Crypto used to be cool.
Then it turned into mostly memecoin grifters.
We need a bear market to cleanse the space.
Bitcoin is not responsible for the underperformance of alts.

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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...

Breaking News! The Year of China's RWA: A Compliant Channel Opens for Trillions of Yuan in Domestic Assets to Go Global

Ironic for you to say, considering that BTC is the biggest meme coin of all
The definition of a meme coin is no utility = BTC
BTC actually helps justify all the BS in crypto
The only way the crypto & cypherpunk revolution can succeed is through the alts; BTC is holding us back

What is actually ironic is that you run a crypto fund and spent all cycle calling for alt season.
Then you look at a BTC dominance chart and see that dominance is now up *5 years in a row*

You did nothing to refute my point; if anything, you reinforced it
I argue BTC is pure speculation & you quote a price chart to prove me wrong, that is a self-own...
I will not argue past price, but I will bet on a different future
That is what real investment is all about!

You made the same point years ago.
The market spent 5 years refuting it.
The data has proven you wrong time and time again. You just refuse to accept it