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Bhutan transferred Bitcoin worth US$22.4 million from the state wallet this week, including a direct transaction to the institutional market maker QCP Capital. The Himalayan nation's crypto portfolio has dropped from a peak of US$1.4 billion to around US$412 million.

The outflow continues the periodic liquidation pattern by the Royal Government of Bhutan, which began mining and storing Bitcoin since 2019. Recent transactions highlight various questions about the country's cryptocurrency asset strategy amid ongoing market pressures.

Bitcoin briefly fell below US$72,000 on Thursday morning during the Asian trading session, hitting its lowest level in nearly 16 months. As the sell-off deepened, market traders' predictions on Polymarket quickly adjusted their expectations—and data showed a rather bleak outlook for the short term, although long-term optimism remains.

The real-money Polymarket contract shows the market is wavering between holding US$70,000 as the lower boundary and hoping for an annual profit of US$100,000.

Perdebatan seputar CLARITY Act sebagian besar berputar pada tarik-ulur antara bank dan perusahaan kripto mengenai yield stablecoin. Meskipun konflik ini mendominasi pemberitaan soal RUU yang dianggap sebagai aturan struktur pasar, ada isu yang lebih tenang tapi berpotensi lebih berdampak—dan kerap luput dari perhatian.

Setelah diberlakukan, CLARITY Act akan secara resmi melegitimasi peran kripto yang diregulasi dan secara implisit membuatnya harus tunduk pada kepatuhan Bank Secrecy Act. Bahkan tanpa keharusan eksplisit, kondisi ini berisiko mengukuhkan model pengawasan yang menekan perantara untuk delist aset privasi dan meninggalkan konsep privacy-by-design, sebelum Kongres secara terbuka membahas berbagai pertukaran risiko dan manfaatnya.

Bank Ikut dalam Diskusi tentang Imbal Hasil Stablecoin

Pada hari Senin, para pelaku industri bertemu dengan penasihat Presiden AS Donald Trump untuk mencari kompromi dalam RUU struktur pasar yang masih menuai perdebatan.

Pembahasan dipimpin oleh Patrick Witt, direktur eksekutif Dewan Penasihat Presiden untuk Aset Digital. Dalam diskusi tersebut hadir juga tokoh senior dari sektor kripto maupun perbankan tradisional.

Pertemuan itu kembali memanaskan hubungan antara sektor kripto dan keuangan tradisional.

Para pengkritik mempertanyakan mengapa pembuat kebijakan mengajak Wall Street membantu merancang undang-undang yang justru akan mengatur produk yang menjadi pesaing utama bisnis inti mereka. Salah satunya adalah stablecoin ber-yield, yang dianggap oleh banyak kalangan sebagai ancaman langsung bagi simpanan bank tradisional.

Meski begitu, pertemuan itu juga membuat isu yang jauh lebih halus namun sama pentingnya—yakni privasi—hampir tidak mendapat perhatian.

KOL Mempertanyakan Mengapa Bank Ikut dalam Diskusi Terkait CLARITY Act Bagaimana CLARITY Menarik Aset Kripto di Bawah Bank Secrecy Act

CLARITY Act hadir sebagai kerangka struktur pasar yang menawarkan kepastian regulasi bagi industri kripto di AS. Tujuannya adalah menetapkan otoritas pengawas terhadap berbagai aktivitas sekaligus memberikan kejelasan hukum yang lama dinantikan bagi pelaku pasar.

Tapi, RUU ini lebih dari sekadar membagi wilayah pengawasan.

Dengan secara resmi mendefinisikan peran kripto yang diregulasi, khususnya untuk exchange terpusat dan penerbit stablecoin, RUU ini menempatkan para pelaku ini di dalam sistem keuangan yang sudah ada.

Setelah peran tersebut diakui secara hukum, maka kepatuhan terhadap Bank Secrecy Act (BSA) menjadi hal yang tidak terelakkan, walaupun legislasi ini tidak secara rinci menjelaskan bagaimana persyaratan BSA mengatur aktivitas on-chain.

Ketiadaan detail ini memberi keputusan penting pada para perantara, sehingga merekalah yang menentukan aturan, bukan Kongres.

Akibatnya, exchange dan kustodian biasanya menjalankan pemeriksaan identitas secara ketat, memantau transaksi secara luas, dan mengumpulkan data dalam skala besar. Dengan cara ini, mereka membuat standar de facto tanpa landasan hukum yang jelas dari legislasi.

Dalam kerangka ini, proyek-proyek yang berfokus pada privasi menjadi pihak yang paling terkena dampaknya.

Aset Privasi di Garis Tembak

BSA mewajibkan institusi keuangan untuk memverifikasi identitas nasabah dan memantau aktivitas mencurigakan. Dalam praktiknya, artinya mereka harus tahu siapa nasabah mereka dan melaporkan tanda-tanda khusus kepada otoritas.

Namun, hukum ini tidak mengharuskan adanya transparansi penuh sistem setiap saat atau kemampuan melacak setiap transaksi ke identitas pemiliknya sepanjang waktu.

Meskipun begitu, perusahaan kripto besar seperti Binance, Coinbase, dan Circle sudah beroperasi seolah-olah memang ada kewajiban tersebut. Mereka menyamakan kepatuhan BSA dengan keterbukaan penuh aktivitas on-chain untuk meminimalkan risiko regulasi di tengah ketidakjelasan hukum.

Pendekatan ini berdampak pada persyaratan keterlacakan yang ketat dan penghindaran protokol yang membatasi visibilitas transaksi. Exchange terpusat umumnya menolak listing aset kripto berfokus privasi seperti Monero atau Zcash, bukan karena BSA secara eksplisit menuntutnya, melainkan sebagai langkah antisipasi risiko.

Saat ini, CLARITY Act tidak membahas bagaimana BSA semestinya berlaku untuk sistem blockchain di mana privasi dan pseudonimitas berjalan berbeda dengan keuangan tradisional. Kekosongan ini jadi sangat penting.

Dengan membiarkan kewajiban utama tidak terdefinisi, CLARITY Act berisiko memperkokoh interpretasi BSA yang paling konservatif dan penuh pengawasan menjadi standar default.

Akibatnya, para partisipan yang berada di jalur prinsip cypherpunk kripto sangat mungkin terdampak paling besar, karena alat dan layanan yang berorientasi pada privasi menghadapi pembatasan paling banyak.

Bitcoin mining breaks new historical milestones at the end of 2025. According to the latest report from GoMining, the network has entered the zetahash era, surpassing 1 zetahash per second in its computing power.

But even though the hashrate surged to an all-time high, miner profitability has actually moved in the opposite direction. As a result, the mining industry is now larger, more industrialized — and also more vulnerable to price risks than ever in this cycle.

Hashrate Reached All-Time High as Mining Grows Larger

The strongest derivative market on Wall Street is considering its own crypto-style token, and its impact is far greater than just another institutional experiment.

According to reports, CME Group CEO Terry Duffy revealed that his company is reviewing 'initiatives with our own coin' that could operate on a decentralized network. This statement emerged during discussions about margin and tokenized collateral, not about crypto for consumers or payments.

The distinction is very important. If launched, the CME-issued coin will not resemble regular crypto assets or retail stablecoins.

Bitcoin plummeted to US$73,000 on February 3, continuing a broader bearish trend that has now erased 41% from its all-time high of over US$126,000 in October 2025. This decline further heats up the debate on whether the market is approaching a cycle bottom—or will enter a deeper correction phase.

This sell action reflects increasing anxiety in the traditional market. The US stock index weakened due to concerns related to disruptions driven by artificial intelligence and rising geopolitical risks, prompting investors to exit risky assets.

Ripple announced that Ripple Prime, its institutional prime brokerage platform, now supports Hyperliquid, a rapidly growing on-chain derivatives platform.

At first glance, this title seems bullish for the Ripple ecosystem. But upon closer inspection, the benefits provided are not evenly distributed: this collaboration is structurally more advantageous for Hyperliquid and the HYPE token, while its impact on XRP is very limited.

What Ripple Prime Actually Does

Ripple Prime is not an exchange. It is a prime broker, meaning Ripple Prime serves as a single access point for trading companies and large institutions.

Welcome to the US Crypto News Morning Briefing—an important summary of the most influential developments in the world of crypto assets for today.

Grab a cup of coffee and get ready: the market is moving in ways that many did not expect. One asset is moving wildly with very high volatility, while another struggles to keep up. Traders and investors are watching closely as volatility changes the familiar narrative, indicating that nothing is quite as it seems.

Today's Crypto News: Gold Volatility Surges Past Bitcoin Amid Historic Market Movements

The price of Solana is still under heavy pressure at the beginning of February, with the token having dropped nearly 30% in the last 30 days and moving within a weakening downward channel. The price continues to drop close to the lower boundary of this channel as long-term confidence is fading.

At the same time, net staking activity collapsed, purchases on exchanges also slowed down, and short-term traders began to build positions again. All these signals indicate that more and more SOL is available for sale, especially when technical support is getting weaker.

Stellar (XLM) has dropped below US$0.20. This movement erased all the recovery achieved last year. Nevertheless, some positive signals indicate that many investors are still holding on in this ecosystem.

In addition, real-world assets (RWA) and stablecoins could be the main drivers of the next XLM accumulation.

Positive Signs for Stellar (XLM) despite Sharp Price Drop

Data from DefiLlama shows that the amount of XLM locked in DeFi protocols on the Stellar network reached a new all-time high in early February 2026. The amount surpassed 900 million XLM.

BMNR's stock price remains under pressure in early February as selling continues in stocks linked to crypto assets. The stock fell nearly 25% in five days and more than 33% in one month, trading around US$22.35.

Although management defends the paper losses triggered by crypto assets as part of a long-term strategy, market data shows that technical weakness still controls investor behavior—and increasingly drives them away, despite unique defense from BitMine Chairman, Tom Lee.

Almost a full year has passed since Pi opened its network and was listed on exchanges. However, the price performance of Pi has disappointed many Pioneers, as the token has dropped about 94% from its highest price. Recent activity suggests the Pi Core Team may be preparing a new plan to strengthen its ecosystem.

At the same time, heavy unlock pressure raises concerns that the downward trend could worsen.

The Pi Core Team Transferred Over 500 Million Pi in Early February

Wallet addresses labeled by Piscan — the Pi Network data tracking platform — as belonging to the Pi Core Team have reportedly conducted several large transactions in early February. This activity comes as the price of Pi has dropped about 25% since the beginning of the year, trading in the range of US$0.16.

Standard Chartered urges investors to look for long-term opportunities in digital assets and focus on what they call “quality” blockchain projects.

This statement comes as a recent sell-off has changed the relative values in the crypto market.

Standard Chartered Supports Ethereum and Solana for Better Long-Term Performance Despite Short-Term Volatility

Geoff Kendrick, Head of FX Research and Digital Assets at the bank, stated that he is actively accumulating during price declines. According to the analyst, this market correction is an important moment for long-term capital placement.

Matt Hougan, Chief Investment Officer (CIO) of Bitwise Asset Management, revealed that the market is experiencing a crypto winter.

According to his analysis, the crypto winter began in January 2025, but large institutional inflows have 'masked the reality,' making the depth of the market decline hidden. The main question now is, how long will this winter last?

Market Weakness Signals Indicate Ongoing Crypto Winter

In his latest market comments, Hougan dismissed the notion that the recent price weakness is just a temporary correction. On the contrary, he described the current situation as a 'real crypto winter,' with sharp declines in major assets.

XRP prices remain under pressure in early February as broader market weakness continues to weigh on altcoins. The token is still down nearly 25% on a monthly basis and remains locked within a long-term downward channel.

The latest rebound has not been able to change the main trend. The flow of exchanges and price structure still show high risks. Nevertheless, deeper on-chain data indicates that the recent selling pressure may mainly come from short-term holders, not long-term investors. This difference creates a conflict between the weakness on the surface and the early signs of accumulation.

Binance has completed two batches of stablecoin conversions to Bitcoin, each worth US$100 million from the Secure Asset Fund for Users (SAFU), bringing the total to US$200 million or 20% of the US$1 billion target.

This conversion is part of a 30-day plan announced on January 30, 2026, to shift the SAFU Fund reserves from stablecoins to Bitcoin while maintaining user fund protection limits.

Binance SAFU Fund Conversion: US$200 Million In, Bitcoin Price Seems to Stay Stable

Bitcoin's price has experienced a short-term rebound after dropping to a recent low, rising nearly 5% from the January low towards the US$76,980 area. This BTC price movement follows a bullish momentum pattern on the 4-hour chart, indicating that selling pressure is beginning to weaken.

At a glance, this BTC rebound seems reasonable from a technical perspective. A familiar short-term pattern had appeared previously. But looking deeper into on-chain data and market structure, three key metrics now question whether this rebound can develop into a sustainable recovery.

Tether, the issuer of the USDT stablecoin valued at US$185 billion, has drastically cut its private fundraising ambitions.

This raises doubts about the potential IPO that had previously been widely discussed by crypto players, such as BitMEX co-founder Arthur Hayes.

Investor Rejection Forces Tether to Reassess Funding Ambitions

Initially, Tether explored raising funds of up to US$15–20 billion with a valuation of US$500 billion. This amount would place the issuer of the stablecoin among the most valuable private companies in the world.

Chairman of BitMine Immersion Technologies, Tom Lee, stated that the unrealized losses on the company's Ethereum (ETH) holdings during the market downturn are a “feature, not a bug,” while emphasizing the company's treasury model focused on Ethereum.

The statement arose when the unrealized losses on the world's largest ETH treasury soared to over US$6 billion amid a widespread market decline that has pushed the price of the second-largest cryptocurrency to its lowest point in several months.

Michael Burry, the investor who predicted the 2008 financial crisis, warned on Monday that the sharp decline in Bitcoin could potentially trigger a wave of forced selling across asset classes.

With Bitcoin dropping around 40% from its October peak and altcoins down 20–40% since the January FOMC meeting, the big question now dominating the crypto market is whether the full crypto winter has begun.

Michael Burry warns BTC could drop to $50,000

In a Substack post, this 'Big Short' investor predicted that up to $1 billion in precious metals would be liquidated by the end of January as institutional investors and corporate treasurers rushed to close cryptocurrency asset losses.