According to SoSoValue data, the crypto market sectors experienced a broad sell-off, with 24-hour declines generally ranging from about 7% to 14%. The PayFi sector led the decline, dropping 13.86%. Within the sector, XRP and Litecoin (LTC) fell by 12.58% and 13.87% respectively, while Monero (XMR) plummeted 20.28%. Meanwhile, Bitcoin (BTC) fell 10.10%, briefly dipping below $60,000 during the session and currently recovering to above $65,000; Ethereum (ETH) dropped 10.08%, once falling to $1,700 and now trading around $1,900.

In other sectors, the DeFi sector fell 7.41% over 24 hours, but MYX Finance (MYX) and Hyperliquid (HYPE) bucked the trend, rising 9.68% and 6.07% respectively. The Layer1 sector declined 9.93%, with Zcash (ZEC) dropping 16.20%. The CeFi sector fell 10.64%, with OKB down 12.35%. The Meme sector dropped 12.17%, although MemeCore (M) showed relative resilience, gaining 2.78%. The Layer2 sector declined 13.06%, while zkSync (ZK) saw a 4.90% intraday rally.

Crypto sector indices reflecting historical sector performance showed that the ssiPayFi, ssiAI, and ssiDePIN indices fell by 15.49%, 14.96%, and 14.93% respectively.

Odaily News On-chain analyst Yu Jin posted on platform X, stating that StaniKulechov (0x803...c78d) sold 4504 ETH on-chain within the past 4 hours, exchanging it for 8.36 million USDC at a price of $1855.

Odaily News On-chain analyst Ai Yi posted on platform X, stating that Yi Lihua (0xE5C2) deposited 8,000 ETH, worth $15.1 million, to Binance. The latest liquidation range is $1,523 to $1,681, and the address subsequently sold 11,000 ETH. Currently, this address holds a total of 444,335.03 ETH.

Odaily reported that Santiment posted on X, stating that the price of Bitcoin has fallen to $60,001 for the first time since October 2024. Whale and shark addresses holding between 10 and 10,000 Bitcoins currently hold 68.04% of the total BTC supply, the lowest level in 9 months, having sold 81,068 BTC in just the past 8 days. Meanwhile, shrimp addresses holding less than 0.01 Bitcoin now account for 0.249% of the total BTC supply, a 20-month high, reflecting retail investors buying the dip. Historically, this combination of whale selling and retail buying has led to bear market cycles. Until clear signs of retail capitulation emerge, smart money will continue to sell their holdings and will not buy back until retail investors decide to exit the crypto market.

Odaily News According to 8MarketCap data, Bitcoin's market cap has fallen to the 15th position in the global asset market cap ranking, trailing behind Saudi Aramco, Tesla, Broadcom, and the Vanguard S&P 500 ETF. Bitcoin's current market cap is approximately $1.28 trillion, with a 24-hour decline of 11.41% and a 7-day decline of 23.40%. Furthermore, Ethereum's global asset market cap ranking has dropped to 88th place, surpassed by companies like McDonald's and SAP. Its current market cap is around $228.47 billion, with a 24-hour decline of 11.49% and a 7-day decline of 32.33%.

Odaily News According to Coinbob's hot address monitoring, the "Ultimate Bear" whale (0x5d2) has opened BTC short positions four times since January last year. The first three positions resulted in a combined loss of approximately $5.48 million, while the most recent short position has achieved substantial profits. This short position has currently accumulated approximately $10.05 million in funding fee income, with contract profits exceeding $61 million, bringing its cumulative annual profit to $71 million. Since December 26th last year, this address has not made any further position adjustments. Last night, it significantly reduced its position again to realize profits and withdrew approximately $5 million from Hyperliquid.

Compared to the peak position value of $136 million in late October last year, this whale has gradually reduced its position by about $130 million. After multiple instances of taking profits and withdrawing funds, it has not replenished the short position. Currently, it still holds a 20x leveraged BTC short position with a size of approximately $4.4 million, an average price of around $111,500, and an unrealized profit of about $3.2 million (1470%).

Odaily News Trader Eugene Ng Ah Sio stated in a personal channel post that one should buy when the streets are running with blood, even if it's your own blood.

1. Bitcoin Approaches $60,000, Possibly Marking Largest Single-Day Drop Since FTX Incident

2. Analysis: Market Performance Weaker Than Early 2022 Bear Market, BTC May Fall to $60,000

3. Panic Intensifies in Crypto Market, Fear & Greed Index Drops to 9

4. $759 Million Liquidated Across the Network in Past 4 Hours, Nearly $400 Million in BTC Liquidations Alone

5. Binance USDT OTC Price Briefly Rises to 7.4 CNY, USDT Premium Rate Temporarily Reported at 4.89%

6. Viewpoint: Institutional Investors Favor 'Traditional Finance-Like' BTC Yield Strategies, Avoid Chasing High Risk

7. Bitcoin's 'Limited Supply of 21 Million' Selling Point Questioned by Market, ETFs and Futures Creating 'Synthetic Supply' Impacting Market

8. US CFTC Chair: Supports Legal Innovation for Prediction Markets

9. Brazil Passes Bill to Advance Ban on Algorithmic Stablecoins, Violations Could Lead to Up to 8 Years Imprisonment

10. Binance Futures to List 5 Stock USDT-Margined Perpetual Contracts Including MSTR, AMZN

11. Vitalik's 16,384 ETH Intended for Donations: 27.6% Already Sold

12. Wintermute CEO: Public Chain Competition is a False Proposition, Crypto is Losing Direction

13. 'Big Short' Michael Burry: Current Bitcoin Trend May Repeat 2022 Bear Market Rhythm

14. BlackRock Deposits 3,900 BTC and 17,197 ETH to Coinbase

15. Machi Big Brother Suffers 6 More Liquidations, Then Deposits 250,000 USDC to Hyperliquid to Continue Long ETH and HYPE

16. Bitwise Files Registration Statement with US SEC for Uniswap ETF, Aims to Track UNI

17. Pendle: sPENDLE Buyback Scheduled for February 9 Launch, First Batch of Rewards to be Distributed on February 13

18. Aster Completes Phase 4 and 5 Buyback Token Burn, Permanently Destroys Approximately 98.4 Million ASTER

19. Circle Partners with Polymarket to Promote Optimization of Stablecoin Infrastructure for Prediction Markets

20. OpenAI Launches OpenAI Frontier Platform

21. Gemini Plans to Cut Up to 25% of Staff, Affecting US and Singapore Markets

22. Strategy Records $12.4 Billion Loss in Q4, Bitcoin Pullback Drags Stock Price Down 17% in a Day

23. Tether Invests $150 Million in Gold.com, Boosting Tokenized Gold Distribution

24. US Planned Layoffs Surge in January, Hitting Highest Monthly Level in 17 Years

25. US Initial Jobless Claims for Week Ending Jan 31: 231K vs. 212K Expected

26. Penguin Securities Completes Approximately $18 Million Funding Round, Multiple Japanese Investment Institutions Participate

27. JPMorgan: Bitcoin Could Reach $266,000 Long-Term, Attractiveness Relative to Gold Increases

27. European Tokenization Companies Call for Revision of DLT Pilot Regime, Warn On-Chain Markets May Flow to US

Odaily News According to data from the Binance platform, the USDT OTC price briefly rose to 7.4 yuan and is currently reported at 7.28 yuan. The current USD to CNY exchange rate is 6.94, and the USDT premium rate has reached 4.89%.

Odaily According to data from Alternative.me, the Crypto Fear & Greed Index has dropped to 9 today, entering the "Extreme Fear" zone. This marks a further decline from yesterday's 12 and last week's 16. The data indicates a rapid deterioration in market sentiment in the short term. Last month, the index was still at 42, which is within the "Fear" level.

Note: The Fear & Greed Index has a threshold range of 0-100 and is composed of the following indicators: Volatility (25%) + Market Volume/Momentum (25%) + Social Media (15%) + Surveys (15%) + Bitcoin Dominance (10%) + Google Trends (10%).

Odaily News Asset management firm Bitwise has submitted a registration statement to the U.S. Securities and Exchange Commission for the Bitwise Uniswap ETF, becoming the first institution to formally advance an ETF targeting Uniswap's governance token, UNI. The document indicates that the fund's primary investment objective is to hold UNI, with staking not included initially but subject to potential adjustments later; if approved, the custodian will be Coinbase Custody Trust Company. This application comes against the backdrop of a more favorable environment for crypto ETFs in the United States. (The Block)

Odaily News JPMorgan analysts stated that despite short-term sentiment pressure, Bitcoin is more attractive than gold in the long term, with its volatility structure suggesting a potential price of $266,000. The report noted that gold has significantly outperformed Bitcoin since October last year, but the rise in gold price volatility and the drop in the Bitcoin-to-gold volatility ratio to a historical low of around 1.5 make Bitcoin more advantageous on a risk-adjusted basis. This target is considered not applicable for this year but reflects Bitcoin's upside potential as a long-term hedge asset after a reversal of negative sentiment. (The Block)

Odaily News Amid Bitcoin's retreat of over 40% from its October highs, spot Bitcoin ETFs have demonstrated notable resilience. Eric Balchunas noted that net outflows from ETF assets during this period were only about 6.6%, significantly lower than the crypto market's historical reactions to similar price drops. He pointed out that ETF investors typically allocate 1%–2% of their portfolio to Bitcoin, a structure different from highly leveraged or concentrated crypto-native traders, making them more inclined towards long-term holding. Balchunas believes the ETF structure may continue to anchor Bitcoin within the traditional financial asset framework, and short-term volatility does not equate to the end of the trend. (CoinDesk)

Odaily Stablecoin issuer Tether has announced the acquisition of approximately 12% minority stake in Gold.com for $150 million, aiming to expand the distribution channels for its gold-pegged token XAUT. The two parties plan to integrate XAUT into Gold.com's infrastructure and explore the use of USDT and its newly launched U.S.-compliant stablecoin USAT for purchasing physical gold. Driven by rising gold prices, the tokenized gold market has surpassed $5 billion in size, with XAUT accounting for over 60% of it. Additionally, Tether announced an investment in Anchorage Digital to support the compliance advancement of USAT in the United States. (CoinDesk)

Odaily News Bitcoin has fallen over 10% in the past 24 hours, briefly dropping to $63,000, marking its lowest level since October 2024 and potentially recording its largest single-day decline since the 2022 FTX incident. The selling pressure has spread to precious metals and U.S. stocks, with thin liquidity exacerbating a cascade of liquidations. Analysts point out that the $58,000 to $60,000 range, where the 200-day moving average lies, may serve as a key support level, with no clear bottoming signal yet in sight. (CoinDesk)

Odaily News Multiple European tokenization and market infrastructure firms have jointly written to EU lawmakers, urging prompt revisions to the EU's DLT Pilot Regime. Companies including Securitize, 21X, and Boerse Stuttgart Group pointed out that the current asset scope, issuance cap, and six-year license restrictions are hindering the expansion of regulated on-chain markets. The relevant institutions believe that if adjustments are delayed, global liquidity could permanently shift following the progress the US has made in tokenized securities and near real-time settlement. The proposal is not about deregulation but aims to maintain the competitiveness of European capital markets through a technical "quick fix" to expand eligible asset ranges, raise caps, and remove time limits. (Cointelegraph)