CAP은 APY 얼마에 들어갔냐에 따라서 결과가 다르긴 하겠지만 YT-cUSD 유저의 경우에는 본전 or 수익이었던 것 같네요, 오히려 YT-stcUSD 유저의 경우에는 본절 or 손실 정도로 나왔을 것 같음.

세일로 넘어간건 아쉽다는 커뮤니티 반응이 많긴 하지만, YT 유저들 통수 안치고 손실 안보도록 신경썼다는 점에서는 칭찬할만한듯? 사실 최근에 파운더 benjamin이 디엠와서 포인트 얼마 벌었고 YT로 손실 얼마나 봤고 이런거 물어보고 갔거든요. 그래서 혹시나 요런거 신경써서 해주나 했는데, 괜찮은 결과가 나온듯 !!

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The results may vary depending on the APY used, but for YT-cUSD users, it seems like they broke even or made a profit. For YT-stcUSD users, it seems like they ended up with a loss or a break-even point.

While many in the community expressed disappointment over the sale, it's commendable that they took the time to ensure YT users didn't lose money. In fact, founder Benjamin recently DMed me and asked how many points I earned and how much I lost on YT. I wondered if they were paying attention to this, and it seems like the results were good!

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...