The Lunar New Year didn’t make the crisis disappear. February was almost entirely stuck in 'extreme fear.' ETFs saw net outflows for five consecutive weeks, Coinbase’s negative premium stretched to historic levels, and market liquidity continues to shrink. Mining companies are also showing their 'survival first' mindset through their actions: Bitdeer liquidated BTC holdings, selling production directly, with cash flow now the top priority. After the holiday, the market is still left with the same set of variables: Tighter macro tariffs, accelerated implementation of stablecoin regulatory frameworks, and the ongoing siphoning of attention and funds by the AI narrative.