BMNR is almost down an entire SBF (~$7bn estimated as the FTX hole).
Tom Lee gets a $20m bonus. SBF got 20+ years.
The power of playing by the rules

BREAKING: BitMine's, $BMNR, unrealized ETH losses rise to -$6.6 billion, now on track to become the 5th largest documented principal trading loss in history if sold.
Unrealized losses are now at ~66% of the size of Archegos in 2021, the largest loss ever recorded.

The Kobeissi Letter

Twitter

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 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...

Breaking News! The Year of China's RWA: A Compliant Channel Opens for Trillions of Yuan in Domestic Assets to Go Global

从BTC/ETH的汇率上来说，ETH每一轮跑赢BTC这个说法并不正确，这样说大概率是从一个周期单一币种的最低点到最高点的涨幅来判断的文字游戏
当然，完全看汇率也并不准确，因为ETH的总量在变化，所以我一般用市值对比，从市值对比的变化上来看（因为我没有全面的数据，所以这里就没放图），ETH依然没有突破对于BTC的颓势

The claim that ETH outperforms BTC in every BTC/ETH exchange rate cycle is inaccurate. This is likely a word game based on the price increase from the lowest to the highest point of a single coin within a given period.

Of course, relying solely on exchange rates isn't entirely accurate either, as the total supply of ETH fluctuates. Therefore, I generally use market capitalization for comparison. Looking at the changes in market capitalization (I haven't included a chart here because I don't have comprehensive data), ETH has still not broken its downward trend relative to BTC.