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BlockBeats News, February 9, according to The Block, bitcoin suddenly plunged by more than 20% this week. Although the price has partially rebounded since then, several crypto fund managers said that the drop caught them off guard. Zaheer Ebtikar, founder and Chief Investment Officer of Split Capital, said: "I think almost no one really anticipated that a panic sell-off of this magnitude would come so quickly." The common view among several interviewees is that the issue was not a single clear trigger, but rather the speed at which the market collapsed: sentiment shifted rapidly, panic indicators soared, and a large amount of spot selling triggered chain liquidations, resulting in a cascading decline. Ray Hindi, co-founder and managing partner of L1D AG, stated: "Many traditional finance (TradFi) related themes became obviously overstretched and crowded in January. The subsequent violent deleveraging and pullback transmitted shocks to the crypto market, which is still dealing with the severe and unresolved structural issues left by the October 10 liquidation event." He believes that this decline also reflects a structural cleansing process in the market. Such reshuffling helps eliminate excess and allows truly useful projects to stand out. Cosmo Jiang, General Partner at Pantera Capital and head of the firm's liquid token strategy, said that the recent volatility is part of a trend that has been accumulating over the past few months. He pointed out that since December 2024, the non-bitcoin token market has actually been in a bear market, and described this year's performance so far as a continuation of a "rolling bear market" in most altcoin markets. As risk asset pressure spreads, selling pressure accelerates, forcing traders who previously shifted to precious metals to sell crypto assets to meet margin requirements. Expectations for altcoins to outperform the market remain subdued, and most investment managers say the market is shifting toward high-quality, fundamentally driven investments. Joscha Kuplewatzky of Wintermute Ventures said the market may currently be in the late stage of the cycle, making it unsuitable to bet broadly on altcoins outperforming. He believes that unless retail investors become active again, any upward movement is more likely to be short-term and sector-specific. In addition, several investors said that cryptocurrencies are no longer the first choice for new capital.

BlockBeats News, February 9, according to GMGN monitoring, the Meme coin PENGUIN on the Solana chain has rebounded from a market cap low of about $18 million yesterday, and its current market cap has recovered to $30.8 million. Its current price is about $0.0308, with a 24-hour increase of 66%, and a trading volume of about $14.5 million during this period. BlockBeats reminds users that Meme coin trading is highly volatile, mostly relying on market sentiment and concept speculation, and has no actual value or use case. Investors should be aware of the risks.

Glonghui, February 9th｜The Financial Times recently published an article titled "Strategy’s long road to nowhere," commenting that as the bitcoin price declines, the company Strategy, which has attracted much attention for its extreme bet on bitcoin, is now caught in a strategic dilemma. For years, Strategy CEO Michael Saylor has been aggressively buying bitcoin by continuously issuing new shares and raising debt, positioning it as the company's core asset allocation. As the bitcoin price now hovers around the company's average purchase cost of approximately $76,000, this strategy has begun to put significant pressure on shareholder value. In the short term, MicroStrategy has almost no ideal response. If it chooses to continue increasing its bitcoin holdings, it will inevitably require further financing, exacerbating equity dilution and financial burden; but if it sells bitcoin, it would be tantamount to denying the core strategic philosophy that Saylor has adhered to for years, creating a difficult dilemma.