Crypto Data and Research Reports

2026 Year of the Horse (Bing Wu Year) meme coins mainly feature Chinese themes, with "I’m on my horse" gaining the most attention, once soaring over 700%, with a market capitalization surpassing $52 million. The token name combines a Chinese swear word pun, quickly becoming popular in Chinese-speaking communities. Other popular ones include "Horse to Success" (a lucky phrase emphasizing the New Year atmosphere), "Dark Horse" (a narrative of reverse rise), "Crying Horse" (self-deprecating trapped emotions), "Teng Little Horse" (cute pet style), and others.

ChainCatcher reports that, according to Arkham data, at 14:46, 676 BTC (worth approximately $44.63 million) was transferred from an anonymous address (starting with 1NdG...) to multiple addresses. Some of the BTC subsequently flowed into Cobo.com.

Hyperliquid Strategies confirms quarterly losses of $318 million, of which $262 million is attributed to unrealized losses on the HYPE token. The sharp decline in token valuation directly impacts the balance sheet, and market volatility has intensified losses. Although there have been no large-scale liquidations, the valuation impact reveals how token concentration can amplify downside risk.

The amount of cryptocurrency inflow suspected to be linked to human trafficking networks is projected to increase by 85% in 2025, but crypto analytics firm Chainalysis states that blockchain transparency could help disrupt these networks' operations. Chainalysis reported on Thursday that the total transaction volume flowing to suspected trafficking networks (primarily located in Southeast Asia) "reached hundreds of millions of dollars in identified services."

Due to a lack of investor demand, traders are focusing on concerning US macroeconomic data, and Bitcoin open interest has fallen to $34 billion. Some of the decline is also attributed to forced liquidations, which totaled $5.2 billion over the past two weeks. In the past month, Bitcoin has dropped 28%, gold has regained the $5,000 psychological level, and the S&P 500 is only 1% away from its all-time high.

ChainCatcher reports that, according to Arkham data, at 13:33, 578.45 BTC (worth approximately $38.35 million) was transferred from an anonymous address (starting with bc1qdu3...) to another anonymous address (starting with bc1qkn7...). Subsequently, this address transferred 400.45 BTC to another anonymous address (starting with bc1qggv...).

February 13 News, Chainalysis released a new report showing that the amount of cryptocurrency funds flowing into suspected human trafficking networks surged by 85% in 2025, totaling hundreds of millions of dollars, mainly concentrated in Southeast Asia. The involved services include scam operations, online casinos, and Chinese money laundering networks that have been active in recent years. The report points out that these cryptocurrency transactions primarily support international escort services, prostitution networks, kidnapping labor intermediaries, and suppliers of child sexual abuse materials, with stablecoins being the most commonly used in escort and prostitution services. Chainalysis emphasizes that although the inflow of funds has increased significantly, the transparency of blockchain provides law enforcement agencies with unprecedented investigative advantages. By analyzing identifiable transaction patterns and wallet clusters, regulators can trace the flow of funds and combat illegal networks.

The net outflow of Ethereum spot ETFs has reached $113.08 million, with Fidelity FETH experiencing the largest outflow at $43.52 million. BlackRock ETHA saw an outflow of $28.96 million, and Grayscale's products collectively saw an outflow of $31.54 million, showing a significant increase.

Solana has recently faced a market winter, with its token SOL price dropping from a high of $295 to $80, a decline of 71%. Factors such as the cooling of the Meme craze, weakening of ecosystem narratives, and increased competition have led to a decrease in activity within the Solana ecosystem. Additionally, purchases of SOL by digital asset treasuries have failed to offset overall market pressure, shaking investor confidence.

On February 13, news reports indicate that Bitcoin's recent price has been under continuous pressure, failing to stay above $72,000. Meanwhile, the total open interest in Bitcoin futures has fallen to $34 billion, hitting a new low since November 2024, down approximately 28% from 30 days ago. Although the number of open contracts measured in Bitcoin remains around 502,450, indicating that overall leverage demand has not significantly decreased, forced liquidations have accumulated to $5.2 billion, intensifying market concerns that Bitcoin may fall back to the $60,000 support level. The weak bullish leverage demand in the market highlights a decoupling of Bitcoin from traditional financial markets. Over the past month, Bitcoin has declined by 28%, with investors lacking clear catalysts. At the same time, gold prices have returned to the psychological level of $5,000, and the S&P 500 index is approaching its all-time high. Some analysts believe that the risk-averse sentiment is driven by a soft U.S. labor market. Data from the U.S. Department of Labor shows that only 181,000 new jobs are expected to be added in 2025, below expectations, but the White House emphasizes that slowing population growth is leading to decreased job demand.

Analyst IT Tech pointed out in the CryptoQuant report that the seven-day average realized net loss for Bitcoin has reached $2.3 billion, making it one of the largest panic sell-offs in history, second only to the 2021 crash and the 2022 Luna/FTX events. Currently, Bitcoin is priced at approximately $66,600, down nearly 50% from its peak last year.

Bitcoin prices have fallen 46% from the all-time high of $126,000, and the market is still in the "capitulation zone." Long-term holders are significantly reducing their positions, and the realized profit and loss ratio is approaching a critical threshold. Analysts predict that Bitcoin's bottom may occur in Q4 of this year, with prices dropping to the $40,000 to $50,000 range. Market sentiment and technical analysis indicate that challenges remain ahead.

The Ethereum Foundation account and the Chain Abstraction Team have launched the Ethereum Interoperability Layer (EIL), a multi-chain interoperability framework based on the ERC-4337 account abstraction standard. It addresses the three major pain points of cross-chain interactions: repeated authorization, Gas fee shortages, and long wait times. Using Merkle tree technology, it enables single-signature multi-chain execution. XLP cross-chain liquidity providers can stake 1 ETH and be subject to permissionless confiscation.

U.S. stocks, gold, silver, and cryptocurrencies all declined yesterday. BTC dropped to $65,000, mainly due to rising unemployment claims, poor housing sales, potential government shutdown, and risk aversion in Asian markets. BTC needs to turn the $76,000 resistance into support and challenge above $80,000, but the short-term downtrend is difficult to reverse, and spot buying is insufficient to change the situation.

On February 13, news reports that EigenCloud has officially joined the Open Gas Initiative (OGI), initiated by ETHGas. The goal is to remove Gas cost friction for end users through Gas abstraction and real-time execution, promoting Ethereum towards a "real-time, Gasless" interaction paradigm. This collaboration is seen as a significant milestone in upgrading the user experience at the application layer of Ethereum and also provides scalable samples for Gasless user pathways. EigenCloud is the world's first verifiable cloud platform, offering developers verifiable and trustworthy applications, AI products, and AI agent capabilities. Based on EigenLayer's staked security model, it extends Ethereum's cryptoeconomic security to off-chain and real-world scenarios, enabling encryption verification of any input, event, and computation. After joining OGI, EigenCloud can subsidize Gas fees for critical operations without code changes, turning the original costs and barriers into growth drivers.

ChainCatcher message: According to Web3 asset data platform RootData's token unlock data, LayerZero (ZRO) will unlock approximately 25.71 million tokens, worth about $50.65 million, at 11:00 AM Beijing time on February 20.

XRP follows the overall cryptocurrency market downward, currently at $1.36. However, in terms of capital flow, the XRP ETF has experienced zero outflows for eight consecutive days, while BTC has seen outflows of $276 million. Unemployment claims have decreased to 227,000, and the Federal Reserve's probability of cutting interest rates in March has risen to 7.8%, with a 63.9% chance in June. Looking ahead, Friday's CPI data release will be a key factor.

The "Notice on Further Preventing and Managing Risks Related to Virtual Currencies and Other Assets" considers RWA tokenization as a new form of securities activity, and it is expected that licensed securities intermediaries in Mainland China and Hong Kong will benefit. Analysis points out three feasible cross-border RWA businesses, including debt-oriented, equity-oriented, and other types of tokenization.

As modular blockchain architecture becomes the mainstream narrative in the industry and Layer2 Rollup solutions emerge like mushrooms after rain, the core contradiction becomes increasingly apparent: the pursuit of high performance and low cost simultaneously has led the Rollup ecosystem into a dilemma of fragmentation and centralized ordering. Espresso aims to connect dispersed Rollups into a seamless, efficient, and censorship-resistant ecosystem through an innovative decentralized shared ordering network.