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On-chain data indicates that BitMine holds approximately 4.243 million to 4.285 million ETH at an average price of approximately $3,849. After ETH fell below $2,000, it has not realized a floating loss exceeding $8 billion. Trend Research holds approximately 463,000 ETH with leveraged borrowing of approximately $625 million. If it were to fully deleverage, it would need to sell approximately 320,000 ETH, with some addresses liquidating at a range of approximately $1,574.6 to $1,681.49. There have also been several large withdrawals/rebalancings: an address related to "1011/BTC OG" withdrew 80,000 ETH from Binance; a newly created address withdrew 55,483 ETH from WhiteBIT within two days; and an address associated with Longling Capital withdrew 8,500 ETH from Binance.
(PANews | TechFlow | BlockBeats | Foresight News)
Market Analysis
1. Sharp fluctuations: BTC fell to the 66,7xx–67,0xx range; ETH fell below $2,000 for the first time in about 273 days.
BTC repeatedly broke below 69k/68k/67k, with some platforms briefly touching 66,7xx–67,0xx before rebounding; ETH fell below $2,000, reaching a low of around $1,950, as leverage liquidation and deleveraging pressures intensified.
(CoinDesk | BlockBeats | TechFlow)
2. Liquidation Expansion: 24-hour total liquidation across the network amounted to approximately $950 million to $1.18 billion. Statistics from different sources indicate that long positions were the primary focus of liquidation, with approximately $951 million to $1.18 billion liquidated across the network in 24 hours. Long positions accounted for a significant portion (approximately $790 million to $1.008 billion). The largest single liquidation was approximately $11.3666 million (Aster BTCUSDT).
(CoinGlass | BlockBeats | TechFlow)
3. Divergent Institutional Views: Deutsche Bank says "loss of confidence" is the main driver; JPMorgan Chase says BTC's relative attractiveness has increased after gold volatility. Deutsche Bank believes the recent sell-off is more like a loss of confidence/belief than a structural market collapse, citing factors such as institutional outflows, changes in the relationship with traditional market anchors, and weakening regulatory momentum. JPMorgan Chase, on the other hand, says that against the backdrop of strong and volatile gold, BTC's long-term attractiveness relative to gold has increased, while also noting that BTC still faces ETF outflows.
(CoinDesk | BlockBeats)
4. Options and Structure Signals: Over $2.5 billion in options are expiring; short-term hedging demand is strengthening.
Deribit data shows that over $2.5 billion in crypto options will expire: BTC notional $2.15 billion, Put/Call ≈ 1.42, maximum price ceiling $82,000; ETH notional $408 million, Put/Call ≈ 1.13, maximum price ceiling $2,550. Other research suggests that the BTC/ETH IV is around 50%/70%, with short-term skew leaning more negative, indicating increased demand for safe-haven assets.
(Deribit (X) | PANews)
5. On-chain buy the dips and high leverage go hand in hand: 7 Siblings adds to ETH holdings; Hyperliquid sees a large deposit of 7 million USDC to open a leveraged portfolio position. "7 Siblings" added to its holdings multiple times when ETH fell below/approached the $2,000 range, adding 6,923.85 ETH in a single transaction, holding approximately 318,500 ETH; another address deposited 7 million USDC into Hyperliquid to open 10x long HYPE, 20x long BTC, 3x long LIT, and 3x short XPL.
(PANews | TechFlow | BlockBeats)
6. Cross-market and Macroeconomic: Silver plunges, US stocks weaken; Weak US employment data caused spot/futures silver to fall by approximately 13%–17% intraday, leading to a weakening of US stocks; US December JOLTS job openings were 6.542 million, lower than the expected 7.2 million; initial jobless claims for the week were 231,000, higher than the expected 212,000. The European Central Bank held rates steady for the fifth consecutive time; the Bank of England maintained its interest rate at 3.75%, with a 5-4 vote.
(TechFlow | Odaily | BlockBeats | BlockBeats)
━━ Project Updates ━━
1. Circle × Polymarket: USDC.e on Polygon will switch to native USDC.
Polymarket partnered with Circle to replace the USDC.e bridged on Polygon with native USDC and to bring Circle's stablecoin infrastructure into prediction market scenarios.
(The Block | BlockBeats)
2. Binance Alpha listed Rainbow (RNBW) and announced an airdrop of points; CoinList's distribution is also underway.
RNBW trading will begin on February 6, 2026 at 01:00 (UTC+8); the airdrop will be distributed on a first-come, first-served basis using Alpha Points (initial threshold of 241 points, which can be dynamically adjusted; 15 points are required to claim). Rainbow stated that it is currently processing the CoinList distribution and aims to complete it before the CEX opens.
