On February 6, 2026, the **People's Bank of China and eight other departments** jointly issued a notice on "Further Preventing and Addressing Risks Related to Virtual Currencies," tightening regulations once again within the existing framework and sending a clear signal of "comprehensive blockage and strict enforcement." During the same period, the price of Bitcoin fluctuated around **$67,000/USDT**, with a 24-hour decline of approximately **3.83%**, which amplified the market's attention and interpretation of China's policies. On the surface, this represents high-pressure regulation.

What revisions and newly proposed explicit regulations are there in this "Notice" compared to Document No. 237?

On February 6, 2026, the **People's Bank of China and eight other departments** jointly issued a notice titled "Notice on Further Preventing and Handling Risks Related to Virtual Currencies," tightening regulatory measures once again. The notice delivers three heavy blows at the textual level: first, it clearly states that "virtual currencies do not have the status of legal tender," completely denying their monetary attributes; second, it requires that **financial institutions and payment institutions must not provide related services**, attempting to cut off the funding entry and payment end; third, it categorizes "real-world assets"

On January 30, 2026, Eastern Time, former U.S. President **Trump nominated Kevin Warsh as the Chairman of the Federal Reserve**. This personnel choice quickly became a new reference point for global asset pricing. Wall Street and the cryptocurrency market simultaneously began recalculating interest rates, liquidity, and regulatory paths, leading to a clear divergence regarding the monetary environment in the coming years: one side bets on earlier and more aggressive easing, while the other side worries that, in the shadow of persistent high inflation, the Federal Reserve will adopt a tougher stance to maintain.

In February 2026, Eastern Standard Time, the position of Chairman of the Federal Reserve officially transitioned from Jerome Powell to **Kevin Warsh** (still pending Senate confirmation), and this personnel change quickly became the focal point of global financial markets. On one hand, the market's memory of Warsh's long-standing hawkish stance was rekindled, with voices betting on higher interest rates and a stronger dollar rising; on the other hand, the price of Bitcoin was pushed up to around **$81,000 range (this price point is pending verification)**, amidst intense volatility.

On January 6, 2026, at 8:00 AM UTC+8, **Morgan Stanley** submitted an **S-1 registration application for the Solana ETF/Trust** to the U.S. Securities and Exchange Commission (SEC), a move that quickly sent ripples through both traditional finance and the cryptocurrency market. This is not only a new attempt focused on Solana but is also seen as a symbolic moment where a top Wall Street investment bank formally bets on the narrative of this "third-generation public chain."

On February 6, 2026, the "progress update" regarding **Solana ETF** was once again amplified by the market, becoming the focus of discussion in the crypto community. However, publicly verifiable details remain extremely limited. The information sources mainly come from a single channel, with no formal documents disclosed by regulatory agencies and no clear explanations provided by authoritative institutions. This information vacuum has instead amplified the space for imagination and controversy. On one side is the enthusiastic anticipation for the "next mainstream public chain ETF," while on the other side...

On February 6, 2026, **BlackRock** and the **1inch team investment fund** simultaneously experienced a large asset transfer on-chain, attracting market attention. On that day, BlackRock deposited **3948 BTC** (approximately **$261 million**) and **5734 ETH** (approximately **$11.04 million**) into **Coinbase**, with a total scale of about **$272 million**; the 1inch fund withdrew **20 million 1INCH** from Binance.

This week in East Eight Time Zone, the probability of the Federal Reserve lowering interest rates in March rose to about 16% on Polymarket. Amid a tightening macro environment, **Trend Research** under Jack Yi has launched a notable deleveraging action on-chain: concentrating transfers to Binance and selling ETH to repay debts on Aave. On-chain data shows that the institution has transferred approximately **332,000 ETH** to Binance, equivalent to about **$700 million** at current prices, while its address

Today, the cryptocurrency market experienced significant volatility, with a sharp decline in the early session. Bitcoin fell below $60,000, hitting a 15-month low, reaching a minimum of $59,800 before rebounding.

The strong continuation of short positions, while bulls are weak.

Perhaps in this market, the most important thing is not to make smart decisions, but whether we can still trust a system that does not rely on emotions.

This week in East Eight Time Zone, on-chain monitoring data shows that the large concentration of ETH on the Ethereum side and potential liquidation risks have raised market awareness, with the scale rising to the level of tens of billions of dollars. At the same time, the holdings of Bitcoin whales and medium-sized addresses have dropped to a nearly nine-month low, while the holdings of long-tail small addresses have reached a new high, indicating that chips are slowly shifting from concentrated addresses to retail investors. In this process, the trading incentives and liquidity improvements brought by the **Binance Alpha airdrop** are promoting