Crypto Daily Report #深度创作营 02.27 (: Continuous Inflow of Funds into Bitcoin ETFs, Trump-Linked Mining Company Faces Major Losses, Lighter Exchange Flash Crash Event, and 401)k( Regulatory Relaxation

I. Bitcoin ETF and Related Cryptocurrency ETF Fund Flows
1. US Bitcoin spot ETFs experienced significant fund inflows during specific periods, with monitoring data showing a net inflow of 5847 Bitcoins.
2. Ethereum ETFs and Solana ETFs also saw fund inflows, totaling 51,705 and 325,262 respectively, reflecting market demand for mainstream crypto asset ETFs.
II. Quarterly Financial Losses of Trump-Family Supported Crypto Miners
1. The publicly traded company supported by the Trump family, American Bitcoin, reported a net loss of $59.45 million in Q4 2025, turning from profit to loss, with revenue of $78.3 million (up 22% quarter-over-quarter), below market expectations.
2. The company's Bitcoin reserves increased to over 6,000 coins, with mining costs 53% lower than spot prices, but a decline in Bitcoin fair value on the balance sheet caused large non-cash losses, resulting in an annual net loss of $153.2 million.
III. Bitcoin Price Anomaly Event
1. Bitcoin on the decentralized perpetual contract exchange Lig was wiped out by a sell order of approximately 10,000 BTC worth about $67 million due to low liquidity, causing the price to plummet from around $64,000 to $48,000 in seconds before quickly rebounding.
2. Amid a market-wide rebound, Bitcoin subsequently fell from $70,000 to below $67,000, influenced by tech earnings reports such as Nvidia dropping 4.8%, shifting market sentiment to cautiousness.
IV. Wallet/DeFi Yield Function Launch
1. Telegram's built-in crypto wallet, TON Wallet, introduced on-chain yield options, allowing users to deposit Bitcoin, Ethereum, and USDT into "treasuries" to participate in floating yield strategies, with integrations from institutions like Morpho, TAC, and Re7.
2. The USDT strategy offers an annualized yield of up to 18%, supported by Re7 DeFi strategies, providing users with low-threshold crypto asset earning channels.
V. Regulatory Policy Adjustments for Cryptocurrencies in the US 401)k( Plan
1. The US Department of Labor revoked restrictive guidelines from 2022 on the use of crypto assets in retirement plans, adopting a principle-neutral standard that allows trustees to decide on including crypto assets based on risk-return assessments.
2. Executive Order No. 14330 by the Trump administration classifies crypto assets as alternative assets, promoting investment in 401)k( plans, with proposed rules expected to clarify safe harbor standards for trustees and accelerate institutional fund inflows.
VI. Large Bitcoin and Ethereum Options Expiring Soon
1. According to Deribit, approximately $8.8 billion in crypto options will expire this Friday (February 27), including $7.8 billion in Bitcoin options with a max pain point at $75,000 and a put/call ratio of 0.76; Ethereum options worth $961 million with a max pain point at $2,200 and a put/call ratio of 0.77.
2. Open interest in call options dominates among unclosed contracts, with Bitcoin settlement volume significantly higher than Ethereum, potentially impacting short-term price volatility.
VII. Bitcoin Leverage Rises to Highest Level Since November Last Year
1. Reports indicate Bitcoin leverage has risen to its highest since November last year, as the price decline outpaces active deleveraging, creating a market stress signal of "passive leverage" increase.
2. Analysts suggest that increased passive leverage may indicate a short-term bottom formation, as deleveraging slows and liquidity begins to consolidate, warranting attention to subsequent deleveraging processes.
VIII. Short-Term Market Outlook and Dynamics
1. The prediction platform Polymarket has launched a forecast event on Bitcoin's price movement between 10:25 and 10:30 AM Eastern Time on February 26, providing a channel for short-term price speculation.
2. As a decentralized prediction market, the platform reflects market sentiment expectations regarding short-term crypto asset volatility.