CoinRank Crypto Digest: February 04, 2025

Welcome to the first CoinRank Crypto Digest of 2025. In the new year, CoinRank will continue to provide daily important crypto news in this column series, allowing readers to quickly obtain the latest crucial updates from the cryptocurrency market.

MORNING NEWS

1. White House Crypto Chief to Hold Press Conference on U.S. Digital Asset Strategy

President Trump’s AI and Crypto Czar, David Sacks, is scheduled to hold a press conference on February 4 at 2:30 PM ET to outline the administration’s strategic plan for maintaining U.S. leadership in digital assets.

2. Hyperliquid Surpasses Ethereum in Weekly Revenue

According to DeFiLlama data, as of February 3, Hyperliquid generated approximately $12.8 million in protocol revenue over the past seven days, exceeding Ethereum network’s revenue of $11.5 million during the same period.

3. Eric Trump Bullish on Ethereum, Suggests “Perfect Timing” for Investment

Eric Trump, the former president’s second son, expressed optimism about Ethereum on his social media platform, stating, “In my opinion, it’s a great time to add $ETH.”

4. WLFI Transfers $307M in Crypto Assets to Coinbase Prime

According to Spot On Chain monitoring, World Liberty Financial has transferred eight different cryptocurrency assets worth $307 million to Coinbase Prime for fund management and operational purposes. The firm subsequently unstaked 19,423 stETH, converting it to ETH, and purchased 1,826 ETH at an average price of $2,738 using 5 million USDC. World Liberty Financial currently maintains $96.62 million worth of various assets across nine known wallets.

5. Crypto-Friendly Treasury Secretary Scott Bessent Takes Interim Leadership of CFPB

Market sources report that crypto-friendly Treasury Secretary Scott Bessent has assumed the role of Acting Director at the Consumer Financial Protection Bureau (CFPB), signaling a potential shift from the strict enforcement approach under former director Rohit Chopra. Chopra, who was dismissed by the Trump administration, had imposed billions in fines and consumer compensation on major banks including Wells Fargo, Goldman Sachs, and Citigroup during his tenure. Bessent, a former hedge fund manager who recently became Treasury Secretary, is expected to pursue an agenda focused on tax cuts, deregulation, and trade rebalancing as Trump’s economic policy spokesperson.

NOON NEWS

1. BlackRock’s Ethereum ETF Hits Record Daily Trading Volume of $700M

BlackRock’s Ethereum ETF (ETHA) achieved a record-breaking daily trading volume of $700 million yesterday (February 3), though net inflows/outflows remained neutral. Similarly, BlackRock’s Bitcoin ETF saw $4.2 billion in trading volume on the same day, also with neutral net flows.

2. Sui Bridge Expands to Include wBTC Support

Sui Network has announced that its Sui Bridge now supports wBTC, integrating Bitcoin’s value into the Sui DeFi ecosystem. The platform emphasizes that Bitcoin’s utility extends beyond holding, enabling new financial possibilities within Sui’s scalable, programmable ecosystem.

3. India Reassesses Crypto Stance Amid Global Policy Shifts

Reuters reports that India is reviewing its cryptocurrency position in response to evolving global attitudes toward digital assets. A senior Indian government official revealed that this reassessment could delay the release of a cryptocurrency discussion paper originally scheduled for September 2024. Economic Affairs Secretary Ajay Seth emphasized that India’s position cannot be unilateral given the borderless nature of these assets, noting significant policy changes in multiple jurisdictions regarding cryptocurrency usage and acceptance.

4. Crypto Market Sees $64.5M Liquidations in One Hour

Market data shows $64.54 million in total liquidations over the past hour, with long positions accounting for $63.1 million and short positions for $2.2 million.

5. January 2025 Crypto Market Metrics Show Mixed Performance

According to The Block’s Research Director @lars0x, January saw significant market developments:

• Adjusted on-chain transaction volume declined 10.5% to $600 billion
• Stablecoin supply reached new high of $175.2 billion, with USDT at 78% market share
• Bitcoin miner revenue decreased 2.8% to $1.4 billion
• ETH staking rewards dropped 9.7% to $309 million
• Legal CEX spot trading volume fell 18.2% to $1.65 trillion
• Bitcoin spot ETFs saw net inflows of $4.9 billion

EVENING NEWS

1. Sol Strategies Acquires Additional 40,300 SOL for $9.9 Million 

Canadian-listed Sol Strategies has purchased 40,300 SOL tokens for approximately $9.94 million between January 19-31, 2025, at an average price of $246.53 per token. The company’s total SOL holdings now stand at 189,968 tokens, valued at $63.7 million as of January 31.

2. Trump’s Sovereign Wealth Fund May Include Crypto Assets 

Industry experts suggest that President Trump’s newly announced sovereign wealth fund could include cryptocurrency investments, particularly Bitcoin and Ethereum. The initiative, which could take up to 12 months to establish, involves key crypto-friendly cabinet members including Treasury Secretary Scott Bessent and Commerce Secretary nominee Howard Lutnick.

3. Musk Responds to Threats Against DOGE Department Staff 

Elon Musk, head of the Department of Government Efficiency (DOGE), has addressed threats made against department employees on Reddit. The Justice Department, working with the FBI, has initiated an investigation into these threats, with federal prosecutor Edward R. Martin Jr. confirming evidence of targeted intimidation.

4. Ethereum Increases Gas Limit for First Time Since PoS Transition 

Ethereum has achieved consensus to raise its network gas limit, with 50% of validators supporting the change to improve network scalability. The limit has increased from 30 million to 31 million, marking the first such adjustment since the transition to Proof of Stake. Average gas limits over the past 24 hours reached 31.5 million units, with potential increases up to 36 million units.

5. Cipher Mining Reports January Bitcoin Production 

Nasdaq-listed Cipher Mining’s January 2025 operations report reveals:

• Monthly production of 219 BTC
• Sale of 471 BTC
• Current total Bitcoin holdings of 1,091 BTC (including 325 BTC as collateral)