A new wallet withdrew 30,000 ETH from Binance

February 8th – Jack Dorsey’s Bitcoin-focused payments firm Block is undergoing a broader restructuring, with hundreds of employees being notified their positions may be eliminated as part of its annual performance review. Layoffs could reach up to 10%, per Cointelegraph. Block launched a 2024 restructuring plan aimed at boosting efficiency and refining its product lineup. The company is prioritizing closer integration between its peer-to-peer Cash App and Square merchant services division. Block is set to release its quarterly earnings report on February 26. Analysts project the firm’s fourth-quarter profit will hit $403 million, with revenue reaching $6.25 billion.

On February 8, MicroStrategy founder Michael Saylor again shared information related to the company’s Bitcoin tracker. Per MicroStrategy’s past pattern, the firm typically discloses details of its additional Bitcoin purchases the day after releasing related news.

**February 8th Brief** ARK Invest CEO Cathie Wood—widely known as “WoodSis”—said Wednesday: “The key to diversified asset allocation is adding new assets with low correlation to existing holdings, and Bitcoin fits that bill. Low-correlation additions can boost risk-adjusted returns over the long term.” That’s why I believe institutions are finally taking crypto seriously. Previously, they may have held back due to the “four-year cycle” narrative. Whether or not that cycle is real, the market has undergone a sharp correction and is now near what many technical analysts see as a potential low point. Market bottoms typically bring high volatility. In hindsight, people often say, “I wish I’d bought at that low.” The V-shaped rebound we’ve seen has already been notable. Of course, this isn’t a guarantee—but multiple factors appear to be gradually lining up.

**ARK Invest’s Cathie Wood on Bitcoin, Gold & Crypto Stocks (Feb 8)** Cathie Wood—ARK Invest CEO, widely known as “Wood Mom”—said Tuesday (Feb 8) that Bitcoin once dropped to roughly $60,000, nearly halving from its October high. Calculating the correlation coefficient between Bitcoin and gold since 2019, she noted the figure is just 0.14—meaning almost no correlation. “Gold tends to rally before Bitcoin does, and that dynamic could repeat,” she added. Wood also shared that ARK discloses its daily trading activity, and the firm has been gradually purchasing small positions in crypto-related stocks. “We don’t know how much further the sell-off will go or if it’s already over,” she said. “But when negative sentiment is this extreme, if our research holds, we should enter in batches and scale up our positions gradually.”

**February 8th (Financial Times):** Silver prices dropped sharply last week, nearly wiping out this year’s strong gains—but retail investors still poured nearly $500 million into the silver market to bet on a rebound. Data from Vanda Research shows that over the six trading days ending Thursday, investors put $430 million into SLV, the largest U.S. silver ETF. Notably, on January 30th—when silver plunged 27% (its biggest single-day drop on record)—they poured more than $100 million into the fund. StoneX analyst Rhona O’Connell said: “People are drawn to silver’s appeal.” She added the metal’s attractiveness has been further boosted by the “massive sell-off,” with some investors seeing the dip as a chance to buy at lower prices. (FX678)

On February 8, CoinShares said in a post that the chance of practical quantum computers emerging in the future is not zero, sparking intense debate over their potential impact on Bitcoin’s security. The quantum threat to Bitcoin is not an imminent crisis but a foreseeable engineering challenge, leaving ample time for adjustments. Technically speaking, quantum risks mainly stem from the Shor algorithm’s potential to crack ECDSA or Schnorr signatures (which could expose private keys) and the Grover algorithm’s theoretical ability to undermine SHA-256’s security. The primary potential impact is on around 1.7 million BTC held in early-era P2PK addresses—roughly 8% of Bitcoin’s total supply—mitigating the risk of near-term systemic market disruption. The market’s oft-cited claim that ~25% of Bitcoin’s supply is at risk is significantly exaggerated; much of that risk has already been mitigated via address migration. Long-term attacks could theoretically become feasible within the next