When BTC broke through the $75,000 mark late at night over the weekend, the widespread cries of 'the bull market is over' felt more like a carefully orchestrated emotional buildup. Hawkish comments from the Federal Reserve and a technical overbought correction—these superficial explanations completely overshadowed the 'live pressure test' orchestrated by regulators and Wall Street: after liquidity was gradually cut off from offshore channels like Binance, the compliance system centered around Coinbase and ETFs had to face the ultimate question of whether it could independently absorb extreme selling pressure. Each seemingly self-healing rebound in the market is, in fact, a clear signal of the 'external circulation' system taking over cryptocurrency liquidity.
Clue One: The 'Precise Explosion' of the Silk Road Wallet—The Trigger of Man-Made Panic
On-chain data has never lied, but most people overlook the key details. Arkham has detected anomalies in the Silk Road wallet controlled by the U.S. government (starting with bc1qn), which are not coincidental small probes. Compared to the earlier scattered transfers of over $3 million, a large fund transfer directly pointing to Coinbase Prime (33Tgp) is the core operation that ignited panic. Choosing the weekend with the thinnest liquidity, coinciding with the historic outflow of the IBIT ETF, this wave of 'precise feeding' is self-evident: creating market panic through the sudden awakening of the government wallet, forcing retail investors to give up their blood-stained chips while testing the extreme承载能力 of compliant channels. The results are clear: offshore markets like Binance instantly destabilized under selling pressure, while Coinbase Prime's compliant pipeline successfully withstood the impact, completing the first phase of pressure verification.
Clue Two: IBIT's 'Light and Dark Duality'—The Compliance Migration of Chips
BlackRock's IBIT ETF saw a net outflow of $528 million in a single day, interpreted by the market as a negative signal of institutional withdrawal, but this is merely Wall Street's 'openly laid path.' The real key lies in the OTC data from Coinbase Prime: while retail investors were panicking and selling in the IBIT market, the trading volume in the dark pool reached a quarterly peak, especially during the moment when it pierced $75,000, with overwhelming offshore buying pressure. This is by no means a simple market game, but a 'left hand turns to right hand' cleaning of chips—BlackRock amplified panic by dumping in the market while massively swallowing low-priced chips behind the flight of offshore retail investors, completing a bloody migration from 'offshore blacklist' to 'compliant whitelist.' Retail investors see the disaster of ETF outflows, while institutions see a rare opportunity for chip concentration.
Clue Three: The 'Midnight Change of Ownership' of Pricing Power—New York replaces offshore as the ultimate signal
The deadliest turning point occurred on the night of the crash in the futures market. CME (Chicago Mercantile Exchange) Bitcoin futures open interest (OI) officially surpassed Binance, signaling a complete transfer of cryptocurrency pricing power. An even rarer signal was that the futures price on offshore exchanges (Binance) once showed a negative premium of $400 compared to CME—this is not an ordinary price fluctuation, but a 'flight signal' indicating that large funds are fleeing offshore platforms at any cost and pouring into compliant channels. The on-chain data from February 1 is even more ironic: Hyperliquid's one-day liquidation amount reached $904 million, six times that of Binance ($147 million). This means that the old offshore trading ecosystem has not only lost pricing power but also the core speculative capital flow has been severely impacted by decentralized compliant platforms. The results of the market's vote with their feet are clear: USDT is used for hedging and escaping, while the compliant USD channel is the core battlefield for bottom fishing.
The truth behind the rebound: The scalpel is already poised at the neck of the offshore platform
The current market rebound is not a self-repair of a bull market, but a stabilization action by Wall Street confirming the stability of the 'external circulation system.' The regulatory authorities have verified a key conclusion through this test: even if IBIT sees a daily outflow of $500 million and creates extreme panic at $75,000, as long as the dark pool of Coinbase Prime can provide support, the core liquidity framework of BTC will not collapse. This conclusion gives the regulatory authorities and Wall Street more confidence to clean up the market further. Next, if Binance experiences delays in withdrawals, system maintenance, or similar situations, there is no need to be surprised—this is precisely the moment the 'scalpel' cuts in, and the complete contraction of offshore liquidity channels has entered a countdown after successful testing.
Ultimate Revelation: The Era of Wildness Ends, Wall Street's Main Stage Officially Opens
The essence of this crash is the forced transformation of the cryptocurrency market from 'offshore wild' to 'compliant controlled.' Wall Street is no longer satisfied with getting a share through ETFs; it wants to completely control liquidity, pricing power, and chip allocation rights. Those panic-inducing smokescreens (Silk Road wallet anomalies, ETF outflow data) ultimately aim to low-price harvest retail chips and complete the 'compliance purification' of the market ecosystem.
Now, $73,000-$75,000 has become the iron defense line built by institutions through the dark pool; the risks of leveraged trading and offshore platforms will continue to amplify. For ordinary investors, safeguarding private keys, avoiding black box operation platforms, and embracing compliant ecosystems are no longer choices but essential survival lessons. The era of the old king (CZ and He Yi) is about to close, while the reign of the new king (Wall Street and the compliant system) has begun, and the rules of the game in the cryptocurrency market have been completely rewritten.#Strategy增持比特币 #华尔街风向
