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Google's global "crypto" search volume is currently hovering near an annual low of 30/100 (with 100 representing the highest search interest), reflecting weak investor sentiment. The total market capitalization of the crypto market has fallen from a historical high of over $4.2 trillion to about $2.4 trillion, and market trading volume has plummeted from $153 billion on January 14 to $87.5 billion on Sunday.The Crypto Fear and Greed Index hit a historical low of 5 last Thursday, and slightly rebounded to 8 on Sunday, still in the extreme fear range. This is the lowest level since the collapse of the Terra ecosystem and its dollar-pegged stablecoin in 2022. At that time, the Terra collapse triggered a wave of liquidations, accelerating the bear market of 2022.

Huobi founder Li Lin stated that he is neither an investor in LD nor Garrett Gin, and that he has not reduced his holdings in Bitcoin or Ethereum during this market cycle, adding that external parties should not associate related market rumors with him.He mentioned that he has taken a break for many years, but still needs to clarify related rumors almost every year.

YZi Labs officially stated on social media that it has noticed some accounts impersonating YZi Labs investors on the X platform. To ensure user safety, please verify through the official website, where all social accounts of YZi Labs investors are listed.

Bitwise CEO Hunter Horsley stated in an interview with CNBC, "Bitcoin has seen a double-digit drop in a single day and is currently in a bear market, down nearly 30% year-to-date. As for the reasons, I believe the current crypto market is being swept up by the overall macro environment, with investors selling off all liquid assets. Gold is down, the Nasdaq 100 is down, and Amazon is also being sold off. Over the past few months, there have indeed been some internal factors in the crypto space, such as operational disruptions at certain offshore trading platforms, but at this moment, crypto assets are trading more in sync with other highly liquid assets. I feel that long-term holders are experiencing uncertainty; meanwhile, newly entering institutional investors feel they are encountering a 'second chance,' seeing prices they once thought they had missed forever. I believe we are currently in a transitional phase. Ultimately, crypto assets remain a relatively small asset class, and most investors have not truly allocated to them yet. Therefore, the overall long-term outlook is very solid; it is just currently experiencing fluctuations and reversals during this transitional period."

The Deputy Director of the Intermediaries Division of the Hong Kong Securities and Futures Commission, Luo Haishi, revealed that they are considering allowing licensed virtual asset trading platforms (VATPs) to provide secondary trading of tokenized securities for retail clients, with a focus on local tokenized money market funds and hoping to allow trading on licensed VATP platforms. Currently, the regulatory body is studying the relevant requirements, operational risks, and control measures, and is drafting a related circular.Luo Haishi stated that, from the perspective of the Hong Kong Securities and Futures Commission, tokenized securities are essentially the same as ordinary securities, just with a technological layer added, applicable to "the same business, the same risks, and the same rules."

According to the Hong Kong Economic Journal, the Hong Kong Securities and Futures Commission (SFC) is considering allowing licensed virtual asset trading platforms (VATPs) to provide secondary trading services for tokenized securities to retail clients. The Deputy Director of the Intermediaries Division, Lo Hoi-sze, stated that the authorities are studying the relevant requirements, operational risks, and control measures, and are drafting a related circular.Currently, Hong Kong retail investors can only subscribe to and redeem tokenized funds in the primary market. Lo Hoi-sze specifically mentioned that the authorities are concerned about local tokenized money market funds and hope to allow trading on licensed VATP platforms, having conducted preliminary consultations with the industry regarding the relevant requirements.Lo Hoi-sze emphasized that from the SFC's perspective, tokenized securities are essentially the same as ordinary securities, with only a technological layer added, and therefore the regulatory principle of "same business, same risks, same rules" will apply.

According to market news, CoinDCX CEO Sumit Gupta revealed that Indian crypto investors are buying Bitcoin and other L1 project tokens (such as Ethereum, Solana, and XRP) on dips and maintaining a diversified portfolio.Unlike the speculative behavior in 2021 that chased high returns, current investors are more focused on fundamentals and long-term value, making more rational investments through systematic investment plans and limit orders. The Indian government takes a cautious regulatory approach to crypto assets, viewing them as taxable virtual digital assets (VDA). The 2026 budget continues to maintain a 30% tax on crypto gains and a 1% transaction source tax, while strengthening compliance requirements for transaction disclosures.

Bloomberg senior ETF analyst Eric Balchunas posted on the X platform that despite Bitcoin's price experiencing a 40% drop, leading to many investors showing paper losses, only about 6% of assets have actually flowed out of Bitcoin ETFs, with 94% still holding their positions.In contrast, the behavior of veteran Bitcoin investors (OGs) under similar market conditions may differ, indicating that the new generation of ETF investors is more committed to a long-term holding strategy.

According to The Block, Fidelity Investments announced the official launch of the dollar-pegged stablecoin Fidelity Digital Dollar (FIDD), which is available for retail and institutional investors. Investors can directly purchase or redeem it for $1 through the Fidelity Digital Assets, Fidelity Crypto, and Wealth Manager platforms.FIDD is issued on the Ethereum blockchain and will also be listed on external exchanges, allowing transfers to any Ethereum mainnet address. The backing assets are managed by Fidelity Management & Research.Fidelity stated that the launch of FIDD is made possible by the gradual clarification of stablecoin regulations in the U.S., including the GENIUS Act passed last summer, which provides a federal regulatory framework for stablecoins and reduces legal uncertainties for traditional financial institutions issuing them.

Tianruixiang Holdings Limited today announced a strategic cooperation agreement with a globally renowned digital asset investor. According to the agreement, the investor will inject 15,000 BTC into Tianruixiang in exchange for company equity. Both parties will establish a global joint innovation laboratory, focusing on the development of AI-driven cryptocurrency trading and risk management systems, blockchain infrastructure, and DApp ecosystems. Tianruixiang's main business is providing insurance brokerage services.After the meeting, Tianruixiang's CEO Baohai Xu stated that this financing will enhance the resilience of the balance sheet and accelerate the R&D cycle of AI and cryptocurrency integration products.

Germany's major retail bank ING Deutschland has opened up investment channels for cryptocurrency-related exchange-traded notes (ETN/ETP) to retail customers, allowing investments in crypto assets such as Bitcoin, Ethereum, and Solana through its Direct Depot platform.ING stated that the aforementioned products are physically-backed instruments issued by institutions such as 21Shares, Bitwise, and VanEck, traded on regulated exchanges, allowing customers to gain exposure to crypto assets without having to manage wallets or private keys themselves. ING also cautioned that these products still face factors such as price volatility, issuer risk, liquidity, and regulatory uncertainty. The bank pointed out that in Germany, the tax treatment of these ETNs is similar to that of directly holding crypto assets, with potential capital gains tax exemptions after holding for more than a year.

According to market news, the largest short whale of on-chain gold, "On-chain Stock Investor" (0xfc66...), has concentrated on shorting various commodities with $80 million, and the weekly profit has reached $9.4 million. This address has been continuously closing positions to take profits, primarily focusing on short positions in on-chain U.S. stocks related to XYZ 100 (Nasdaq 100 Index), with the relevant holdings decreasing from about $19.6 million to less than $300,000 over the past few days.Subsequently, the released funds will be reinvested into short positions in precious metals, with the total scale of related short positions reaching $47 million. Among them, the largest short position is in PAXG (on-chain gold), amounting to $24.9 million. Meanwhile, the overall holding structure of the account has undergone significant changes. The total holding scale has increased to $115 million, retaining about $57 million in commodity shorts, while some focus has been shifted back to the crypto market, with nearly $59 million in new long positions established, heavily buying dips in XRP, SOL, ETH, and other cryptocurrencies. The related holdings in on-chain stocks have been significantly reduced.The current main holdings in commodities compared to last Friday are as follows: 5x PAXG (on-chain gold): the holding scale increased from $12 million to $24.9 million, average price decreased from $5,250 to $4,991, with an unrealized profit of about $980,000; 5x xyz:GOLD (gold mirrored contract): the holding scale increased to $12.8 million, average price decreased from $5,320 to $4,814, with an unrealized loss of about $83,000; 2x xyz:SILVER (silver mirrored contract): the holding scale increased to $9.49 million, average price decreased from $108 to $81, with an unrealized loss of about $170,000.It is reported that this address has previously focused on on-chain contract operations for crypto assets, continuously reducing high-leverage ETH, BTC, and SOL short positions since January 8 of this year; gradually increasing holdings in on-chain stocks, with current on-chain stock positions cumulatively increasing by nearly $80 million within a month, recently returning to the crypto market.

According to Bloomberg, the core issue of this "slow" sell-off of Bitcoin is that the group of investors who were originally highly anticipated to become the most stable buyers in this new round did not continue to enter the market. Glassnode data shows that investors entering through the U.S. spot Bitcoin ETF have an average purchase cost of about $84,100. With Bitcoin currently hovering around $78,500, this group is facing an unrealized loss of about 8% to 9%.This is not the first time ETF investors have found themselves in a loss. As early as last November, when Bitcoin briefly fell below $89,600 (which was the average cost range for ETF investors at the time), analysts pointed out that this would be a key test of the "conviction strength" of new mainstream investors. Subsequently, as capital inflows at the beginning of 2024 remained profitable, the overall average cost of the ETF decreased, but the funds that entered later have all fallen into losses. From the peak decline, Bitcoin has dropped over 35% from its 2025 high and briefly fell below $77,000 in a low liquidity trading environment over the weekend.Analysts believe this is the result of multiple factors: exhaustion of capital inflows, declining market liquidity, and an overall weakening of macro attractiveness. Bitcoin's failure to respond to traditional bullish factors such as a weakening dollar or geopolitical risks, along with its "decoupling" from other assets, has made its trend increasingly lack direction. The biggest difference between the sharp drop in October and the current downturn is market sentiment: there is no panic now, only "absence."The rally that pushed Bitcoin above $125,000 in 2025 was driven by the market's heightened excitement over regulatory prospects, institutional entry, and a bullish retail base. However, since the October crash liquidated billions of dollars in leveraged positions, it is these buyers who once drove the market who have chosen to remain inactive and temporarily step back to observe.

Recently, gold prices have retreated from their highs, with short-term volatility increasing, but overall participation from funds remains strong. A large number of investors are choosing to actively enter the market during the pullback phase to position themselves for long-term value, with continued attention on the pullback market driving significant volume in related contracts.According to CoinGlass data, the trading volume of XAUT (gold) contracts has increased over the past 24 hours, with the Gate platform's XAUT contract achieving a 24-hour trading volume of $240 million, ranking third in the industry, with a growth rate of 268.40%, placing it second. This indicates that funds are concentrating on high liquidity platforms during volatile market conditions.Currently, Gate has fully laid out its core gold assets, covering spot, contracts, ETFs, flash exchanges, copy trading, and trading bots, among others. Among them, Gate TradFi has officially ended its public beta today and opened access on the App and Web platforms, offering trading of traditional financial asset contracts for difference (CFD) including metals, forex, indices, commodities, and some popular stocks, covering mainstream varieties such as gold, silver, NASDAQ (NAS100), and S&P 500 (SPX500), with a maximum leverage of 500 times. In addition, the platform will officially launch the TradFi launch celebration event from February 2 to 22, where participants can share a total prize pool of $150,000 by engaging in trading.

According to CoinDesk, Hong Kong Legislative Council member Wu Jiezhuang stated in an interview with CoinDesk that Hong Kong is positioning itself as a global hub for the cryptocurrency market.Wu emphasized that Hong Kong should not compete with other jurisdictions but should act as a bridge. He pointed out, "Cryptocurrency and Web3 are highly connected to the traditional financial system." With the Greater Bay Area initiative, Hong Kong can connect the scale of mainland cities, the depth of manufacturing, and technological talent, while providing regulatory clarity and financial credibility. Wu also mentioned that this year Hong Kong will introduce regulations for custody and over-the-counter trading, and may allow professional investors to engage in higher volume trading.Wu also stated that the field of artificial intelligence will also integrate with cryptocurrency, and Hong Kong occupies a unique position in this regard, being able to handle both Western and Chinese datasets, thus becoming a platform for global AI company collaboration. He believes Hong Kong's advantage lies in maintaining openness, being regulated, and interconnected, occupying a central position in this still-developing system.

Story Protocol has postponed the unlocking of early investor and team tokens originally scheduled for February 2026 by 6 months to August of this year, in order to reduce short-term selling pressure and market volatility.This plan has been agreed upon by major investment firms such as a16z and Polychain Capital. The board stated that this move aims to avoid anticipated sell-offs before the unlocking and will use the next 6 months to promote revenue growth, validate PMF, and collaborate with a large AI company. After the adjustment, investors will unlock 25% of their tokens 18 months after the TGE, with the remaining portion released monthly in a linear fashion before the 42nd month.

According to Jinshi, Federal Reserve Chairman Powell stated that we have not seen data indicating that investors are hedging against dollar risks.

According to Cointelegraph, the average entry price for investors in the U.S. Bitcoin spot ETF is currently around $86,000. As the market fluctuates near this entry price, ETF investors are facing a test of "faith" regarding whether to take the risk of holding on or to take profits to avoid the possibility of turning gains into losses.CryptoQuant analyst Moreno stated, "Historically, the entry price range serves as a psychological pivot. Prices above this level boost investor confidence and stabilize capital flow, while prices consistently below this range accelerate redemptions, as investors will lose their profit buffer."Since October of last year, the holdings in the U.S. Bitcoin spot ETF have decreased by 8.4%, with total capital inflow dropping from about $72.6 billion to approximately $66.5 billion. The performance of the ETF in the second half of January was also disappointing, with net outflows on 6 out of 7 trading days, and only a mere $6.8 million net inflow on January 26.

According to Jinshi reports, Goldman Sachs' report indicates that despite rising geopolitical risks, investor risk appetite remains high, showing that the market has adequately digested macro risks.Investor optimism is currently at around the 67th percentile, with its proprietary risk appetite index rising to the highest level since April 2021. Funds are flowing comprehensively into high-risk assets, stock allocations remain positive, and international capital is accelerating into Europe, Japan, and emerging markets.