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Glassnode: Bitcoin Rebound's Sustainability Hinges on Spot Demand Recovery, Current Market Structure Resembles May 2022

2 hours ago

Glassnode reported on social media Wednesday (Feb. 9) that Bitcoin rebounded to $69,000 following a sharp downward correction. The broader market remains in a defensive posture—spot, derivatives, and on-chain metrics all signal caution, with the rebound’s sustainability hinging on a recovery in spot demand. Off-chain metrics are stabilizing, though market confidence remains muted. Spot and ETF metrics are bouncing back from recent lows, while futures and options positioning remains defensive—reflecting traders’ cautious stance and persistently soft risk appetite. On-chain metrics are mixed: underlying network activity has fundamentally strengthened, but fund flows and profit/loss (P&L) conditions continue to soften. This suggests that while network participation has improved, market demand remains lackluster and profit potential is constrained. At Bitcoin’s $70,000 price level, total market unrealized losses stood at roughly 16% of its market capitalization. Current market volatility mirrors the structure observed in early May 2022.
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S&P 500 and Nasdaq Rebound in Midday Trading, Crypto Stocks Rally in Tandem, Bullish (BLSH) Up 10.86%

As of February 10th, Bitget market data indicates the S&P 500 and Nasdaq have turned positive—up 0.5% and 0.8%, respectively. Crypto-related stocks are also broadly higher, with key moves below: - Coinbase (COIN): +0.66% - Circle (CRCL): +3.68% - MicroStrategy (MSTR): -1.72% - Bullish (BLSH): +10.86% - Bit Digital (BTBT): +0.56% - SharpLink Gaming (SBET): +3.77% - ETHZilla (ETHZ): +0.87% - ALT5 Sigma (ALTS): +2.35% - American Bitcoin (ABTC): -3.05% - Kindly MD (NAKA): +1.8% - Solana Co (HSDT): -6.85% Note: Duplicate entries for Bit Digital (BTBT) have been removed for clarity.

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CME Group Launches ADA, LINK, and XLM Futures Contracts

On February 9, CME Group officially launched futures trading for Cardano (ADA), Chainlink (LINK), and Stellar (XLM). Traders can leverage the capital efficiency and flexibility of these new contracts to expand their trading strategies—each also includes a micro version.

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ERC-8004 has been deployed on the MegaETH mainnet

Feb 9th, MegaETH’s official team announced on social media that ERC-8004 has been deployed to the MegaETH mainnet. MegaETH has partnered with the Ethereum dAI team to integrate the Intelligent Agent Reputation System into its network. Service providers can now register directly on MegaETH, gain visibility in the Intelligent Agent ecosystem, and earn rewards by building trust over time.

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From "Token Hype" to "Revenue Reality," the logic of crypto investment is undergoing a brutal shift

On February 9, Bloomberg published an article noting that plummeting cryptocurrency prices and growing market consolidation have laid bare flaws in the crypto industry. Once thriving amid speculative frenzy, the sector has struggled to build sustainable, revenue-generating businesses. Now, crypto venture capital (VC) is shifting toward traditional startup principles: product-market fit, profitability, and long-term user retention. Despite a pro-crypto stance from the White House and a relaxed regulatory environment, the retail-driven VC logic that once fueled the token economy has dried up. Native crypto funds are reorienting toward higher-performing areas, including stablecoin infrastructure and on-chain prediction markets. Some are also expanding into adjacent sectors like fintech and artificial intelligence (AI). But as traditional institutions continue entering the space, expertise in native crypto alone is no longer sufficient. “The market is consolidating around what actual

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Sky Protocol conducted a buyback of 31 million SKY tokens last week

On February 9th, Sky Protocol (formerly MakerDAO) officially announced that it repurchased 31 million SKY tokens last week, with the transaction valued at 1.9 million USDS. The protocol’s total repurchase volume has now exceeded 108 million USDS.

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MegaETH Mainnet Officially Launched, Introduces The Rabbithole Ecosystem Frontend

On February 9, the MegaETH team officially announced the launch of its mainnet and the release of its ecosystem frontend, The Rabbithole, via social media. Per the announcement, The Rabbithole helps users discover active and upcoming applications, bridges, and asset exchanges, while also sending ecosystem event notifications.

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