Real Henry

Recently, many people ask: Why is it that despite working hard, money is becoming less valuable? Ray Dalio has actually broken through this layer of glass — the 'monetary order' that we take for granted is undergoing a typical collapse.
This is not black 🦢, but rather the inevitability of the debt cycle reaching its end.
When national debt becomes so large that it cannot be repaid, the printing press becomes the only lifeline. The outcome is destined to be a sharp dilution of fiat currency purchasing power.

Dalio's warning is not only a prophecy, but also an arithmetic problem
Dalio clearly points out that we are in the turbulent '5th stage', and we are only a step away from the upheaval of the 6th stage.

In the past few days, the community has been filled with sorrow, and many people have privately messaged me: Henry, clearly $BTC is about to break 69,000, how did it lose momentum overnight?
The answer is simple: it was smashed by the data.
I have always emphasized that when trading, don't just fixate on K-lines; macro data is the invisible hand. The non-farm payroll report (NFP) for January published yesterday was a cold splash of water from the Federal Reserve to the market.

March interest rate cut dream shattered
Let's first look at the hard data, don't believe those ambiguous news releases:
New non-farm payrolls: The market originally expected only 70,000 people, but the actual number turned out to be 130,000. This is not just exceeding expectations; it's a direct doubling.

$2,090 Ethereum, filled with 'Requiem of the Undead', are many people already cutting losses, or are they still waiting for the 'extreme low point' at $1,500?
Just the day before yesterday, on February 9th, when market panic reached its peak, BitMine (BMNR) took action. Their executive chairman Tom Lee did not just engage in Twitter rhetoric, but instead invested a whopping 84 million dollars, purchasing 40,000 $ETH in one go.

Tom Lee is frantically buying 84 million dollars
This is quite interesting. People usually pay attention to Tom Lee because he is the 'eternal bull' analyst at Fundstrat, always calling for a rise. But this time is different; this time he is acting as the BitMine operator, betting the company's money on the country's fortune.

This is not just a meeting; it is the 'life-and-death symbol' for the next bull market of $BTC.
This afternoon's closed-door meeting at the White House appears to be discussing the legislative details of the Crypto CLARITY Act (H.R. 3633), but in reality, it is a fierce confrontation between traditional banks and crypto newcomers. This bill has been stuck in the House for over half a year and is now stalled in the Senate. Why?

Crypto regulatory bill CLARITY Act quickly thaws
Don't listen to the official rhetoric about 'regulatory uncertainty.' The core contradiction boils down to one word: Yield.
The current stalemate is quite interesting. The demands from the crypto sector are very straightforward: stablecoin issuers must be able to distribute interest to users. The logic is simple: when users deposit money, issuers use it to buy government bonds and make a profit, which is only right to share with users. This is the core value of Web3 — disintermediation.

Many people panicked when they saw the news this morning: Bitcoin mining difficulty has dropped by more than 11%, the largest decline since the 2021 ban in China.
The community is wailing, saying things like 'the mining disaster is coming', 'spiral decline', 'hash rate crash'. If you think so too, I advise you to withdraw early and stop giving money to the main force in this market.
Where is the disaster? This is clearly the main force feeding you, but you are too afraid to open your mouth because of the heat.

$BTC difficulty plummeted by 11%
Understanding the bloody taste behind the data
This 11.16% reduction means that a large number of mining machines have already been shut down. The reason is simple: no profit to be made.

In the past few days, I have also seen the data chart that has been wildly circulated in various communities: the Google search index for Bitcoin has skyrocketed, directly approaching last year's peak. As a result, many people have started to get excited, shouting in the group that "outside funds have entered the market," and "the second wave of the bull market has started."
Come on, don’t get excited over half-baked data.

Bitcoin Google search volume has surged
You only see the skyrocketing search volume, yet you selectively ignore the current price position. Today is February 8, 2026, what is the current price of $BTC? Around $70,000. We have already halved a full 45% from last year's high of $126,000 in October.

The circle of friends is in mourning, all sharing that news article 'Crypto market evaporates 2 trillion, global sell-off wave.' Looking at the screen full of wails, I just want to say: Is this really a big deal?
Everyone seems to have forgotten that just four months ago, in October 2025, when $BTC surged to $126,000, how crazy you all were. Back then, everyone was a stock god, and every one of you was a trading master. Now that $BTC has pulled back to around $63,000, just having a halving, everyone starts asking, 'Is it going to zero?'

Evaporated 2 trillion
To be honest, I wasn't surprised by this drop; I even think it came a bit late.

This night is truly a river of blood. I just woke up this morning and took a glance at the market, and the total liquidation in the past 24 hours surprisingly surged to 1 billion dollars. This is not a pullback; it's simply a targeted demolition. I know many people must be cursing right now or staring blankly at the shrinking numbers in their accounts. But I must say, this wave of leverage killing is really ruthless and thorough. Let's take a look at the market: $BTC smashed through the so-called key support level in one go, and $ETH is even more tragic, dragging a bunch of altcoins back to where they were half a year ago. There were signs of this long ago. A few days ago, that kind of gradual decline was clearly a trap to lure in buyers, yet a bunch of people still fantasized about breaking the previous highs and crazily opened high-leverage positions. How many years has the main force played this trick? Yet there are still people rushing in to sacrifice themselves. Of the 1 billion dollars, how many were contributed by those brave souls who refused to believe in evil?

The tech stocks on the US market have dropped to the point where even their mothers wouldn't recognize them. The Nasdaq has lost the market value of a whole France this week, and there are still people shouting that $BTC is a safe haven. Wake up. Looking at that heartbreaking bearish candle, anyone who hasn't been completely brainwashed can understand that all this talk of digital gold and independent markets is nonsense in the face of liquidity drying up. The current crypto market is essentially a twenty-fold leveraged shadow of the Nasdaq; as soon as the big shots in Silicon Valley feel that the AI narrative is losing steam and reduce their holdings, our market will immediately turn red.

The ADP data released yesterday was absolutely jaw-dropping. The expected number of jobs was 48,000, but it actually only came out to 22,000, less than half of the expectation. If this data had been released in the last two years, there would have been a flood of comments shouting about easing being beneficial. But guys, let's be clear, it's now 2026, not the chaotic era where any rate cut would lead to mindless buying. The current market is fearful of both not cutting rates and cutting too quickly. This kind of drastic decline brings a chill that is not just about whether the Federal Reserve will act; it's a real contraction in the job market.

Many people are still focused on the TVL data of those leading L2s, thinking that as long as the data increases, the coin price will take off. Wake up. The current Ethereum L2 ecosystem is less about scaling and more about warlord fragmentation. Moving assets from $ARB to $OP, or from $BASE to $STRK, that kind of fragmented operational feel is enough to deter 90% of new investors.
What's wrong with Ethereum L2?
This fragmentation has directly led to the exhaustion of liquidity. The current situation is that everyone is playing their own game, each chain wants to create its own moat, which has dismantled the value capture ability of the Ethereum mainnet. This is one of the reasons why $ETH has performed poorly in the past six months. Previously, all transactions burned gas on the mainnet, but now they have all gone to play in the mud on L2, while the rent paid to the mainnet has become so cheap after the Dencun upgrade introduced Blob data packets, it’s practically like giving alms. The mainnet cannot receive rent, and the deflationary logic fails. This practice of sacrificing value capture for the sake of scaling may seem like technical progress in the short term, but in the long run, it's simply a slow suicide.

Don't be naïve. It's already 2026, and if you still take Trump's statement of 'strong support for cryptocurrencies' as a purely positive news to open high-leverage long positions, then you've really wasted the past few years in the crypto space.
I found that 90% of the people in the community are still looking at the current market with the thinking of 2021. Seeing the great leader come out and shout a couple of times 'Crypto Capital of the World', it feels like the season of altcoins is coming, and it's time to rush into the meme tokens? Use your brain.

Crypto Capital of the World
Take a closer look at the logic behind this. Since the executive order on 'Bitcoin Strategic Reserve' was signed in March 2025, the nature of the market has actually changed. It used to be retail investors cutting each other off, but now it's the national team coming in to control the market. Trump's reaffirmation of support this time is not primarily to pump $BTC to help you break even; his core intention is very clear: to seize the opportunity.

This morning, I saw the market, and $MOLT pulled a big bullish line on the Base chain again. The people in the group started shouting 'the first year of AI social,' but I advise you not to rush in as fuel just yet. Watching those 1.5 million AI agents on Moltbook endlessly hurling insults, posting, and liking each other is indeed magical, but if you don't understand the logic behind it, you won't be able to hold onto this wave of money.
First, we have to admit that Matt Schlicht has indeed hit a very tricky narrative pain point this time. In the past, we talked about the 'death of the internet theory,' which was ironic; now, in 2026, Moltbook has directly turned this thing into a product. Humans are banned from posting and can only watch AI compete with each other like zoo visitors. This feeling of 'peeking from God's perspective' indeed gives $MOLT a strong meme propagation attribute. But if you really think this is some kind of decentralized utopia, then you are too naïve.

Does anyone still remember back in April 2024? Binance made a decision that was praised by the so-called 'conservatives': they sold all the $BTC and $BNB in the SAFU (Secure Asset Fund for Users) and converted it to 100% $USDC. Many at the time said this was a sign of maturity, seeking stability; after all, how can you compensate if the assets of an insurance fund shrink?
As a result, less than two years later, the wind has completely changed. Just a few days ago, Binance officially announced that they would convert all of this 1 billion US dollars' worth of $USDC back to $BTC.
This matter is not that simple, don't just focus on that 1 billion US dollars' buying order. For a trillion-dollar market cap like $BTC, pouring in 1 billion is just a slightly bigger splash. What’s truly frightening is the reversal of logic behind this action.

Last week's White House crypto summit, which was during the week of January 27, I saw everyone sharing the press release, talking about 'breaking the ice between banks and crypto giants' and 'building a compliant future together,' which made me very sleepy. To be honest, if you really believe those formalities, this bull market will probably be handed over to the main players again.
I also dug up some details from this closed-door meeting, especially what Coinbase, Ripple, and a few others discussed sitting at the same table as the American Bankers Association (ABA). On the surface, they talked about legislation, but in reality, it was all about splitting the cake, with one core word: stablecoin profits.

Today, my friends' circles are all sharing the new scoop on the Epstein case. Most people see it as yellow journalism, but what I see sends chills down my spine. This fire has finally reached the core of the crypto circle, and each name that has come to light can make the current market tremble.
Don't think this is just an old grievance or that it has nothing to do with your wallet. If the $USDT you hold accounts for a large portion, or if you are a believer in $BTC, I suggest you read the following content twice.

The 'crypto bigwig' on Epstein's list
First up is Brock Pierce. New investors may not be familiar with this name, but he is not only a former chairman of the Bitcoin Foundation but also a co-founder of Tether. What is Tether? It is the central bank of the entire cryptocurrency market. Although Pierce has long claimed to have left Tether's management, in such a level of legal and public opinion storm, 'clearing the relationship' has never been effective. Once regulators initiate a new round of compliance review on Tether or even freeze associated assets, market liquidity can dry up in an instant. The current market is as fragile as paper; any FUD (fear, uncertainty, and doubt) regarding $USDT could become the last straw that breaks the camel's back.

Last night, that big bearish candle came down, and $BTC directly broke through the 80,000 mark. Is this what they call a 'bullish return'? Don't joke. The most ironic thing in this market waterfall isn't the macro situation of US-Iran tensions, nor is it Kevin Warsh's old stories about the Federal Reserve, but the old brand Step Finance in the Solana ecosystem actually 'ran naked' at such a critical moment.

The Solana ecosystem DeFi platform Step Finance was hacked.
Let's get to the point: Step Finance was hacked for over 26 million dollars (some data suggests it was 30 million), which is like pouring industrial salt on a wound in an already fragile market sentiment. This is not some complex smart contract logic flaw; looking at the on-chain data, the treasury wallet and the fee wallet were directly compromised. The hacker swaggered away with 260,000 $SOL unstaked and then transferred it. What does this mean? It means this is not some high-IQ crime; it is a typical case of poor private key management or inadequate internal security.

Today's bearish candlestick has slapped the faces of countless "macro analysts."
Just yesterday, the US government officially entered a partial shutdown. The script should have gone like this: government shutdown -> market panic -> funds flowing into safe-haven assets -> $BTC surge. But what happened? Reality gave everyone a resounding slap in the face. $BTC fell below $82,000, and $ETH plummeted even more dramatically, dropping below the $2,700 mark.

US government shutdown
Why did "digital gold" become a sell-off target during the crisis? If you're still clinging to the linear logic that "shutdown = money printing = good news" and stubbornly holding onto your positions, this analysis is for you.

Yesterday, the financial markets experienced a 'massacre'. Silver futures plummeted by 31% in a single day, marking the largest single-day drop since 1980, while spot gold also fell nearly 10%. If you are still looking at K-lines for support, you are gravely mistaken. This crash is not a simple technical correction, but a severe reset of macro logic.
Silver plummeted 31% in a single day, setting a 46-year record
Why the crash? The core reason has only one name: Kevin Warsh.
The market had been immersed in the illusion of the 'Trump trade', assuming that the new government meant lower interest rates and unlimited liquidity release. However, Trump's nomination of Kevin Warsh as Federal Reserve Chairman directly shattered everyone's fantasies. Warsh is known as a 'hawk', and his rise to power means that the Fed will prioritize controlling inflation rather than endless monetary easing. The market's expectation of a 'rate cut wave' instantly turned into 'higher interest rates for a longer period (Higher for Longer)'.