Odaily Planet Daily reports that CoinGlass, in an article published on the X platform, stated that exchange data shows funds are flowing back in, but leverage ratios have not yet rebounded. Binance is experiencing strong inflows and trading volume, but average leverage ratios remain subdued. The current market is not a trending market, but rather an environment awaiting a trigger after deleveraging.

According to Lookonchain monitoring, the ETH super bullish address (0x6C85) continues to inject funds into Hyperliquid to go long on ETH. Currently, this address has deposited a total of 30.71 million USDC and opened a long position of 40,000 ETH, worth $80.92 million. This address may continue to add to its position.

According to a recent market analysis article by Windemute, Odaily Planet Daily, last week's market exhibited characteristics of a capitulation sell-off—a surge in volatility, the liquidation of over $2.5 billion in positions, and a buy order of $60,000. Previously accumulated open interest and a surge in short selling led to a sharp drop in funding rates, which was further exacerbated by Friday's dramatic short squeeze. In a thin spot trading environment, leverage dominates price movements. Without a significant rebuilding of open interest, the sustainability of both bullish and bearish trends will be limited. A structural recovery requires a return to spot demand, but signs of this are currently scarce. A more serious reality is that the total unrealized losses of digital asset holders have reached approximately $25 billion, concentrated in a few institutions. Bitcoin's current price is below the holding costs of many institutions, and the premium (relative to net asset value) is compressing. These institutions have shifted from marginal buyers to passive holders—the major buying power of the past 18 months has cooled, and raising new funds in the current environment is unattractive. In the future, the market may enter a period of high volatility and chaotic bottom-finding. Unless the Coinbase premium turns positive, ETF fund flows reverse, and basis interest rates stabilize, a sustained upward trend is unlikely. With retail investors diverting their attention to other asset classes, institutional fund flows into ETFs and derivatives have become the dominant force driving market direction.

According to Huoxun Finance on February 10th, OnchainLens monitoring shows that a whale, "0x6c8," has deposited an additional 26.3 million USDC and increased its short position in ETH. The current unrealized loss is $1.15 million. Its current ETH short position size is approximately $78.41 million.

According to Lookonchain monitoring, on February 10th, whale 0x15a4, after losing more than $1.3 million, deposited another 3.85 million USDC into Hyperliquid and placed a short order for 3,000 ETH (worth $6.09 million).