2 月 7 日，据 Onchain Lens 监测，鲸鱼交易员 KOL loracle.hl（@loraclexyz）已开立 20 倍杠杆的 BTC 与 ETH 空头仓位，并建立了 5 倍杠杆的 PAXG 多头仓位。此外，其 LIT 空头仓位也略有增加。该账户总盈利已超过 3200 万美元。当前持仓统计如下：
· 做多 1,478,842 HYPE（价值 4869 万美元）
· 做空 380.76 BTC（价值 2698 万美元）
· 做空 4,869.58 ETH（价值 1019 万美元）
· 做多 1,576.36 PAXG（价值 779 万美元）
· 做空 947,244 LIT（价值 159 万美元）

<div>2 月 7 日，据 Onchain Lens 监测，鲸鱼交易员 KOL loracle.hl（@loraclexyz）已开立 20 倍杠杆的 BTC 与 ETH 空头仓位，并建立了 5 倍杠杆的 PAXG 多头仓位。此外，其 LIT 空头仓位也略有增加。该账户总盈利已超过 3200 万美元。当前持仓统计如下：· 做多 1,478,842 HYPE（价值 4869 万美元）· 做空 380.76 BTC（价值 2698 万美元）· 做空 4,869.58 ETH（价值 1019 万美元）· 做多 1,576.36 PAXG（价值 779 万美元）· 做空 947,244 LIT（价值 159 万美元）</div>

某鲸鱼合约交易员入场20倍做空BTC和ETH，同步5倍建仓做多PAXG

On February 7th, according to Onchain Lens monitoring, whale trader KOL loracle.hl (@loraclexyz) opened 20x leveraged short positions in BTC and ETH, and established 5x leveraged long positions in PAXG. In addition, their LIT short positions also increased slightly. The account's total profit has exceeded $32 million. Current holdings are as follows:
• Long on 1,478,842 HYPE (worth $48.69 million)
Short 380.76 BTC (worth $26.98 million)
Short 4,869.58 ETH (worth $10.19 million)
• Long 1,576.36 PAXG (worth $7.79 million)
Short 947,244 LIT (worth $1.59 million)

<div>On February 7th, according to Onchain Lens monitoring, whale trader KOL loracle.hl (@loraclexyz) opened 20x leveraged short positions in BTC and ETH, and established a 5x leveraged long position in PAXG. In addition, his LIT short position also increased slightly. The account&#39;s total profit has exceeded $32 million. Current holdings are as follows: • Long on 1,478,842 HYPE (worth $48.69 million) Short 380.76 BTC (worth $26.98 million) Short 4,869.58 ETH (worth $10.19 million) • Long 1,576.36 PAXG (worth $7.79 million) Short 947,244 LIT (worth $1.59 million)</div>

A whale futures trader entered a 20x leveraged short on BTC and ETH, while simultaneously long position on PAXG.

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...