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Foresight News reported that, according to data from Alternative.me, today's Crypto Fear & Greed Index has risen to 7 (yesterday the index was 6, indicating an "extreme fear" state), showing that the market is in an "extreme fear" state.

PANews, February 8th – According to FOX 10, two teenagers from California have been charged with felonies for allegedly committing a violent home invasion, reportedly targeting $66 million worth of cryptocurrency. The suspects disguised themselves as delivery drivers to enter the house, then sealed the door with tape and assaulted the homeowner. Police stated that the suspects were motivated by the intention to steal the cryptocurrency, which the homeowner was allegedly holding and valued at $66 million. Investigators believe the two teenagers met recently and were coerced into participating in the crime by individuals using the aliases "Red" and "8." The police apprehended the teenagers shortly after they fled the scene in a blue Subaru.

According to Odaily, Bitwise advisor Jeff Park published an article reviewing the sharp decline in bitcoin and the crypto market on February 5. He believes that this volatility was more likely triggered by risk reduction in the traditional financial system and derivatives mechanisms, rather than by crypto industry fundamentals or a single "black swan" event. Jeff Park pointed out that on that day, bitcoin ETFs—especially IBIT—saw record trading volumes and options activity, with a clear dominance of bearish options trades. At the same time, bitcoin price movements in the previous weeks were highly correlated with risk assets such as software stocks. February 4 was marked by Goldman Sachs' prime brokerage (PB) division as a day of extreme drawdowns for multi-strategy funds, which was followed by rapid, indiscriminate deleveraging due to risk management requirements. This process affected bitcoin-related positions and further amplified the decline on February 5. He analyzed that although the price dropped by more than 13% within two days and the market originally expected large-scale ETF outflows, actual data showed that bitcoin ETFs as a whole instead recorded net subscriptions, with IBIT adding about 6 million shares and its scale increasing by over $230 millions. This indicates that the selling pressure mainly came from "paper money" and non-directional trades related to hedging and market making, rather than long-term capital outflows. Jeff Park further hypothesized that multi-asset portfolios were forced to deleverage in a highly correlated environment, which included hedged bitcoin exposures; rapid unwinding of options and basis trades triggered a short gamma effect, forcing counterparties to sell IBIT during the decline, thereby intensifying volatility, but without causing substantial long-term capital outflows. As some neutral strategies replenished positions on February 6, bitcoin prices rebounded. He concluded that this round of decline was more likely the result of the resonance between traditional financial system risk management and derivatives mechanisms, rather than structural deterioration within the crypto market itself. Changes in ETF net flows in the following days will be an important indicator to determine whether there is new long-term demand growth.