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BlockBeats News, February 26th, Alliance co-founder Qiao Wang posted on social media, saying that investors have spent months looking for a scapegoat for the Bitcoin bear market, including Jane Street, quantum computing, tech stock sell-off, and so on. But ultimately, Bitcoin is an asset without cash flow anchoring, so the primary driver of its price action is only... technical analysis. And the essence of technical analysis is crowd psychology. People who believe in the four-year cycle are more than those who believe in the five-year cycle. Once the trend is broken, people start taking profits or stop-loss exits. That's it. Most other explanations are more like correlation than causality. Now, all we have to do is wait patiently for the market psychology to fully surrender and wait for the trend to reverse. This does not necessarily require an external catalyst.

According to documents submitted to the U.S. Securities and Exchange Commission (SEC) on February 25, the company has officially appointed Jennifer Fulk as Chief Financial Officer (CFO), with the appointment to take effect on March 2, 2026. This executive change marks an important step in Soleno Therapeutics' strategic planning. Jennifer Fulk has extensive experience in financial management and is expected to bring new momentum to the company's development. With the arrival of the new CFO, Soleno Therapeutics is expected to further strengthen its financial operations system, providing strong support for future business expansion.

BlockBeats News, February 26th, Cryptocurrency market analyst Axel published a report on social media stating that CryptoQuant data shows that Bitcoin's "MVRV Z-Score" is currently -2.28, dropping below the bear market bottoms of 2018 (-1.6) and 2022 (-1.4), entering a "strong bear" zone. The MVRV Z-Score is a standardized deviation value of market value relative to realized value; a negative value indicates that the market price is below on-chain "fair value." Axel explained that this anomaly can be attributed to the scale of realized value in the ETF era, where a large amount of institutional capital inflow has raised the cost basis, making the Z-Score more sensitive to price adjustments. If the Z-Score rebounds above -1.5 and the price holds above $65,000, it will be the first technical confirmation signal to exit the pressure zone. However, the NUPL indicator, which measures market sentiment, is currently at 0.197, still in the "hope" zone, far from reaching the surrender zone historically seen at cycle bottoms. During a true surrender phase (December 2018, March 2020, November 2022), NUPL would drop into the negative territory, with the majority of holders experiencing net losses. The current 0.197 is in the middle of the historical range, still far from the true pain zone. The data indicates a weakening market sentiment, but not yet panic. Most participants are still in unrealized profits (NUPL> 0), but confidence has significantly wavered.