Domestic Regulatory Heavyweight (February 7)

The central bank, the Securities Regulatory Commission, and eight other departments jointly issued a document (Yin Fa [2026] No. 42):

- All domestic virtual currency-related businesses are illegal and must be resolutely banned.

- Domestic entities (including foreign-controlled entities) are prohibited from issuing currency abroad.

- Issuing offshore RMB stablecoins is strictly prohibited.

- Tokenization of domestic RWA is considered illegal financial activity; issuance abroad requires strict approval from the National Development and Reform Commission/Securities Regulatory Commission/State Administration of Foreign Exchange.

- Comprehensive rectification of mining activities, shutting down existing operations and prohibiting new ones.

📈 Crypto Market Sees Dramatic Rebound (February 7)

- BTC: After a sharp drop, it violently rebounded **+11%, returning to $70,000**.

- ETH: Similarly surged **+11%, surpassing $2,000**.

- Liquidation cooling down, fear index rising, ETF funds flowing back, market sentiment recovering.

🔗 On-chain and Institutional Dynamics

- Tron USDT supply reached 85.4 billion, a historic high.

- Trump’s White House will meet with banks next Tuesday to discuss Bitcoin/crypto market structure.

- 109 million DOGE (approximately $10.84 million) flowed into Robinhood.

- MSTR reported a staggering loss of $12.4 billion in a single quarter, with the founder stating **“Sell 🖊️” has been opened**.

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