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Okay, so this question has become: NYSE 24/7, what is the point of your crypto existence?

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.
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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...

Breaking News! The Year of China's RWA: A Compliant Channel Opens for Trillions of Yuan in Domestic Assets to Go Global

绝大多数人根本玩不了美股，也不关心，因为过于复杂了
另外他7x24不意味着他准入会更开放，如果还不能做到链上透明，那就相当于ASX 18年就搞的DLT。
对币圈并不会造成任何实质虹吸，两个平行时空罢了。相反还会让做RWA 合约外盘的生意更好 （比如 @hertzflow_xyz )😂

Most people can't play the US stock market and don't care, because it's too complicated. Also, its 24/7 operation doesn't mean its access will be more open. If it still can't achieve on-chain transparency, then it's equivalent to the DLT that ASX did in 2018.
This won't cause any real drain on the crypto; it's just two parallel universes. On the contrary, it will actually make the business of RWA contract trading on foreign exchanges even better (like @hertzflow_xyz) 😂