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Coinbase Returns to the Super Bowl with a Quirky Lo-Fi Karaoke Ad

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Crypto Breaking News

Coinbase has returned to the Super Bowl with a bold, nostalgia-forward spot that eschews hard sells in favor of a shared cultural moment. Four years after its viral QR-code stunt, the exchange leaned into a Backstreet Boys karaoke-inspired concept, letting the lyrics of “Everybody (Backstreet’s Back)” flash across the screen in a one-minute montage. Marketing chief Catherine Ferdon described the creative as a deliberate attempt to spark a communal experience and to illustrate how the crypto community has evolved beyond a niche interest. The move comes as Coinbase seeks to sustain mainstream visibility at a time when crypto brands are navigating a dense regulatory backdrop and mixed public sentiment, rather than relying solely on direct product demonstrations.

The execution centers on text animation and a simple premise: a catchy, universally recognizable tune that listeners can sing along to, with the goal of memory and sharing rather than a traditional call to action. In that sense, the ad mirrors a broader approach in crypto marketing that prioritizes cultural resonance and broad memorability to drive top-of-munnel awareness, rather than relying on flashy product showcases alone. The spot’s design choices—minimal on-screen branding, a familiar chorus, and a single point of reference—signal Coinbase’s intent to let the moment carry the conversation rather than to funnel viewers immediately into signing up or downloading an app.

Coinbase’s 2026 appearance follows a notable high-water mark in 2022, when the company staged a color-shifting QR-code commercial that bounced across the screen and directed viewers to a sign-up link. The campaign, which offered BTC to new users, reportedly crashed Coinbase’s site and drew millions of visits in a matter of minutes, underscoring the game-changing reach of the Super Bowl for crypto marketing. The 2022 effort featured a simple hook and a sense of immediacy—an approach that Coinbase appears to be reinterpreting this year, albeit through a different cultural lens that hinges on shared experience rather than a direct promotional offer.

Key takeaways

  • Coinbase returns to the Super Bowl with a one-minute, lyric-driven ad that emphasizes communal experience over a direct product pitch.
  • The creative choice leans on nostalgia and a universally known song to foster memorability and discussion among a broad audience.
  • The company’s earlier QR-code stunt in 2022, which steered viewers to a Bitcoin (CRYPTO: BTC) signup link, demonstrated the explosive potential of Super Bowl exposure for crypto brands, even as it overwhelmed the site.
  • Public reactions online were mixed—some praised the simplicity and recall value, while others criticized the tone or timing amid market volatility and regulatory scrutiny.
  • Coinbase executives defended the campaign as a breakthrough moment designed to “break through” in a crowded media landscape and to celebrate the crypto community’s growth.

Tickers mentioned: $BTC, $ETH

Sentiment: Neutral

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Market context: The ad lands in a period of heightened attention to crypto brands in mainstream media, where reach and resonance compete with heightened regulatory scrutiny and evolving consumer attitudes toward digital assets. It underscores a trend of brands using high-visibility events to shape narrative and familiarity around crypto, even as market conditions and policy debates continue to influence user acquisition and brand trust.

Why it matters

The Super Bowl spotlight is a rare opportunity for a crypto brand to move beyond technical jargon and reach a broad audience in a single, high-impact moment. By leaning into a communal, sing-along moment, Coinbase aims to embed itself in cultural memory, potentially boosting long-term recognition even among viewers who may not immediately engage in on-chain activity. The choice to foreground lyrics over a product feature suggests a shift toward brand-building as a gateway to eventual product adoption, especially as consumer perception of crypto oscillates between curiosity and caution.

From an investor and builder perspective, the campaign signals that Coinbase is prioritizing media presence and narrative control as part of a diversified strategy to attract new participants to the ecosystem. The reference to past performance—most notably the 2022 QR-code stunt that prompted a flood of sign-ups and traffic—highlights the outsized impact that large-scale media events can have on user interest and platform exposure. In a market where liquidity and risk sentiment swing with macro headlines, such brand visibility can provide a unique form of non-price-driven traction, potentially widening the funnel beyond the usual crypto-native audience.

The ad also intersects with the evolving conversation around crypto advertising itself. As regulators scrutinize marketing claims and risk disclosures, the ability to generate positive topical chatter without triggering regulatory pushback becomes a delicate balancing act. Coinbase’s approach—opening a conversation through a shared cultural moment rather than a direct sign-up prompt—may influence how other players craft campaigns that are memorable yet compliant, especially when targeting mass audiences in the United States and abroad.

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Within the content, the emphasis on community and accessibility is reinforced by public commentary from industry figures. An engineer from the Ethereum Foundation noted that many attendees enjoyed singing along and found the moment approachable, illustrating how a crypto-brand moment can resonate with developers and enthusiasts alike. At the same time, critics argued that such campaigns can feel performative or disconnected from the underlying realities of asset risk and regulatory risk, reminding readers that mass-media stunts do not obviate the need for transparent disclosure and responsible messaging.

Coinbase’s leadership echoed that dual message. CEO Brian Armstrong defended the ad on social media, arguing that most people engage with ads in fleeting, buzzed settings and that a distinctive moment is often required to break through. The company’s marketing chief emphasized that the objective was to create a memorable, shareable experience that mirrors the crypto community’s growth. Taken together, these statements reflect a strategic bet: that a well-timed pop-cultural moment can bolster brand familiarity and open doors for deeper engagement as crypto markets and products mature.

Looking ahead, the broader context for Coinbase and similar brands remains nuanced. Mainstream media moments can catalyze new user interest, but they also invite scrutiny about risk disclosure and the real-world implications of crypto ownership. In parallel, the industry will likely watch for how such campaigns influence long-run adoption, whether subsequent campaigns lean into similar cultural cues, and how regulators respond to creative advertising that touches on financial products without overtly directing purchases.

What to watch next

  • Monitor Coinbase’s post-campaign metrics: social engagement, traffic spikes, and any uptick in new sign-ups or app activity following the ad.
  • Watch for further brand campaigns from Coinbase or rival exchanges that blend pop culture with crypto messaging, testing the balance between reach and regulatory compliance.
  • Assess regulatory and policy developments that could influence future advertising strategies for crypto services, including disclosures and consumer protections.
  • Track sentiment shifts across social platforms as viewers reflect on the impact of the ad and potential influence on purchasing behavior or sign-up decisions.
  • Follow public comments from Coinbase leadership for signals about how the company plans to sustain broad awareness while navigating market cycles and evolving consumer expectations.

Sources & verification

  • Official statements from Coinbase marketing chief Catherine Ferdon describing the ad’s intent and experience-driven approach.
  • Post by Coinbase CEO Brian Armstrong on X defending the campaign’s approach to break through with audiences.
  • Historical reference to Coinbase’s 2022 QR-code Super Bowl spot and its reported traffic impact, including the sign-up link associated with Bitcoin (CRYPTO: BTC).
  • Public comments from Ethereum Foundation engineer Chase Wright on reactions to the ad in social conversations.
  • Media coverage and analysis of online reception, including diverse opinions on the ad’s simplicity, memorability, and timing amid market conditions.

Key figures and next steps

Coinbase’s campaign demonstrates a continued appetite for mass-media engagement as a path to broader crypto familiarity. While the short-term impact on sign-ups or asset prices remains debatable, the larger takeaway is clear: brands are experimenting with entertainment-led formats to connect with diverse audiences, and the crypto sector is not shying away from mainstream stages.

For readers and market participants, the episode underscores the importance of separating hype from fundamentals. A single advertising moment can raise awareness, but sustained growth hinges on clear disclosures, measured risk communication, and a product-and-ecosystem narrative that withstands scrutiny and evolves with user needs.

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Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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Over $278 Million Set to Hit the Market

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Token unlocks

TLDR

  • Cliff token unlocks from CONX, AVAX, APT, and STRK will inject over $56 million into the market this week.
  • STRK leads cliff unlock volume with 127 million tokens valued at $6.28 million.
  • RAIN dominates linear unlocks, releasing $86.65 million in value, 2.59% of its total supply.
  • SOL and CC follow with daily token unlocks valued at $41.52 million and $32.34 million, respectively.
  • Combined cliff and linear token unlocks exceed $278 million, impacting short-term liquidity across multiple assets.

This week, the market will brace for token unlocks from February 9 to February 16 across Cliff and Linear token unlocks. These unlocks will introduce over $278 million worth of tokens into circulation, potentially impacting short-term market behavior.

Cliff Token Unlocks Set to Inject Over $56 Million

According to a summary prepared by Wu Blockchain, in the cliff token unlocks category, four major projects will release notable token volumes. CONX will unlock 1.32 million tokens worth $15.72 million, accounting for 1.56% of its adjusted released supply.

Token unlocks
Source: X

AVAX will release 2.37 million tokens, valued at $21.51 million, increasing its supply by 0.45%. APT is scheduled to unlock 12.46 million tokens worth $13.32 million, contributing 0.76% to circulation. STRK will release the largest amount by volume, unlocking 127 million tokens valued at $6.28 million, which equals 4.61% of its supply.

Linear Token Unlocks to Release Over $221 Million

On the other hand, linear token unlocks began today and will continue until February 16. RAIN will unlock 9.45 billion tokens worth $86.65 million, representing 2.59% of its supply. SOL will release 477,990 tokens, valued at $41.52 million, representing only 0.08% of its supply.

CC will unlock 191.71 million tokens valued at $32.34 million, adding 0.46% to circulation. TRUMP will release 6.33 million tokens worth $21.26 million, equal to 1.30% of the supply.

RIVER will inject 1.25 million tokens, worth $15.77 million, into the market, representing 3.17% of the adjusted supply. WLD will release 37.23 million tokens valued at $14.8 million, representing 0.80% of the total supply. DOGE rounds off the list with 94.8 million tokens worth $9.16 million, impacting only 0.06%.

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These token unlocks signal an increase in liquid supply for multiple assets. Cliff token unlocks introduce abrupt liquidity events, while linear unlocks apply steady distribution pressure. RAIN, SOL, and AVAX dominate in terms of value, while STRK and RIVER lead in percentage impact.

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In a Tokenless Crypto World, These 3 Protocols Would Still Matter

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In a Tokenless Crypto World, These 3 Protocols Would Still Matter

Crypto discussions often default to token price, market cap, and short-term performance. But if tokens are taken out of the equation entirely, what actually remains valuable?

In an interview with BeInCrypto, Ryan Chow, CEO and co-founder of Solv Protocol, said that if tokens stopped mattering tomorrow, priorities would snap back to fundamentals. He also shared 3 crypto protocols he believes would still clearly matter in 2026, even if tokens no longer existed.

Are Token Prices a Reliable Measure of Value in Crypto? 

Crypto is often defined by its tokens and volatile price swings. Much of the industry conversation revolves around price speculation. 

What top coins will do next, when altcoin season might begin, or which token could be the next 100x winner? These narratives dominate headlines, social media, and market sentiment.

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While prices dominate mindshare, what do they actually say about whether a project is actually working, being used, or delivering real value? 

Chow mentioned that price can be informative when it’s backed by sustained usage and revenue. However, most of the time, he described it as a “lagging, noisy proxy.”

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The real test, he said, is when it’s backed by sustained usage and revenue, and becomes infrastructure that people build on, and institutions can trust, regardless of market charts.

“Token price tells you what the market feels, not whether the system works,” he stated.

According to Chow, price movements often run ahead of fundamentals or diverge from them entirely. Tokens can rally on expectations alone, while protocols that are steadily gaining adoption may see little immediate price reaction. 

He added that a project’s real progress is better measured by the strength of its infrastructure, the security of its operations, and its ability to earn trust from institutional participants. Chow explained that if tokens are removed:

“Value then comes down to adoption, usability and security. Metrics like onchain adoption, integration with other protocols, compliance readiness and the ability to scale reliably for institutions are far stronger signals of impact than market cap alone.”

What User and Developer Behavior Looks Like Without Crypto Tokens

But if tokens, and with them trading, were to disappear, would users leave as well? Chow suggested that without the ability to profit from holding or trading tokens, most speculative activity would vanish almost immediately. 

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This includes momentum trading, airdrop, points farming, mercenary liquidity, and governance.

“What would remain is purely instrumental use: stablecoins for payments and treasury, onchain credit for capital efficiency, and institutions using verifiable rails for issuance and collateral.  I am seeing genuine demand in crypto for capabilities, settlement, custody, verification, distribution, and risk-managed yield, not for tokens. This tells us that real utility is what sustains a project beyond price incentives,” he told BeInCrypto.

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The executive also stressed that such a theoretical scenario would fundamentally shift developer priorities. According to Chow, token performance has pushed builders to focus on short-term gains rather than long-term infrastructure. 

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The current structure rewards what is easiest to market, such as new narratives, incentives, points programs, and short-term total value locked (TVL), rather than what is hardest to build: security, risk controls, reliability, and clear unit economics.

“If tokens stopped mattering tomorrow, priorities would snap back to fundamentals. Builders would focus on systems that earn trust, such as verifiable reserves and accounting, execution and management, auditability, uptime, governance, and compliance-ready workflows. You’d see more work on distribution rails across wallets, exchange integrations, settlements, identity, and business models that work on fees,” he remarked.

Lending, Settlement, and Custody as Core Crypto Use Cases 

Chow also argued that crypto would continue to exist even in the absence of tokens.

“In a token-agnostic world, crypto survives as paid infrastructure, with revenue tied to measurable work,” he commented.

He pointed to several business models that are already operating sustainably. These include usage-based fees for settlement, execution, minting, and routing, as well as financial primitives such as lending protocols. According to him,

“One of the most proven sustainable revenue models in DeFi is lending protocols. Well-designed lending protocols generate revenue through interest rate spreads and borrower fees, with income scaling based on utilisation and risk management rather than token emissions.”

Chow noted that even during periods of market volatility, demand for leverage, hedging, and liquidity tends to persist, allowing these systems to continue generating revenue.

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Chow also highlighted infrastructure designed for institutional use as among the most resilient segments of the industry. Services such as custody, compliance, reporting, and payments are typically paid for in fiat or stablecoins and are adopted to reduce operational and regulatory risk. In weaker market conditions, he said, these services often remain the primary bridge between traditional finance and crypto.

“Another sustainable revenue model is to incorporate transactional infrastructure fees. Blockchains and settlement layers that charge for real activity, such as processing transactions or facilitating cross-chain transfers, generate revenue regardless of the market sentiment, making it sustainable even in the face of speculation, hedging, or arbitrage,” he remarked.

Ultimately, Chow argued that any system capable of reliably solving real-world problems and integrating into enterprise workflows can sustain itself, regardless of token performance or market cycles.

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Which Crypto Projects Would Still Matter in 2026 Without Tokens? 

The question now becomes which crypto protocols would still clearly matter in 2026 if tokens were removed entirely. Chow told BeInCrypto that the answer lies in identifying projects that have built real economic infrastructure that solves actual problems. He pointed to 3 protocols:

First, Chow pointed to Chainlink. He detailed that it would remain essential because it provides critical data infrastructure underpinning much of the crypto ecosystem. 

DeFi protocols rely on accurate and secure price feeds to function properly. Without reliable oracles, basic activities such as liquidations, derivatives settlement, and asset pricing become unsafe.

He claimed that Chainlink has emerged as the de facto standard for oracle services, processing billions of dollars in transaction value. Chow emphasized that even without the LINK token, protocols would continue paying for these services in stablecoins or Ethereum (ETH). 

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“Because the alternative is building inferior oracle systems themselves or facing catastrophic failures from bad data. Institutions and protocols would continue paying for Chainlink’s verifiable, tamper-proof data feeds because the cost of not having them is existential.”

2. Canton Network

Second, Chow highlighted the Canton Network. He argued that its relevance is driven by institutional demand for privacy combined with regulatory compliance. 

According to Chow, Canton provides a regulated settlement layer where BTC-backed positions can move without exposing sensitive counterparties or proprietary strategies.  The executive revealed that its value is still clear, institutional coordination, and settlement funded by enterprise usage and validator/service fees. 

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“It would survive because its demand is structural (regulated workflows don’t disappear in bear markets) and its economics are usage-funded (enterprise adoption and validator/service fees), not dependent on speculation,” he suggested.

3. Circle

Third, Chow said Circle would continue to matter in a tokenless crypto space. USDC, he noted, has become foundational infrastructure for crypto payments, treasury management, and cross-border settlement. 

For banks and enterprises seeking a reliable and regulated digital dollar, USDC has emerged as a trusted settlement option. Without a native token to manage or distribute, Chow described Circle as essentially a modern financial utility that earns spreads on deposits. 

As demand for instant, programmable dollars capable of moving globally around the clock continues to grow, he argued that Circle could potentially thrive in a token-agnostic world by continuing to solve real financial problems.

Overall, Chow’s comments present an alternative framework for assessing value in crypto that places less emphasis on token price and more on usage, infrastructure, and operational reliability. 

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His views suggest that, in the absence of token-driven incentives, projects with sustained adoption, clear revenue models, and institutional relevance would be better positioned to remain relevant over time.

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Ethereum price prediction after Tom Lee’s Bitmine buys 20K ETH worth $41.98M

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Ethereum price has confirmed a head and shoulders pattern on the daily chart.

Tom Lee’s Bitmine has moved closer to its goal of acquiring 5% of the total supply with its latest 20K ETH purchase. But a bearish flag pattern confirmed on the weekly ETH/USDT chart suggests a potential price correction for Ethereum may be imminent.

Summary

  • Tom Lee’s Bitmine has acquired 20,000 ETH for $41.98 million.
  • Market demand generated from spot Ethereum ETFs remains weak.
  • A bearish head and shoulders pattern was confirmed on the weekly chart.

Bitmine, the tech-focused infrastructure company run by renowned market strategist Tom Lee, had acquired another 20,000 ETH worth $41.98 million over the weekend. The move follows its acquisition of over 40,000 ETH in late January, valued at approximately $117 million at that time.

Following Bitmine’s latest purchase, the company’s total reserves now stand at nearly 4.29 million ETH, making it nearly 71% complete with its goal of owning at least 5% of the total circulating supply.

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In contrast to the debt-fueled acquisition strategy popularized by Michael Saylor’s Strategy, Bitmine Immersion Technologies (BMNR) maintains a pristine, zero-debt balance sheet bolstered by over $586 million in cash and short-term liquidity.

The company’s most strategic pivot, however, is the transition to active Ethereum staking. By putting its massive ETH treasury to work, Bitmine is positioned to generate over $500 million in annual high-margin revenue, provided staking yields hold above the 2.5% threshold.

When large institutional players like Bitmine continue to gobble up supply, it typically tends to create a supply shock, which helps support price floors in the long run.

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However, the overall outlook for Ethereum still remains precarious as a number of bearish catalysts may continue to overshadow any optimism generated by big buys.

First, the Ethereum (ETH) price has remained in a steady downtrend since mid January, dropping over 45% to nearly $1,800 last week. This decline came about as the broader market remained gripped by fear, as macroeconomic and geopolitical volatility combined with massive recurring liquidations continued to keep investor appetite at bay.

Second, spot Ethereum ETFs, which had previously served as a primary bullish driver, have been witnessing back-to-back outflow months since November of last year. These investment products have shed over $2.5 billion in that period alone, and any further outflows could erode retail confidence and often make traders reevaluate their positions.

Third, the total value locked on the Ethereum network has fallen to $57 billion, which is significantly lower than the $98 billion recorded in October of last year. Declining TVL means reduced on-chain utility and could likely sour the sentiment of traders and hence further dampen the recovery.

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On the weekly chart, Ethereum price has confirmed a head and shoulders pattern as it fell below a key support level at $2,800 last month. The pattern is formed of three distinct peaks, where the middle peak is the highest, and the two outside peaks are relatively equal in height. It is widely considered one of the most popular bearish reversal patterns in technical analysis.

Ethereum price has confirmed a head and shoulders pattern on the daily chart.
Ethereum price has confirmed a head and shoulders pattern on the daily chart — Feb. 9 | Source: crypto.news

At press time, the Ethereum price was trading close to $2,000, which is another key psychological support level that could largely dictate market sentiment for weeks to come.

A sharp drop below this crucial floor could trigger a deeper slide toward $1,000, which represents the next major historical support. Prices could even fall as low as $800, a bearish target calculated by subtracting the total height of the head from the point at which the price broke below the neckline of the pattern.

Several technical indicators seem to support this grim prediction. Notably, the MACD lines remain stuck under the zero line and are currently pointing downward, indicating strong selling momentum, while the supertrend indicator has flashed a clear red signal.

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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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Bitcoin Investors Should Watch These US Economic Signals

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This Week's Major US Economic Reports & Fed Speakers

Bitcoin traders are heading into a macro-heavy week, with four US economic events expected to shape sentiment across crypto markets.

With Bitcoin trading in a volatile range and macro narratives dominating market psychology, traders are increasingly treating economic releases as short-term catalysts that can trigger sharp moves in both directions.

Which US Economic Signals Should Bitcoin and Crypto Investors Watch This Week?

A Federal Reserve (Fed) governor’s media appearance, key labor-market data, weekly unemployment claims, and January inflation figures could all influence expectations around interest rates and liquidity—two of the strongest drivers of Bitcoin’s price cycles.

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This Week's Major US Economic Reports & Fed Speakers
This Week’s Major US Economic Reports & Fed Speakers. Source: MarketWatch

Fed Governor Stephen Miran Interview in Focus

Markets will first look to comments from Federal Reserve Governor Stephen Miran, who is scheduled to appear in a podcast interview on Monday, February 9. Ahead of the 5:00 p.m. ET. appearance, there is already mixed sentiment across the crypto community, especially amid broader market caution.  

Some market participants point to Miran’s relatively constructive view on stablecoins, arguing that regulatory clarity and dollar-linked digital assets could indirectly support Bitcoin by strengthening the broader crypto ecosystem and institutional participation.

Others see risk. Speculation that Miran could play a larger role in future Fed leadership has already coincided with bouts of volatility in both precious metals and crypto. This reflects fears that tighter policy could weigh on inflation-hedge narratives.

At the same time, some macro analysts have described Miran as more dovish than many of his peers, citing past arguments in favor of substantial rate cuts to support the labor market.

Any signals in that direction could lift sentiment in risk assets, particularly Bitcoin, which remains highly sensitive to liquidity expectations.

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US Employment Report Could Drive “Bad News Is Good News” Narrative

Attention will shift on Wednesday, February 11, to the US employment report, one of the most closely watched indicators of economic health and monetary-policy direction.

Forecasts suggest relatively modest job growth, potentially reaching 55,000 from the previous 50,000. Weaker-than-expected data could paradoxically support Bitcoin. Cooling labor conditions would increase pressure on the Fed to ease policy, potentially improving liquidity conditions for risk assets.

Recent labor-market indicators have already pointed to signs of slowing. Reports of rising layoffs and a slowdown in hiring have strengthened expectations that rate cuts could arrive sooner than previously anticipated.

Interest Rate Cut Probabilities
Interest Rate Cut Probabilities. Source: CME FedWatch Tool

However, the employment report also carries downside risk. A sharp deterioration in job data could spark broader growth fears, prompting investors to move toward defensive positions. Such an outcome could trigger short-term selloffs in crypto, as seen during previous macro shocks.

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Jobless Claims May Reinforce or Challenge the Trend

Thursday’s initial jobless claims release will provide a more immediate snapshot of labor-market conditions. As such, it could reinforce the narrative set by the employment and unemployment reports on Wednesday.

Recent spikes in claims have coincided with risk-off reactions in crypto markets, including liquidation events and rapid price swings. Some traders interpret rising claims as a signal that economic conditions are weakening enough to force monetary easing, a longer-term positive for Bitcoin.

Others warn that in the short term, deteriorating employment data can unsettle markets, especially when liquidity is thin and leverage is elevated.

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That dynamic has made jobless-claims releases a growing source of volatility, even though they rarely move markets in isolation.

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CPI and Core CPI Seen as the Week’s Decisive Catalyst

The most consequential data point may arrive on Friday, February 13, with the release of January’s Consumer Price Index (CPI) and Core CPI figures.

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Inflation data remains the primary driver of Fed policy expectations and, therefore, a key determinant of crypto market sentiment.

Cooler-than-expected readings in recent months have supported risk assets by weakening the “higher for longer” rate narrative.

Another soft inflation print could accelerate expectations for rate cuts in 2026, potentially reinforcing bullish momentum in Bitcoin and strengthening the case for a move toward six-figure price levels over time.

However, sticky or rising inflation would likely have the opposite effect, pushing Treasury yields higher and pressuring speculative assets, including cryptocurrencies.

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“If data comes in hot, rates will likely stay higher, and risk assets may struggle. If data cools, rate cut expectations could return, and markets may breathe. This week will tell us what comes next,” remarked analyst Kyle Chasse.

Taken together, the week’s events represent a concentrated test of the macro narratives currently driving Bitcoin: inflation, employment, and the timing of monetary easing.

While long-term adoption trends, such as ETF flows, institutional participation, and stablecoin growth, continue to underpin bullish projections, short-term price action remains closely tied to economic data.

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Crypto ETP Outflows Ease as Trading Hits Record $63 Billion

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Crypto ETP Outflows Ease as Trading Hits Record $63 Billion

Crypto investment products logged a third straight week of outflows, though the pace of selling eased markedly as digital asset prices steadied after a sharp downturn.

Crypto exchange-traded products (ETPs) recorded $187 million in outflows during the week, a sharp drop from the $3.43 billion seen over the previous two weeks, CoinShares reported on Monday.

The slowdown came as Bitcoin (BTC) fell to its lowest level since November 2024, with the price touching $60,000 on Coinbase last Thursday.

“While flows typically move in line with crypto prices, changes in the pace of outflows have historically been more informative, often signaling inflection points in investor sentiment,” said James Butterfill, CoinShares’ head of research.

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Bitcoin ETPs only to post major losses, while XRP leads inflows

Bitcoin investment products were the only ETP group to suffer significant losses last week, with outflows totaling $264.4 million.

XRP (XRP) funds led inflows, attracting $63 million, while other altcoin ETPs, such as those tracking Ether (ETH) and Solana (SOL), posted modest gains of $5.3 million and $8.2 million, respectively.

Weekly crypto ETP flows by asset as of Friday (in millions of US dollars). Source: CoinShares

Spot Bitcoin exchange-traded funds (ETFs) accounted for a large portion of Bitcoin ETP outflows last week, amounting to $318 million, according to SoSoValue data.

ETP volumes hit record $63 billion in weekly trading

Addressing last week’s slowdown in outflows, Butterfill suggested that a “potential market nadir may have been reached,” implying that a possible bottom could have formed for ETPs.

Despite the easing of outflows, last week marked a milestone in trading activity. According to Butterfill, ETP volumes reached a record $63.1 billion, surpassing the previous high of $56.4 billion set in October last year.

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Related: BlackRock’s IBIT hits daily volume record of $10B amid Bitcoin crash

Assets under management (AUM) in Bitcoin ETPs stood at $102.7 billion by the end of the week, while ETF AUM fell below $90 billion.

Weekly Bitcoin ETF flows year-to-date. Source: SoSoValue

Meanwhile, global crypto ETP AUM declined to $129 billion, the lowest level since March 2025, Butterfill noted.

Following three consecutive weeks of outflows, crypto ETPs have lost a total of $1.2 billion year-to-date, compared with $1.9 billion of outflows in Bitcoin ETFs.

In other industry news, major crypto fund issuer 21Shares filed last week with the US Securities and Exchange Commission for an ETF tracking Ondo (ONDO).

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