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On-chain analyst Yu Jin posted on X, stating that the Yili Hua address appears to be not just deleveraging, but rather liquidating. Currently, the related address has transferred 630,400 ETH (1.294 billion USD) to Binance, leaving only 21,300 ETH (43.94 million USD) on-chain. 96% of the ETH has already been transferred to exchanges, a quantity far exceeding what would be needed for deleveraging, so it is highly likely that a complete liquidation is occurring.

Cryptocurrency asset public companies (DATs) are currently facing the issue of market chain risks triggered by increased selling pressure, after driving the market up last year.Data shows that since Bitcoin dropped nearly half from its peak of $126,000 in October last year, the median stock price of the 150 largest DATs has fallen by 62%, even exceeding the decline of Bitcoin. Hayden Hughes, managing partner at Tokenize Capital, analyzed that DATs, which have no operating income and rely solely on hoarding cryptocurrency assets, will be forced to sell their holdings to maintain operations. This could shake investors' confidence in their "long-term hold" narrative, potentially triggering broader market sentiment contagion.

According to on-chain analyst Ai Yi (@ai_9684xtpa), if Trend Research, under Yi Li Hua, were to fully deleverage its Ethereum holdings, it would need to stop-loss 320,000 ETH at the current price.Trend Research currently holds 463,000 ETH, worth approximately $998 million, with an average cost price of $3,180, and leveraged borrowing of $625 million. The current liquidation range for multiple addresses is $1,574.6 - $1,681.49, with an average liquidation price of $1,640.

Since January 14, the cryptocurrency market capitalization has evaporated by $1 trillion, with the current total market cap at $2.438 trillion, down 5.9% in the last 24 hours. The market cap has decreased by $1 trillion in 22 days, which is a daily reduction of $45 billion.

Elon Musk announced that Grok Imagine version 1 is now fully released. Grok Imagine 1 is the latest achievement in AI audio and video generation from xAI, capable of generating 10-second videos at 720p resolution and significantly improving audio quality. During the 30-day trial period, users have generated over 1.245 billion videos using it.

Tom Lee stated during the podcast "The Compound" this Thursday that the current bear market was triggered by the largest deleveraging event in crypto history that occurred last October (larger than the FTX collapse): a pricing error on a trading platform triggered a chain of automatic liquidations, resulting in over 2 million accounts being liquidated globally, one-third of market makers being destroyed, and a severe blow to the trading platform's balance sheet, causing the entire ecosystem to "limp."Tom Lee also mentioned that the selling pressure has not completely ended, similar to the recovery in 2022 which took 8-12 weeks, but there are currently no obvious signs of a rebound.

The Bitcoin futures liquidation dominance oscillation indicator shows that the proportion of long liquidations reached 97% yesterday, with the 30-day moving average rising to 31.4%. This value indicates that almost all forced liquidations in the market came from long positions, and buyers have faced systemic pressure over the past month.Despite the price drop and a series of liquidations, the funding rate for Bitcoin perpetual contracts remains positive, with yesterday's annualized data at 43.2%. Although this indicator is below the peak of over 100% during the period from October to November, it still indicates that demand for long positions dominates the market. In the case of large-scale liquidations, maintaining a positive funding rate increases the risk of further deleveraging, suggesting that long positions in the market are recovering quickly or have not been fully liquidated. Currently, the funding rate has not shifted into a neutral or negative territory, reflecting that the derivatives market has not yet completed a thorough liquidation.

Cryptocurrency market analyst Axel Adler Jr. stated that the "Bitcoin futures long and short liquidation dominance" data reached 97%, with the 30-day moving average rising to 31.4%. This means that almost all forced liquidations came from long positions, and buyers have been under systemic pressure over the past month.Extreme values of oscillators are often synchronized with peaks of forced selling and may bring short-term stabilization. However, without other confirming signals, this does not indicate a trend reversal—at least a return of the oscillator to zero or a decline in the 30-day average is needed to form a sustainable "local bottom." Axel added that despite the price crash and a series of liquidations, BTC's funding rate remains positive: yesterday's reading was an annualized 43.2%. Although significantly lower than the peaks of 100%+ in October and November, it indicates that market demand for long exposure still dominates.In the past month, negative values have only appeared briefly and sporadically. The funding rate remains positive during large-scale liquidations, increasing the risk of the market deleveraging again: this means the market is quickly rebuilding long positions or is not yet ready to fully clear out. Complete "derivatives surrender" is usually accompanied by the funding rate turning neutral or negative—which has not yet occurred. The two charts together depict a scenario where deleveraging may not be complete: liquidations have severely impacted longs, but the overall position structure still leans bullish.

Garrett Jin posted an article on social media stating that Bitcoin and Ethereum have recently underperformed compared to other risk assets, primarily due to the market being at the tail end of a deleveraging cycle and microstructural issues in the crypto market, rather than a deterioration in fundamentals.He pointed out that the large-scale deleveraging since last October has washed out high-leverage retail funds, while AI concept stocks and precious metals have attracted a significant amount of speculative capital; the participation of professional institutions in the crypto market remains low, making it susceptible to short-term narratives and the influence of certain exchanges, market makers, and speculative funds.Garrett emphasized that when looking at a 6-year cycle, BTC and ETH still outperform most assets, and the current performance resembles a mean reversion within a long-term trend. With improvements in the regulatory environment, marginal liquidity easing, and futures trading volumes approaching historical lows, the deleveraging process for BTC and ETH may be nearing its end.

According to Valor, the Central Bank of Brazil (BC) has issued rules for banks and brokerage firms wishing to engage in cryptocurrency activities. The directive requires such institutions to hire a qualified independent company to demonstrate their compliance with the regulatory requirements for virtual asset service providers (PSAV) set by the monetary authority. The certifying entity must clearly indicate that there is no conflict of interest with the audited party.

According to official news, Bybit will launch Sentient (SENT) in the spot area! There is a Token Splash prize pool of 30,000,000 SENT for new and existing users to share.Sentient is building the world's first open and community-driven Artificial General Intelligence (AGI), competing directly with the closed AGI systems developed by companies like OpenAI, Anthropic, and Google.

According to Decrypt, Anthropic CEO Dario Amodei stated at the Davos Forum that superhuman-level general artificial intelligence (AGI) may emerge between 2026 and 2027, potentially leading to the large-scale disappearance of entry-level white-collar jobs. He pointed out that AI development has entered a self-accelerating phase, with programmers in his company mostly responsible for editing code generated by models.At the same time, Google DeepMind CEO Demis Hassabis believes that scientific creativity is still difficult for AI to replicate, estimating a 50% chance of achieving AGI before 2030. Both AI leaders warned that governments around the world are underestimating the impact of AI on the labor market and social structure, emphasizing the urgent need for existing systems to prepare.

According to official news, MEXC has launched a spot dollar-cost averaging feature, allowing users to experience automated investing and wait for asset appreciation, with the opportunity to earn up to 10% cash back and share in a 5,000 USDT airdrop reward. The event is currently ongoing and will last until February 2, 2026.

According to official news, Magic Eden announced that starting from February 1, it will directly invest 15% of its revenue into the ME token ecosystem. This portion of revenue will be evenly distributed, with 50% used to buy back ME tokens on the open market and 50% distributed to ME stakers in the form of USDC based on staking weight.The original "market transaction fee only" ME buyback mechanism will be upgraded to a revenue distribution system covering the entire ecosystem. Staking weight depends on the amount staked and the duration of staking. USDC rewards can be claimed monthly, with the first claim (corresponding to the February activity) opening in March. Rewards must be claimed within 90 days.

CryptoQuant analyst Axel posted on social media that the "Bitcoin: Advanced Sentiment Index" has risen to about 80%, indicating an extreme bullish zone, which coincides with the price approaching the local high of $97,000. However, the index has sharply dropped to 44.9%, breaking below the 50% neutral line. In the drop earlier today, the hourly liquidation amount exceeded $205 million.The spot oscillator surged to +97.96%, indicating that liquidations were almost entirely dominated by long positions. The scale of liquidations shows that this was forced liquidation rather than active selling, typical of a "crash to clear leverage" pattern in an overheated market. If the liquidation volume continues to decrease in the coming hours, it will signal that the deleveraging process is nearing completion. Axel explained that the "Bitcoin: Advanced Sentiment Index" combines volume-weighted average price, net active volume, open interest, and the difference between long and short volumes. Falling below the neutral line indicates a shift in market structure and a deterioration in risk quality. If it can return above 50% and stabilize, it will be the first signal of market stabilization; if it further dips towards the bearish zone around 20%, it may trigger deeper adjustment risks.

a16z crypto managing partner Chris Dixon stated that cryptocurrency developers need clear rules. Over the past five years, Republicans, Democrats, and the Trump administration have worked closely with members of the cryptocurrency industry to protect decentralization, support developers, and provide fair opportunities for entrepreneurs.Essentially, the Clarity Act (the Cryptocurrency Market Structure Act) is legislation aimed at achieving this goal. It is not perfect and will require some modifications before it officially becomes law. However, if we want the U.S. to maintain its best position globally in building the future of cryptocurrency, now is the best time to advance the Clarity Act.

According to Jinshi reports, Federal Reserve official Barkin stated that the CPI data is encouraging, but housing inflation is still affected by the missing data from October.

According to Bitcoin Magazine, investment bank TD Cowen expects Congress to pass cryptocurrency market structure legislation by 2026. The CLARITY Act will clarify whether digital assets are regulated by the SEC or the CFTC, and will regulate staking services, cryptocurrency custody, and trading platforms. Senate Democrats have proposed several requirements, including clarifying the legal status of digital assets, establishing a regulatory framework, and preventing illegal financial activities. The bill may also include ethical provisions prohibiting the president and their family from owning cryptocurrency exchanges or issuing tokens. Experts believe that while there is a risk of a delay until the first half of 2027, a compromise is likely to be reached among all parties.

According to Binance spot data, the market has experienced significant fluctuations. AUDIO has dropped 7.7% in 24 hours, CTSI has fallen 8.96%, POWR has decreased by 7.24%, STEEM has declined by 7.11%, MAGIC has dropped 9.92%, SPK has decreased by 10.51%, and a "pullback" situation has occurred.At the same time, FXS has slightly increased by 3.2% within 5 minutes.