US Stock Market Opens Higher, Crypto-Related Stocks Rebound Significantly, MSTR Opens 11.2% Up

On February 7, per GMGN monitoring data, the Base layer meme coin KellyClaude continued its rebound. Its market cap rose from ~$2.6 million at 00:00 ET today to a $12 million peak (a new all-time high) before pulling back slightly. As of press time, its market cap stands at $9.27 million, with a 24-hour gain of 243.51%. The latest rally could be tied to the project team’s announcement that it will burn all transaction fees associated with KellyClaude. KellyClaude falls under the recent AI narrative space on the Base chain, founded by Austen Allred. The team aims to launch over 12 products per day. BlockBeats notes that meme coin trading carries extreme volatility, is heavily reliant on market sentiment and narrative hype, and lacks tangible value or utility. Investors should exercise caution.

Per Arkham data, Trend Research transferred another 20,000 ETH to Binance 11 minutes ago (Feb 7).

Coinbase announced on Tuesday, February 7, that it will suspend trading for the following perpetual contract pairs on Coinbase Advanced and Coinbase International Exchange at approximately 13:00 UTC on February 20. The affected pairs are: EDGE-PERP, PROMPT-PERP, 1000SATS-PERP, FLOW-PERP, SCR-PERP, IO-PERP, AR-PERP, HMSTR-PERP, DEGEN-PERP, L3-PERP, GIGA-PERP, TNSR-PERP, BLAST-PERP, DYM-PERP, ZETA-PERP, CGLD-PERP, LAYER-PERP, MEW-PERP, CRO-PERP, MANTLE-PERP, RSR-PERP, HNT-PERP, SYRUP-PERP, PROVE-PERP, GRASS-PERP. Per the announcement, the suspension aligns with the platform’s ongoing commitment to upholding a high-quality derivatives market, as Coinbase prioritizes products that consistently meet liquidity and market quality standards.

CryptoQuant analyst Darkfost noted on February 6 that the crypto market is approaching the on-chain loss supply level observed during the last bear market. Back in November 2022, roughly 10.5 million Bitcoin were in a loss position. Currently, over 9.5 million Bitcoin are in loss, while around 10.4 million remain profitable. Darkfost also pointed out the market is on track to see loss and profit Bitcoin supplies roughly equal—a scenario last seen at the end of the 2022 bear market. Notably, this correction is significant, with loss-holding supply growing rapidly.

On February 6, Onchain Lens monitoring data indicates a crypto whale has once again deposited 198,960 USDC into HyperLiquid. The whale has boosted their long positions in ETH and HYPE, and opened a new long position in BTC.

On February 6, Bitcoin surged past $69,000, according to HTX market data, with its current price at $69,017. The cryptocurrency has rebounded nearly 15% from today’s low of $60,010.