plunge

According to the latest cryptocurrency weekly report released by Gate Ventures, the market overall faced pressure and retracement in the past week, with BTC and ETH dropping by 6.8% and 5.8% respectively, and the Fear and Greed Index falling to 8, entering the "extreme fear" zone.Despite the weak price performance, the funding situation remains resilient, with BTC and ETH spot ETFs recording net inflows of approximately $767 million and $161 million respectively, indicating that institutional funds are still actively positioning. Overall, the total market capitalization of the cryptocurrency market has declined by about 5.5%, with the market in a phase of emotional recovery and structural differentiation.On the macro level, the Fed maintained interest rates, and the situation in the Middle East has driven up energy prices, increasing market concerns about stagflation risks. Meanwhile, the integration of traditional finance and the cryptocurrency market continues to deepen, with Morgan Stanley and Grayscale respectively advancing Bitcoin and Hyperliquid ETF-related layouts. Exchanges are also relaxing restrictions on related derivatives trading, further broadening institutional participation pathways. In addition, the trend of institutionalization in the prediction market sector is accelerating, with Kalshi completing over $1 billion in financing, reaching a valuation of $22 billion.In terms of investment and financing, a total of 11 transactions were completed last week, with a disclosed total financing amount of $1.18 billion, of which the infrastructure sector accounted for 64%, being the main flow of funds. Overall, against the backdrop of increased market volatility, funds continue to flow into core infrastructure and emerging narrative sectors, maintaining robust momentum for long-term industry development.

According to CoinDesk, the current trend of Bitcoin is highly similar to the price structure that ultimately triggered a drop to $60,000 between November 2025 and January 2026. From a technical perspective, since hitting the bottom in early February, Bitcoin has formed a narrow, slightly upward-sloping channel between two trend lines, mirroring the previous sideways movement after the drop from $100,000.At that time, the market also exhibited a slow, oscillating upward crawl, ultimately leading to a false breakout where the price plummeted straight from about $90,000 to nearly $60,000. Technical analysis refers to such patterns as "counter-trend rebounds," which are small recoveries that occur within a downtrend. The current rebound lacks explosive momentum, which is a typical signal of bull exhaustion; the market may just be catching its breath, waiting for bears to regain strength.$65,800 is a key support level. If Bitcoin falls below the current lower boundary of the channel at around $65,800, it would mean that bears have regained control; if it breaks upward through the channel, the downtrend may lose momentum, and bulls could be poised for a strong counterattack. Bitcoin is currently at a critical decision point, and the direction remains unclear.

In 2025, several small listed companies in South Korea are competing to replicate Strategy's Bitcoin treasury model by borrowing funds to purchase Bitcoin. Now, the strategy has encountered setbacks, and Bitmax is a typical case.Bitmax transformed last year to bet on Bitcoin, holding 551 BTC, with a purchase cost of approximately $55 million, of which 539 were acquired through 13 over-the-counter transactions with the chairman, totaling a premium of about $6 million. Burdened by losses, the company announced on March 9 a capital reduction of 4 shares for 1 share, with paid-in capital plummeting from $14.5 million to $3.6 million, and the stock price fell more than 10% the next day to about $0.63.Compared to Strategy, the gap is clear: Bitcoin has only dropped 12% in the past year, Strategy has fallen about 70%, while Bitmax has plummeted 88%, and Bitmax failed to rise when BTC rebounded, indicating that the market has factored in the company's unique risks into its pricing. Analysts point out that in the absence of scale, capital market channels, and institutional credibility, the risks of this model far outweigh the returns.

According to a report by the Financial Times cited by Jinshi, despite the sharp drop in silver prices, which nearly erased the remarkable gains from the beginning of this year, retail investors still poured nearly $500 million into the silver market over the past week.Data analysis from Vanda Research shows that as silver prices plummeted, retail investors invested $430 million into the largest silver ETF, SLV, over six trading days ending Thursday, including over $100 million on January 30, when silver prices fell by 27%, marking the largest single-day drop in history.StoneX analyst Rona O'Connell stated, "People are attracted by the allure of silver." She also mentioned that the appeal of silver has been further enhanced by its "massive sell-off," with some investors viewing it as a good opportunity to buy at lower prices.

According to Forbes, Bitcoin has recently experienced a significant pullback, raising concerns in the market about a new round of "deep declines" in crypto assets. Over the past week, the price of Bitcoin has dropped by about 10%, briefly falling below the $80,000 mark, with the latest low reaching $73,000, before slightly rebounding to above $75,000. Amid this sudden shift in market sentiment, CZ publicly stated that his confidence in the "super cycle" of Bitcoin in 2026 has significantly decreased.CZ mentioned that due to market panic (FUD), extreme liquidation events, and geopolitical uncertainties, the current environment will have "very high" volatility. The super cycle could still occur, but the probability has dropped to about 50%. Meanwhile, well-known investor and the inspiration for "The Big Short," Michael Burry, warned that Bitcoin's price could further dip to $50,000. He pointed out that if it falls to that level, Bitcoin mining companies may face severe financial pressure and even bankruptcy risks.Concerns about Bitcoin's weakness in the market have also intensified as funds accelerate their flow into traditional safe-haven assets like gold and silver. LMAX Group CEO David Mercer stated that the current market is experiencing "collateral tightening," with the speed of risk spreading outpacing the support system, leading to significantly amplified volatility. Analysts believe that against the backdrop of rising gold prices and crypto assets being revalued as "high-risk assets," Bitcoin's short-term performance will remain highly dependent on changes in the macro environment and market sentiment.

According to market trends, spot silver has plummeted by 30%, currently reported at $76 per ounce.

According to Jinshi reports, the USD/JPY plunged more than a hundred points in the short term, reaching a low of 153.2.

Bitcoin plunged this morning, dropping over $3,000 within 2 hours, from $95,400 to a low of below $92,000. During this period, the largest single liquidation amount across the network reached $25.83 million, occurring on Hyperliquid. However, it is worth noting that as of the time of writing, the total open interest in Bitcoin contracts across the network has reached 663,900, an increase of about 14,000 compared to the previous day.

According to Jinshi, U.S. President Trump stated on Friday that he hopes Hassett will remain on the National Economic Council (NEC), saying he performed well on television. Trump's remarks led to a rapid increase of over 20 points in the DXY dollar index, while spot gold and silver briefly plummeted, currently reported at $4,550 per ounce and $87.5 per ounce, respectively.

DeepNode AI posted on platform X that it is aware of the issue regarding the impact on liquidity depth caused by DN market makers. The DeepNode AI technical team has confirmed that there are no security issues and is currently working with the market makers to resolve this problem.

According to market data, spot gold and silver have experienced a short-term plunge. Spot gold has fallen below $4500 per ounce, down 0.82% for the day. Spot silver has erased an intraday gain of over 6%, now reported at $77.7 per ounce, turning from a gain to a loss of 1.58% for the day.

Bitcoin has experienced its worst week of the year, dropping over 30% from last month's peak.Deutsche Bank analysts pointed out the following five main reasons: market risk aversion, hawkish signals from the Federal Reserve (a rate cut in December is not guaranteed), stagnation in cryptocurrency regulation and the slowdown in the progress of the U.S. Senate's "Digital Asset Market Transparency Act," outflow of institutional funds (large investors are withdrawing their capital), and long-term holders taking profits, with early holders cashing out their gains.

According to Jinshi reports, U.S. stock index futures plunged sharply, with the Nasdaq 100 index futures falling by 1%, Dow futures down by 0.5%, and the S&P 500 index down by 0.7%.

According to on-chain analyst Ai Yi (@ai_9684xtpa), it has been 35 days since the market crash on October 11. Since the sharp decline on October 11, "Maji" has traded 18 times on Hyperliquid, winning only 5 times, with a win rate of 27.7%.The total loss amounts to 15.73 million USD. Currently, their account still has a margin of 946,000 USD, with a 25x long position in ETH, holding 7,500.7 coins (23.68 million USD) and an unrealized loss of 2.27 million USD, with a liquidation price of 3,043.16 USD.

According to ChainCatcher news, as reported by CoinDesk, Sentora Research reports that nearly $1 billion in DeFi positions involving Ethena staking's USDe (sUSDe) are at risk following the cryptocurrency market crash.The crash has led to a significant drop in DeFi market interest rates, with leveraged strategies such as sUSDe circular trading seeing reduced returns. In the Aave v3 core version, the borrowing rates for USDT/USDC are approximately 2% and 1.5% higher than the returns on sUSDe, respectively. Users borrowing stablecoins to leverage long positions on sUSDe are experiencing negative returns, and circular positions borrowing stablecoins to buy sUSDe are beginning to incur losses.If this situation persists, approximately $1 billion in positions exposed to negative interest rate spreads in the Aave v3 core version may be liquidated. Negative interest rate spreads could force collateral liquidation or deleveraging, weakening liquidity in trading venues and triggering a chain reaction. Sentora warns traders to pay attention to the interest rate spread between Aave's borrowing annualized yield and sUSDe returns, especially when it remains negative, as well as the utilization rates of USDT and USDC lending pools. Currently, an increasing number of circular positions are nearing liquidation. In the future, traders should monitor the surge in utilization rates of USDT and USDC lending pools, which may drive up borrowing costs and exacerbate market pressure when the interest rate spread is negative.