Author: 行政

Bitcoin’s slide toward $60,000 came with the usual noise from exchanges, but the sheer size of the panic was evident somewhere else. Options tied to BlackRock’s iShares Bitcoin Trust (IBIT) traded about 2.33 million contracts in a single trading day, a record that arrived right as price was at its most unstable.At the same time, the underlying asset saw a record day as well. On the same day, IBIT itself printed more than 284 million shares of turnover, worth over $10 billion in notional.While the crash took a toll on exchanges, they weren’t the only ones affected by the volatility.…

Within a span of weeks in early 2026, a cluster of senior crypto operators announced they were stepping back or switching domains.Akshay BD, who spent five years building Solana’s ecosystem, posted a “life update” saying he was “grateful to pass the torch.”Anthony Rose, a zkSync executive, announced he was “moving on” after four years at Matter Labs.Nader Dabit left Eigen Labs to join Cognition, working on “end-to-end software agents that ship production code.”Kyle Samani stepped down as Multicoin’s managing partner to explore AI and robotics, while maintaining he’s still bullish on crypto.The timing felt coordinated, even if it wasn’t.The pattern…

Bitcoin is holding its ground this weekend. After Friday’s soft CPI rally, price keeps leaning into the same overhead zone around $70,300, and bids keep showing up above $65,000.That detail matters more than the stall.Last Sunday I framed $71,500 as the market’s checkpoint, the line that decides whether this bounce becomes a recovery or fades into another leg down. The logic stays the same, the level stays the same, and the market’s behavior underneath it looks different this time. Related ReadingBitcoin must recover $71,500 soon or the drift back to $60,000 beginsBTC has failed this critical test three times already…

One input mistake at South Korea’s Bithumb turned a routine promo payout into a $44 billion disaster for a simple reason: crypto moves at internet speed, but many exchanges still run on back-office habits built for slower systems.On Feb. 6, Bithumb meant to hand out tiny cash rewards as part of a promotion, about 2,000 won per recipient. Instead, its internal system credited affected users with Bitcoin, at least 2,000 BTC each, and the totals added up to roughly 620,000 BTC on the exchange’s ledger.About 695 customers were affected, and Bithumb restricted trading and withdrawals for those accounts within 35…

Bitcoin bottom signals: ETF outflows, miner stress, and why a 2026 recession looks like the outlierBitcoin could be approaching a cycle low as spot Bitcoin ETF flows keep leaking and miner economics stay tight, even while recession talk dominates the timeline.The key point: a 2026 recession or stock-market crash still looks like the outlier scenario, which means Bitcoin can bottom on Bitcoin-native mechanics: forced selling, leverage unwinds, miner stress, and a clearing level where the buyer base changes personality.TL;DR: ETF flows are still draining, which usually forces price to find a new clearing level.Miner economics look wintry (fees are tiny…

At 8:30 a.m. in New York, the world paused for the January U.S. inflation data, and it landed with a soft thud.Headline CPI printed +2.4% year over year, a shade under the +2.5% estimate that had been floating around ahead of the release. Core inflation, the version that strips out food and energy, rose 2.5% year over year, right on the expected line.On the month, prices kept moving at a pace that felt familiar. Headline inflation rose 0.2% in January, and core rose 0.3%, seasonally adjusted. It reads like calm, and it still carries a lot of texture when you…

CFTC Chair forms a new Innovation Advisory Committee packed with crypto, exchange, and prediction-market CEOsMost crypto traders barely think about the Commodity Futures Trading Commission until something breaks, a lawsuit hits, or a Bitcoin futures headline crosses their feed.In the popular mental map of US regulation, the SEC is the one staring at tokens, and the CFTC is the one that shows up around Bitcoin, usually around futures.Then the CFTC went and did something that does not fit that simple story.On Feb. 12, the agency announced a fresh slate of members for its Innovation Advisory Committee, a 35-person group that…

Bitcoin developer contributors just cleared a documentation hurdle that crypto Twitter treated like an emergency quantum patch. It wasn’t.On Feb. 11, a proposal for a new output type, Pay-to-Merkle-Root (BIP-0360), was merged into the official Bitcoin Improvement Proposals repository. No nodes upgraded. No activation timeline exists.The BIPs repository itself warns that publication doesn’t imply consensus, adoption, or that the idea is even good. What actually happened is that a draft specification met the threshold for in-scope, formally documented status.Yet the framing around P2MR reveals something more interesting than the merge itself: Bitcoin’s developer community is wrestling with a migration problem…

Coinbase just posted the kind of earnings report that makes two groups of people sweat at the same time.The first group is obvious, COIN shareholders who saw the company swing into a loss while crypto prices and activity cooled. Coinbase reported about revenue of roughly $1.78B for the quarter and a loss of -$2.49 per share, when analysts were looking for a profit.Inside Coinbase’s own materials, the story looks like a business still producing cash, but taking a real hit on the bottom line, with a quarterly net loss of $667M and adjusted EBITDA of $566M.The second group is less…

Perpetual futures allow positions to stay open indefinitely, letting risk build over time. Losses increasingly stem from prolonged exposure, not sudden price moves. Contract design now plays a bigger role in risk than traditional entry and exit timing. In 2025, many retail traders realized that futures risk no longer followed a familiar lifecycle. Positions were no longer defined by clear start and end points, and losses were increasingly shaped by how long exposure was carried rather than by individual market moves. As non-expiring futures became the default contract type, traders began encountering risk that developed through persistence instead of resolution.…