#CZ was sued by CFTC, BTC and BNB once fell by more than 5%#
On March 27, Binance CEO CZ was sued by the US Commodity Futures Trading Commission (CFTC) for violating regulatory requirements. Affected by the news, the encryption market fell across the board, BTC fell below $27,000, ETH fell below $1,700, and BNB once fell by more than 5%.
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橙子的禁言群
Encrypted Breakfast | February 7th 1. Bitcoin plummeted 15.48%, hitting a low of $60,000, marking its largest single-day drop since the FTX crash. This was due to a combination of institutional selling pressure and macroeconomic risk aversion, with the root cause being institutional deleveraging, which led to the continued decline in Bitcoin prices. PS: Speculation that “the collapse of the IBIT hedge fund triggered a sharp drop in Bitcoin” continues to ferment, and partners of Dragonfly believe that the speculation is quite reasonable. 2. Over $2.5 billion in margin calls occurred across the internet, affecting 570,000 people, with long positions being the primary target. A market rally could only proceed after leverage was cleared out at 3:12 PM. 3. MicroStrategy reported a net loss of $12.4 billion in Q4 2025. The CEO stated that even if Bitcoin falls to $8,000, MicroStrategy will not collapse and will only buy more. 4. Vitalik sold 2,779 ETH (worth $6.22 million) in the past 3 days. 5. Bithumb mistakenly airdropped a large amount of Bitcoin to users, causing a short-term price drop on the platform. The world is a mess. 6. Tether makes a strategic investment of $150 million and integrates XAUT to explore the purchase of physical gold with stablecoins. 7. Pump.fun Acquired the cross-chain transaction terminal Vyper, and will gradually cease service starting February 10. 8. Binance SAFU Fund address has once again increased its holdings/transferred in 3,600 BTC (approximately US$233 million). 9. Hyperliquid ecosystem Perp DEX Trade.xyz: 24-hour trading volume reached a record high of $5.45 billion. 10. Glassnode: Bitcoin valuation has reached an all-time low, indicating that downside potential has been exhausted. [Bitcoin Market Analysis] The Bitcoin Fear Index has fallen to 6, and the current "extreme fear" sentiment is unprecedented. This round of decline was caused by institutional investors, so the abnormal decline has brought great panic to everyone. However, this panic also means that the market is close to the bottom. Bitcoin is currently finding support around $60,000 on the 4-hour chart, and has rebounded by about 20% in the past 24 hours. There are no ETF markets over the weekend, so the rebound is expected to continue. We'll know next week whether institutions have finished selling. If selling pressure decreases, market confidence will continue to recover. Bitcoin's revolution in the financial market will not end, and the trend is irreversible. The short-term decline is simply due to increased leverage. Originally, there were no great expectations for this year, but this rare drop has actually increased my confidence in this year's market. The market is not without bear markets, but this bear market has accelerated. [Risk Warning] Digital assets are highly volatile and carry extremely high risks. Please participate with caution, never go all in, and never use leveraged loans.
XAUt
2.35%
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Yueya.eth🎩
Today, I listened to a seasoned trader recount his experience of being wiped out, and it felt like listening to a modern-day Sisyphus fable. My feelings are quite complex. He liquidated all his crypto holdings at 120,000, and he clearly saw through the ETF crash scenario, yet he opened a long position at over 80,000, aiming for a mere 10% profit. He said, "Winning many times is useless; one loss wipes you out. Now this is happening to me, which is quite ironic." This might be the fate of traders: you can train your understanding, you can study cycles, but you can't change that "what if" moment in human nature. The higher one's understanding, the more easily one can be killed by their own "correctness." This serves as a reminder to reflect on oneself, to respect the market, and to respect human nature.
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Crypto Market Aggregator|币圈新闻汇总
[2/3] (PANews | BlockBeats | Foresight News | Odaily) 2. Derivatives liquidations intensify: Short-term liquidations across the entire network amounted to approximately $167-178 million, with BTC experiencing a sharp fluctuation of approximately $79.85 million, triggering a concentrated clearing of leveraged funds and further amplifying the short-term price impact. (Odaily | Cointelegraph) 3. "Surrender-style selling" and sentiment indicators point to bottom signals: Bitwise says "the negative news may have already been priced in," and CoinDesk points to multiple extreme indicators hitting records. Bitwise believes that "extreme anxiety" is common near a stage bottom, when selling pressure is nearing exhaustion; CoinDesk says that several capitulation indicators have reached levels that "only appear at the bottom of major cycles". (CoinDesk | The Block | CoinDesk) 4. Funding rates remain bearish: After BTC rebounded from 60,000 to nearly 70,000, most CEX/DEX funding rates still show a bearish bias. Data cited by Coinglass shows that despite a significant price rebound, leveraged pricing remains bearish, reflecting that market risk appetite has not yet fully recovered. (BlockBeats) 5. On-chain/Exchange Fund Flows: Trend Research reported that Binance transferred a total of approximately 35,000 ETH in two separate transactions; the main liquidation point has shifted below $1,500, with monitoring indicating that 15,000 ETH and 20,000 ETH were transferred in successively; and several potential liquidation concentration zones were identified, showing that the risk zone below ETH is more concentrated. (BlockBeats | BlockBeats | Odaily) 6. "Withdraw on dips" signal: Two long-dormant addresses withdrew a total of 11,892 ETH (approximately $22.99 million) from Binance. Monitoring shows that 10,000 ETH were withdrawn at 0x55C1 and 1,892 ETH were withdrawn at 0x1342, which may reflect that some funds were used for spot allocation/transfer custody during the drawdown. (BlockBeats | Odaily) 7. Crypto-related US stocks rallied in tandem: MSTR surged over 20% intraday, with institutions giving a target price as high as $440. Amid the rebound in risk assets, Strategy (MSTR) saw its gains widen; reports also mentioned that TD Cowen gave a target price as high as $440. (Odaily | CoinGape) 8. CryptoRank: The Fear & Greed Index has fallen to extremely low levels, similar to the period of the FTX crash. This sentiment indicator has entered an extreme range, which usually corresponds to both high volatility and the risk of a turning point. (CryptoRank) ━━ Project Updates ━━ 1. ENS adjusts its scaling path: ENSv2 will only be deployed on the Ethereum mainnet, and the self-developed L2 "Namechain" will be discontinued. ENS reports that Ethereum L1 scaling is faster than expected, and registration costs have decreased by 99% over the past year following the increase in the gas cap, with the average registration fee falling below $0.05; the ENS App/Explorer has released a public alpha. (ENS | The Block | BlockBeats) 2. Coinbase listing roadmap update: Superform (UP) has been added to the asset listing roadmap. Whether trading will be available depends on the availability of market-making support and the readiness of technical/compliance infrastructure. (Coinbase) 3. Vitalik donated to Shielded Labs to support Zcash's proposed consensus upgrade to Crosslink. Crosslink plans to add a parallel "finality layer" on top of PoW to reduce restructuring/rollback risks and enhance settlement protection for confirmed transactions. (Shielded Labs | BlockBeats) 4. Ondo: Plans to rebuild the "Prime Brokerage" on-chain, with perpetual contracts considered as the first step. Ondo considers institutional-grade on-chain services as a long-term direction, and perps is seen as the entry point and product implementation path. (CoinDesk) 5. MegaETH: Proposes to use USDM stablecoin revenue to fund the repurchase of MEGA tokens, proposing a plan to support the repurchase mechanism with stablecoin business/revenue.
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Mindao
Recently, there has been a lot of discussion about the US stop-loss line. Today, let's talk about the leveraged stop-loss line in the crypto. It's not just the recent on-chain whale hunt and the rumored liquidation of TradFi institutions; similar stories keep happening around us in every cycle. Friends are repeatedly misled by the so-called "margin of safety" of low leverage, thinking that as long as the leverage is low enough, they can avoid liquidation. However, the real core risk of crypto assets is never about directional judgment, but whether you've exposed yourself within the "kill line." The kill line isn't a specific price point, but rather a price fluctuation range that, in extreme circumstances, will almost inevitably be reached when using leverage; once leverage is used, the outcome is predetermined, and the rest is just a matter of time. Many people believe that as long as contracts are not used and low leverage of 20%–50% is employed in on-chain lending protocols, it is safe enough to avoid being liquidated. However, the problem is that crypto itself is a volatility amplifier, coupled with extremely strong reflexivity, resulting in an extremely wide range of liquidation opportunities, far exceeding most people's intuitive expectations. Taking BTC as an example, in a 6-month trend, the range of losses is roughly between -60% and +120%; while for mainstream Altcoin such as ETH and SOL, this range can even reach -85% to +250%. Most leveraged swing trading strategies inherently require 3-5 months to realize profits, meaning that adding leverage at any point in time greatly increases the likelihood of being wiped out. In particular, strategies are often reused; for example, a single successful trade (selling at the top) can further incentivize you to repeat the same strategy (leveraged buy the dips). Even with leverage as low as 20%, after several repeated swings, being wiped out is almost mathematically inevitable. Those who directly use contracts (10x+ leverage), like Machi Big Brother, will inevitably fall into an endless cycle of being wiped out every morning upon waking up. The only reasonable use of leverage in crypto assets is leverage that is not exposed to the stop-loss line, is completely delta neutral, does not make any directional judgments on the price of the underlying asset, and only earns structural, non-directional returns (such as basis arbitrage, or interest rate arbitrage of borrowing low and depositing high in the same currency); even so, it is possible to collapse due to one-sided liquidation (such as the rumored failure of hedging unwinding by a TradFi institution). Apart from that, only spot trading remains, because it has already moved beyond leverage and is no longer subject to the sell-off.
SOL
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Crypto Market Aggregator|币圈新闻汇总
[2/3] (Reuters | PANews) Market Analysis 1. BTC and ETH rebounded from the sharp drop: BTC returned to the $67,000-$69,000 range, and ETH returned to around $2,000. Multiple platform quotes show that BTC rebounded and once stood above/broke through $69,000, while ETH returned to about $1,999-$2,002. The previous intraday low and the rebound range were inconsistent, indicating that volatility is still high. (CoinDesk | TechFlow | Odaily) 2. Deleveraging continues: The scale of margin calls across the network varies, but all are at historically high levels. CoinGlass statistics show that approximately $2.242 billion in liquidations occurred in the past 24 hours; CoinAnk statistics show approximately $1.662 billion. The difference stems from the exchange sample and statistical methods used. (TechFlow | PANews) 3. Trend Research is massively selling/transferring ETH to reduce leverage and repay debts. On-chain monitoring points to continuous selling pressure. Multiple monitoring sources indicate that it is related to leveraged positions on Aave. In the past few hours/15 hours, there have been multiple concentrated transfers to Binance (such as 20,000 ETH, 30,000 ETH, etc.), and there are different estimates that "more than 410,000 ETH have been sold since February 1, with a total loss of about $700 million". Overall, it points to the fact that institutional deleveraging is still underway. (TechFlow | BlockBeats | PANews) 4. On-chain Fund Flows: BlackRock and Grayscale-related addresses transferred BTC/ETH to Coinbase Prime, sparking discussions about "redemption/rebalancing or potential selling pressure." Monitoring shows that BlackRock-related addresses deposited approximately 3,948 BTC and 5,734 ETH into Coinbase; Grayscale also saw approximately 1,364 BTC transferred into Coinbase Prime. These transfers need to be assessed in conjunction with ETF redemption and market-making processes. (TechFlow | Odaily) 5. Indicators and Institutional Views: Glassnode and CryptoQuant have indicated that the market is currently in a "period of extreme/near the end of a bear market," but a rebound still needs time to be confirmed. Glassnode stated that BTC's "Yardstick" has hit an all-time low, which historically often corresponds to a narrowing of downside potential. CryptoQuant mentioned that the loss-making BTC supply is close to the level at the end of the last bear market, and some opinions suggest that the lack of a substantial rebound could trigger a chain reaction of forced selling. (BlockBeats | BlockBeats | PANews) 6. Macroeconomic and Risk Appetite: Michigan consumer confidence rebounded and inflation expectations declined; volatility in safe-haven assets (gold/silver) intensified. The University of Michigan's preliminary February consumer confidence reading was 57.3, higher than expected; the preliminary 1-year inflation expectation reading was 3.5%, lower than expected; during the same period, gold rose to nearly $4,960/ounce, and silver also experienced significant fluctuations, indicating cross-asset deleveraging and linkage risks. (TechFlow | Odaily | PANews) ━━ Project Updates ━━ 1. ENS halts proprietary L2 “Namechain” development: ENSv2 will be directly deployed on the Ethereum mainnet. ENS stated that the Fusaka upgrade is expected to significantly reduce registration costs after increasing the gas limit, and has opened a public alpha test for the new version of the ENS App/Explorer. (Foresight News) 2. Ronin: Saigon testnet has completed its migration to Ethereum, and the mainnet is planned to be upgraded to Ethereum L2 in the first half of 2026. The upgrade window points to Q1–Q2 of 2026, reflecting the convergence of the game chain towards the Ethereum Rollup route. (BlockBeats | Foresight News) 3. Polymarket's parent company has applied for the "POLY/$POLY" trademark. Executives have confirmed plans to issue native tokens and airdrop the trademarks to cover financial and crypto market software, tokens, and platform services. The timeline for the tokens has not yet been disclosed. (The Block | Odaily) 4. Relay Protocol completes $17 million Series B funding round: plans to launch "instant cross-chain settlement" Relay Chain. Archetype and USV led the investment, focusing on cross-chain settlement infrastructure. (PANews) 5. Strategy discloses it will launch a "Bitcoin security plan" to address quantum uncertainty. Saylor stated that it will collaborate with the cybersecurity/cryptography/Bitcoin security community to advance the project, viewing it as a long-term engineering challenge rather than an immediate threat. (CoinDesk | TechFlow) 6. Ripple releases XRPL institutional-grade DeFi blueprint: positioned as "regulated real-world finance" It emphasizes recent upgrades and upcoming features to promote the adaptation of XRPL in institutional scenarios and compliant financial infrastructure.
ENS
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