[2/3] (PANews | Odaily) 11. PancakeSwap approves proposal: The maximum supply of CAKE has been reduced from 450 million to 400 million. The proposal has been approved; the report states that the current circulation is about 350 million, and the adjustment still leaves a buffer of about 50 million. (BlockBeats | Odaily) 12. Corporate BTC Allocation: Steak'n Shake Adds $10 Million in Bitcoin to Corporate Reserves. The American fast-food chain Steak'n Shake disclosed that it has added approximately $10 million worth of BTC to its reserves (estimated at approximately 105 BTC at the time of purchase). (BlockBeats) Market Analysis 1. Rapid deleveraging in the market: BTC fell below $93,000 during the session, with total liquidations across the network amounting to approximately $808-871 million, with long positions accounting for the vast majority. Multiple sources indicate that liquidations in the past 24 hours totaled approximately $808-871 million, of which long positions accounted for approximately $734-786 million. The largest single liquidation is said to have occurred on Hyperliquid's BTC-USDT pair, amounting to approximately $25.83 million. (TechFlow | PANews | BlockBeats) 2. CryptoQuant/CPG Signal: The sharp sell-off may mainly come from US "non-ETF whale". Coinbase premium spread hits a nearly 12-month low. Analysts say that the US spot BTC ETF was not yet open when the price fell, so the selling pressure is more likely to come from large US funds outside of ETFs. At the same time, the 30-day average of Coinbase premium spread (CPG) is about -63.85, which is at a nearly 12-month low. (BlockBeats | TechFlow) 3. Changes in the options market structure: BTC options open interest (OI) rose to approximately $74.1 billion, surpassing futures OI (approximately $65.2 billion) for the first time. Analysts believe that options open interest (OI) surpassing futures usually means that the market is shifting from "directional leverage" to more structured risk exposures (hedging, return strategies, volatility positions, etc.). (BlockBeats | Foresight News) 4. Glassnode: The short-term holder STH-NUPL has been negative since November 2025. BTC needs to return to above approximately $98,000. This negative indicator means that the overall group of new entrants is unprofitable; a rebound to above approximately $98,000 may be more conducive to the STH group returning to the net profit range. (PANews | Odaily) 5. Continued pressure on miners: BTC hashrate has fallen by about 15% from its October peak, and difficulty may decrease by another 4%. Hash rate dropped from approximately 1.1 ZH/s to approximately 977 EH/s; Hash Ribbon data shows that the period of miner stress began on November 29th. If some mining companies shift to AI/HPC and sell BTC, it may increase selling pressure in the short term. (CoinDesk | TechFlow) 6. Wintermute: The traditional "four-year crypto cycle" is failing, with funds becoming more concentrated in top assets and institutional channels. They believe that ETFs, digital asset treasuries (DAT), and other similar products have increased the concentration of funds, weakening the wealth effect of altcoins. To break this concentration in 2026, ETFs/DAT need to expand their investable scope, BTC/ETH need to lead the rise to drive a wealth effect, or retail investors need to return their attention. (PANews | Foresight News) ━━ Project Updates ━━ 1. Magic Eden: Starting February 1st, 15% of "all revenue" will be injected into the ME ecosystem (buyback + staking distribution). Of the 15% revenue, 50% will be used to repurchase ME in the open market, and the remaining 50% will be distributed in USDC according to the staking weight. USDC rewards can be claimed monthly, with the first claim expected to open in March and must be claimed within 90 days. (Odaily | PANews) 2. YZi Labs launches EASY Residency Season 3: applications will be accepted year-round, with selected projects eligible for up to $500,000 in investment. The program has changed from a fixed batch to year-round rolling applications/interviews, and will establish long-term centers in New York and the San Francisco Bay Area. Three Demo Days are planned for 2026 (including TOKEN2049 Dubai in April). (PANews | TechFlow) 3. AKEDO completes $5 million seed funding round Karatage led the investment round, with participation from Sfermion, Collab + Currency, TON Ventures, and others; the funds are intended for the development of an AI-native content creation engine and Launchpad. (PANews | Odaily) 4. Binance Product Update: Reduced SWIFT USD withdrawal fees and restored Australian fiat currency access. SWIFT reduced its USD withdrawal fee from $60 to $25 per transaction; Binance Australia resumed bank transfers and fiat currency deposits/withdrawals via PayID. (BlockBeats) 5. Binance will launch BTC/U and LTC/USD1 spot trading pairs and open trading bots.