Encrypted Breakfast | February 6th 1. Precious metals suffered a sharp decline. Gold prices fell sharply after the opening, briefly dropping below $4,800, before closing down 3.73% at $4,779.41 per ounce. Silver continued its decline, falling to near the $70 mark, before closing down 19.68% at $70.79 per ounce. 2. The Dow Jones Industrial Average closed down 1.2%, the S&P 500 fell 1.23%, and the Nasdaq Composite fell 1.59%. The latter two have fallen for three consecutive trading days, with the Nasdaq falling nearly 4% this week. 3. Bitcoin fell from 98,000 to 60,000 in just 3 weeks and is currently testing the bottom support area. 4. The number of planned layoffs in the United States surged in January, with the number of planned layoffs rising 118% year-on-year to 108,435 last month, the highest level for a month in 17 years. 5. Gemini laid off 25% of its staff (approximately 200 people) and closed customer accounts in the UK, EU, and Australia. 6. JPMorgan strategist: In the long run, Bitcoin is now "more attractive" than gold. Long-term potential: Theoretical target of $266,000. 7. US Bitcoin ETFs have seen outflows of over $12 billion since October. A Deutsche Bank report states that the Bitcoin decline stems from a loss of confidence, not a collapse of market structure. 8. Coinbase launches spot trading of HYPE. HYPE was originally considered the best safe-haven asset. 9. Vitalik Buterin urged developers to innovate rather than copy the EVM chain, emphasizing a true connection to Ethereum. 10. Strategy reported a net loss of $12.4 billion in Q4 2025, with $25.3 billion raised throughout the year. 11. Tether invests $100 million in digital asset platform Anchorage Digital, Anchorage Digital Bank NA, the first federally regulated digital asset bank in the United States. 12. In response to the threat of legal documents from Binance in the English-speaking region, Binance denied the authenticity of the documents, claiming they were forged; and stated that its platform's fund inflow data was used to refute the run narrative. 13. Regarding the US Senate's "Crypto Market Structure/CLARITY" process, Senator Cynthia Lummis stated that the Senate has included the crypto bill on its agenda, and the revision and deliberation of the CLARITY bill are proceeding as planned. 14. The USDT OTC price on the Binance platform once rose to around 7.1 yuan (compared to about 6.94 yuan to the US dollar at the time), and buy the dips hunters were entering the market. [Bitcoin Market Analysis] Bitcoin has continued to fall following the macro financial trend, hitting the $60,000 mark this morning. There must be some hidden risk behind this decline. There are no major negative factors in the industry at present, but the overall macro environment is not optimistic. It is as if global assets have lost liquidity. Bitcoin has strong support around 60,000 on the 4-hour chart, and indicators such as RSI show that it has entered the oversold zone, indicating that it will enter a violent rebound phase. Currently, it's perfectly acceptable to buy and hold spot stocks and patiently wait for a rebound. However, avoid leveraged trading due to its enormous risk. [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.