Huoxun Finance News, February 3 – Arbitrum issued a security alert on its X platform stating that the official X account of ArbitrumGovernance (@arbitrumdao_gov) has been compromised. Do not click on any links posted by this account or interact with it. The team is working to restore access to the account and will release updates as they become available.

Huoxun Finance reported on February 3rd that, according to Cointelegraph, the US ISM Manufacturing Purchasing Managers' Index (PMI) unexpectedly rose above 50 in January, the first time since mid-2022. This data has sparked differing opinions among analysts regarding the "reflation" trade and its impact on Bitcoin prices. Andre Dragosch, Head of European Research at Bitwise, believes the PMI rebound is a result of significant increases in gold and silver prices, signifying the formation of a "reflation" environment, which historically has often been accompanied by Bitcoin bull markets. Trader Michaël van de Poppe, however, points out that while the PMI has broken 50 for the first time in three years, this is not necessarily positive for the business cycle or Bitcoin; previous Bitcoin gains were mainly attributed to liquidity from ETFs, and the market is only now beginning to truly react. However, trader TitanofCrypto holds a different view. He compared PMI data with Bitcoin price movements, pointing out that when the PMI rose above 50 in 2013, 2016, and 2020, Bitcoin exhibited a hidden bullish divergence, subsequently initiating a bull market; while this current PMI rebound is accompanied by a conventional bearish divergence. He believes that the same indicator with different structures can lead to different results. The current data paints an unclear picture of the US inflation path, and the market is concerned that inflation may rebound in 2026.

According to Huoxun Finance on February 3, BlackRock deposited 1,134.13 BTC (worth $88.69 million) and 35,358 ETH (worth $80.65 million) into Coinbase, and may deposit more.

According to CoinDesk, Bitcoin treasury company Strategy's stock price is currently near $141, down about 75% from its all-time high of around $540 in November 2024, marking its seventh consecutive month of decline. If it continues to fall in February, it could see its eighth consecutive month of decline. Compared to Bitcoin's price decline of approximately 40% from its all-time high last October, MSTR's stock performance has lagged by about 35 percentage points. The company's market capitalization to Bitcoin Net Asset Value (mNAV) ratio is currently 1.09, still above 1, meaning the company can still raise funds to purchase Bitcoin through public offerings of common stock. However, if the stock price falls further, the scale of future Bitcoin purchases could shrink. If mNAV falls below 1, the company may be forced to pause purchases and wait for a market rebound. In the last bear market (2022), Strategy raised only $275 million and used that money to purchase approximately 10,000 Bitcoins.

According to a report by Cointelegraph on February 3rd, XapoBank's "2025 Digital Wealth Report" shows that the usage pattern of its Bitcoin mortgage lending business is shifting from short-term liquidity to long-term financial planning. The report states that 52% of the Bitcoin mortgages issued by the bank in 2025 have a term of 365 days, and these long-term loans remain outstanding even as new lending slows throughout the year. CEO Seamus Rocca stated that increased confidence in Bitcoin's long-term prospects has prompted holders to choose borrowing rather than selling, demonstrating a shift from short-term speculation to long-term thinking. The report points out that although loan issuance slowed in the second half of the year, the outstanding loan balance continued to grow, indicating that borrowers are using loans as a long-term tool.