Wu says it's the black week of the encrypted currency crash, Bitmine's response to the $6.6 billion loss, multiple pension investments in the United States, Strategy, huge losses and news Top10
The author, Wu, says the block chain
This week, Top10
1. A sharp fall in encrypted currency, with a drop of $65,000 in bitcoin and $1,900 in an inn
BTC fell by $65,000 and as at 6 February at 1300 (UTC + 8), BTC reported an estimated US$ 64,239.2, a decline of 9.50 per cent for 24 hours; ETH fell by US$ 1,900, an estimated US$ 1,890.17, a decline of 9.80 per cent for 24 hours. According to Coinglass, on Thursday, 24 hours a full-web explosion took place at about $1.7 billion, with an additional approximately $1.5 billion and $199 million。
Bitcoin has fallen by over 40 per cent from its heights and has broken 50 weeks of average, with several kinetic energy indicators weakening, and the market has turned to historical retreats and technical position measurements of the lower line space; 22V Research points out that if a minimum of 72 per cent has been withdrawn from successive cycles at a price or down to about $352 million, Tallbacken Capital has set a target of $45,000. According to Alex Thorn, the head of the Galaxy Digital study, the 50-week average has generally fallen back to the 200-week average (currently about $58,000). In addition, Bitcoin has been below Strategy Inc. ' s average warehouse cost of approximately $76,000, and is below Morgan Chase ' s estimate of mine cost of $87,000 if prices continue to fall below cost, or further exacerbate miners ' withdrawal and market outage。
Pantera Capital's general partner Franklin Bi wrote about the recent large-scale sales in the encrypted market not as a trading company focused on encrypted money, but as a large Asian entity outside the encryption circle. The entity ' s encrypted counterparty is limited and therefore not detected by the encrypted community. Franklin Bi speculates that the entity is at Binance to leverage and market the yen arbitrage silos and the extreme liquidity crisis to obtain a grace period of about 90 days to try to bleed back through the gold/white silver trade and to be forced to settle down this week。
On Thursday, Trend Research again transferred 25,000 ETHs (approximately $53.24 million) to Binance. The cumulative amount was transferred to Binance to 188,588 ETH (approximately $427 million) for sale and repayment of loans. At 5:51 (UTC+8) as at 6 February, Trend Research still held 463,138 ETH at a total price of $870 million and a high parity of $1617。
Some of the investors in the US spot Bitcoin ETF are in a state of loss: data show that the average cost of investors entering through ETF is about $84,100 per item, and the overall book losses are about 25 per cent at current prices of about $64,000. Since the height of 2025, Bitcoin has accumulated over 40 per cent, and the recent decline in liquidity weaknesses has broken down by $65,000, mainly as a result of the weakening of ETF inflows, the contraction of market liquidity and the decline in the attractiveness of its macro asset attributes。
2. Tom Lee responded to Bitmine ' s huge $6.6 billion loss question: it's not a loophole
In response to the statement that “Bitmine (BMNR) faces an unrealized loss of $6.6 billion and that future depression will limit ETH prices”, Tom Lee, Chairman of the Taifung Treasury Company, responded that they ignored the main points of the Taifeng Treasury. He pointed out that Bitmine was designed to track ETH prices and win large drives in the cycle; holding unrealized losses on ETH was a “characteristic rather than a loophole” during the low period of the encryption market, just as the index ETF would run losses when it fell。
3. The United States public service pension, which is a loss of up to 60 per cent because of investment in Michael Saylor-led Strategy
Several public service pension funds in the United States face significant losses as a result of their investments in the Michael Saylor-led Strategy company. Against the backdrop of falling bitcoin prices, the investments of these funds have shrunk by approximately $337 million, with 10 out of 11 having a deficit of 60 per cent. Strategy's share price has dropped 67%. These losses exposed the risk of encrypted assets being invested as pensions。
Scott Bessent, United States Treasurer: The Government retains the seizure of BTC but does not have the right to “help Bitcoin”
The United States Secretary of the Treasury, Scott Bessent, stated at a congressional hearing that the United States Government would retain the bitcoin obtained through asset forfeiture, but would not direct private banks to increase the Bitcoin when the market went down, nor would it be entitled to “help bitcoin”. In a question-and-answer session with the California House of Representatives, Brad Sherman, a long-standing critic of encrypted currency, Bessent stressed that neither he nor the Financial Stability Supervisory Commission (FSOC) had the relevant authority, and disclosed that the value of the seized BTC held by the government had increased from about $500 million to over $15 billion。
The United States Department of the Treasury investigates encryption platforms relating to Iranian sanctions evasion and shifts the focus of law enforcement to “service level” infrastructure
The United States Treasury Department is investigating whether encrypted trading platforms and related infrastructure have been used to assist Iran in circumventing sanctions and has shifted the focus of law enforcement from a single purse to “service level” systems such as exchanges, stable currency corridors and mobility hubs. With Iran’s annual encryption transactions estimated at between $8 billion and $10 billion, the United States has imposed sanctions for the first time on an encrypted exchange operating in Iran’s financial system, and the United States Treasury Office of Overseas Assets Control has placed the relevant platform on the sanctions list; the regulators believe that the key to combating sanctions evasion is to cut off liquidity and financial access, rather than targeting single addresses。
6. The White House convened Coinbase, several encryption industry organizations and the Banking Association to consult on the regulatory treatment of stabilization money awards
On February 2, the White House convened Coinbase, several encryption industry organizations and banking associations to hold consultations on the regulatory treatment of the Stabilisation Currency Award to discuss whether third-party platforms should be allowed to provide related benefits to users. The meeting was chaired by Patrick Witt, member of the Presidential Advisory Committee on Digital Assets. The encryption industry described the conference as an important step in promoting bipartisan digital asset legislation, but the banks were taking a stronger position, worried about stabilizing currency to reward bank deposits and hitting community banks. According to sources, the meeting had not yet reached a final consensus, but points of disagreement and a potential compromise path had been identified, with the aim of finding a solution by the end of February。
7. CFTC WITHDREW THE BIDEN-ERA PROPOSAL TO BAN THE POLITICAL FORECAST MARKET, BUT THE PRESSURE FOR REGULATION AT THE STATE LEVEL CONTINUED TO INCREASE
The Chairman of CFTC, Michael Selig, announced the withdrawal of a proposal made during the Biden administration aimed at banning contracts for political and sporting events and the repeal of the related regulatory warning issued in 2025. Selig stressed that this was aimed at promoting “responsible innovation” and eliminating regulatory uncertainty, and that clearer rules based on the Commodity Transactions Act would be developed in the future. At the same time, however, several states in the United States are increasing pressure on the forecast market. The Attorney General of New York, Letitia James, issued a consumer warning that the market was expected to be an illegal gamble “in disguise” as a financial instrument; the District Court of Nevada had issued an interim restraining order against Polymark, prohibiting it from providing Super Bowl-related contracts in the state; and the State of Connecticut had issued a cessation order。
8. JP Morgan: 89 per cent of family offices do not hold encrypted assets and the willingness to allocate digital assets remains low
According to the Global Family Office Report 2026 published by JP Morgan Private Bank, approximately 89 per cent of the 30 countries and 333 family offices studied were not equipped with encrypted assets, indicating that even against the background of rising geopolitical risks, the family offices had limited willingness to deploy hedge tools, including encrypted assets and gold, 72 per cent of which did not hold gold. The report notes that the high volatility of encrypted assets and their precarious relevance to other assets keep most family offices on the lookout; only about 17 per cent indicate that encrypted assets may be the subject of investment in the future, compared to 65 per cent of planned AI。
9. Blackrock Bitcoin spot ETF IBIT assets, which touched $100 billion, now fall back to $60 billion
According to Eric Balchunas, Bloomberg ETF analyst, the size of the real bitcoin ETF IBIT assets under the BlackRock flag, which had touched briefly the 100 billion-dollar phase, has now fallen to about $60 billion. Nevertheless, IBIT is only about 500 days old, and even if it remains at that level for the next three years, it will be the fastest ETF ever to reach $60 billion。
Pembo ETF analyst Eric Balchunas added that, despite a 40 per cent drop in bitcoin prices and the losses faced by many investors, only about 6 per cent of bitcoin ETF assets had been withdrawn and the remaining 94 per cent remained。
10. a16z crypto: AI needs block chains to provide infrastructure
a16z crypto sends that AI is interacting with the very low cost of generating voice, video and text and mass “to humanize” and is impacting an Internet trust system premised on “one account = one person”. It considered the block chain to be the missing bottom: to increase bulk-costing through decentrization of “personality/human proof” mechanisms, to allow identity to be owned by users and shared across platforms; and to support machine size micropayments and programmable sub-accounts with L2, smart contracts, and a combination of zero knowledge to balance “verifiable” with “privileged protection”。
Focused financing events
- TRM Labs Completion of $7.0 million C Round Finance
- FT: Tether, after investors questioned his $500 billion valuation, has reduced the scale of financing planned at $15 billion to $20 billion
- Andre Cronje-led Flying Tulip Additional Finance $75.5 million, Currency Valuation $1 billion
- Euclid Protocol announced the completion of $3.5 million in financing
- Prometheum announced additional financing of $23 million since early 2025
- Penguin Securities announces completion of Pre-Series A Round, cumulatively raising approximately Yen 2.8 billion
More industry finance events are available。
