【观点素材提取】  
ETH价格出现下跌，导致做空仓位出现损失。市场行为表现为空头承压，价格继续走低。 [src: @匿名/熬鹰WEB3, 2026-02-08 18:29:31/#2125480；ref: window]

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ETH：熬鹰WEB3社群讨论总结（18:00:10 ~ 19:00:10）

[Extracting viewpoint materials]
The price of ETH fell, resulting in losses for short positions. Market behavior showed that short sellers were under pressure, and the price continued to decline. [src: @Anonymous/熬鹰WEB3, 2026-02-08 18:29:31/#2125480；ref: window]

ETH: Summary of Discussions in the WEB3 Community (18:00:10 ~ 19:00:10)

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.
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The Black Swan Event Was Actually This: The Real Reason for the Recent Bitcoin Crash

Renowned crypto investor Jack Yi used Aave revolving lending to build a $2 billion ETH position, only to see it crumble during the market crash [...]
The article, "Yi Lihua Completely Sells Off ETH! Trend Research Sells 650,000 Ethereum in a Week, Losing $730 Million," was originally published on BlockTempo, the most influential blockchain ABMedia media.

Yi Lihua completely liquidated his ETH holdings! Trend Research reportedly sold 650,000 Ethereum in a week, incurring a loss of $730 million before exiting the market.

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. [...]