Bitcoin briefly fell below $73,000 before rebounding above $76,000 on Feb 4, Coinglass data show. Funding rates flipped from negative to positive on several major centralized and decentralized exchanges for Bitcoin, though most venues continued to show negative funding for Ethereum, meaning shorts pay longs to maintain positions. Funding rates are used on perpetual contracts to keep prices close to the underlying asset, with readings above 0.01% suggesting a bullish stance and levels below 0.005% pointing to bearishness, according to BlockBeats.

CBB (X: Cbb0fe) holds $40.80M in total positions on Hyperliquid as of Feb. 4, Coinbob热门地址监控 data show. The address holds about $37.40M in short positions and about $2.45M in long positions, with cumulative profits around $9.30M and about $1.27M over the past week. The main short positions are in SILVER and equity-mapped INTC, SNDK and MU.

Stablecoin issuer Tether has revised its fundraising plan to $5 billion, down from an earlier range of $15 billion to $20 billion tied to a $500 billion valuation objective, the Financial Times reported on Feb. 4. CEO Paolo Ardoino said in an interview the $15 billion to $20 billion figure was a misunderstanding, describing it as the maximum equity the firm was prepared to sell rather than a fundraising target, and added Tether remains highly profitable and is "very happy" without selling shares. Ardoino compared Tether's profitability with artificial intelligence companies, saying they generate similar profit "but with a minus sign in front." Tether generated about $10 billion in profit last year mainly from returns on its assets, while 2025 profit declined roughly 25% year-on-year, and a previous report said the company sought to raise up to $20 billion at a $500 billion valuation in September 2025.

Hyperliquid early contributor Loracle initiated significant leveraged positions on February 4, opening $56 million in 20x leveraged Bitcoin (BTC) and Ethereum (ETH) short positions. According to Coinbob's address tracking data, these newly opened shorts are currently experiencing unrealized losses. Loracle's total derivatives exposure surged from $50 million to over $110 million. The portfolio also includes a $49.67 million 5x HYPE long position, which has generated substantial unrealized profits despite a recent $6 million retracement, alongside additional pending ETH shorts and a PAXG long position, indicating a complex and highly leveraged trading strategy.

On February 4, Ethereum co-founder Vitalik Buterin stated that Ethereum Layer 2 (L2) networks, initially envisioned for "brand sharding," are becoming less essential as the Layer 1 (L1) scales and gas limits increase, as reported by BlockBeats. Buterin urged L2s to pivot from solely focusing on throughput to developing differentiated features, including privacy-focused virtual machines, application-specific efficiency, extreme scaling solutions, and non-financial designs for social, identity, or AI applications, alongside lower latency or built-in oracle capabilities. The announcement sparked varied community responses; some supported the view that L1 progress diminishes the need for many L2s, while others expressed concern over potential impacts on L2 project confidence and highlighted their continued utility for high-throughput scenarios. Paradigm's Dan Robinson and Avalanche's Emin Gün Sirer also weighed in on the discussion.

Address 0xd475… added 119,470.37 HYPE worth $4.14M to its short position within two minutes on Feb. 4, Hyperinsight data show. At 11:21, the address added 58,431.91 HYPE ($2.01M); at 11:23, it added 61,038.46 HYPE ($2.12M). The notional value rose to $11.47M with an unrealized loss of $1.42M (61.47%), an average entry price of $29.08, and a liquidation price of $98.65.

A large ETH holder deposited 8,329 ETH to Galaxy Digital on February 4 after holding the tokens for four months, on-chain data show. The position shows an unrealized loss of $19.69M with a current market value of $18.59M. The whale had originally withdrawn 11,860 ETH worth $46.26M from OKX and still holds 3,530 ETH valued at about $8M.

A wallet with a history of $99.22M in ETH swing trading profits withdrew 750 cbBTC valued at $55.999M from Coinbase over eight hours on Feb. 4, on-chain data show. The withdrawal averaged $74,665.8 per coin, according to analyst Ai 姨 (@ai_9684xtpa).

The "Strategy counterparty" whale added a series of long positions on Feb. 4, HyperInsight data show. Current exposures include an ETH long position worth $52 million at an entry price of $2,270, a SOL long valued at $15.52 million at $99.28, an XRP long valued at $11.65 million at $1.59, and a BTC long valued at $4.41 million at $76,345.