PANews

Original Author: Wintermute Ventures

Translation: Bibi News

For decades, the internet has allowed information to flow freely across borders, platforms, and systems. However, the flow of 'value' has always lagged behind. Money, assets, and financial contracts still rely on fragmented infrastructure, circulating through outdated tracks, national borders, and layers of intermediaries, with each link extracting costs.

This gap is being filled at an unprecedented speed.

This has created opportunities for a type of infrastructure company - one that directly replaces traditional clearing, settlement, and custody functions.

PANews, February 8 news, according to CoinDesk, "big short" Michael Burry stated that the current downward trend of Bitcoin is similar to the bear market phase of 2022, sparking discussions in the market about the depth of this adjustment. Burry published a chart on the X platform comparing the decline of BTC from about $126,000 to around $70,000, drawing an analogy to the early decline pace of the 2021-2022 bear market. In the previous cycle, Bitcoin had dropped from about $35,000 to below $20,000 before gradually stabilizing. If calculated based on similar decline ratios, some market participants believe the theoretical risk range could point to around $50,000, while Michael Burry did not provide a clear target price. The market has also questioned the validity of single historical cycle comparisons, with trading institutions pointing out that forming a "pattern" based solely on one historical event has limited reference value. The current market environment is significantly different from that of 2021-2022, including institutional liquidity brought by spot Bitcoin ETFs, changes in market leverage structure, and the macro environment shifting from an aggressive interest rate hike cycle to one dominated by cross-asset volatility.

PANews February 8 news reported by CoinDesk that 'Big Short' Michael Burry stated that the current decline in Bitcoin is similar to the bear market phase of 2022, sparking discussions in the market about the depth of this adjustment. Burry posted a chart on the X platform comparing the decline of BTC from about $126,000 to around $70,000, analogizing it with the early stage of the bear market from 2021 to 2022. In the previous cycle, Bitcoin dropped from about $35,000 to below $20,000 before gradually stabilizing. If calculated based on a similar percentage drop, some market participants believe the theoretical risk range may point to around $50,000, while Michael Burry did not provide a clear target price. The market also questions the validity of comparing a single historical cycle, with trading institutions pointing out that forming a 'pattern' based solely on one historical event has limited reference value. The current market environment shows significant differences from that of 2021-2022, including institutional liquidity brought by spot Bitcoin ETFs, changes in market leverage structure, and the macro environment shifting from an aggressive interest rate hike cycle to a phase dominated by cross-asset volatility.

PANews, February 8 news, according to CoinDesk, "Big Short" Michael Burry stated that the current downward trend of Bitcoin is similar to the bear market phase of 2022, sparking discussions about the depth of this adjustment in the market. Burry posted a chart on the X platform comparing the drop of BTC from about $126,000 to around $70,000, drawing an analogy with the early decline pace of the 2021-2022 bear market. In the last cycle, Bitcoin fell from about $35,000 to below $20,000 before gradually stabilizing. If calculated based on a similar decline ratio, some market participants believe the theoretical risk range may point to around $50,000, while Michael Burry has not provided a clear target price. The market has also questioned the validity of single historical cycle analogies, with trading institutions pointing out that forming a "pattern" based on a single historical event has limited reference value. The current market environment is significantly different from that of 2021-2022, including the institutional liquidity brought by spot Bitcoin ETFs, changes in the market leverage structure, and a macro environment shifting from an aggressive rate hike cycle to cross-asset volatility dominance.

PANews February 8 news PANews February 7 news, according to CoinDesk, "Big Short" Michael Burry stated that the current decline in Bitcoin is similar to the bear market phase of 2022, sparking discussions in the market about the depth of this adjustment. Burry posted a chart on the X platform comparing the decline of BTC from about $126,000 to around $70,000, drawing an analogy with the early decline rhythm of the bear market from 2021-2022. In the last cycle, Bitcoin dropped from about $35,000 to below $20,000 before gradually stabilizing. If calculated by a similar decline ratio, some market participants believe the theoretical risk range may point to around $50,000, while Michael Burry did not provide a clear target price. The market has also raised doubts about the validity of a single historical cycle analogy, with trading institutions pointing out that forming a "pattern" based solely on one historical event has limited reference value. The current market environment is significantly different from that of 2021-2022, including the institutional liquidity brought by spot Bitcoin ETFs, changes in the market leverage structure, and the macro environment shifting from an aggressive interest rate hike cycle to cross-asset volatility dominance.

PANews February 7 news, Wintermute CEO Evgeny Gaevoy published a long article on platform X, pointing out that he holds a strong skeptical attitude toward the rumors circulating in the market about "a certain large institution facing liquidation." He believes that even if individual institutions encounter problems, it is unlikely to produce medium to long-term systemic spillover effects. Historically, after the 3AC incident following the Terra event, the industry quickly confirmed through internal communication channels; the FTX incident also rapidly exposed risk signals when discussing rescue with Binance, while no similar signs have been observed currently, and the related rumors mostly come from anonymous accounts lacking credibility.

PANews February 7 news, Bloomberg senior ETF analyst Eric Balchunas posted on X platform to 'reflect' on the funding structure assessment of Bitcoin ETFs. He stated that his previous judgment that the investor structure of Bitcoin ETFs would be stronger than market expectations is still basically valid, but he had anticipated that ETF funds would reduce market volatility, a judgment that has proven to be incorrect. Eric Balchunas mentioned that he originally believed that retail funds in ETFs would replace the highly speculative retail investors before the FTX incident, thereby enhancing market stability, but he did not fully consider the selling pressure effects brought about by early holders (OGs) reducing their positions at high levels. He also pointed out that Bitcoin's approximately 450% rise over two years is itself a potential risk signal, as rapid increases are often accompanied by high volatility; therefore, the characteristic of Bitcoin as a high-volatility, high-risk asset will continue in the foreseeable future.

PANews February 7 news, according to CoinDesk, "big short" Michael Burry stated that the current downward trend of Bitcoin is similar to the bear market phase of 2022, sparking discussions in the market about the depth of this adjustment. Burry published a chart on the X platform comparing the drop of BTC from about $126,000 to around $70,000 to the early decline rhythm of the bear market in 2021-2022. In the last cycle, Bitcoin fell from about $35,000 to below $20,000 before gradually stabilizing. If calculated by similar drop ratios, some market participants believe the theoretical risk range may point to around $50,000, while Michael Burry did not provide a clear target price. The market has also questioned the validity of single historical cycle comparisons, with trading institutions pointing out that forming a "pattern" based solely on one historical event has limited reference value. The current market environment differs significantly from 2021-2022, including institutional liquidity brought by spot Bitcoin ETFs, changes in market leverage structure, and a macro environment shifting from an aggressive interest rate hike cycle to cross-asset volatility dominance.

PANews, February 7 - After experiencing a sharp decline in some of Wall Street's most crowded trades, the U.S. stock market saw a rebound on Friday. The S&P 500 index rose by 2%. The Dow Jones Industrial Average touched 50,000 points for the first time. Earlier this week, a new automation tool released by the AI company Anthropic PBC triggered a sell-off in software, financial services, and asset management stocks, which spread to the broader market. This scene is reminiscent of the market's reaction to the DeepSeek AI model in early 2025. Traders are preparing for a new week, during which retail sales data, the delayed January U.S. non-farm payroll report, and CPI inflation data will be released. Here are the key points the market will focus on in the upcoming week:

PANews, February 7 news, according to CoinDesk, the cryptocurrency market has shown a phase of recovery after experiencing a severe sell-off, rebounding above $65,000 after hitting its lowest level since October 2024. Ethereum has also climbed back from a low of around $1,750 to near $1,900. On a macro level, the overall pressure on risk assets remains a major backdrop. Recently, technology stocks have weakened, risk appetite has decreased, while precious metals and crypto assets have fluctuated in sync, further exacerbating the market's deleveraging process. However, panic sentiment has not completely dissipated. Previously, an extreme protective buying trend emerged in the options market, with some traders even positioning for put options with a strike price as low as $20,000, indicating that the market is still hedging against extreme tail risks. Overall, this round of sharp declines reflects more of a phase of recovery after the clearing of leverage and contraction of risk appetite. A short-term technical rebound may have already occurred, but the mid-term trend still depends on macro liquidity, technology stock performance, and institutional fund flows.

PANews February 7 news, Sean Stein Smith, a member of the Wall Street Blockchain Alliance Advisory Committee, published an article in Forbes (The Decline of Bitcoin is Not the End of Cryptocurrency), pointing out that despite Bitcoin significantly retreating from its historical high at the end of 2025 and growing pessimism in the market, market views suggest that this round of decline does not indicate a cyclical end for the crypto industry. The fundamentals of the industry and institutional participation are still strengthening, and the long-term development logic has not been fundamentally damaged. The process of institutional adoption is still advancing, and traditional financial institutions continue to increase their investment in on-chain asset ecosystems, including the New York Stock Exchange's exploration of blockchain exchange-related initiatives and Fidelity's plan to launch a stablecoin based on the Ethereum network, Fidelity Digital Dollar (FIDD). Although Strategy's Bitcoin holdings are showing unrealized losses at current prices, market analysis believes that its financial structure remains robust, with most of the company's Bitcoin assets uncollateralized, and the convertible bond terms being relatively long. There are no liquidity pressures or risks of forced liquidation in the short term, maintaining a long-term bullish strategic positioning on Bitcoin.

PANews February 7 news Analyst Ali published a long article analysis on platform X, pointing out that this cycle may have shown a "reverse altcoin season" different from the traditional model. Historically, altcoin seasons typically manifest as funds rotating into altcoins after a Bitcoin surge, driving a general rise. However, the current cycle is more characterized by the structural weakness of altcoins and increasing differentiation. A review of the cycle trends shows that Bitcoin bottomed around $15,000 after the FTX incident in November 2022, then entered a bull market, reaching about $126,000 around October 2025. However, during this period, the market did not experience a typical widespread altcoin bull phase. Most altcoins have shown characteristics such as breaking long-term trend channels, losing key support, and expanding downward volatility. In this environment, market opportunities are more focused on structural differentiation and two-way trading, rather than a one-sided bullish trend. From a market structure perspective, it currently resembles a selective deleveraging and valuation return phase for altcoin assets, rather than a traditional comprehensive altcoin bull market. In the short term, the market may continue to exhibit a differentiated pattern, and structural downward risks have not yet been fully released.