In the midst of a market deep freeze, crypto executives accelerate "exit," with 3 executives announcing their career transition within two days.

On February 6, the People’s Bank of China (PBOC) and eight other government departments issued a notice to further prevent and address virtual currency-related risks, with a focus on the ongoing crackdown on virtual currency mining. The National Development and Reform Commission (NDRC), alongside relevant agencies, is strictly regulating virtual currency mining activities and continuing to push for their rectification. Provincial governments bear full responsibility for cleaning up mining operations within their jurisdictions. Per requirements from the NDRC and other departments in the 2021 *Notice on Rectifying Virtual Currency Mining Activities* (Development and Reform Operation [2021] No. 1283) and provisions in the 2024 *Industrial Structure Adjustment Guidance Catalog*, they must: - Conduct a comprehensive review, investigation, and closure of existing virtual currency mining projects; - Strictly prohibit new mining projects; - Ban domestic mining machine manufacturers

Feb. 6: Sources told FXStreet that Eurozone finance ministers are set to discuss issuing a euro-denominated stablecoin and boosting the euro’s status as a currency via increased joint EU debt issuance.

On February 6, Polymarket parent company Blockratize filed trademark applications for “POLY” and “$POLY” as part of its token issuance plan—covering software, tokens, and platform services tied to the financial and crypto markets. Polymarket executives have confirmed the firm plans to launch its native POLY token and conduct an airdrop, per reports—but a specific timeline has not been announced yet. (The Block)

**February 6th Crypto Update** Analyst @alicharts noted in a post that while Bitcoin saw a brief rebound, some altcoins failed to stage a meaningful bounce alongside it. From a chart perspective, many altcoins—including THETA, FIL, DOT, and AVAX—are on track for steeper declines. @alicharts believes the altcoin downturn is still in its early stages, and the broader market structure points to further downside ahead. For prepared traders, however, there remain ample profit opportunities in this environment. Known for specializing in chart and historical trend analysis, @alicharts shifted to a bearish stance on cryptocurrency markets last October, after previously holding a bullish view.

On-chain analyst Ai Auntie (@ai_9684xtpa) reported on February 6th that Trend Research has liquidated two ETH wallets. Over the past 12 hours, a total of 216,075 ETH (~$4.11 billion) has been sold, resulting in a $2.59 billion loss. Since February 1st, the firm has sold 411,075 ETH (~$8.5 billion) with a $4.22 billion loss—representing 62.16% of its position (peak holding: 661,000 ETH). Its remaining 247,272.51 ETH carries a $2.93 billion floating loss, bringing the total cumulative loss to $7.15 billion. Trend Research’s latest liquidation range is $1430–$1627, and volatility persists in this zone.

On February 6th, monitoring data from onchainschool.pro indicates that over the past two hours, an address received TRIA tokens from a team wallet and distributed roughly $2.4 million worth of the tokens to 9 newly created wallets. Those tokens have since begun flowing into Bitget.