这种"越跌越买"的现象在具体的供应分布中得到了证实。Mhmarkets迈汇认为，6万至7万美元区间的供 应量增长至约143万枚BTC，较年初增长了约43%，这意味着全球非交易所流通供应量中，有超过8%的 筹码是在这一波回调中沉淀下来的。Mhmarkets迈汇表示，利用实体调整后的URPD（实现价格分布） 指标进行穿透式观察，可以发现当前的筹码分布已经从1月1日的广泛分布转向了更为集中的持仓结构， 这种由于成本基准重塑带来的持仓集群，往往预示着市场正在经历从短期投机者向长期持有者的筹码洗 牌。 责任编辑：陈平 2月25日，在近期比特币市场的震荡回调中，市场情绪并未陷入冰点，反而激发了显著的抄底行为。 Mhmarkets迈汇表示，根据链上数据分析，在比特币价格从12.6万美元的历史高点回落近50%的过程 中，投资者在6万至7万美元这一关键区间表现出了极强的吸筹意愿，累计增持超过40万枚BTC，这一密 集的持仓成本区正在为市场构筑坚实的心理支撑。 2月25日，在近期比特币市场的震荡回调中，市场情绪并未陷入冰点，反而激发了显著的抄底行为。 Mhmarkets迈汇表示，根据链上数据分析，在比特币价格从12.6万美元的历 ...

Group 1 - Bitcoin treasury company Strategy (MSTR) purchased 2,486 BTC at approximately $67,710, totaling around $168 million [1] - Strategy currently holds 717,131 BTC, valued at approximately $48.765 billion, with an average cost of $76,027, resulting in an unrealized loss of $5.756 billion [1] - Ethereum treasury company Bitmine (BMNR) acquired 45,759 ETH at about $2,001, amounting to approximately $9.156 million [1] Group 2 - Bitmine currently holds 4,371,497 ETH, valued at approximately $8.673 billion, with an average cost of $3,801, leading to an unrealized loss of $7.943 billion [1]

Core Viewpoint - The "Stablecoin Regulation" in Hong Kong will take effect on August 1, prohibiting unlicensed stablecoin operations, raising questions about the future of stablecoins like USDT and USDC in the region [1][4]. Group 1: Current Operations of Crypto Exchange Shops - Crypto exchange shops in Hong Kong, such as "One Bitcoin" and "Fangbei," continue to operate normally ahead of the regulation's implementation [2][3]. - These shops offer services for exchanging fiat currency and stablecoins, with varying transaction fees based on the method of purchase [3]. - Staff at these shops expressed uncertainty about the impact of the new regulation on their operations post-August 1, indicating they have not received official notifications [3][4]. Group 2: Regulatory Environment and Future Implications - The Hong Kong government welcomes virtual asset trading institutions to apply for licenses, emphasizing that unlicensed platforms selling USDT and USDC will be illegal after the regulation takes effect [4][6]. - Current OTC (over-the-counter) operations are not yet under specific licensing requirements, but the government is considering regulatory measures for these services [6][7]. - The government has observed around 200 physical virtual asset OTC shops and 250 digital platforms operating in Hong Kong, indicating a significant market presence [5]. Group 3: Stakeholder Engagement and Future Licensing - The Hong Kong government has conducted consultations regarding the licensing of virtual asset service providers, receiving approximately 70 submissions from various stakeholders [7]. - A proposal to establish a licensing regime for OTC services is under consideration, which would involve regulatory oversight by the Hong Kong Customs [6][7].