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Securities and Futures Commission of Hong Kong Convenes Third Meeting of the Digital Asset Advisory Group: Discusses Enhanced Digital Asset Ecosystem Plan

2 hours ago

On February 7, the Securities and Futures Commission (SFC) of Hong Kong held the third meeting of its Digital Asset Steering Group, where it discussed future regulatory developments for digital assets in Hong Kong with licensed virtual asset trading platforms. The meeting addressed plans to strengthen the digital asset ecosystem, including boosting liquidity for licensed virtual asset trading platforms and expanding regulatory measures for product and service types. Dr. Carlos Leung—Executive Director of the SFC’s Investment Products Division and Chair of the Digital Asset Steering Group—noted that balancing innovation and investor protection is critical. The commission is committed to fostering a thriving, sustainable digital asset market in Hong Kong, ensuring regulatory policies are practical, effective, and appropriate.
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Despite the cryptocurrency market downturn, the total market capitalization of stablecoins remains high, with a growth of over 50% in January, surpassing USD1 billion

February 7th — Over the past two weeks, the crypto market has cooled off, with total cryptocurrency market capitalization dropping sharply below $2.4 trillion. Still, the stablecoin market cap remains elevated. Per DefiLlama data, the total stablecoin market cap now stands at $307.152 billion, holding near all-time highs. USDT currently holds a 60.28% market dominance. Notably, the WLFI-backed stablecoin USD1 has seen significant growth: its circulating market cap jumped 50.64% over the past month to $5.217 billion.

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Yihui's Trend Research Reports ETH's Total Loss in This Round to be Approximately $734 Million

February 7th — According to Cinder Statistics, Trend Research has completed its liquidation, with its final Ethereum (ETH) loss totaling approximately $734 million. **Key Trade Breakdown:** 1. The firm went long 231,000 ETH at an average price of $2,667 and liquidated at $4,027, realizing a $315 million profit. 2. It also went long 651,500 ETH at an average $3,180, but was liquidated at $2,053, racking up a $734 million loss. Notably, some reports note the fund did not suffer an overall loss — it merely gave back most of its prior profits, as gains from other tokens (e.g., WLFI and FORM) offset the ETH shortfall.

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The NBA lacks clear guidelines for on-chain prediction markets; "The Greek Freak" becomes a shareholder in Kalshi, raising potential conflict of interest concerns

On February 7, The New York Times reported that on-chain prediction platforms operate in an emerging space with no clear NBA regulatory rules, placing the sector in a gray area. NBA Commissioner Adam Silver now faces a key dilemma: whether players converting their trades into financial products violates league regulations. Reports indicate Giannis Antetokounmpo—nicknamed "The Greek Freak"—specifically announced his stake in sports prediction platform Kalshi Sports after the NBA’s player trade deadline, when all betting markets had settled, thereby avoiding direct compliance scrutiny during the trade window. Wagering on whether Antetokounmpo would be traded before the deadline topped $23.31 million on Kalshi, while the Milwaukee Bucks announced hours prior to the deadline they would not trade the two-time MVP this season.

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Meme Coin 'I Came in Like a Wrecking Ball' Market Cap Plunges to Below $20 Million in a Short Period, With Nearly 50% Drop in 24 Hours

On February 7, GMGN market data indicates that the market capitalization of the BSC ecosystem meme coin "I Am Here to Fuck" briefly dipped below $20 million. It currently sits at $20.57 million, with a nearly 50% decline over the past 24 hours. Recently, some domestic traditional media outlets have accused the meme coin’s name of being vulgar marketing.

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Bitcoin Social Sentiment Index has reached a nearly 4-year low, and the 200-week moving average indicates that the Bitcoin bottom is at $58,000.

On February 7th, analyst @alicharts, citing Santiment data, reported Bitcoin’s social sentiment index has hit a near 4-year low—suggesting retail investor panic has peaked. Technically, Bitcoin has also approached its 200-week moving average (currently ~$58k). Over the past 12 years, this level has historically served as a bear market bottom and accumulation zone.

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Trump's social media account posted a racially discriminatory video targeting Obama; the White House stated it was mistakenly posted by a staff member and has now been deleted

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