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Gate Research Daily Report: Bitcoin’s $69,000–$71,000 range is the key zone for bulls to validate the sustainability of the rebound. Ethereum is gradually stabilizing at lower levels, with MACD turning bullish and price moving toward the upper Bollinger Band, signaling a clearer short-term technical recovery. News circulating on X has intensified retail FOMO, driving ZKP up 32.80% over the past 24 hours, while SAFFRONFI surged more than 40%, mainly due to increased short-term trading activity. Bitcoin selling pressure has temporarily eased, but a durable market recovery will require a revival in spot demand. A crypto market structure bill may pass within the next few months, with stablecoin yields emerging as the key point of contention. Meanwhile, Jump Trading plans to exchange liquidity provision for minority equity stakes in Kalshi and Polymarket.

On Feb. 9, the crypto market entered a choppy recovery phase after a deleveraging shock, with flows showing a clear structural split: capital crowding into BTC while major altcoins remain under pressure. Sentiment is deeply risk-off, with the Fear & Greed Index at just 14 (Extreme Fear). High-beta opportunities are concentrated in event-driven AI Agent and meme trades, led by BNKR, PIPPIN, and PENGUIN. On the macro and industry front, Vitalik argued that algorithmic stablecoins represent “true DeFi”; Cathie Wood said gold strength has often preceded Bitcoin’s cyclical breakouts and reiterated her “big three” thesis on BTC, ETH, and SOL; and Tether is accelerating global, diversified investments while strengthening governance and expanding hiring—signaling a faster shift from a stablecoin issuer toward a broader conglomerate model.

Gate Research Daily Report: On Feb. 9, the crypto market entered a choppy recovery phase after a deleveraging shock, with flows showing a clear structural split: capital crowding into BTC while major altcoins remain under pressure. BTC has rebounded and is consolidating around $70,000, which remains the key pivot for bulls vs. bears; ETH is being weighed down by whale deleveraging and debt-repayment selling, and may repeatedly test the $2,000 psychological level in the near term. On the thematic side, AI Agents and memes remain the high-beta core, with BNKR, PIPPIN, and PENGUIN leading gains. In our Alpha section, we highlight Vitalik’s view that algorithmic stablecoins represent “true DeFi,” Cathie Wood’s thesis that gold strength tends to lead and BTC follows, and Tether’s accelerating shift toward a conglomerate model via global diversification, governance upgrades, and expanded hiring.