The market has indeed experienced significant volatility in recent days; I just went through some of the most important information I’ve seen recently.

First, regarding the market, BTC once fell below $73,000, and in the past 12 hours, approximately $448 million was liquidated across the entire network, ranking tenth in crypto history. Wintermute's analysis believes this decline was mainly driven by macro factors—poor performance in tech stocks, Federal Reserve policy uncertainty, and speculative liquidations in precious metals. However, they think this bear market might end faster than previous ones because there is no structural collapse in the industry, and the deleveraging process has been relatively orderly.

Bitwise's CIO also shared his view, believing this correction is nearing its end rather than just beginning. He mentioned that without ETF and digital asset treasury inflows, BTC could have fallen by nearly 60%. But he remains optimistic about the future, thinking that, based on historical cycles, crypto winter often ends in despair.

On-chain data shows that BlackRock deposited 1,134 BTC and 35,358 ETH into a major exchange, totaling about $169 million. Additionally, an Ethereum treasury company has been continuing to buy, with another 20,000 ETH purchased 20 minutes ago. If calculated at the ETH to USD exchange rate, that’s roughly $46.04 million. There’s also a "1011 Insider Whale" who deposited 35,000 ETH into a CEX over the past 7 hours for sale and loan repayment.

On the project side, Aster CEO Leonard responded to recent FUD, clarifying that CZ is just an advisor and that the project operates independently. They upgraded their buyback mechanism, having repurchased a total of 254 million tokens and burned 78 million. Their next plan is to launch a privacy-first Layer 1 network in March.

Tether launched an open-source Bitcoin mining operating system, MiningOS, built on a peer-to-peer protocol aimed at simplifying mining infrastructure management. Chiliz announced plans to launch a US fan token, with 10% of the revenue used for buybacks and token burns of CHZ.

Vitalik published a lengthy article discussing the future positioning of Layer 2 solutions, believing that as Ethereum’s main chain scales itself, L2 should be redefined—not just for scalability but to offer privacy, application-specific features, and extreme expansion.

There are also some investor opinions: Liquid Capital founder Yi Lihua stated that his expectations for a future bull market remain unchanged, and now is the best time to buy spot assets. Standard Chartered lowered its 2026 SOL price forecast to $250 but expects it to reach $2,000 by 2030. WisdomTree’s CEO said cryptocurrencies have become a core business, with tokenized assets growing from $30 million to $750 million.

However, there are warnings as well: Michael Burry, the prototype of "The Big Short," warned that a sharp drop in Bitcoin could trigger a chain reaction in gold and silver markets, believing that Bitcoin as a safe-haven asset has already failed.

Overall, the market is indeed undergoing a correction, but infrastructure is improving, institutional interest remains, and investors are just watching. Once macro uncertainties subside, a rebound could occur.