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This article analyzes Bitcoin's recent significant decline of over 50%, exploring the underlying driving mechanisms and changes in market structure. It emphasizes the deleveraging resonance effect, the correlation between Bitcoin and risk assets, and the impact of ETFs. It suggests that bottom formation is a complex process that requires a comprehensive consideration of the ongoing interaction between market forces and the macro environment, rather than a collapse caused by a single event.

To celebrate the 2026 Lunar New Year, Gate DEX is hosting the "7-Day Exchange Hunt," with a total prize pool of 20,000 USDT. Users can earn cash red envelopes and rebates by checking in for exchanges and inviting friends to participate. The event runs from February 9 to February 23. Users who check in for 7 days can participate in prize sharing. Please follow the participation rules.

Gate DEX BountyDrop is a one-stop airdrop event platform where users can quickly browse and participate in the latest airdrop projects, such as ForeGate. The event runs from February 9 to March 5, with a reward of 10,000 USDT. Users must follow the participation rules and complete tasks to receive the airdrop rewards. Please be aware of project risks and participation conditions.

Against the backdrop of early SocialFi projects generally collapsing due to excessive financialization, the YALA project attempts to build a new narrative: it does not position itself as a simple "social + finance" hybrid, but focuses on solving deeper issues—how to effectively capture, measure, and reward the genuine value created by users through social and gaming behaviors.
According to Gate Market Data, as of February 5, 2026, YALA's market capitalization is approximately $1.96 million, with the price fluctuating around $0.007. Its core innovation lies in anchoring trust to the Bitcoin network, enhancing Bitcoin asset liquidity through cross-chain protocols, and building an ecosystem that integrates social interaction with gamified tasks on top of that.
Project Blueprint: How does YALA redefine the value logic of SocialFi?
YALA's positioning

Rayls, a blockchain built specifically for financial institutions that has raised $32.3 million in funding, is gradually attracting industry attention.
Its architecture combines a high-performance public EVM Layer-1 with an independently operated private chain, enabling banks and regulators to securely issue and settle digital assets within a compliant framework.
What is Rayls? Why is it called the "Banker's Blockchain"?
Rayls positions itself as "The Blockchain for Banks," with the core mission of building a compliant bridge connecting over a trillion dollars of traditional finance (TradFi) with decentralized finance (DeFi).
It is not just another general-purpose public chain but an infrastructure designed specifically for regulated financial institutions. Rayls's vision is direct and ambitious: to connect over one hundred trillion dollars of global financial assets.

Ethereum (ETH) shows signs of recovery after months of downturn, currently priced at $2,073.91. Historically, Ethereum has experienced multiple "V-shaped rebounds," and analysis indicates the need to monitor technical indicators and on-chain data to assess the sustainability of the current rebound. Key resistance levels are at $2,150-$2,800. Deep retracements create potential value, but sustained upward movement requires breaking through resistance and attracting capital inflows.

The US employment report fell short of expectations, triggering sharp fluctuations in Bitcoin, with the price rising from $68,500 to $71,000 within 24 hours. Weak employment data intensified market expectations of the Federal Reserve cutting interest rates, driving liquidity impacts. The crypto market's performance was complex, showing correlations with new assets, and future market divergence may intensify.

A Bitcoin transfer worth approximately $150,000 has activated the long-dormant Genesis address, sparking heated discussions in the crypto community about its symbolic significance. Some view it as a tribute to Satoshi Nakamoto or a digital sacrifice. This event reflects the unique culture of cryptocurrency, emphasizing community identity and the concept of value storage.

Kyle Samani announces his departure from Multicoin Capital, marking the end of an era driven by grand narratives in crypto investing, as the industry gradually shifts toward pragmatic development. Changes in investment strategies and market conditions are prompting investors to focus more on the actual utility of projects and sustainable economic models. The infrastructure of the crypto market continues to improve, with trends such as stablecoins, AI integration with crypto, and others leading the future investment direction.

A report from Wall Street investment bank Jefferies shows that Tether's physical gold reserves have exceeded $23 billion, reaching 148 tons, making it one of the world's major gold holders. Tether's gold not only supports its USD stablecoin USDT but also provides the backing for the token XAUT. This strategy could impact the entire crypto market and boost market confidence. Amid the fluctuations in the market, the importance of private financial institutions in the gold market is increasing.

This article discusses the high volatility of the crypto market and its impact on investors, illustrating the importance of risk management through the different strategies employed by three investors during a crash. Successful investors should focus on preserving capital, setting preset stop-losses, and avoiding emotional decisions to cope with market fluctuations. The article emphasizes that risk management is the foundation of survival, and a good mindset along with systematic strategies can help investors protect assets and seize opportunities during downturns.

Polymarket has achieved a fundamental shift from static "betting" to dynamic "trading" by migrating its settlement assets to native USDC. The platform is not only seen as an innovative leader in prediction markets but also demonstrates the application of collective intelligence in the cryptocurrency space. Through real-time trading and market sentiment analysis, Polymarket can effectively aggregate and price information, reflecting market expectations and emotional shifts. In the future, prediction markets will be deeply integrated with artificial intelligence, continuing to serve as important tools for observing information and sentiment.

The cryptocurrency market sentiment is subdued, but some tokens like SIREN are rising against the trend. The market is currently experiencing a bear market, and investors should use dollar-cost averaging strategies to build positions at lows and hedge against volatility risks. Upcoming economic data will influence market expectations, and proper positioning will create opportunities for a future bull market.

Kinetiq Founder Omnia mentioned in an interview that their flagship DEX product Markets is not just a trading platform but also a reference implementation of the entire "Exchange-as-a-Service" business model.
This means that any team in the future can quickly deploy their own decentralized exchange through Kinetiq's Launch platform, just like setting up an online store with Shopify.
Strategic Transformation: The Evolution Path from LST Foundation to "Exchange Factory"
Kinetiq's story begins with a solid starting point. As the largest liquidity staking protocol on Hyperliquid, it manages over $700 million in assets. This protocol, centered around the HYPE liquidity staking token kHYPE, forms the core of HyperCore and

Banks and the cryptocurrency industry have fundamental disagreements over stablecoin yields. The former is concerned that it will threaten traditional deposit services, while the latter sees it as a driver of digital financial innovation. The White House has convened relevant parties to discuss legislative compromises to accelerate the process. The controversy centers on whether non-bank entities should be allowed to offer yields, with banks worried that this could impact financial stability. The stablecoin market has already grown significantly, with a market capitalization exceeding $300 billion, driving international demand for the US dollar.

The crypto market is affected by volatility and changes in sentiment, with the Fear and Greed Index reflecting market emotions. The current index has dropped to 9 points, similar to the 2022 crash. This may indicate an upcoming rebound in the market. Historical data shows that extreme fear often signals a temporary bottom. Institutional fund flows also influence market confidence. The market sentiment cycle is related to the price cycle, and in the short term, Bitcoin's price needs to stay above $60,000 to alleviate panic sentiment.

Recent cryptocurrency market volatility has sparked divergent opinions among investors. Bitcoin is trading around $70,461, with long-term holders maintaining stable positions, indicating that market panic may be exaggerated. The derivatives market shows excessive leverage among bulls, with serious liquidation events. Macroeconomic factors influence market liquidity, while the tokenization of real assets is driving the market's value foundation. Data analysis and multi-dimensional indicators will help in understanding the current market situation.

The Dow Jones Industrial Average closed above 50,000 points for the first time, with Trump claiming credit for its tariff policies and predicting the Dow will rise to 100,000 points. This statement drew market attention, but the crypto market is facing a cold snap. To reach 100,000 points, the Dow would need approximately $15 trillion in new capital inflows. Investors should focus on fundamentals rather than political statements and diversify their portfolios to manage risk.

Bitcoin's price on February 9, 2026, is $70,551.63, while the trading price of MEME coin Pepe is $0.00000377. The article discusses the definition and analysis methods of "smart money," emphasizing the importance of high win rates and risk-reward ratios, and recommends using multiple tools to track market dynamics, establish observation systems, and identify potential investment opportunities. Smart traders conduct in-depth research on the narratives behind projects before making moves to achieve long-term returns.