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Multicoin Co-Founder's Deleted Tweet Before Resigning: No Longer Believe in the Web3 Vision

2 hours ago

On February 5th, Multicoin Capital co-founder Kyle Samani responded to a "bear market rant" from community user Taran (@Taran_ss) — a post he quickly deleted — with the following comments: “Crypto isn’t nearly as fun as many people — myself included — once thought it would be. I used to buy into the Web3 vision, the dApp hype. Now I don’t. Blockchain is fundamentally an asset ledger: it’ll reshape finance, but that’s it. DeFi’s another area worth watching, sure. Crypto will keep improving, but all the truly interesting questions have already been answered — except for on-chain privacy/confidentiality. (I still think Zama will win that race.)” Earlier today, Samani announced his resignation from Multicoin Capital, noting he’ll remain Chairman of Forward Industries (the largest SOL treasury holder) while taking a break to explore new tech directions. In a follow-up tweet, Samani clarified he’s still extremely bullish on SOL and crypto, and will stay engaged in the space both personally and as Forward’s Chairman. A letter from Multicoin to its limited partners (LPs) further contextualizes the shift, stating: “Kyle’s interests have expanded beyond crypto to other tech areas like artificial intelligence, life sciences, and robotics — he’s decided to dedicate time to exploring these emerging fields.”
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A Whale in a Certain Circle Recently "Bought the Dip" on a $500 Million Worth of Mainstream Coins

February 5th — Per EmberCN monitoring, the whale/institution that netted $98.95 million via Flashbots has added another 2,500 cbBTC (valued at $181 million) in the past 9 hours today. Since the crypto market’s sharp drop on February 1st, its cumulative dip-buying volume totals $500 million: ? 4,000 cbBTC ($295 million) at an average price of $73,837 ? 83,392 ETH ($204 million) at an average price of $2,450 As of now, its holdings stand at 173,000 ETH ($406 million) and 4,000 cbBTC ($295 million), with an unrealized loss of $94.64 million. The average cost basis is $2,667 for ETH and $73,837 for cbBTC.

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Analyst: Dollar Rebound Strengthens Pressure on Gold and Silver Prices, Downward Pressure May Persist

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「Ultimate Shorter」 Shorted Consecutively in the Short Term, BTC Short Position Reduced from $7.02M to $4.83M

February 5th — Per the Coinbob Popular Address Monitor, the "Ultimate Short" address (0x5d2f...) cut its BTC short position multiple times over roughly one hour, totaling a reduction of ~31.57 BTC (valued at ~$2.2456 million). After these moves, the total value of its BTC short position dropped from $7,024,800 to $4,832,300. The position’s current unrealized profit is ~$2,786,800, with its liquidation price now at $175,229.03. Notable for opening a BTC short near the $12,000 level, the address regularly shorts major cryptos and altcoins. Its unrealized profit once peaked at $64 million, and it remains among the largest BTC short addresses on Hyperliquid.

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Ethereum Drops Below $2100

Feb. 5 — Per HTX market data, Ethereum has fallen below $2,100, with its 24-hour drop widening to 8.66%.

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Bitcoin Drops Below $71,000

On Feb. 5, Bitcoin fell below $71,000, with its 24-hour decline widening to 7.56%, according to HTX market data.

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A whale has acquired an additional 94,100 SOL, bringing their total staked SOL over the past 5 months to over 360,000 SOL.

Per OnchainDataNerd monitoring as of February 5th, a whale address withdrew 94,100 SOL (≈$8.75 million) from Coinbase 6 hours ago. Typically, this address stakes all such assets to the Drift Protocol. Over the past 5 months, it has staked a total of 360,500 SOL (≈$72.24 million).

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