ChainCatcher 消息，Glassnode 发文表示，“随着加密市场的增长，比特币在牛市上升趋势中的回调幅度逐渐减小。本轮周期中最深度的回调为 -32%（2024 年 8 月 5 日），而大多数回调仅为较此前高点下跌 25% 左右，这反映了现货 ETF 的需求增加以及机构兴趣的上升。”

ChainCatcher 消息，Glassnode 发文表示，“随着加密市场的增长，比特币在牛市上升趋势中的回调幅度逐渐减小。本轮周期中最深度的回调为 -32%（2024 年 8 月 5 日），而大多数回调仅为较此前高点下跌 25% 左右，这反映了现货 ETF 的需求增加以及机构兴趣的上升。”

Glassnode：比特币在牛市上升趋势中的回调幅度逐渐减小，反映 ETF 需求和机构兴趣的上升

ChainCatcher news, <glassnode> reported that "as the cryptocurrency market grows, the magnitude of Bitcoin's pullbacks during bull market uptrends has been gradually decreasing. The deepest pullback in this cycle was -32% (August 5, 2024), while most pullbacks have been around 25% from the previous highs, reflecting increased spot ETF demand and rising institutional interest."

According to ChainCatcher, glassnode published a post stating that "as the cryptocurrency market grows, the magnitude of Bitcoin's pullbacks during the bull market uptrend is gradually decreasing. The deepest pullback in this cycle was -32% (August 5, 2024), while most pullbacks were only around 25% from the previous highs, reflecting increased spot ETF demand and rising institutional interest."

Glassnode: Bitcoin's pullbacks in the bull market uptrend are gradually decreasing, reflecting the rise in ETF demand and institutional interest

Author | Jeff Park (Chief Information Officer, Bitwise)
Compiled by Odaily Odaily(@OdailyChina)
Translator | Dingdang (@XiaMiPP)
Editor's Note: On February 5th, the cryptocurrency market experienced another crash, with over $2.6 billion liquidated in 24 hours. Bitcoin briefly plummeted to $60,000, but the market seems to lack a clear consensus on the causes of this decline. Bitwise CIO Jeff Park offers a new analytical framework from the perspective of options and hedging mechanisms.
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The Black Swan Event Was Actually This: The Real Reason for the Recent Bitcoin Crash

Author | Jeff Park (Chief Information Officer, Bitwise)
Compiled by Odaily Odaily(@OdailyChina)
Translator | Dingdang (@XiaMiPP)
Editor's Note: On February 5th, the cryptocurrency market experienced another sharp drop, with over $2.6 billion liquidated in 24 hours. Bitcoin briefly plummeted to $60,000, but the market seems to lack a clear consensus on the causes of this decline. Jeff Park, CIO of Bitwise, offers a new analytical framework from the perspective of options and hedging mechanisms. [...]

The release of this new regulation marks a historic leap in the attitude of Chinese regulators towards virtual assets, shifting from a "complete ban" to a "combination of restriction and guidance."

Article Author & Source: Guofeng Law Firm On February 6, 2026, the "Notice on Further Preventing and Handling Risks Related to Virtual Currencies" (Yinfa [2026] No. 42, hereinafter referred to as "Document No. 42"), jointly issued by eight ministries led by the People's Bank of China, and the "Regulatory Guidelines on the Issuance of Asset-Backed Securities Tokens Overseas by Domestic Assets" (hereinafter referred to as the "Guidelines") simultaneously issued by the China Securities Regulatory Commission, have triggered significant reactions in the legal and financial circles...