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Lookonchain has identified three major on-chain liquidation zones for Ethereum (ETH). - Trend Research holds 356,150 ETH ($671 million) at risk of liquidation in the $1,562–$1,698 price range. - Ethereum co-founder Joseph Lubin and two anonymous whales hold 293,302 ETH ($553 million) at risk in the $1,329–$1,368 range. - 7 Siblings holds 286,733 ETH ($541 million) at risk in the $1,029–$1,075 range.

Daily trading volume on decentralized perpetual futures exchanges (Perp DEXs) surpassed $70 billion on Feb. 5, the second-highest figure on record, Wu Blockchain reported, citing data from DefiLlama. The volume marks the highest level since the market downturn on Oct. 10, 2025. Hyperliquid (HYPE) led the activity with $24.7 billion in volume, followed by Astar (ASTER) and edgeX with $10 billion and $8.7 billion, respectively.

Although Bitcoin has fallen by more than $30,000 in two months, cryptocurrency fundamentals remain unchanged, CryptoPotato reported, citing an analysis by the Kobeissi Letter. The analysis points to Oct. 10 of last year as the starting point for the decline, arguing that the liquidation of $19 billion in leveraged positions on that single day fundamentally altered the market structure. Following this event, Bitcoin traded sideways for two months from mid-November to mid-January, but the market remained unstable with repeated bidirectional liquidation gaps. Since Jan. 24 alone, an additional $10 billion in leverage has been liquidated, equivalent to 55% of the forced liquidations seen on Oct. 10. Market depth, the ability to absorb large orders, has also fallen by over 30% from its October high to its lowest level since the FTX collapse in 2022. The Kobeissi Letter suggested that large institutions may have sold off or been forcibly liquidated during the October crash. The analysis predicts that a market bottom will form when a capitulation in both price and leverage coincides with extremely bearish sentiment, a point it believes is not far off.

Bybit has announced plans to delist MILK.

Bitwise CEO Hunter Horsley has stated that many institutional investors see the recent Bitcoin downturn as an attractive market entry opportunity, The Crypto Basic reported. In an interview with CNBC, he explained that Bitcoin ETF trading volume has surged to three to four times its usual level, indicating a significant expansion of institutional participation. In a recent conversation with an asset manager, I learned that their clients are actively looking for the right moment to deploy capital, Horsley said. Previously, Bitwise Chief Investment Officer (CIO) Matt Hougan, referencing the crypto winter that began early last year, had projected that U.S. economic growth, legislative discussions on market structure, and the potential for nation-state Bitcoin adoption could serve as catalysts for a future rebound.

South Korean crypto exchange Bithumb has announced it will temporarily suspend deposits and withdrawals for Flow (FLOW) starting at 10:00 a.m. UTC today to support a network upgrade.

U.S. investment bank Jefferies has stated that despite the recent sharp decline in the cryptocurrency market, there are still no signs of a short-term bottom. The bank attributed the downturn to global risk-off sentiment and liquidity adjustments stemming from capital outflows. While a bottom has yet to emerge in the short term, Jefferies noted that long-term positive drivers for the market include an improving regulatory environment, maturing infrastructure, and greater participation from traditional financial institutions. The analysis concluded that any rebound will likely be led by projects with genuine revenue-generating mechanisms.

AI-based Web3 project Quack AI and the 0xU Hong Kong Blockchain Club will co-host "0xU - Quack AI The Campus: AI & Web3 Builders," a side event for Consensus Hong Kong 2026. The event will take place at the Hong Kong University of Science and Technology (HKUST) from 6:00 a.m. to 10:00 a.m. UTC on Feb. 12. The event will feature networking and insight sessions for AI and Web3 builders and researchers, focusing on key trends such as autonomous agents, ZKML, privacy technology, and practical system design. The agenda includes a Curation Room and presentations from industry speakers, with Bitget CEO Gracy Chen scheduled to participate in a session. Sponsors include Bitget, Noos Protocol, Piggycell, Ave.ai, ELLIPAL, and Fair Shares. CoinNess is participating as a media partner.

Traders are increasingly speculating that the recent Bitcoin plunge was not solely due to macroeconomic factors but was driven by a hidden hand, CoinDesk reported. The main theories circulating are as follows: - A massive sell-off by a hidden hand: This theory suggests a specific country, such as Saudi Arabia, the UAE, Russia, or China, could have dumped over $10 billion in BTC, or an exchange on the brink of bankruptcy may have been forced to liquidate its holdings. - Failure of a yen carry trade by Asia-based traders: It is possible that a large, non-crypto Asian firm engaged in leveraged market making on Binance was directly impacted by the unwinding of the yen carry trade. - Forced liquidation of BlackRock's IBIT options: IBIT recorded its highest-ever trading volume ($10.7 billion) and options premium ($900 million). This pattern more closely resembles a large-scale forced liquidation of options positions rather than typical deleveraging. - A dump by Hong Kong hedge funds: This theory posits that Hong Kong-based hedge funds, which had borrowed yen for high-leverage bets on IBIT options, were forced to sell their BTC holdings after facing rising yen funding costs and consecutive losses in silver trading.

The Binance Secure Asset Fund for Users (SAFU) has purchased 3,600 BTC, valued at $233.37 million, according to Onchain Lens. The move is part of a previously announced plan by Binance to adjust the SAFU's asset structure, gradually converting its $1 billion stablecoin holdings into BTC.

South Korean crypto exchange Bithumb announced that it has added Blocery (BLY) to its delisting watchlist. Deposits for the token will be suspended starting at 7:00 a.m. UTC today.

Trend Research deposited 20,000 ETH into Binance a short time ago to avoid the liquidation of its long position, according to ai_9684xtpa. The firm's ETH long position has a liquidation price between $1,509 and $1,800, the source added.

According to CoinNess market monitoring, BTC has fallen below $65,000. BTC is trading at $64,990.01 on the Binance USDT market.

DB Financial Investment has signed a strategic memorandum of understanding (MOU) with the Solana Foundation to build a digital capital market based on security tokens (STO), Aju Business Daily reported. The two companies plan to jointly source underlying assets for STOs in South Korea and abroad, handle financial structuring, and explore frameworks for issuing and distributing overseas STOs using the Solana blockchain.

Macro investor and Real Vision CEO Raoul Pal advised investors to maintain their conviction and embrace volatility amid BTC's sharp decline. He noted that every crash and panic feels terrible, creating a sense that the opportunity is lost. Pal recalled experiencing several drops of over 50% since he first bought BTC in 2013, emphasizing that these moments occurred within a broader long-term bull market. He stated that the most important lesson for a long-term appreciating asset is to simply do nothing. Pal warned that investors cannot survive this market by borrowing someone else's conviction and must earn it themselves, or they risk losing their capital. He stressed that if one believes tomorrow will be more digital and the value of fiat currency will decline, then enduring the associated volatility is necessary.

The following are the 24-hour long/short ratios for BTC perpetual futures on the world’s three largest crypto futures exchanges by open interest: Overall: 48.75% long, 51.25% short - Binance: 48.53% long, 51.47% short - OKX: 49.23% long, 50.77% short - Bybit: 48.64% long, 51.36% short

According to CoinNess market monitoring, BTC has risen above $66,000. BTC is trading at $66,009.99 on the Binance USDT market.

U.S. Senator Cynthia Lummis has urged banks to actively embrace stablecoins, Decrypt reported. She argued that banks should adopt the faster, cheaper payment method and view digital assets as a business opportunity. Lummis emphasized that stablecoins would enable banks to offer entirely new financial products to their customers.

According to CoinNess market monitoring, BTC has risen above $65,000. BTC is trading at $65,034.67 on the Binance USDT market.

South Korean crypto exchanges Upbit, Bithumb, and Coinone have announced an investment warning for LumiWave (LWA). The exchanges explained that LWA has announced a proposal for a mainnet migration and rebranding to expand its business. They noted that this move is expected to increase the token's total and circulating supply, which could lead to greater price volatility.

Bitcoin payment app Strike announced that it experienced a temporary network issue due to higher-than-usual traffic but has since restored service. The company added that it is investigating the cause of the problem.

An address believed to belong to Stani Kulechov, founder of the cryptocurrency lending protocol Aave (AAVE), swapped 4,503 ETH for 8.36 million USDC seven hours ago, according to Onchainlens.

U.S. spot Ethereum ETFs saw a net outflow of $80.79 million on Feb. 5, marking the second consecutive trading day of outflows, according to TraderT. - BlackRock's ETHA: -$8.51 million - Fidelity's FETH: -$55.78 million - Invesco's QETH: +$3.53 million - Grayscale's ETHE: -$27.08 million - Grayscale's ETH (Mini): +$7.05 million

South Korean crypto exchange Korbit has renewed its Virtual Asset Service Provider (VASP) license with the country's Financial Intelligence Unit (FIU), according to an exclusive report from ZDNet Korea. This makes Korbit the second exchange to secure a renewal, following Upbit.

Prediction market platform Kalshi is strengthening its crackdown on insider trading and market manipulation ahead of the Super Bowl, Cointelegraph reported. To do so, the platform will form an independent advisory committee and partner with crypto transaction surveillance platform Solidus Labs to investigate suspicious trades. The volume of Super Bowl-related betting on Kalshi has now surpassed $168 million.