Analysis: Open interest in the last 90 days has decreased by 21%, indicating an ongoing deleveraging process

On February 11, Binance founder CZ joined Chamath Palihapitiya on the *All-In* podcast to share his early career experiences—including stints at Blockchain.info (now Blockchain.com) and OKCoin—along with his deep insights into the Bitcoin industry and value-driven choices from its early days. When joining Blockchain.info, CZ noted the team had just three people then, with him serving as VP of Technology. The team later grew to 18, but a CFO-led management restructuring shifted the corporate culture, prompting CZ and several developers to leave voluntarily. Key takeaways from his time there: learning remote work, getting paid in Bitcoin, and driving user growth to ~2 million via "guerrilla" marketing (like a 150-page post on BitcoinTalk.org). After leaving Blockchain.info, He Yi recruited CZ to OKCoin. The initial offer was a 5% equity stake, but BTC China countered with 10%—prompting OKCoin to match the offer within three hours. CZ ultimately joined OKCoin in Beijing as CTO, taki

On February 11, per HTX market data, BNB briefly fell below $600, posting a 24-hour decline of 5.49%.

On February 11, Bitcoin dropped below $67,000, down 3.19% over the past 24 hours, per HTX market data.

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.

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.

**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