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The Bitcoin price has been on one of its worst runs in recent years, falling by double digits over the past week. While the premier cryptocurrency seems to be recovering well over the past day, the single-day 14% correction — on Thursday, February 5 — is an occurrence that has instilled fear in the market, and rightly so. In their latest report, a renowned pundit has tried to come up with answers to the questions currently swirling around the Bitcoin price.

Crypto Bear Markets End In Exhaustion, Not Excitement — Bitwise CIO

On Friday, February 6, Bitwise’s Chief Investment Officer, Matt Hougan, answered questions the about the current structure and outlook for the Bitcoin price. The senior executive wrote about why the market is down, if it would fall further, and what would help the BTC price reach a bottom.

Hougan started by noting that there is never a single reason why the crypto market fell, as multiple factors are often at play. In this latest correction, the Bitwise CIO listed about six contributing factors, including front-running the four-year cycle, the loss of “attention investor” to AI and metals, and the infamous October 10 liquidation event.

It is important to note that the market and the Bitcoin price action has not been the same since the significant leveraged blowout on October 10, 2025. This historical liquidation event came off the back of United States President Donald Trump announcing a surprise 100% tariff on all Chinese goods.

Other factors highlighted in the Bitwise’s report include concerns around Kevin Warsh as Federal Reserve chair, quantum computing fears, and macro risk-off sentiment. Notably, it could be said that Bitcoin and the crypto market are not the only victims of this sentiment shift, as mineral and stock markets have also seen significant declines.

Hougan mentioned the good news is that the sell-off signs appears to be showing signs of exhaustion.

The Bitwise CIO wrote:

According to onchain data, long-term holders have stopped selling aggressively, and some are beginning to nibble around the edges. Open interest on bitcoin derivatives exchanges has fallen to levels last seen in 2024.

Hougan went on to say that, if history is to go by, it is possible for the Bitcoin price to fall further in the current structure. However, the investment expert also believes that premier cryptocurrency is a more mature asset, and is less likely to see a 77% correction as in the past.

While he could not pinpoint the exact time the Bitcoin price would reach a bottom, the Bitwise CIO revealed that the catalyst that could turn things around is simply time. “Crypto bear markets tend to end in exhaustion, not excitement,” Hougan concluded.

Bitcoin Price At A Glance

As of this writing, the price of BTC stands at around $67,834, reflecting an over 4% jump in the past 24 hours.

Over the past week, Bitcoin has been experiencing an intense movement as prices slid sharply from around $84,000 to around $60,000, representing one of the largest weekly declines in the present market. Currently, based on live market data, Bitcoin’s price has rebounded slightly to around $70,000, indicating some market resilience.

Institutions Pull Back: Bitcoin’s Risk Remains In Red Zone Despite Rebound

According to a CryptoQuant analyst, Amr Taha, the recent on-chain and institutional flow data are signaling a risk-off warning on Bitcoin’s price action, as different classes of investors continue to reduce their market exposure. This caution-themed data has emerged from three key metrics, namely, the exchange-traded fund (ETF) outflows, which depict the institutional behavior, the Bitcoin UTXO Exchange Inflow, and the multi-asset inflow on the Binance exchange.

Generally, positive netflows into Bitcoin Spot ETFs are a bullish situation, indicating increasing buying pressure from US institutional investors. However, recent developments paint an opposite situation as withdrawals are on the rise, especially from BlackRock’s IBIT, which is the market’s most dominant player.

Analyst Amr Taha stated that IBIT experienced a massive outflow on two different occasions in the last week. The first event occurred on the 2nd of February, when investors redeemed $4.7 billion, and then on the 5th, with $7.7 billion, making over $12.4 billion in total. Also, Grayscale’s GBTC was said to have recorded a $2.1 billion outflow during this period.

Exchange Activity Reinforces Risk-Off Behavior

Using data from the UTXO Exchange Inflow SMA 7D, Ama Taha also highlighted an increase in Bitcoin inflow to exchanges over the week. On February 4, the BTC exchange inflow for shark/dophlin wallets reached over 14,900 BTC, before climbing to 20,800 BTC the following day. This represented the first time this metric touched 22,800 since October, when BTC was trading above $122,000.

However, as lots of Bitcoin were sent to exchanges, stablecoins like USDT are being pulled out. On February 5, data from the Binance exchange inflows show Bitcoin’s netflows increased to $727 million, reaching levels last seen in mid-November. Meanwhile, USDT recorded negative netflows totaling around $450 million.

These developments show that institutions are reducing their holdings, while retail holders are also exiting, creating a “risk off” environment that prefers safety in a very cautious market. While this does not confirm a further market downturn, it suggests a dominant heavy bearish sentiment among investor classes. At press time, the premier cryptocurrency trades at $68,513 after a 15.94% decline in the past seven days.

Vietnam’s crypto scene is about to face a new tax check. Reports say the Ministry of Finance has floated a draft that would charge a 0.1% levy on each crypto trade or transfer that passes through licensed platforms.

The move treats crypto transactions more like stock trades than casual peer-to-peer transfers, and it would apply even when a trade doesn’t produce a gain.

Cryptocurrency Transfers To Be Taxed Like Stock Trades

According to the draft, the charge is turnover-based — taken on the full value moved — rather than only on profits. That detail matters because it raises the cost of trading for retail users who often make many small moves.

Reports note the proposal was put out for public comment and would sit inside a broader plan to regulate the market more tightly.

Tax Breaks For VAT And Corporate Rules

Reports say transfers and trading would be exempt from VAT, but firms and institutions would not escape tax entirely. Domestic companies that earn income from trading would face a 20% corporate tax on their net profits after deductible costs.

In practice, that means exchanges and fund managers operating inside Vietnam will have to build tax accounting into their core systems.

Vietnam Sets High Capital Bar For Exchanges

Beyond taxes, regulators are pushing tough licensing rules. Reports say local licensing guidance requires a minimum contributed capital of VND 10 trillion — roughly US$380–$408 million depending on the exchange rate — along with strict governance and tech safeguards.

That threshold is likely to keep out many smaller operators and shift market share toward big, well-funded firms.

How The Pilot Program Frames The Rules

Reports note this tax push is part of a five-year pilot for a regulated crypto market that began in late 2025.

The pilot aims to bring trading, custody, and issuance under clearer rules while tying transactions to the Vietnamese dong and AML controls. For users, that means routine transfers may soon carry both visible costs and more paperwork.

Expected Market Drag On Volume

Some traders worry the added 0.1% drag will cut liquidity and nudge short-term players away from onshore platforms. Others say that clear rules could attract institutional capital that shuns legal gray zones.

Reports from local outlets show a mix of concern and cautious optimism as the market weighs higher compliance costs against the value of formal oversight.

Featured image from Pexels, chart from TradingView

Korean exchange Bithumb has cleared the air over an internal error that credited certain user wallets with a “concerning” amount of BTC. Notably, this mishap resulted in significant price volatility on the exchange, drawing attention from observing crypto enthusiasts.

Bithumb Moves To Wrap Up Recovery After Overpayment Error

On February 6, Lookonchain, among many crypto commentary accounts, shared that Bithumb had accidentally transferred 2,000 BTC ($134 million) each to users, instead of 2000 KRW ($1.34) in a reward payout. Some recipients immediately sold, causing a 10% flash crash on the Korean exchange, pushing prices briefly to around $55,000.

In a blog post, Bithumb explained the incident as an overpayment that occurred during a promotional event process involving 695 recipients. The exchange stated it had mistakenly transferred 620,000 BTC to these wallets, an error that was immediately noticed, resulting in a swift ban on withdrawals for all affected wallets within 35 minutes of the transaction.

Notably, Bithumb sharply recovered 618,212 BTC, representing 99.7% of the total overpayment amount. Meanwhile, 93% of the 1788 BTC already sold have also been recovered in KRW and other digital assets. According to the exchange, the remaining sold amount that hasn’t been recovered will be covered using company assets. Meanwhile, efforts are underway to ensure such operational errors never recur. 

A statement from the exchange said: 

Bithumb takes this incident very seriously and will do its utmost to prevent recurrence by redesigning the entire asset payment process and enhancing the internal control system. 

Bithumb also kicked against suspicion of external or malicious interference, assuring users that their system remains uncompromised:

They said: 

We want to make it clear that this incident is unrelated to any external hacking or security breach, and does not pose any issues with system security or customer asset management. Customer assets are being safely managed as before, and transactions and deposits/withdrawals are currently operating normally.

Crypto Market Overview

In other news, the total crypto market cap has now climbed to $2.34 trillion after a 5.68% gain in the past day. This follows an earlier bloodbath in the week, during which the market cap fell to around $2.19 trillion.

Despite the recent recovery, data from CoinMarketCap shows the digital asset market remains about 45% away from its present cycle all-time high at $4.28 trillion. Market sentiment also continues to reflect caution, with the Crypto Fear and Greed Index currently reading 8, signaling extreme fear among investors.

Featured image from Blocktempo, chart from Tradingview

China has signaled a renewed and more forceful push to tighten its grip on the cryptocurrency sector, reaffirming its long‑standing ban on virtual currencies while introducing stricter oversight of offshore token issuance tied to Chinese assets. 

According to a Reuters report, Chinese authorities said they will closely scrutinize the offshore issuance of tokens backed by assets located onshore and have explicitly banned the unauthorized issuance of yuan‑pegged stablecoins outside the country.

China Tightens Crypto Controls

In a notice published on the People’s Bank of China’s website, regulators said domestic companies and overseas entities under their control are prohibited from issuing virtual currencies abroad without official approval. 

The move effectively shuts the door on privately issued offshore yuan stablecoins, reinforcing Beijing’s position that cryptocurrencies cannot function as money within China’s financial system.

The announcement largely restates China’s existing prohibition on cryptocurrencies, but it also introduces new clarity around emerging areas of digital finance. Notably, some market participants see the language as a sign that China is laying the groundwork for regulating real‑world asset (RWA) tokenization. 

Louis Wan, chief executive of Unified Labs, described the distinction made by regulators as a significant development. He said the key change lies in the clear separation between virtual currencies and RWA tokenization. 

While cryptocurrencies remain banned, RWA activity is now being brought into the regulatory system. For China’s RWA sector, he called the move a milestone.

Crackdown On Private Stablecoins

China’s central bank also emphasized its control over digital currency issuance, underscoring that the digital yuan is the only legitimate form of state‑backed digital money. 

Winston Ma, an adjunct professor at NYU School of Law, said the message from regulators is that there will be no tolerance for a mix of private yuan‑based stablecoins circulating on global crypto exchanges. 

Officials said the tougher stance reflects concerns that recent speculative activity in virtual currencies has created “new risks” that require additional regulatory measures. 

In a joint statement issued by the People’s Bank of China along with seven other government agencies, authorities reiterated that virtual currencies do not carry the same legal standing as traditional fiat money. 

Regulators also warned that, without explicit approval, neither domestic firms nor their overseas affiliates are allowed to issue cryptocurrencies abroad. Both Chinese and foreign entities were barred from issuing offshore stablecoins linked to the yuan unless authorized. 

Authorities noted that stablecoins pegged to fiat currencies can effectively perform some of the same functions as money in circulation, making them a particular focus of regulatory scrutiny.

Featured image from OpenArt, chart from TradingView.com 

Министерство финансов Вьетнама предложило ввести налог в размере 0,1% на операции с цифровыми активами и ужесточить стандарты лицензирования для криптовалютных бирж.

The Bitcoin mining Difficulty is set to see a significant reduction on Saturday, owing to the Hashrate disruption caused by the US snow storm.

Bitcoin Difficulty Is Estimated To Go Down 13% During The Next Adjustment

The Bitcoin “Difficulty” is a metric built into the blockchain that controls how hard miners will find it to mine the next block on the network. This indicator’s value automatically changes roughly every two weeks, based on the speed at which miners performed their task since the previous adjustment.

The next such adjustment is scheduled to occur tomorrow, February 6th. According to data from CoinWarz, the network will reduce the Difficulty during this event.

How the blockchain determines whether to increase or decrease the Difficulty is simple: it tries to bring block time back to the standard 10 minutes that Satoshi coded in for the network to follow. Whenever miners produce the average block in a time faster than this, the network responds by raising its Difficulty just enough that miners take 10 minutes between each block again. Similarly, the validators being slow forces BTC to ease the metric.

Since the last adjustment, the average block time has stood at 11.52 minutes, which is much slower than the expected value. As a result of this, Bitcoin is estimated to reduce its Difficulty by a massive 13% during the Saturday adjustment.

The reason for the drastic change in Difficulty lies in the crash that the Bitcoin Hashrate has witnessed recently. The “Hashrate” is an indicator that measures the total amount of computing power that miners as a whole have connected to the network.

As data from Blockchain.com shows, this metric’s 7-day average value has observed a sharp decline since January 24th.

On January 24th, the 7-day average Bitcoin Hashrate stood at 1,044 exahashes per second (EH/s). By the end of the month, that value had dropped to just 825 EH/s. This was an unusually rapid drawdown for the indicator, and it indeed had an unusual cause behind it: the US snow storm.

The winter storm disrupted various parts of the nation’s infrastructure, including power. To ease pressure on the grid, American Bitcoin miners curtailed their electricity consumption, which led to Foundary USA, the largest mining pool in the world, witnessing a Hashrate drop of nearly 60%.

In February so far, the US miners have started to bounce back, with the global 7-day average Hashrate returning to 913 EH/s. The decline in the Hashrate only being temporary doesn’t matter to the Difficulty, however, since the network only considers the average block time from the last two weeks.

The fact that the miners produced blocks at a slow rate during this window is already set in stone, so the Bitcoin network has no option other than reducing the Difficulty in the next adjustment.

BTC Price

Bitcoin plummeted all the way down to $60,000 on Thursday, but the cryptocurrency has since bounced back as it’s now trading around $69,300.

Инвестиционный директор управляющей криптоактивами компании Bitwise Мэтт Хоуган (Matt Hougan) заявил, что значительная часть негатива уже учтена в текущей цене биткоина, и котировки пойдут вверх по мере истощения медвежьего тренда.

Основатель Cardano Чарльз Хоскинсон (Charles Hoskinson) заявил, что, хотя на фоне краха рынка его собственные криптоактивы обесценились более чем на $3 млрд, он не планирует уходить из индустрии.

As Russia moves to establish a comprehensive digital assets framework this year, the country’s largest bank is reportedly planning to issue crypto-backed loans to corporate clients following a successful pilot conducted in December.

Sberbank Ready To Expand Crypto-Backed Loans

On Thursday, Reuters reported that Russia’s largest bank by assets, Sberbank, is preparing to offer crypto-backed loans to corporate clients amid strong corporate interest in the digital asset sector.

Sberbank is finalizing the necessary infrastructure and methodology for the potential scaling of crypto-backed lending, a spokesperson told news media outlets, and is ready to work with the Central Bank of Russia (CBR) to develop regulations.

“We are ready to engage in dialogue with the Central Bank to develop appropriate regulatory solutions for the launch of such services. Our work with clients whose activities are related to cryptocurrencies is carried out in several areas and is based on a deep understanding of their business models and risk profiles,” the bank shared with news media agency RIA Novosti.

The bank affirmed that interest from corporate clients is a good opportunity, but noted that clear regulation is necessary. It explained that a transition to a permanent regime of lending secured by digital assets and its mass implementation will depend on the development of the regulatory environment.

In December 2025, Sberbank conducted a successful pilot crypto‑backed loan to a crypto mining company, offering a loan against the digital assets the firm had mined. Now, Russia’s largest bank aims to expand its services to companies holding digital assets, following similar moves by global institutions such as JPMorgan and Wells Fargo.

“Sberbank has already conducted one pilot project on lending secured by cryptocurrency,” the statement explained. “Its main goal was to test the technological aspects of working with this type of collateral. We are currently analyzing its results and finalizing the necessary infrastructure and methodology for the potential scaling of such products.”

Sberbank’s domestic rival, Sovkombank, recently affirmed that it was the first Russian lender to start issuing crypto-backed loans. In a Thursday statement, Russia’s ninth-largest bank revealed it had begun offering Bitcoin-backed loans to individuals and corporations who legally own digital assets.

“Sovcombank sees the potential for partnerships with all participants in the crypto industry — from miners and data center operators to crypto exchanges and exchangers,” said Marina Burdonova, the bank’s compliance director, in a statement. “We are developing specialized products for each segment, such as cash management services with special features and conditions, loans and project financing, as well as risk management tools.”

Russia’s Upcoming Framework

These developments come as Russia works to implement its upcoming digital assets framework, which is expected to take effect by July. In December, the CBR unveiled its comprehensive regulatory proposals to enable retail and qualified investors to buy digital assets through licensed platforms in the country.

Under the central bank’s new rules, non-qualified investors will be allowed to purchase up to 300,000 rubles in the most liquid digital assets annually, following a knowledge test. Meanwhile, qualified investors will be able to acquire unlimited amounts of any digital asset after passing a risk-awareness test.

Notably, Russia’s leading stock exchanges, the Moscow Exchange (MOEX) and SPB Exchange, have shared their support for the CBR’s proposed framework. The institutions recently confirmed they are ready to launch crypto trading services as soon as the framework is enacted.

In addition, the Committee on State Building and Legislation at the State Duma, the lower house of the Federal Assembly of Russia, has also advanced a bill to complement the upcoming rules.

As reported by Bitcoinist, the ruling political party in Russia, the All-Russian Political Party United Russia, revealed that legislation to regulate the seizure of crypto assets in criminal proceedings was recommended for adoption in its upcoming third reading.

If approved, the bill would reduce the risks associated with the use of cryptocurrencies in criminal activities, such as money laundering, corruption, and terrorist financing.