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On February 4th, the Tariff Commission of the State Council announced that, with the approval of the State Council, tariffs will be imposed on some imported goods originating from the US starting from February 10th, 2025. A 15% tariff will be imposed on coal and liquefied natural gas, and a 10% tariff will be imposed on crude oil, agricultural machinery, large-displacement vehicles, and pickup trucks.

On February 4th, according to a post by The Block Chief Research Officer @lars0x, several indicators of the cryptocurrency market reached historic highs in January 2025. The adjusted total on-chain trading volume decreased by 10.5% to $600 billion (BTC: -4.4%, ETH: -23%). The adjusted on-chain trading volume of stablecoins decreased by 6.3% to $1.32 trillion, and the supply of publishers increased by 3.1% to reach a new high of $175.20 billion, with USDT accounting for 78% and USDC accounting for 19.6%.   BTC miners' income fell 2.8% to $1.40 billion in January, while ETH stakers' income fell 9.7% to $309 million. A total of 33,906 ETH was destroyed in January, equivalent to $113.20 million. Since the implementation of EIP-1559 in early August 2021, a total of 4.56 million ETH has been destroyed, equivalent to $12.90 billion. Monthly NFT market trading volume on Ethereum fell 41.3% to $519.20 million.   Legal CEX spot trading volume fell 18.2% to $1.65 trillion in January, and the monthly net flow of all BTC spot ETFs was + $4.90 billion. Bitcoin futures non-position squaring contracts increased by 6%, and Ethereum futures non-position squaring contracts increased by 1% to reach new highs. BTC monthly futures trading volume fell by 5.9% to $1.84 trillion. CME Bitcoin futures non-position squaring contracts increased by 3% to a new high of $18.20 billion (daily average trading volume increased by 1.3% to $10.27 billion, reaching a new high). ETH futures monthly trading volume fell by 20.7% to $817 billion. Bitcoin options non-position squaring contracts increased by 61%; Ethereum options non-position squaring contracts increased by 30%. BTC monthly options trading volume increased by 12% to $89 billion, while ETH monthly options trading volume decreased by 16.2% to $19.40 billion.