1. **US Regulatory Policy Controversy and "De-Banking" Hearing**
The U.S. House of Representatives Financial Services Committee held consecutive hearings, focusing on the "de-banking" issue in the cryptocurrency industry. Republican lawmakers criticized the Biden administration for threatening banks to cooperate with crypto companies through vague regulatory letters, believing that this was an "abuse of power", hindering innovation and harming consumer interests; the Democratic Party emphasized the need to guard against risks in the crypto industry. Paul Grewal, chief legal officer of Coinbase, pointed out that institutions such as the Federal Deposit Insurance Corporation (FDIC) privately pressured banks to restrict crypto businesses and obtained relevant evidence through litigation. Senator Cynthia Lummis disclosed that the Federal Reserve participated in the "Operation Chokepoint" plan to further limit banks' exposure to crypto customers.
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2. **Institutional Dynamics and Product Innovation**
1. **Franklin Templeton applies for a cryptocurrency index ETF**
The asset management giant submitted an application to the SEC, planning to launch a cryptocurrency index ETF that only holds Bitcoin and Ethereum, which may be expanded to other tokens in the future based on regulatory progress. This move reflects the trend of traditional financial institutions accelerating their layout of the crypto market after Trump's election.
2. **Gemini considers IPO this year**
Gemini, a crypto exchange founded by the Winklevoss brothers, is discussing an initial public offering (IPO) plan with consultants, and may become the first top crypto platform to go public this year.
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III. **Market trends and token dynamics**
1. **Altcoin season and capital rotation**
Bitcoin has risen 50% recently, approaching the $110,000 mark, and then funds have rotated to Ethereum and altcoins (such as XRP, ADA, DOT). Concepts such as AI, Layer 2 expansion and GameFi have become hot topics. Solaxy, a Layer 2 project of the Solana ecosystem, raised more than $17 million in pre-sales, and the meme coin Wall Street Pepe ($WEPE) raised $67 million in pre-sales.
2. **Large-scale token unlocking**
From February 3 to 9, the total amount of token unlocking for multiple projects exceeded US$7.995 million, of which XDC unlocked US$49.07 million (accounting for 2.81% of the circulation) and Neon unlocked US$10.4 million (accounting for 22.35%), which may cause short-term pressure on market liquidity.
