Crypto Macro News and Global Policy Updates

Grayscale report indicates that the correlation between Bitcoin and software technology stocks is as high as 0.73, showing that it has become more like a high-risk growth asset rather than a hedge. Bitcoin is currently in an evolutionary stage, and its high correlation with tech stocks stems from the popularity of ETF activities, and it will continue to evolve towards a store of value in the future.

John Lee at Consensus 2026 stated that Hong Kong is one of the world's free economies and financial centers, committed to becoming a hub for digital asset innovation. The Hong Kong government is actively building a regulatory framework for digital assets, with plans to issue the first batch of stablecoin licenses, and is promoting development by enhancing liquidity in the virtual asset market. Hong Kong welcomes global enterprises to participate in building the digital future.

Robinhood stock price fell 8% after hours on Tuesday, with HOOD dropping from $85.60 to $78.80. The company’s Q4 total revenue increased by 27% to $1.28 billion, but crypto revenue declined by 38% to $221 million, with trading volume on the app itself down 52%, retail investor funds flowing out, and a shift in revenue structure reducing dependence on crypto.

February 11 News, Hong Kong continues to strengthen its position as an Asian hub for digital assets and Web3 innovation. Hong Kong SAR Chief Executive John Lee delivered a video speech at the CoinDesk Consensus Hong Kong Conference, stating that the SAR government will support the development of the local digital asset ecosystem in the long term and provide a predictable business environment for global crypto companies through a clear and robust regulatory framework. John Lee pointed out that over the past few years, Hong Kong has systematically established a regulatory system for digital assets, aiming to promote the expansion of the Web3 industry on a compliant, transparent, and sustainable basis. He emphasized that Hong Kong also connects Mainland China and international financial markets, possessing dual advantages under the "One Country, Two Systems" framework that are difficult for other cities to replicate. This gives it a unique competitive edge in virtual asset innovation, capital flow, and institutional stability.

Hyperliquid's HIP-3 set a record of $5.2 billion in daily trading volume on February 5, with silver perpetual contracts reaching $4.09 billion. TradeXYZ led the way, with precious metal contracts accounting for 90% of the trading volume. Previously, gold broke $5,000 and silver dropped below $100, leading to a sharp decline. The platform's metal trading volume has reached 1% of COMEX, transforming into a full-asset trading layer.

In brief Citadel Securities is backing LayerZero’s Zero blockchain alongside DTCC, Intercontinental Exchange, and other institutions. Zero is designed to share work instead of having every participant handle every transaction, making it more efficient. LayerZero claims Zero could reach

Bitcoin (BTC) remains in a downturn, temporarily trading around $69,160 on February 11. Federal Reserve Board member Waller warned that the cryptocurrency boom is fading as it remains closely linked to traditional finance (TradFi). The former SafeMoon CEO was sentenced to 8 years in prison for a cryptocurrency scam and ordered to forfeit approximately $7.5 million and two residential properties.

According to the latest data from Gate, the price of gold has risen to $5,042.10 per ounce, while silver has slightly increased to $81.60 per ounce. The volatility indices for BTC and ETH have slightly decreased, WTI crude oil has fallen by 0.11%, and Brent crude oil has increased by 0.13%.

Bank of America strategist warns that if the Federal Reserve adopts aggressive easing, the US dollar could depreciate by 10% this year, marking the worst in a decade. Two rate cuts are the baseline, and three are also possible, as narrowing interest rate differentials prompt overseas investors to sell dollars. Trump nominates Kevin Warsh to succeed Powell as Federal Reserve Chair, expecting more aggressive rate cuts. Currently, the interest rate is 3.50%-3.75%, and CME indicates the first of two rate cuts is expected in June.

Goldman Sachs disclosed a $2.36 billion cryptocurrency exposure in its Q4 2025 13F filing, with holdings including $1 billion in BTC, $1 billion in ETH, $153 million in XRP, and $108 million in SOL. Held through regulated instruments like XRP ETFs, rather than direct holdings. Goldman Sachs manages $3.6 trillion in assets, and this move marks a shift from skepticism to cautious embrace of cryptocurrencies.

The decentralized derivatives protocol Hyperliquid's perpetual contract market HIP-3 set a record with a $5.2 billion trading volume on February 5, mainly supported by TradeXYZ, especially the Silver contract, which accounted for 68% of the trading volume. Metal price fluctuations attracted a large number of traders, and open interest also saw significant growth.

Bitcoin remains range-bound around $69,000, with ETF inflows of $516 million, but still not fully offsetting the $2.2 billion outflow. Deribit put/call ratio surged to 3.1 before falling back to 1.7. Silver plummeted 45%, triggering a chain liquidation effect. Bitcoin is stuck in a downtrend and needs to break above $72,000. Wednesday's non-farm payrolls are expected to increase by 70,000, with market sentiment remaining cautious.

The Cryptocurrency Political Action Committee Fairshake has raised $193 million and invested $5 million to support Alabama Republican Congressman Barry Moore's Senate campaign, promoting the development of cryptocurrencies. It also supports legislation related to Chairman of the House Financial Services Committee French Hill.

U.S. stocks showed mixed performance on Tuesday, with the Dow Jones Industrial Average closing higher, but the S&P 500 and Nasdaq indices both falling due to weak retail data and AI competition. December retail sales were flat, reflecting a slowdown in consumer spending, which impacted traditional retail stocks. The crypto market remained subdued, with Bitcoin retreating to 68K, and the Fear Index indicating extreme fear. Market focus has shifted to upcoming employment and inflation data releases.

Goldman Sachs discloses holdings of multiple cryptocurrencies including $1.1 billion in BTC and $1 billion in ETH through spot crypto ETF holdings. Goldman Sachs representatives attended a White House meeting, and the CEO plans to speak at the WLFI forum.

In brief Dalio said CBDCs could give governments unprecedented ability to monitor transactions and enforce policy through the financial system. He played down their long-term appeal as a store of value, arguing they would struggle to compete with money-market funds or bonds. The

The U.S. stock market strengthened as the small business optimism index declined and retail sales remained weak, with rate cut expectations rising to 60 basis points. Concerns related to AI affected financial stocks, and investors bought on dips. Bitcoin fell below $70,000, and the outlook for tech stocks is cautious ahead of the upcoming employment data release.

If the Federal Reserve cuts interest rates early, the US dollar could decline by 10%, which would benefit digital assets like Bitcoin. Analysts believe that a weakening dollar is inversely correlated with Bitcoin prices, but caution is advised when analyzing investment risks and market changes.

U.S. stocks closed on Tuesday, with the Dow up 0.1%, the S&P 500 down 0.3%, and the Nasdaq down 0.59%. Nvidia, S&P Global, Intel, and Western Digital all declined, while the Nasdaq China Golden Dragon Index rose 0.87%. Alibaba and Dingdong Maicai increased by 2% and 7%, respectively.