Socit Gnrale expands its euro stablecoin to the XRP Ledger, enhancing access to regulated digital assets and fast settlement.

The post Société Générale expands euro stablecoin deployment to XRP Ledger appeared first on Crypto Briefing.

CME crypto futures move to 24 7 trading on May 29 after record $3T in 2025 volume and rising institutional demand.

The post CME Group to launch 24/7 trading for crypto futures and options on May 29 appeared first on Crypto Briefing.

AI's capability to understand and predict human behavior poses ethical concerns about privacy and autonomy. The average person's digital privacy is increasingly compromised due to advancing technologies. AI accelerates intimate data collection, enhancing existing business models.

The post Andy Yen: AI knows you better than you know yourself, privacy is a fundamental human right, and the unsustainable nature of AI subscription models | Bankless appeared first on Crypto Briefing.

Modernizing existing financial infrastructures is more effective than trying to reach every individual user directly. Businesses already connected with users can enhance services through modernization. Yellowcard is the largest licensed stablecoin payments infrastructure provider for emerging mar...

The post Chris Maurice: Modernizing financial infrastructures boosts access, Yellowcard leads in stablecoin payments for emerging markets, and information asymmetry hinders currency access | Empire appeared first on Crypto Briefing.

Digital asset treasuries are companies holding crypto on their balance sheets, often trading at discounts. M NAV is a metric for valuing companies relative to their crypto holdings. The decline in crypto prices has significantly impacted M NAVs, raising questions about equilibrium.

The post Steve Ehrlich: Digital asset treasuries are trading at deep discounts, M NAVs reveal market valuation challenges, and Ethereum’s staking makes it a superior asset | Unchained appeared first on Crypto Briefing.

Bitcoin Magazine

CME Plans 24/7 Crypto Futures Trading Starting May 29

CME Group will begin offering 24/7 trading for its regulated cryptocurrency futures and options on May 29, pending regulatory review, expanding access to its digital asset derivatives suite as demand from institutional participants grows.

The world’s largest derivatives marketplace said continuous trading will start Friday, May 29 at 4:00 p.m. Central Time on its CME Globex platform. 

The move is designed to give clients round-the-clock access to hedging and trading tools tied to bitcoin and other digital assets, aligning futures markets more closely with the nonstop nature of spot cryptocurrency trading.

Tim McCourt, CME Group’s global head of equities, foreign exchange, and alternative products, said customer demand for risk management in the digital asset sector has reached new highs.

“Client demand for risk management in the digital asset market is at an all-time high, driving a record $3 trillion in notional volume across our Cryptocurrency futures and options in 2025,” McCourt said in a statement.

CME said the shift reflects the growing role of regulated derivatives in crypto market structure, particularly for professional investors seeking exposure with clearing and oversight protections. Unlike offshore venues, CME’s crypto contracts operate within the U.S. regulatory framework, offering standardized settlement and reporting.

Under the new schedule, CME cryptocurrency futures and options will trade continuously with at least a two-hour weekly maintenance period over the weekend. 

The exchange said holiday and weekend trading from Friday evening through Sunday evening will carry the trade date of the following business day. Clearing, settlement, and regulatory reporting will be processed the next business day as well.

The change comes as CME’s cryptocurrency complex continues to post record activity. The exchange reported year-to-date average daily volume of 407,200 contracts in 2026, representing a 46% increase from the same period last year. Average daily open interest reached 335,400 contracts, up 7% year over year.

Futures trading has driven much of the growth. CME said futures average daily volume stands at 403,900 contracts year to date, up 47% compared with last year’s levels.

Traditional markets are accepting crypto infrastructure

The move toward a 24/7 schedule follows a broader trend in market infrastructure adapting to digital asset trading patterns. Crypto markets operate without traditional closing hours, and institutional traders have sought products that match the constant availability of underlying spot markets.

CME said not all markets lend themselves to nonstop trading, but cryptocurrency products represent a category where continuous access supports risk management needs. The exchange framed the change as a way to ensure clients can manage exposure at any time, particularly during periods of heightened volatility.

CME Group operates exchanges across major asset classes including interest rates, equity indexes, foreign exchange, energy, agriculture, and metals. Its platforms include CME Globex for futures and options trading, BrokerTec for fixed income, and EBS for foreign exchange.

The company also runs CME Clearing, one of the world’s largest central counterparty clearing providers, which plays a role in reducing counterparty risk in derivatives markets.

The May 29 launch date remains subject to regulatory review. If approved, the expanded schedule will mark a shift in how U.S.-regulated crypto derivatives are traded, bringing futures and options markets closer to the continuous rhythm of global cryptocurrency trading.

This post CME Plans 24/7 Crypto Futures Trading Starting May 29 first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

The UAE Has Quietly Built Up a $453 Million Bitcoin Reserve: Arkham 

Arkham Intelligence says bitcoin mining operations linked to the UAE’s Royal Group are sitting on roughly $344 million in unrealized profit, excluding energy costs.

Arkham attributed about 6,782 BTC to wallets connected with UAE royal-linked mining activity, valuing the holdings at approximately $453.6 million at the time of analysis. The firm said the implied profit reflects the difference between current bitcoin prices and estimated production costs, though it noted the figure does not account for electricity and operational expenses.

Arkham’s onchain data also points to a steady pace of mining output.

Over the past seven days, the UAE-linked wallets produced around 4.2 BTC per day, suggesting ongoing industrial-scale operations. The analytics firm added that the UAE appears to be retaining most of its self-mined bitcoin, with the last recorded outflow from the wallets occurring roughly four months ago.

The findings underscore how the UAE has pursued a different path from many other governments with large bitcoin positions. 

While countries such as the United States and the United Kingdom hold significant reserves largely tied to law enforcement seizures, Arkham said the UAE’s accumulation has been driven primarily by domestic mining activity.

The UAE’s mining push traces back to 2022, when Citadel Mining, an entity linked to Abu Dhabi’s royal family, established large-scale operations on Al Reem Island. That same year marked a broader regional effort to attract digital asset infrastructure, supported by capital from state-connected firms.

In 2023, Marathon Digital Holdings and Abu Dhabi-based Zero Two announced a joint venture aimed at developing 250 megawatts of immersion-cooled bitcoin mining capacity in the UAE. The project was one of the largest disclosed industrial mining deployments in the region, reflecting the country’s ambitions to become a hub for crypto infrastructure.

Arkham said its latest estimate revises down an earlier projection from August 2025, when the firm attributed roughly $700 million in mined bitcoin to the UAE during a period of higher prices. At that time, Arkham estimated the country had mined about 9,300 BTC and held roughly 6,300 BTC, ranking it among the top sovereign entities with verified onchain holdings.

Under the updated figures, the UAE’s holdings represent about 0.03% of bitcoin’s total supply, according to Arkham.

Abu Dhabi’s Bitcoin ETF exposure

Abu Dhabi’s sovereign wealth funds are also getting in on the fun. This week they disclosed a major increase in their exposure to BlackRock’s iShares Bitcoin Trust (IBIT), reporting ownership of 12.7 million shares worth about $630.6 million as of Dec. 31. That marks a 46% jump from the 8.7 million shares previously reported at the end of September.

Mubadala, which oversees a global portfolio across technology, healthcare, infrastructure, private equity, and public markets, manages more than $330 billion in assets. Its mandate is to generate long-term returns for the Abu Dhabi government while supporting economic diversification beyond oil.

Another Abu Dhabi-based firm, Al Warda Investments, also raised its IBIT position in Q4 2025 to 8.22 million shares, up from 7.96 million in Q3, continuing a shift toward public bitcoin ETF exposure that began earlier in the year.

Al Warda, part of the Abu Dhabi Investment Council under Mubadala, has traditionally focused on private investments, making its growing allocation to IBIT notable for the region. Together, Abu Dhabi investment vehicles held more than 20 million IBIT shares at the end of last year, with a combined value above $1.1 billion.

Arkham did note that the United States remains the largest sovereign bitcoin holder, with approximately 328,000 BTC valued at $22 billion, largely derived from seizures tied to cases such as the Bitfinex hack and Silk Road investigations. 

At time of writing, Bitcoin is trading right below $66,000.

This post The UAE Has Quietly Built Up a $453 Million Bitcoin Reserve: Arkham  first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Voltage Introduces Revolving Credit Line for Bitcoin Settlement, With USD Repayment

Voltage, a provider of Bitcoin infrastructure, today launched Voltage Credit, a revolving line of credit designed to enable businesses to send payments over Bitcoin rails with instant settlement and settle entirely in U.S. dollars, according to a note shared with Bitcoin Magazine. 

Voltage Credit allows enterprises to draw from a credit line to send payments that clear in seconds, bypassing the delays associated with traditional settlement systems.

Businesses repay the credit line in dollars from a bank account, without the need to pre‑fund accounts or hold cryptocurrency on their balance sheet, the company said.

Voltage positions the product as a solution for enterprises that face settlement delays, chargeback exposure, and high costs from legacy payment systems.

The company says the offering gives businesses access to instant payment finality and low fees characteristic of Bitcoin settlement infrastructure while avoiding forced cryptocurrency exposure.

The launch follows Voltage’s role in facilitating a $1 million Lightning Network payment between Secure Digital Markets and Kraken, which the company has cited as evidence of institutional‑scale settlement capability.

A revolving, flexible, Bitcoin credit solution

Unlike conventional Bitcoin lending products, Voltage Credit functions as a true revolving credit facility. Businesses draw only the amount they need, incur interest on the outstanding balance, and restore available credit upon repayment. 

Voltage says the product does not require pre‑funding and can be repaid in dollars, simplifying treasury operations and accounting.

Credit limits are based on a revenue‑oriented underwriting model that reflects transaction volume processed through Voltage infrastructure. The product supports value movement over both the Lightning Network and on‑chain Bitcoin transactions.

Voltage describes the offering as relevant for both crypto‑native companies and traditional enterprises exploring Bitcoin payment infrastructure. 

For entities outside the crypto ecosystem, Lightning settlement presents lower cost and faster settlement than some legacy rails, and Voltage Credit aims to deliver those advantages without requiring management of crypto assets. 

For organizations within the digital asset space, traditional financing often treats Bitcoin revenue as unsupported for underwriting and crypto lending products typically require BTC as collateral, creating taxable events and exposing treasuries to market volatility.

Voltage Credit carries no origination fees and applies a fixed annual percentage rate on outstanding balances. The product is available to qualified U.S. businesses, the company said.

This post Voltage Introduces Revolving Credit Line for Bitcoin Settlement, With USD Repayment first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Ledn Sells $188M Bitcoin-Backed Bonds in First-of-Its-Kind Deal

Crypto lender Ledn Inc. has sold $188 million in securitized bonds backed by Bitcoin-linked loans, marking a first-of-its-kind deal in the asset-backed debt market.

The transaction includes two bond tranches, according to Bloomberg, one of which received an investment-grade rating and priced at a spread of 335 basis points over the benchmark rate, according to people familiar with the matter. Jefferies Financial Group Inc. served as the sole structuring agent and bookrunner.

The bonds are secured by a pool of more than 5,400 consumer loans issued by Ledn, where borrowers used their Bitcoin holdings as collateral, according to an S&P Global Ratings report. 

The loans carry a weighted average interest rate of 11.8%.

Bitcoin’s price volatility remains a central risk. Loans tied to the cryptocurrency can fall underwater if prices decline sharply. 

S&P’s Ledn bitcoin bond ratings

S&P said investors may be partly protected because Ledn uses algorithmic liquidation to sell Bitcoin collateral when a default trigger is reached, applying the proceeds to repay outstanding loans.

The report noted that bitcoin’s sharp decline in early February forced Ledn to liquidate a “significant share” of loans slated for the deal. S&P said all liquidations were executed below an 81.4% LTV threshold, shifting the portfolio mix toward fewer loans and more cash in the funding account, while keeping the total collateral package at $200 million.

S&P’s analysis focused on borrower default behavior, recovery rates during liquidation, and concentration risk.  The agency said margin-driven defaults represent the most acute stress scenario because liquidations occur when bitcoin prices are falling, potentially into thin or volatile markets where execution slippage matters most.

Because Ledn underwrites loans primarily based on bitcoin collateral rather than borrower credit profiles, S&P said traditional consumer loan performance metrics are limited. 

At the ‘A’ stress level, the agency applied a conservative 100% default assumption, with modeled stresses for the rated notes including a 79% default rate and 68% recovery for the BBB- class A tranche.

S&P highlighted structural mitigants including overcollateralization, early amortization triggers, a liquidity reserve funded at 5% of note balance, and Ledn’s automated liquidation engine, which it said has successfully liquidated 7,493 loans over seven years without principal losses.

Ledn plans to require cash interest payments for renewals starting in 2027, which S&P said reduces liquidity stress over time. 

Bitcoin has since recovered modestly but remains about 46% below its October high, trading near $66,000 today.

This post Ledn Sells $188M Bitcoin-Backed Bonds in First-of-Its-Kind Deal first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

FutureBit launches Apollo III, U.S.-Engineered Home Bitcoin Miner

FutureBit launched the Apollo III today, a new home Bitcoin mining system combining a high-performance miner and a full Bitcoin node in a single desktop device.

The system is built around next-generation 3nm American-designed ASICs and a custom in-house controller, marking the first U.S.-engineered Bitcoin ASIC paired with a domestically built hardware platform in a consumer desktop form factor, according to a note shared with Bitcoin Magazine.

The Apollo III continues FutureBit’s mission to decentralize hash power through low-power, individual-focused systems.

Founder John Stefanopoulos highlighted the device’s role in strengthening Bitcoin decentralization, referencing the company’s 2024 milestone of mining a modern-era sovereign solo block.

“In 2024, our customers mined one of the first modern- era sovereign solo blocks, sending shockwaves through the industry and proving that industrial scale wasn’t a prerequisite for meaningful participation in Bitcoin,” Stefanopoulos said. “Apollo III expands that possibility. Nearly 20 terahash of efficient, accessible hash power in the hands of individuals strengthens the decentralization that Bitcoin was built for.”

Key specifications include up to 18 TH/s in Turbo Mode, up to 15 J/TH efficiency in Eco Mode, an integrated full Bitcoin node with solo mining capability, and a desktop‑class controller featuring 8 ARM cores, 8 GB RAM, and a 2 TB SSD.

Designed for continuous operation in a home or office, Apollo III provides more than 10 TH/s while consuming power similar to standard household electronics. The company said the Apollo III is a personal computing solution for Bitcoin infrastructure, giving individuals the tools to run both a miner and a node without relying on industrial-scale operations.

FutureBit’s Bitcoin mining at home

FutureBit’s Apollo line of home Bitcoin miners, including the Apollo II with 10 TH/s and a full Linux node, makes mining at home accessible while promoting network decentralization. 

The company aims to restore “full Bitcoin citizenship” by combining mining power with running a full node, echoing Satoshi’s original vision. While home mining is no longer competitive for profit, it offers privacy, education, and the ability to verify balances without relying on third parties.

Home miners can contribute to decentralization both geographically and in block template diversity, reducing the influence of large industrial pools and potential regulatory capture. 

By empowering individuals to mine and run their own nodes, FutureBit seeks to foster a more resilient, distributed, and user-controlled Bitcoin network.

This post FutureBit launches Apollo III, U.S.-Engineered Home Bitcoin Miner first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Hyperliquid launched a policy center in Washington on Feb. 18, seeded with 1 million HYPE tokens worth roughly $28 million, led by Jake Chervinsky, the crypto lawyer who spent years building the industry's Capitol Hill playbook.

The Hyperliquid Policy Center operates as a 501(c)(4) focused on decentralized finance and perpetual derivatives. This isn't just another crypto company hiring lobbyists. It's a protocol that funds a sustained DC presence with its native token, making policy infrastructure part of the product itself.

The move signals something broader: DeFi's “code routes around regulation” era is coming to an end. Policy is now part of the moat. And the battleground is derivatives, because perpetual futures are the largest real on-chain use case that US regulators still don't know how to handle.

Why derivatives are the line

Hyperliquid processed $256 billion in perpetual futures volume over the past 30 days, with open interest exceeding $5 billion.

When a venue becomes meaningful market infrastructure for leveraged trading, it attracts scrutiny. The UK maintains its ban on retail crypto-derivatives even as it loosens other access.

The CFTC brought enforcement actions against bZeroX and Ooki DAO for offering illegal off-exchange digital-asset trading. Perps dominate crypto derivatives markets, accounting for roughly 75% of total activity, largely because onshore rules remain ambiguous.

Perpetuals don't expire and use continuous funding rates instead of settlement mechanics. That simplicity creates regulatory friction: perps don't fit cleanly into existing commodity futures statutes.

Chervinsky told Fortune that perps offer “more direct exposure to the underlying asset” than traditional derivatives, but that same design makes them harder to regulate.

The Hyperliquid Policy Center exists to make perps legible to lawmakers before lawmakers make them illegal by default.

The DC window for DeFi is open

Treasury Secretary Scott Bessent told Congress it needs to pass a major crypto market-structure bill by spring 2026, warning the coalition could fracture if delayed.

The SEC and CFTC held a joint harmonization event on Jan. 27. These aren't abstract conversations, they're drafting sessions for the map.

The CLARITY Act passed the House in July 2025 and sits in the Senate Banking Committee. It establishes a federal market structure for digital commodities, including frameworks for exchange and broker registration, and defines terms such as “mature blockchains.”

However, the Congressional Research Service's analysis explicitly states that CLARITY's framework excludes derivatives. Even if market structure legislation passes, leveraged perpetuals remain unresolved.

Meanwhile, stablecoin regulation is becoming law. The GENIUS Act was passed in July 2025, establishing a federal framework for a stablecoin. Standard Chartered forecasts that stablecoin supply will grow to $2 trillion by 2028.

The contrast is stark: payment rails are gaining clarity, while trading rails remain ambiguous. This split defines crypto's next DC battle.

The K Street numbers

Digital asset sector lobbying spending rose 66% to $40.6 million in 2025, according to OpenSecrets data. Big banks spent $86.8 million.

Crypto is learning DC the TradFi way: sustained institutional presence, technical research, relationship cultivation. Hyperliquid's $28 million seed round exceeds what most crypto advocacy groups spend in a year. The Digital Chamber spent $5.6 million in 2024, and the Blockchain Association spent $8.3 million.

The Hyperliquid Policy Center isn't alone.

The DeFi Education Fund has operated since 2021. Ethereum ecosystem protocols formed the Ethereum Protocol Advocacy Alliance in November 2025. The Solana Policy Institute exists.

These aren't ad hoc legal defense funds. They're institutionalized policy layers operating as 501(c)(4) nonprofits with full-time staff and Hill briefing schedules.

What a policy moat means

DeFi venues now compete on three dimensions: market design (user experience, liquidity, fees), compliance design (what can be compelled, who controls interfaces), and narrative design (how “decentralized” gets defined in statute).

CLARITY creates registration concepts for digital commodity exchanges and brokers, but explicitly excludes derivatives, leaving perps in regulatory limbo.

The practical implication: even if Hyperliquid's protocol remains globally accessible, US-facing front ends will face pressure to adopt registration-like standards, such as surveillance, disclosure, segregation, and KYC gating.

The question is whether the US uses routes through compliant intermediaries or targets control points, such as operators and governance participants, for enforcement.

The CFTC's enforcement history suggests regulators will pursue the latter if the former doesn't materialize.

Three paths forward

The next six to eighteen months will determine how the US treats rules on decentralized derivatives.
The first scenario consists of regulated access paths emerging. Spring 2026 legislation passes, with follow-on guidance on derivatives. US-facing front ends adopt registration-like standards while base protocols remain globally accessible.

Volume consolidates into venues that can afford compliance, creating policy moats.

The second scenario is if front-end chokepoint crackdowns intensify. Enforcement focuses on control points, such as operators and governance actors. Geofencing proliferates, US-facing interfaces degrade, and retail users get pushed offshore. Trading continues but fragments between jurisdictions.

The third scenario becomes concrete if legislative breakdown leaves perps offshore.

The coalition Bessent warned about fractures. CLARITY stalls or passes without derivatives provisions. The US gets clarity on spot and stablecoins, but leaves perps in a gray zone. Offshore dominance persists.

All three scenarios involve policy work. The difference is timing and leverage. Early engagement when rules are being drafted carries more weight than reactive defense when enforcement actions land.

The shift nobody wanted to admit

For years, crypto has positioned decentralization as regulatory arbitrage: build systems that can't be shut down and route around legacy rules.

That narrative is colliding with reality. When your protocol processes billions in daily volume, generates revenue flowing to token holders, and offers leverage to retail users in a 24/7 global market, you're not routing around regulation.

Instead, you're building parallel infrastructure that regulators will eventually force into their framework or shut out of their jurisdiction.

Hyperliquid's move to Washington openly acknowledges this.

DeFi is entering its K Street era not because protocols have lost their ideological moorings, but because waiting for enforcement-driven precedent is riskier and less likely to produce workable rules.

While DC debates, Hong Kong plans to issue its first stablecoin licenses in March 2026.

The EU's MiCA provides a live token framework. The UK loosens access to some crypto products while maintaining strict perimeter controls for derivatives. Chervinsky's warning that “other nations seize the opportunity” isn't hypothetical.

The next moat won't just be technical superiority or liquidity depth. It will be compliance architecture that works, narrative frameworks that resonate with lawmakers, and relationships that let you shape rulemaking before rulemaking shapes you.

The market will test whether this works. If the Hyperliquid Policy Center helps secure a regulatory path for on-chain perps in the US, other protocols will follow suit.

If it doesn't, the $28 million becomes a case study in expensive signaling. Either way, the experiment is live. DeFi went to Washington. Now, the market finds out whether Washington was waiting.

The post If CLARITY stalls, on-chain perps stay offshore — and US traders get pushed out appeared first on CryptoSlate.

Dragonfly Capital closed its fourth fund at $650 million this week, the same size as its 2022 vehicle, raised into a venture market Fortune calls a “mass extinction event.”

The headline reads like a vote of confidence: institutional capital returning, crypto winter thawing, alt season loading. But peel back one layer and the picture warps.

Dragonfly's partners describe a pivot toward fintech rails and tokenized real-world assets, with the expectation of fewer “native app tokens.”

This isn't a blanket “alts to the moon” signal. It's a bet that value accrues to businesses that don't need tokens at all, or to tokens that trade like asset wrappers rather than reflexive beta plays.

The contrarian read: VC money flooding back can reproduce the exact playbook that broke in 2025.

More private capital, deployed into the same low-float launch structures that trained markets to front-run unlock calendars, creates more scheduled sell walls instead of spot-buying firepower.

Manufactured scarcity, scheduled dilution

The dominant token launch design of the last cycle worked like engineered hype.

Teams launched with tiny circulating supply, often single-digit percentages of total issuance, pushing prices skyward at Token Generation Events while locking most allocation behind multi-year vesting schedules.

Binance Research tracked 2024 launches and found a median market-cap-to-fully diluted valuation ratio of 12.3%, indicating that buyers purchased into structures in which 87.7% of the supply was locked.

The math was challenging: to keep prices stable during that supply flow, the report estimated the cohort would need approximately $80 billion of incremental demand-side liquidity.

Without it, every unlock became a known dilution event.

Keyrock analyzed more than 16,000 token unlock events and documented a recurring pattern. Drawdowns build across the 30 days before the unlock, accelerate into the final week, then stabilize roughly 14 days after.

Animoca Brands Research quantified the effect: for unlocks exceeding 1% of the circulating supply, prices decline by an average of 0.3% in the week before and by another 0.3% in the week after.

The unlock calendar becomes a permanent short thesis baked into the token's forward curve.

Memento Research's 2025 launch tracker makes the verdict empirical: of 118 tokens that went live last year, 84.7% now trade below their TGE valuation, with a median drawdown of 71.1% on a fully diluted basis and 66.8% on a market cap basis.

High FDV launches underperformed the equal-weight basket. The bigger the hype, the steeper the fall.

Why “crypto VC funding is back” doesn't mean spot buying

Dragonfly's $650 million doesn't translate into $650 million in market purchases that would lift token prices today.

Venture funding flows into private allocations: equity stakes, Simple Agreements for Future Tokens at discounted rates, and early-stage rounds that give insiders supply before public listings.

The price support arrives later, often structured as the unlock mechanism itself.

Binance Research explicitly connects the rise of low-float, high-FDV structures to inflows of private capital and aggressive pre-launch valuations.

The same input of more VC money can reproduce the same output: more dilution overhang, more front-runnable unlock calendars. Dragonfly's own thesis reinforces this.

Fortune quotes partner Tom Schmidt describing crypto's “financial era,” where native protocol tokens give way to tokenized stocks and fintech rails. That's bullish for certain businesses, but it implies a world where upside accrues to equity or regulated products, not to freely floating alts.

Take this week's example. On Feb. 20, LayerZero unlocks approximately $46 million in ZRO tokens, representing 5.98% of the circulating supply and concentrated in insider allocations.

Tokenomist flags it as a near-term overhang in thin liquidity. This is what “bullish VC” looks like in practice: a public unlock calendar that provides sophisticated participants with a known exit window and retail holders with a predictable drawdown.

The scale problem

Tokenomist's 2025 review tallies $97.43 billion of tokens released across the year, split into $18.77 billion from insider unlocks and $78.66 billion from non-insider allocations.

For the week of Feb. 16-22 alone, scheduled releases exceed $700 million. This isn't background noise, but a structural sell-side flow that dwarfs organic demand in all but the most liquid assets.

Keyrock's data confirms recipient type matters, with team and investor unlocks proving more damaging than ecosystem allocations, likely because insiders face fewer coordination costs and clearer profit incentives.

Binance Research warns that without matching buy-side demand, the path forward requires tens of billions in new capital just to tread water.

Dragonfly's $650 million, even if fully deployed into token deals, represents a fraction of the liquidity needed to absorb the unlock schedule of projects already live.

What good tokenomics actually looks like

The response to failed low-float launches isn't to eliminate tokens, but to redesign the incentive structure so that unlocks don't function as ticking time bombs.

Backpack launched with 25% initial float, entirely community-facing, and structured the remaining supply around growth-triggered unlocks tied to user growth and protocol milestones.

Instead of time-based cliffs, supply release connects to key performance indicators. The market can price optimism or pessimism in real time, rather than pricing a deterministic supply schedule.

Jupiter allocated 50% of protocol revenue to token buybacks, creating a verifiable sink tied to actual cash flows. The team has discussed targeting net zero emissions in 2026 by restructuring distributions.

Revenue-linked buybacks convert protocol success into deflationary pressure rather than purely dilutive issuance.

USDai's $CHIP sale allocated 7% of supply to the public sale, unlocked 100% at TGE, and published explicit mechanics and dates.

The approach trades early price stability for radical transparency. There's no hidden insider schedule, no surprise vesting tranches. The token launched volatile, but without the structured sell-wall that depresses prices months later.

Dragonfly's pivot toward fintech rails offers another blueprint: some products don't need tokens. If the business model is regulated as a financial service, forcing a token onto it creates a dilution instrument rather than a useful asset.

The checklist

Before buying a token, investors should check four metrics: market cap to fully diluted valuation, percentage of supply held by insiders, the size of the next three scheduled unlocks as a percentage of circulating supply, and the dates those unlocks land.

If the MC/FDV is below 20%, if insiders control more than half of total issuance, and if the next unlock exceeds 5% of float, they are buying into a structure designed to extract value.

If an investor wouldn't buy a stock with a known 20% share issuance scheduled for next month, then that token is a pass, too.

The mechanics are identical. The return of venture funding doesn't change this, and can even amplify it.

Dragonfly's $650 million signals that institutional LPs still back select crypto managers, even as the broader venture ecosystem contracts.

However, whether that capital flows into token-heavy deals or into fintech rails, whether it reproduces low-float structures or funds businesses that don't need tokens at all, determines whether “VC is back” translates to upside for liquid assets.

The market learned to price dilution. The question is whether the next wave of projects learned the same lesson.

The post Crypto VC funding surging again sounds like a rally, until you trace where the money actually lands appeared first on CryptoSlate.

Bitcoin’s grip on the crypto market is tightening again, and the numbers behind that shift help explain why a broad basket of altcoins is unlikely to beat the top crypto.

Data from CoinMarketCap indicate that Bitcoin's dominance is edging upwards towards 60% of the total crypto market capitalization. In comparison, altcoins' dominance has been trending downwards in the current market cycle.

At the same time, the Altcoin Season Index reads 41, indicating a Bitcoin-led market rather than the broad rotation that typically lifts most tokens simultaneously. The numbers have remained below the 75-plus threshold that typically signals a broad-based rotation into smaller assets since last September

This indicates that while retail traders favor rotating Bitcoin profits into speculative tokens, they have had to contend with a bear market that has not afforded any asset the opportunity to shine.

In light of this, there has been little focus on altcoins. Instead, the market has been characterized by a different cycle where today's marginal buyers do not invest in obscure tokens because they are solely interested in Bitcoin's unique characteristics.

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Altcoins outside the top 10 won't recover when Bitcoin finally rebounds, and here's why

Coin Metrics data shows the top 10 alts now hold about 82% of the market cap excluding Bitcoin. That leaves the long tail fighting for scraps even in “recoveries.”

Jan 30, 2026 · Gino Matos

Institutional flows favor liquidity and safety

The most significant shift in cryptocurrency since the last classic altcoin season is the rapid growth of regulated infrastructure and institutional access points.

Bitcoin now has mainstream distribution mechanisms, such as spot exchange-traded funds and institutional custody products, designed for large allocators. These allocators prioritize deep liquidity, minimal slippage, and protection from headline risk.

Large capital allocators rarely deploy a scattered strategy across dozens of tokens. Instead, they purchase what clears their internal risk committees.

This usually means selecting the asset with the longest history, the deepest liquidity, and the clearest market positioning.

Even when institutional investors seek exposure to the broader cryptocurrency market, they typically begin with Bitcoin and expand only later.

Recent fund flow data illustrates a strong bias toward quality over speculative altcoins.

According to CoinShares weekly report, cryptocurrency investment products logged a fourth consecutive week of outflows. These outflows totaled $3.74 billion over four weeks, including $173 million in the latest week alone.

Bitcoin and Ethereum were the primary sources of these redemptions, with losses of $133 million and $85.1 million, respectively.

Concurrently, a handful of major alternative tokens saw inflows, with XRP gaining $33.4 million and Solana adding $31 million.

This selective flow indicates that investors are not chasing a broad altcoin rally. They are choosing a few liquid names while remaining highly defensive.

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The company holding all Bitcoin ETF coins is losing money, resurfacing questions about centralization

Custody is supposed to be boring, but concentration risk makes every bad quarter feel like a stress test.

Feb 13, 2026 · Liam 'Akiba' Wright

A historic imbalance in supply and demand

Altcoins face significant headwinds due to an unprecedented combination of intense selling pressure and substantial token dilution.

Data from CryptoQuant indicate that the cumulative buy-and-sell difference for altcoins (excluding Bitcoin and Ethereum) stands at -$209 billion over the 13 months since January 2025. The last time demand matched supply was near zero in early 2025.

Since then, the market has moved strictly in one direction. This prolonged net selling on centralized exchange spot markets indicates a complete absence of institutional accumulation for smaller tokens.

The -$209 billion figure does not necessarily signal a market bottom. Rather, it simply means the buyers have vanished.

A major factor driving this collapse is the sheer volume of new assets.

A report from crypto wallet maker Tangem indicated that more than 120 million unique tokens had been created as of February 2025, compared with fewer than 500 tokens a decade earlier.

This shows that too many tokens are competing for a market share that has not expanded fundamentally. The dynamics render any potential recovery highly fragile and threaten the survival of low-cap tokens.

Moreover, some of these assets consistently schedule token unlocks, further compounding this issue.

Token unlocks add new supply on fixed dates, regardless of market sentiment. In fact, a Keyrock study indicates that 90% of these events exert negative price pressure, with declines often beginning approximately 30 days before the scheduled release.

Bitcoin has no scheduled dilution, making it a cleaner hold for investors seeking to avoid looming supply overhangs over a one-year horizon.

Related Reading

90% of token unlocks drive prices down, declines begin a month ahead

Team unlocks are the most damaging to a token price, along with small and frequent distributions.

Dec 6, 2024 · Gino Matos

Trading volumes signal a flight to quality in this bear market

Market experts have noted that the cryptocurrency industry is in a bear market, which has pulled Bitcoin price within a range between $65,000 and $72,000.

During deep corrections or the late stages of bear markets, investors typically rotate their capital toward the flagship digital asset while abandoning altcoins.

Data from CryptoQuant indicate that this behavior is evident in trading volumes on Binance, the largest exchange in the market.

As Bitcoin moved back above $60,000, a notable change in the distribution of trading volume emerged.

On Feb. 7, Bitcoin trading volume on Binance regained dominance, accounting for 36.8% of total exchange volume. In comparison, altcoins represented 35.3% of the volume, and Ethereum accounted for 27.8%.

This number showed that altcoin trading activity has suffered the most during this downturn.

In November, altcoins accounted for 59.2% of Binance's trading volume. By Feb. 13, their share had fallen to 33.6%, representing an almost 50% contraction in activity.

This pattern of capital flight has appeared repeatedly during previous corrective phases, notably in April 2025, August 2024, and October 2022.

During periods of elevated uncertainty and market stress, investors naturally gravitate toward Bitcoin.

Related Reading

Binance traders are panic selling but HODLing on Coinbase — the $60,000 BTC stress test

Amidst Bitcoin's plunge, Coinbase traders hold firm as Binance witnesses high-volume exits.

Feb 16, 2026 · Oluwapelumi Adejumo

Altcoins trillion-dollar rotation to Bitcoin

Market experts have noted that the timeline for the end of the current bear market remains highly uncertain.

Yet, if historical patterns hold true, the next three to four months could trigger a massive capital rotation from the obscure tokens into BTC.

In this situation, analysts at CEX.io project that between $740 billion and $1.2 trillion in trading volume could shift from altcoins into Bitcoin.

In a conservative scenario, Bitcoin's volume share would increase by 5%-6%, bringing its total share to 46%. This assumes the total market volume declines by 10% to 15%.

However, an elevated scenario suggests an 8%-9% increase in Bitcoin's volume share, pushing it to 49% and resulting in a $1.2 trillion rotation.

This is because current market conditions closely mirror those of the 2022 bear market, when Bitcoin's volume share rose by 13.5% over four months. Notably, A similar 13.6% increase occurred in mid-2018.

CEX.io analysts told CryptoSlate that while a full 13.5% jump is less likely now, given Bitcoin's current volume dominance of 40%, there remains substantial room for further consolidation.

According to them:

“Typically, the bigger the decline in overall crypto trading volume, the bigger the gain in market share Bitcoin can achieve. For instance, in 2022, total monthly volume declined by approximately 17% during the May-September period. In turn, the current point in Bitcoin’s volume dominance (40%) is notably higher than in 2018 and 2022, suggesting rotation has already begun. Yet it remains well below the 42-46% peaks seen during intense rotation phases, indicating substantial room for further consolidation.”

The post A $1.2T shift toward Bitcoin may be starting — and one grim index says altcoins may never rally appeared first on CryptoSlate.

At 7:12 a.m. on a random Tuesday in February, an email lands with a subject line that looks harmless enough: “Your tax forms are ready.”

For Maya, a part-time designer who bought a little Bitcoin during the 2021 hype, then sold small chunks across a couple of apps when life got expensive, it feels like a routine admin chore.

Click, download, done, back to work. Then the attachment tells a different story.

This filing season is the first time many everyday crypto users will see a standardized form built for digital assets, landing in the same folder as the usual tax paperwork.

Maya opens it expecting the one number everyone cares about: what she paid, what she sold for, what she owes.

She gets one of those things.

The early 1099-DA rollout leans hard on proceeds for 2025 activity, and the missing piece is cost basis.

For 2025 transactions, brokers must report gross proceeds on 1099-DA, and basis reporting generally stays out of the mandatory lane until the next phase.

The form can tell the government, and you, what you sold for. However, it may leave the “what you paid” part for you to rebuild from your own history.

That gap is where the human story lives, because people like Maya treat crypto investments much like many others. They buy on one exchange, move coins into self-custody, bridge tokens, swap around, then sell somewhere else when rent is due.

The paperwork sees the exit. The actual life of the trade sits in the middle.

You still report taxable activity whether or not a broker sends you a form, and you still calculate basis using your own records.

In a world where tax software nudges people to import forms and hit submit, that instruction becomes a pressure point.

It is especially fraught for anyone whose cost basis lives across multiple wallets and venues.

That pressure shows up as confusion, and sometimes overpayment.

Some tax pros have warned that missing basis can inflate the gain people report when they treat an import as complete, a theme that MarketWatch has highlighted.

The frustration is easy to understand. A broker can transmit proceeds at scale.

The messy part, the receipts, stays with the taxpayer.

The form arrives, the math follows

Form 1099-DA is the IRS’s new pipeline for digital asset broker reporting, and 2025 is the first year many brokers step into it.

The IRS frames it as a way to help taxpayers and the agency track digital asset sales and exchanges, with the system built through final regulations and related IRS guidance.

The timeline shapes everything.

For dispositions in 2025, brokers generally report gross proceeds, and the basis box often stays empty because the broker lacks a defensible cost history, especially after transfers.

The IRS instructions lay out the covered versus noncovered framework and explain how brokers handle basis fields when it is unknown or not required.

Basis reporting becomes more real with sales on or after Jan. 1, 2026.

It applies most cleanly when an asset is acquired after 2025 and stays in the same custodial account until it is sold, according to the instructions.

Two people can sell the same token at the same price, and one gets a tidy basis number while the other gets a blank box.

One person stayed put, and the other moved coins around.

That detail turns a tax form into behavior-shaping infrastructure.

A system that rewards a single custodial path makes “stay on platform” the path of least resistance for paperwork.

Self-custody kept the freedom, and it scattered the receipts

Ask 10 crypto users how they tracked cost basis over the past few years, and you will get 10 versions of “I meant to.”

Maya’s version looks familiar.

She dollar-cost averaged ETH on Exchange A, withdrew to a wallet during the “not your keys” wave, swapped into a token on a decentralized app, then later deposited back to Exchange B to sell.

Exchange B can see the sale and report the proceeds.

Exchange B often lacks the full purchase history that would support basis reporting, which is why the IRS architecture leans on covered versus noncovered concepts in the 1099-DA instructions.

That creates a set of normal “how did we get here” stories that turn into tax-time puzzles.

A transfer-in sale: buy on one platform, move to a wallet, deposit somewhere else, sell.

The broker sees the exit, and your earlier path sits outside its records, a scenario baked into the framework in the instructions.

Cost basis soup: multiple buys across venues, partial lot sales, wrapped versions of the same asset, then a clean sell at the end.

That pattern produces tidy proceeds and messy basis, the kind of risk described by MarketWatch.

Wallet-by-wallet shifts: people who tracked everything as one big pool had to adapt to the IRS move toward wallet- and account-level basis tracking.

The IRS provided a safe harbor for reallocating unused basis as of Jan. 1, 2025, detailed in Rev. Proc. 2024-28. That safe harbor matters because it signals how the IRS wants the world to look going forward.

Basis tied to specific wallets and accounts is more traceable and defensible.

Crypto culture encouraged movement. Paperwork prefers containment.

The mismatch letter fear, and the quieter overpayment risk

A lot of people will file and never see a scary letter.

The worry is circulating because the IRS already runs automated document matching, and information returns make that machine faster.

When the IRS sees a discrepancy between information returns and a tax return, it can send a CP2000 notice.

The agency explains the process and response timing in Topic 652, including a typical response deadline of 30 days, with 60 days for taxpayers outside the U.S.

Add 1099-DA to that environment, and proceeds become more visible.

Omissions become easier to spot, and discrepancies become easier to flag.

The system gains more ways to notice when something fails to line up.

The quieter risk is overpayment.

Here is the math in plain English.

If a taxpayer sells for $50,000 and their true basis is $40,000, the real gain is $10,000.

If the $40,000 basis never makes it into the filing workflow, the reported gain can swell to $50,000.

The IRS keeps repeating the responsibility in its guidance: taxpayers calculate basis before filing.

Timing adds heat.

The IRS opened the 2026 filing season for 2025 returns on Jan. 26, 2026, so people are filing while these forms start showing up.

The winter updates that hint at scale, and the direction of travel

Two recent updates sharpen the picture.

First, the IRS posted corrections to the 2025 1099-DA instructions that clarify de minimis and optional aggregate reporting methods.

Brokers report certain PDAP sales only when aggregate sales exceed $600, and the IRS describes optional aggregate reporting thresholds for stablecoins at $10,000 and specified NFTs at $600, according to the IRS corrections.

Second, the IRS excluded 1099-DA from the Combined Federal State Filing Program for tax year 2025.

That points to uneven state-level matching and rollout pace in the first year, according to the IRS notice.

There is also year-one reality on the broker side.

The IRS provided penalty relief tied to good-faith efforts for 2025 reporting, laid out in Notice 2024-56.

That sets expectations for imperfect data as the pipe comes online, and it hints at a tighter enforcement posture later.

At the edges, IRS guidance also lists temporary exceptions or relief for certain transaction types.

Those include wrapping and unwrapping, liquidity provider transactions, staking, lending-style activity, short sales, and notional principal contracts, according to Notice 2024-57.

That list matters for accuracy, because a lot of economically meaningful crypto activity still sits outside the cleanest reporting lane.

Zoom out, and the arc keeps bending toward automatic reporting.

The EU’s DAC8 rules entered into force on Jan. 1, 2026, with the first reporting year set for 2026 and reporting due by Sep. 30, 2027, according to the European Commission’s DAC8 overview.

The OECD’s Crypto Asset Reporting Framework points toward first exchanges of information in 2027, according to the OECD.

Governments build these pipes with a revenue story in mind.

The infrastructure law’s broker reporting provisions were widely discussed as raising around $28 billion over 10 years, a figure cited in industry analysis such as this breakdown.

Crypto used to feel like an app, and now it looks like an asset class with forms and deadlines and matching systems.

The best way to understand the 2025 1099-DA rollout is straightforward.

The form tells part of the story, and your records tell the rest.

This article is informational, and it does not provide tax advice.

The paperwork is already arriving, and the first batch arrived yesterday.

The post New IRS crypto tax form shows what you sold for (not what you paid) and one-click filing could make you overpay appeared first on CryptoSlate.

Peter Thiel went to zero in ETHZilla, and the ETH treasury company trade just got a lot more real

On Feb. 17, an amended 13G/A posted to ETHZilla’s investor site listed Peter Thiel and Founders Fund-related vehicles at zero shares and 0.0% beneficial ownership.

The filing also stamped a “date of event” of Dec. 31, 2025, which sets the timing frame for what the document captures, a beneficial ownership snapshot that arrives on a compliance clock.

Bloomberg is reporting that Thiel and his Founders Fund have, in fact, fully exited the company, completing a simple arc that has been building for months.

Back in August 2025, the Palantir founder was a significant stakeholder. A Schedule 13D filing reported 11,592,241 shares and 7.5% beneficial ownership, with an event date of Aug. 4. The position then shrank. An amendment filed Nov. 14, reported 928,389 shares and 5.6% as of Sept. 30.

That sequence becomes more compelling when you remember what ETHZilla set out to represent: a public-market attempt to bottle the Strategy (formerly MicroStrategy) playbook and pour it over Ethereum, with a Nasdaq ticker and a treasury story aimed at investors who prefer brokerages to wallets.

The filing that turns the rumor into a number

The Feb. 17 amendment is the crispest version of “fully exited” that public markets ever hand you, but it seems the shareholders had already priced this in after Thiel's 2025 sales. Since August last year, ETHZ shares have declined by 95%, from around $74 to just over $3.50.

The company was clearly under pressure from more than insider selling. In a Jan. 2026 8-K, ETHZilla reported selling 3,965.83 ETH for $12.58 million at an average price of $3,173.67, and it disclosed a remaining balance of roughly 65,850 ETH. A month earlier, there was a much larger sale, about $74.5 million in ETH, tied to debt pressure and a step back from the pure treasury posture.

In a Feb. 2026 8-K, the company disclosed it redeemed all outstanding senior secured convertible notes, paying $516.148 million in principal and $87.745 million as a redemption premium, plus interest.

That is the sound of expensive capital in a market that has started pricing treasury-company structures with less patience.

All of this lands inside a wider story that has been forming across the category.

Crypto-treasury firms have been leaning on buybacks and leverage as equity prices sag, and that broader context gives Thiel’s “0.0%” a different kind of gravity.

The macro problem, carry looks thin and financing looks costly

A treasury strategy always ends up living inside the macro. In the easy phase of this trade, the equity trades at a premium to the underlying crypto, financing becomes the fuel, and the loop feeds itself. ETH has an extra layer here, because staking yield and derivatives carry become inputs in the spreadsheet.

Right now, those inputs read as modest cushions.

Public dashboards tracking ETH futures basis show annualized carry in the low single digits across maturities. Staking yield benchmarks sit in the same neighborhood, with one index around 2.8% annualized.

When the carry is thin, management decisions matter more. ETH sales matter more. Debt terms matter more. Equity issuance terms matter more. And the market starts treating the ticker as a judgment on execution rather than a simple proxy.

Treasury-company trades ultimately rest on the belief that a public wrapper can hold a volatile asset and remain stable when the market shifts. Thiel's exit does not explain the why, yet it does plant a flag at the end of a timeline.

Three paths from here, and the numbers that will tell you which one you are in

It helps to name the forks in the road and attach each fork to a small set of observable signals.

1. One path is a premium loop reopening. ETH stabilizes, risk appetite returns, and treasury companies regain room to finance growth without shrinking the core pile. The tells show up in the filings, fewer treasury reductions, cleaner raises, and a market willing to pay for exposure again.
2. A second path is a discount trap. The equity trades as a chronic discount to the underlying holdings, and the company funds operations, acquisitions, and debt service by selling part of the pile. That version moves slowly, and it shows up as a steady drip of “treasury update” math.
3. A third path is a reflexive unwind. A sharp ETH drawdown meets tight financing conditions, forced sales accelerate, and the equity starts behaving like a stress gauge. That version gets loud in headlines, and it usually leaves fingerprints in short windows of repeated balance sheet actions.

We can also use a simple numeric frame to keep the focus on reality. ETHZilla disclosed roughly 65,850 ETH remaining in its Jan. 2026 8-K. A prior disclosure trail noted 19,301,223 shares outstanding, and that share count gives us a rough way to translate ETH value into “per share” intuition.

At $2,000 ETH, 65,850 ETH comes to about $131.7 million of ETH value. Spread across 19.3 million shares, that lands around $6.80 per share in ETH value before cash, liabilities, operating burn, and other balance sheet items enter the picture.

At $1,500 ETH, the rough figure sits closer to $5.10. At $3,000 ETH, it rises to around $10.20. The point here is the sensitivity, small moves in ETH and small changes in financing terms can swing the story fast.

What to watch next, the filing breadcrumbs that keep this from becoming a one-day meme

Start with the ETH balance. The next time ETHZilla updates that number in an 8-K or a periodic report, direction matters, and magnitude matters.

Then watch the capital structure. The debt redemption disclosed in the Feb. 2026 8-K came with a large premium, and any replacement financing, equity issuance, or new structured instrument will tell you what kind of market access the company still has.

Then watch the strategy surface area. The more the company leans into adjacent bets and broader asset themes, the more the ticker becomes a view on management’s ability to keep a coherent story under pressure. That tension shows up in the company’s own prospectus language around shares and selling stockholders.

Finally, keep the macro dials in view, because they set the ceiling on how easy this trade can get. The futures basis curve and staking yield levels are not side trivia, they feed directly into how treasury-company strategies look on paper and how they feel in a drawdown.

A lot of crypto narratives end in vibes. This one ends in a line item, and the line item reads 0.0%. Thield's conviction in this Ethereum treasury vehicle was short-lived, so the question becomes – what does he know that other Ethereum investors don't? Was it poor investor relations with ETHZilla or a more broader issue with the business model?

The post Peter Thiel dumps all ETH treasury shares after “Ethereum’s MicroStrategy” fell 95% since August appeared first on CryptoSlate.

Crypto markets have entered another sharp correction phase. Bitcoin has printed multiple consecutive red candles, Ethereum is under pressure, and altcoins are broadly selling off.

At first glance, many traders are blaming the Federal Reserve. Others point to political headlines or speculative FUD. But the deeper driver appears to be something far more structural: a liquidity shock.

This is not a crypto-specific collapse. It is a macro liquidity event.

What Is the Treasury General Account (TGA)?

The Treasury General Account (TGA) is essentially the US government’s bank account held at the Federal Reserve.

When the US Treasury increases the balance in the TGA, it pulls liquidity out of the financial system. That money moves from banks and markets into the government’s account.

In practical terms:

• Liquidity leaves risk assets
• Bank reserves decline
• Financial conditions tighten
• Risk markets weaken

Crypto, being one of the most liquidity-sensitive asset classes, reacts quickly.

Why This Is Hitting Crypto Now

Recent data suggests that a significant amount of liquidity has been drained as the Treasury refills the TGA.

This creates a temporary but powerful tightening effect across markets:

• Equities show weakness
• Metals experience forced liquidations
• Crypto sees broad-based selling

Bitcoin’s recent sequence of red candles reflects this shift in liquidity conditions rather than a fundamental breakdown in the network or adoption narrative.

There has been no protocol failure. No structural collapse. No major regulatory shock. What we are seeing is liquidity compression.

This Is Not 2022 — But It Rhymes

In 2022, crypto collapsed due to systemic internal failures and aggressive monetary tightening.

Today’s environment is different.

The Federal Reserve is not aggressively hiking rates. Inflation expectations are stabilising. Institutional participation remains present.

However, liquidity cycles still matter.

Even without rate hikes, when government actions temporarily remove liquidity from the system, risk assets respond.

Crypto tends to react first and react harder.

Why Liquidity Matters More Than Headlines

Recent headlines range from tariff uncertainty to political developments and institutional positioning. While these stories create short-term volatility, they are not the core driver.

Liquidity is.

Crypto thrives when:

1. Global liquidity expands
2. Bank reserves grow
3. Capital seeks higher returns

It struggles when:

1. Liquidity contracts
2. Cash is pulled from the system
3. Leverage unwinds

The current market structure suggests we are in a temporary liquidity contraction phase.

What Happens When Liquidity Returns?

Historically, when TGA refilling slows or liquidity conditions stabilise, risk assets often rebound.

Crypto, being high-beta, tends to recover aggressively once capital flows resume.

That does not mean volatility disappears. But it does mean the current correction may be structural repositioning rather than the start of a long-term collapse.

The key variables to monitor:

• TGA balance trends
• Bank reserve data
• Dollar strength
• Treasury issuance pace
• Options market positioning

Final Outlook: Structural Reset or Opportunity?

Crypto markets are not collapsing because of hawkish Fed policy or internal breakdowns.

They are reacting to a liquidity shock.

Understanding that distinction is critical.

If liquidity conditions stabilise, this phase may ultimately resemble previous macro-driven resets — painful in the short term but constructive for the next expansion cycle.

As always, volatility remains elevated, and risk management is essential.

The digital asset market is navigating a complex landscape this Thursday, February 19, 2026. While many expected a recovery following recent gains, crypto news today is characterized by cautious "risk-off" sentiment. A combination of hawkish signals from the Federal Reserve and escalating geopolitical instability between the United States and Iran has pushed investors toward traditional safe havens like gold, leaving Bitcoin ($BTC) and major altcoins in a consolidation phase.

Is the Market Crashing?

Currently, the market is not in a freefall but is undergoing a significant correction. Bitcoin is trading around the $68,000 – $69,000 area, while Ethereum ($ETH) is struggling to hold the $2,000 psychological mark. The primary driver is a shift in risk perception rather than structural failure.

Geopolitical Shock: US-Iran Escalation

The most pressing driver of market uncertainty today is the rapid military buildup in the Middle East. Tensions between Washington and Tehran have reached a boiling point following the stalling of nuclear talks in Geneva.

1. Massive Military Deployment: In the last 24 hours, the U.S. military moved over 50 fighter jets—including F-16, F-22, and F-35 units—to the Middle East.
2. The "Armada" Strategy: Two aircraft carrier strike groups, including the USS Abraham Lincoln and the USS Gerald Ford, are now stationed near Iranian waters.
3. Iranian Retaliation: In response, Iranian naval forces closed portions of the vital Strait of Hormuz for military exercises, with Supreme Leader Ali Khamenei warning of a "decisive" response to any American strike.

This instability has directly impacted global liquidity. As the U.S. signals that "all options are on the table," investors are liquidating high-risk positions in crypto to move into cash or gold.

The Fed Factor: Hawkish Minutes Rattle Bulls

Compounding the geopolitical stress, the latest FOMC Minutes revealed a shifting tone within the Federal Reserve.

• Potential Rate Hikes: Several policymakers indicated that the central bank might need to raise rates further if inflation remains stubborn, a sharp pivot from the rate-cut narrative of late 2025.
• Liquidity Squeeze: This hawkishness has bolstered the US Dollar, which traditionally exerts downward pressure on BTC price.

Technical Outlook and Institutional Flows

Institutional demand via spot ETFs has also turned selective. On February 17, while overall flows remained marginally positive, major products like BlackRock’s IBIT recorded net outflows. This suggests that even institutional players are reallocating within the space rather than bringing in fresh capital.

What to Watch Next

The next 48 hours are critical. If Bitcoin fails to hold the $65,000 support level amidst further Middle East escalation, we could see a retreat toward $60,000. Conversely, if diplomatic channels in Oman or Geneva show a breakthrough, a relief rally could be swift.

Despite a decade of being hailed as the ultimate "digital gold," Bitcoin has entered 2026 facing a unique set of headwinds. Since the final quarter of 2025, the $Bitcoin price has struggled to keep pace with major equities and even select altcoins. While global liquidity remains relatively supportive, a dual narrative of technological vulnerability and latent supply shocks is forcing the market to discount BTC’s future value.

Is Bitcoin "Broken"?

The short answer is no, but the market is pricing in "tail risks" that were previously ignored. The recent sell-off isn't just about macroeconomics; it’s about the growing realization that 3.5 to 4 million $BTC, long thought to be "lost forever," may actually be a ticking time bomb due to advancements in quantum computing.

The Ghost Supply: 4 Million BTC Waking Up?

For years, the "scarcity" thesis of Bitcoin relied on the assumption that roughly 18% of the total supply (mined between 2009 and 2012) was permanently out of circulation. These "lost" coins include the legendary Satoshi Nakamoto holdings and thousands of wallets where private keys were discarded in the early days of "magic internet money."

• Current Reality: On-chain data in early 2026 has shown a surprising uptick in "Satoshi-era" wallets waking up.
• The Problem: If the market shifts from believing these coins are "burned" to believing they are "latent," the perceived scarcity of Bitcoin evaporates.

Quantum Computing: Breaking the "Unbreakable"

The primary catalyst for this shift in sentiment is the rapid advancement in Quantum Computing. While the Bitcoin network as a whole is incredibly secure, older wallet formats—specifically those using Pay-to-Public-Key (P2PK)—are fundamentally different from modern standards.

• Exposed Public Keys: In Bitcoin’s earliest years, public keys were often recorded directly on the blockchain.
• Shor’s Algorithm: Advanced quantum processors are theoretically capable of using Shor’s algorithm to derive a private key from an exposed public key.
• Targeted Vulnerability: This risk doesn't apply to the entire network but specifically to the 3-4 million dormant coins stored in these legacy formats.

If a quantum actor can "crack" these old wallets, millions of BTC could flood the market, creating a massive supply overhang that dwarfs any current institutional exchange inflows.

Institutional Absorption vs. Dormant Overhang

To understand the current price stagnation, we must look at the battle between institutional "diamond hands" and the "ghost supply."

The data reveals a startling irony: The amount of Bitcoin absorbed by Wall Street, ETFs, and corporate treasuries since 2020 is almost identical to the amount of "lost" coins that could potentially be compromised by quantum technology. The market is currently "pricing in" the possibility that the supply absorbed by institutions will be neutralized by the re-entry of these ancient coins.

The Bull Case: Systemic Hardening

Despite the "quantum FUD," the technical reality is more nuanced. Bitcoin is not a static protocol.

• Protocol Evolution: Developers are already researching Quantum-Resistant Cryptography (PQC) for the Bitcoin core.
• Redistribution Resilience: On-chain data shows that 13-14 million BTC moved during the current cycle—the largest redistribution in history.
• Structural Integrity: The fact that Bitcoin did not experience a total collapse despite this massive movement of coins suggests that the network’s liquidity is deeper than most analysts realize.

Summary: Balancing Two Narratives

The current "dump" or underperformance of Bitcoin is a result of the market balancing a theoretical future supply shock against a system that continues to harden. For investors using hardware wallets, the risk remains minimal as long as they use modern address formats (like SegWit or Taproot) that do not expose public keys until a transaction is made.

However, until the Bitcoin community reaches a consensus on a quantum-hardened upgrade, the "ghost supply" will likely continue to act as a ceiling on price appreciation.

Preparing for the crypto tax reporting season can be a daunting task for many investors, especially with the IRS introducing new regulations for 2026. As the tax deadline approaches, staying organized and understanding how your digital asset transactions are treated is crucial to avoid penalties and optimize your returns. Whether you are trading on centralized exchanges or interacting with complex DeFi protocols, a proactive approach to crypto tax prep will save you both time and money.

Essential Checklist for Crypto Tax Readiness

To ensure a smooth filing process, investors should focus on these five key areas:

1. Centralize Your Data: Gather transaction histories from all exchanges, wallets, and platforms.
2. Identify Taxable Events: Distinguish between capital gains (selling/swapping) and ordinary income (staking/mining).
3. Leverage Tax-Loss Harvesting: Sell underperforming assets to offset realized gains.
4. Track Cost Basis Accurately: Use the FIFO or Specific Identification method to determine profit.
5. Utilize Professional Software: Automate the calculation of complex trades and DeFi activity.

1. Centralize Your Transaction History

The biggest hurdle in crypto tax reporting is the fragmentation of data. Most investors use multiple platforms, and the IRS now requires brokers to report gross proceeds via Form 1099-DA for transactions starting in 2025 (filed in 2026). However, these forms may not always include your correct cost basis if you transferred assets from an external hardware wallet.

You must download CSV files or connect via API to every service you've used. This includes centralized exchanges like Coinbase or Kraken, as well as on-chain activity on $Ethereum, $Solana, or $Bitcoin. Keeping an updated record ensures you aren't paying more than you owe due to "missing" acquisition data.

2. Differentiate Between Capital Gains and Income

In the eyes of the Internal Revenue Service (IRS), not all crypto activity is taxed the same way. Understanding this distinction is vital:

• Capital Gains: Triggered when you sell crypto for fiat, swap one coin for another (e.g., $BTC to $ETH), or use crypto to purchase goods.
• Ordinary Income: Triggered when you receive crypto as a reward. This includes staking rewards, mining proceeds, airdrops, and payments for services.

Failing to report staking rewards as income upon receipt is a common mistake that can lead to audits. Ensure you are recording the fair market value of these tokens in USD at the exact time they entered your "dominion and control."

3. Implement Crypto Tax-Loss Harvesting

If you are sitting on "underwater" positions, you can use them to your advantage. Tax-loss harvesting involves selling assets at a loss to offset your capital gains. In the US, if your losses exceed your gains, you can even use up to $3,000 of those losses to offset your regular income.

Unlike stocks, the "wash sale rule" has historically been more flexible for crypto, though legislation like the CLARITY Act continues to be debated in Congress. Consult a professional or use our comprehensive USA crypto tax guide to see how you can legally minimize your liability.

4. Master Cost Basis Methods

When you sell a portion of your holdings—for example, selling 0.5 Ethereum after buying it at different price points over the year—you must decide which "lot" you are selling.

• FIFO (First-In, First-Out): The first coins you bought are the first ones sold.
• HIFO (Highest-In, First-Out): Selling the most expensive coins first to minimize gains.

Choosing the right method can significantly impact your tax bill. Consistency is key; once you choose a method for a tax year, you should generally stick with it across your entire portfolio to remain compliant.

5. Use Specialized Crypto Tax Software

Manually calculating taxes for hundreds of DeFi transactions or NFT flips is nearly impossible. Professional tools can sync with your wallets and automatically generate the necessary forms, such as Form 8949 and Schedule D.

These platforms also help bridge the gap when an exchange doesn't provide a 1099-DA or when you need to reconcile transfers between different crypto exchanges. Automating this process reduces human error and provides a clear audit trail.

2026 Crypto Tax Deadlines & Forms

The Ethereum ($ETH) market is currently at a critical crossroads as of February 18, 2026. After a turbulent start to the year that saw the ethereum price drop over 33% year-to-date, the second-largest cryptocurrency is tightly consolidating around the $2,000 psychological level. For traders and investors, this zone is a vital pivot point that will likely define the eth coin trend for the remainder of Q1 2026.

While institutional giants like Standard Chartered have recently adjusted their long-term ethereum price prediction targets downward to $4,000, the immediate focus remains on whether the current floor can withstand the mounting bearish pressure.

Is the Ethereum Price Bottoming Out?

Technical data indicates that eth coin is trading in a narrow, high-tension range between $1,930 and $2,050. While $2,000 acts as a magnet for price action, the failure to reclaim immediate resistance at $2,120 suggests that the bearish momentum remains dominant. For those monitoring eth coin news, the current consolidation phase provides a high-stakes entry point; however, a confirmed daily close below $1,900 could trigger a liquidation event toward $1,760.

Ethereum Coin Price: What's Happening to ETH Coin?

The current chart structure reflects a period of decreasing volatility following the sharp sell-off from $2,800 in January. As professional traders, several key technical markers on the Ethereum price chart demand attention.

1. Key Support and Resistance Zones

• Critical Support: $1,930 – This level represents the recent local low and a high-liquidity zone.
• Psychological Pivot: $2,000 – The current area of "fair value" where bulls and bears are deadlocked.
• Immediate Resistance: $2,120 – $2,180 – The 20-day EMA resides here, acting as a ceiling for relief rallies.

2. Moving Averages and RSI

Ethereum is currently trading significantly below its 200-day Moving Average, which is sloping downward, indicating a long-term bearish trend. The Relative Strength Index (RSI) is hovering near 34, signaling that the ethereum coin is approaching oversold conditions. Historically, an RSI this low often precedes a "dead cat bounce," but without a spike in buying volume, the trend remains fragile.

What is Market Consolidation?

In technical analysis, consolidation refers to an asset trading within a well-defined range after a significant move. For the ethereum price, this consolidation under $2,000 suggests that the market is indecisive. It is often a "calm before the storm," where the next breakout or breakdown is fueled by the energy built up during this sideways movement.

ETH Coin News: Institutional Shifts and Network Upgrades

The latest eth coin news highlights a divergence between price action and network growth. Despite the price struggles, Ethereum continues to dominate the stablecoin sector, processing over 50% of all on-chain dollar transactions.

"The market is currently pricing in macro uncertainty and ETF outflows, but the underlying utility of the Ethereum network as a settlement layer has never been stronger," states a recent Market Report.

Furthermore, anticipation is building for the Glamsterdam upgrade, which is expected to enhance Layer-2 scaling. However, short-term sentiment is dampened by the "Clarity Act" delays in the U.S. Senate, which has slowed institutional inflows into Ethereum spot ETFs.

Ethereum Price Prediction 2026: Bull vs. Bear Case

If Bitcoin ($BTC) fails to hold its critical $66,000 support, the ethereum price prediction for the next month turns decidedly bearish, with analysts eyeing a retest of the May 2025 lows near $1,760. Conversely, a "hidden bullish divergence" on the daily chart suggests that if ETH can reclaim $2,200, a rally toward $3,000 becomes a statistical possibility by mid-year.

Content Organization: How to Navigate this Market

For investors looking to navigate this volatility, a structured approach is necessary:

• Monitor the $1,930 level: A daily close below this is a major warning sign.
• Check Volume Spikes: A breakout above $2,100 must be accompanied by high volume to be valid.
• Use Reliable Platforms: Ensure you are using the best crypto exchanges for liquidity.
• Self-Custody: During high volatility, keep your ethereum coin safe using a hardware wallet.

A Waiting Game for ETH Holders

The ethereum price is currently trapped in a bearish structure, but the $2,000 level is providing a temporary cushion. While the long-term ethereum price prediction remains optimistic due to network upgrades and institutional adoption, the short-term reality is one of caution. Traders should stay alert to eth coin news regarding ETF flows, as these will likely be the primary driver for the next major price expansion.

OpenAI and Paradigm have released EVMbench—a framework for evaluating AI agents' ability to find vulnerabilities in Ethereum smart contracts.

ECB Governing Council member Joachim Nagel argued a wholesale CBDC and euro-pegged stablecoins could boost the euro’s international role.

Brian Armstrong downplayed fears that quantum computing will break blockchain encryption, pointing to Coinbase’s new advisory council.

Optimism's OP token sank after Base announced it's moving away from the OP Stack to a unified, self-operated tech stack.

A new UNESCO report projects steep revenue losses for music and screen creators as lawyers say the fair use doctrine is buckling under AI’s scale.

Peter Brandt rejects gold-to-BTC rotation as Bitcoin struggles at $68,000 resistance. Why BTC must reclaim $93,000 to invalidate the potential bearish October 2026 cycle low.

UAE has mined over $450 million in Bitcoin, a shift CZ said he played a role in.

Bitcoin's bearish divergence emerges as network activity drops by nearly half.

Ethereum developer breaks down how stealth addresses will work, and their benefits.

Satoshi ally Adam Back predicts the future of finance to be centered exclusively on Bitcoin.

Analyst Willy Woo has warned that Bitcoin is entering Phase 2 of a bear market, with volatility and liquidity trends signaling strengthening downside risk. Meanwhile, he added that a market capitulation could occur before prices stabilize.

In other news, DeepSnitch AI (DSNT) is the latest crypto gem pulling traction in the market. Its price has risen by 169% to $0.04064, with the amount raised crossing over $1.65M.

Presently, the team has launched four DeepSnitch AI bonus codes offering 30%-300% bonuses that you can take advantage of to get more coins on each purchase. As adoption grows and value surges, some traders suggest a $10,000 stake could potentially skyrocket past $600,000 within a year.

Analyst warns bitcoin may be shifting into a deeper bear phase

Willy Woo, a veteran on-chain analyst, has cautioned that Bitcoin is entering Phase 2 of a multi-stage bear market, which contradicts current bullish narratives. In an X post, Woo claimed that the initial stage started in the third quarter of 2025 when liquidity dropped, and volatility increased.

He observed that the increase in volatility and the decline in capital inflows indicate that the bear trend is gaining momentum. Woo further stated that Phase 2 would commence if global equities decline, and Bitcoin would tend to respond more quickly to liquidity changes.

Furthermore, the analyst noted that another capitulation may take place before the market can stabilize or recover. Presently, Bitcoin is trading below the $70K level.

DeepSnitch AI bonus attracts large interest as two competitors battle market storm

1. Deepsnitch AI presale bonus explained: Can you turn $10K to $600K with this coin in 2026?

DeepSnitch AI (DSNT) is a platform that features advanced trading tools that you can use to stay ahead of the curve. It evaluates data and provides you with insights on market trends, potential actions to take, and early-stage projects that are about to explode.

The platform has five AI agents, which makes the evaluation process easy. The agents are SnitchGPT, SnitchScan, SnitchFeed, AuditSnitch, and SnitchCast. Meanwhile, DeepSnitch AI is also concerned about security. The AuditSnitch tool can be used to evaluate smart contracts in real-time and also to identify projects with low liquidity and high market risks.

Presently in the presale phase, DeepSnitch AI has raised over $1.65M in funding. Its native token, DSNT, is currently priced at $0.04064 and could surge by 100X-300X as the ecosystem expands. To get the best from the presale, you can take advantage of the DeepSnitch AI bonus offer.

DeepSnitch AI is currently offering 30%, 50%, 150%, and 300% bonuses on purchases of at least $2,000. Those who join now can enjoy other early buyer benefits like first-hand access to the AI tools, new trading tools, and a high staking APY.

2. Monad price declines despite recent acquisition

According to CoinGecko, the Monad coin has been on a gradual decline in the last few days after soaring to a weekly peak of $0.024 on February 14. As of February 18, the Monad crypto was trading at $0.020 with its weekly gain dropping to 6.9%.

If the decline continues, MON could dip below the support around $0.019-$0.020. The downtrend comes after Monad acquired the Ponder project to improve its EVM indexing capabilities. Looking ahead, bulls are still in charge.

The RSI reading of 57 shows that buying pressure is still high. An analyst on X predicted that the Monad coin price could rally to $0.05 soon if buying pressure continues to rise.

3. Zama price analysis

The Zama coin price has dipped into the red zone after a failed attempt to climb to higher levels. The Zama price had fallen to $0.017 after possible profit-taking by sellers.

Although bulls forced a rebound, they met with resistance around the $0.024 region. As of February 18, the Zama price was trading at $0.018 with a loss of 0.5% on the weekly timeframe. Going forward, CoinCodex notes that the value of Zama could soar to $0.05 in the coming weeks.

Final verdict

In summary, DeepSnitch AI is providing something that has become rare in the crypto space: clear utility and high upside potential. Retail traders will be able to access high-end tools that were reserved for institutions in the past.

With a 100X and 1,000X rally expected in the short and long term, respectively, the DeepSnitch AI bonus is a good opportunity for you to get more coins. You can use $10,000 to get DSNT coins at the current price of $0.04064, use the 150% DeepSnitch AI bonus code, and potentially earn over $600,000 if the price of DSNT increases to $1.

Visit the official website for more information, and join X and Telegram for community updates.

FAQs

1. How do I use the DeepSnitch AI bonus codes?

The first step to getting the DSNT allocation perks is to connect your wallet to the DeepSnitch AI platform. When purchasing the coins, there will be a section where you can input the code. However, ensure your capital meets the requirements for the code you want to use.

2. Is the DeepSnitch AI bonus available to all users, or only to new sign-ups?

According to the DeepSnitch AI presale bonus explained guide, the limited-time bonuses are actually open to both new and existing buyers. The goal is to give everyone a fair opportunity to accumulate more tokens before the price increases by 100X-300X.

3. What is DeepSnitch AI?

DeepSnitch AI is an AI-driven project that seeks to level the playing field in the crypto sector by giving retailers access to advanced AI tools. Users who get in now will be eligible for early buyer benefits like bonus codes and access to the AI tools in the beta stage. The DeepSnitch AI bonus codes range from 30% to 300% and are for a very limited time.

The post Can DeepSnitch AI Bonus Turn $10,000 Into Over $600K in a Year? Monad and Zama Prices Plummet, Analyst Flags Start of Phase 2 in Bitcoin Downtrend appeared first on Blockonomi.

TLDR

• Hims & Hers Health (HIMS) will acquire Australian digital health company Eucalyptus for up to $1.15 billion.
• The deal includes ~$240 million cash at closing, deferred payments over 18 months, and performance-based earnouts through early 2029.
• Eucalyptus runs a ~$450 million annual revenue business with brands like Juniper and Pilot, serving 775,000+ customers.
• The acquisition expands HIMS into Australia and Japan, and deepens its presence in the UK, Germany, and Canada.
• Eucalyptus CEO Tim Doyle will head international operations at Hims & Hers post-closing.

Hims & Hers Health announced Thursday it will acquire Australian digital health company Eucalyptus in a deal valued at up to $1.15 billion.

Hims & Hers Health, Inc., HIMS

The transaction will be structured with roughly $240 million payable in cash at closing, followed by deferred payments over 18 months and additional performance-based earnouts running through early 2029.

Hims & Hers said it plans to fund most of the deal using existing cash and U.S. operating cash flows. The company also retains the option to settle a majority of deferred and earnout obligations in either cash or stock.

The deal is expected to close around mid-2026, subject to regulatory approvals and customary closing conditions.

Eucalyptus brings a fast-growing business to the table. The Australian company is running at nearly $450 million in annual revenue and has served more than 775,000 customers across its portfolio of consumer health brands.

Those brands include Juniper, a weight-loss program, and Pilot, a men’s telehealth service. Both operate across multiple international markets.

A Foothold in New Markets

For Hims & Hers, the strategic appeal is clear. The deal would give it direct operations in Australia and Japan, two markets where it currently has no presence.

It also strengthens existing partnerships in the UK, Germany, and Canada — markets where Hims & Hers has been building out its telehealth footprint.

Post-closing, Eucalyptus CEO Tim Doyle is set to lead all international operations at Hims & Hers. The Eucalyptus brands will be folded into the Hims & Hers platform over time.

Management said the combined business is expected to support category leadership in Australia and reinforce HIMS as a major telehealth provider in Europe.

The Wegovy Shadow

The deal comes at a complicated time for Hims & Hers domestically. The company is currently facing a lawsuit from Novo Nordisk after the FDA crackdown forced it to pull its $49 compounded copy of Wegovy from the market.

That regulatory setback hit a key growth driver for HIMS, making the international diversification story behind this acquisition particularly timely.

The most recent analyst rating on HIMS stock is a Buy with a $30.00 price target.

HIMS shares were up 2.65% in after-hours trading following the announcement, though the stock was down 2.64% during the regular session on Thursday.

The post Hims & Hers (HIMS) Stock: Company Acquires Eucalyptus for Up to $1.15 Billion appeared first on Blockonomi.

TLDR:

• CME will offer 24/7 crypto futures and options starting May 29, pending approval.
• Year-to-date 2026 ADV hits 407,200 contracts, up 46% from last year.
• Futures ADV rises 47% YoY, signaling strong institutional interest in crypto derivatives.
• CME implements brief weekly maintenance; all holiday trades settle the next business day.

CME Group will begin round-the-clock trading for cryptocurrency futures and options starting May 29. The move awaits regulatory approval. Trading will run continuously on CME Globex, with a brief weekly maintenance window. 

The update comes amid record demand for digital asset risk management, according to Walter Bloomberg. In 2025, CME reported $3 trillion in crypto notional volume. Year-to-date 2026 volumes are up 46%, highlighting growing institutional participation.

The announcement was confirmed via a press release from CME Group. It emphasizes access to regulated, transparent crypto products at all times for market participants.

Continuous Trading and Market Access

Starting Friday, May 29 at 4:00 p.m. CT, CME cryptocurrency products will trade 24/7. A

 two-hour weekly maintenance period will occur over weekends. Trade dates for holiday or weekend activity will follow the next business day. Clearing, settlement, and regulatory reporting will also be processed on the next business day.

Tim McCourt, Global Head of Equities, FX, and Alternative Products at CME Group, said client demand for digital asset risk management is at an all-time high. Providing 24/7 access aims to let clients manage exposure anytime. Consequently, traders can react to market changes without delay.

This continuous trading structure includes both futures and options. CME Globex will host all transactions. As a result, the exchange meets rising institutional interest in high-frequency crypto risk management.

Record Volumes and Market Impact

Crypto trading at CME continues to reach record levels in 2026. Average daily volume stands at 407,200 contracts, up 46% year-over-year. Futures ADV alone is 403,900 contracts, marking a 47% increase. Open interest has risen 7% to 335,400 contracts.

CME operates across multiple asset classes, including interest rates, equity indexes, and commodities. Its derivatives platform allows clients to manage risk efficiently and capture opportunities. 

By offering 24/7 crypto trading, CME provides a regulated alternative to unregulated markets.

The update also aligns with CME’s goal to enhance market transparency. Clients can trade with confidence, knowing all activity occurs under regulated oversight. This development strengthens the exchange’s position as a leading crypto derivatives marketplace.

The post CME Goes 24/7: Here’s When Crypto Futures and Options Trading Starts appeared first on Blockonomi.

TLDR

• Lemonade (LMND) Q4 revenue hit $228.1 million, up 53.3% year-on-year, beating estimates of $217.6 million
• Adjusted EPS loss of -$0.29 beat analyst estimates of -$0.39 by $0.10
• Net premiums earned came in at $179.5 million, an 8.3% beat and 77.4% year-on-year growth
• Q1 2026 revenue guidance of $246–$251 million tops analyst consensus of $241.6 million
• Shares jumped over 17% in pre-market trading following the results

Lemonade (NYSE: LMND) shares surged more than 17% in pre-market trading on Thursday after the company posted Q4 results that beat analyst expectations across the board.

Lemonade, Inc., LMND

Revenue for the quarter came in at $228.1 million, up 53.3% year-on-year and ahead of the Wall Street consensus of $217.6 million. That’s a solid beat by any measure.

The company reported an adjusted loss of $0.29 per share, compared to analyst estimates of -$0.39. That’s a $0.10 beat, or roughly 26% better than expected.

Net premiums earned — the number analysts tend to watch most closely for insurers — came in at $179.5 million. That beat estimates of $165.8 million by 8.3% and grew 77.4% compared to the same quarter last year.

Pre-tax loss for the quarter was $20.6 million, representing a -9% margin.

Strong Premium Growth Drives the Beat

Net premiums earned have grown at a 47.3% annualized rate over the last five years, well above the broader insurance industry average.

Over the past two years, that growth rate has moderated to around 30% annually — still a healthy clip, and consistent with the company’s overall revenue trajectory.

Lemonade’s revenue has compounded at roughly 50.9% annually over the last five years. The most recent two-year annualized rate of 31% shows some deceleration but still points to strong underlying demand.

Net premiums earned made up about 70.8% of total revenue over the last five years, making it the company’s primary revenue driver.

Q1 2026 Guidance Tops Estimates

Looking ahead, Lemonade guided Q1 2026 revenue to between $246 million and $251 million. The midpoint of that range, $248.5 million, comes in above the analyst consensus of $241.6 million.

That forward guidance gave investors an additional reason to bid the stock higher on Thursday morning.

Lemonade operates across renters, homeowners, pet, car, and life insurance in both the U.S. and EU markets through its AI-powered digital platform.

The company’s Giveback program, which donates unused premiums to policyholder-selected charities, remains a differentiator in its positioning — though it’s the underlying growth numbers doing the heavy lifting right now.

Lemonade held a market capitalization of $4.91 billion at the time of reporting.

The company hosted a conference call Thursday at 8:00 am Eastern to discuss results.

Shares traded up 11.1% to $73.05 immediately after the report, with pre-market gains extending above 17% as the session progressed.

The post Lemonade (LMND) Stock Jumps 17% After Q4 Earnings Beat appeared first on Blockonomi.

TLDR

• Carvana Q4 revenue hit $5.6 billion, up 58% year-over-year, beating estimates of $5.27 billion
• Adjusted EBITDA of $511 million missed the $541 million consensus estimate
• Retail units sold reached 163,522 in Q4; full-year 2025 total was 596,641 vehicles, up 43%
• Gross profit per unit came in at $3,076, roughly $200 below Wall Street expectations
• Q1 2026 guidance was vague, with no specific figures provided

Carvana shares dropped sharply Thursday after the used-car retailer posted mixed fourth-quarter results — strong on revenue, weak on profit.

The stock fell more than 15% in premarket trading Thursday, having dropped as much as 21% in after-hours Wednesday following the report’s release.

Carvana Co., CVNA

Q4 revenue came in at $5.6 billion, up 58% from a year ago and above the $5.27 billion analyst estimate. Retail units sold hit 163,522, also ahead of the 157,226 expected.

But the bottom line told a different story. Adjusted EBITDA came in at $511 million, short of the $541 million Wall Street was looking for. The adjusted EBITDA margin of 10.1% missed estimates of 10.4%.

Gross profit per unit was $3,076 — about $200 below expectations. Higher reconditioning and depreciation costs, along with a drop in shipping revenue, were cited as the main drivers of the shortfall.

Growth Targets Still on the Horizon

For the full year 2025, Carvana sold 596,641 vehicles, a 43% jump from 2024. The company’s estimated market share in the used-car market grew to 1.6%, up from 1.1% the year before.

CEO Ernie Garcia III reiterated the company’s long-term target: 3 million retail unit sales per year at a 13.5% adjusted EBITDA margin, to be reached sometime between 2030 and 2035.

“We are the fastest growing and most profitable automotive retailer,” Garcia said in his shareholder letter. “The path to selling 3 million cars per year at 13.5% Adjusted EBITDA margins by 2030-2035 is clear.”

For Q1 2026, guidance was light. Garcia said Carvana expects growth in both retail units and adjusted EBITDA compared to Q4, but gave no specific numbers. Wall Street had been looking for Q1 adjusted EBITDA of $671 million and retail unit sales of 175,478.

Garcia also flagged that higher reconditioning costs are expected to carry into Q1, though the company projects higher profit per unit.

Analyst Reaction

BTIG analyst Marvin Fong kept a Buy rating on CVNA but cut the price target from $535 to $455. Fong said investors will need to weigh whether Carvana’s willingness to sacrifice margin expansion for market share gain is the right trade-off — but argued unit growth remains the more important metric for the company’s story.

The stock had already been under pressure in 2026, down 14% year-to-date before the earnings drop. In January, short seller Gotham City Research alleged that Carvana overstated earnings by around $1 billion in 2023 and 2024 by not fully disclosing benefits received from DriveTime, a used-car company controlled by the CEO’s father, Ernie Garcia II. Carvana denied the allegations.

With higher costs expected in Q1 and no firm guidance given, investors are left weighing strong volume growth against continued margin pressure.

The post Carvana (CVNA) Stock Falls After Q4 Earnings Miss on Profit Margins appeared first on Blockonomi.

Pi Network’s PI has been the best-performing top 100 cryptocurrency over the past week, with its valuation rising by almost 40%.

Although some market observers foresee additional short-term gains, one factor could dampen their enthusiasm by hinting at a renewed decline.

The Bears Are Coming Back?

PI has finally managed to reverse its massive downtrend over the last several months, posting an upswing to as high as $0.20 just days ago. Currently, it trades at around $0.18 (per CoinGecko’s data), placing it well in green territory on a seven-day and two-week timeframe.

With its market capitalization soaring to roughly $1.7 billion, the asset now ranks as the 47th-largest cryptocurrency. The evident recovery has put PI back in focus, making it one of the most-trending tokens on CoinGecko lately.

The good days, though, may be coming to an end because the amount of coins stored on crypto exchanges has risen sharply. Almost 5 million PI have been transferred to such platforms in the last 24 hours alone, bringing the total to approximately 427.1 million. More than half of that is held on Gate.io, while Bitget ranks second with approximately 145.2 million tokens.

While the shift from self-custody to centralized exchanges doesn’t guarantee a price correction, it is often viewed as a bearish signal, as it could be interpreted as a pre-sale step.

The aggressive token unlocks scheduled for the coming days should also serve as a warning to investors. Data indicates that daily figures will approach 15 million on several occasions before the end of February. After that, though, the process is set to slow down.

New Push From the Bulls?

Contrary to the aforementioned factors, some community members believe PI is on the verge of a more serious surge in the short term. X user Pi Network Academy argued that the asset “is warming up for another big pump,” predicting an explosion to $1.

For their part, Pi Global claimed that “momentum is building, utility is expanding, and community is stronger than ever.” That said, they wondered if the coin’s valuation could hit $0.50 before Pi Day. The date (March 14) is symbolic to Pi Network because it resembles the mathematical constant π (3.14).

Earlier this month, X user Captain Faibik also chipped in. The renowned crypto analyst revealed they had added some PI for the midterm, expecting a 500% rally.

The post Pi Network’s PI Dominates the Altcoin Market, Yet Bears See Storm Ahead appeared first on CryptoPotato.

Bitcoin is trading under sustained pressure after losing key higher-timeframe support levels, with the price structure showing a clear transition from distribution to a developing downtrend. Momentum remains weak, and recent rebounds appear corrective rather than impulsive, keeping downside risk elevated in the near term.

Bitcoin Price Analysis: The Daily Chart

On the daily timeframe, the asset continues to respect a descending channel while trading below major moving averages, confirming bearish market structure. The rejection from the mid-range resistance zone and subsequent sharp sell-off toward the low-$60K region reinforces that sellers still control trend direction.

Momentum indicators remain subdued, with RSI holding far below neutral and failing to produce strong bullish divergence. Unless the price can reclaim the $75K–$80K resistance cluster and close above the channel midpoint, the broader bias stays tilted toward continuation lower or prolonged consolidation near the $60K support level.

BTC/USDT 4-Hour Chart

The 4-hour chart shows a steep impulsive drop followed by choppy sideways movement, typical of a bear-flag or accumulation attempt after liquidation. Lower highs continue to form beneath descending dynamic resistance, signaling that buyers have not yet regained short-term control.

Key support sits around the recent wick low near the $60K area, while immediate resistance is clustered between roughly $73K and $76K. A breakout above this range would be the first technical signal of a momentum shift, whereas a breakdown below the mentioned support zone could accelerate another leg downward and lead to another round of massive liquidations.

Sentiment Analysis

Funding rate data shows sentiment cooling significantly compared to earlier overheated conditions, with the recent deeply negative prints suggesting reduced long-side leverage. This type of reset is constructive over the medium term but does not, by itself, confirm an immediate bullish reversal.

Overall market psychology appears cautious rather than euphoric, which often precedes range formation before the next major move. For sentiment to flip decisively bullish, price strength must return alongside rising but controlled funding and improving momentum across timeframes.

The post Bitcoin Price Prediction: What Is the Most Probable Next Move for BTC as Momentum Stays Weak? appeared first on CryptoPotato.

XRP holders have moved approximately 200 million tokens off the Binance exchange over the past ten days, according to CryptoQuant contributor Darkfost.

The move comes with the Ripple token trading 27% lower than a month ago, suggesting some investors see current prices as an accumulation opportunity rather than an exit point.

Exchange Outflows Signal Shift in Investor Strategy

Data tracked by Darkfost shows a steady drop in XRP balances held on the world’s largest cryptocurrency exchange by volume. Per the on-chain observer, the XRP supply ratio on the platform fell from 0.027 to 0.025 over ten days, which translates to about 200 million tokens leaving Binance in the period.

Usually, when investors withdraw assets from exchanges, it reduces immediate selling pressure and points to longer-term holding strategies, as tokens moved to private custody are less accessible for quick trades.

“This dynamic therefore suggests that some investors consider current price levels to be attractive from an accumulation standpoint,” Darkfost concluded.

While some movements could reflect internal exchange reallocations, Binance tends to publish its custody addresses, allowing analysts to distinguish between operational adjustments and organic user-driven withdrawals with reasonable accuracy.

The timing of these outflows coincides with a difficult period for XRP holders. The asset has corrected roughly 40% since the start of the year, with the decline pushing it down to a 15-month low near the $1.00 level earlier in the month.

At the time of writing, the Ripple token was trading at around $1.42, down 4.5% in the last 24 hours and 27% over the past month, based on data from CoinGecko. Over a year, XRP has fallen by more than 44% and currently sits 61% below its all-time high of $3.65 reached in July 2025.

Still, the token has risen about 3% in the last week, outperforming the broader crypto market’s 1.4% gain in the same period. Daily trading volume has also climbed about 6% to just over $2.3 billion, a sign of increased activity even with prices slipping.

Market Sentiment Diverges From Price Action

Despite the price pressure, XRP has continued to attract attention from investors and analysts, with Grayscale recently identifying it as the second-most discussed asset in its community after Bitcoin (BTC).

The firm’s head of product and research, Rayhaneh Sharif-Askary, said during Ripple Community Day that clients frequently ask about XRP and related products tied to the Ripple ecosystem.

Additionally, a recent report from CoinShares showed XRP-linked funds drew about $33 million in inflows at a time when crypto investment products associated with heavyweights like Bitcoin and Ethereum (ETH) suffered a fourth straight week of outflows.

Nevertheless, some market observers and traditional financial institutions have tempered expectations about XRP’s performance this year. For instance, banking giant Standard Chartered slashed its year-end XRP price target by 65%, pushing down its forecast from $8.00 to $2.80, citing challenging near-term conditions across digital assets. The firm also lowered forecasts for Bitcoin, Ethereum, and Solana (SOL).

The post 200M XRP Pulled From Binance – Bullish Signal or False Alarm? appeared first on CryptoPotato.

A specific cohort of Bitcoin (BTC) holders practicing strict self-custody is now sitting on a collective unrealized loss of $27.89 billion, a figure that mirrors the financial bleeding seen in the U.S. institutional market, which has seen ETF exposure plummet by two-thirds since late 2024.

The data shows that the sell-side pressure crushing Bitcoin is not just a Wall Street phenomenon but a systemic event equally impacting long-term believers using cold storage.

ETFs and On-Chain Hodlers Share the Same Red

According to a detailed on-chain analysis by GugaOnChain, addresses that self-custody between 10 and 10,000 BTC with a UTXO age of 1 to 3 months are suffering a drawdown of -23.39%, translating to nearly $28 billion in paper losses.

This group, which rejects centralized exchange deposits in favor of hard wallets, has found itself in the same position as the institutional giants trading via CME futures and ETFs. Data shows those U.S. institutional products have shed $8.5 billion since October, with exposure contracting by two-thirds from the 2024 peak. GugaOnChain believes this confluence of stress validates the thesis that the market is “hostage to the same bloodbath,” whether on a trading floor or in a private vault.

Unfortunately, the macro environment suggests relief is not imminent. While three pillars of support, namely accumulators (demand of 371,900 BTC), retail (adding 6,384 BTC monthly), and miners (with an MPI of -1.11), have managed to keep the number one cryptocurrency from an immediate collapse, the analyst views these as mere delays.

Meanwhile, Bitcoin’s price data shows mixed performance across different timeframes, with the asset trading just below $67,000 at the time of writing, down about 1% in 24 hours but slightly positive for the week. The broader trend remains negative, with the asset down about 27% over 30 days and roughly 42% across six months per CoinGlass.

“The recovery? It depends on price reaction at the levels above,” stated GugaOnChain.

Whale Accumulation Meets Retail Hesitation

Despite the pervasive losses, the market is witnessing a stark divergence in behavior that adds complexity to the outlook. While short-term retail demand has cooled significantly, with Alphractal data showing the 90-day net position change for short-term holders dropping rapidly, whales are treating the dip as a fire sale.

Per CryptoQuant, whale holdings have gone up by approximately 200,000 BTC over the past month, climbing from 2.9 million to over 3.1 million BTC. Furthermore, the analytics firm noted that this scale of accumulation was last seen during the April 2025 correction, right before Bitcoin’s rally from $76,000 to past $126,000. This suggests that while “dumb money” may be experiencing panic, “smart money” is preparing for the long term.

The post $27.8B in Unrealized Losses Hit Bitcoin Self-Custody Holders as ETFs Shed $8.5B appeared first on CryptoPotato.

Bitcoin’s struggles since the beginning of the business week continued in the past 24 hours as the asset dipped below $66,000 before rebounding slightly to $67,000 as of now.

Most altcoins are in the red as well, with ETH losing the $2,000 support once again. XRP is among the poorest performers among the larger caps.

BTC Down to $67K

Although the primary cryptocurrency bounced off immediately on February 6 when it plunged to a 15-month low at $60,000 to $72,000, it has been unable to stage a more profound recovery since then. Just the opposite, it was rejected several times at the $71,000-$72,000 resistance, with the latest example taking place over the past weekend.

At the time, BTC jumped to $71,000 and was close to breaking above it. However, the bears quickly intercepted the move and drove the asset south to $67,000 on Tuesday. The adverse price moves continued yesterday, and bitcoin dipped below $66,000 for the first time since last Friday.

It managed to rebound since that weekly low, and now sits at $67,000. However, this still means that it’s over 1.5% down on the day. Its market capitalization has fallen below $1.340 trillion, while its dominance over the alts struggles below 56.5% on CG.

Alts Back in Red

Almost all altcoins are in the red once again today. Ethereum’s adventure above $2,000 was short-lived once again, and the asset is back below it as of press time. XRP and SOL have dropped the most from the larger caps, with losses of nearly 5%. As a result, XRP trades inches above $1.40 while SOL is down to $82.

DOGE, ADA, BNB, LINK, and CC are also in the red by up to 4%, while ZEC has plunged by 8.5% to $260. Further losses are evident from M and Hash, both of which have dumped by more than 10%.

The total crypto market cap has erased another $50 billion daily and is down to $2.370 trillion on CG.

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