If Bitcoin breaks through $86,000, the mainstream CEX aggregate short liquidation intensity will reach 9.12 billion

As of February 2nd, monitoring from HyperInsight (via its Telegram channel @HyperInsight) shows: Huang Licheng, known as "Big Brother Ma Ji," closed his long positions in BTC, ETH, and HYPE two hours ago—all of which incurred losses again. His on-chain contract account currently holds just $1,278. On-chain records indicate his most recent deposit to Hyperliquid (via app.hyperliquid.xyz/join/NTOD) was made two days ago, totaling 249,800 USDC.

Monday, February 2nd — Bitcoin’s downturn extended into the session, with the token last trading at $76,482. That marks a 2.31% 24-hour decline, putting it near its 2025 low of $74,508. The total cryptocurrency market capitalization shed 3.1% over the past 24 hours, now standing at $2.637 trillion. Several altcoins also posted sharp losses, including: - C98: Last trading at $0.0195, down 32.53% in 24 hours - SYN: Currently at $0.0815, a 19.45% 24-hour drop - ENSO: Trading at $1.193, off 16.7% over the past day

Real Vision co-founder and CEO Raoul Pal said in a podcast this week that Bitcoin’s fair value, per his global liquidity model, should be around $140,000. However, the “1011 event” (triggered by Trump’s tariff policy) caused crypto to underperform stocks and gold, he noted. Pal outlined the “1011 event” as follows: A major macro shock spurred mass liquidation of highly leveraged positions. At the peak of cascading selloffs, Binance’s API briefly went offline, blocking professional market makers from placing orders, providing liquidity, or hedging risks. A chain reaction amplified losses, forcing top centralized exchanges (CEXs) to use their balance sheets to absorb positions and prevent a full system collapse. As a result, Pal estimates CEXs passively absorbed roughly $10 billion in assets. The market’s subsequent long-term weakness stems from these CEXs algorithmically selling their inventory during U.S. stock market open hours to offload holdings, he explained. Pal expects t

On February 1st, per Onchain Lens data, a whale deposited 1.127M USDC into Hyperliquid and subsequently opened a 10x leveraged BNB short position.

**February 1st Crypto Update** Per HTX market data: - Bitcoin briefly fell below $77,000 and is currently trading at $77,011, marking a 5.32% 24-hour drop. - Ethereum dipped under $2,300, now at $2,301.07 with a 9.28% 24-hour decline.

**FTX Creditor Rep: Next Distribution Eyed for March 31; Disputed Reserve Down $2.2B** FTX creditor representative Sunil said in a Feb. 1 post on X that the exchange’s next round of fund distributions is expected on March 31. Total reconciled claims currently stand at approximately $9.6 billion, broken down as: - ~$7.8 billion for claims under $50,000; - ~$78 billion for claims over $50,000; - ~$1 billion for non-client claims. Sunil also noted the disputed reserve fund has shrunk by roughly $2.2 billion. If an additional ~$2 billion is distributed later, claims over $50,000 could receive an extra ~$1.7 billion in compensation. Overall, FTX’s creditor recovery process continues to advance, with future distribution pace tied to resolving disputed claims and asset realization progress.