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Major exchanges have seen $100 million worth of futures liquidated in the past hour. In the past 24 hours, $950 million worth of futures have been liquidated.

According to CoinNess market monitoring, BTC has fallen below $70,000. BTC is trading at $69,998.01 on the Binance USDT market.

Bitcoin (BTC) is facing increased selling pressure from miners as its price trades significantly below the average cost of production, Cointelegraph reported. Citing data from checkonchain, the report estimates the average cost to produce one BTC is approximately $87,000, with the cryptocurrency currently trading 20% below this level. During the bear markets of 2019 and 2022, Bitcoin's price similarly fell below its mining cost before eventually recovering to comparable levels. At the current price, unprofitable miners are selling their BTC holdings to cover operational expenses and service debt.

Ethereum founder Vitalik Buterin has offered his suggestions on the future direction for Layer 2 solutions. He argued that there is no longer a place for "copy-paste" style replicant chains. Buterin stated that the approach of creating a generic Ethereum Virtual Machine (EVM) chain and connecting it with a bridge has exhausted the community's imagination and led to ecosystem stagnation. He emphasized the need for Layer 2s that provide new, previously non-existent value. Secondly, Buterin asserted that a project's public image must align with its underlying technical substance. If a Layer 2 emphasizes its connection to Ethereum, it must actually be technically linked. To achieve this, he suggested that settlement and account management functions could remain on Layer 1 while execution is separated to Layer 2, or that chains could maintain their independence while synchronizing all records to Ethereum. Buterin's latest comments come after major Layer 2 projects previously pushed back against his opinion that the role of Layer 2s within the Ethereum ecosystem needs to be redefined.

A Nevada court has denied a request from state regulators to immediately halt Coinbase's sports prediction market service, Cointelegraph reported. According to Coinbase Chief Legal Officer Paul Grewal, the court will hold a formal hearing next week to hear the company's arguments. The Nevada Gaming Control Board (NGCB) had previously requested a temporary and preliminary injunction from the court, alleging that Coinbase was offering bets on sports event contracts without a license.

Andrei Grachev, co-founder of crypto market maker DWF Labs, has stated that the cryptocurrency market is approaching its bottom. He noted that while BTC could see about 15% more volatility in the short term, the overall downward cycle is nearing its end. According to Grachev, professional investors and venture capitalists are still actively investing, focusing on infrastructure, Real-World Asset (RWA) tokenization, and projects with a long-term vision. He predicted that most altcoins will be wiped out after the current bear market, but projects that deliver tangible results and focus on business development will grow with the market. Grachev concluded that the long-term growth of the crypto sector is undeniable, but the key challenge is the survival rate of individual projects.

Decentralized exchange Aster has launched its Aster Chain testnet. According to the project, the launch follows a successful one-month period of intensive testing and the conclusion of its "Human vs. AI" trading competition, Season 2. Aster added that it is now closer to its mainnet launch.

A Bitcoin OG (an early, long-term holder identified as 1011short) just withdrew 80,000 ETH, worth $167.8 million, from Binance, Lookonchain reported.

Binance founder Changpeng Zhao has refuted a claim by Swandesk CEO Jacob King that Zhao had threatened him with legal action. King had earlier alleged that Zhao sent him a direct message threatening a lawsuit after King posted that he believed Binance was secretly bankrupt, arguing that this was not the behavior of a secure exchange. In response, Zhao stated that King's claim is false. He noted that even accounts with over 500,000 followers are openly lying and said he does not know King at all. Zhao warned that people who cannot distinguish fake messages created with Photoshop or AI will remain poor, and he urged his followers to ignore such misinformation.

Binance has announced that it will delist a total of 20 spot trading pairs at 8:00 a.m. UTC on Feb. 6. The affected pairs are AUDIO/BTC, BB/FDUSD, BERA/FDUSD, EIGEN/BTC, FIDA/BTC, HEI/BTC, IOTX/ETH, KERNEL/FDUSD, MANTA/BTC, MTL/BTC, NEAR/FDUSD, PEOPLE/FDUSD, RENDER/FDUSD, RONIN/BTC, SAPIEN/BNB, SCR/BTC, S/ETH, S/FDUSD, SUSHI/BTC, and VANA/FDUSD.

Addresses suspected of being linked to the Aperture Finance hacker have deposited a total of 1,242.7 ETH, worth approximately $2.4 million, into the crypto mixing platform Tornado Cash, PeckShield reported via X. The DeFi platform previously suffered a loss of approximately $3.67 million on Jan. 25 from an exploit on its V3 and V4 smart contracts.

Whale Alert reported that 260,487,291 USDT has been transferred from RenrenBit to Bitfinex. The transaction is valued at about $260 million.

The current Bitcoin bear market is more negative than the one in early 2022, according to an analysis by CryptoQuant. The firm explained that BTC has fallen 23% in the roughly 83 days since it dropped below its 365-day moving average last November. This is a significantly larger decline than the 6% drop seen over the same period in 2022. CryptoQuant noted this indicates that downward momentum is deteriorating more rapidly in the current cycle. The firm added that BTC has lost key support and could potentially retest the $60,000 to $70,000 range.

South Korean crypto exchange Upbit announced it has updated the circulation plan for iExec (RLC) at the project's request. A CoinNess review confirmed that as of this February, the circulating supply of RLC has increased by 6,000,000 tokens, rising from 80,999,784.99 to 86,999,785.

An address presumed to belong to Consensys founder Joseph Lubin deposited 15,000 ETH, worth $31.43 million, into Sky (SKY), formerly MakerDAO, and subsequently borrowed 4.1 million DAI, Onchain Lens reported. The address currently holds 137,908 ETH, valued at $287.29 million, and has an outstanding loan of 107.77 million DAI.

The Coinbase Premium, which measures the asset price difference between U.S. crypto exchange Coinbase and Binance, has fallen to a one-year low, signaling growing selling pressure from institutional investors, Cointelegraph reported. The premium has now dropped to negative $167.8. Crypto analyst Darkfost explained that such a large negative premium means the BTC price on Coinbase, favored by institutional and high-net-worth investors, is trading below that of Binance, which has a higher concentration of retail traders. This suggests that strong selling pressure from institutions is causing both a price decline and a widening of the premium gap, Darkfost added.

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: 48.53% long, 51.47% short 1. Binance: 48.2% long, 51.8% short 2. OKX: 49.23% long, 50.77% short 3. Bybit: 49.36% long, 50.64% short

An address believed to belong to Multicoin Capital deposited 87,100 ETH ($220 million) to Galaxy Digital starting on Jan. 22, Wu Blockchain reported. Beginning the following day, Jan. 23, the address then swapped for and withdrew a total of 1,354,000 HYPE, valued at $46 million.

U.S. Democratic Congressman Ro Khanna has officially requested documents from World Liberty Financial (WLFI) regarding its investments with the United Arab Emirates (UAE) and Binance, Coindesk reported. Khanna sent a letter to WLFI demanding information on its governance structure, payment records, and internal communications. The investigation focuses on potential conflicts of interest and national security risks related to controls on artificial intelligence (AI) semiconductor exports. Khanna plans to scrutinize how an Abu Dhabi government investment fund used WLFI's stablecoin, USD1, to invest $2 billion in Binance and whether President Donald Trump's family was involved in the UAE's investment process.

XRP has fallen to its lowest price since the election of U.S. President Donald Trump, CoinDesk reported. The cryptocurrency dropped to $1.44, its lowest level since November 2024, breaking below a key support level that had attracted buyers during a sharp decline last April. According to the report, this indicates that sellers have gained control of the market. With no clear support in the $1.00 to $1.44 range, a further decline could see the price drop sharply below $1.

Bitcoin's decline in the cryptocurrency market today has been steeper than that of Ethereum (ETH) and other altcoins. According to data from TradingView, the total cryptocurrency market capitalization (TOTAL) is down 2.43% to approximately $2.4 trillion. In contrast, the market cap excluding Bitcoin (TOTAL2) has fallen by a smaller 1.68% to $977.91 billion. The market cap of all cryptocurrencies excluding both Bitcoin and Ethereum (TOTAL3) saw the mildest drop, down 1.37% to $725.73 billion. Currently, Bitcoin's market dominance is at 59.17, having decreased by 0.53%.

U.S. spot Ethereum ETFs recorded a net outflow of $78.11 million on Feb. 4, returning to net outflows after just one day, according to TraderT. No individual ETFs saw net inflows. - BlackRock's ETHA: -$57.58 million - Fidelity's FETH: -$20.53 million

Lee Eog-won, chairman of South Korea’s Financial Services Commission (FSC), has expressed a reserved stance on the government's plan to cap major shareholder stakes in crypto exchanges at 15%, Money Today reported. Speaking at a briefing before the National Assembly's National Policy Committee on Feb. 5, Lee questioned who would invest or drive innovation under a uniform cap, suggesting that ownership limits should be tiered. He noted that the exchange market is nearly a monopoly, with latecomers holding a combined market share of under 3%. Forcing companies with less than 1% of the market to diversify their major shareholder stakes would leave no one to invest, he argued, adding that various opinions on the matter need to be considered. Separately, regarding a government policy to recognize consortiums where a bank's stake exceeds "50% + 1 share" as stablecoin issuers, Lee stated that the FSC is not favoring any specific business sector.

According to CoinNess market monitoring, BTC has fallen below $71,000. BTC is trading at $70,910.01 on the Binance USDT market.

U.S. Bitcoin spot ETFs saw a total net outflow of $545.34 million on Feb. 4, according to data compiled by TraderT. This marks the second consecutive day of net outflows, with no individual ETF recording a net inflow. - BlackRock (IBIT): -$373.83 million - Fidelity (FBTC): -$86.44 million - Ark Invest (ARKB): -$31.72 million - Franklin Templeton (EZBC): -$6.38 million - VanEck (HODL): -$5.20 million - Grayscale (GBTC): -$41.77 million