GM20260205

1) Market Trend

BTC has dropped sharply to a new low, with altcoins also declining.

US stocks have broken down, with technology stocks leading the decline. Gold has pulled back, and US-China talks have eased relations.

2) Market Highlights:

1. The hype around perp has increased, launching a prediction market. Precious metals and US stock business are growing rapidly, accounting for 40% of revenue. However, there is a monthly net selling pressure of 200 million dollars. HLP has an annual return of 120%.

2. The public chain ETH has declined, and Vitalik has stated that the L2 route is incorrect. It is suspected that Multicoin Capital is exchanging 200 million dollars of ETH into hype.

3. BN Alpha has launched on OPN, with a total airdrop volume of 0.5%. Opinion is a prediction market created by BN, with total financing of 25 million dollars. Coinbase recently partnered with Kalshi to launch a prediction market.