CEX Net Outflow of 59,400 ETH in the Last 24 Hours
February 11th — According to Coinglass data, centralized exchanges (CEXs) recorded a total net outflow of 59,400 Ethereum (ETH) in the past 24 hours.
Top three exchanges by ETH outflow:
1. Binance: 118,000 ETH outflow
2. Kraken: 6,527.93 ETH outflow
3. Bybit: 4,697.61 ETH outflow
Additionally, OKX led ETH inflows among exchanges, with 43,400 ETH added to its reserves.
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Hong Kong's Securities and Futures Commission Proposes Perpetual Contract Regulatory Framework Limited to Institutional Investors
On February 11, Ashley Alder—CEO of Hong Kong’s Securities and Futures Commission (SFC)—announced at the Consensus Hong Kong conference that the regulator will release a "high-level framework" allowing licensed trading platforms to offer perpetual contract products.
Initially, these products will only be available to institutional investors, not retail clients. The framework will prioritize risk management, requiring platforms to have robust risk control capabilities and ensure fair trading mechanisms for customers.
Additionally, the SFC will permit brokerages to provide financing services to creditworthy clients, with collateral including securities and virtual assets. Given the high volatility of virtual assets, only Bitcoin (BTC) and Ethereum (ETH) will be eligible as collateral initially.
For market-making services: if a platform offers such services, it must establish an independent market-making department and implement a strict conflict-of-interest management mechanism.
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Bitcoin Miners Reach 'Surrender Phase': Production Cost Inversion, Both Hash Rate and Stock Price Under Pressure
**Bitcoin Mining Enters Crisis Phase as Hashrate Revenue Plummets to Historic Low**
On February 11, the Bitcoin mining industry slid into a critical downturn, with per-unit hashrate revenue hitting an all-time low of roughly $35 per PH/s. A sharp market correction has dragged Bitcoin’s price down over 50% from its October 2025 peak of $126,000, now hovering around $60,000.
In this landscape, **the network-wide average cost to mine one full Bitcoin stands at ~$87,000—about 45% higher than current market prices**—marking the first widespread "underwater mining" (costs exceeding revenue) since the 2022 bear market. CryptoQuant has labeled the current phase a "surrender period," defined by accelerated shutdowns of outdated mining rigs and a sharp contraction in network hashrate. As a result, public mining firms like MARA Holdings and Riot Platforms have seen their stocks drop more than 20% this week, with capital shifting to stable traditional assets like gold.
Meanwhile, North Am
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Insight: The Crypto Industry's "Speculative Era" May Be Ending, RWA Tokenization Will Bring More Sustainable Returns
NEW YORK – At the CNBC Digital Finance Forum on February 11, Galaxy Digital CEO Mike Novogratz said the crypto industry’s era of "high risk, high reward" speculation may be winding down as more low-risk-tolerant institutional investors enter, pushing the sector toward structural maturity.
Retail crypto investors typically target multiples or even tens of times returns—not ~10% annualized gains—Novogratz noted. As institutional capital grows, the market’s return profile is likely to stabilize. He recalled the 2022 FTX collapse, which triggered a "collapse of trust": Bitcoin plummeted from a $69,000 high to a $15,700 low, a 78% drop.
Regarding the October 11 leverage liquidation event, Novogratz said it "wiped out large numbers of retail investors and market makers" but had no clear single cause. "This time, there’s no clear ‘ringleader’—it’s a natural market clearing after narrative momentum faded."
Looking ahead, Novogratz expects industry growth to shift from high-leverage sp
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CZ on All-In Podcast: From McDonald's Flipper to Building a Crypto Empire, the AI + Crypto Future Looks Bright
Binance founder Changpeng Zhao (CZ) joined Chamath Palihapitiya for a two-hour deep-dive interview on the All-In podcast, released February 10, 2026—his most detailed long-form chat since his release. The episode, titled *The Untold Story of CZ: The Rise, Underestimation, and Redemption of Binance Founder*, covers his immigrant background, Binance’s founding, the FTX incident, prison experience, and post-release reflections.
### Key Takeaways:
- **Early Days**: At 14, CZ’s first job was at McDonald’s in British Columbia. While the province’s minimum wage was $6/hour then, McDonald’s paid $5.5/hour via a special exemption.
- **Post-Release Schedule**: He now has 20+ scheduled meetings/calls daily, plus ad-hoc tasks and social media responses. Though busy, the work feels meaningful—his sense of accomplishment isn’t tied to money or business growth, and it’s hard to put into words.
- **SBF & FTX**: CZ first met Sam Bankman-Fried (SBF) at a 2019 Singapore conference. FTX initially
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Renaiss Completes Infinite Gacha Gacha Test, Daily Transaction Volume Exceeds $700,000
On February 11, following the quick sellout of its multi-round limited card pack, Renaiss recently rolled out a limited-time beta test for Infinite Gacha. The test successfully verified the system’s stability and real transaction behavior under high-concurrency scenarios, wrapping up smoothly.
Renaiss noted that during the Infinite Gacha test, total transaction volume topped $700,000. A total of 7,117 PSA-authenticated Pokémon cards were drawn, with one single card valued at over $2,500.
Renaiss has only been live for a little over three months and remains in open beta. The platform’s cumulative total transaction volume has hit $3 million, with more than 160,000 registered users on its official website.
Company officials revealed that Infinite Gacha—a core module in Renaiss’s application layer—is slated for an official launch in Q1 2026.
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