Arb空投十个点价值十亿美金，昨晚爆仓也是十亿美金
这个行业亏钱远比赚钱容易
市场的不理性让我急流永退的选择放弃杠杆，如今看是明智的举动
现货同样回撤了很多，但如果加了杠杆，恐怕远不只是回撤这么简单
不觉得这里是最终的顶部，但如果在这之前出局，整个游戏便与你无关

Twitter

Arb airdropped 10 points worth 1 billion US dollars, and the liquidation last night was also 1 billion US dollars
It is much easier to lose money in this industry than to make money
The irrationality of the market made me choose to give up leverage and retreat, which is now a wise move
The spot has also retreated a lot, but if leverage is added, it is probably far more than just a simple retreat
I don’t think this is the final top, but if you get out before this, the whole game has nothing to do with you

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 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 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 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...