As of 5:00 on February 6, 2026, the core information in the cryptocurrency circle is summarized as follows, focusing on market crashes, regulatory impacts, and large unlocks, along with key data and risk warnings.

📉 Market Shock: Widespread crash, panic intensifies

• Core Trigger: The statement from the U.S. Treasury Secretary triggered market sell-offs, compounded by institutional withdrawals and leverage liquidations, leading to a total market capitalization of the cryptocurrency market evaporating approximately $186 billion (about 1.3 trillion RMB) in 24 hours.

• Performance of Major Coins:

◦ BTC: Dropped below $70,000, reaching a low of around $67,000, with a 24-hour decline of about 12.37%.

◦ ETH: Dropped below $2,000, with a decline exceeding 13%.

◦ XRP, SOL: Both dropped more than 17%, with most major coins declining over 15%.

• Market Sentiment: The cryptocurrency fear and greed index fell to 14 (extreme fear), the lowest since November 2025; over $800 million in liquidations in 24 hours, with approximately 165,000 traders being forcibly liquidated.

🔓 Large Token Unlocks: Short-term selling pressure warning

• Unlock on February 6:

◦ Hyperliquid (HYPE): Unlocking 9.92 million tokens, valued at approximately $304 million, accounting for 2.79% of the total issued.

◦ Berachain (BERA): Unlocking 63.75 million tokens, accounting for 59.03% of the circulation, significant short-term selling pressure.

• Impact of Unlocks: May exacerbate market volatility, related tokens may face price correction risks.

🏛️ Regulatory and Institutional Dynamics

• U.S. regulation continues to tighten, the advancement of the cryptocurrency market structure bill encounters obstacles, requiring presidential intervention to facilitate compromise.

• Coinbase is about to launch the COIN50 perpetual contract, covering the top 50 digital assets by market value, enhancing investment convenience.

• Institutional attitudes are polarized, with some institutions experiencing fund outflows from ETFs, putting pressure on market confidence.

⚠️ Risk Warning

• The short-term market is in extreme panic, leverage trading risks are very high, it is recommended to control positions and be cautious about bottom fishing.

• Pay attention to the rhythm of token unlocks to avoid blindly chasing highs and prevent liquidity risks.