?? Weekly Crypto Market Update (February 3rd - 9th)

The Fear & Greed Index stands at 44, signalling fear as BTC trades at $96,801 and ETH at $2,679. This week’s top gainers are MEMDEX, KET, and FARTBOY, while AKUMA, PEPE (Based), and MOBY are the top losers.?

Let’s explore this week’s most important news.?

??Ondo Finance Unveils Permissioned Blockchain for Real-World Assets

Ondo Finance is launching "Ondo Chain," a layer-1 blockchain designed for institutional tokenization of real-world assets. While geared towards institutions, the network will be open to anyone for token issuance and app development. Ondo Chain aims to support various institutional use cases, including prime brokerage, RWA staking, and wealth management. It will use a permissioned validator model to enhance security and prevent MEV. This announcement coincides with the Trump family's World Liberty Financial revealing plans to create a strategic reserve of tokens, including Ondo's ONDO token, further strengthening their ties.

???Utah House Passes Bill for Bitcoin Reserve, Senate Vote Next

A Utah bill allowing the state treasurer to invest up to 5% of public funds in Bitcoin and other major cryptocurrencies has passed the House and is now headed to the Senate. If approved, Utah could become the first US state with a Bitcoin reserve. Similar legislation is also progressing in Arizona, while New Mexico recently introduced its own Bitcoin reserve bill. Several other states have considered or are considering similar measures.

??SEC Takes First Step Toward Approving Spot Solana ETF

The SEC has acknowledged Grayscale's amended application for a spot Solana ETF, a move seen as a "notable" first step towards approval. Analysts note this is a shift in approach, as the SEC previously resisted such filings. This development, potentially influenced by recent leadership changes, follows a wave of crypto ETF filings, including those for Dogecoin, XRP, and Litecoin. A spot Litecoin ETF is considered likely for approval soon. Experts estimate a Solana ETF could attract billions in assets.

??AI Agent Tokens Plummet Up to 90% Amid Market Shifts

AI agent tokens have dropped significantly, by as much as 90% from their 2024 highs, with leading platforms like AI Rig Complex and ElizaOS experiencing substantial losses. While the overall crypto market has also declined, traders attribute the AI token drawdown more to shifts in market liquidity than to fundamental issues.?

??Analyst: ETH Outflows from Exchanges a Positive Sign

Large ETH outflows from crypto derivatives exchanges, reaching levels not seen since August 2023, are being interpreted by analysts as a bullish signal. This reduction in exchange ETH, particularly from derivatives platforms, suggests decreased selling pressure, closed leverage positions, and potential cold storage moves. Analysts at CryptoQuant note this reduces the readily available supply, potentially driving the price up if demand remains stable or increases. This positive development coincides with other bullish catalysts, including potential staked Ether ETFs and growing institutional interest.

That wraps up this week’s #Tothemoon_Market_Update. Stay tuned for more news next week!