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$HYPE and $ASTER , which are, so to speak, "unaffected by the bear market." Why is this? For the Hyperliquid platform, trading volume data is crucial. The platform has maintained very high trader activity for several weeks, and its fully on-chain order book model has attracted both retail and more advanced market participants. Growing revenue from transaction fees and the burn mechanisms associated with the HYPE token – including buyback elements financed by generated fees – reinforce the narrative of the project's real fundamental value. During a bear market, investors are increasingly seeking precisely these assets: those that generate stable cash flow and benefit from pure speculative activity, also betting on declines. An additional impetus for Hyperliquid was the recent addition of tokenized assets for precious metals such as gold and silver. The ASTER token has recently recorded significant growth, despite the broad altcoin market remaining in a correction. Several key factors can be identified here: firstly, the project is backed by CZ itself, the creator of the world's largest cryptocurrency exchange and increasingly the "face" of the Aster platform itself. Secondly, the exchange is increasingly introducing improvements and solutions well-known from its closest competitor and the leader of the entire sector, such as its own mainnet and incentive campaigns. Aster also targets "privacy" capital by providing so-called "dark pools." This trading offer is for investors who want to maintain their anonymity on the blockchain, without the possibility of detecting who is behind a given wallet.
In the fourth quarter of 2025, Goldman Sachs sharply cut its investments in spot ETFs on $BTC and Ethereum, redirecting the money to new altcoin funds. According to its 13F filing, the bank reduced its exposure to Bitcoin by 39.4% (to $1.06 billion) and to Ethereum by 27.2% (to $1 billion). Instead, it bought positions in ETFs on $XRP ($152.2 million) and $SOL ($108.9 million). Sentiment improved in February 2026. Yesterday, Bitcoin ETFs received a net inflow of $166.56 million (the third day in a row of inflows). Ethereum also recorded +$13.82 million. QCP Capital analysts believe the local bottom is behind us, but they expect a sideways move in the short term. The key to Bitcoin's growth is the return of capital to spot ETFs. Ethereum is stabilizing thanks to large purchases (e.g., Tom Lee's BitMine is accumulating ETH), ETFs, or stronger macroeconomic impulses. Goldman Sachs reduced positions in BTC and ETH, focusing on XRP and Solana – a signal of a rotation toward altcoins. The market is rebounding in February, ETF inflows are returning, and macroeconomic data offers hope for rate cuts. Unfortunately, sentiment remains fragile – the fear index is at its lowest, and volatility is high. Everything is focused on waiting for the NFP and CPI. If the data is weak and ETF inflows continue, further growth is possible. If not, there is a risk of a return to the test of USD 60,000–65,000.