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