The Cryptonomist

Neue Woche, neues Krypto-Horoskop, das der bevorstehenden Woche vom 9. bis 15. Februar 2026 gewidmet ist.

Diese Woche wird von zwei Transiten geprägt sein

Venus betritt Fische ab Dienstag 10/2;

Saturn betritt Widder ab Samstag 14/2.

Seit mehreren Monaten widmen wir dem von Stefania Stimolo, einer Expertin für Astrologie und Blockchain, verfassten Krypto-Horoskop Raum. Dies ist eine wöchentliche Kolumne mit dem Horoskop für jedes Sternzeichen, die jeden Sonntag exklusiv auf The Cryptonomist verfügbar ist.

In unserem Slogan „Wir erzählen die Zukunft“ wollten wir tiefer in das Thema eintauchen und spielerisch mit dieser Unterhaltungs-Kolumne sprechen.

Der RW-Rahmen ist in den letzten Jahren eines der am meisten diskutierten Instrumente im Steuermanagement von Kryptowährungen in Italien geworden. Ursprünglich zur Überwachung von im Ausland gehaltenen Finanzanlagen konzipiert, wird er jetzt auch für Krypto-Assets verwendet, jedoch oft mit umstrittenen Ergebnissen.

Laut Stefano Capaccioli ist das Problem nicht nur anwendungsbezogen, sondern strukturell: Der RW-Rahmen wurde nicht für ein dezentrales Ökosystem wie das der Kryptowährungen entworfen.

Warum es den RW-Rahmen gibt

Um die aktuellen Probleme zu verstehen, ist es notwendig, von seinem Ursprung auszugehen. Der RW-Rahmen wurde in den Jahren etabliert, als Italien strenge Währungsbeschränkungen hatte. Mit der Liberalisierung der Kapitalbewegungen und dem Beitritt zur Europäischen Union gab der Staat die vorherige Kontrolle über ausländische Konten auf und ersetzte sie durch eine Mitteilungspflicht.

Dubai, VAE – Februar 2026 – PlanX 2026 findet am 27.–28. April 2026 im Grand Hyatt Dubai Conference & Exhibition Centre statt und bringt mehr als 3.000 Gründer, Investoren und Berater zusammen, die mehr wollen, als eine einzige Jurisdiktion bieten kann. Während sich die globale Landschaft entwickelt, mit steigenden Vermögenssteuern, strengeren Finanzkontrollen und geopolitischen Unruhen, die Volatilität und Komplexität schaffen, suchen Einzelpersonen und Unternehmen nach neuen Wegen, um Freiheit, Flexibilität und resilientes Wachstum zu sichern.

30. Januar 2026

Kunde: Algorand Foundation

Sprecher/Antworten, die zugeordnet sind: Marc Vanlerberghe, CMO, Algorand

Reporter-Kontakt: Amelia Tomasicchio, Chefredakteurin und Mitgründerin, The Cryptonomist

Was hat die Algorand Foundation motiviert, ihren Hauptsitz in den USA wiederherzustellen, und warum insbesondere Delaware?

Es ist tatsächlich genauso wichtig zu erklären, warum wir überhaupt gegangen sind.
Für eine gewisse Zeit machte das regulatorische Umfeld in den USA es schwierig, mit dem Maß an Klarheit und Vorhersehbarkeit zu operieren, das ernsthafte Finanzinfrastrukturen erfordern. Diese Unsicherheit zwang viele Organisationen, einschließlich der unseren, anderswo zu operieren. Was sich geändert hat, ist, dass wir nun einen Weg zu klareren Regeln und konstruktiverem Engagement sehen, was langfristige Planung wieder möglich macht.

In den letzten Monaten ist das Thema Stablecoins zentral für die Debatte über die Besteuerung von Kryptowährungen in Italien geworden. Nicht so sehr wegen ihrer Nutzung als Zahlungsmittel oder zur Stabilisierung der Volatilität, sondern vielmehr wegen der fiskalischen Verzerrungen, die einige kürzliche regulatorische Entscheidungen verursachen.

Während einer Instagram-Live-Sitzung analysierte der Steuerspezialist Stefano Capaccioli einen der umstrittensten Aspekte der aktuellen Regulierung: die steuerliche Behandlung von E-Geld-Token, insbesondere von solchen, die in Euro denominiert sind, wie EURC, im Vergleich zu an den Dollar gebundenen Stablecoins wie USDC.

Russia is tightening access conditions for the digital ruble, adding extra identification hurdles just as authorities prepare for the national rollout of the central bank currency.

Bank of Russia updates requirements for opening accounts

The Bank of Russia has approved new rules for opening digital ruble accounts, significantly expanding the information that applicants must provide. The changes affect both ordinary citizens and small businesses, and they are expected to complicate initial access to the platform.

Under the revised rules, individuals and sole proprietors must now submit their taxpayer identification numbers and social security numbers directly to the regulator. Moreover, this data requirement is in addition to existing KYC checks performed by commercial banks.

The regulation also obliges applicants to register with Russia’s Unified Identification and Authentication System (ESIA). This state system underpins access to a wide range of public services, including those offered via the Gosuslugi portal, which has become central to Russia’s digital bureaucracy.

To complete the process, future users have to appear in person at an ESIA point of service and obtain a unique electronic signature key. However, this in-person step may slow onboarding, particularly for residents in remote regions and for small entrepreneurs with limited time.

Restrictions on citizen use and expanded professional access

Russian crypto media, including Bits.media, highlighted the updated rules on Friday, when the amendments to the regulation governing the CBDC platform were officially published. The new text specifies how Russian citizens are allowed to use their regular accounts.

According to the document, standard accounts of private individuals can only be used for non-business transactions. However, this explicit restriction means that citizens are formally barred from using these wallets for commercial activity, even if volumes are modest.

That said, self-employed persons who are not registered as sole proprietors will still be permitted to conduct transfers tied to their professional activities. This carve-out is intended to accommodate Russia’s rapidly growing segment of freelancers and gig workers.

In addition to self-employed citizens and individual entrepreneurs, the regulation broadens the list of professionals allowed to use CBDC accounts for work-related payments. Notaries, lawyers, patent attorneys, mediators, insolvency agents and appraisers are now all explicitly included in the group of users with access for professional purposes.

The tighter wording does not change the regime for other types of digital ruble accounts, such as those held by legal entities, including companies, banks and non-bank organizations. However, branches of these institutions will not be allowed to open separate CBDC accounts, which may centralize corporate usage at the head-office level.

Mass adoption plans and phased rollout of Russia’s CBDC

The project to issue the Russian ruble in digital form has been underway for several years. Trials of the platform with a limited circle of participants began in 2023, and the pilot has been gradually expanded as more banks and users joined.

A full-scale launch of the state-backed coin was initially targeted for 2025. However, the Central Bank of Russia (CBR) later postponed this deadline to give financial institutions and businesses extra time to upgrade their infrastructure and compliance systems.

Following a call from President Vladimir Putin in the spring of last year for mass adoption of the CBDC, the monetary authority moved to accelerate its roadmap. Lawmakers in Moscow subsequently approved a new timetable that breaks the introduction into several stages.

Under the current plan, the first phase is scheduled to start on September 1, 2026. At that point, Russia’s largest banks will be required to support transactions in the digital form of the national currency for their clients, both retail and corporate.

Officials at the Bank of Russia describe the CBDC as a third form of the ruble, alongside cash and traditional bank money. Moreover, some within the institution believe it could eventually capture up to 5% of non-cash payments in the country, assuming technology and user experience prove robust.

Economic expectations and adoption uncertainties

Despite official optimism, there is still no consensus inside the CBR or among lawmakers about how quickly Russians will embrace the new platform. While some predict rapid take-up driven by government services and mandatory integration, others expect a more cautious transition.

Advisor Kirill Tremasov, who works closely with CBR Governor Elvira Nabiullina, argues that the main benefits will emerge in the public sector and for the wider Russian economy. According to estimates released in August, the digital ruble could add up to $3.3 billion annually to economic output once fully implemented.

However, the increased documentation demands, in-person ESIA registration and activity-based restrictions on retail accounts may slow user onboarding in the early years. How quickly citizens, professionals and businesses adapt to the new rails will likely determine whether the CBDC meets those economic expectations.

In summary, Russia is moving toward a phased national rollout of its state-backed digital currency, but stricter access requirements and usage limits may shape the pace and profile of adoption across the country.

Jüngste Upgrades und neue Funktionen treiben das XRP-Ledger in Richtung eines institutionellen DeFi-Modells, wobei XRP und Compliance-Tools im Mittelpunkt seiner Roadmap stehen.

Ripple’s institutionelle DeFi-Strategie auf XRPL

Ripple und zentrale XRPL-Beitragsleister haben einen wachsenden Stapel sogenannter institutioneller DeFi-Komponenten im Netzwerk detailliert beschrieben, laut einem Blogbeitrag vom Donnerstag. Der Plan ist, das XRP-Ledger für regulierte Finanzen geeignet zu machen, indem compliance-orientierte Infrastruktur mit XRP als Abrechnungs- und Brückenasset für grenzüberschreitende Flüsse und On-Chain-Kredite kombiniert wird.

Small businesses are gaining new tools to compete as Loyyal rolls out Perxi AI, promising to reshape how loyalty programs are created and managed.

Loyyal introduces an AI loyalty agent for messaging apps

On Feb. 6, 2026 in Dubai, enterprise SaaS provider Loyyal announced the launch of Perxi AI, described as the world’s first AI Agent of Loyalty. The platform is designed to let small and medium businesses (SMEs) instantly create and run branded loyalty programs directly within messaging channels, starting with WhatsApp.

Unlike traditional software-heavy systems, Perxi AI operates as a conversational assistant embedded in existing chat apps. Moreover, it targets SMEs that have historically lacked access to advanced retention technology due to setup complexity and budget constraints.

Removing cost and complexity for SME loyalty programs

For years, many SMEs avoided loyalty initiatives because of expensive software licenses, long commercial commitments, and the need for specialist staff and training. That said, these barriers allowed only major corporations to deploy sophisticated but high value customer retention tools, leaving smaller players at a disadvantage.

Perxi AI is built to eliminate these hurdles through an instant loyalty launch model. SMEs can rapidly set up and manage their programs without upfront fees, turning deployment into a simple chat-based interaction instead of an IT project.

The entire system runs through familiar social channels. In particular, its WhatsApp chat interface is optimized to feel like conversing with a friend, guiding business owners step by step as they configure rewards, rules, and customer engagement flows.

WhatsApp-first design and frictionless participation

Neither the business nor its customers are required to download an extra app, which is a common source of friction in loyalty participation. Instead, all management tasks and customer touchpoints occur inside the existing WhatsApp environment, where users already spend significant time each day.

Moreover, Perxi AI supports interaction in any language, enabling both merchants and customers across the globe to communicate in their preferred tongue. This multi language capability allows highly localized yet scalable experiences, which is crucial for SMEs operating in diverse markets.

Driving retention, personalization, and smarter decisions

The new platform is positioned as a way to transform an SME’s competitive posture. By automating core loyalty mechanics, it helps merchants secure repeat business, while allowing them to deliver more personalized experiences tailored to customer purchase patterns and preferences.

Beyond simple point collection, Perxi AI provides data-driven insights and analytics dashboards. However, instead of forcing owners to learn complex tools, the agent surfaces key metrics through chat, helping them understand customer behavior and the effectiveness of campaigns in everyday language.

Another strategic pillar is ecosystem integration. Through Loyyal’s marketplace, small businesses can plug into larger loyalty programs and cross-partner networks. This ecosystem access significantly expands their potential reach and can enhance the value of their own rewards by connecting to broader experiences.

From loyalty management to broader AI-powered operations

Loyyal is positioning Perxi AI as more than a loyalty chatbot over the long term. The roadmap includes a dedicated finance module that will sit inside the same conversational interface. In future phases, SMEs will be able to access functions such as business finance management and credit lending workflows directly in chat.

Moreover, this expansion suggests a gradual evolution from a pure loyalty solution into a broader ai loyalty platform supporting everyday operational decisions. By keeping everything in a single interface, Loyyal aims to reduce the fragmentation typical of small business software stacks.

Award recognition and technology foundation

Perxi AI secured a key validation milestone by winning the META Llama AI Startupbootcap Program 2025. This recognition underscores that the product draws on state-of-the-art conversational AI models, tailored for high-frequency interactions between merchants and consumers.

According to Ashish Kumar Singh, CEO at Perxi AI & Loyyal, the goal is to shift the competitive balance between small firms and large enterprises. He noted that by anchoring loyalty management in WhatsApp, the company enables small business owners to deploy hyper personalized retention tools that once required a full corporate team.

Furthermore, Singh emphasized that loyalty is becoming universally accessible, intelligent, and simple, aligning with Loyyal’s broader strategy to apply AI and Web3 to next-generation customer engagement.

About Loyyal and its loyalty ecosystem

Loyyal operates as an enterprise SaaS development firm focused on loyalty and payments, built on patented blockchain infrastructure. Its technology is designed to convert traditional loyalty programs from cost centers into profit-generating ecosystems for brands and partners.

The company’s product suite includes Access Point, Reward Point, Xpand Point, and Perk Point, alongside Perxi AI. Moreover, it offers an integrated Technology + Content + Commerce proposition that prioritizes security, transparency, and AI-driven personalization for clients worldwide.

In summary, Perxi AI positions Loyyal at the intersection of AI, messaging, and loyalty, giving SMEs an accessible way to launch and scale sophisticated programs inside the channels their customers already use.

Analysten von Citigroup haben die Erwartungen an die Coinbase-Aktie nach einem starken Rückgang auf den Kryptomärkten und der anhaltenden Unsicherheit bezüglich der Regulierung in den USA gesenkt.

Citi senkt das Kursziel für Coinbase nach dem Verkauf von Kryptowährungen

Die Wall Street-Bank Citigroup hat ihre bullish Einstellung zu Coinbase (COIN) zurückgefahren und das Kursziel von $505 auf $400 gesenkt, während sich eine breite Risikoaversion über digitale Vermögenswerte ausbreitet. Die Bank sieht jedoch weiterhin langfristiges Potenzial, trotz des Rückgangs der Aktie um 65% von ihrem Rekordhoch von etwa $450.

Während die Krypto-Aktien am Donnerstag fielen, hoben die Handelsaktivitäten von ARK Invest einen dramatischen Portfoliowechsel zwischen führenden Unternehmen im Bereich digitale Vermögenswerte hervor.

ARK wechselt von Coinbase zu Bullish

Die Investmentgesellschaft ARK Invest verkaufte ein bedeutendes Aktienpaket von Coinbase, während sie eine vergleichbare Position in Bullish erwarb, was ihren aktiven Managementansatz für krypto-bezogene Aktien unterstreicht.

Das Unternehmen hat 119.236 Aktien von COIN verkauft, ein Verkauf, der auf einen Wert von 17,4 Millionen Dollar basierend auf dem Schlusskurs vom Donnerstag geschätzt wird. COIN fiel am Tag um 13,3 % und schloss die Sitzung bei 146,12 $. Diese stärkere Abnahme schien jedoch die Tür für eine Rotation in eine andere Krypto-Börsenaktie zu öffnen.

Gestern erlebte der Bitcoin-Preis einen signifikanten Crash.

Heute scheint der Crash jedoch vorübergehend zum Stillstand gekommen zu sein, oder zumindest seine akute Phase.

Um vollständig zu verstehen, was passiert, ist es ratsam, zunächst den Crash zu analysieren und erst dann zu prüfen, was heute passiert.

Der Bitcoin-Crash

Der jüngste Absturz des Bitcoin-Preises begann tatsächlich am Mittwoch, als er unter 75.000 $ fiel.

Ursprünglich schien es nichts Bedeutendes zu sein, zumal es am Tag zuvor auf 73.000 $ gefallen war, nur um wieder auf 76.000 $ zu springen.

In a major move for tokenized assets, a new tether gold investment in Gold.com is reshaping how physical bullion and on-chain liquidity intersect.

Tether backs Gold.com with $150 million

A reported $150 million strategic investment by Tether in Gold.com signals an aggressive push into tokenized and physical gold infrastructure. The deal underscores Tether’s ambition to connect traditional safe-haven markets with programmable finance, while also positioning Gold.com as a core piece of this emerging stack.

Moreover, the investment solidifies the role of tokenized bullion as an institutional-grade collateral layer. Tether can already mint gold tokens such as XAUT on chains like Ethereum or TON. However, shifting this value across distinct ecosystems usually requires wrapped assets or trusted bridges, which add both centralization and security risks.

The challenge of fragmented liquidity

Current blockchain infrastructure still suffers from liquidity fragmentation. Value becomes siloed on individual networks such as Bitcoin, Ethereum, and Solana. As a result, moving tokenized gold or other assets between chains remains complex, costly, and often reliant on intermediaries.

That said, this fragmentation does more than slow transfers. It forces developers to commit to a single chain, limiting application design and restricting access to liquidity across broader ecosystems. Moreover, it weakens capital efficiency because similar pools of value must be rebuilt on every network separately.

LiquidChain and unified cross-chain execution

LiquidChain presents itself as a Layer 3 infrastructure protocol aiming to resolve these structural pain points. Its design focuses on delivering a unified execution environment that spans Bitcoin, Ethereum, and Solana, rather than competing with them. In practice, it seeks to make underlying chain differences largely invisible to developers.

Central to this approach is LiquidChain’s so-called “Deploy-Once” model, powered by a Cross-Chain Virtual Machine. The system abstracts away chain-specific complexities so that developers can write code once while still accessing users and liquidity across all connected networks. However, it still aims to preserve verifiable settlement guarantees provided by each base chain.

For end users, LiquidChain targets single step cross chain execution, where complex multi-bridge flows are compressed into a single action. Moreover, by removing visible friction at the user level, the protocol could make moving XAUT or other tokenized assets between chains feel closer to a simple wallet transfer than a multi-stage DeFi operation.

Presale momentum and $LIQUID token economics

The reported tether gold investment aligns with growing interest in the protocol’s native token. According to official presale data, LiquidChain has already raised over $529,000, highlighting early market confidence in its infrastructure vision and its role in tokenized bullion flows.

The native token $LIQUID is currently priced at $0.01355 in the presale. Moreover, the team positions $LIQUID as a core settlement and incentive asset within the network’s architecture, supporting validators, liquidity providers, and cross-chain execution. That said, the long-term sustainability of this design will depend on actual usage once the platform goes live.

Outlook for tokenized gold and DeFi

In strategic terms, the tether gold investment in Gold.com, coupled with LiquidChain’s infrastructure, points toward a tighter integration between physical bullion markets and decentralized finance. If successful, the stack could allow XAUT and similar assets to circulate more freely across major chains without relying on traditional wrapped-token bridges.

However, execution risks remain. Developers must validate that cross-chain tooling delivers promised security and transparency, while regulators continue refining their stance on tokenized commodities. Overall, the combination of institutional capital, tokenized gold infrastructure, and cross-chain technology marks a notable step in the evolution of on-chain gold markets.

In summary, Tether’s $150 million backing of Gold.com and the momentum around LiquidChain’s $LIQUID presale underscore a broader shift: physical gold is being wired into multi-chain DeFi rails, with liquidity and security at the forefront.

In einer neuen Vertrauensshow während der jüngsten Volatilität hat Binance seine SAFU-Bitcoin-Position mit einer weiteren großen Akquisition vom offenen Markt erweitert.

Binance injiziert 233 Millionen Dollar in BTC in SAFU

Der Secure Asset Fund for Users (SAFU) bei Binance hat eine frische Kapitalzufuhr erhalten, da die Börse 233 Millionen Dollar für den Kauf von 3.600 BTC bereitgestellt hat. Dieser letzte Schritt erhöht den Gesamtbestand des Fonds auf 6.230 BTC, die derzeit auf etwa 404 Millionen Dollar geschätzt werden. Darüber hinaus ist die Transaktion der dritte große Kauf in nur wenigen Tagen, wodurch die kumulierten Käufe auf fast 430 Millionen Dollar steigen.

Während einer turbulenten Woche für digitale Vermögenswerte argumentierten die Strategie-Manager, dass die Abhängigkeit des Unternehmens von den Bitcoin-Beständen von Microstrategy auch unter extremen Abwärtsszenarien nachhaltig bleibt.

Stresstest der Bilanz und Bitcoin-Abwärtsszenario

Strategie-CEO Phong Le sagte den Investoren im Webinar zu den finanziellen Ergebnissen des vierten Quartals 2024, dass die Bilanz des Unternehmens starke Volatilität bei Bitcoin absorbieren kann. Er warnte jedoch, dass ein wirklich schwerer Rückgang schließlich die Fähigkeit, bestehende Verpflichtungen zu bedienen, belasten würde.

Die Marktbedingungen im Kryptobereich sind fragil und ängstlich, und vor diesem Hintergrund ist das XRP-Wertsetup technisch gedehnt, zeigt aber weiterhin nach unten auf den höheren Zeitrahmen.

Markthypothese: Panik, nicht Kapitulation (noch nicht)
XRPUSDT wird bei 1,29 gehandelt, wobei das tägliche Regime eindeutig als bärisch gekennzeichnet ist, während der breitere Kryptomarkt stark unter Druck steht: Die gesamte Marktkapitalisierung ist in den letzten 24 Stunden um etwa 7,5 % gesunken, die BTC-Dominanz liegt bei ~56 %, und der Angst- und Gier-Index befindet sich in extremen Angst (9). Mit anderen Worten, dies ist nicht nur eine XRP-Geschichte – es ist ein risikoaverses Tape im gesamten Kryptobereich, und Kapital strömt defensiv in Bitcoin.

Der Markt zeigt klare Anzeichen von Stress, und der Solana-Preis handelt jetzt in einer Zone, in der erzwungenes Verkaufen, extreme Angst und kurzfristige Reflexsprünge aufeinandertreffen können.

SOL/USDT Tageschart mit EMA20, EMA50 und Volumen
loading="lazy" />SOL/USDT — Tageschart mit Kerzen, EMA20/EMA50 und Volumen.

Solana-Preis: Der tägliche Trend ist gebrochen, der Markt handelt wie erzwungenes Verkaufen

Der Solana-Preis gegenüber USDT liegt bei etwa $79–80, tief unterhalb seiner vorherigen Spanne und gut unter allen wichtigen täglichen gleitenden Durchschnitten. Dies ist keine milde Korrektur; es sieht nach einer vollständigen Liquidationsphase in einem Kryptomarkt aus, der gerade einen Rückgang von etwa ~7,5% der gesamten Marktkapitalisierung und einen Anstieg des Volumens erlebt hat. BTC-Dominanz nahe 56% und ein Angst- und Gier-Index von 9 (Extreme Angst) zeigen, was die Flüsse antreibt: Risikoreduzierung und erzwungenes Verkaufen, nicht geduldige Rotation.

In a tense week for crypto markets, marathon digital has drawn attention after a sizable bitcoin transfer raised fresh questions about miner positioning.

Details of MARA’s latest BTC transfers

Over a 10 hour window, Marathon Digital (MARA) moved 1,318 BTC, worth about $86.9 million, to a mix of counterparties and custody venues, according to onchain data from Arkham. The activity has sharpened focus on how major miners are managing liquidity as volatility returns.

The largest flows went to credit and trading firm Two Prime, which received more than 660 BTC. Moreover, additional tranches were directed to a BitGo tagged address and a newly created wallet, underlining the diversity of destinations involved in the operation.

The timing of the transfers is drawing scrutiny from traders wary of forced miner selling in a volatile, thin market. However, the transactions could also reflect routine miner treasury management, collateral posting, or broader balance sheet optimization rather than imminent spot exchange sales.

Two Prime, BitGo and fresh wallet destinations

On a granular level, the biggest slice of the MARA BTC flow went to Two Prime. One transaction sent 653.773 BTC, around $42.01 million, to a Two Prime tagged address, followed just minutes later by a smaller 8.999 BTC top up worth about $578,000. Together, these transfers concentrated the bulk of the volume with a single trading and credit counterparty.

Separate outbound deals sent 200 BTC and 99.999 BTC to a BitGo tagged address, together totaling about $20.4 million at the time of transfer. Moreover, another 305 BTC, worth roughly $20.72 million, went to a fresh wallet, suggesting either a new custody arrangement or preparation for a specific transaction pipeline.

The Two Prime BTC transfer is likely to attract the most analysis because the firm operates as a credit and trading counterparty. If the bitcoin is being posted as collateral or rotated into a structured strategy, it does not necessarily imply immediate spot selling pressure on exchanges. That said, traders often watch such moves closely in fragile conditions.

Market context and miner stress

The flow matters mainly because of timing. Crypto markets have been swinging sharply since this week’s liquidation driven selloff, and participants remain on edge for any sign that miners are turning into forced sellers. In such an environment, large miner related onchain shifts can rapidly influence sentiment.

Large marathon bitcoin transfers or similar moves by peers can be routine treasury operations, custody reshuffling, collateral adjustments, or preparation for over the counter deals. However, in a thin market they are frequently interpreted as a signal of future supply, even when the underlying purpose is more neutral or hedging related.

The transfers come amid a difficult period for miners, with Bitcoin trading nearly 50% below peak prices above $126,000 reached last year. Moreover, on Thursday CoinDesk highlighted that the network’s economics have deteriorated, compounding pressure on balance sheets across the sector.

Bitcoin production cost and pricing pressure

Bitcoin is now approximately 20% below its estimated average production cost, increasing financial stress for operators like MARA. The average bitcoin production cost sits around $87,000 per coin, according to data from Checkonchain, while the spot price has slid toward a weekly low near $60,000. Historically, trading below production cost has been a hallmark of bear market phases.

In that context, marathon digital moves of this size naturally prompt speculation over whether more miners may be forced to liquidate holdings or seek new financing structures. However, until the ultimate use of the BTC at Two Prime, BitGo and the fresh wallet becomes clearer, the transfers remain an important but ambiguous signal in an already stressed market.

Overall, the latest MARA transactions underscore how onchain mining flows can quickly become focal points for traders when prices undercut costs, liquidity thins, and market confidence wavers.

Institutional access to DeFi-linked products took a step forward as Bitwise advanced its uniswap etf plans with U.S. regulators.

Bitwise files for first spot Uniswap ETF in the U.S.

Bitwise Asset Management has submitted a Form S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) seeking approval for a spot Uniswap ETF directly backed by the UNI token. The move underscores growing institutional interest in decentralized finance, even as broader altcoin markets remain under pressure.

The proposed product, named the “Bitwise Uniswap ETF”, would be structured as a trust that holds Uniswap tokens as its primary asset. Moreover, the ETF is designed to give traditional brokerage clients regulated access to UNI price dynamics without interacting with on-chain infrastructure.

According to the filing, submitted on February 5, 2026, the trust would issue shares intended to trade on a U.S. exchange under a ticker that has not yet been announced. However, the registration makes clear that each share will represent a fractional, undivided beneficial interest in the Uniswap token holdings of the trust.

Structure, custody and management of the proposed trust

Bitwise Investment Advisers will act as sponsor and manager of the trust, overseeing operations, fees and reporting. Moreover, the structure is meant to mirror other spot crypto products that provide direct exposure to a single asset, while operating within the existing securities framework.

Coinbase Custody has been named as the custodian responsible for safeguarding the Uniswap tokens held by the trust. This arrangement aims to let investors benefit from Uniswap token exposure without managing wallets, seed phrases or private keys. That said, on-chain risks linked to the underlying protocol and token will still influence performance.

The SEC registration notes that the ETF will hold UNI directly, rather than using derivatives or synthetic exposure. However, the document also highlights typical risks associated with digital assets, including regulatory uncertainty, market volatility and potential technological vulnerabilities within the Ethereum ecosystem.

Market reaction and UNI price performance

Despite the high-profile filing, Uniswap (UNI) saw muted price action in the immediate aftermath. At press time, UNI was trading at $3.22, down 14.5% over the previous 24 hours. The decline suggests that traders remain cautious toward altcoins, even as new regulated vehicles emerge.

Moreover, the negative short-term move underscores a broader risk-off tone in smaller-cap tokens relative to assets like Bitcoin and Ethereum. The spot uniswap etf proposal did little to offset selling pressure, indicating that investors may be waiting for clearer regulatory signals or renewed momentum across the DeFi sector.

However, if approved, the Bitwise Uniswap ETF could still influence liquidity and depth for UNI over the longer term by making the asset accessible through traditional brokerage channels. Increased institutional participation has historically affected trading volumes and price discovery in other listed crypto products.

First regulated ETF centered on a DeFi governance token

If the SEC signs off, the Bitwise Uniswap ETF would become the first regulated exchange-traded fund in the U.S. focused specifically on a DeFi protocol’s native governance token. Uniswap’s UNI token underpins one of the largest decentralized exchanges built on Ethereum, where users trade cryptocurrencies through automated liquidity pools.

Moreover, UNI holders participate in protocol governance, voting on proposals that can adjust fees, incentives and treasury allocations. A spot ETF wrapped around this token would effectively introduce mainstream investors to the governance layer of decentralized finance, even if those investors do not vote directly on-chain.

That said, the filing emphasizes that the ETF’s performance will track UNI price movements, not Uniswap trading activity or protocol revenues. Investors will therefore be exposed to market sentiment, regulatory developments and broader crypto cycles rather than cash flows or dividends.

Evolving landscape for crypto and altcoin-linked ETFs

Bitwise’s application arrives amid a wave of altcoin etf filings seeking to expand beyond large-cap assets. In recent months, Bitwise and rival issuers have proposed products linked to tokens such as AAVE and Chainlink, reflecting efforts to package leading DeFi and Web3 assets into compliant investment vehicles.

However, the SEC has taken a cautious stance toward products that move beyond established assets and into decentralized protocol tokens. Market participants are therefore watching closely to see whether this Uniswap-focused trust can clear regulatory hurdles and set a precedent for future decentralized finance etf proposals.

For now, the Bitwise Uniswap ETF filing highlights the ongoing convergence between on-chain protocols and traditional capital markets. Whether or not it gains approval, the move signals persistent demand for regulated access to DeFi-native assets from both retail and institutional investors.

In summary, Bitwise’s bid to list a spot Uniswap ETF with direct UNI holdings underscores how regulated structures are evolving to meet interest in decentralized finance, even as short-term market sentiment toward altcoins remains fragile.

NEAR-Protokoll fördert die Rolle von Near AI-Agenten im dezentralen Finanzwesen, indem es einen neuen Marktplatz für autonome wirtschaftliche Transaktionen einführt.

NEAR AI Agent Markt führt autonomen On-Chain-Handel ein

Der neu enthüllte NEAR AI Agent Markt ist eine dezentrale Plattform, auf der künstliche Intelligenz-Agenten mit voller wirtschaftlicher Autonomie transagieren können. Diese auf NEAR basierenden Systeme bieten auf Aufgaben, führen Arbeiten aus und erhalten direkte Abrechnungen in NEAR-Token, ohne menschliches Eingreifen auf der Transaktionsebene.

Während das Vereinigte Königreich die Aufsicht über digitale Vermögensplattformen verschärft, wird der geplante Austritt von Gemini aus dem Vereinigten Königreich zu einem wichtigen Test für den neuen regulatorischen Ansatz des Landes.

Gemini bestätigt den Rückzug vom britischen Markt

Die Kryptowährungsbörse Gemini hat die Kunden darüber informiert, dass sie die Geschäfte im Vereinigten Königreich einstellen wird, was den Druck auf Krypto-Unternehmen durch sich entwickelnde Regeln verdeutlicht. In der Mitteilung an die Kunden sagte die Plattform, dass die UK-Geschäfte offiziell am 6. April 2026 enden werden, was einen klaren Zeitrahmen für die Nutzer zum Offboarding festlegt.