Gate Daily (February 5): "Mini Non-Farm" shock triggers Bitcoin sell-off; Ripple integrates Hyperliquid to support on-chain derivatives trading

Bitcoin (BTC) continues to decline, currently around $73,050 as of February 5. The “small non-farm” ADP employment change added only 22,000 jobs, indicating a slowdown in the employment market. The non-farm payroll report has been delayed, causing turbulence in risk assets. Ripple has integrated Hyperliquid into its main broker platform, marking its first collaboration with a DeFi platform.

Macro Events & Crypto Highlights

1. According to the U.S. Bureau of Labor Statistics (BLS), the January non-farm employment report has been rescheduled for release on February 11. Originally scheduled for February 6, the release was postponed due to partial government shutdowns. Data from payroll processing company ADP on Wednesday showed that private sector employment in January increased by only about 22,000 jobs, indicating continued signs of a slowing labor market.

2. Ripple has integrated Hyperliquid into its main broker platform, marking its first collaboration with a DeFi platform. This integration allows Ripple Prime clients to access Hyperliquid’s on-chain derivatives markets and manage these positions along with other asset classes within the same brokerage platform. These risk exposures may include centralized cryptocurrency exchanges, as well as traditional markets like forex and fixed income.

3. Multicoin co-founder Kyle Samani announced he is stepping down from daily management to become an advisor, focusing on emerging technologies such as artificial intelligence, longevity tech, and robotics. He stated that although the decision was complex, he remains confident in the future of the crypto industry and Multicoin. He continues to support Solana and plans to maintain personal investments and support Multicoin’s portfolio companies. Kyle will continue serving as a director of Zama and Forward Industries, and plans to increase his personal stake in FWDI through a redemption request by March 31, 2026, with related documents expected to be made public in April 2026.

4. Ethereum co-founder Vitalik Buterin called for the inclusion of prediction markets and DAOs into the Creator Coin ecosystem. He said prediction markets and creator DAOs will reward intrinsic value rather than celebrity effects or viral spread. He suggested that prediction markets will bet on which creator tokens will earn membership in creator DAOs, which will be organized around specific thematic areas.

News Highlights

1. a16z posted: Blockchain is the key infrastructure for trust in the AI era.

2. U.S. Treasury Secretary Bessent stated that there will be no “bailout” for Bitcoin; the $500 million worth of Bitcoin seized by the government has appreciated to $15 billion.

3. U.S. Department of Labor: Non-farm payrolls to be released on February 11; CPI data moved to February 13.

4. Multicoin co-founder Kyle Samani transitions to an advisory role, focusing on AI, robotics, and emerging tech.

5. CME Group explores launching “CME Coin” in partnership with Google to pilot tokenized cash.

6. White House officials: Trump to sign the crypto market structure bill before April.

7. Fidelity’s stablecoin FIDD officially launched, open to retail and institutional investors.

8. U.S. Senate Democrats plan to restart discussions on the crypto market structure bill later today.

9. Total venture capital investment in the crypto sector is projected to reach $34 billion in 2025, doubling 2024’s figure.

10. Arthur Hayes bought 57,881 HYPE tokens in the past 24 hours, worth $1.91 million.

Market Trends

1. Latest Bitcoin news: $BTC continues to decline, currently around $73,050, with $242 million in liquidation over the past 24 hours, mainly long positions.

2. U.S. stocks on February 4 showed mixed performance. The Dow Jones Industrial Average closed higher supported by traditional large-cap stocks, but tech stocks continued to sell off. Due to AMD’s poor earnings and valuation concerns over AI, the Nasdaq Composite fell for the second consecutive day, with funds shifting from high-growth tech stocks to energy, materials, and value stocks. The Dow rose 260.31 points, up 0.5%, closing at 49,501.30. The S&P 500 declined 35.09 points, down 0.5%, closing at 6,882.72. The Nasdaq dropped 350.61 points, down 1.5%, closing at 22,904.58. The VIX index hovers around 19, indicating increased market uncertainty.

(Source: Gate)

3. According to Gate’s BTC/USDT liquidation map, with the current price at 72,906.40 USDT, if the price drops to around 71,575 USD, total long liquidation exceeds $376 million; if it rises to around 74,278 USD, total short liquidation exceeds $257 million. Short liquidations are lower than longs, so investors should control leverage ratios to avoid large-scale liquidations during market swings.

(Source: Coinglass)

4. In the past 24 hours, spot inflow was $3.26 billion, outflow was $3.81 billion, net outflow $550 million.

(Source: Coinglass)

5. In the past 24 hours, net outflows led in contracts for $BTC, $SOL, $ETH, $XRP, $XAG, indicating trading opportunities.

Selected Opinions from X KOL

Phyrex Ni (@Phyrex_Ni): “Headache, hard to write assignments. Today is another day of declines in US stocks and cryptocurrencies, even gold and silver are not doing well. The main reason for the risk market decline should be poor data from the small non-farm payrolls, and since there is no non-farm data this month, the market relies on small non-farm figures. The employment in small non-farm was significantly below expectations, which could lead to market pessimism about the US economy. Theoretically, this favors the Federal Reserve.”

“From detailed data, Asian and European trading hours showed futures still performing well or slightly up, but declines started during US trading hours. After the non-farm payroll data was released, the decline intensified, and after the US stock market opened, the decline continued to expand. It wasn’t until around 2 AM that a gradual rebound began, and BTC also started at this time. The Nasdaq’s biggest drop today was over 2.2%, which usually indicates significant negative news, but there was none—except perhaps the lack of an agreement between the US and Iran, which caused such a large drop. This shows the entire risk market is already fragile.”

“Looking at Bitcoin data, as BTC’s price broke below $73,000 today, signs of panic appeared. Turnover surged, and data suggests that above $73,000, most holdings are being reduced. The decline today, like in US stocks, lacked clear reasons but was so fierce that investor uncertainty and liquidity issues are definitely responsible.”

“From a chip structure perspective, although still relatively stable, investor sentiment is poor. More importantly, due to poor liquidity, even small sell-offs by short-term investors triggered large declines. Traditional investors’ selling was not large, but their purchasing power is almost gone. The remaining investment comes from crypto investors, who are currently not very optimistic.”

Today’s Outlook

1. Eurozone December retail sales (monthly rate), previous 0.2%

2. UK official bank rate, previous 3.75%

3. Eurozone European Central Bank refinancing rate, previous 2.15%

4. US initial jobless claims (thousands) for the week ending 01/31, previous 209