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Ethereum co-founder Vitalik Buterin has condemned Russia’s invasion of Ukraine as “criminal aggression.” He advocates applying crypto-inspired governance principles to transform Russia’s political system.

His remarks, published ahead of the fourth anniversary of the invasion on February 24, 2026, link blockchain concepts to the long-term security of Europe and Ukraine.

Vitalik Buterin Condemns Aggression Amid Support for Ukraine

The Russo-Canadian innovator directly rejected narratives that frame the conflict as morally ambiguous. He emphasized that Russia’s invasion of Ukraine cannot be justified.

Drawing on his Russian heritage and Canadian upbringing, he highlighted the dramatic contrast between:

Ukraine’s institutional improvements over the past decade and

Russia’s escalating repression, imperial ambitions, and military aggression.

“Ukraine needs a lot of help — to continue defending itself and to minimize human suffering from attacks on residential buildings, the energy system, etc.,” Buterin wrote, urging sustained international support to protect civilians and maintain Ukraine’s defense capabilities.

Buterin also criticized Western narratives that downplay Russian responsibility, asserting that Moscow’s leadership currently lacks incentive to pursue peace.

Based on this, he suggests that only continued military and economic pressure could compel meaningful negotiations.

Applying Crypto Principles to Political Reform

Drawing parallels from his experience in Ethereum and blockchain governance, Buterin proposed that long-term reform in Russia could benefit from:

Decentralized governance

Quadratic voting, and

Digital democracy

These mechanisms, already explored in crypto ecosystems, are designed to spread power, prevent authoritarian consolidation, and allow citizens to influence decisions proportionally.

“The goal is to build a country that, when the objective is improving people’s lives, will be maximally strong, but when the goal is oppressing minorities or aggression against neighbors, will be maximally uncoordinated and weak,” he explained.

Buterin emphasized that decentralization is not merely a conceptual exercise; it could guide real-world political transitions.

Systems like https://pol.is, which enable large-scale consensus-building and public deliberation, could help identify shared priorities among citizens and inform policy without relying solely on traditional hierarchical structures.

The remarks come only weeks after internet providers began blocking access at the network level, barring several crypto news sites on Russian home internet connections.

Vision for a “Beautiful Russia of the Future”

Nonetheless, beyond immediate conflict resolution, Buterin argued that European and Ukrainian security depends on fundamentally transforming Russia.

He envisioned a state in which internal governance structures prioritize public welfare and economic prosperity over military aggression, thereby reducing the likelihood of future conflicts.

Buterin stressed that this transformation requires new leadership and novel ideas within Russia’s political opposition.

Drawing lessons from crypto, he noted that entrenched systems rarely yield progress without fresh strategies, experimentation, and inclusive participation. He framed this approach as a two-step process:

First, Ukraine must receive every possible form of support to weaken the Russian military and compel a ceasefire.

Second, after Putin, the focus should shift to empowering moderate factions in Russia willing to adopt reform, peace, and decentralized governance principles.

Buterin’s proposal reflects a growing intersection between technological governance models and international politics.

While blockchain-inspired methods have been tested primarily in digital networks, applying these concepts to national governance represents a radical, untested approach.

Nonetheless, the Ethereum co-founder’s perspective offers a novel lens on conflict resolution and state-building. It suggests that beyond diplomacy or military pressure, systemic innovation may be essential for lasting peace.

Berachain price stunned the crypto market after a sudden and sharp rally. BERA surged nearly 210% during Wednesday’s intraday high before pulling back. 

The explosive move triggered widespread interest, yet on-chain data suggests the rally was largely speculation-driven rather than supported by sustained capital inflows.

What Caused the BERA Price To Rally?

The primary catalyst behind the BERA rally appears to be a major short squeeze. Funding rates fluctuated violently as bearish traders were caught off guard. Reports showed funding falling as low as negative 5,900%, signaling an extreme imbalance in derivatives positioning.

As shorts were liquidated, trading volume surged to $2.23 billion within 24 hours. This wave of forced buying amplified volatility and accelerated price appreciation. Short squeezes can create explosive upside, but they rarely provide long-term structural support for crypto price trends.

BERA Trading Volume. Source: Coinglass Why Should BERA Traders Be On Alert

The Chaikin Money Flow indicator offers critical insight into Berachain’s macro momentum. Despite the dramatic price increase, CMF remained below the zero line. This reading signals that capital outflows continued to dominate the asset during the rally.

Additionally, a bearish divergence formed on the chart. While the BERA price printed a higher high, the CMF posted a lower high. Such divergences often precede corrections, as weakening inflows fail to validate rising price action. This setup increases the probability of downside pressure returning.

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BERA CMF. Source: TradingView

Derivatives data suggest that long traders may now face elevated risk. As price momentum weakens, leveraged long positions could become vulnerable to liquidation. Market heat maps indicate a significant liquidation cluster just above $0.620.

A move below $0.626 could trigger approximately $5.26 million in long liquidations. Cascading liquidations often accelerate downside pressure in volatile altcoins. If selling intensifies, retail traders holding aggressive long exposure may experience amplified losses.

BERA Liquidation Map. Source: Coinglass BERA Price Could Face Correction

BERA price trades at $0.823 at publication after rallying nearly 210% during Wednesday’s intraday high. As the spike faded, bullish expectations cooled rapidly. Price retracement suggests that momentum traders have begun locking in gains.

Given the speculative nature of the surge and the bearish CMF divergence, further downside appears likely. A confirmed break below $0.795 support could send BERA toward $0.620. That decline would activate previously identified liquidation clusters and potentially extend losses toward $0.438.

BERA Price Analysis. Source: TradingView

Alternatively, renewed investor confidence could stabilize the price near $0.795. If inflows strengthen and speculative pressure subsides, BERA may rebound toward $1.077. A sustained move above that level would invalidate the bearish thesis and restore upward momentum.

Chainlink (LINK), one of the leading oracle platforms, has struggled to find a recovery throughout February. Despite multiple pieces of positive news, selling pressure has remained persistent.

As price action reaches a support level that has held for six years, February could be the decisive moment for LINK to enter a new price phase.

Positive Developments in February Fail to Offset Selling Pressure

Price data shows that the current level around $8.4 aligns with a long-term support trendline that has held since 2020. This makes LINK’s price behavior in the coming days a key reference point for analysts when forming longer-term projections.

Chainlink (LINK) Price Performance. Source: TradingView

Recent signals from strategic partnerships could, in theory, strengthen LINK’s appeal.

Robinhood has launched a public testnet for Robinhood Chain, a Layer 2 network on Arbitrum designed for tokenized assets. More importantly, Chainlink serves as the platform’s oracle provider. The integration allows developers to leverage Chainlink’s data feeds, interoperability, and compliance standards to support advanced tokenization use cases.

Similarly, Ondo Finance, a platform focused on tokenized real-world assets, has selected Chainlink as its official data provider. The goal is to accelerate the adoption of tokenized stocks and ETFs. This collaboration enables tokenized U.S. securities to operate across Ethereum’s DeFi ecosystem, secured by institutional-grade data.

“Using Chainlink, DeFi protocols can now price Ondo Global Markets assets with best-in-class accuracy, manage positions safely, and provide users with more protection during volatile market conditions,” Ondo Finance stated.

The benefits from the Robinhood and Ondo partnerships have not translated into an immediate price increase. Weak overall market sentiment appears to be the main constraint. LINK showed no clear rebound from the six-year support level when these announcements were released.

On another front, exchange-side selling pressure has intensified. Exchange Inflow (Top 10) rose sharply in February 2026.

Chainlink Exchange Inflow (Top 10). Source: CryptoQuant

This metric measures the total amount of coins from the top 10 inflow transactions to exchanges. Elevated values indicate that large volumes of LINK are being deposited at once. This behavior often signals rising sell-side pressure.

A similar spike occurred in September last year. LINK’s price began to decline shortly afterward. The metric has now started rising again. This trend may suggest that some large holders are preparing to liquidate, adding to downward price pressure.

Sustained selling pressure could push LINK below its six-year support. However, partnerships with Robinhood and Ondo still provide long-term optimism. A meaningful recovery will likely require a more favorable market environment to align with Chainlink’s underlying fundamentals.

The Cardano price is up around 3% over the past 24 hours, trading near $0.26 at press time. This stands out as the broader crypto market remains mostly flat. On the chart, ADA is starting to form a familiar rebound structure that has led to rallies before. But on-chain and derivatives data suggest this setup may lack strong backing.

This creates a clear conflict between improving technical signals and weak investor conviction.

Rebound Pattern Is Forming Again — Just Like In December

Since early December, Cardano has been building a familiar structure. Between December 1 and February 11, ADA made lower lows while the Relative Strength Index, or RSI, made higher lows. RSI measures momentum by tracking buying and selling strength. When the price weakens while the RSI improves, it indicates that selling pressure is fading.

This is called a bullish divergence. It often appears near short-term bottoms.

The same pattern formed between December 1 and December 31, 2025. At that time, ADA printed lower lows, RSI made higher lows, and the price rebounded soon after. That rebound pushed Cardano up by about 32% before sellers returned.

Reversal Setup: TradingView

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Now, the structure looks similar again. On paper, this suggests that downside momentum is slowing.

But technical patterns only work when large participants support them. This time, that support is missing.

Whales and Derivatives Are Not Backing This Reversal Attempt

The biggest difference between December and now is whale behavior. In December, large Cardano holders were accumulating aggressively. Wallets holding between 10 million and 100 million ADA increased their supply from around 13.15 billion to nearly 13.5 billion. That steady buying helped fuel the rebound.

This time, the opposite is happening. Since mid-January, these same whales have been reducing exposure. On January 14, they held around 13.67 billion ADA. That figure has now dropped closer to 13.3 billion. The overall trend has shifted from accumulation to distribution.

ADA Whales: Santiment

Instead of preparing for upside, large holders are slowly exiting. That weakens the entire reversal structure.

Derivatives data tells the same story. Open interest, which measures the total value of active futures positions, is far lower than it was in early January, when the Cardano price last peaked. On January 5, open interest peaked near $884 million. It is now close to $407 million, down more than 50%.

Cardano’s Open Interest Dips: Coinglass

This matters because strong rallies usually need leverage participation. When open interest is rising, it means traders are committing capital to directional moves. When it is falling, momentum tends to fade quickly. Funding rates are also only mildly positive. That shows traders are not aggressively betting on upside. Nor is there enough short leverage power to trigger a short squeeze.

Funding Rate: Coinglass

In simple terms, whales are not buying, and derivatives traders are not committing. That leaves the rebound dependent on spot buyers alone.

Spot Flows Are Turning Negative, Keeping Pressure On the Cardano Price

Spot market data explains why confidence remains weak.

One key indicator is Exchange Netflow. This tracks whether coins are moving into or out of exchanges. When netflow is negative, coins are leaving exchanges, which usually suggests accumulation. When netflow turns positive, it shows increasing selling pressure. Between February 7 and February 11, Cardano saw mild outflows. That suggested some early buying interest.

But on February 12 (post the divergence flashing on the chart), netflow turned positive again, with inflows near $1.16 million. That means traders have started moving ADA back onto exchanges to sell. This shift is important.

Spot Flows: Coinglass

It shows that even short-term buyers are not committed. Instead of holding through the setup, they are taking quick exits. When spot selling returns this early, rebounds usually struggle. With whales absent, derivatives weak, and spot flows turning negative, conviction remains low.

From a price perspective, $0.28 is now the first level that matters. A clean break above $0.28 would show that buyers are finally gaining control. If that happens, ADA could attempt a move toward $0.32 and possibly $0.35 (a 30%+ upmove), similar to the December rebound’s size.

But without stronger support, that scenario remains unlikely.

Cardano Price Analysis: TradingView

On the downside, $0.24 is the first key support. A sustained break below this level would expose $0.22. If $0.22 fails, the entire rebound structure would be invalidated. Right now, Cardano is caught between improving technical momentum and weakening investor confidence.

Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.

Grab a coffee as the crypto market may be heading into another turbulent stretch. Analysts are warning that more volatility could lie ahead as macro uncertainty builds and investor sentiment weakens, setting the stage for a potentially decisive moment before any meaningful recovery begins.

Crypto News of the Day: Standard Chartered Warns of Final Capitulation, Sees Bitcoin Falling to $50,000 Before Recovery

Standard Chartered is warning that crypto markets may face one final wave of selling pressure before staging a broader recovery. According to the bank, Bitcoin could drop to $50,000 and Ethereum to $1,400 in the months ahead.

In a note to clients, Geoff Kendrick, the bank’s Head of Digital Asset Research, said the near-term outlook remains challenging amid intensifying macroeconomic headwinds and weakening ETF flows.

“I think we are going to see more pain and a final capitulation period for digital asset prices in the next few months,” Kendrick wrote. “The macro backdrop is unlikely to provide support until we near Warsh taking over at the Fed.”

According to Kendrick, the current correction has further to run before markets find a durable bottom. On the downside, he expects:

“BTC to USD 50,000 or just below, ETH to USD 1,400.”

Despite the bearish short-term call, Kendrick framed these levels as strategic entry points rather than structural breakdowns.

“They will be buy levels, for end-of-year forecasts of $100,000 (BTC) and $4,000 (ETH). Take care out there.”

The revised projections mark a notable reduction from the bank’s previous targets of $150,000 for Bitcoin and $7,500 for Ethereum, reported in a recent US Crypto News publication.

Bitcoin and Ethereum Price Performance. Source: TradingView

Still, Standard Chartered maintains a constructive long-term view once the current drawdown plays out.

Macro Headwinds and ETF Outflows

Kendrick emphasized that macroeconomic conditions are weighing heavily on digital assets. While the US economy may be softening, markets are not pricing in imminent rate cuts.

“The macro risk backdrop is also becoming more challenging – the US economy may be softening, but markets expect no further rate cuts until Warsh takes over as Fed chair in June,” he said.

With liquidity support likely delayed, investor behavior is shifting. The Standard Chartered executive observes that holdings of digital asset ETFs have fallen (albeit in an orderly manner), and the average Bitcoin ETF holding is now down around 25%.

“Against this backdrop, we think ETF holders are more likely to sell, rather than buy the dip, for now.”

The decline in ETF holdings is particularly significant given that spot Bitcoin ETFs were a key driver of inflows during the last rally. A sustained period of redemptions could amplify downside volatility if sentiment deteriorates further.

A More Resilient Market Structure with Recovery Path Into 2026

Despite forecasting further losses, Standard Chartered argues that the current sell-off differs materially from previous crypto downturns.

“Recent price action for digital assets has been challenging, to say the least. We expect further declines in the near term and are lowering our forecasts across the asset class. However, we expect prices to recover after hitting their lows in the next few months, and our long-term constructive view remains intact,” Kendrick said.

Importantly, he added that this sell-off has been less extreme than previous ones and has not seen the collapse of any digital asset platforms (as was the case in 2022). This, according to Kenrick, suggests that crypto as an asset class is maturing and becoming more resilient.

That structural resilience may ultimately support a stronger recovery phase once macro conditions stabilize and liquidity expectations shift.

Looking beyond the expected capitulation phase, Standard Chartered anticipates a rebound through the remainder of 2026.

“Once the lows have been reached, we expect the asset class to recover for the rest of 2026,” Kendrick said.

The bank now forecasts Bitcoin at $100,000 and Ethereum at $4,000 by year-end 2026, with other digital assets likely to “broadly follow the majors.”

Chart of the Day

Bitcoin Price Performance. Source: TradingView

Standard Chartered projects the Bitcoin price falling to $50,000 before recovery. Such a move would constitute a 26% drop below current levels.

Byte-Sized Alpha

Here’s a summary of more US crypto news to follow today:

MicroStrategy plans to issue more perpetual preferred stock: What it means for MSTR.

Four signs that Bitcoin is in the early stages of a bear market: How long could it last?

Elon Musk reveals X Money may launch soon, fueling crypto speculation.

Bitcoin whale accumulation resembles 2022 structure – Can it revive BTC price?

Solana long-term holder capitulation reaches a 3-year high as price nears losing $80.

A crypto lender has halted withdrawals: Is this another FTX moment?

XRP flashes historic rebound hint, but buying drops 85% — What’s next for price?

Crypto market sentiment falls into extreme fear: What does it mean for investors?

Crypto Equities Pre-Market Overview

CompanyClose As of February 11Pre-Market OverviewStrategy (MSTR)$126.14$127.54 (+1.11%)Coinbase (COIN)$153.20$154.29 (+0.71%)Galaxy Digital Holdings (GLXY)$20.40$20.46 (+0.29%)MARA Holdings (MARA)$7.56$7.64 (+1.06%)Riot Platforms (RIOT)$14.80$14.89 (+0.41%)Core Scientific (CORZ)$18.09$18.19 (+0.55%)

Crypto equities market open race: Google Finance

Solana price remains under sustained pressure, extending a three-week downtrend amid weak investor support and bearish macro conditions. 

SOL trading near $80, reflecting declining demand across the broader crypto market. Adding to concerns, long-term holders are now showing signs of weakening conviction.

Solana Profitable Supply Falls To Multi-Year Low

On-chain data shows that Solana’s supply in profit has dropped to 15%. This marks the lowest level since November 2022. A falling profitable supply typically indicates that most holders are underwater, which often reduces the incentive to sell further.

Historically, such low profitability has coincided with stabilization phases. Selling pressure tends to ease when fewer investors remain in profit. However, current conditions differ due to broad market weakness and deteriorating long-term holder sentiment, limiting the usual recovery effect.

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Solana Supply In Profit. Source: Glassnode

A key metric highlighting the shift is Liveliness, which measures long-term holder activity. The recent spike in Liveliness signals increased token movement from previously dormant wallets. This behavior suggests Solana LTHs are distributing rather than accumulating during the downturn.

When LTHs begin selling, macro momentum often weakens further. Their participation typically reflects high conviction. A sustained rise in Liveliness indicates eroding confidence, which can amplify bearish trends and reduce the probability of a swift Solana price recovery.

Solana Liveliness. Source: Glassnode Why Are LTHs Selling?

Signs of LTHs selling became evident toward the end of January. The long-term holder Net Unrealized Profit and Loss, or NUPL, fell below zero. This shift marked capitulation, meaning long-term holders moved into aggregate losses.

The last time Solana LTH’s NUPL dropped below zero was in May 2022. Capitulation at that time triggered widespread distribution before eventual stabilization. Selling by long-term investors during loss phases often reflects psychological exhaustion rather than tactical repositioning.

Solana LTH NUPL. Source: Glassnode

LTHs capitulated on January 24, yet the spike in Liveliness appeared roughly a week later. This delay suggests holders initially waited for a rebound. But as the Solana price continued to decline, those investors ultimately sold. If this dynamic persists, recovery prospects may weaken further.

SOL Price Downtrend Continues

Solana price trades near $80 and remains within a defined downtrend that began three weeks ago. SOL is holding just above the $79 support level. Sustained weakness in investor demand increases the risk of a breakdown below this threshold.

If LTH selling continues and the downtrend remains intact, SOL could lose $79 support. A confirmed breakdown may send Solana toward $70, which aligns with the 1.786 Fibonacci extension level. That zone represents the next major technical support.

Solana Price Analysis. Source: TradingView

Alternatively, a halt in long-term holder selling could improve momentum. If SOL breaches the descending trendline and clears $88 resistance, recovery may accelerate. A move toward $95 would invalidate the bearish thesis and signal renewed bullish strength in Solana price action.

Bitcoin (BTC) has fallen 23.4% so far this year, after declining more than 6% in 2025. Prices have remained under sustained pressure, with the leading cryptocurrency currently trading at $67,214.

Amid this, a key question continues to weigh on market sentiment: when will the Bitcoin downtrend end? Four key signals suggest that the asset may still be in the early stages of a bear market, raising the possibility of further downside.

Capital Flight Confirms Bearish Sentiment Shift 

Investor flow data sends the first warning sign. CryptoQuant data showed new investor inflows have turned negative. An analyst said this indicates the ongoing sell-off is not being absorbed by new capital entering the market.

Bitcoin New Investor Flows Turn Negative. Source: CryptoQuant

The analyst explained that in bull markets, capital tends to accelerate during price drawdowns, as investors treat dips as buying opportunities. In contrast, the early stages of bear markets are often marked by capital withdrawal amid weakness.

“Current readings resemble post-ATH transitions, in which marginal buyers exit and price is driven by internal rotation, not net inflows. Without renewed inflows, upside moves remain corrective. This behavior is consistent with early bear market conditions: contracting liquidity and narrowing participation,” the analyst added.

Technical Pattern Signals Room for Another Leg Lower in Bitcoin

Crypto analyst Jelle pointed to historical cycle data to frame the current downside risk. He explained that in previous major bear markets, price bottomed below the 0.618 Fibonacci retracement measured from the prior cycle peak.

The earliest cycle saw a significantly deeper move, with Bitcoin falling roughly 64% beyond the 0.618 level. In later cycles, however, the depth of those breakdowns moderated. 

The most recent bear market bottom formed about 45% below that retracement threshold, reflecting a pattern of progressively shallower declines.

“0.618 from the current cycle high sits at $57,000. If Bitcoin bottoms just 30% below the 0.618 retracement this time around, we’re still looking at $42,000,” the analyst remarked.

Bitcoin Bottom Prediction. Source: X/Jelle

This suggests the price may fall further. Additionally, other experts have previously forecasted that Bitcoin could find a bottom even below $40,000.

Market Cycle Indicator Points to Further Downside Risk

In addition, the Bull-Bear Market Cycle Indicator, which tracks broader market phases, signals that bearish conditions began in October 2025. However, the metric has not yet entered what is typically classified as an extreme bear phase.

In previous cycles, the indicator has moved into the dark-blue zone, suggesting that lower levels may still lie ahead.

Bitcoin Bull-Bear Market Cycle Indicator. Source: CryptoQuant Whales Stack BTC, Yet Recovery May Take Time

Finally, on-chain data shows that Bitcoin whales have been accumulating during the recent dip, as exchange outflows continue to rise. The 30-day simple moving average of exchange outflows has climbed to 3.2%.

This pattern closely mirrors the first half of 2022. Although whale accumulation is often interpreted as a constructive signal, history suggests caution. In the previous cycle, a broader recovery did not materialize until early 2023.

The similarity in structure suggests that while smart money may be positioning, it does not necessarily mean an immediate rebound is imminent. Instead, the data implies that the market could remain under pressure in the near term, even as long-term holders continue to build exposure.

Separately, Kaiko analysis suggested that Bitcoin still appears to be tracking its traditional four-year cycle. Based on that framework, the firm stated,

“The four-year cycle framework predicts we should be at the 30% mark.”

Taken together, these four indicators point to the possibility that Bitcoin could remain under pressure. However, when the bear market will end remains a point of division among experts.

Ray Youssef, CEO of NoOnes, said it is unlikely that Bitcoin will see a V-shaped recovery before the summer of 2026. Julio Moreno, Head of Research at CryptoQuant, has also suggested that the current bearish phase could end in Q3 2026. 

In contrast, Bitwise CIO Matt Hougan has expressed a more optimistic view, indicating that the end of the crypto winter could be approaching.

As part of the strategy to turn X (formerly Twitter) into a “super app” or Everything App, a key missing piece, X Money, is beginning to take shape.

X aims to be more than a social media platform. Elon Musk wants to transform it into a personal finance game-changer. Users could handle messaging, shopping, and full personal asset management in one place.

Why Are Crypto Investors Excited About X Money?

During an xAI “All Hands” presentation in February 2026, Elon Musk revealed that X Money is already running in internal testing among X employees. A limited rollout to users is expected within the next one to two months.

X Money has secured money transmitter licenses in more than 40 US states. It also established strategic partnerships with major payment giants such as Visa last year.

“For X Money, we actually had X Money live in closed beta within the company, and we expect in the next month or two to go to a limited external beta and then to go worldwide to all X users. And this is really intended to be the place where all the money is, the central source of all monetary transactions. So it’s really going to be a game-changer,” Elon Musk said.

Musk aims to push monthly active users past 600 million and ultimately reach 1 billion. Analysts compare this ambition to building an everything app similar to China’s WeChat.

As a result, X Money represents a major opportunity for any crypto project that accepts it as a payment method or is indirectly connected to the platform.

However, X Money has never confirmed that crypto will be used as a payment option. Investors, meanwhile, continue to build their own narratives.

The first speculation centers on Dogecoin (DOGE). This meme coin closely aligns with Elon Musk’s personal brand. The theory stems from Musk’s past comments suggesting DOGE could be suitable for micropayments.

The second speculation involves XRP. This hypothesis is linked to Cross River Bank, a financial partner working with X to process payment flows. Since 2014, Cross River Bank has integrated Ripple’s protocol to enable real-time cross-border payments between the US and Western Europe.

Despite these narratives, DOGE and XRP prices showed no significant reaction to news of X Money’s upcoming launch.

In the coming months, once X Money officially goes live as planned, its impact on crypto markets and the global financial system may become clearer.

Bitcoin price remains under pressure, extending its recent decline without a confirmed reversal. BTC trades near $66,996 at publication, reflecting cautious sentiment across the crypto market. 

Growing uncertainty has pushed many investors toward selling, though one major cohort is actively attempting to stabilize price action.

Bitcoin Holders Are Underwater

The Spent Output Profit Ratio, or SOPR, highlights rising skepticism among Bitcoin investors. SOPR measures the ratio between the USD value of sold coins and their original purchase price. When the indicator remains above 1, investors are selling at a profit.

Recently, SOPR has trended closer to or below 1. Readings below 1 signal that investors are selling at a loss. This behavior often reflects fear-driven capitulation rather than calculated distribution.

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Bitcoin SOPR. Source: Glassnode

Historically, extended periods of SOPR below 1 have coincided with local bottoms. Loss realization can mark exhaustion among weak hands. However, sustained negative readings also confirm fragile sentiment and reduced short-term conviction in Bitcoin price recovery.

Whales Arrive To Bitcoin’s Rescue

While smaller investors sell, Bitcoin whales are rotating capital back into BTC. Addresses holding between 10,000 and 100,000 BTC have accumulated more than 70,000 BTC since the start of the month. This accumulation equals roughly $4.6 billion at current prices.

Such large-scale buying provides structural support. Whale demand appears to be offsetting part of the panic selling. Without this absorption, the Bitcoin price could have experienced deeper downside acceleration during recent volatility.

Bitcoin Whale Supply. Source: Santiment

Exchange whale outflows provide further insight into macro positioning. This metric tracks the percentage of exchange balances moving to large entities daily. Since Bitcoin dropped below $80,000, the 30-day simple moving average has climbed to 3.2%.

This pattern resembles the structure seen in the first half of 2022. During that period, whales accumulated in waves before the next bull market began. Their steady withdrawals signaled long-term positioning rather than short-term speculation.

Bitcoin Exchange Whale Outflow. Source: Glassnode

However, historical parallels require caution. In 2022, price consolidation persisted for months before recovery gained traction. Whale accumulation does not guarantee immediate upside momentum. Broader macro conditions and liquidity cycles still influence Bitcoin’s trajectory.

BTC Price Finds Support

Bitcoin price trades at $66,996, holding slightly above $66,749 support. The recent rejection near $70,610 reflects psychological resistance tied to profit-taking. Sellers appear active near that zone, limiting upward continuation attempts.

In the short term, BTC must defend $65,000 while consolidating below $70,610. Sustained stabilization could build momentum for a breakout. A confirmed recovery would require reclaiming $78,656 as a support level.

Bitcoin Price Analysis. Source: TradingView

If whale accumulation slows, downside risk may intensify. Loss of current support could send Bitcoin toward $63,185. A deeper slide toward $60,000 would invalidate the bullish thesis and reinforce the broader corrective trend.

BlockFills, a Chicago-based crypto lender and liquidity provider, has temporarily halted client deposits and withdrawals.

The move comes as the crypto market continues to experience notable volatility, with asset prices trending lower.

Crypto Liquidity Provider BlockFills Stops Withdrawals and Deposits During Market Stress

BlockFills operates as a cryptocurrency solutions firm and digital asset liquidity provider. It serves approximately 2,000 institutional clients, including crypto-focused hedge funds and asset managers. In 2025, the firm handled $60 billion in trading volume.

The company said in a statement posted on X that the suspension was implemented last week and remains in effect. According to BlockFills, the decision was made in light of “recent market and financial conditions” and is intended to “protect both clients and the firm.”

Despite the suspension of deposits and withdrawals, clients have continued to trade on the platform. BlockFills said users are still able to open and close positions in spot and derivatives markets, as well as select other circumstances.

The company also said management is working closely with investors and clients to resolve the situation and restore liquidity to the platform.

“The firm has also been in active dialogue with our clients throughout this process, including information sessions and an opportunity to ask questions of senior management. BlockFills is working tirelessly to bring this matter to a conclusion and will continue to regularly update our clients as developments warrant,” the statement read.

In the crypto industry, withdrawal freezes often trigger concern. The sector’s last severe downturn in 2022 saw several high-profile lenders, including Celsius, BlockFi, Voyager, FTX, and more, halt withdrawals before filing for bankruptcy.

Crypto Firms’ Withdrawal Pause and Subsequent Bankruptcy Filings. Source: Federal Reserve Bank of Chicago

Many of the crypto bankruptcies, such as those of FTX, BlockFi, and Three Arrows Capital, were interconnected, leading to a domino effect in the market. The events led to market destabilization and negatively impacted sentiment.

Nonetheless, it’s worth noting that temporary suspensions can also function as defensive measures during periods of intense market stress. At present, there is no publicly available evidence suggesting that BlockFills is insolvent.

Meanwhile, the suspension comes as some market participants warn of a renewed “crypto winter.” Since the start of the year, the total cryptocurrency market capitalization has declined by more than 22%.

Last Friday, Bitcoin fell to around $60,000, marking its lowest level since October 2024. The asset remains roughly 50% below its all-time high of approximately $126,000, recorded in October.

XRP price today is trading near $1.38, showing early signs of stabilization after weeks of weakness. On the chart, a familiar rebound pattern has started forming, similar to past setups that led to strong rallies. But on-chain and derivatives data are not confirming the optimism.

Buying pressure has dropped sharply, long-term holders are pulling back, and leverage risks remain high. This creates a conflict between what the chart suggests and how investors are actually behaving.

XRP Price Builds a Familiar Rebound Pattern

Since late January, XRP has been forming a structure that previously preceded major recoveries.

Between January 31 and February 11, the price made lower lows while the Relative Strength Index, or RSI, formed higher lows. RSI measures buying and selling strength. When price weakens, but RSI improves, it signals that selling pressure is fading and momentum may be turning.

A similar setup, also on the 12-hour chart, appeared in late December 2025.

At that time, XRP showed the same divergence before reclaiming the 20-period Exponential Moving Average (EMA) on January 2. After that reclaim, the price rallied over 28%. Now, the structure looks similar again. EMA is a trend indicator that gives more weight to recent prices to show short-term momentum. 

XRP’s History: TradingView

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The current divergence suggests that downside momentum is slowing. If XRP manages to reclaim the $1.50 zone, which aligns closely with the 20 EMA and prior resistance, it could attract stronger buying interest.

But the on-chain data does not support the rebound theory. At least, not yet.

Exchange Flows and Holders Show Buying Has Collapsed

On-chain metrics explain why the rebound signal is struggling.

One key indicator is Exchange Net Position Change. This measures how the total amount of XRP held on exchanges has changed over the past 30 days. In simple terms, it shows whether exchange balances are rising or falling on a monthly basis. When the number is strongly negative, exchange balances are shrinking, usually showing accumulation or outflows.

On February 8, XRP recorded net outflows of around 107 million tokens. By February 11, outflows had dropped to about 16 million tokens.

Exchange Flows Weaken: Glassnode

That is an 85% collapse in buying pressure. This means investors are no longer reducing exchange balances at the same pace. Demand has weakened sharply, even as the chart flashed a bullish setup.

The same pattern appears in Hodler Net Position Change, which tracks wallets holding XRP for more than 155 days.

On February 1, long-term holders were adding around 337 million XRP. By February 11, their accumulation had fallen to about 128 million XRP.

That represents a drop of more than 60%.

Hodlers Not Convinced: Glassnode

In simple terms, exchange balances are rising, clearly led by weakening long-term accumulation. The investors who usually support strong rebounds are staying cautious. But why?

Derivatives Risk Explains Why Holders Are Hesitating

In the Binance XRP/USDT perpetual market, medium-term liquidation data shows that short positions dominate. Over the next 30 days, short-side liquidation exposure stands near $148 million, while long-side exposure is closer to $83 million.

This shows that traders are leaning defensive and positioning for downside risk. Long-term holders seem to be siding with the majority here.

XRP Liquidation Map: Coinglass

Short-term positioning tells another story.

On the one-day timeframe, this time on Gate, long liquidations are near $63.9 million, while shorts are around $51 million. This means 30% more positions are currently exposed on the long side. If the XRP price drops even slightly, led by a weak and fearful market, long positions could be forced out quickly, leading to a deeper crash.

Short-Term XRP Liquidation Map: Coinglass

Long-term holders are aware of this risk, as long liquidations have previously impacted optimism. Therefore, instead of chasing a weak rebound, they are waiting for confirmation and siding with the medium-term positions, mainly shorts. This is why spot buying pressure has not returned despite the bullish divergence.

XRP Price Levels To Track Now

With technical optimism clashing with weak conviction, price levels now matter most. The key downside level sits near $1.34.

This zone aligns with the largest long liquidation cluster. If XRP closes below $1.34, it could trigger forced selling and invalidate the rebound structure. In that case, the price could slide toward $1.12. On the upside, $1.50 remains the critical barrier.

This level aligns with the 20 EMA and a psychological resistance. A sustained move above $1.50 would likely restore confidence and bring long-term buyers back. Without that breakout, bounces are likely to remain unstable.

XRP Price Analysis: TradingView

Right now, XRP is stuck between improving momentum and falling conviction. The chart says pressure is easing.

On-chain data says demand is missing. And derivatives data says risk remains high. Until XRP holds above $1.34 and reclaims $1.50, the rebound thesis remains weak.

The Crypto Fear & Greed Index fell to 5 on Thursday, signaling a sharp deterioration in market sentiment as digital asset prices continue to slide.

The decline reflects intensifying panic among investors, with risk appetite eroding amid broader global market uncertainty.

Crypto Sentiment Sinks Deeper Into “Extreme Fear” 

The Crypto Fear & Greed Index measures the overall emotional state of the cryptocurrency market on a scale from 0 to 100. Readings between 0 and 24 indicate Extreme Fear, 25 to 49 signal Fear, 50 represents Neutral conditions, 51 to 74 reflect Greed, and 75 to 100 denote Extreme Greed.

At 5, the index places the market firmly in Extreme Fear territory. The latest drop comes amid a steady decline in sentiment over recent weeks. 

Extreme Fear in Crypto Markets. Source:Alternative.me

A month ago, the index stood at 26, already within the Fear range. It slid to 12 a week earlier and registered 11 just a day before reaching its current low. The rapid deterioration highlights how quickly confidence has unraveled as prices weakened.

The collapse in crypto sentiment coincides with a broader surge in global economic anxiety, as evidenced by the World Uncertainty Index. The index tracks how frequently the term “uncertainty” appears in Economist Intelligence Unit country reports. 

It covers more than 140 countries and provides a quarterly, cross-country indicator widely used in macroeconomic research and global risk analysis.

In the third quarter of 2025, the World Uncertainty Index surged to an all-time high above 100,000. In the fourth quarter, it was recorded at 94,947. 

Those levels are roughly double the peaks observed during previous major crises, including the COVID-19 pandemic, Brexit, and the Eurozone debt crisis.

“Rising geopolitical tensions, volatile markets, and policy uncertainty are driving the spike, as investors struggle to price in what comes next,” Coin Bureau wrote.

World Uncertainty Index. Source: Federal Reserve Bank of St. Louis

The elevated reading signals heightened anxiety across global markets as investors grapple with unpredictable economic and political conditions. Against this backdrop, the crypto market’s plunge into Extreme Fear reflects not only falling prices but also a broader retreat from risk assets worldwide.

Crypto Market Cap Falls 22% in 2026 as Bitcoin and Ethereum Extend Losses 

The collapse in sentiment comes as the broader crypto market continues to move downwards. In 2026, total market capitalization has fallen by more than 22%, reversing the optimism that defined the start of the year.

Bitcoin, which began January on a stronger footing, ended the month down by more than 10%. It has dropped another 14.6% so far in February.

Ethereum has also fallen 33.8% year to date. The sustained drawdown has weighed on market activity.

Analysts Weigh Crypto Market’s Next Move 

Amid these bear market conditions, the community remains uncertain about what comes next. Analyst Kyle Chassé pointed to historical precedents, noting that similarly depressed readings in the Crypto Fear & Greed Index were seen in 2018, March 2020, and in the aftermath of the FTX collapse in 2022.

“Every time, it marked a massive opportunity window. No, it doesn’t guarantee the bottom. But historically, peak fear is where asymmetry lives,” he said.

Other analysts argue the current downturn could represent a shakeout phase before a potential breakout. Still, it remains unclear when, or if, a broader crypto market recovery will follow. 

Ray Youssef, CEO of NoOnes, has forecasted that Bitcoin could trade sideways until summer 2026. He noted that the exact location of the Bitcoin bottom remains unclear and that current dynamics increasingly suggest the market has entered a protracted reassessment of risk.

Youssef pointed to several structural factors, including US political and monetary cycles, persistent inflation constraints, weakened retail capital flows, and cautious institutional demand following heavy losses.

“As a result, we are unlikely to see a V-shaped reversal before the summer of 2026. More likely, we will see regular rebounds, triggered by short-covering and short squeezes,” he told BeInCrypto.

According to Youssef, such rebounds could be strong, ranging between 20% and 30%, and potentially prolonged. However, he warned they may ultimately prove to be bull traps. 

He stated that crypto traditionally remains in a long accumulation phase within a single range before the start of a true bull market.

Uniswap price is up around 3% over the past 24 hours, trading near $3.40. But this small move hides what really happened on February 11. That day, UNI surged nearly 42% to a high near $4.57 after news linked Uniswap to BlackRock’s tokenized fund expansion.

Since then, sellers have erased about 26% of that rally. This raises a key question: was this institutional-driven breakout a real trend shift, or a trap for retail buyers?

Uniswap Price Breakout on February 11 Was Driven by Retail Momentum

The rally on February 11 did not happen randomly.

On the 12-hour chart, Uniswap price had been forming a bullish setup since mid-January. Between January 19 and February 11, UNI made lower lows while the Relative Strength Index, or RSI, made higher lows. RSI measures momentum by tracking buying and selling strength. When price falls, but RSI rises, it signals a bullish divergence, often warning that selling pressure is weakening.

Bullish Structure: TradingView

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This divergence suggested that a rebound was building.

That signal was confirmed on February 11. On that day, On-Balance Volume, or OBV, broke above a long-term descending trendline. OBV tracks whether volume is flowing into or out of an asset. When OBV breaks upward, it usually shows growing retail participation. The timing was important.

Retail Participation Behind The Rally: TradingView

RSI divergence had been in place for weeks. OBV only broke out on February 11, exactly when the BlackRock-linked news hit the market. This shows that retail traders reacted aggressively to the headline, rushing into UNI.

With momentum and volume aligned, the Uniswap price surged to around $4.57 in a single session. But the structure of that candle raised early warning signs.

On the 12-hour chart, the breakout candle formed with a very long upper wick and a small body. This means buyers pushed the price higher, but sellers absorbed most of the move before the close. It was the first sign that a strong supply existed near $4.50. The rally looked powerful. But distribution had already started.

Whale Selling Near $4.57 Explains the Sharp Rejection

The long wick on February 11 was not driven by random selling. Whale data shows who was responsible.

On that day, supply held by large Uniswap holders dropped sharply from about 648.46 million UNI to 642.51 million UNI. That is a reduction of roughly 5.95 million tokens. At prices near $4.57, this represents selling pressure worth about $27 million.

This was not profit-taking by small traders. It was a coordinated distribution by large wallets.

Uniswap Whales In Action: Santiment

While retail buyers were chasing the breakout, whales were exiting into strength. This explains why the UNI price failed to hold above $4.50 and why the rally collapsed so quickly. Once large holders finished selling, buy-side momentum weakened. Without whale support, the market could not sustain elevated prices.

The result was a fast retracement. From the $4.57 peak, the Uniswap price fell about 26%. Most late buyers were possibly immediately pushed into losses. This confirms that the BlackRock-related surge became a liquidity event for large holders.

Retail provided the demand. Whales provided the supply.

4-Hour Chart Shows the Uniswap Price Rally Target Was Already Completed

The lower timeframe explains why the pullback started so quickly. On the 4-hour chart, Uniswap had been forming an inverse head-and-shoulders pattern inside a descending channel. This is a classic reversal structure that often signals a short-term breakout.

On February 11, UNI broke above the neckline of this pattern and quickly reached its projected target near $4.57. In technical terms, the setup had already completed its measured move.

Uniswap Price Structure: TradingView

At the same time, the 4-hour OBV divergence became clear. Between late January and February 11, UNI moved higher, but OBV continued trending lower. This shows that volume strength was weakening even as the price rose. This bearish OBV divergence warned that the breakout was not being supported by sustained retail demand. Plus, the OBV is currently trending down, showing retail offloading.

Retail traders focused on the price move. Whales focused on the structure. By the time most buyers entered, the rally was already mature. Now, price is drifting near $3.40 while volume continues to weaken. This suggests that speculative demand is fading.

Uniswap Price Analysis: TradingView

If UNI holds above $3.21, the market may attempt consolidation. But this support is fragile because it is built on short-term buying, not long-term accumulation.

A breakdown below $3.21 would likely trigger another sell wave. In that case, the next major level sits near $2.80, which marks the head of the prior reversal pattern. A move to this zone would erase all of the BlackRock-driven gains.

To regain strength, Uniswap price must reclaim the $3.68 to $3.96 region. This area now acts as a major obstacle after the failed breakout. Only a sustained move above it would reopen upside toward $4.57.

Strategy, formerly known as MicroStrategy, plans to issue additional perpetual preferred stock in a bid to ease investor concerns over the volatility of its common shares, according to its chief executive officer.

The announcement comes as Strategy’s stock, trading under the ticker MSTR, has fallen nearly 17% year to date.

CEO Says Preferred Shares Could Become Major Funding Tool for Strategy 

In a recent interview with Bloomberg, Strategy CEO Phong Le addressed Bitcoin’s price swings. He attributed its volatility to its digital characteristics. When BTC rises, Strategy’s digital asset treasury plan drives outsized gains in its common stock. 

Conversely, during downturns, the shares tend to decline more sharply. He noted that Digital Asset Treasuries (DATs), including Strategy, are engineered to follow the leading cryptocurrency.

To address this dynamic, the company is promoting its perpetual preferred shares, branded “Stretch.” 

“We’ve engineered something to protect investors who want access to digital capital without that volatility and that’s Stretch,” Le told Bloomberg.” To me, the story of the day is Stretch closes at $100 exactly how it was engineered to perform.”

The preferred shares offer a variable dividend, currently set at 11.25%, with the rate reset monthly to encourage trading near the $100 par value.

It’s worth noting that preferred stock has so far represented only a small portion of Strategy’s capital-raising activity. The company sold approximately $370 million in common stock and about $7 million in perpetual preferred shares to fund its previous three weekly Bitcoin purchases.

However, Le said, Strategy is actively educating investors about what preferred shares can do.

“It takes some seasoning. It takes some marketing,” he said. “This year, we have seen extremely high liquidity with our preferreds, about 150 times other preferreds, and as we go throughout the course of this year, we expect Stretch to be a big product for us. We will start to transition from equity capital to preferred capital.”

MicroStrategy’s Bitcoin Bet Under Pressure With Shares Trading Below Net Asset Value

The shift could prove important as Strategy’s traditional funding model faces pressure. Strategy continues to expand its Bitcoin holdings, purchasing more than 1,000 BTC earlier this week. As of the latest data, the firm holds 714,644 BTC.

However, the recent decline in Bitcoin’s price has weighed heavily on the company’s balance sheet. At current market prices of around $67,422 per coin, Bitcoin is trading well below Strategy’s average purchase price of approximately $76,056. As a result, the company’s holdings reflect an unrealized loss of roughly $6.1 billion.

The company’s common stock has mirrored that decline, falling 5% on Wednesday alone. MSTR is roughly down 17% so far this year. In comparison, Bitcoin has fallen more than 22% over the same period.

MSTR Stock Performance. Source: Google Finance

As mentioned before, Strategy’s Bitcoin accumulation strategy has relied more on equity issuance. A key metric in this model is its multiple to net asset value, or mNAV, which measures how the company’s stock trades relative to the value of its Bitcoin per share.

According to SaylorTracker data, Strategy’s diluted mNAV was approximately 0.95x, indicating the stock traded at a discount to the Bitcoin backing each share.

Micro (Strategy) mNAV. Source: SaylorTracker

That discount complicates the company’s approach. When shares trade above net asset value, Strategy can issue stock, purchase additional Bitcoin, and potentially create accretive value for shareholders. When shares trade below net asset value, new issuance risks diluting shareholders instead.

By increasing its reliance on perpetual preferred stock, Strategy appears to be adjusting its capital structure to sustain its Bitcoin acquisition strategy while attempting to address investor concerns over volatility and valuation pressure.

For MSTR shareholders, the shift toward perpetual preferred stock could reduce dilution risk. By relying less on common equity issuance, Strategy may preserve Bitcoin per share and limit pressure from discounted share sales. 

However, the move also introduces higher fixed dividend obligations, increasing financial commitments that could weigh on the company if Bitcoin remains under pressure. Ultimately, the plan reshapes the risk profile rather than eliminating the underlying volatility tied to its Bitcoin treasury.

The Stellar Development Foundation (SDF) announced at Consensus Hong Kong that TopNod, a non-custodial wallet, will integrate with the Stellar network. The move is part of SDF’s broader push into Asia — a region where it faces stiff competition from Solana, TON, and XRP in the payments and tokenization markets.

TopNod’s wallet uses key sharding and Trusted Execution Environment (TEE) technology to eliminate the need for seed phrases. The platform focuses on tokenized real-world assets (RWAs) and stablecoins rather than speculative tokens, though it remains a relatively young project with limited brand recognition outside Web3 circles.

SDF Bets on Emerging Markets

In an exclusive interview with BeInCrypto, Stellar CBO Raja Chakravorti called Asia Pacific “a critical growth driver” and said SDF plans to build out anchor networks in Indonesia, the Philippines, and Vietnam over the coming year.

“We brought employees in the region focused on Singapore first, but we’ve really been focusing on expanding rapidly,” Chakravorti said, adding that more APAC financial institution partnerships would be announced over the next two quarters — though he declined to share specifics.

SDF has also partnered with MarketNode, a Singapore-based tokenization platform, and said it is in discussions with financial institutions about tokenizing money market funds in the region.

The ambition is clear, but execution remains the question. Stellar’s on-chain RWA value crossed $1 billion over the past year, and its DeFi TVL tripled. Yet XLM has fallen roughly 71% from its 2025 high of $0.52, underperforming both Bitcoin and Ethereum. Daily transaction volumes have held steady, but average transaction values have dropped, suggesting that core payment use cases persist while speculative and high-value capital flows have dried up.

2026: The Distribution Problem

Chakravorti acknowledged that tokenization alone is no longer the differentiator.

“Last year was really about proving that tokenized products can be built at scale. This next year is really going to be about focusing on finding the right distribution outcomes for these assets,” he told BeInCrypto.

This is arguably Stellar’s biggest challenge. Franklin Templeton’s tokenized money market fund remains the network’s flagship RWA product, and US Bank recently announced a stablecoin partnership. But competing chains are moving fast — Solana and Polygon are both founding members of the same Blockchain Payments Consortium (BPC) as Stellar, and networks like Ethereum and Avalanche continue to attract institutional tokenization projects.

Privacy vs. Compliance

Stellar’s recent X-Ray upgrade (Protocol 25) introduced native zero-knowledge cryptography. Chakravorti framed this as an institutional necessity rather than a privacy-maximalist play.

“Privacy elements may encompass send, receive, who is the holder — but importantly, these have to be auditable,” he said. “The privacy may look slightly different depending on who you’re talking to.”

Whether this configurable approach satisfies both regulators and privacy-conscious users in Asia’s diverse regulatory landscape remains to be seen.

What’s Next

SDF confirmed its annual Meridian conference will move to Abu Dhabi in October 2026. The TopNod integration is expected to go live across the Philippines, Singapore, Japan, and other Asian markets, though no specific timeline has been provided.

For Stellar, the formula is familiar: strong infrastructure, growing institutional interest, and a clear narrative. The missing piece — as Chakravorti himself admitted — is distribution at scale.

Crypto hackers are now moving stolen funds in as little as two seconds after an attack begins. In most cases, they shift assets before victims even disclose the breach. 

That is the clearest finding from Global Ledger’s 2025 analysis of 255 crypto hacks worth $4.04 billion.

Blink and It’s Gone: Crypto Laundering Now Starts Before Disclosure

The speed is striking. According to Global Ledger, 76% of hacks saw funds move before public disclosure, rising to 84.6% in the second half of the year. 

How Fast Crypto Hackers Move Stolen Funds. Source: Global Ledger

This means attackers often act before exchanges, analytics firms, or law enforcement can coordinate a response.

However, speed tells only part of the story.

While first transfers are now near-instant, full laundering takes longer. 

On average, hackers needed about 10.6 days in the second half of 2025 to reach final deposit points such as exchanges or mixers, up from roughly eight days earlier in the year. 

In short, the sprint is faster, but the marathon is slower.

This shift reflects improved monitoring after disclosure. Once incidents go public, exchanges and blockchain analytics firms label addresses and increase scrutiny. 

As a result, attackers break funds into smaller pieces and route them through multiple layers before attempting cash-out. 

Hacking Speed Increased, but Crypto Laundering Speed Became Slower. Source: Global Ledger

Bridges, Mixers, and the Long Road to Cash-Out

Bridges have become the main highway for that process. Nearly half of all stolen funds, about $2.01 billion, moved through cross-chain bridges. 

That is more than three times the amount routed via mixers or privacy protocols. In the Bybit case alone, 94.91% of stolen funds flowed through bridges.

At the same time, Tornado Cash regained prominence. The protocol appeared in 41.57% of hacks in 2025. Its usage share jumped sharply in the second half of the year, following sanctions changes cited in the report.

State of Crypto Theft and Money Laundering. Source: Global Ledger 

Meanwhile, direct cash-outs to centralized exchanges fell sharply in the second half. DeFi platforms received a rising share of stolen funds. Attackers appear to avoid obvious off-ramps until attention fades.

Notably, nearly half of all stolen funds remained unspent at the time of analysis. That leaves billions sitting in wallets, potentially waiting for future laundering attempts.

The scale of the problem remains severe. Ethereum accounted for $2.44 billion in losses, or 60.64% of the total. 

Overall, $4.04 billion was stolen across 255 incidents.

Yet recovery remains limited. Only about 9.52% of funds were frozen, and 6.52% were returned.

Taken together, the findings show a clear pattern. Attackers now operate at machine speed in the first seconds after a breach. 

Defenders respond later, forcing criminals into slower, staged laundering strategies. The race has not ended. It has simply entered a new phase—measured in seconds at the start, and days at the finish.

Berachain’s native token, BERA, surged over 150% on February 11, marking its sharpest single-day gain in months. The rally follows weeks of renewed activity after the project spent much of 2025 under pressure from falling prices, token unlock concerns, and investor uncertainty.

The immediate catalyst appears to be the foundation’s strategic shift toward a new model called “Bera Builds Businesses.” 

Berachain’s Refund Fears to Revenue Ambitions: What Changed?

Announced in January, the initiative aims to back three to five revenue-generating applications designed to create sustainable demand for BERA. 

Instead of relying on heavy token incentives, the network now plans to focus on projects capable of producing real cash flow.

That pivot changed the narrative.

Throughout 2025, Berachain struggled as TVL (total value locked) collapsed from early highs, and the token fell more than 90% from its peak. Critics questioned whether its incentive-heavy growth model could survive a prolonged market downturn.

However, another major overhang also disappeared this month.

A controversial refund clause tied to Brevan Howard’s Nova Digital fund expired on February 6, 2026. The clause reportedly allowed the investor to request a $25 million refund if performance conditions were not met.

With the deadline passing, traders appear to view the removal of that risk as structurally positive.

Berachain Price Chart. Source: CoinGecko

At the same time, a large token unlock event also cleared without triggering heavy selling. That outcome fueled what analysts describe as a “relief rally.”

On-chain and derivatives data show rising trading volume and increasing open interest. 

Liquidation heatmaps indicate clustered short positions above key resistance levels, suggesting that short covering may have amplified upward momentum.

Still, risks remain.

Berachain faces continued token distribution pressure and must prove that its business-focused strategy can generate sustained demand. 

For now, however, the market appears to be rewarding clarity and the removal of uncertainty after a long period of silence.

BitMine Immersion Technologies is entering a high-risk phase as paper losses on its Ethereum holdings continue to deepen. The stock has failed to hold recent rebounds, while both technical and crypto-linked signals point to weakening conviction.

As of February 10, BitMine’s total invested capital stood at nearly $15 billion. Its current portfolio value has dropped to about $7.7 billion.

This means nearly 49% of its investment value has been wiped out, on paper. At the same time, Ethereum trades near $1,950, while BitMine’s realized cost basis sits around $3,850. With ETH priced almost 50% below the average buy level, most holdings remain deeply underwater.

Cost-Basis Losses and Hidden Divergence Signal Rising Sell Pressure

BitMine’s biggest weakness is its shrinking margin of safety.

The realized price shows where the company accumulated most of its Ethereum. When the market price stays far below this level, companies are under pressure to cut exposure.

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BitMine’s Investment In Red: CryptoQuant

Current data shows:

Average ETH cost basis: $3,850

Current ETH price: $1,950

Unrealized loss: 49%

Cost Basis Risk Grows: CryptoQuant

This puts BitMine in a vulnerable position. Technical signals reinforce this risk.

Between November 18 and February 9, BMNR formed lower highs on the daily chart, while the Relative Strength Index made higher highs. RSI tracks momentum by measuring buying and selling strength. When price makes lower highs, and RSI makes higher highs, it forms a hidden bearish divergence. This shows weakening momentum beneath the surface.

RSI Flashes BMNR Price Risk: TradingView

Soon after this divergence appeared, selling resumed. BMNR had rebounded nearly 26% from January lows. But the rally failed to hold and is now at risk of a pullback, led by divergence and rising cost-basis pressure.

Weak Money Flow and Crossover Risk Show Fading Confidence

Big money shows early signs of hesitation. Chaikin Money Flow, or CMF, tracks whether large investors are accumulating or distributing. Values above zero usually signal buying. Values below zero suggest selling pressure.

Between late November and early February, CMF trended up despite falling prices. This showed some long-term support, which remains. But even during the recent 26% rebound, CMF failed to break above its falling trendline. It also failed to make new highs and even go above the zero line. This means the rally lacked strong backing from big wallets, and the current trend still leans toward big-money exits.

Big Money Still Not Convinced: TradingView

Moving averages add another warning. The 100-day Exponential Moving Average (EMA) is now approaching the 200-day EMA. An Exponential Moving Average (EMA) gives more weight to recent prices, making it useful for spotting early trend shifts.

When shorter-term averages move below longer ones, it often signals deeper weakness. Earlier, on January 27, a bearish (death) crossover occurred when the 50-day EMA fell below the 200-day EMA. After that signal, BMNR dropped over 44%.

Crossover Risk: TradingView

If another bearish crossover forms, downside pressure could accelerate, even if it isn’t as impactful as the death crossover. This risk increases if Ethereum remains weak. BMNR still shows moderate correlation with ETH near 0.5.

BitMine Stock-ETH Correlation: Portfolio Slab

Continued ETH weakness could directly weigh on the stock.

Key BitMine Stock Levels Show Where the Next Breakdown Could Begin

With cost-basis losses growing, the BitMine stock price structure now becomes critical. The most important short-term support sits near $17, slightly over 10% from the current levels. This level has acted as a base during recent consolidation.

If BMNR loses $17, downside momentum could increase sharply.

Below this zone, the next support appears near $15. If that fails, Fibonacci projections point toward $11, which marks the 0.618 retracement level, a historically strong level. A move toward $11 would represent an additional downside of more than 40% from current levels.

On the upside, recovery remains difficult. The BitMine stock price must reclaim $21 to ease immediate pressure. This level aligns with prior resistance.

BMNR Price Analysis: TradingView

Only above $21 would the short-term structure begin to improve. A further move toward $26 would require stronger Ethereum prices and renewed big money demand. At present, both remain uncertain. As long as ETH trades far below BitMine’s cost basis and money flows weaken, rebounds are likely to face heavy selling.

Bitcoin faces renewed macro pressure after the latest US jobs report signaled a stronger-than-expected labor market, pushing Treasury yields higher and reducing the likelihood of near-term Federal Reserve rate cuts.

The US economy added 130,000 jobs in January, nearly double consensus expectations. At the same time, the unemployment rate fell to 4.3%, showing continued labor market resilience.

While strong employment is positive for the broader economy, it complicates the outlook for risk assets like Bitcoin.

Strong Jobs Data Delays Rate Cut Expectations

Markets had been anticipating potential rate cuts in the coming months amid slowing growth concerns. However, a resilient labor market reduces the urgency for monetary easing.

As a result, investors repriced expectations for Federal Reserve policy.

Bond markets reacted immediately. The US 10-year Treasury yield jumped toward the 4.2% level, rising several basis points after the report. The two-year yield also climbed, reflecting reduced probability of near-term cuts.

Higher yields tighten financial conditions. They increase borrowing costs across the economy and raise the discount rate used to value risk assets. 

Why Higher Yields Pressure Bitcoin

Bitcoin is highly sensitive to liquidity conditions. When Treasury yields rise, capital tends to rotate toward safer, yield-generating assets such as government bonds.

At the same time, a stronger dollar often accompanies rising yields. A firmer dollar reduces global liquidity and makes speculative assets less attractive.

Bitcoin Price Over the Past Week. Source: CoinGecko

This combination creates headwinds for crypto markets.

Although Bitcoin briefly stabilized near the $70,000 level earlier in the week, the jobs data increases the risk of renewed volatility. Without a clear signal that the Fed will ease policy, liquidity remains constrained.

“For Bitcoin, this report is a short-term headwind. A beat of this magnitude dampens the probability of a March rate cut and reinforces the Fed’s pause at 3.50%-3.75%. The cheaper money catalyst that risk assets need to mount a sustained recovery just got pushed further out. Expect the dollar to firm and yields to reprice higher, both of which pressure BTC into a range in the near term,” David Hernandez, Crypto Investment Specialist at 21shares told BeInCrypto. 

Market Structure Amplifies Macro Stress

The recent crash demonstrated how sensitive Bitcoin has become to macro shifts. Large ETF flows, institutional hedging, and leveraged positioning can accelerate moves when financial conditions tighten.

A stronger labor market does not guarantee Bitcoin will fall. However, it reduces one of the key bullish catalysts: expectations of easier monetary policy.

“In the short term, Bitcoin looks defensive. The key level to watch is $65,000. However, if this strong report turns out to be temporary rather than a sign the economy is heating up again, the Fed could still cut rates later this year. When that happens, Bitcoin’s limited supply becomes important again. Strong data today may delay a rally, but it doesn’t break the long-term bullish case,” Hernandez said.

Fed Rate Cut Probability for March 2026. Source: CME FedWatch The Bottom Line

The latest US jobs report reinforces a “higher-for-longer” rate environment.

For Bitcoin, that is not immediately catastrophic. But it does make sustained upside more difficult.

Unless liquidity improves or yields retreat, the macro backdrop now leans cautious rather than supportive for crypto markets.

MYX Finance price has dropped sharply, slipping below the critical $5.00 level and signaling growing downside risk. 

The breakdown follows several sessions of declining momentum. Selling pressure accelerated after MYX failed to hold key intraday support. Market structure now reflects a bearish shift.

MYX Traders Turn Bearish

The recent dip has triggered increased short positioning among MYX traders. Funding rate data shows the futures market is dominated by short contracts. Negative funding reflects bearish conviction, as traders position for further declines in MYX Finance price.

A surge in short interest often signals expectations of a deeper correction. Traders appear to be anticipating a price crash they can capitalize on through leveraged positions. This imbalance in derivatives markets may amplify volatility and reinforce downward pressure if selling accelerates further.

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MYX Funding Rate. Source: Coinglass

The Money Flow Index, or MFI, indicates heavy selling pressure on the MYX price, reinforcing the ongoing correction. The indicator has trended lower in recent sessions, reflecting sustained capital outflows. This weakness confirms that bearish momentum remains dominant across short-term trading activity.

Although the MFI is approaching the oversold threshold, it has not yet dropped below the 20.0 mark. A decisive move under that level typically signals selling saturation, where accumulation may emerge at discounted prices. If accumulation strengthens, MYX could attempt a technical rebound.

MYX Price Analysis. Source: TradingView MYX Price May See Further Decline

MYX price is down 23% in the last 24 hours, trading at $4.87 after sliding below $5.00. The token now appears to be breaking down from a bearish ascending wedge pattern. Such formations often precede sharp corrections when support levels fail.

The wedge structure projects a potential 43% decline toward $2.81, coinciding with the 1.78 Fibonacci level. However, a more immediate and realistic target lies near the $4.07 (1.23 fib line) support zone. A confirmed break below $4.61 would increase the probability of testing $4.07, with further downside risk if broader crypto sentiment deteriorates.

MYX Price Analysis. Source: TradingView

A shift in investor behavior could alter this outlook should MYX end up being oversold, as the MFI hints at. If inflows begin to outweigh outflows and short positions unwind, MYX Finance may attempt stabilization. A decisive move above $5.75 resistance would invalidate the bearish thesis and potentially drive the price toward $6.00 in the near term.