[2/3] (PANews | BlockBeats | TechFlow | Foresight News | Odaily | BlockBeats) 2. Key level for leveraged liquidation: If BTC breaks $73,000, the liquidation intensity of short positions will be approximately $482 million. According to Coinglass, if BTC breaks through $73,000, the cumulative short liquidation intensity on major CEXs will be approximately $482 million; if it falls below $70,000, the long liquidation intensity will be approximately $270 million. (BlockBeats) 3. Derivatives and Sentiment: Funding rates are generally bearish; approximately $314 million in positions were liquidated across the entire network in the past 24 hours (mainly short positions). BTC has returned above $70,000, but funding rates for BTC are negative on multiple platforms; funding rates for ETH are mostly positive but relatively low. Regarding liquidations, approximately $31,126,600 was liquidated in the past hour, primarily short positions. (BlockBeats | Odaily | PANews) 4. ETF Perspective: Bloomberg analysts suggest that BTC ETF investors may be more "resilient," but ETFs do not necessarily reduce volatility. Eric Balchunas stated that his previous assessment that "ETFs will reduce volatility" was incorrect, and emphasized that BTC will remain a highly volatile and high-risk asset for the foreseeable future. (BlockBeats) 5. Probability and Fund Flows: The probability of "reaching $75,000 in February" on Polymarket has risen to 64%; spot fund flows show the largest net outflows from ETH/XRP. According to Polymarket, the probability of the price reaching $75,000 is 64%, reaching $80,000 is 30%, and falling to $60,000 is 37%. Coinglass's spot fund flow data shows that ETH and XRP have the largest net outflows, while BTC and TRX have the largest net inflows. (BlockBeats) 6. Multiple viewpoints: Tom Lee believes "the recovery has begun"; Coinbase premium index has been negative for 25 consecutive days. Tom Lee noted that historically, there have been multiple instances of pullbacks exceeding 50% followed by recovery; the latest Coinbase premium index is approximately -0.0864%, with only a very few trading days this year showing positive returns. (PANews | PANews | Odaily) ━━ Project Updates ━━ 1. Ethereum on-chain activity: Daily transaction count reached a record high of 2,896,853. Etherscan data shows that the Ethereum network processed 2,896,853 transactions yesterday. (BlockBeats | TechFlow) 2. Ethereum Staking Queue: Approximately 4.009 million ETH are waiting to be activated, with an estimated delay of about 69 days; The exit queue has been cleared, with approximately 4,009,053 ETH (approximately $8.455 billion) waiting to be activated. The exit queue has been cleared, and withdrawals can be completed almost instantly. (BlockBeats) 3. Hyperliquid: Revenue this week was approximately $25.19 million, marking the third consecutive week of growth; however, it also sparked controversy regarding "closed-source/licensing" principles. DefiLlama shows revenue of approximately $25.19 million this week; Kyle Samani criticized its "closed-source, licensing" approach (this is an opinion, and the original post did not provide detailed evidence). (BlockBeats | BlockBeats | PANews) 4. Pump.fun Buyback: Approximately 15,052.99 SOL were used in a single day, and 632.9 million PUMPs were bought back. It stated that it has repurchased approximately $282 million since July 15, reducing the circulating supply by 22.979%. (BlockBeats) 5. Based on the announcement of token economics: total supply of 1 billion tokens, with community/ecosystem/investors/core contributors accounting for 36%/23.64%/20.36%/20% respectively. The community portion includes 23.5% for Season 1/2 points, which is planned to be available for application in March 2026 and is described as having "no lock-up period"; it also includes a portion reserved for the Ethena community and Season 3. (Foresight News | BlockBeats) 6. Token Unlocking Announcement (February 9th–15th): APT, AVAX, CONX, etc., such as: APT (approximately 11.31 million tokens unlocked on February 10th, approximately 0.69% in circulation), AVAX (approximately 1.67 million tokens unlocked on February 11th, approximately 0.32%), CONX (approximately 1.32 million tokens unlocked on February 15th, approximately 1.56%), etc. (PANews) ━━ Other ━━ 1. ARK transaction disclosure: Sold Coinbase, bought Bullish ARK Invest sold approximately 134,472 shares of Coinbase (approximately $22.1 million) and bought approximately 393,057 shares of Bullish (approximately $10.7 million).