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On February 11 (Wednesday) at 21:30 (Singapore time), the U.S. Labor Department will release the January non-farm employment report. This delayed data has been given far more attention than usual. Market analysts generally believe that this report is not only a key 'check-up' on the health of the U.S. labor market but may also become a decisive variable in reshaping market expectations for the Federal Reserve's monetary policy path.

1. Expectation Game After the Data Vacuum Period

Under normal circumstances, the non-farm report is a fixed market schedule at the beginning of each month. However, the delayed release of January data this year has created a rare information vacuum period. During this time, the market could only rely on 'high-frequency but non-deterministic' data such as ADP private employment and initial jobless claims to speculate, leading to a buildup of uncertainty.

Senior policy personnel from Bank of America, JPMorgan Chase, and Wells Fargo will sit face-to-face with representatives from the cryptocurrency industry at the White House. This negotiation surrounding stablecoin yields could determine the competitive landscape of the future U.S. financial system.

Washington insiders reveal that the White House will hold the second round of closed-door cryptocurrency meetings next week, with the core agenda focused on the regulation of stablecoin yields.

Unlike in the past, this meeting will for the first time invite senior policy personnel from several major banks, including Bank of America, JPMorgan Chase, and Wells Fargo.

Event Review 📉

Recently, ETH experienced severe fluctuations in trading, with the price suddenly dropping from $2039 to $1997, a decline of over 2%. This series of movements was mainly due to the breach of technical support levels and the triggering of stop-losses by institutional positions, leading to an automatic sell-off chain reaction in the market. Meanwhile, the uncertainty surrounding macro policies and ongoing regulatory scrutiny has also shaken investor confidence, further intensifying risk-averse sentiment.

Timeline ⏱️

14:40
ETH price hovers around $2039, at which point indicators such as the lower Bollinger Band and MVRV Z-Score show that the market is entering the 'surrender zone', with automatic stop-losses triggered and institutional positions forced to liquidate.

A single employee's misclick in front of the computer led to the erroneous issuance of Bitcoin worth $44 billion to users, triggering a trust and regulatory crisis sweeping the South Korean cryptocurrency market.

On the evening of February 6, the operational interface of Bithumb, South Korea's second-largest cryptocurrency exchange, experienced an anomaly: the 620,000 Korean won reward that was supposed to be issued to users suddenly became 620,000 Bitcoins, with a total value of $44 billion.

The error was discovered within 20 minutes and an emergency response was initiated. After 35 minutes, 99.7% of the erroneously issued assets were recovered. However, the shockwave caused by this incident is still spreading.

The price of Bitcoin has experienced violent fluctuations at $1.25 billion in liquidations and regulatory crackdowns, as the market undergoes a difficult transition from 'faith-based trading' to 'value anchoring.'

Recently, the price of Bitcoin briefly fell below $60,000, down over 40% from last year's historical high of about $125,000 in October, marking the most severe crash since 2022. Just within a 24-hour period from February 6 to 7, about $1.25 billion in Bitcoin positions were forcibly liquidated.

The UK (Financial Times) published an article stating that Bitcoin is 'still severely overvalued, and a crash is imminent,' questioning the value bottom of an 'asset sustained solely by fantasies.' Meanwhile, research reports from institutions like Citibank predict that, driven by structural factors such as ETFs, Bitcoin could return to six-figure territory by 2026.

1. The central bank and 8 other departments issued document No. 42, clarifying the regulatory path for RWA and stablecoins.

The People's Bank of China, the National Development and Reform Commission, and 8 other departments jointly issued a notice (on further preventing and addressing risks related to virtual currencies, Document No. [2026] 42) that clearly includes the tokenization of real-world assets (RWA) and stablecoins within the regulatory scope. The document specifies the functional restrictions of stablecoins pegged to fiat currencies, prohibits the issuance of stablecoins pegged to the Renminbi without approval, and defines RWA as activities that convert asset rights through cryptographic technology. Regulatory responsibilities are implemented through a dual-track system, with the central bank taking the lead on virtual currencies and the China Securities Regulatory Commission leading on RWA, further solidifying local regulatory responsibilities. The document also strengthens regulatory requirements for intermediary institutions, technology service providers, and domestic financial institutions' overseas businesses, and clarifies the legal responsibilities and compliance standards for overseas issued tokens. - Original text

Family, the recent market conditions are really so exciting that it's hard to sleep! It's not the excitement of rising, but the shock of falling — a comprehensive correction, precious metals and risk assets are diving together, and the crypto market is even more unbearable to watch. BTC has wiped out all the gains from the Trump 2.0 era; who can withstand this!

Last week, BTC was still hovering around 60,000, but then it plummeted by 10,000 points overnight, and when I woke up, it felt like the sky was falling!

ETH isn't doing any better; on-chain demand is weak, and to make matters worse, the founder is still reducing holdings. Last week, it fell below the 1,800 mark and has dropped nearly 30% this month. SOL, being a high-beta asset, is still somewhat active on-chain, but the volatility is frightening; it once dropped to 67.5. Who would have thought that standing above 200 seemed like just yesterday!

1️⃣ Ancient Beast Awakens: Espresso (ESP) is finally going to TGE!

As a star project in Rollup infrastructure, Espresso's funding background reaches 60 million USD, definitely a heavyweight target for this quarter.
Airdrop deadline: Registration ends on the evening of February 9 (tonight), covering over 1 million addresses.
Token Economics: Total supply 3.59 billion, initial circulation 14.5%. Public offering price 0.11U, corresponding to 400 million FDV.
Core highlights: It is the first project on the Ka-ito launchpad, and the promised 3000U token rewards for participants. Will it be fulfilled? In the current lukewarm market, whether 400 million FDV can hold steady is the biggest suspense.

The yen exchange rate approaches a ten-year low, Japanese government bonds face historic sell-offs, and Prime Minister Kishi Sanae quietly initiates the most ambitious regulatory reforms for the Asian cryptocurrency market amidst massive fiscal stimulus and military spending.

At the same time that Kishi Sanae introduced a 21.3 trillion yen economic stimulus plan, the Japanese market experienced a rare pattern of 'simultaneous crashes in stocks, bonds, and currency.'

The Nikkei 225 index has erased all gains since she took office, the 30-year government bond yield has reached a historic high, and the yen exchange rate is nearing a critical point that could trigger central bank intervention. The market is voting with its feet, expressing deep concerns about this new prime minister's policy mix.

The last transfer from the on-chain address was 534 ether, worth $1.11 million, marking the end of a nearly $690 million loss transaction.

Trend Research, a crypto investment firm under Yi Lihua, liquidated all 658,168 ether in the past week, resulting in a loss of up to $688 million based on an average entry price of about $3,104 and a liquidation price of $2,058.

Meanwhile, MicroStrategy, the largest corporate holder of Bitcoin, announced it would increase its holdings by 13,627 bitcoins in early 2026, bringing its total holdings to 687,410.

The cryptocurrency market is witnessing significant strategic divergence among institutional investors.

This afternoon at 16:00 (UTC+8), the AiCoin editor will conduct an in-depth analysis of chip distribution in the 【 AiCoin - Group Chat - Live】, mining potential technical support levels in conjunction with market data, while discussing how to reduce risks and seize market opportunities through spot DCA in long-term layouts. Whether you want to avoid risks or find new investment directions, valuable insights can be gained in this live broadcast. No matter how complicated the market is, this live broadcast can help everyone find more trading ideas, supporting more rational investment decisions. You're welcome to make an appointment to watch~

The aftershocks of the Dow breaking the historical threshold of 50,000 points are still felt, and a more exaggerated prediction has stirred the global market—Trump claimed that the Dow will reach 100,000 points during his term.

On February 9, Trump reiterated his astonishing prediction, stating that "the U.S. stock market is at record highs, and national security is also ensured, thanks to our great tariff policy. I expect the Dow to reach 100,000 points before my term ends."

Before he made this statement, the U.S. stock market had just experienced a rebound, with the Dow Jones index closing above 50,000 points for the first time in history on February 6.

1. Tom Lee: ETH has rebounded from 7 pullbacks of 60% in 8 years

On February 9, Tom Lee, Chairman of Bitmine, a treasury company for Ethereum, stated in an interview with CNBC that Ethereum has experienced 7 pullbacks of over 60% in the past 8 years, all of which showed V-shaped recoveries, meaning they quickly rebounded after steep declines. He believes the crypto market may be bottoming out and noted that MicroStrategy's recent rebound of about 25% could be a similar indication. -Original text

2. Michael Saylor may disclose Bitcoin increased holding data

Michael Saylor posted Bitcoin Tracker information on platform X, and based on past occurrences, Strategy may disclose increased holding data next week. -Original text

Event Review 🔍

Recently, the ETH market experienced a round of intense price fluctuations, quickly opening a gap from the high point in the morning to triggering a chain liquidation near the key support level. The entire process was filled with signs of stop-loss and technical corrections. The market plunged sharply from the high point in a short period, with some long positions forced to close, accompanied by an abnormal increase in trading volume and multiple technical indicators issuing bearish signals. Investors continuously adjusted their positions in panic, and the market sentiment showed obvious caution and sluggishness.

Timeline ⏰

07:10: Market volatility starts. ETH price plummeted from about $2135 to $2086, with a drop of about 2.30% within 15 minutes.

⚡ Event Review

Recently, the ETH market has experienced a wave of intense fluctuations, catching many investors off guard. Market trends show that starting at 16:20, the price of ETH rapidly climbed from $2078 to $2124, with an increase of 2.20% in just 15 minutes. Subsequently, the price underwent short-term oscillations and formed a slight pullback after the sharp rise. Meanwhile, significant institutional fund transfers, frequent operations by whale accounts, and large amounts of funds flowing in and out of Binance have all triggered intense fluctuations in market sentiment, further driving this round of technical market changes.

1. Jim Cramer claims Trump plans to buy Bitcoin reserves at $60,000

Jim Cramer stated that he learned U.S. President Trump plans to buy Bitcoin for the U.S. Strategic Reserve during the drop in Bitcoin prices this week, and expects to fill the reserves when Bitcoin prices reach $60,000. - Original text

2. The whale address deposited 4200 BTC into Binance, worth $285.66 million

According to Onchain Lens monitoring, "1011 Insider Giant Whale" deposited 4200 BTC into Binance, worth approximately $285.66 million. - Original text

3. Polymarket predicts the probability of the Federal Reserve maintaining interest rates in March rises to 84%

Event Review 🔍

Recently, the ETH market has experienced intense fluctuations in a very short time, attracting a lot of attention. Starting from 00:05, the ETH price skyrocketed from about $2009 to $2123 within one minute, with an increase of up to 5.55%, followed by a sudden rise from $2053 to $2125, a 3.48% increase. There have been ongoing reports in the market stating that some market makers' grid trading strategies have gone out of control, leading to an abnormal accumulation of buy and sell orders, which in turn triggered extreme price swings. Meanwhile, on-chain data shows that tens of millions of dollars in Bitcoin and ETH short positions were forcibly liquidated in a short period, continuously impacting market liquidity. This series of phenomena has made the already sensitive market sentiment even tenser, with investors closely monitoring market dynamics in an attempt to capture every short-term signal.

Event Review 🔍

Recently, the Bitcoin market has experienced a wave of dramatic fluctuations, as the entire situation seems to be constantly rising and falling in the battle between emotions and capital power. Around the opening, from the massive reports by institutions triggering market panic, to large players withdrawing funds and adjusting positions, and then to retail investors and oversold buying entering the market, the BTC price has frequently surged and corrected. Starting from the unfavorable financial report at 19:36 and the statement that 'selling Bitcoin is also an option,' market sentiment shifted from tense to cautious. Subsequently, on-chain data showed that multiple whale accounts simultaneously initiated large withdrawals, directly impacting liquidity allocation. Shortly after, the BTC price climbed from $68,200 to nearly $69,800 within just 15 minutes, demonstrating the rapid intervention of oversold buying in response to panic sentiment. However, market funds adjusted again, leading to a noticeable decline in the market, resulting in significant volatility.

Analysis of BTC Price Volatility 🌪

Recently, the Bitcoin market has experienced an unprecedented price fluctuation. From the consecutive large transfers of institutional whales, high leverage positions being liquidated, to the escalating global macroeconomic uncertainty, market sentiment has changed drastically, causing the BTC price to plummet from its highs in just over an hour. This article will deeply analyze the current situation from the perspectives of event review, timeline, cause analysis, technical analysis, and market outlook.

Event Review 📈

A series of significant news has emerged: frequent reports of high leverage positions being liquidated, triggering a chain reaction of long liquidations. Well-known traders have been opening short positions on BTC (and ETH), with some operations using leverage as high as 20 times; meanwhile, some positions have engaged in hedging operations, such as using 5 times leverage to go long on PAXG.