Core Viewpoint - The company Bitdeer, led by Wu Jihan, has completely liquidated its Bitcoin holdings, marking a strategic exit from the cryptocurrency market due to financial pressures and a shift towards AI infrastructure development [1][2][18]. Group 1: Strategic Liquidation - Bitdeer’s decision to sell all Bitcoin holdings was a premeditated strategy rather than a reaction to market conditions, with a clear timeline of accumulation and subsequent liquidation [4][8]. - The company reached a peak holding of 2,233 BTC before entering a phase of selling, which accelerated significantly in early 2026, resulting in a complete sell-off by February 20, 2026 [7][8]. Group 2: Financial Pressures - Bitdeer reported a substantial increase in revenue for 2025, reaching $620.3 million, a 77% increase year-over-year, but this was accompanied by a drastic decline in gross margin from 19% to 9.8% [10][11]. - The company’s net profit for 2025 was reported at $65.6 million, but this figure was inflated by non-cash gains from convertible bonds, leading to an adjusted loss of $230 million when accounting for operational costs and rising expenses [12][13][16]. - Operating cash flow for 2025 showed a net outflow of $1.739 billion, with cash reserves dropping by 69% to $149.4 million, indicating severe liquidity issues [16]. Group 3: Shift to AI Infrastructure - Wu Jihan is transitioning Bitdeer from a mining operation to an AI infrastructure company, leveraging a significant 3.0 GW of global power capacity, which is the largest among competitors [18][20][21]. - Despite the strategic pivot, AI-related revenue currently constitutes only 2-3% of total income, with the majority still reliant on mining operations, highlighting the risks associated with this transition [24][25]. - The company’s future success hinges on securing AI hosting contracts in 2026, as the current mining operations are viewed as a defensive strategy rather than a growth avenue [25][26].

Investment Opportunity - OKX's flash earn offers attractive annualized yields, with USDT reaching over 50%, significantly higher than the current 1% for demand deposits [1] - The strategy involves leveraging "time difference" and "capital amount" to maximize profits in the $NIGHT flash earn program [1] - The flash earn campaign features a total prize pool of 420 million $NIGHT tokens [2] - The prize pool is divided into a main pool of 400 million $NIGHT and a Christmas surprise of 20 million $NIGHT [2] - The campaign is scheduled to start at 4 PM Beijing time and will last for 48 hours [2] Operational Logic - The strategy involves seizing the initial mining opportunity [3]

Core Viewpoint - The seven associations in China have issued a risk warning prohibiting their member units from participating in virtual currency and real-world asset token issuance and trading activities within the country, following a crackdown by 13 government departments on cryptocurrency speculation [1][2]. Group 1: Regulatory Actions - Member units are explicitly forbidden from engaging in any activities related to the issuance and trading of virtual currencies and real-world asset tokens within China [1][2]. - The associations emphasize that virtual currencies are not issued by monetary authorities and do not hold the same legal status as legal tender in China [2]. - Institutions and individuals conducting exchanges between legal currency and virtual currencies, or engaging in the issuance and financing of real-world asset tokens, are deemed to be involved in illegal financial activities [2][3]. Group 2: Risks Associated with Virtual Currencies - The risk warning highlights that virtual currencies are often used for speculative trading and illegal activities such as Ponzi schemes and fraud [4]. - Specific examples of risks include the volatility of virtual currency prices, with Bitcoin experiencing significant fluctuations, such as dropping below $85,000 and then rebounding above $90,000 within a few days [4]. - The warning also identifies "air coins" like π coin as lacking substantial technological innovation and clear commercial applications, making them susceptible to fraud and market manipulation [2]. Group 3: Compliance Requirements - Financial institutions, including banks and payment service providers, must not offer any services related to the issuance and trading of virtual currencies or real-world asset tokens [3]. - Member units are required to conduct thorough customer due diligence to identify any involvement in virtual currency transactions or money laundering risks [3]. - Internet platform companies must ensure compliance by not providing marketing or technical services for virtual currency-related activities [3].

Core Viewpoint - The joint announcement by seven associations emphasizes the illegality of virtual currencies in China, warning the public against engaging in related activities and highlighting the risks associated with such investments [1][2]. Group 1: Regulatory Actions - The China Internet Finance Association and six other associations issued a risk warning regarding virtual currencies, stating they do not hold the same legal status as fiat currencies and cannot be circulated within China [1]. - The People's Bank of China has convened a meeting to coordinate efforts against virtual currency trading and has reiterated its stance on prohibiting virtual currency-related activities [1]. Group 2: Public Warnings - Member units are prohibited from participating in the issuance and trading of virtual currencies and real-world asset tokens within China, and they must not provide related services to clients [2]. - The associations urge the public to enhance their risk awareness and avoid involvement in virtual currency and real-world asset token activities, including illegal fundraising and securities issuance disguised as "mining" [2].

Core Viewpoint - The joint announcement by seven associations emphasizes that virtual currencies do not have the same legal status as fiat currencies and cannot be circulated as money within China [1][2] Group 1: Regulatory Actions - The China Internet Finance Association and six other associations have issued a risk warning against illegal activities related to virtual currencies, highlighting the need for public vigilance [1] - The People's Bank of China has convened a meeting to coordinate efforts against virtual currency trading speculation, reaffirming the prohibition of virtual currency-related activities [1] Group 2: Prohibitions and Warnings - Member units are prohibited from participating in the issuance and trading of virtual currencies and real-world asset tokens within China [2] - The associations urge member units to educate the public on the risks associated with virtual currencies and to help them identify and avoid illegal activities [2] Group 3: Public Awareness - The associations warn that virtual currencies are often used for speculative trading and fraudulent activities, advising the public to enhance their risk awareness and protect their finances [2] - Individuals are cautioned against engaging in activities related to virtual currencies and real-world asset tokens, including illegal fundraising and securities issuance disguised as "mining" [2]

Core Viewpoint - The Chinese Internet Finance Association and other regulatory bodies have issued a risk warning regarding illegal activities related to virtual currencies, highlighting the rise of speculative trading and fraudulent schemes under the guise of stablecoins and other tokens [1][2]. Group 1: Regulatory Actions - The warning is part of efforts to implement directives from the People's Bank of China and other financial regulatory authorities aimed at preventing risks associated with token issuance and virtual currency trading [1]. - Various associations, including the China Banking Association and the China Securities Association, have collaborated to issue this risk alert [1]. Group 2: Risks and Warnings - Virtual currencies are characterized by extreme price volatility and are often associated with speculative trading and illegal activities such as Ponzi schemes [2]. - The public is advised to enhance their risk awareness and avoid participating in activities related to virtual currencies and real-world asset tokens, as well as illegal fundraising under the guise of "mining" [2]. - Individuals are urged to report any suspicious activities related to virtual currencies to regulatory authorities and law enforcement [2].

Core Viewpoint - The recent surge in virtual currency-related activities has led to illegal fundraising and fraud, prompting regulatory bodies to issue warnings and guidelines to prevent such activities [1][2] Group 1: Regulatory Actions - The China Internet Finance Association and other financial regulatory bodies have issued a risk warning regarding virtual currencies and related activities [1] - Member units are prohibited from participating in the issuance and trading of virtual currencies and real-world asset tokens within China [2] - Financial institutions must conduct thorough due diligence to identify potential risks related to virtual currencies and report any suspicious activities to the relevant authorities [2] Group 2: Prohibitions on Services - Banks and payment institutions are not allowed to provide any services related to the issuance and trading of virtual currencies and real-world asset tokens [2] - Securities, fund, and futures institutions are also barred from offering services for the issuance and trading of virtual currencies and related financial products [2] - Internet platform companies must refrain from marketing or providing technical services for virtual currency-related activities and ensure compliance in information dissemination [2] Group 3: Public Awareness and Education - Member units are encouraged to conduct risk awareness campaigns to educate the public about the dangers of virtual currencies and illegal activities [2] - The emphasis is placed on helping the public discern risks and avoid illegal activities related to virtual currencies [2]

Project Overview - Bybit's new project resembles Aster's S1, offering potential earning opportunities [1] - The project involves a three-month period, referred to as "Q4TGE" [1] - Mining starts on the 6th [1] Incentive Mechanism - Team participation can increase rewards by up to 1.5X [1] - Group participation allows for a maximum of 1.5X points [1] - Commission rebates are available upon registration for APEX [1] Investment Strategy - The project is considered a "blind mining" opportunity with potential for significant gains [1] - The author emphasizes the importance of participating in this Bybit project, especially for those who missed out on Aster [1]

Cryptocurrency Project Opportunity - APEX registration is available with full commission rebates [1] - Mining starts on the 6th [1] - Bybit's own perpetual contract (perp) is launching [1] - Team formation can yield up to 1.5X points [1] - Blind mining is expected to be profitable [1] Investment Recommendation - The project is compared to Aster's S1 [1] - Missing out on Aster is a reason to consider this Bybit project [1]

Mining Operation Issues - ASTER mining operation is experiencing significant difficulties and confusion [1] - Inconsistent积分(points) multipliers (1.5X) are being applied within the same team [1] - Some accounts initially received 1.5X multipliers and points for interactions, but the multiplier disappeared and points decreased shortly after [1]