Gate Research Institute: Cryptocurrency Market Total Market Cap Continues to Decline | Ethereum Staking Rate Hits Record High

Summary

• After a sharp decline, the market has recovered with oscillations; BTC and ETH remain under moving average pressure; capital flows back into high-elasticity sectors like AI, slightly improving risk appetite.
• Ethereum staking rate surpasses 30%, hitting a new all-time high, indicating supply contraction and a rebalancing of liquidity structures.
• Zerohash integrates Monad and USDC, promoting the implementation of Layer 1 stablecoin payment infrastructure.
• Tether’s government bond holdings continue to expand, accelerating the embedding of stablecoins into short-term interest rate systems.
• The total crypto market cap has been declining consecutively, remaining in a short-term risk-off phase.
• Anchorage completes approximately $100 million in strategic funding, with Tether participating in the investment.

Market Analysis

Market Commentary

• BTC Price — Over the past week, BTC has steadily declined from around $79,000, sharply bottomed near $59,980, then rebounded strongly, and is now oscillating in a range. Currently about $67,914, showing a pattern of “sharp drop—recovery—sideways consolidation.” MA5 and MA10 repeatedly intertwine, with prices repeatedly under MA30, indicating a still-bearish moving average system. MACD rebounded below zero but flattened again, with shrinking red bars, showing momentum recovery without a trend expansion. Short-term support at $66,000 and resistance at $69,500–$70,000. A volume breakout above MA30 and holding above $70,000 could challenge $72,000; otherwise, expect continued weak sideways movement.
• ETH Price — ETH has fallen from around $2,400 over the past week, with a low of $1,744, then a clear rebound, currently about $1,973. Its structure is similar to BTC, representing a technical recovery after a sharp decline. MA5 crosses above MA10, but overall still below MA30, with divergence gradually converging, indicating a slowdown in downtrend but no reversal yet. MACD shows weakening momentum after a bullish crossover from lows, with narrowing red bars. Short-term support at $1,950 and resistance at $2,000–$2,030. If volume remains low, upward movement is more likely to be absorbed in range rather than a direct breakout into a bullish trend.
• Altcoins — The top three sectors with the largest gains over the past week are AI Meme (+22.4%), AI Framework (+20.5%), and Pump.fun ecosystem (+11.8%), indicating capital is flowing back into high-elasticity and sentiment-driven sectors. AI narratives are once again central, extending from memes to underlying frameworks and tools, forming a diffusion from concept to infrastructure.
• Stablecoins — The total market cap of stablecoins is currently $307.4 billion, up $5.7 billion (about 1.89%) over the past week.
• Gas Fees — Ethereum network gas fees have generally remained below 1 Gwei over the past week, with a peak of 24.2 Gwei in one hour. As of February 12, the average gas fee for the day was 0.032 Gwei.

Popular Tokens

In the past 24 hours, the overall crypto market has been under pressure, with major assets weakening. BTC down about 1.83%, dragging the market; ETH down approximately 2.72%; XRP fell about 2.00%; SOL declined more sharply by 3.66%. The sector shows a synchronized adjustment pattern. Short-term, capital remains risk-averse and cautious, with the market in a cooling-off consolidation phase, with no clear signs of risk appetite recovery.

BERA Berachain (+82.68%, Market Cap $96.03 million)

According to Gate data, BERA token is currently priced at $0.9151, up over 82.68% in 24 hours. Berachain is built around its unique PoL (Proof of Liquidity) mechanism, creating a “liquidity equals security” Layer 1 blockchain architecture. By deeply linking staking, liquidity provision, and governance incentives, it aims to create a positive feedback loop between network security and ecological capital efficiency.

This rally is driven by “mechanism optimization + ecosystem expansion.” On one hand, reduced inflation and converging reward structures improve long-term supply expectations; on the other, Berachain is accelerating integration with DeFi infrastructure like Tristero, expanding bridging, swapping, and zero MEV trading scenarios, enhancing on-chain liquidity cycles. With the deployment of staking systems and the gradual formation of DeFi ecosystems, the market interprets this as a signal of increased mainnet security and capital efficiency, attracting short-term capital inflows and amplifying price elasticity.

LINEA Linea (+29.94%, Market Cap $64.12 million)

According to Gate data, LINEA token is currently priced at $0.004088, up over 29.94% in 24 hours. Linea is a high-performance Layer 2 network built around Ethereum’s ZK Rollup architecture, emphasizing “verifiable computation + scalable execution” infrastructure. It leverages self-developed zk technology stacks and hardware acceleration to optimize proof generation efficiency, and promotes on-chain deployment of AI Agents, identity, and liquidity mechanisms.

Recently, it launched ERC-8004 standard, providing verifiable identity and transferable reputation systems for AI Agents; also, it released Vortex polynomial commitment benchmarks, achieving significant efficiency improvements in commit and open phases under GPU acceleration, reinforcing its narrative as a high-performance ZK execution environment. The recent rise is driven more by “technological breakthroughs + narrative upgrades.”

PIPPIN Pippin (+32.52%, Market Cap $520 million)

According to Gate data, PIPPIN token is currently priced at $0.51993, up 32.52% in 24 hours. Pippin is based on an SVG unicorn image generated from the latest ChatGPT-4o LLM benchmarks. It is not a functional protocol but an emotion-driven asset built on AI capability evolution, creator identity, and community narrative. Created by Yohei Nakajima, a prominent innovator and thought leader in AI × VC fields, promoting “AI for VC” concepts and continuously producing content and tools.

The recent surge in PIPPIN is mainly driven by capital dynamics and structural speculation rather than fundamental or product developments. The price has completed a consolidation after a previous high, with recent volume increasing and breaking above key moving averages, MACD turning positive, indicating short-term momentum strengthening. With a market cap of about $520 million and some chips exchanged during the previous decline, combined with market sentiment warming and capital inflow, it could form a staged acceleration. However, it remains a high-volatility, high-emotion asset, with sustainability depending on trading activity and risk appetite continuation.

Key Data

Bitcoin New Investor Inflows Turn Negative, Early Signal of Bear Market

CryptoQuant data shows that Bitcoin’s new investor inflows have shifted from positive to negative, indicating recent selling pressure is not being effectively absorbed by new capital. On-chain, reduced new inflows often correlate with declining risk appetite and cooling market sentiment, leading to insufficient buying momentum and increased susceptibility to sell-offs. Historically, waning new inflows often appear at the end of bullish cycles or after peaks, serving as an early indicator of market weakening.

Further, when “selling chips are not absorbed by new capital,” the market relies more on existing funds, increasing volatility and reducing rebound sustainability. Without stable new inflows, prices may enter sideways or weak correction phases. However, this indicator mainly reflects capital structure changes; comprehensive judgment requires considering exchange net flows, long-term holder behavior, and macro liquidity conditions to confirm whether a bear cycle has begun.

Ethereum Staking Rate Breaks 30%, Hitting New Highs, Supply Contraction and Liquidity Rebalancing

Token Terminal reports that Ethereum staking rate has exceeded 30%, reaching a new high; over 30% of ETH supply is now locked in validators, enhancing network security (with about $120 billion worth of staked ETH providing security). Structurally, rising staking ratios reflect holders’ preference for “earning yields and holding less trading,” reducing circulating supply and potentially increasing sensitivity to marginal sell pressure—especially if exchange/dealer depth remains unchanged, thinning liquidity can amplify short-term volatility.

However, a “new high in staking rate” does not guarantee price increases; the key is the source and friction of staking funds: if new staking mainly comes from long-term holders seeking yields, spot selling pressure may ease; if from leverage or staked tokens (LST) re-staked on chains, the system’s locked assets increase but risks transfer to derivatives and collateral chains, with potential liquidations and discounts transmitting back to spot during extreme conditions. Overall, 30% is a critical structural threshold: it reinforces Ethereum’s “yield asset” attribute but also indicates liquidity contraction at the trading layer. Monitoring staking/exit queues, exchange net inflows, and LST discounts and lending health is essential to assess the actual impact on price and volatility.

Zerohash Integrates Monad and USDC, Promoting L1 Stablecoin Payment Infrastructure

Zerohash, a blockchain infrastructure provider, has added support for Monad network and USDC stablecoin, effectively expanding Layer 1 stablecoin payment capabilities at the settlement layer. For clients like Kalshi, Gusto, and Public, this means they can quickly access stablecoin payment channels without deploying nodes, managing on-chain infrastructure, or obtaining separate crypto licenses. Zerohash acts as a compliant intermediary, handling custody, settlement, KYC/AML, and abstracting on-chain interactions, significantly lowering entry barriers.

This move strengthens the “stablecoin as a payment track” trend. Supporting real-time account deposits, cross-border payments, B2B settlements, and on-chain commerce, stablecoins are expanding from a transaction medium to enterprise-level settlement tools. Achieving high-performance, low-latency payments on Layer 1 will improve capital turnover and reduce cross-border settlement costs. Long-term, such infrastructure integration may enable more Web2 companies to embed on-chain payment logic without changing existing business models, accelerating stablecoin adoption in real-world commercial scenarios.

Focus of the Week

ETF Capital Flows Fluctuate Significantly: Short-term Crypto Pricing Still Dominated by Institutional Funds

Recent ETF fund flows show that Bitcoin and Ethereum ETFs have mostly experienced net outflows over the past week, with market risk appetite not yet clearly restored. Bitcoin ETFs saw minor inflows midweek but then again outflows, with daily outflows in the hundreds of millions USD, indicating institutional caution at high levels. Ethereum ETF flows were relatively mild but also weak overall, with no sustained net inflows.

Notably, Solana ETF flows are small, mostly showing sideways and marginal testing, reflecting some funds still watching high-elasticity assets’ structural opportunities. Overall, ETF flows do not yet signal a clear bullish trend; short-term sentiment remains defensive, with capital preferring to wait for macro and internal catalysts to clarify.

Tether’s Government Bond Holdings Continue to Expand: Stablecoins Accelerate Embedding into Short-term Interest Rate Systems

Disclosures show Tether’s holdings of government bonds now surpass those of Germany, ranking among the top holders. Tether’s leadership, Bo Hines, states that based on current asset allocation and growth, Tether may become one of the top ten global government bond buyers this year. This shift reflects stablecoin issuers’ large-scale allocation of high-liquidity, short-term assets, deepening their asset-liability structure with short-term interest rate environments.

From a business perspective, USDT’s user base continues to grow, and its compliant sister stablecoin USAT is launching and expanding, bringing new incremental sources. For the crypto ecosystem, the increasing proportion of stablecoins in government bond holdings signifies a shift from a simple on-chain settlement medium to a key conduit linking on-chain liquidity with traditional interest rate assets, with growing macro liquidity influence.

Crypto Market Cap Continues to Decline: Still in a Risk-off Phase Short-term

Over the past 7 days, the total crypto market cap has shown a downward oscillation. After a high, it accelerated downward midweek, with limited rebound afterward, failing to regain previous key levels. Currently around $2.3 trillion, indicating persistent selling pressure and weak risk appetite. Trading volumes have not significantly increased, suggesting the decline is mainly due to marginal capital withdrawal and risk aversion, not panic selling. The market has yet to show clear signs of trend reversal; price recovery lacks volume support. Overall, the market remains in a correction cycle, with macro liquidity expectations and internal stabilization cues to watch before any sustained trend.

Funding Weekly Report

According to RootData, from February 5 to February 12, multiple crypto and related projects announced funding rounds across sectors like digital asset custody, compliant securities, and payment infrastructure. Highlights include:

Anchorage

Announced on February 5, completed about $100 million in strategic funding, with Tether participating. Anchorage is a US-based digital asset custody and financial infrastructure firm, the first crypto-native entity licensed by a US federal bank, providing compliant custody, staking, trading, and risk management services for institutions, aiming to build a secure crypto financial system.

Penguin Securities

On February 5, completed about 2.8 billion JPY in Pre-A funding, with Mint and Tokyo Science University Investment Management among investors. Penguin Securities is a Japan-based fintech focusing on compliant digital securities (STO), promoting digital issuance, clearing, and management of securities via blockchain, serving corporate financing and institutional asset management.

Relay

On February 5, closed about $17 million in Series B funding, led by Archetype, with USV participating. Relay provides crypto payment and settlement infrastructure, aiming to simplify on-chain payments for wallets, apps, and financial services, reducing barriers for crypto transfers and payments, and scaling crypto payment adoption.

Next Week’s Focus

Token Unlocks

According to Tokenomist, over the next 7 days (2026.02.12–2026.02.19), several major tokens will undergo large unlocks. The top three are:

• YZY will unlock approximately $20.82 million worth of tokens, representing 48.1% of circulating supply.
• CONX will unlock about $15.92 million, representing 52.0% of circulating supply.
• ARB will unlock about $10.07 million, representing 1.6% of circulating supply.

**Sources** - Gate, [https://www.gate.com/trade/BTC_USDT](https://www.gate.com/trade/BTC_USDT) - Farside Investors, [https://farside.co.uk/btc/](https://farside.co.uk/btc/) - Gate, [https://www.gate.com/trade/ETH_USDT](https://www.gate.com/trade/ETH_USDT) - Gate, [https://www.gate.com/crypto-market-data](https://www.gate.com/crypto-market-data) - CoinGecko, [https://www.coingecko.com/en/cryptocurrency-heatmap](https://www.coingecko.com/en/cryptocurrency-heatmap) - CoinGecko, [https://www.coingecko.com/en/categories](https://www.coingecko.com/en/categories) - DefiLlama, [https://defillama.com/stablecoins](https://defillama.com/stablecoins) - Etherscan, [https://etherscan.io/gastracker](https://etherscan.io/gastracker) - RootData, [https://www.rootdata.com/Fundraising](https://www.rootdata.com/Fundraising) - Tokenomist, [https://tokenomist.ai/](https://tokenomist.ai/) - DefiLlama, [https://defillama.com/etfs](https://defillama.com/etfs) - The Block, [https://www.theblock.co/post/389501/tether-purchaser-t-bills-usat-ceo-bo-hines](https://www.theblock.co/post/389501/tether-purchaser-t-bills-usat-ceo-bo-hines) - CoinMarketCap, [https://coinmarketcap.com/charts/](https://coinmarketcap.com/charts/) - X, [https://x.com/Cointelegraph/status/2021305826967781391](https://x.com/Cointelegraph/status/2021305826967781391) - X, [https://x.com/Cointelegraph/status/2021524725097279815?s=20](https://x.com/Cointelegraph/status/2021524725097279815?s=20) - The Block, [https://www.theblock.co/post/389531/zerohash-monad-usdc-stablecoin-payments](https://www.theblock.co/post/389531/zerohash-monad-usdc-stablecoin-payments)
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