The U.S. SEC defines meme coins as not being securities, and investors must bear their own risks.
Author: Deep Tide TechFlow
Yesterday's Market Dynamics
U.S. Stocks Plunge: Nasdaq Closes Down 2.78%, the "Seven Giants" of U.S. Stocks Dive Together, Nvidia Falls Over 8%
According to Jin10, U.S. stocks fell sharply again on Thursday, with the S&P 500 index closing down 1.59%, the Nasdaq Composite index down 2.78%, and the Dow Jones Industrial Average down 0.45%. The "Seven Giants" of U.S. stocks collectively declined, with a market value evaporating by nearly $55 billion, among which Nvidia turned from a 2% increase at the opening to a closing drop of over 8%, with a single-day market value evaporating by over $270 billion.
Morgan Stanley's quantitative and derivatives strategy department warned that the S&P 500 index has fallen below the important mid-term CTA liquidation trigger level of 5887 (closing at 5861.57 on Thursday), and it is expected that macro systemic strategies will need to sell over $40 billion in stocks in the coming week, most of which will come from CTAs, as the trigger factors for U.S. stock futures begin to reverse. It is expected that at least $12.6 billion and $58 billion will be sold in the next week and month, respectively.
Market sentiment has sharply deteriorated, with the latest sentiment survey from the American Association of Individual Investors showing that investor sentiment has become extremely bearish. In the week ending Wednesday, expectations for stock price declines over the next six months surged by more than 20 percentage points to nearly 61%. Data from JPMorgan shows that retail investors sold $1.1 billion in stocks in the first two hours after the market opened on Monday, marking the largest single-day outflow since the pandemic outbreak in March 2020.
Analysts pointed out that concerns over growth contraction and trade uncertainty triggered by Trump’s policies are hitting the stock market, stifling the momentum trading that previously drove the market up. The S&P 500 index has cumulatively fallen 0.3% in 2025, and a further drop of 1.4% would erase all gains since Trump’s election.
Deribit: Market Officially Turns Bearish from Bullish, Short-Term Outlook Not Optimistic
According to Lin Chen, head of Deribit’s Asia-Pacific business, the market has officially turned from bullish to bearish based on data and indicators, and the short-term outlook is not optimistic, with significant selling pressure expected during any rebounds. However, from a long-term perspective, she remains optimistic, believing that when the macro environment (including tariffs, inflation, interest rate cuts, geopolitical conflicts, and breakthroughs in artificial intelligence technology) improves, the Bitcoin market will see another upward trend.
As a holder in the industry, Lin Chen plans to continue holding Bitcoin in the coming months, generating income by selling call options and purchasing a small amount of long-term put options to increase her spot holdings.
Data: 7 Out of 16 Popular Bitcoin Miners Have Exceeded Shutdown Prices, with the Lowest Shutdown Price at $51,617
Bitdeer data shows that with Bitcoin priced at $84,859.69, 7 out of 16 popular Bitcoin miners have reached or exceeded their shutdown prices, with the shutdown price of the Shennong miner M53s at $83,878.96, already in a critical state, with daily earnings remaining at only $0.17. The Shennong miner M50, Antminer S19 Pro water-cooled version, Antminer S19j Pro, Antminer S19 Pro, Shennong miner M30S++, and Antminer S19 are among the 6 miners that are completely unprofitable, with electricity costs exceeding 110%.
Among the miners that remain profitable, the Antminer S21 water-cooled version has the lowest shutdown price at $51,617.82, with electricity costs accounting for 60.72%; the Seal miner A2 water-cooled version and A2 standard version have shutdown prices of $53,230.88, with electricity costs accounting for 62.61%; the Shennong miners M63S and M60S have shutdown prices of $59,683.11, with electricity costs reaching 70.20%.
Crypto Trading Platform BitMEX is Seeking Buyers, Has Engaged Investment Bank to Assist in Sales Process
According to CoinDesk, BitMEX, a cryptocurrency exchange and derivatives trading platform co-founded by Arthur Hayes in 2014, is seeking buyers. Sources revealed that this veteran exchange, which made perpetual futures the most popular product for leveraged traders, has engaged boutique investment bank Broadhaven Capital Partners to assist in the sales process since the end of last year.
BitMEX pleaded guilty in 2020 to failing to implement adequate anti-money laundering measures. After criminal charges were brought in the U.S., Hayes and co-founders Ben Delo and Samuel Reed resigned from their CEO positions. Both BitMEX and Broadhaven declined to comment on the acquisition plans.
Recently, mergers and acquisitions in the crypto derivatives space have been active, with major exchanges Kraken and Coinbase reportedly competing to acquire leading crypto options exchange Deribit, while FalconX also acquired Arbelos Markets earlier this year to expand its derivatives business.
Argentinian President Milei Under FBI Investigation for Promoting Libra Incident
According to Bitcoin.com News, Argentinian President Javier Milei is under investigation by the FBI for previously promoting the failed cryptocurrency project named Libra on social media. Reports indicate that the Libra project is associated with an unregistered company and lacks necessary compliance measures.
Mask Network Founder: Wallet on Phone Hacked 3 Hours Ago, Private Key May Have Been Stolen at Birthday Party
Mask Network founder Suji Yan stated that today is his birthday, and about 3 hours ago, a public wallet carried on his phone was hacked, with over $4 million in assets stolen.
Suji Yan indicated that all stolen transactions appeared to be manual and lasted over 11 minutes. Therefore, either the private key was leaked on his birthday, or it could have been an offline attack.
Suji Yan mentioned that he was at a private gathering with a dozen friends, and his phone was left unattended for a few minutes while he went to the restroom. Suji Yan expressed trust in his friends, but noted that this is a nightmare for anyone, and he has contacted SlowMist and ZachXBT for assistance in the investigation.
U.S. Initial Jobless Claims for the Week Ending February 22 at 242,000, Expected 221,000, Previous Value Revised to 220,000
According to Jin10 data, initial jobless claims in the U.S. for the week ending February 22 were 242,000, expected to be 221,000, with the previous value revised from 219,000 to 220,000.
U.S. Senate Digital Assets Subcommittee Holds First Hearing Focused on Stablecoin Regulation
According to CoinDesk, the U.S. Senate Banking Committee's first digital assets subcommittee held a hearing on February 27, focusing on stablecoin regulation and the legislative framework for digital assets, chaired by Republican Senator Cynthia Lummis from Wyoming.
Lummis stated in her opening remarks, "We are at a critical moment in creating a bipartisan legislative framework for stablecoins and market structure." She views the bill she will introduce with New York Democratic Senator Kirsten Gillibrand as a natural counterpart to the House's "21st Century Financial Innovation and Technology Act." Senate Banking Committee Chairman and South Carolina Republican Tim Scott confirmed that stablecoins will be a top priority for the committee.
Former CFTC Chairman Timothy Massad suggested that lawmakers prioritize stablecoin regulations and "postpone market structure-related legislation for several years." He noted, "The SEC has withdrawn enforcement cases and formed a cryptocurrency working group to address these issues; we should allow these regulatory initiatives to make progress rather than rush to rewrite securities laws." Massad warned that existing proposals could "create more confusion than clarity," especially regarding the definition of digital asset attributes.
U.S. SEC Defines Meme Coins as Not Securities, Investors Must Bear Their Own Risks
According to Jin10, the U.S. Securities and Exchange Commission (SEC) Corporate Finance Regulation Division has issued guidance on meme coins, stating that they are not considered securities but are similar to collectibles. The division believes that the trading of meme coins described in the guidance does not involve the issuance and sale of securities as defined by federal securities laws.
Therefore, individuals participating in the issuance and sale of meme coins do not need to register their transactions with the commission under the Securities Act of 1933, nor do they need to comply with the registration exemption provisions in the Securities Act. As a result, buyers or holders of meme coins are not protected by federal securities laws.
Pump.fun Officially Regains Control of X Account, Confirms Hacker Attack Limited to Social Platform
According to an official statement, the Pump.fun team has successfully regained control of the hacked social media account and confirmed that the security incident was limited to the X platform account being compromised, with no impact on other systems.
According to the official investigation results disclosed, the team learned of the account breach around 15:20 UTC on February 26, 2025. Despite the team implementing strict security measures, including using physical security keys, Google two-factor authentication, and regularly changing complex passwords, the hacker successfully bypassed these defenses.
On-chain data analyst ZachXBT's investigation indicates that this attack may have been carried out by the same group responsible for previous hacking incidents targeting Jupiter and WIF, with the attackers possibly deceiving X platform employees through social engineering or exploiting system vulnerabilities to gain account control.
The Pump.fun team specifically reminds users that the official account and its associated personnel will never publish contract addresses or wallet addresses, urging the community to verify the authenticity of information through multiple channels before making any decisions.
Babylon Foundation: Airdrop Scope Will Be Expanded to All NFT Holders
The Babylon Foundation announced on the X platform that Cuneiform Assets Limited has decided to expand the airdrop scope, emphasizing the importance of community voices.
As a result of extensive evaluation, Cuneiform Assets has decided to cancel the staking history requirement. This means that all NFT holders are now eligible for the NFT airdrop, but must comply with all other airdrop eligibility requirements and adhere to the airdrop terms.
Market Dynamics
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