随着数据底牌掀开，这只黑天鹅终于浮出水面。
暴跌的真相很简单：ai的快速发展对Saas类股票的巨大利空，引发了大基金的恐慌性去杠杆，泥沙俱下，比特币也成了被殃及的池鱼。
可谓成也 ETF，败也 ETF。
这轮牛市借由机构的增量资金而起，但别忘了，华尔街的钱既是推波助澜的巨浪，退潮时也是最无情的镰刀。盈亏同源，概莫能外。

之前确实说了接下来是空头狂欢的几个月
但是明显速度上超出了预期，跌的诡异
今天一天基本都是缩量的小阴k，没有出现过一根哪怕15min的针。
$BTC 跌的最多一天跌了10%币很多山寨跌的都狠，这是最最诡异的
这种情况只有两种可能
1⃣有不为人知的黑天鹅正在酝酿，大资金悄悄的DCA出逃

Will Yang

Twitter

With the data revealed, this black swan event has finally surfaced.

The truth behind the crash is simple: the rapid development of AI is a huge negative factor for SaaS stocks, triggering panic deleveraging by large funds. This indiscriminate selling affected everything, including Bitcoin.

It can be said that ETFs both made and broke the market.

This bull market was fueled by increased institutional funding, but let's not forget that Wall Street's money is both the driving force behind the surge and the ruthless reaper when the tide recedes. Profit and loss are two sides of the same coin; no one is exempt.

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...