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A lack of buying pressure to absorb Bitcoin's selling supply could lead to continued structural downward pressure, according to an analysis. Mignolet, a CoinNess content creator and crypto analyst, explained that while the recent price drop has eased some market overheating, the situation is not fully resolved. He noted that signs of a widening supply-demand imbalance are re-emerging, meaning there is insufficient demand to absorb the sell-side volume entering the market. Mignolet warned that if there are no signs of quiet accumulation from whales during the current sideways trading phase, a previously mentioned bearish pattern could become more pronounced. He concluded that although a short-term rebound might create a sense of optimism, Bitcoin will likely continue to face downward pressure if this structural imbalance persists.

The International Energy Agency (IEA) has proposed its largest-ever release of strategic petroleum reserves to combat soaring crude oil prices amid the war between the U.S.-Israel and Iran, The Wall Street Journal reported. Government officials stated that the release would exceed the 182 million barrels that IEA member countries released in two tranches in 2022 during the war in Ukraine. The proposal was discussed at an emergency meeting of energy officials from the 32 IEA member countries on Tuesday, with a final decision expected today.

The Altcoin Season Index from crypto data aggregator CoinMarketCap is currently at 36, unchanged from yesterday. The index is calculated by comparing the price performance of the top 100 coins by market capitalization, excluding stablecoins and wrapped coins, against that of Bitcoin. An 'altcoin season' is declared when 75% of these top 100 coins outperform Bitcoin over the preceding 90 days, while the opposite is considered a 'bitcoin season.' A reading closer to 100 signifies an altcoin season.

Of the 633 virtual assets available on South Korea's five largest crypto exchanges, only 36 are listed on all of them, representing just 5.7% of the total as of January, NewsPim reported. The exchanges are Upbit, Bithumb, Coinone, Korbit, and Gopax. Delisting standards also vary widely. Over the past year, a total of 74 virtual assets were delisted across the platforms, but only two, EOS (EOS) and Hippo (HPO), were removed by all five exchanges. The Digital Asset eXchange Alliance (DAXA) explained that its model practices for trading support serve as a minimum common standard. It noted that differences in listings occur because each exchange applies its own additional policies and review criteria.

Binance founder Changpeng Zhao's net worth has reached $110 billion, making him the 17th wealthiest person in the world, Forbes reported. This places him ahead of Microsoft founder Bill Gates, who is ranked 19th with a net worth of $108 billion. Zhao's rise in the rankings is attributed to a recovery in Binance's corporate valuation, which is currently estimated at around $100 billion. Zhao holds a 90% stake in the company.

The Fear & Greed Index from crypto data provider Alternative registered 15, up two points from the previous day. The index shifted from "Fear" to "Extreme Fear" on Jan. 30 and has remained in that stage since. The index indicates extreme market fear as it approaches zero and extreme optimism as it approaches 100. The Fear & Greed Index is calculated based on volatility (25%), trading volume (25%), social media mentions (15%), surveys (15%), Bitcoin's market cap dominance (10%), and Google search volume (10%).

South Korea is moving to cap ownership stakes in crypto exchanges at 20% for individuals, including related parties, and 34% for corporations, News1 reported. The ruling Democratic Party's Digital Asset Task Force and South Korean financial authorities have reportedly reached a preliminary agreement to include these limits in a forthcoming basic act on digital assets. The proposal is slated for final confirmation at a party-government consultative meeting. While these proposed ceilings are higher than the 15-20% range previously discussed, major shareholders of leading exchanges like Upbit, Bithumb, and Korbit would still be required to sell off significant portions of their holdings.

The crypto lending protocol Aave experienced large-scale liquidations totaling $27 million over the past 24 hours, CoinDesk reported. While initial speculation pointed to a problem with an oracle from risk management firm Chaos Labs, the company clarified that the issue was not with the oracle itself. Instead, Chaos Labs stated that a misconfiguration of Aave's internal safety mechanism, known as CAPO, was the cause. The firm explained that this led to wstETH being undervalued, which pushed some loan positions below their liquidation thresholds and triggered the forced liquidations. Liquidation bots earned 499 ETH in profits during the process.

Whale Alert reported that 250 million USDC has been minted at the USDC Treasury.

South Korea's Financial Supervisory Service (FSS) has concluded its month-long on-site inspection of Bithumb after the exchange mistakenly distributed Bitcoin worth approximately 60 trillion won (about $43.5 billion), SBS Biz reported. The regulator is expected to determine the severity of sanctions following an internal review. The investigation reportedly focused on the circumstances of the so-called 'ghost coin' incident, where the amount of Bitcoin paid out significantly exceeded Bithumb's actual holdings, and on the exchange's internal control systems.

Matt Hougan, Chief Investment Officer (CIO) of Bitwise, has reaffirmed his prediction that Bitcoin could reach $1 million in the future. According to The Block, Hougan stated that the current store of value market is worth approximately $38 trillion, with gold accounting for $36 trillion and Bitcoin for $1.4 trillion. He projected that if this market grows at a pace similar to the last 20 years, it could reach $121 trillion within the next decade. In that scenario, Hougan emphasized, Bitcoin would only need to secure a 17% market share for its price to reach $1 million. Hougan drew a parallel to the launch of gold ETFs in 2004, when the gold market was valued at just $2.5 trillion. He noted that it has since grown to nearly $40 trillion, influenced by factors such as rising government debt and geopolitical uncertainty. He predicted that Bitcoin's price will also rise, driven by its entry into the mainstream financial system led by spot ETFs, increased institutional investment, and decreasing volatility.

U.S. investment bank Jefferies said in a report that while stablecoins are unlikely to trigger a sudden withdrawal of U.S. bank deposits, the spread of digital dollars could become a persistent drag on bank profits. According to CoinDesk, Jefferies estimates that stablecoin adoption could reduce core bank deposits by 3-5% over the next five years. This would likely increase funding costs and worsen bank profitability, with the report estimating an average reduction in bank profits of about 3%.

U.S. investment bank TD Cowen has analyzed that Congress may be moving toward a permanent ban on issuing a central bank digital currency (CBDC). According to The Block, the bank noted that while this could benefit stablecoin issuers, it may also create another obstacle to passing the crypto market structure bill (CLARITY). TD Cowen expects a provision banning a CBDC to be included in a housing bill that will be submitted to President Donald Trump next month, adding that this ban is more likely to be permanent than temporary.

U.S. President Donald Trump announced that ten deactivated minelaying vessels have been struck and completely destroyed, adding that further strikes will follow. The action follows a previous warning from the president that Iran would face unprecedented military consequences if it laid mines in the Strait of Hormuz and failed to remove them immediately.

Multicoin Capital predicts that the next-generation cryptocurrency market will evolve from a model of direct token purchases to one of "internet labor markets," where users earn crypto by contributing work, CoinDesk reported. Shayon Sengupta, an investment partner at Multicoin, explained that while crypto has traditionally been about buying and trading, the future market could be driven by earning tokens instead. He added that this transition from speculation to income generation is the core of the concept, where users would provide work or resources to decentralized networks in exchange for token rewards.

An Ohio court has denied a request from Kalshi for a preliminary injunction to block the enforcement of a state law regulating sports betting. According to The Block, Kalshi had previously filed the injunction, arguing that its event contracts are regulated by the Commodity Futures Trading Commission (CFTC). The company contended that its right to operate as a federally regulated prediction market supersedes state-level sports betting regulations. Kalshi said it plans to appeal the court's decision.

The three major U.S. stock indices closed mixed today. - S&P 500: -0.21% - Nasdaq: +0.01% - Dow Jones: -0.07%

Wells Fargo has reportedly applied for a trademark registration for "WFUSD" related to cryptocurrency and digital asset services, Unfolded reported.

U.S. President Donald Trump warned that Iran will face military consequences on an unprecedented scale if it lays mines in the Strait of Hormuz and does not immediately remove them, Walter Bloomberg reported. There are currently no official reports that Iran has actually laid any mines.

A significant number of respondents in an American Bankers Association (ABA) survey believe stablecoin legislation should be handled with extreme caution if it threatens to undermine the traditional financial system, CoinDesk reported. Respondents supported a congressional ban on stablecoins by a three-to-one margin if the payment of rewards on such assets risks reducing the volume of bank deposits. Notably, one-sixth of those surveyed argued that community banks, which support local economic activity, must be protected and that no measures should be taken that could weaken them.

The maximum payout for the Ethereum Foundation's bug bounty program has been increased from $250,000 to $1 million, Fredrik Svantes, the foundation's Head of Protocol Security, announced on X.

China's Supreme People's Court has warned it will impose stronger punishments on individuals and organizations using cryptocurrency for money laundering and illegal cross-border fund transfers. According to DL News, Zhang Jun, President of the Supreme People's Court, submitted the court's annual work report to the National People's Congress. He emphasized that while technological innovation is encouraged, its applications must remain within the legal framework. Zhang added that the court will promote the standardized development of artificial intelligence (AI) while clearly defining the acceptable margin for error in technological innovation.

According to CoinNess market monitoring, BTC has fallen below $70,000. BTC is trading at $69,995.51 on the Binance USDT market.

White House spokesperson Karoline Leavitt stated that oil prices will fall once national security options regarding Iran are achieved, Walter Bloomberg reported. She added that President Donald Trump and the Department of Energy are closely monitoring market conditions and preparing further responses. Leavitt also noted that the president is not afraid to use additional options in the energy sector and is confident in achieving the administration's goals quickly.

The U.S. has asked Israel to stop attacking Iranian energy infrastructure, Walter Bloomberg reported, citing Axios. This marks the first time the U.S. has moved to restrain Israeli actions since the two countries began joint operations. The U.S. is reportedly concerned about potential civilian casualties, the possibility of post-war cooperation with Iran's oil sector, and disruptions to the global energy market.