币圈掘金人

The current cryptocurrency market is at a critical turning point under the shadow of "extreme fear". Bitcoin is building a short-term bottom in the $67,000-$69,000 range, with marginal signs of improvement in ETF fund flows, but the pressure of institutional deleveraging remains ongoing. The market faces the biggest liquidity test in 2026, and investors need to identify structural opportunities amid panic and position for rebounds defensively.
I. Market Overview: A Dramatic Reversal from Greed to Extreme Fear
1.1 Price Structure and Key Levels
As of the close on February 11, the spot price of Bitcoin was $68,791, a 45.5% pullback from the historical high of $126,210 in October 2025, entering a technically bearish zone. The CME Bitcoin futures main contract (Feb 2026) closed at $67,755, showing a backwardation structure, reflecting the market's cautious expectations for future prices.

Structural collapse beneath the surface of prosperity
The cryptocurrency market in 2025 presents an absurd picture: on one side is a record-breaking wave of token issuance, and on the other is an unprecedented project death rate. According to shocking data recently released by CoinGecko, more than 11,600,000 token projects declared failure in 2025 alone, accounting for 53.2% of the total number of projects recorded on the GeckoTerminal platform — meaning that more than half of cryptocurrencies have either gone to zero or fallen into silence.
Even more striking is that from 428,000 projects in 2021 to 20,200,000 by the end of 2025, the market has expanded 47 times in four years, but the survival rate of projects during the same period has plummeted dramatically. In the fourth quarter of 2024, within just three months after the 'October Crash,' 7,700,000 tokens disappeared, accounting for 66% of the year's dead projects.

This article combines the latest 2025 data from the cryptocurrency market with cutting-edge observations on the explosion of AI technology, revealing a dual revolution that is currently underway: AI is not only reconstructing the underlying logic of knowledge work but is also reshaping the investment paradigm of cryptocurrencies. From the $22.9 billion annual inflow into Bitcoin ETFs to the rise of the AI agency economy, from 'code is law' to 'prompts are strategies', we are at a historical intersection of traditional finance and intelligent technology. This is not an abstract discussion about whether 'AI will replace traders', but a firsthand account from an eyewitness—when model capabilities undergo nonlinear leaps and intelligent agents begin to autonomously execute on-chain strategies, your cryptocurrency asset allocation plan may be becoming outdated.

When the record revenue of $4.5 billion encountered a post-market plunge of 7%, Robinhood is experiencing a crisis of identity. Cryptocurrency trading income plummeted by 38% year-on-year, with a loss of 1.9 million monthly active users. This former 'retail casino' is desperately trying to shake off the shadow of Bitcoin, but Wall Street seems unconvinced. This article deeply analyzes Robinhood's strategic dilemma: in the cold winter of cryptocurrency, is diversification a lifesaver or an expensive gamble?
1. Perfect financial report, collapsing stock price
On February 10, after-hours trading in the U.S., Robinhood delivered a report that any CEO would be proud of: annual revenue of $4.5 billion, a year-on-year increase of 52%, a historic high; diluted earnings per share of $2.05; net deposits of $68 billion; Gold subscription users exceeded 4.2 million.

When Crypto.com CEO Kris Marszalek spent $8 million on an ad during the Super Bowl, only for users to see a 504 error page, the $70 million domain deal instantly became the biggest irony in the tech world.
1. From 620,000 Bitcoins mishap to $70 million domain: a magical weekend in the crypto world.
The second weekend of February 2025 saw two absurd dramas unfold in the cryptocurrency market.
First was the 'nuclear-level fat finger' incident at South Korea's second-largest exchange, Bithumb. During the 'random treasure chest' promotion on the evening of February 6, staff mistakenly input the reward unit as 'Bitcoin' instead of 'Korean Won', resulting in 249 users each receiving 2,490 BTC, totaling 620,000 Bitcoins (worth about $41.5 billion) being erroneously airdropped. This number is equivalent to 14.5 times the actual amount of Bitcoins held by Bithumb, triggering the 'ghost Bitcoin' controversy. Although the exchange froze related accounts within 35 minutes and recovered 99.7% of the assets, the price of Bitcoin on the platform had already plummeted by 17% to $55,000, leading to a panic sell-off in the global market.

In February 2025, the cryptocurrency market is undergoing a brutal "rite of passage".
Just as Bloomberg issued that deafening commentary, the price of Bitcoin had already retreated from the historical high of 126,272 USD set last October, briefly falling below the 80,000 USD mark. This is not a simple technical correction, but a profound reconstruction of the underlying logic of the industry— the cryptocurrency world is painfully transforming from "narrative-driven" to "value-driven".
1. Market Crash: It's More Than Just a Drop in Numbers
In early February, the cryptocurrency market was bloody. On February 3, affected by Trump's tariff policy, the total liquidation amount within 24 hours reached 2.23 billion USD, with long positions accounting for over 84%; on February 25, BTC once again fell below the psychological barrier of 90,000 USD, with total liquidations amounting to 1.57 billion USD. Altcoins like Solana were even halved, with a decline exceeding 50%.

"This is not a conflict of interest; it is a fusion of interests."
When Donald Trump's second son, Eric Trump, celebrated the USD1 circulation surpassing 5 billion with a string of fire emojis, he may not have realized that this seemingly ordinary business milestone is pushing the American constitutional system toward a dangerous crossroads. This is not just a simple family business expansion, but a complex power restructuring involving presidential pardon powers, top global exchanges, sovereign wealth funds, and the trillion-dollar stablecoin market.
The intertwining of Binance, the Trump family, and the Abu Dhabi sovereign fund is rewriting the rules and boundaries of the crypto market.

"Be fearful when others are greedy"—this famous saying by Buffett is being vividly interpreted in the prediction market track.
When Bitcoin repeatedly tests the $91,000 mark and Ethereum loses the psychological barrier of $3,000, the entire crypto market is shrouded in gloom. According to Alternative.me, the Crypto Fear and Greed Index has fallen to an extreme low of 7, plunging the market into 'extreme fear'. However, in this frozen landscape, a vertical track is showing astonishing heat: the trading volume of prediction markets continues to break historical records, and user activity is rising against the trend, becoming the most dazzling Alpha opportunity in a bear market.

At the beginning of 2026, the cryptocurrency market is undergoing an epic reshuffle: Bitcoin has plunged over $13,000 in 24 hours, breaking through the $76,000 mark, with 420,000 people across the network facing liquidations amounting to $2.56 billion. DeFi protocols are collectively experiencing crashes, and liquidity exhaustion has become a sword hanging over all institutions. Just as the market falls into a panic sell-off, a statement from Terry Duffy, CEO of the world's largest derivatives trading platform, CME, adds a more dramatic twist to this turmoil—CME is actively exploring the issuance of its own digital token, CME Coin, which is not merely a technical trial but a critical juncture for traditional finance (TradFi) in structurally reshaping the cryptocurrency market, launching a precise hunt against crypto-native facilities.

When Jesus Castillo stood in front of that $23 million mansion in San Francisco and shouted into the camera, "Jamie Dimon, here we come," this Venezuelan immigrant entrepreneur perhaps did not foresee that his dream of a "New Bank for Latin America" would be shattered by the iron fist of geopolitics months later.
This star startup that once joined Y Combinator and received investment from Coinbase Ventures is now caught in a perfect storm involving sanctions evasion, regime ties, and banking disruptions. The rise and fall of Kontigo is not only the disillusionment of a Silicon Valley startup story but also a typical case of the collision between crypto finance and geopolitics.

This morning, the cryptocurrency market experienced a thrilling 'V-shaped shock.' Bitcoin surged from the abyss of $72,945 to $75,953 in just a few hours, while Ethereum fluctuated violently between $2,110 and $2,340, ultimately stabilizing at $2,241. This volatility not only tests the nerves of investors but also reveals the intricate game between the current crypto market and the macro environment.
Market Sketch: Structural Differentiation in a River of Blood
According to HTX market data, the total market capitalization of cryptocurrencies evaporated by 3.3% in the past 24 hours, falling to $2.648 trillion. Among mainstream assets, Bitcoin fell by 3.37%, Ethereum by 4.3%, and SOL breached the psychological barrier of $100, currently reported at $97.8. However, the real disaster zone lies in the altcoin market:

In January 2025, when Bitcoin was still hovering around $100,000, a silent winter had quietly arrived. The $75 billion influx of ETF and crypto treasury companies (DAT) masked the brutal reality of the retail market, until the crash in February exposed everything. This article analyzes the causes, structural differentiation, and ending signals of this "invisible winter," exploring why spring may be closer than expected.
1. The hidden truth: the winter began in January.
Let's talk about an obvious thing that most people overlook: we are in the midst of a complete crypto winter.

In November 2023, when Bitcoin was still hovering around $34,522, an author penned profound reflections on halving, scarcity, and long-term holding. Sixteen months later, Bitcoin experienced a dramatic fluctuation from a historical high of $73,000 to a "flash crash" of $75,000. This article reevaluates the core logic that spans cycles—the stock-to-flow model, ETF channel effects, and price anchoring games—and explores why the simple strategy of "holding Bitcoin" remains valid amidst a perfect storm.
1. The Intersection of Prophecy and Reality
On November 4, 2023, the closing price of Bitcoin was $34,522.

From the epic collapse of gold and silver to the precarious state of U.S. stocks, a cross-market liquidity crisis is brewing.
1. Black Friday: A "multi-kill" stampede across multiple asset classes
The first weekend of February 2025 saw a textbook-style "perfect storm" in global financial markets.
The precious metals market was the first to ignite the crisis. On January 30, international gold prices plummeted from nearly $5600/ounce, a historic high, dropping more than 10% in a single day, marking the largest single-day drop since the 1980s; silver crashed more than 26%, briefly falling below $80/ounce and setting a record for the largest single-day drop in history. As of February 2, spot gold had fallen below $4700/ounce, a decrease of nearly $1100 from its peak.

What is the crypto market experiencing as liquidity dries up amid a macro storm?
1. Heart-stopping moment: Bitcoin's "free fall"
On the first trading day of February 2025, the cryptocurrency market experienced a textbook panic sell-off.
On January 29th at 9 AM Eastern Time, Bitcoin began to decline from around $87,000, dropping over 7% within 24 hours and breaking through the $81,000 mark. As of the morning of February 2nd, Bitcoin had temporarily fallen below $75,000, down about 40% from its peak in 2025. This is the worst single-week performance since November 2024.

What is the market experiencing when "digital gold" falls below institutional cost lines?
In the early hours of February 1st, the cryptocurrency market experienced a textbook-level liquidity crisis. Bitcoin's price instantaneously "spiked" to $75,719.9, a number that sliced through the market's most vulnerable nerves with the precision of a sharp scalpel—this is the first time since November 2024 that it has fallen below the $80,000 mark, and it's been nearly a year since we've seen Bitcoin in the "7" range again.
What is even more chilling for the market is that this price has pierced through the average cost line of the world's largest Bitcoin holding institution, Strategy (formerly MicroStrategy).

If your Web3 project is not an L2 + re-staking shell invested by a16z, and you haven't invited ABG as the growth leader, then you're basically doomed.
In Silicon Valley, this phrase is spreading to the crypto field at an astonishing rate. From the Meme coin factories of the Solana ecosystem to SocialFi experiments on the Base chain, from AI agent token issuance to liquidity mining wars in DeFi protocols, a brand new marketing paradigm is reshaping this multi-trillion dollar market.
ABG = Asian Baby Girl. In the crypto world, it is no longer just a subcultural label, but a term for young Asian women who are adept at the attention economy. They are well-versed in the art of Twitter threads, the jargon of Telegram communities, and how to create FOMO on CT (Crypto Twitter). Suddenly, all crypto projects are rushing to hire them as growth leaders or community managers.

Rhythm BlockBeats in-depth analysis | January 31, 2026
1. The Boot Drops: From Candidate to Nominee
On January 30, 2026, U.S. President Trump officially announced the nomination of former Federal Reserve Governor Kevin Warsh as the next Federal Reserve chairman. This decision marks the end of months of speculation and brings this 54-year-old economist into the spotlight of global financial markets.
Looking back at the market games of the past two months, Warsh's victory has not been smooth sailing. As early as December 2025, Trump had mentioned Warsh alongside Kevin Hassett in an interview as "two great Kevins," while the prediction market data from Polymarket had shown Warsh's lead even earlier. Now that the official nomination has landed, the market can finally start pricing the policy path of this new chairman.

DDC Enterprise increases its holdings by 100 BTC: Bitcoin treasury strategy enters "accelerated mode", global ranking jumps to 36th place
January 30, 2026 - Against the backdrop of increasing global macroeconomic uncertainty and heightened volatility in Bitcoin prices, DDC Enterprise Limited (NYSEAMERICAN: DDC), a publicly listed company on the New York Stock Exchange, once again sends a strong signal to the market: the company has completed a new round of Bitcoin accumulation, purchasing an additional 100 BTC, marking the second procurement completed this week. As a result, DDC's total holdings under the structured Bitcoin accumulation plan have increased to 1,783 BTC, rising from 44th place at the beginning of the year to 36th place in the global ranking of publicly listed companies' Bitcoin holdings.

January 30, the global financial markets were once again engulfed by panic, with cryptocurrencies becoming the most vulnerable link in this storm. The latest data shows that Bitcoin plummeted 6% in a single day, breaking through the $80,000 mark and reaching the lowest level in two months; Ethereum suffered even more severe losses, plunging over 7% in a single day, completely falling below the crucial support level of $2,800, setting a record for the largest single-day drop recently. Major altcoins also collapsed simultaneously, with SOL falling below $110, BNB dropping below $850, and the entire cryptocurrency market's market capitalization evaporating more than $300 billion in a single day, with the Fear & Greed Index dropping to below 25, indicating an 'extreme fear' zone.