BTC falls below $69,000; Ark Invest sells off large amounts of Coinbase stock.

Headline

▌BTC Falls Below $69,000

Market data shows that BTC has fallen below $69,000, currently trading at $68,983.9, a 24-hour drop of 3.72%. Market volatility is high; please manage your risk.

▌Ark Invest Sold Over $19 Million Worth of Coinbase Stock Last Thursday

According to Bitcoin.comNews, Ark Invest sold over $19 million worth of Coinbase stock last Thursday as Bitcoin plummeted to nearly $60,000. The company also reduced its holdings of $COIN stock in its ETF by 119,236 shares.

+7.2%；
DOGE price is $0.09833, 24-hour change is approximately+8.5%；
XRP price is $1.37, 24-hour change is approximately+14.3%；
TRX price is $0.2782, 24-hour change is approximately+2.7%；
WLFI price is $0.1242, 24-hour change is approximately+7.2%；
DOGE price is $0.09833, 24-hour change is approximately+7.2%；
DOGE price is $0.09833, 24-hour change is approximately+2.7%；
WLFI price is $0.1242 ... +8.3%; HYPE price is $31.68, a 24-hour change of approximately +6.0%. Policy ▌South African Reserve Bank Governor Kganyago Warns of Risks from Rising Stablecoin Usage South African Reserve Bank Governor Lesetja Kganyago warned that as stablecoins become increasingly popular, the associated risks are rising, stating that these crypto assets are at risk of “fracture.” Speaking at the 2026 Warwick Economic Summit, Kganyago said that central banks need to “protect the unity of currency and the affordability of currency for the public.” He added, referring to stablecoins, "The fact is, these things can split." Blockchain Applications SushiSwap to Integrate into Solana Chain, Supporting Cross-Chain Asset Exchange Between Sol and EVM On February 8th, Sushi Managing Director Alex announced a partnership with Jupiter, with SushiSwap soon to be integrated into the Solana chain. This will support on-chain trading on Solana and cross-chain exchanges between the Sol and EVM networks. Users will be able to trade Meme coins, tokenized stocks, RWA assets, etc., on the Solana chain using SushiSwap. The official launch is scheduled for February 9th. Cryptocurrency

According to Onchain Lens monitoring, in the past 24 hours, the whale address “0x28e” withdrew 50,415 $ETH (approximately $104.54 million) and transferred it to multiple wallets, of which “0x3E1” holds 50,155 $ETH (approximately $104.53 million).

---

Cryptocurrency

Bitwise Advisor: Market Selling Pressure Primarily Driven by "Paper Funds" and Non-Directional Trading Related to Hedging and Market Making Bitwise advisor Jeff Park has published an analysis of the recent sharp market decline. He first clarified that the claim that "Nasdaq has removed the position limit for IBIT options, thus giving Wall Street unlimited leverage" is untrue. BlackRock's IBIT and BITB have always adhered to the standard position limit of 250,000 units. SEC documents only raised the position limit for spot ETFs such as FBTC and ARKB to 250,000 units, aligning them with the IBIT and BITB position limits to ensure fair market competition. Last November, BlackRock's IBIT submitted an application to increase the limit from $250,000 to $1 million, but this was not approved. Regarding the reasons for the market crash, Jeff Park stated that it was more likely triggered by the risk mitigation of the traditional financial system and derivatives mechanisms, rather than changes in the fundamentals of the crypto industry itself or a single "black swan" event. On that day, Bitcoin ETFs, especially IBIT, saw record trading volumes and options activity, with options trading clearly dominated by bearish positions. Bitcoin fell more than 13% within two days, and the market initially expected a large-scale outflow of ETF funds, but the actual data showed a net inflow. This indicates that the selling pressure mainly came from "paper money" and non-directional transactions related to hedging and market making, rather than a withdrawal of long-term funds. Changes in ETF net flows in the coming days will become an important indicator for judging whether there is new long-term demand. According to analyst @alicharts, citing Santiment data, the Bitcoin social sentiment index has reached a nearly four-year low, indicating that retail investor panic has peaked. Furthermore, from a technical perspective, Bitcoin is approaching its 200-week moving average (currently at $58,000), a level that has repeatedly served as a bottom and accumulation zone for bear markets over the past 12 years.

▌Opinion: This round of crypto bear market is not caused by a single factor; 15 factors combined to drive the market down sharply

On February 7th, Alex Krüger, a renowned Argentine economist and veteran crypto trader, posted on social media that this round of crypto bear market is not caused by a single factor. He summarized 15 factors that drove the market down sharply, mainly including: the "1011" liquidation, the cooling of Treasury stock performance, the quantum threat, the AI ​​substitution effect (capital, talent, and mining companies shifting to AI), Trump's political risks, the scarcity of innovation in the crypto industry, excessive incremental token supply, and Walsh's nomination as the new Federal Reserve Chairman, etc.

... The above viewpoint was shared and supported by Nic Carter, the father of smart contracts and co-founder of CastleIsland Ventures. Nic Carter believes that this crypto bear market should not be attributed to a single event, and many of the 15 factors mentioned above are quite thorny. Bitcoin's market capitalization has fallen out of the top 10 global assets, currently ranking 14th, while Ethereum's market capitalization has fallen to 75th globally. Coinbase CEO: Remains Bullish on the Long Term Despite Market Volatility Coinbase CEO Brian Armstrong stated, “The crypto market has experienced significant volatility over the past few days. This is nothing new. The crypto industry has gone through multiple market cycles so far. Personally, this doesn’t change my view—I think you can almost only remain bullish on the crypto industry in the long term. It is eroding and reshaping traditional financial services at an astonishing pace. Regardless of market conditions, Coinbase will continue to advance its products and business. We have a mission to update and upgrade the financial system.” Important Economic Developments Polymarket predicts the probability of the Federal Reserve keeping interest rates unchanged in March has risen to 84%. According to Polymarket data, "the probability of the Federal Reserve keeping interest rates unchanged in March has risen to 84%, while the probability of a 25 basis point rate cut has fallen to 15%, and the trading volume for this predicted event has reached $75,991,850." Throughout human history, gold has always been a core commodity in commercial activities. The core reason why gold is the ultimate store of value is that it has no counterparty risk. It is the only asset that is not a liability of others. Its high stock-to-flow ratio ensures scarcity, making it immune to arbitrary devaluation of fiat currencies. However, recently, a new currency competitor has emerged. Despite being different from traditional metals, cryptocurrencies such as Bitcoin are touted as gold killers due to their volatility and cryptographic properties. Bitcoin is often called digital gold. Can it replace gold in the future? If so, is it advisable to abandon this ancient asset? 2025 put an end to this debate: gold remains the true currency, while Bitcoin remains a risk asset. Despite historically high volatility, Bitcoin's decline hasn't reached a level requiring caution, yet the entire ecosystem has suffered significant losses. Gold has reaffirmed its millennia-old status as the "king of currencies." It is a national asset, the ultimate guarantee without electricity, internet, or permission. In contrast, Bitcoin has matured into a high-beta asset with a degree of institutional authority. It is primarily an asset for traders, profiting from its dramatic two-way volatility. If gold is the traditional safeguard for building family and empire wealth, Bitcoin is a maverick hot asset: elusive, sometimes out of control, yet mysteriously alluring. Whether it can transform into the reserve asset we desire will only be revealed through further stress testing and years of trial and error.