Odaily According to data, as of February 9th, Bitcoin's "Mayer Multiple" indicator has dropped to 0.65, falling below the "oversold" level of 0.8. This marks the first occurrence since May 2022. This indicator provides buy/sell signals by comparing Bitcoin's current price to its 200-day moving average. Its founder, Trace Mayer, historically considered values below 2.4 as a "buy" zone. However, extreme lows do not always signal a price bottom. In mid-2022, the indicator fell to 0.47, yet BTC proceeded to drop approximately 58% over the following four months. This suggests the current BTC/USD pair could still retest the 200-week moving average. Furthermore, the Relative Strength Index (RSI) indicates Bitcoin has potential for further decline, with extreme scenarios possibly seeing a drop into the $40,000 range. (Cointelegraph)

Odaily News Kaiko Research analysis points out that Bitcoin fell to around $59,930 at the beginning of this month, hitting a new low since October 2024, which may mark the "midpoint" of the current bear market. The market has now moved past the post-halving frenzy phase and entered a bear market period that typically lasts about 12 months, paving the way for the next accumulation phase. Spot trading volume on major centralized exchanges dropped from approximately $1 trillion in October 2025 to $700 billion in November, a decline of about 30%; the total open interest in Bitcoin and Ethereum futures also decreased from $29 billion to $25 billion, indicating continued market deleveraging. On-chain metrics and the performance of mainstream crypto assets show that the market is approaching key technical support levels, which will determine whether the four-year cycle framework continues to hold. With multi-cycle oversold indicators appearing, the question for Bitcoin's rebound is more "when it will happen" rather than "if it will happen." (Cointelegraph)

Odaily News Fosun Wealth Holdings' blockchain financial platform, FinChain, has launched the RWA asset-backed stablecoin FUSD on the Avalanche platform. FUSD is backed by compliant financial assets (including money market funds and government bonds), aiming to provide native yield while maintaining full liquidity and enabling broad applications in the DeFi space. (Avax)

Odaily News CryptoQuant data shows that the Bitcoin price has fallen below both the 50-day and 200-day moving averages. The significant deviation from these key moving averages reflects a correction or "repricing" phase following the previous uptrend. Furthermore, CryptoQuant's Price Z-Score is currently at -1.6, indicating that the Bitcoin price is below the statistical average. This typically signals increased selling pressure and weakening trend momentum. Historically, similar periods have more often corresponded with prolonged bottoming phases rather than rapid rebounds. Regarding the derivatives market, crypto analyst Darkfost pointed out that the seller-dominated structure is intensifying. Data shows that the net taker volume for the past week turned sharply negative to -$272 million, while the taker buy/sell ratio on the Binance platform fell below 1, indicating a significant rise in market selling pressure. Currently, futures trading volume remains notably higher than spot inflows. The market requires stronger spot buying to trigger a rebound.

Odaily News On-chain data indicates that Ethereum has currently entered a zone typically associated with large-scale market sell-offs. The MVRV Z-Score has dropped to -0.42. This indicator, which compares market cap to realized cap, is used to assess whether an asset is overvalued or undervalued. However, there remains significant market disagreement on whether ETH is nearing a cycle bottom. Some analysts believe ETH prices may still have further downside potential, as the MVRV Z-Score remains some distance from the lows seen during the 2018 and 2022 bear market bottoms (historically around -0.76). Other viewpoints suggest that, judging from on-chain activity, protocol evolution, and ecosystem structure, Ethereum's fundamentals have not deteriorated substantially; instead, they continue to improve across several key dimensions. It is still premature to conclude that ETH has completed its bottoming process. The current period may represent a crucial window for observing potential ETH allocation opportunities. (Cointelegraph)