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According to Coinglass data, the cumulative net outflow from CEX in the past 24 hours is 2,382.67 BTC. The top three CEX by outflow are as follows:Binance, outflow of 754.04 BTC;Gemini, outflow of 633.9 BTC;Kraken, outflow of 505.86 BTC.In addition, Coinbase Pro saw an inflow of 66.18 BTC, ranking first in inflows.

According to Bleepingcomputer, Trezor and Ledger users have fallen victim to physical letter scams, where fraudsters impersonate official organizations to lure users into scanning QR codes that lead to phishing websites, and deceive them into providing their recovery phrases under the pretext of "identity verification checks" and "transaction checks," thereby facilitating the theft of cryptocurrency assets.

According to Coinglass data, the cumulative net inflow of CEX in the past 24 hours is 169,800 ETH, with the top three CEX by inflow as follows:Coinbase Pro, inflow of 67,700 ETH;Binance, inflow of 58,100 ETH;Kraken, inflow of 23,000 ETH.In addition, KuCoin had an outflow of 2,197.15 ETH, ranking first in outflows.

According to CoinDesk, Steve Kurz, the Global Head of Asset Management and Co-Head of Digital Assets at Galaxy Digital, believes that the recent decline in cryptocurrencies is due to liquidity and leverage release rather than systemic failure. This indicates that the cryptocurrency cycle is more mature than in 2022, and most forced selling may have already been absorbed by the market.The development of stablecoins, tokenization, and the integration of blockchain with traditional finance is accelerating, making cryptocurrencies both a financial asset and a core part of the financial system. Steve Kurz expects that cryptocurrencies will not experience a V-shaped recovery but will go through a period of range-bound fluctuations. Subsequently, with the injection of institutional capital and the ongoing "great integration" of cryptocurrencies with traditional finance, cryptocurrency prices will gradually rise.

On-chain detective ZachXBT posted about the user @sexinfochina, stating, "This user deliberately concealed the fact that they are an online criminal operating the Chinese dark web market 'FreeCity'. They publicly promote certain illegal services on Telegram and knowingly facilitated five money laundering transactions for North Korean hackers. Two years ago, this user asked me to investigate the reason a CEX account was frozen, and I found that it traced back on-chain to a theft case involving over a hundred million dollars by North Korean hackers."In addition, ZachXBT responded, "Although most users of this dark web platform are Chinese, many illegal transactions occur in Southeast Asia and other places."

Binance co-founder He Yi responded on platform X to the news that "Binance employees were fired for discovering transactions related to Iran," stating that compliance staff need to handle various types of cases in their actual work. In recent years, Binance has proactively initiated multiple investigations related to potential crimes and has handed over the results to law enforcement agencies, while also assisting users in avoiding potential fraud and financial losses through risk control and compliance measures.In the face of a constantly changing regulatory environment and new types of financial crime, the company's compliance system still needs to be continuously upgraded and optimized. He also expressed gratitude to former employees who participated in the company's compliance efforts and emphasized that as the company continues to promote higher standards of compliance, it may not be possible to satisfy everyone during the execution process. However, Binance will continue to invest resources and bring in more compliance professionals with specialized backgrounds and law enforcement collaboration experience to enhance overall risk identification, investigation, and resolution capabilities.

Boosted by the lower-than-expected U.S. Consumer Price Index (CPI) for January, Bitcoin (BTC) saw a short-term increase of about 4%, with BTC/USD reaching as high as $68,855 on Bitstamp. Official data shows that the core CPI for January was in line with expectations at 2.5%, while the overall CPI was 2.4%, below the market expectation of 2.5%.Trading analysts pointed out that this is the lowest level of core CPI in years, and market expectations for further rate cuts by the Federal Reserve have increased. However, CME FedWatch data shows that the probability of a 0.25% rate cut at the March meeting is still less than 10%. From a technical perspective, Bitcoin still faces pressure in the $68,000-$69,000 range, which carries the historical high from 2021 and the 200-week EMA. Analysts believe that BTC is likely to form a higher low in this area; although it is weak in the short term, market momentum may gradually recover. In other markets, gold attempts to return to $5,000 per ounce, the U.S. Dollar Index (DXY) has slightly rebounded, while U.S. stocks closed slightly lower.

Jim Moloney, head of the SEC's Division of Corporation Finance, stated that they are working to expedite the development of regulatory rules. The division will primarily focus on reforms related to crypto assets and is preparing to submit two key proposals regarding crypto assets to the Commission: first, to provide interpretive guidance that offers a clear classification for crypto assets and describes the framework for determining when crypto assets are subject to investment contract obligations; second, to develop a reasonable regulatory structure proposal for the issuance and sale of such securities that are subject to investment contract obligations.Additionally, the division will continue to provide market clarity through statements and no-action letters. Jim Moloney also mentioned that other ongoing work by the SEC includes: implementing the Holding Foreign Companies Accountable Act (HFCAA); creating an option for semi-annual reports instead of quarterly reports; and alleviating regulatory burdens under Regulation S-K, including executive compensation disclosures.

Péquignot stated that if Bitcoin's closing price falls below the key support level of $60,000, the next possible target is $58,000. This moving average is widely regarded as an important indicator for "bottom seekers," and since 2015, several bear market lows have approached this moving average.Currently, Bitcoin has maintained a trading range of $60,000 to $70,000 over the past week, down about 45% from the historical high set in October, and is heading towards a fourth consecutive week of decline.

Chairman of Bitmine, Tom Lee, stated that Ethereum may experience a new round of V-shaped rebound after a recent decline, and it is currently close to the bottom range. He pointed out that since 2018, Ethereum has gone through 8 cycles of declines exceeding 50%, and all 8 have rebounded at a similar pace and achieved a 100% recovery.Despite the pressure on price performance, on-chain data shows that the demand for ETH staking remains strong. Currently, the waiting time for validators has risen to a historical high of 71 days, with approximately 4 million ETH queued for staking, and the total staking accounts for 30.3% of the circulating supply (about 36.7 million ETH).

According to CoinDesk, JPMorgan analysts are optimistic about the cryptocurrency market in their latest report, despite the significant market correction. The analysts believe that the inflow of institutional investor funds and regulatory clarity will support the next rally in the digital asset market.The report points out that the production cost of Bitcoin has decreased to around $77,000, although the current trading price is about $66,300, which is below this level. However, the bank believes that this dynamic will eventually self-correct.At the same time, Bitcoin's appeal relative to gold has increased, as gold has recently outperformed Bitcoin, but its volatility has significantly increased. JPMorgan expects that further U.S. crypto legislation (such as the Clarity Act) will provide the necessary clarity for institutional participation, thereby driving market recovery.

QCP's analysis states that Bitcoin and Ethereum have rebounded from last week's lows, with the spot Bitcoin exchange-traded fund (ETF) recording a net inflow of $145 million yesterday, continuing the momentum of last Friday's $371 million inflow, indicating that institutional demand is cautiously returning. The spot Ethereum ETF also reversed its downward trend, recording a net inflow of $57 million yesterday after three consecutive days of net outflows. Meanwhile, Tom Lee's BitMine continues to increase its holdings in Ethereum, stabilizing market confidence in Ethereum.On the macro front, geopolitical tensions between the U.S. and Iran seem to have eased, while lower-than-expected employment data has led traders to anticipate a possible interest rate cut in March. The cryptocurrency fear and greed index remains in the extreme fear zone at 9, indicating that market sentiment is still fragile.

Wintermute stated that Bitcoin briefly fell to $60,000 last Monday, erasing all gains since Trump's election. Spot fund flows show significant structural pressure. The Coinbase premium has consistently been in a discount state throughout the market process, persisting since last December, indicating ongoing selling pressure from the U.S.Internal OTC fund flow data also confirms that U.S. counterparties were the main sellers throughout the week, and this trend has been further amplified by continuous ETF fund redemptions. Over the past few months, AI-related assets have been continuously absorbing available market funds, crowding out the allocation space for other asset classes. The phenomenon where crypto assets underperform when AI-related companies rise and experience amplified declines when they fall can almost entirely be explained by the rotation of funds towards the AI sector.For crypto assets to outperform again, AI trading needs to cool down first. Microsoft's weak earnings report has initiated this process, but it is still far from enough. Last week's market was like a "surrender-style" clearing, with volatility soaring and buying support emerging at $60,000. In an environment where spot trading remains relatively low, leverage has become the dominant factor in price fluctuations.If open interest cannot significantly rebound, it will be difficult for the market to form sustained follow-through on either the long or short side. A true structural recovery requires a return of spot demand, but there is currently almost no evidence of this. We are likely entering a phase of high volatility and choppy price discovery. It will be hard to see sustained upward potential until the Coinbase premium turns positive, ETF fund flows reverse, and basis rates stabilize. Meanwhile, retail attention is being diverted to other asset classes, and market direction seems increasingly dominated by institutional fund flows from ETFs and derivatives channels.

glassnode's weekly market report indicates that the price of Bitcoin rebounded from $60,000 to $69,000. However, while spot trading volume has increased, it remains at a low level, showing that selling pressure has eased but buyer participation is cautious. This reflects a market that is frequently changing hands after a downward revaluation, rather than decisively accumulating.Over-the-counter indicators show that futures and options positions are defensively strong, with ETF trading volume surging to a high of $45.5 billion, yet accompanied by a slowdown in capital outflows, resulting in overall low risk appetite. On-chain fundamental activity has strengthened, but capital inflows are negative and unrealized losses dominate supply. Overall, the market's sustained recovery may depend on the restoration of spot demand, which would stabilize prices above recent lows.

Glassnode posted on platform X that Bitcoin has rebounded to $69,000 after experiencing a sharp downward revaluation. The overall market positioning remains defensive—spot, derivatives, and on-chain indicators all show caution, and whether the rebound can be sustained depends on whether spot demand can recover.Off-chain signals are stabilizing, but market confidence remains insufficient. Spot and ETF indicators are recovering from low levels, while futures and options positions remain defensive, indicating that participants are cautious and risk appetite remains weak. On-chain signals are mixed; although the underlying network activity fundamentals have improved, capital flows and profit-loss conditions continue to weaken, showing that even with improved network participation, market demand remains soft and profit margins are limited. When Bitcoin's price was at $70,000, the unrealized losses in the market accounted for about 16% of the total market capitalization. The current market pain resembles the market structure observed in early May 2022.

According to an announcement from the South Korean cryptocurrency exchange Bithumb, the exchange made an operational error during the distribution of activity rewards, resulting in a total of 620,000 bitcoins being incorrectly distributed to 695 users (instead of the previously speculated 2,000). Bithumb quickly froze the trading and withdrawal functions of the relevant accounts within 35 minutes of discovering the issue, and as of the time of publication, it has successfully recovered 618,212 bitcoins, accounting for 99.7% of the total erroneously distributed amount. The 1,788 bitcoins that had been sold have also been recovered at a rate of 93%.The announcement emphasized that there was no transfer of bitcoins to external wallets during this incident, and it did not involve any hacking or security vulnerabilities. The exchange has committed to using its own assets to make up for the unrecovered bitcoins and will redesign the asset distribution process, strengthening the internal control system to prevent similar incidents from occurring in the future.

The founder of the Liebit Mining Pool (B.TOP), Jiang Zhuoer, stated that Yi Lihua continues to sell ETH to reduce leverage, predicting that the purpose is to lower the liquidation line to around 1500 (USD).Currently, this bomb has basically been defused. ETH has endured a concentrated reduction of 220,000 ETH in the last 13 hours, yet it remains oscillating around the 1900 line, indicating strong buying pressure in the market and a strong intention to repair the oversold condition. According to previous news, Jiang Zhuoer mentioned this morning that the current decline has been severely oversold, and he has bottomed out ETH at 1850 USD, noting that such an oversold condition is an opportunity that occurs only once in a year.

Wintermute posted on X that it is clear we are in a bear market, which has actually been ongoing for some time—especially considering the performance of altcoins, the extreme concentration of rebounds, and the market sentiment on X. However, what distinguishes this bear market is that it is not triggered by structural collapses like FTX, Luna, or 3AC, but rather driven by changes in the macro environment and cyclical trends, representing a relatively natural deleveraging process, with its core driving forces stemming from changes in positions, risk appetite, and market narratives.This point is crucial. Due to the absence of bankruptcies and systemic contagion, this cycle may end more quickly than previous bear markets. The infrastructure is more robust, the adoption of stablecoins is still growing, and institutional interest has not disappeared; it has merely retreated to a wait-and-see stance. Once the environment improves, attention and capital may quickly return—most likely occurring in the second half of 2026, when macro uncertainty decreases and the Federal Reserve's policy path becomes clearer.In the short term, positions have clearly lightened after the liquidation, but market confidence remains insufficient. After two months of range-bound fluctuations, we have returned to the price discovery phase. It is still too early to talk about any meaningful upward trends, but if they do occur, their form may be clearer than the reversals seen in previous bear markets—because this time, the crypto ecosystem has not suffered structural damage.

According to Gate's market data, spot gold has returned to 4900 USD/ounce, currently reported at 4907.55 USD/ounce, up 5.29% for the day, completely recovering yesterday's decline.