Coinbase(US:COIN) SINOLINK SECURITIES·2026-02-01 10:45Investment Rating - The report does not explicitly state an investment rating for the industry, but it implies a cautious outlook based on recent market trends and macroeconomic factors [29]. Core Insights - The cryptocurrency market experienced a decline, with a total market capitalization of $2.84 trillion, down 6.0% from the previous week. Bitcoin closed at $84,129, also down 6.0%, while Ethereum closed at $2,702, down 8.5% [10][11]. - The report highlights significant macroeconomic events, including the Federal Reserve's decision to maintain interest rates and the potential impact of political developments on market sentiment [10][12]. - There is a notable decline in Bitcoin mining profitability, with the ratio of Bitcoin price to mining profitability reaching a 14-month low, influenced by extreme weather conditions affecting mining operations [20][21]. Summary by Sections Market Review - The cryptocurrency market saw a total market cap of $2.84 trillion, with Bitcoin and Ethereum prices declining by 6.0% and 8.5%, respectively. The Federal Reserve's interest rate was held steady, impacting market expectations [10][12]. - The overall market sentiment has turned cold, with the Fear and Greed Index indicating a score of 26, reflecting a state of fear among investors [13][14]. Global Policy and Industry News - Tether launched USAT, compliant with U.S. regulations, and plans to increase its gold holdings to 10-15% of its portfolio by 2025 [20][21]. - The report notes that 72% of licensed cryptocurrency exchanges in Indonesia are currently operating at a loss, facing challenges from international competition [23]. - The U.S. Senate Agriculture Committee passed the Clarity Act, which still requires approval from the Senate Banking Committee [23]. Company News - Strategy Company increased its Bitcoin holdings by nearly 3,000 BTC, bringing its total to over 712,000 BTC, with an average purchase price of $76,037 per BTC [24]. - SoFi Technologies reported a revenue exceeding $1 billion for Q4 2025, with a 35% year-over-year increase in membership [25]. - MARA received approval to acquire a 64% stake in Exaion, a data center subsidiary of EDF [24]. Investment Recommendations - The report suggests monitoring companies transitioning to AI data centers and those with significant power reserves, as they may reveal further developments during the earnings season [27].