February 4, 2026 (Wednesday) Key Overview: BTC around $76,000 (-3.10%), ETH around $2,280 (-3.72%), market in extreme panic; only SocialFi, AI, and DePin sectors bucked the trend. I. Market Overview • BTC: Briefly fell below $73,000 during the day, currently around $76,000, a 7-day drop of over 20%; the Fear & Greed Index is at 22%, in the extreme fear zone. • ETH: Underperformed BTC, a 7-day drop of 25.08%; staking protocols like Lido saw their TVL decline by over 25% in 7 days, with some stakers withdrawing. • SOL: TVL fell 10.60% in 7 days, but 24-hour DEX trading volume reached $5.159 billion, indicating high on-chain activity. • Sector Highlights: SocialFi (+2.14%), AI (+0.06%), and DePIN (+0.01%) bucked the trend; TON (+2.80%), WLD (+2.03%), and AR (+2.40%) led the gains. II. Funds and Institutions • ETF Funds: Bitcoin ETFs continued to experience net outflows, with BlackRock ETFs seeing outflows exceeding $300 million in a single day. • Institutional Portfolio Adjustments: Grayscale reduced its holdings by 12,000 BTC and increased its holdings of ETH; HashKey Capital withdrew $14.8 million worth of ETH from Binance. • Major Transactions: 505,500 SOL (approximately $50.34 million) transferred to Binance; Binance transferred 1,433 BTC (approximately $109 million). III. On-Chain and Regulation • On-Chain Dynamics: Two dormant ETH addresses (dormant for 5 years) were activated, depositing 44,500 ETH, borrowing 104 million USDT, and then purchasing another 45,900 ETH. • Regulatory Progress: The U.S. Clarity Act passed the Senate Agriculture Committee by a single vote, clarifying the regulatory framework but partisan differences remain. IV. Market Views • Bullish: Tom Lee says the bottoming factors are in place; Michaël van de Poppe believes the cycle bottom has appeared. • Bearish/Cautious: Bernstein Research believes it may fall to $60,000; Wintermute warns of liquidity crisis and liquidation risks.