DAT Flywheel Stalling, Crypto KOL Suggests DAT Company Will Dump Reserves, Market Still Faces Deep Rekt

Feb 10: As Bitcoin and U.S. stocks rebounded, Ethereum (ETH) prices climbed above $2,100. Previously, ETH had plunged 43% in 9 days to a low of $1,750, followed by a roughly 22% technical rebound. However, multiple data indicators signal market caution toward ETH’s short-term trend. In the derivatives market, the two-month ETH futures annualized premium is only ~3%—below the 5% neutral threshold—indicating weak trader risk appetite, with bears still in control. Even with the price bounce, derivative sentiment has not improved meaningfully over the past month. From on-chain and fundamental angles, ETH has underperformed the broader crypto market by ~9% year-to-date (YTD), raising questions about fund flows. Still, Ethereum maintains absolute leadership in Total Value Locked (TVL) and fee revenue: its mainnet accounts for 58% of industry TVL, and combined with Base, Arbitrum, and Optimism, that share exceeds 65%. Yet key issues persist. Slowed on-chain activity has ended Ethereu

**February 10th Update** At the Ondo Summit in New York, former U.S. House Financial Services Committee Chair Patrick McHenry and White House advisor Patrick Witt said during a live broadcast that U.S. cryptocurrency legislation is accelerating—with a landmark market structure bill expected to pass in the coming months. McHenry projected the final version could reach the president’s desk for signature as early as Memorial Day. Witt added that since the *Genius Act* passed, former President Trump has made this crypto bill a personal priority. On negotiations: A recent White House meeting on stablecoin yields reached new consensus on key issues and clarified still-inviolable “red lines.” The legislation is now shifting from building basic consensus to drafting specific provisions, with the central goal of clearing both the Senate and House. Stablecoin yields remain the biggest sticking point. Witt noted there’s broad agreement to ban misleading claims (e.g., framing stablecoi

Feb. 10 Former President Trump said his Fed chair nominee Kevin Wash could push the U.S. economy to grow as much as 15%—a claim widely viewed as overly optimistic by the public, underscoring that Wash would face heavy political and policy pressure if confirmed. In a Fox Business Network interview, Trump noted Wash was his "second choice" for the role, bluntly calling Jerome Powell’s past appointment "a big mistake." He added that if Wash "performs up to his potential," the U.S. economy could hit 15% growth—or more. Trump did not specify which metric the growth target refers to, however. For context: The U.S. economy is projected to grow ~2.4% this year, with a 50-year average annual growth rate of ~2.8%. U.S. GDP growth has rarely topped 15% historically. Trump has repeatedly said he wants the Fed chair to pursue more accommodative monetary policy, and stressed he wouldn’t have picked Wash if he backed rate hikes. The comments are also viewed as an effort by Trump to signal

Feb. 10 — Per Axios, sources familiar with the matter say Backpack Exchange, a centralized crypto exchange founded by ex-FTX and Alameda executives, is in talks to secure a new funding round with a pre-money valuation of roughly $1 billion.

Feb. 10 — Per market sources, Jump Trading is set to acquire a stake in Polymarket in exchange for providing liquidity.

On February 10, Bitcoin rallied past $70,000, per HTX market data, last trading at $70,299.