Crypto Daily Report #我在Gate广场过新年 02.10(：Bitcoin Falls Below $70,000, Institutional Holdings Diverge, Bull and Bear Views Coexist

1. Bitcoin Price Fluctuations and Market Performance
1. Bitcoin has recently experienced intense volatility, dropping from a high of $100,000 in January, briefly falling below $60,000 before rebounding. Around 7:20 AM New York time on February 9, the price fell to $69,037, breaking the $70,000 mark after previously rising above $70,000.
2. Market volatility is significant, with the Bitcoin Volatility Index once surpassing 97%, the largest intraday increase since the FTX collapse in 2022; yesterday (February 9), the US Bitcoin ETF saw a net inflow of 3,286 BTC, while Ethereum ETF experienced a net outflow of 54,718 ETH.
3. Risk assets rebounded collectively, with the Nasdaq up 1%, the S&P 500 up 0.5%, gold prices rising 1.9% to $5,075 per ounce, and silver up 7.4%; Bitcoin increased by 0.5% over 24 hours, with Ethereum, XRP, Solana, and others gaining close to 1.5%.
2. Institutional and Corporate Bitcoin Holdings and Accumulation Strategies
1. US-listed company Strategy (formerly MicroStrategy) increased its holdings last week by purchasing 1,142 BTC at $78,815 each, totaling $90 million. The current total holdings are 714,644 BTC, with an unrealized loss of approximately $5.2 billion based on the current price of $69,000. The additional funds were raised through new stock issuance, yielding a net profit of $89.5 million.
2. Nasdaq-listed blockchain company Metalpha launched a Bitcoin allocation plan, with up to 20% of annual net profits used to buy BTC. The first phase allocated $3.2 million and completed a $1 million BTC purchase.
3. Last week, global listed companies (excluding mining firms) bought a net total of $92.83 million worth of Bitcoin, a 24.5% decrease week-over-week. Strategy’s holdings accounted for over 97% of this increase; other companies such as Japan’s DayDayCook ($9.12 million), US-based Genius Group (sold $7.03 million worth of BTC), and Sweden’s H100 ($3 million) engaged in small transactions.
4. On the institutional side, BlackRock deposited 2,268 BTC (worth $155.94 million) into Coinbase Prime addresses.
3. Market Analysis and Institutional Views
1. Bernstein analyst Gautam Chhugani believes Bitcoin is currently in its weakest bear market scenario in history, reaffirming a target price of $150,000 by the end of 2026, stating that the market confidence crisis does not affect the underlying system, and the timing cycle favors it.
2. Jim Ferraioli of Charles Schwab pointed out that Bitcoin’s historical sell-offs usually bottom near production costs, which can be judged by mining difficulty adjustments. Currently, mining difficulty has seen its largest decline since 2021, with some miners exiting the network.
3. Several institutions have lowered their target prices for Strategy, such as Canaccord Genuity from $474 to $185, and Citigroup from $485 to $325; however, TD Cowen and Citigroup still maintain a “Buy” rating, with market expectations relying on a rebound in Bitcoin’s price.
4. Retail Investor Market Behavior and Bitcoin Hedging Tools
1. Canadian musician Drake bet on the New England Patriots winning the 2026 Super Bowl, investing $1 million worth of BTC. After the team’s loss, he incurred losses, continuing his “Drake Curse” (publicly supporting teams that often lose).
2. Exchange Bit launched TradFi features, supporting users to trade cryptocurrencies (such as BTC, ETH) and gold (such as XAUUSD, tokenized gold PAXG/XAUT) within the same account, providing cross-asset hedging tools. Compared to platforms like Cbe and Kk, Bit has advantages in unified accounts, low fees, and USDT settlement.