Bitcoin’s price rally to and above $98,000 yesterday was short-lived as the asset was rejected and pushed south by about three grand in the following hours.

The altcoins have suffered even more, as usual, by marking substantial declines over the past day of up to 8% in the case of SUI.

BTC Stopped at $98K

The primary cryptocurrency endured a highly volatile start to the previous business week by charting a few $10K moves that sent its price on a real rollercoaster following Trump’s tariffs against China, Mexico, and Canada. The asset calmed in the following days and even tried to reclaim the $100,000 level on Friday but was quickly halted in its tracks.

The rejections drove it south to $96,000, which is where it spent most of the weekend. The bulls tried to take the upper hand on Monday and Tuesday and pushed bitcoin to a multi-day peak of just over $98,000.

However, the overall bearish sentiment prevailed, and BTC couldn’t breach that level for long. Just the opposite, it started to lose value and dropped to $95,000 later on. As of now, it has added around $1,000 and sits at $96,000, but more volatility is expected later when the US CPI numbers for January are set to be released.

Its market capitalization has declined to $1.910 trillion on CG, while its dominance over the alts has returned to 58.5%.

Alts Back in Red

As it typically happens during similar crashes, the altcoins have it even worse. The biggest daily losers from the larger-cap alts are SUI (-8%), HBAR (-8%), AVAX (-7%), XLM (-6%), LINK (-5.5%), and DOGE (-5%).

Ethereum, Ripple, Cardano, and Solana are also in the red, but in a slightly less painful manner. In contrast, ENA, TIA, and KAS have plunged by double-digits from the mid-cap alts.

The cumulative market cap of all crypto assets has seen over $80 billion gone in a day and is well below $3.3 trillion on CG now.

Ethereum’s ‘ultra sound money’ narrative has been losing strength recently, as its total supply has hit an all-time high, and the staking ratio has declined by 1% since last November.

However, despite these unfavorable supply-side conditions, new data suggests that ETH still holds strong potential for an upward movement.

Ethereum’s Market Outlook

According to CryptoQuant’s latest analysis, there are several factors at play.

Firstly, Ethereum’s realized price currently stands at approximately $2,200, which is notably lower than its market value of $2,600. This figure reflects the average acquisition cost of all ETH holders and acts as a key support level. With MVRV calculated using the realized price slightly exceeding 1, Ethereum appears to be in a highly undervalued state.

Additionally, the number of long-term Ethereum holders who have accumulated and never sold is rising quickly, which mirrors a trend seen in Bitcoin. Although some whale investors may have exited during the recent downturn, it appears that these permanent holders have absorbed the selling pressure. In fact, a cohort of whales holding 10K-100K ETH have bought more than 600,000 ETH in the past week alone.

Another key factor is that Ethereum’s futures market is experiencing reduced selling pressure. The net market price trading volume chart indicates that although Ethereum’s price has dropped since its $4K peak in November, selling volume has declined to even lower levels. This implies that while prices have decreased, buying interest is gradually strengthening.

To top that, major institutions are aggressively increasing their Ethereum holdings. Companies such as BlackRock (100,535 ETH worth around $276 million), Cumberland (62,381 ETH worth $174 million), and Donald Trump’s World Liberty Financial (WLFI) have continued buying during the downturn. This large-scale accumulation is playing a key role in stabilizing the market.

Hence, CryptoQuant concluded that although the leading altcoin is currently facing supply-side challenges, such as rising total supply and a declining staking ratio, strong demand factors remain in play. While price movement may remain sideways for a few months due to macroeconomic uncertainties, Ethereum’s long-term potential remains intact.

Exchange Reserves Decline

Despite the choppy price action, Santiment data revealed that 9.63 million ETH, worth $26 billion, are currently held in exchange wallets. This figure is the lowest since August 2024. Typically, when investors withdraw assets from exchanges, it signals confidence and reduces selling pressure, thereby lowering the risk of major price drops.

Analysts also believe Ethereum’s future trajectory will largely depend on Bitcoin’s stability and ability to reclaim its all-time high.

Besides, CoinShares recently reported that Ethereum led weekly crypto inflows for the first time in 2025 as it attracted nearly $800 million, nearly double the $407 million that flowed into Bitcoin-related products.

[PRESS RELEASE – Seychelles, VICTORIA, February 12th, 2025]

BYDFi, a well-known crypto exchange, officially announced the upcoming launch of its new Web3 on-chain trading platform, MoonX. Specifically designed for meme traders, MoonX aims to provide a fast, secure, and intuitive on-chain trading experience. The platform integrates core security technologies from Safeheron, a self-custody platform for digital assets, leveraging cutting-edge technologies such as Secure Multi-Party Computation (MPC) and Trusted Execution Environment (TEE) to build an industry-leading key management system that ensures the highest level of security for users’ assets.

Meme Coin Surge Fuels On-Chain Trading Growth

Over the past year, the surge in Meme Coin trading has led to an unprecedented rise in on-chain transaction volume. In 2024, transaction fees from Meme Coin trading on the Solana blockchain ecosystem alone exceeded $3.093 billion, contributing to the historic increase in on-chain trading activity. However, alongside this growth, security concerns have become more pronounced. On November 16, 2024, the decentralized exchange (DEX) DEXX was attacked by hackers, resulting in the theft of users’ private keys and a loss of $20 million in assets. This breach raised serious concerns about the security vulnerabilities of on-chain trading and the importance of private key protection.

BYDFi Partners with Safeheron to Fully Upgrade On-Chain Trading Security

Every day, thousands of new Meme tokens emerge, and traders face the challenge of selecting quality projects while navigating extreme market volatility. At the same time, the threat to private key security remains one of the most pressing issues in the Web3 space.

As a global crypto exchange, BYDFi places a strong emphasis on security. Its collaboration with Safeheron is intended to bring advanced security features to MoonX, built on decentralized trust models. Safeheron’s use of MPC and TEE technologies aims to enhance key management and transaction signature protection for MoonX, addressing key vulnerabilities in Web3 environments. The partnership includes:

• MPC Multi-Party Computation Architecture: A decentralized model that eliminates the risks of single-point key exposure, ensuring secure key management and asset protection without reliance on centralized custody.
• Cross-Device Security Experience: Embedded MPC nodes that seamlessly support trading across both mobile and web platforms, ensuring secure transactions across devices in a trustless environment.
• Advanced Cryptographic Protocols: Supports elliptic curve algorithms such as ECDSA and EdDSA to reinforce the system’s defense against potential attacks and mitigate risks associated with cryptographic key management.

MoonX: The Ultimate On-Chain Trading Arena for Degen Traders

The high volatility of the Meme Coin market has attracted a wave of Degen traders—speculators who thrive on high-risk, high-reward trades. These traders are constantly searching for the next 100x Gems. MoonX is purpose-built for this audience, enabling on-chain trading of assets across major blockchains including Solana, Ethereum, Base, and BNB Chain. The platform supports over 500,000 token pairs, coupled with powerful market analysis tools to assist traders in making informed decisions.

MoonX offers an array of specialized, professional-grade trading features designed to optimize the user experience:

• Take Profit & Stop Loss: Tools to effectively manage risk and lock in profits in volatile markets.
• Smart Money & Signal Copy Trading: Real-time tracking of whale wallets and large market movers, allowing users to copy trades of high-net-worth individuals and institutional players.
• Limit Orders & One-Click Buy/Sell: A CEX-level user trading experience, combining convenience with decentralized features for optimal transaction control.
• Profit Optimization Strategies: Lock in profits with smart strategies, recoup the initial investment, and hold remaining assets with no cost.

Michael, Co-Founder of BYDFi, stated:

“MOONX is more than just a trading tool—it represents BYDFi’s vision and commitment to the future of Web3. By integrating Safeheron’s cutting-edge security technology, we aim to deliver the safest and most efficient Meme Coin trading environment, eliminating security risks in Web3 trading entirely.”

MoonX is currently in the final stages of development and will soon be launched. Updates will be available through BYDFi’s official channels.

About Saferon

Safeheron is a global leader in open-source, transparent digital asset self-custody solutions, founded in 2021 and headquartered in Singapore. Utilizing Secure Multi-Party Computation (MPC) and Trusted Execution Environment (TEE) technologies, Safeheron provides institutional clients with the highest level of security in digital asset self-custody services and MPC privatization solutions, enhancing both security and management efficiency.

Website: https://safeheron.com/ Twitter: https://twitter.com/Safeheron

About BYDFi

BYDFi (BUIDL Your Dream Finance) is a Forbes-recognized global top 10 crypto exchange, founded in 2020 and trusted by over 1,000,000 users worldwide. The platform has obtained Money Services Business (MSB) licenses in multiple countries and regions and is a member of the Korea CODE VASP alliance, reinforcing its commitment to regulatory compliance. All platform assets are held with at least a 1:1 reserve ratio, and Proof of Reserves (POR) reports are regularly published to uphold the highest asset security standards.BYDFi is committed to providing a world-class crypto trading experience for every user.

• Website: https://www.bydfi.com
• Support Email: CS@bydfi.com
• Business Partnerships: BD@bydfi.com
• Media Inquiries: media@bydfi.com

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