Today’s Top Caps
BTC $68K (-2.4%)
ETH $2006 (-5.4%)
USDT $1
XRP $1.39 (-3.8%)
BNB $616 (-3.4%)
Source: Coinmarketcap
Today's Top Gainers
PIPPIN, RIVER, ASTER, LEO, CC
Source: Coinmarketcap 24HR Top100
Top ETF Tracker
BTC +145M, ETH +57M,
SOL -/+0, XRP +4M.
Source: Coinmarketcap / Coinglass
Today's Top Headlines
South Korea’s Financial Supervisory Service has launched a full-scale investigation into Bithumb after the exchange mistakenly distributed 620,000 BTC ($43B), that it did not have, to its users.
What happened:
• $BTC rewards were input as BTC instead of KRW during a promo
• Funds credited vastly exceeded Bithumb’s actual reserves
• BTC/KRW pair crashed 15% on the platform
• 99.7% of BTC recovered, 125 BTC still unrecovered
This wasn't just a mistake by an employee, this was confirmation of what people have been saying for years about exchange’s dealing in paper Bitcoin i.e. Bitcoin they don't actually have.
So far the fallout has been:
• Bithumb to compensate users at 110% of losses
• 100B KRW ($68M) user protection fund announced
• Lawmakers now pushing stricter rules as Korea debates the Digital Asset Basic Act.
Source: TheLaddersClub
Strategy announced it has “acquired 1,142 BTC for ~$90.0 million at ~$78,815 per bitcoin. As of 2/8/2026, we hodl 714,644 $BTC acquired for ~$54.35 billion at ~$76,056 per bitcoin.”
I've never really understood why these companies buy OTC, they've paid $8K per Bitcoin over market price here. Surely it would be better for them to put in a floor.
Source: Strategy
Bitmine Immersion Technologies (BMNR) said they have added around 40,600 ETH in the past week.
They currently have around 2.87 million ETH staked. Their total ETH holdings have now reached 4.326 million ETH, around 3.58% of total supply.
Source: Bitmine
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Hyperliquid is quietly outgrowing Coinbase.
Trading Volume (Notional):
• Coinbase: $1.4T
• Hyperliquid: $2.6T
That’s nearly 2x Coinbase’s volume… from an onchain exchange. And the market is noticing.
YTD Price Performance:
• Hyperliquid: +31.7%
• Coinbase: -27.0%
A +58.7% divergence in just weeks.
Source: Artemis
Crypto trading platform Backpack Exchange is in talks for a new funding round at a $1 billion pre-money valuation.
Sources say the company plans to raise $50 million, though the final round size could be larger. Backpack Exchange was founded by former members of the FTX and Alameda Research teams.
I personally have no idea why anyone would touch any product coming from former FTX and Alameda personnel.
Source: WuBlockchain
Bank of England selects Chainlink to test atomic settlement with tokenized assets.
Source: Cointelegraph
Until Next Time, Stay Frosty!
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