Analysis: Bitcoin Mayer Multiple Rarely Dips Below 0.6, Potentially Signaling Bull Run

On February 6, per Arkham data, Trend Research deposited an additional 20,000 ETH into Binance just 15 minutes ago—valued at roughly $38.43 million.

February 6 The crypto market has faced a sharp downturn over the past two weeks. Bitcoin has plummeted from a $90,000 peak, narrowly clinging to the $60,000 level. But bearish sentiment hasn’t just hit prices: three top executives have announced career transitions in the last 48 hours. Among them: Multicoin Capital’s Kyle Samani (a prominent industry figure), ZKsync CTO Anthony Rose (@anthonykrose), and Eigen Labs Developer Relations Lead Nader Dabit—all have left the crypto space. Against sliding prices, these exec exits likely reflect a mix of the industry’s cyclical pressures and personal decisions.

**February 6th** Peter Brandt— a prominent trader and chart analyst who correctly predicted Bitcoin’s 2018 crash— said this morning that if Bitcoin tests the “Banana Peel” support level (a zone it has touched in prior bear markets), the crypto’s bottom would likely land just below $42,000. Brandt argues the lower bound of the Banana Peel curve is Bitcoin’s strongest, most critical long-term support. Major bear market bottoms in 2011, 2015, 2018, and 2022 have historically hovered near or slightly dipped below this line. **Note**: The “Banana Peel” is a term Brandt coined in his long-term Bitcoin analysis. He visualizes Bitcoin’s logarithmic price trend from 2010 to present as a parabolic “Banana” curve: the outer curve marks historical parabolic uptrends and extreme bull market tops, while the inner curve (the Banana Peel’s lower bound) acts as long-term support typically touched or slightly broken in the deepest bear market retracements.

On February 6, Eigen Labs’ Director of Developer Relations Nader Dabit announced in a social media post that he is joining Cognition. He noted his goal in joining the firm is to build a software agent capable of end-to-end delivering production-grade code—covering the entire software development lifecycle (SDLC). Dabit added he will collaborate with the Devin and Windsurf teams, focusing on education, growth, brand awareness, and developer experience.

**Feb 6: Onchain Lens Data Shows 2-Year Dormant Whale Pulls 10k ETH From Binance (Worth $19.27M)** Earlier, the same whale transferred 43,562 ETH (valued at $104.2M) from Binance between March 11, 2023, and April 19, 2024 — all for staking purposes. --- Note: Adjusted for American news conventions (concise headline, numeric abbreviations like "k"/"M", date format "Feb 6" instead of "February 6th", and tight, scannable structure).

On February 6, Aave founder Stani Kulechov took to social media to note that the Aave protocol and the broader DeFi space had a highly resilient week. Over the past seven days, the protocol saw over $450 million in liquidations across multiple blockchains. For a DeFi protocol with over $50 billion in total value locked (TVL), this amounted to roughly 0.9% of its total deposits at the time. Aave also continued to generate incremental revenue during the period. While defaults can occur in lending, the protocol has built-in mechanisms to address these scenarios. Additionally, Aave V4 will launch with a new liquidation engine designed to boost the protocol’s flexibility and performance.