2025真是一眨眼就过去了，祝经常跟我在X上讨论交易策略的友友们2026新年快乐🎆一起在新的一年稳扎稳打，继续发财！
感谢 @0xWatell @binancezh 送的Binance冲锋衣，零下10度穿着打雪仗都不冷，质量杠杠的🏂
2026年个人理解对于币圈来说会是个波动率交易大年，如何合理运用合约/期权来控制回撤、做多波动率会成为重要的技能。

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2025 has flown by in the blink of an eye. Happy New Year 2026 to all my friends who often discuss trading strategies with me on X! May we all make steady progress and continue to prosper in the new year!
Thanks to @0xWatell and @binancezh for the Binance jacket! It was perfect for snowball fights in -10°C weather, the quality is top-notch! 🏂
My personal understanding is that 2026 will be a big year for volatility trading in the crypto. Knowing how to use contracts/options to control drawdowns and long on volatility will become an important skill.

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 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 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.
...

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...