Whale "degen-retard.sol" Fails to Buy the Dip on SOL, Exits with $3.6 Million Loss

On February 10, Techub News reported that Victory Securities Hong Kong officially disabled cryptocurrency trading for all users with mainland China identities as of the afternoon of February 9, 2026. The platform will only retain asset withdrawal permissions, ceasing support for new deposits and trades. This latest step—part of the firm’s ongoing tightening of services for mainland users (which previously included purchase restrictions and pausing new address verification)—aims to comply with regulations from Hong Kong’s Securities and Futures Commission (SFC) and relevant mainland China policies. Non-mainland tax resident users may continue using cryptocurrency trading services normally. Affected users can still withdraw their assets without disruption.

On February 10, Chainlink co-founder Sergey Nazarov shared a lengthy post on X (formerly Twitter) addressing the current crypto market landscape. He highlighted that market cycles are a normal part of the cryptocurrency industry—what’s critical is that these cycles reveal the sector’s development trajectory, and the trends defining the next phase (adoption, value creation) will set the industry’s course. Notably, there have been no major risk management failures to date that have caused large institutions to collapse or systemic risk to spread. This indicates the industry’s risk management practices are significantly stronger in this cycle than in the previous one. Nazarov also stated that, regardless of price fluctuations, the on-chainization of real-world assets (RWAs) is accelerating consistently. This underscores that RWA on-chainization isn’t closely tied to crypto prices; it has unique value that can grow independently of Bitcoin or other crypto asset prices. Further, this

On February 10th, on-chain data from HyperInsight monitoring (via their Telegram channel at https://t.me/HyperInsight) shows an ETH mainnet long whale (address 0xa5b…) added $7.5 million in margin to Hyperliquid overnight and this morning, opening a 15x leveraged ETH long position—now the largest ETH long on the platform. The current position size is 60,000 ETH (≈$123 million), with an average entry price of $2,059. The account holds $33.46 million in remaining margin, and the position has an unrealized profit of $360,000 (≈4.6% gain to date). Notably, the same address closed a ~2-month-old ETH long position yesterday, incurring a loss of ~$9.63 million. The closed position size was roughly 60,000 ETH—matching the new position’s scale. For this whale, the exit likely served as a risk reset: after a failed position structure, they re-entered with a more rational margin setup while retaining bullishness on ETH.

February 10 — Citing BofA Research data in The Kobeissi Letter, U.S. tech funds posted $6 billion in inflows last week, the largest weekly inflow in eight weeks. The data shows last week’s asset flows included $34.6 billion into stocks, $87.2 billion into cash, and $23 billion into bonds. Separately, investors pulled $1.2 billion from the utility sector over the past two weeks — the biggest two-week outflow for the sector since November 2024. These inflows signal investors are ramping up tech holdings quickly.

Per an official announcement, Binance will list the PAXG/USD1 full-leverage trading pair at 08:30 UTC on February 10, 2026. Additionally, the exchange will add the ASTER/U, SUI/U and XRP/U full-leverage trading pairs at 10:30 UTC the same day.

On February 10, Glassnode released its weekly market report noting Bitcoin had rebounded from $60k to $69k—but while on-chain transaction volume has expanded, it remains low. This signals easing selling pressure but cautious buyer participation, reflecting frequent market turnover post-downturn reassessment rather than strong dip buying. Off-chain indicators point to strong defensive positioning in futures and options. ETF trading volume surged to a high of $45.5 billion, though fund outflows have slowed, and overall risk appetite remains subdued. On-chain fundamental activity has strengthened, but capital inflows are negative, with unrealized losses dominating the supply. A sustained market recovery may hinge on a rebound in spot demand to stabilize prices above recent lows.