Macroeconomic suppression and dual blow to individual stock fundamentals: Interest rate cut expectations fluctuate, crypto stocks retract recent gains.
Macroeconomic headwind: On February 10, 2026, U.S. retail data for December stagnated, raising market concerns about "stagflation." At the same time, the hawkish expectation of Trump nominating Kevin Warsh as the next Federal Reserve chairman (advocating for balance sheet reduction and increasing real interest rates) has significantly reduced the willingness to allocate risk assets.
Individual stock "misery":
Gemini (GEMI) leads the decline (-7.72%): As a newly listed exchange asset, GEMI has recently suffered from the impact of the "global contraction strategy." In addition to the decline in trading fees and custody fees due to the drop in BTC, the market is pessimistic about its layoffs and restructuring after withdrawing from the UK, EU, and Australian markets, with the stock price hovering around the low of $7.9.
Strategy (MSTR) (-3.93%): Despite Michael Saylor publicly stating that BTC's long-term returns will double on the same day, MSTR remains trapped by a multi-billion dollar impairment loss in Q4 2025 (Non-cash impairment). After BTC fell below $69,000, its premium rate was subjected to a second review by institutional investors.
ETH concept stocks: ETHZ (-7%) and BMNR (-6.99%) performed poorly. The annual inflation rate of Ethereum has risen to 0.8%, compounded by the L2 narrative crisis, causing the DAT (Digital Asset Treasury) company, which is pegged to ETH, to face harsher liquidity discounts.
Market sentiment: Although Bitmine (BMNR) disclosed that its total crypto assets reached $10.7 billion, it still struggled to withstand sector-wide adjustments in the atmosphere of "post-Trump benefits fully priced in."