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Last week (February 2 to February 6), SOL spot ETF experienced a net outflow of $8.92 million, with Bitwise ETF BSOL having the largest outflow at $8.6059 million. Fidelity ETF FSOL had the largest net inflow at $5.1931 million, with a total net asset value of $728 million.

This report emphasizes that in the downturn of the cryptocurrency market, only projects that effectively address specific problems can survive. It highlights three projects: Hyperliquid, Canton Network, and Kite AI, demonstrating that they have practical solutions and a solid track record. When evaluating, attention should be paid to the authenticity of the problems, the feasibility of the solutions, and the capabilities of the execution team. Despite the market downturn, real resilience remains important.

Shortly after last week's weekly report ended, Bitcoin briefly dropped to around $60,000. Many friends sent me private messages expressing concern about Bitcoin's future trend. For investors who had already positioned themselves around $80,000 or earlier, the pressure from the paper loss is obvious. I completely understand this sentiment—we've all experienced similar moments, more or less, during different cycles. Anxiety, helplessness, and even the decision to give up.
But it is precisely during these stages that emotions are more likely to become a source of risk than the market direction. Instead of being driven by short-term fluctuations, it's better to stay calm and re-evaluate your positions and pace. Because the market does not rule out the possibility of a phased rebound, and such volatility often provides investors with an opportunity to actively adjust: by gradually reducing risk exposure, or by using more flexible and quick swing trading strategies to gradually lower costs and ease pressure, allowing for a more composed response.

Market attention to x402 has decreased, but December trading data remains noteworthy, with approximately 63 million transactions valued at $7.5 million. Facing trust and fraud challenges, x402 is still in its early stages but shows development potential, especially in promoting the AI agent economy. Developers have the opportunity to improve trust and identify issues. ERC-8004 will introduce related identity and reputation registration mechanisms to enhance trust.

The Federal Deposit Insurance Corporation (FDIC) agreed to pay $188,440 in legal fees and withdraw its public rejection of the crypto-related "Cease and Desist" order, reaching a settlement in the Freedom of Information Act lawsuit. The FDIC will cover all legal fees for History Associates and adjust its FOIA enforcement practices, committing not to apply a blanket exemption policy in banking regulation.

Wall Street investment bank Jefferies reports that stablecoin issuer Tether continues to increase its gold holdings. As of January 31, it held approximately 148 tons of gold, worth about $23 billion, surpassing several countries and ranking among the top 30 largest gold holders worldwide. Tether's gold is primarily used to back USDT and XAUT, and its holdings may be higher than the disclosed data.

Bitcoin is attempting to rebound after a sell-off, with short-term upside potential, but whether it can sustain depends on new inflows of capital. Matrixport points out that Bitcoin is still in a bear market reset phase, and on-chain data indicates insufficient demand, making the rebound potentially unsustainable. Increased options hedging activity may also amplify price volatility.

Last week, Bitcoin spot ETF experienced a net outflow of $318 million, with Grayscale Bitcoin Trust net outflow of $174 million, Fidelity ETF net outflow of $167 million, and Bitwise ETF net inflow of $86.1656 million. Currently, the total net asset value of Bitcoin spot ETFs is $89.43 billion.

In the process of navigating through bull and bear markets, survivors have developed clarity after pain, reverence for numbers, a cold understanding of trust, and an anti-self behavior system. Their beliefs are built on an understanding of uncertainty. True survivors know how to manage emotions, scrutinize the market, and enhance risk awareness, thereby surviving amidst turbulence.