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The Monero price has remained under pressure since mid-January, even as parts of the crypto market attempt to stabilize. After falling sharply through late January, the XMR price found support near $276 on February 6 and has since moved slightly higher.

But this recovery looks shaky. Chart patterns, weak dip buying, and mixed sentiment data suggest Monero may still be heading toward another major decline.

Bear Flag Breakdown and Weak Dip Buying Put XMR Under Pressure

Since January 14, Monero has been trading within a declining structure resembling a bearish pole-and-flag pattern. A bear flag is a short consolidation that forms after a sharp drop (ended on February 6 for XMR) and often signals that the downtrend may continue.

After falling more than 60% from its January peak, XMR moved sideways and slightly upward inside this flag. However, as of February 12, the price began slipping below the lower boundary, signaling a potential breakdown. This confirms the bearish breakdown at press time, unless, in the next few hours, some buyers can push XMR back inside the flag.

Momentum data shows that dip buyers are still present, but their strength remains limited. One useful indicator here is the Money Flow Index, or MFI. MFI tracks buying and selling pressure by combining price and volume, making it useful for spotting dip-buying strength.

XMR Sees Dip Buying: TradingView

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Since February 1, Monero’s MFI has trended upward (higher lows) while XMR moved sideways and lower. This suggests that some investors are buying dips. But MFI has failed to break above its upper trendline or form a clear higher-high structure. That means buying interest is present, but not strong enough to reverse the pattern weakness.

Exchange flow data supports this view. After three days of mild inflows, Monero recorded net outflows again on February 12, with around $372,000 worth of XMR moving out of exchanges. Negative netflow usually signals rising buying pressure.

Spot Flows: Coinglass

This shows that some are still buying. In simple terms, dip buyers are active, but only feebly.

Rising Social Interest Fails to Offset Falling Positive Sentiment

Social data shows another important weakness in Monero’s current setup.

Over the past few days, Monero’s social dominance has started to rise. Social dominance measures how much attention a coin receives compared to the rest of the crypto market. When it increases, it means more people are talking about the asset.

Between February 11 and February 12, social dominance rose from around 0.046% to 0.066%. This shows that interest in Monero is picking up slightly after weeks of decline. Historically, rising social activity has sometimes preceded short-term price rebounds.

For example, on January 12, social dominance surged near 0.92%. Within two days, Monero rallied 25%. A similar pattern appeared on January 18, when social interest rose ahead of another short-term price peak. However, the current rise in social dominance is much weaker than in those past cases. It remains well below the February high near 0.106 and far below January’s major spikes.

More importantly, positive sentiment is moving in the opposite direction. Positive sentiment tracks how much of the social discussion is optimistic rather than neutral or negative. Since February 9, Monero’s positive sentiment score has fallen sharply from about 27.26 to just 7.21, a 74% dip. This is a major decline.

Social Chatter Around XMR: Santiment

In January, when positive sentiment surged above 100, strong rallies followed. Today, sentiment is collapsing even as social chatter rises. This suggests that people are talking about Monero, but not in a confident or optimistic way. Much of the discussion appears driven by concern, speculation, and downside risk. This weak emotional backdrop makes it harder for any Monero price recovery to sustain momentum.

Monero Price Levels That Determine the Next Leg

With technical weakness and fragile demand, the XMR price levels now matter more than narratives. On the upside, the most important resistance sits near $361, discussed at the end of this section.

This level marks the center of the bear flag structure. A sustained move above $361 would suggest that buyers are regaining control and that the breakdown may be delayed. Not invalidated. Without a recovery above this zone, downside risks remain dominant.

One small positive signal comes from the Bull-Bear Power indicator. This metric compares buying strength against selling pressure to show which side is in control. Recently, bearish power has started to weaken even as the price slipped below key support. This suggests that sellers are losing some momentum.

Bears Losing Control: TradingView

If dip buying remains active while bearish pressure continues to fade, buyers could delay the breakdown and attempt to push XMR back above $361. 

On the downside, the first major support lies near $308. This level has acted as a short-term floor several times in recent days. Below $308, the next key support sits near $276, which marked the February low.

Monero Price Analysis: TradingView

If both levels fail, the bear flag projection points toward the $135 region. This target reflects nearly the full measured move of the prior decline and represents the next major historical support zone.

Some Coinbase users are currently experiencing a temporary disruption, leaving them unable to buy, sell, or transfer digital assets on Coinbase.com.

The issue, first reported by the platform on social media, has prompted concern among traders, though the company reassures customers that all funds remain secure.

Temporary Service Disruption Leaves Coinbase Users Unable to Trade

Coinbase, the largest US-based crypto exchange, confirmed the disruption in a statement on its official Twitter support channel, noting:

“We are aware that customers may be unable to buy, sell, or transfer on Coinbase.com at this time. Our team is investigating this issue and will provide an update. Your funds are safe,” the exchange shared in a post.

The company emphasized that the outage is temporary and that there is no indication of any long-term risk to user accounts or funds. Updates will be provided as the investigation progresses.

Community trackers and crypto news accounts, including MilkRoad, quickly picked up the report, echoing Coinbase’s statement.

While the cause of the disruption has not yet been disclosed, Coinbase’s quick acknowledgment reflects the platform’s growing focus on transparency amid increased scrutiny of crypto exchange reliability.

Temporary outages on exchanges, though relatively rare, can have ripple effects on trading activity and market sentiment, especially for high-volume users or during periods of heightened market volatility.

Some users have expressed frustration on social media, noting that being unable to execute trades temporarily could affect active positions. However, such disruptions are often resolved quickly and typically do not result in financial loss.

Coinbase Q4 Earnings In Focus

The incident comes ahead of Coinbase’s earnings report, with the exchange scheduled to release its Q4 2025 and full-year 2025 financial results today, Thursday, February 12, 2026, after market close (US time).

The market sentiment ahead of Coinbase earnings is predominantly cautious to bearish in the short term, driven by expectations of a sequential decline in key metrics amid softer crypto trading volumes, lower asset prices, and broader market weakness.

Analysts at Monness, Crespi, Hardt have also downgraded COIN stock amid predictions that Coinbase will struggle to meet Q4 earnings forecasts.

The downgrade reflects ongoing issues in digital asset trading and reduced visibility in near-term financial performance.

Coinbase (COIN) Stock Performance. Source: TradingView

As of this writing, COIN stock was trading for $140.31, down by over 45% year-to-date. While revenue is likely to lag, long-term prospects remain intact.

Gold und Silber brachen am Donnerstag stark ein und verunsicherten die Märkte, die bereits angespannt waren angesichts des steigenden finanziellen Drucks in den USA.

Der Spotpreis für Gold fiel um mehr als 3%, während Silber um mehr als 10% abstürzte und einen Teil ihres jüngsten Anstiegs umkehrte.

Schlechte Nachrichten für Gold und Silber angesichts der rekordverdächtigen US-Schulden und steigender Insolvenzen

Zum Zeitpunkt dieses Schreibens wurde Gold für 4.956 $ gehandelt, was einem Rückgang von 3,97% entspricht, während Silber für 76,74 $ den Besitzer wechselte, nachdem es in den letzten 24 Stunden 10,65% verloren hatte.

Der plötzliche Verkaufsdruck hat Analysten und Investoren dazu gebracht, zu hinterfragen, ob eine breitere Neubewertung harter Vermögenswerte im Gange ist.

Der Ethereum-Preis bleibt unter Druck nach einem starken Rückgang, der Investoren im gesamten Krypto-Markt verunsichert hat.

Obwohl Ethereum scheint, in eine historisch günstige Akkumulationszone einzutreten, zeigen On-Chain-Indikatoren gemischte Überzeugungen unter verschiedenen Halterkohorten.

Ethereum befindet sich in einem primären Akkumulationsbereich

Das Marktwert-zu-realisierter Wert-Verhältnis von Ethereum, oder MVRV, weist darauf hin, dass ETH in das eingetreten ist, was Analysten als „Chancenbereich“ beschreiben. Dieser Bereich liegt zwischen minus 18 % und minus 28 %. Historisch gesehen, wenn MVRV in diesen Bereich fällt, nähert sich der Verkaufsdruck der Erschöpfung.

Decentralized perpetuals trading platform Lighter saw its native token LIT surge nearly 10% during the early hours of the US session.  

It follows news that it had struck a major revenue-sharing deal with USDC issuer Circle.

Lighter Strikes $920 Million USDC Revenue-Sharing Deal with Circle — A Win for DeFi Traders

LIT, the powering token for the Lighter ecosystem, exploded by nearly 10% on the news, and was trading for $1.46% on the news.

Lighter (LIT) Price Performance. Source: TradingView

The agreement covers approximately $920 million in USDC deposits on Lighter’s platform, marking a significant milestone for the young DeFi exchange.

Under the partnership, interest income generated from Circle’s USDC reserves will be shared between Circle and Lighter.

This aligns with Circle’s broader revenue-sharing model, which it has previously implemented with leading exchanges such as Coinbase and Bybit.

For Lighter, the deal offers a fast and capital-efficient path to grow its yield engine, fund user incentives, and support platform features such as funding rate rebates and rewards programs.

Unlike some of its competitors, Lighter has opted to lean on USDC rather than launching a proprietary stablecoin.

Hyperliquid, for instance, introduced its native stablecoin USDH in late 2025 after a competitive governance auction. The move diverted billions in deposits and yield away from Circle and other stablecoin issuers.

That move allowed Hyperliquid to capture revenue internally and reduce centralization risks, but required significant capital and infrastructure investment.

Lighter Leverages Circle Partnership to Boost Adoption, Liquidity, and LIT Token Sentiment

Lighter’s approach, by contrast, allows the platform to tap directly into Circle’s established reserves while still benefiting from shared yield.

This could accelerate adoption by leveraging Circle’s USDC ecosystem, enabling Lighter to scale more efficiently while delivering value to traders and token holders.

The deal represents a potential win-win scenario:

Circle benefits by locking in a large volume of USDC on a growing DeFi platform, incentivizing adoption and circulation.

Lighter gains access to a steady revenue stream, which could enhance platform sustainability, attract more liquidity, and increase user engagement.

Moving forward, interest will be on on-chain USDC flows to Lighter contracts as this could show early signs of the agreement’s impact on liquidity and token sentiment.

Lighter has been gaining traction in the DeFi perpetuals market, with growing trading volumes, loyalty points programs, and community engagement.

Token listings on popular platforms like Robinhood have also contributed to its growing bullish sentiment.

The revenue-sharing announcement is expected to boost confidence, perhaps further than during its LIT token event in December.

Nevertheless, it is impossible to forget past controversies surrounding Lighter, including allegations of secret token sales.

While official details on the exact share split of USDC interest have not yet been disclosed, even a conservative arrangement could provide a meaningful boost to LIT holders.

Crypto investors are advised to monitor announcements from both Lighter and Circle for updates, as revenue-sharing agreements of this scale can change quickly.

Hedera’s HBAR übertrifft den breiteren Kryptowährungsmarkt. Während Bitcoin und Ethereum in den letzten 24 Stunden um etwa 2% gestiegen sind, hat der HBAR-Preis heute in der letzten Woche fast 10% und in den letzten 24 Stunden etwa 8% gewonnen und wird zum Zeitpunkt der Presse bei etwa $0.096 gehandelt.

Die Rally hat die Erwartungen an einen Ausbruch erhöht. Aber Momentum, Volumen und Derivatdaten deuten darauf hin, dass das Risiko schneller steigt als das Vertrauen.

Hoffnungen auf einen Ausbruch aus dem fallenden Keil wachsen, aber mit einem Risiko

HBAR wird seit Ende 2025 innerhalb eines fallenden Keilmusters gehandelt.

Ethereum-Mitgründer Vitalik Buterin hat Russlands Invasion der Ukraine als "kriminelle Aggression" verurteilt. Er plädiert dafür, kryptoinspirierte Governance-Prinzipien anzuwenden, um Russlands politisches System zu transformieren.

Seine Bemerkungen, die vor dem vierten Jahrestag der Invasion am 24. Februar 2026 veröffentlicht wurden, verbinden Blockchain-Konzepte mit der langfristigen Sicherheit Europas und der Ukraine.

Vitalik Buterin verurteilt Aggressionen und unterstützt die Ukraine.

Der russo-kanadische Innovator wies direkt Narrative zurück, die den Konflikt als moralisch ambivalent darstellen. Er betonte, dass Russlands Invasion der Ukraine nicht gerechtfertigt werden kann.

Der Preis von Berachain verblüffte den Kryptomarkt nach einem plötzlichen und sharp Anstieg. BERA stieg während des intraday Höchststandes am Mittwoch um fast 210%, bevor er zurückfiel.

Die explosive Bewegung löste ein breites Interesse aus, doch On-Chain-Daten deuten darauf hin, dass der Anstieg größtenteils spekulativ und nicht durch nachhaltige Kapitalzuflüsse unterstützt wurde.

Was hat den BERA-Preis zum Anstieg gebracht?

Der Hauptkatalysator hinter dem BERA-Anstieg scheint ein großer Short Squeeze zu sein. Die Funding-Raten schwankten gewaltsam, als bärische Händler überrascht wurden. Berichte zeigten, dass die Funding-Raten auf bis zu negative 5.900% fielen, was ein extremes Ungleichgewicht in der Derivate-Positionierung signalisiert.

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.

Willkommen zum US Crypto News Morgenbriefing – Ihr wesentlicher Überblick über die wichtigsten Entwicklungen im Krypto-Bereich für den bevorstehenden Tag.

Nehmen Sie sich einen Kaffee, während der Kryptomarkt möglicherweise in eine weitere turbulente Phase eintaucht. Analysten warnen, dass mehr Volatilität bevorstehen könnte, während die makroökonomische Unsicherheit zunimmt und das Anlegervertrauen schwächer wird, was die Bühne für einen potenziell entscheidenden Moment bereitet, bevor eine bedeutende Erholung beginnt.

Krypto-Nachrichten des Tages: Standard Chartered warnt vor endgültiger Kapitulation, sieht Bitcoin auf $50.000 fallen, bevor eine Erholung eintritt.

Der Preis von Solana bleibt unter anhaltendem Druck und verlängert einen dreiwöchigen Abwärtstrend bei schwacher Unterstützung durch Investoren und bärischen makroökonomischen Bedingungen.

SOL handelt nahe 80 $, was auf eine sinkende Nachfrage im gesamten Kryptomarkt hinweist. Hinzu kommt, dass langfristige Inhaber jetzt Anzeichen einer schwächeren Überzeugung zeigen.

Das gewinnbringende Angebot von Solana fällt auf ein Mehrjahrestief.

On-Chain-Daten zeigen, dass das Angebot von Solana im Gewinn auf 15 % gesunken ist. Dies markiert den niedrigsten Stand seit November 2022. Ein fallendes gewinnbringendes Angebot deutet typischerweise darauf hin, dass die meisten Inhaber im Minus sind, was oft den Anreiz zum weiteren Verkaufen verringert.

Bitcoin (BTC) ist bisher in diesem Jahr um 23,4% gefallen, nachdem es 2025 um mehr als 6% gesunken ist. Die Preise stehen unter anhaltendem Druck, wobei die führende Kryptowährung derzeit bei 67.214 $ gehandelt wird.

Inmitten dessen lastet eine zentrale Frage weiterhin auf der Marktstimmung: Wann wird der Abwärtstrend von Bitcoin enden? Vier wichtige Signale deuten darauf hin, dass der Vermögenswert möglicherweise noch in den frühen Phasen eines Bärenmarktes ist, was die Möglichkeit weiterer Rückgänge aufwirft.

Kapitalflucht bestätigt den Wandel in der bärischen Stimmung

Die Daten zum Investorenfluss senden das erste Warnsignal. Die Daten von CryptoQuant zeigten, dass die neuen Investorenzuflüsse negativ geworden sind. Ein Analyst sagte, dies zeige, dass der laufende Verkaufsdruck nicht von neuem Kapital absorbiert wird, das in den Markt eintritt.

Im Rahmen der Strategie, X (ehemals Twitter) in eine „Super-App“ oder Everything App zu verwandeln, beginnt ein fehlendes Schlüsselpuzzle, X Money, Gestalt anzunehmen.

X zielt darauf ab, mehr als eine Social-Media-Plattform zu sein. Elon Musk möchte es in einen persönlichen Finanzspielveränderer verwandeln. Benutzer könnten Messaging, Einkaufen und vollständige persönliche Vermögensverwaltung an einem Ort verwalten.

Warum sind Krypto-Investoren über X Money aufgeregt?

Während einer xAI „All Hands“-Präsentation im Februar 2026 enthüllte Elon Musk, dass X Money bereits in internen Tests unter X-Mitarbeitern läuft. Ein begrenzter Rollout für Benutzer wird innerhalb des nächsten ein bis zwei Monate erwartet.

Der Bitcoin-Preis bleibt unter Druck und verlängert seinen jüngsten Rückgang ohne eine bestätigte Umkehr. BTC wird zum Zeitpunkt der Veröffentlichung bei etwa $66.996 gehandelt, was ein vorsichtiges Sentiment auf dem Kryptomarkt widerspiegelt.

Wachsende Unsicherheit hat viele Investoren dazu gedrängt, zu verkaufen, obwohl eine große Kohorte aktiv versucht, die Preisbewegung zu stabilisieren.

Bitcoin-Inhaber sind im Minus

Das Spent Output Profit Ratio, oder SOPR, hebt steigenden Skepsis unter Bitcoin-Investoren hervor. SOPR misst das Verhältnis zwischen dem USD-Wert der verkauften Münzen und ihrem ursprünglichen Kaufpreis. Wenn der Indikator über 1 bleibt, verkaufen Investoren mit Gewinn.

BlockFills, ein in Chicago ansässiger Krypto-Kreditgeber und Liquiditätsanbieter, hat vorübergehend die Einzahlungen und Auszahlungen von Kunden gestoppt.

Der Schritt erfolgt, während der Kryptomarkt weiterhin bemerkenswerte Volatilität erfährt, wobei die Assetpreise tendenziell sinken.

Der Krypto-Liquiditätsanbieter BlockFills stoppt Auszahlungen und Einzahlungen während des Marktstresses.

BlockFills agiert als Kryptowährungslösungsfirma und Anbieter von digitalen Vermögenswerten. Es bedient etwa 2.000 institutionelle Kunden, darunter kryptoorientierte Hedgefonds und Vermögensverwalter. Im Jahr 2025 verarbeitete das Unternehmen ein Handelsvolumen von 60 Milliarden $.

Der XRP-Preis liegt heute bei etwa 1,38 $, zeigt frühe Anzeichen einer Stabilisierung nach wochenlanger Schwäche. In der Grafik hat sich ein vertrautes Rebound-Muster zu bilden begonnen, ähnlich wie bei früheren Setups, die zu starken Rallyes führten. Aber On-Chain- und Derivatdaten bestätigen den Optimismus nicht.

Der Kaufdruck ist stark gesunken, langfristige Anleger ziehen sich zurück und die Leverage-Risiken bleiben hoch. Dies schafft einen Konflikt zwischen dem, was die Grafik vorschlägt, und dem tatsächlichen Verhalten der Investoren.

XRP-Preis bildet ein vertrautes Rebound-Muster

Der Crypto Fear & Greed Index fiel am Donnerstag auf 5 und signalisiert eine starke Verschlechterung der Marktsentiment, da die Preise digitaler Vermögenswerte weiterhin fallen.

Der Rückgang spiegelt die zunehmende Panik unter den Anlegern wider, wobei die Risikobereitschaft angesichts der allgemeinen globalen Markunsicherheit schwindet.

Die Krypto-Stimmung sinkt tiefer in die „Extreme Angst“

Der Crypto Fear & Greed Index misst den allgemeinen emotionalen Zustand des Kryptowährungsmarktes auf einer Skala von 0 bis 100. Werte zwischen 0 und 24 deuten auf extreme Angst hin, 25 bis 49 signalisieren Angst, 50 repräsentiert neutrale Bedingungen, 51 bis 74 reflektieren Gier und 75 bis 100 zeigen extreme Gier an.

Der Uniswap-Preis ist in den letzten 24 Stunden um etwa 3 % gestiegen und handelt nahe 3,40 $. Aber diese kleine Bewegung verbirgt, was am 11. Februar wirklich geschah. An diesem Tag stieg UNI um fast 42 % auf ein Hoch nahe 4,57 $, nachdem Nachrichten Uniswap mit der tokenisierten Fonds-Erweiterung von BlackRock verknüpften.

Seitdem haben Verkäufer etwa 26 % dieser Rallye ausgelöscht. Dies wirft eine wichtige Frage auf: War dieser institutionell angetriebene Ausbruch ein echter Trendwechsel oder eine Falle für Einzelhandelskäufer?

Uniswap Preis-Ausbruch am 11. Februar wurde durch Einzelhandelsmomentum angetrieben

Die Rallye am 11. Februar geschah nicht zufällig.

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.