press secretary stated that Trump has never been involved in, and will never be involved in, any conflicts of interest.