Crypto Morning Brief: Binance surveys community on listing Pi Network, Zhu Su says it's time to go all-in on Ethereum
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Crypto Morning Brief: Binance surveys community on listing Pi Network, Zhu Su says it's time to go all-in on Ethereum
The LIBRA "runaway" scandal may suppress altcoins and meme coins, while the options market watches for policy changes.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Binance launches community vote on listing Pi Network
According to an official announcement, Binance has launched a community voting event to solicit user opinions on whether to list Pi Network. The vote will take place on the Binance Square official platform from 22:45 on February 17 to 07:59 on February 28, Beijing time.
Users participating in the vote must hold a verified Binance account and maintain assets of no less than USD 5 equivalent during the voting period. Each user can only vote once. Vote results will be updated daily on the Binance Square official channel. Final results will be announced after removing ineligible and rule-breaking votes.
CZ: Binance will not sell or accept single-digit equity investment
Binance founder Changpeng Zhao (CZ) stated on social media: "Some low-level self-important Asian competitors are spreading FUD about Binance (the centralized exchange) being sold.
As shareholders, Binance will not sell.
Top-tier investors have always been interested in Binance. Over time, we may allow some investors to hold single-digit percentage equity."
Zhu Su: It’s time to go all-in on Ethereum; Vitalik awaits victory
Zhu Su, co-founder of Three Arrows Capital (3AC), posted on X: "It’s time to go all-in on Ethereum (ETH). Vitalik is quietly awaiting victory, waiting for enemy corpses to float by."
QCP Capital: LIBRA “rug pull” scandal may suppress altcoin and meme coin markets; options market watches policy changes
In its latest analysis, QCP Capital noted that as the market continues to trade sideways, Bitcoin’s market dominance has risen to around 60%, nearing a four-year high, while ETH and other altcoins continue to underperform. The report pointed out that the recent “rug pull” scandal involving Argentine President Milei’s LIBRA project could impact similar projects and suppress altcoin and meme coin markets.
The report indicated that after Bitcoin prices returned to the middle of the range, 7-day realized volatility dropped to 36, pushing implied volatility further downward. With a lack of major positive crypto catalysts, price movements are increasingly driven by macro factors, and the correlation between Bitcoin and stock markets remains significant.
Despite current macro uncertainties including tariffs, debt ceiling, inflation, and unpredictability brought by Trump, implied crypto volatility and VIX remain at low levels.
The report also noted that Bitcoin has shown strong resistance to recent macro data, and open interest has not significantly recovered after expiring at the end of January. This suggests that the crypto options market is waiting for concrete policy changes rather than reacting merely to positive rhetoric.
Currently, although volatility remains low, market participants remain cautious about paying time value, a situation similar to Q2 and Q3 of last year when Bitcoin oscillated within a range. Most current trading is concentrated on short-term volatility selling or range trading, rather than betting on major breakout moves.
Binance to launch GPS, SHELL perpetual contracts with up to 25x leverage
According to an official announcement, Binance will list the GPSUSDT perpetual contract at 01:00 on February 18 (Beijing time), followed by the SHELLUSDT perpetual contract at 01:15, offering up to 25x leverage.
Kaito AI: KAITO Yaps snapshot completed
On February 17, according to an official announcement, Kaito AI, an AI-powered crypto search engine, completed the KAITO Yaps snapshot at 12:00 (UTC+8) on February 17.
In addition, the platform will conduct a snapshot for Kaito Genesis NFT holders at 12:00 (UTC+8) on February 18.
IntoTheBlock: Bitcoin-S&P 500 correlation drops to zero, similar pattern seen before breaking $100K
According to IntoTheBlock data, the correlation between Bitcoin and the S&P 500 index has dropped to zero, indicating a complete decoupling in their current price movements. The last time such a low correlation occurred was on November 5, 2024—just before Bitcoin broke through the $100,000 price threshold.
Moonshot 24-hour trading volume drops to $3.119 million, down nearly 95% from peak
According to Dune data, Moonshot, a cryptocurrency trading application, saw its 24-hour trading volume drop to $3.119 million, down nearly 95% from its peak of $666 million on January 19, 2025. Transaction fees over the same period fell from $10.616 million to $56,500, a decline of 99.4%.
U.S. securities exchange MEMX files for 21Shares XRP spot ETF
According to Cointelegraph, U.S. securities exchange MEMX has submitted an application to the U.S. Securities and Exchange Commission (SEC), requesting to list the 21Shares XRP exchange-traded fund (ETF) as a "commodity trust."
Previously, another U.S. securities exchange, Cboe BZX, applied on February 6 to list four XRP spot ETFs, including the 21Shares Core XRP Trust. The SEC confirmed receipt of the application on February 14.
Market Movements
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