Bitcoin is currently priced at $101,257.60, up 7% in the past 24 hours, while Ethereum trades at $2,833, up 12.25%. The Fear and Greed Index increased to 72, indicating a bullish market sentiment. On February 3, 2025, trade tensions between the U.S. and Mexico ease and crypto markets bounce back. Furthermore, Canada also announced that the tariffs between the country and the U.S. will be suspended for 30 days. Governments act quickly and states race to lead the Bitcoin reserve push.
This article covers a market rally driven by eased trade policies, Utah's rapid push for a Bitcoin reserve, and Hyperliquid's revenue surge that outpaces Ethereum. Detailed numbers reveal trading volumes of HYPE up to $6.2B, market caps climbing from $400B to $450B, and legislative speeds cutting decision times to 7 days. These figures show how the crypto landscape evolves by leaps and bounds.
What’s Trending in the Crypto Community?
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U.S. and Mexico Trade Tensions Ease Boosting Crypto, Canada and U.S. Trade Tariffs get suspended for 30 days
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Utah Leads the Race to Establish U.S. Bitcoin Reserve
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HYPE Surpasses Ethereum with 7-Day Revenue
Crypto Fear & Greed Index | Source: Alternative.me
Trending Tokens of the Day
Trade Tensions Ease Between U.S. and Mexico Creating Crypto Market Surge
Source: KuCoin
On February 3, 2025, the crypto market staged a strong comeback. Bitcoin rallied above $101,747 after dipping as low as $91,300. Its 24-hour trading volume surged from $4B to $6.2B and its market cap increased from $400B to $450B. XRP surged 40% from overnight lows and its trading volume jumped from $200M to $280M as its price settled around $2.5. Ethereum advanced from near $2,000 to above $2,700 while its daily volume grew by 30% reaching $3B. Solana traded above $200 with daily volumes of $500M and processed over 1.1 million transactions.
Source: KuCoin
Mexican President Claudia Sheinbaum said the government will deploy 10,000 troops on the US border to stop illegal arms and drug trafficking; this number compares with 8,000 troops deployed last year. Tariffs on Mexico will pause for one month reducing the scheduled $500M monthly collection to $0. Polymarket now shows an 80% chance that Donald Trump will remove blanket tariffs against Mexico before May, 2025; earlier odds were only 50%. US stocks also recovered with the Nasdaq falling by 1% and the S&P 500 by 0.75% while total US trading volume for the day reached $1.8B.
Utah First to Set the Stage for a U.S. Bitcoin Reserve on February 3, 2025
Source: Dennis Porter
Utah leads the race to establish a U.S. Bitcoin reserve. Satoshi Action Fund CEO Dennis Porter noted that in recent years every bill approved by the Utah House Economic Development Committee has ultimately become law. He also expressed confidence that Utah will be the first state to put forward this legislation.
“We firmly believe that Utah will be the very first state to introduce this legislation.”
The state operates on a legislative session lasting only 45 days compared with a national average of 135 days. A Bitcoin reserve proposal passed committee in just over 7 days while similar proposals in other states take nearly 60 days. Fifteen US states now vie for a Bitcoin reserve; Utah stands out with its digital asset task force that has held 95 meetings since 2022 and analyzed over 250 market reports. The state allocated $10M in its fiscal budget for digital initiatives and over 20 digital asset experts now work full time on these projects.
Satoshi Action Fund CEO Dennis Porter said "There's a very good shot that Utah will be first because they have such a short legislative calendar. It is only 45 days. It is either sink or swim in 45 days. No one else has a faster calendar and no one else has more political momentum and willpower to get it done."
Utah's rapid speed and strong political will could deliver a Bitcoin reserve before May, 2025 and boost Bitcoin's momentum with its market cap increasing by 8% and daily volumes rising by 15%.
Read more: The Race for Strategic Bitcoin Reserves: More U.S. States Move Toward Crypto Adoption
The Rise of HYPE: Hyperliquid Surpasses Ethereum in 7-Day Revenue Figures
Hyperliquid has outpaced Ethereum in 7-day revenues. Source: DefiLlama
Layer-1 network Hyperliquid outpaced Ethereum in revenue over the 7 days ending February 3, 2025. Hyperliquid (HYPE) is a decentralized perpetual futures exchange operating on its own Layer 1 blockchain. It offers a fully on-chain order book, enabling users to trade cryptocurrencies with up to 50x leverage, zero gas fees, and instant transaction finality. Hyperliquid generated approximately $12.8M in protocol revenues while Ethereum recorded around $11.5M. Hyperliquid processed roughly $470M per day in transaction volume and achieved a 7-day cumulative volume of $3.29B. In contrast, Ethereum handled about $4.7B per day with a 7-day cumulative volume of $32.9B. After its March Dencun upgrade in 2024 Ethereum saw transaction fees drop by 95% with the average fee per transaction falling from $0.30 to $0.015.
Hyperliquid’s volume has risen since the start of 2025. Source: DeFILlama
Matthew Sigel of VanEck said "There wasn't enough volume to make up for the fee decline." Principal research analyst Aurelie Barthere at Nansen noted "Other layer-1s are catching up with Ethereum regarding apps use cases fees and amount staked." In January, 2025 Solana surpassed Ethereum in 24-hour decentralized exchange trading volume; Solana now processes roughly $8.9B daily compared with Ethereum's $4B while its transaction count increased by 40% to 1.2 million.
Launched in 2024, Hyperliquid quickly captured 70% of the market share in perpetual futures trading with an average fee of $0.05 per transaction. Its HYPE token trades at a fully diluted value of approximately $25B and has gained more than 500% since its November 29, 2024 launch. Hyperliquid has expanded its liquidity pool by 300% over the last 3 months and aims to launch an Ethereum Virtual Machine smart contract platform in 2025 to further diversify its revenue stream; the 7-day average revenue increased by 12% from $11.4M to $12.8M.
Source: KuCoin
Read more: A Beginner's Guide to Hyperliquid (HYPE) Decentralized Perpetual Exchange
Conclusion
On February 3, 2025 the crypto market proved its resilience. Trade tensions eased and Bitcoin along with altcoins surged back with daily volumes up to $6.2B and market caps rising by 8%. Utah pushes ahead with a rapid 45-day legislative session, completing proposals in just 7 days and hosting 95 digital asset meetings since 2022 to create a Bitcoin reserve. New networks like Hyperliquid challenge established blockchains with strong revenue performance and technical gains, processing $470M daily in transactions and expanding liquidity pools by 300%. These events, backed by detailed figures such as a 15% overall market volume increase and a 40% jump in transaction counts, underscore the dynamic evolution of the crypto landscape in 2025.
