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FUD (fear, uncertainty, and doubt): how it appears in the crypto market, how it differs from panic, what signs can be seen in prices, and how to check the news so as not to give in to emotions.
FUD is a situation where messages that cause fear, uncertainty, and doubt are spread around a crypto asset or the market as a whole. Sometimes this is based on facts, sometimes on rumors or distorted information. In a volatile market, such sentiments quickly affect prices and participants' decisions. Below, we will examine the mechanics of FUD, how it differs from panic, and rules for verifying news so as not to make decisions based on emotions.
What is FUD in crypto?
FUD in cryptocurrency is information that causes fear, uncertainty, and doubt.FUD stands for fear, uncertainty, and doubt. The term is used in two senses: as an information tactic (rumors, incomplete facts, headlines without context) and as a market condition when expectations become noticeably negative. It is important to note that FUD can be a reaction to real risk, but in an accelerated and emotional retelling.
How “fear, uncertainty, and doubt” work in the market
Distribution channels
FUD spreads through social media, messengers, opinion leaders, and news headlines “without context.” The vulnerability of the crypto market is associated with high volatility, leveraged trading, and liquidations, and in some pairs, with low liquidity and wide spreads.
In 2026, the media regularly reported episodes where sentiment indicators went into “extreme fear” mode, and discussions on social media amplified the uncertainty. A separate risk is viral “documents” and screenshots that are difficult to verify in the moment.
Reaction chain
FUD in the cryptocurrency market is a chain where uncertainty leads to risk reduction and price movement.
A typical sequence looks like this: news - increased uncertainty - selling or position reduction - price movement - heightened emotions. At the mechanical level, stop orders, margin positions, and liquidations accelerate the reaction, so the momentum can become stronger than the original news.
How FUD differs from panic (and ordinary fear)
FUD is a background of doubt, while panic is mass action in the here and now.
FUD more often describes an accumulation of uncertainty, while panic is a short period of synchronized action when many participants simultaneously sell, close positions, or withdraw funds. The difference is noticeable in the speed, volume, and structure of price movements. Normal fear can be a rational response to risk and does not necessarily lead to mass action.
The difference between FUD and FOMO is that FUD amplifies fear and doubt, while FOMO amplifies the desire to buy due to the fear of missing out on growth.
The impact of FUD on crypto investments and the market
The consequences of FUD for price and liquidity are increased volatility, widening spreads, and liquidity drain.
In the short term, FUD usually manifests itself as accelerated price movements, “noise” fluctuations, and increased volumes. In derivatives, liquidations are added, and the momentum can become disproportionate to the initial event. Behaviorally, FUD often leads to impulsive selling and abandonment of pre-set strategies. For projects and services, a negative backdrop means reputational damage and user outflow.
In 2026, regulatory uncertainty also became a trigger for emotional reactions: discussions about possible restrictions on access to foreign exchanges quickly hit the news feeds and influenced expectations.
What signs of “fear” can be seen on the price chart?
This material is not an investment recommendation. Below, we describe signs that often coincide with increased uncertainty and emotions.
Signs of fear on the price chart include an acceleration in the decline, an increase in volume, and sharp movements without any apparent reason.
An acceleration in the decline on increased volumes and a rapid passage through several price levels.Long candlestick tails and sharp spikes that reflect the nervousness of participants.Frequent jerks and reversals in a short time after headlines or rumors, and for some instruments, gaps on the news are possible.An increase in the share of “sharp” movements when primary sources do not provide a clear explanation.
How to distinguish rumors from facts about cryptocurrency
The only way to distinguish rumors from facts in crypto is to check the original source and compare dates and context.
In FUD situations, techniques are often used to complicate verification: cropped screenshots, “insider” wording, old statements disguised as new ones. The practical goal is to speed up the audience's reaction before they have time to open the document or find official confirmation.
Signs of rumor
No original source, only retelling in the style of “they say” or “insider information leaked.”Screenshot without a link, date, or context.A quote taken out of context with no way to read the full material.Old news is presented as new, and the dates don't match.Emotional pressure without verifiable details and documents.
Signs of a fact
A fact is based on a verifiable document or statement: a press release, a publication by a regulator, a post on the project's official channel, or a comment by an exchange. Such a message has a date, author, and wording that can be verified without retelling. The second criterion is confirmation from several independent publications, where the key details match and the competence of the author of the original message is clear.
How to verify crypto news sources
Verifying crypto news sources involves searching for the original source and checking for confirmation from independent editorial offices.
Find the original source: a press release, document, statement, official project or regulator channel, rather than a retweet on social media.Check the date and context so you don't mistake old news for new and confuse a quote with the author's opinion.Check for confirmation from two or three independent media outlets or aggregators and compare key details.Separate fact from interpretation: where does the news end and where does the forecast or emotional commentary begin?Check for conflicts of interest: positions on the asset, referral links, advertising, incentives to spread the word.If it's about vulnerability or hacking, wait for confirmation from the team, auditors, or exchanges, and keep an eye on updates at the time of publication.
It is useful to refer to reports from research companies and major editorial offices, which separately record the dynamics of sentiment and market risks. For example, Chainalysis has published an updated overview of crypto crime and schemes that often fuel FUD through fake news and phishing.
What rules help you avoid panicking
It is worth following a set plan in advance and not making decisions in the heat of the moment.
Below are some practical rules in the format “rule - why - how to apply.” They help reduce the likelihood of impulsive actions when the market generates headlines faster than confirmation appears.
Rule - Plan ahead - Why - Reduces the influence of emotions and random headlines - How to apply - Set risk change conditions and exit criteria before the news noise beginsRule - Pause before deciding - Why - Stops impulsive actions - How to apply - Set a timer and first open the original source, then make a decisionRule - Position size and diversification - Why - Reduces stress and the risk of capitulation - How to apply - Keep risk commensurate with your portfolio and avoid concentration in a single assetRule - Limits and alerts instead of an endless feed - Why - Reduces “overheating” from mindless scrolling - How to apply - Check the news on a schedule and use notifications instead of constantly refreshing the feedRule - Record the reasons for your decision - Why - Helps distinguish strategy from emotions - How to apply - Record facts, assumptions, and risks so as not to replace the plan with a reaction to hypeRule - Separating “news” and “interpretation” - Why - Removes external forecasts from the decision - How to apply - First read the document or statement, then evaluate the comments separately
FUD will not disappear because the crypto market remains sensitive to expectations and news. A practical approach is to establish a process: search for the original document, check dates and confirmations, separate facts from interpretations, and act only within the limits of a predetermined risk.
#BTC

Investor sentiment toward the US dollar has reached its lowest level in a decade. Previously, this was seen as a bullish signal for Bitcoin, but the current situation is anomalous.
Investor sentiment toward the US dollar has reached its lowest level in a decade. According to a February survey by Bank of America (BofA), the share of investments focused on the US currency has fallen to a record low since early 2012. Such an extreme bearish position is usually a classic bullish signal for Bitcoin, but in 2026, the market faced an anomaly that calls this logic into question.
Historically, Bitcoin and the US dollar index (DXY) have moved in opposite directions. A weaker dollar made the first cryptocurrency cheaper to buy and stimulated demand for risky assets, while a stronger dollar tightened financial conditions, putting pressure on the price of Bitcoin. However, since the beginning of 2025, this correlation has broken down, calling into question all historical parallels.
In 2025, the dollar index lost more than 9%. This year, it continued to decline and by February 17, it had fallen another 1% to 97.1. In January 2026, the DXY fell to a four-year low of 95.5. At the same time, Bitcoin not only failed to grow but also fell by 6% in 2025, and since the beginning of the year, its decline has amounted to 22% to below $68,000.
As a result, the 90-day correlation between the dollar and Bitcoin reached 0.6, the highest level since April 2025. This means that, contrary to history, the assets are moving in the same direction. A coefficient of 1 means that the assets are moving in sync, while a coefficient of -1 means that they are moving in opposite directions.
Weakness of the dollar
If this new correlation persists, the further weakening of the dollar, which investors have been actively betting on, may not help Bitcoin, but rather continue to put pressure on it.
Back in mid-2025, many experts noted the weakness of the dollar as a potential factor that could positively affect the price of Bitcoin — at that time, the DXY was at roughly the same levels as it is now.
For example, CryptoQuant analysts saw potential for Bitcoin growth in the index dynamics, because in such conditions, investors tend to look for alternative investment options.
This point of view was supported by high-profile forecasts. Global Macro Investor analyst Julien Bittel cited 2015, 2020, and 2022 as examples, when similar movements in the dollar triggered a multiple increase in Bitcoin in the future. Against this backdrop, Bitwise Management predicted that Bitcoin would reach $200,000 by the end of 2025: Bitwise Chief Investment Officer Matt Hougan attributed the growth in part to the US government's policy of weakening the dollar.
Reverse side
But there is also a downside, as pointed out by InvestingLive chief analyst Eamon Sheridan. The record volume of short positions (bets on a decline) on the dollar creates a “powder keg.” Any unexpected positive signal from the US economy could trigger a sharp closure of these short positions (a so-called short squeeze), causing a rapid rebound in the DXY.
Following this, if the positive correlation between the DXY and Bitcoin continues, this rebound in the dollar could unexpectedly pull the price of BTC up with it.
Thus, the crypto market finds itself in a situation it has never experienced before. Extreme pessimism about the dollar, which historically promised a rally for Bitcoin, now carries the risk of a further decline due to the breakdown of historical patterns. But at the same time, it also promises the potential for unexpected growth, initiated by a reversal of the dollar itself, while maintaining the correlation between asset prices.
#BTC

Analysts have linked the prolonged decline in the cryptocurrency market to capital outflows into AI and macroeconomic uncertainty, but see signs of recovery.
The crypto market has entered a phase of prolonged decline in investment risks, and the main question has shifted from “how far will we fall” to “when will demand return.” The answer depends on expectations, which remain uncertain, according to Binance Research analysts in their weekly report titled “Finding Optimism in a Market Reset.”
In early February, Bitcoin (BTC) fell 50% from its historic high of $126,000 reached in October 2025. This is the ninth drawdown of this magnitude in the history of cryptocurrency. As experts noted, although the crypto market has become more stable compared to previous cycles, the psychological pressure in such conditions remains strong.
Two main factors are at work in the current environment, Binance analysts write. The first is the rotation of capital from cryptocurrencies to the artificial intelligence (AI) sector and other defensive investment strategies.
The second is the policy of the US Federal Reserve (Fed) and macroeconomics, where expectations of a tough stance by the regulator and the risk of a US government shutdown prevail. Taken together, according to Binance, this creates an “unfavorable environment” for investing in cryptocurrencies.
According to experts, the weakness of altcoins in this cycle has been more pronounced than before. Capital is concentrated in the largest coins, moving away from speculative tokens. The situation was exacerbated by an influx of new projects, where out of 20.2 million tokens launched in 2025, about 11.6 million have already ceased to be actively traded. Many entered the market without a working product or revenue, with prices driven by hype. As a result, most of them are trading well below their initial valuations.
At the same time, small tokens have recently seen less dramatic movements than market leaders, “which may indicate that selling pressure is gradually easing.”
The Binance report also mentions the current average purchase price of Bitcoin for all its holders — $55,000. They noted that as the price of Bitcoin approaches this level, “psychological pressure” in the market intensifies. However, they clarified that “the potential significance of keeping Bitcoin at this level” increases as it approaches it.
Dependence on macroeconomics
Macroeconomics remains the main driver of the crypto market, according to Binance experts. As an example, they cited January's US employment data, which came in stronger than expected, but an annual revision showed that 2025 was the worst year for job creation since 2020.
Thus, according to Binance, the weak economic situation does not give the Fed a reason to ease policy, but only convinces it to maintain a wait-and-see position. Experts also noted the situation with Kevin Warsh's nomination as the new head of the Fed, which only led to increased uncertainty about future prospects.
Bitcoin has historically been “the most sensitive asset” to changes in global liquidity, the report said. In conditions of limited liquidity, it is an obstacle to the growth of the price of Bitcoin, but as soon as the situation changes, the same factor will become a “tailwind.”
Liquidity refers to the injection of funds into the US economy by the Federal Reserve. The Fed's base rate is not rigid in itself — it is a target value that the Fed strives for in its monetary policy. Rates are lowered or raised by increasing or decreasing liquidity in the banking system.
In this sense, the markets expect Warsh to pursue a more accommodative monetary policy, which implies a reduction in the Fed's rate and, as a result, an influx of liquidity into the markets.
The structural argument is still valid
Despite the decline, fundamental positive factors for the crypto market remain in place, experts believe, citing several arguments. The volume of assets in Bitcoin-based exchange-traded funds (ETFs) has declined only slightly, even with a 50% drop in price. According to the report, this means that investors perceive them more as a strategic asset, and there are signs of accumulation during the downturn.
Experts also highlighted the capitalization of stablecoins, which remains above $305 billion, close to the historic high of over $311 billion reached in January. The report notes that, unlike previous downturns in the crypto market, capital is not leaving, waiting for the right moment.
The report also pointed to the development of tokenized assets (Real World Assets, RWA), highlighting stablecoins based on physical gold — at the peak of gold price growth, these assets showed a capitalization increase of more than 50% since the beginning of 2026. According to The Block, the peak capitalization was recorded on February 5 at over $6.3 billion.
As the main positive signal of the outgoing week (as of February 15), Binance noted that BlackRock, the largest asset management company, announced the withdrawal of its tokenized BUIDL fund to the decentralized exchange Uniswap. As part of the deal, BlackRock also acquired an undisclosed amount of the exchange's native tokens, UNI. This, as noted by Binance, “shows the presence of liquidity ready for action against the backdrop of reliable catalysts.”
#BTC

Analysts have identified the reasons why the market preferred stocks, switching to shares instead of cryptocurrencies
The crypto market has reached a paradoxical point in its development. In recent years, the industry has seen record institutional capital inflows, a developed trading infrastructure, and regulatory goodwill around the world. And yet, for many developers and crypto users, the investment situation “looks bleaker than ever.” Analysts at investment company DWF Ventures came to this conclusion after comparing the performance of crypto companies traded on exchanges and individual cryptocurrencies, even though both types of assets (stocks and cryptocurrencies) are “similar in terms of growth potential.”
The key message from the experts is that there is demand for blockchain assets, but it is institutional and sporadic. Mass retail investors, traditionally the drivers of cryptocurrency growth, are being washed out of the markets.
The context of DWF's analysis refers to the dynamics of crypto assets launched in 2025: the prices of almost 85% of the sample, consisting of 118 projects, traded below the starting price. Two-thirds of the tokens in the sample lost more than 50% of their value, and 38% had a market capitalization 70-90% below their initial value.
Large launches with inflated initial valuations performed particularly poorly. Of the 28 launches with an initial valuation (fully diluted value, FDV) of $1 billion, none ended up in the black. The median drawdown at the time of the study (end of December 2025) was about 81% — since then, the total capitalization of the crypto market has fallen by another 25%, which may indicate worse performance by mid-February.
ICO vs. IPO
DWF Ventures analyzed the dynamics of both cryptocurrency assets that entered exchanges through ICOs (similar to IPOs) and crypto companies that entered exchanges through IPOs. It was found that crypto assets show explosive growth only in the first 30 days, after which a sharp price correction is highly likely. At the same time, shares of crypto companies “demonstrate stable growth over a longer period of time.”
DWF specifies that such price dynamics are observed against the backdrop of relatively similar investment valuations for both ICOs and IPOs before going public. But there is a noticeable difference in the number of assets that were issued at the start of trading — experts noted that, on average, the share of assets offered for sale ranges from 12 to 20% for IPOs and from 7 to 12% for ICOs.
As Matt Houghan, director of investments at Bitwise Asset Management, previously noted: “It is impossible to know in advance what will bring greater value, the blockchains themselves or the companies developing them. That's why I think the best strategy is to own both.”
Income difference
The report also indicates that crypto platforms' profit margins are significantly higher than those of traditional companies. DWF noted that stocks tend to trade at a higher premium to their earnings compared to cryptocurrencies — this refers to the ratio calculated as capitalization divided by earnings. This ratio ranges from 7 to 40 for companies and from 2 to 16 for crypto platforms.
Thus, crypto platforms are generally more profitable relative to their capitalization than traditional companies. However, experts believe that there are several factors that explain this dynamic.
Access for institutional investors. Despite growing positive sentiment toward cryptocurrencies, their purchase and storage are still limited to funds and individual companies.
Inclusion Of Stocks In Indices. Stocks become the subject of passive investment by indices and funds whose strategies are aimed at purchasing certain securities. For example, in the spring of 2025, Coinbase became the first crypto company to be included in the S&P 500 index, one of the main benchmarks of the US stock market. This could have contributed to increased buyer activity through the accumulation and retention of shares in index and other funds.
Alternative strategies. Unlike tokens on the blockchain, which often suffer from a lack of liquidity and counterparties, the use of options and leverage for institutional investors allows for a wider range of institutional strategies to be implemented using options and stocks.
Business diversification. The variety of services offered strengthens the value proposition of the core business. DWF cited the example of Figure, which launched its own blockchain-based lending pool accessible to retail and institutional investors. It was also the first to receive regulatory approval for a stablecoin that generates interest income for its holders (YLDS).
As a forecast for 2026, DWF expects an increase in the number of companies preparing to go public, “which will have an overall positive impact on the industry,” contributing to the growth of the overall market. This year, experts expect at least five major crypto companies to conduct IPOs or merge with other companies.
These include the Kraken crypto exchange, Ethereum infrastructure developer Consensys, hardware crypto wallet manufacturer Ledger, investment company Animoca Brands, and Korean crypto exchange Bithumb.
#BTC

The well-known infrastructure project LayerZero ($ZRO), with strong venture capital backing, has entered into a number of important partnerships and attracted even more investment.
After Bitcoin plummeted to $60,000 on February 6, losing nearly 15% in a single day, a number of major cryptocurrencies rose by tens of percent. One of these is the LayerZero (ZRO) project token, which added more than 50% from its low on the day of Bitcoin's collapse. The price surge came amid the project's merger with a pool of major institutional partners and investors as part of the development of a new cutting-edge blockchain network.
As of February 12, the ZRO token is trading at around $2.1 — this price level has allowed the asset to take first place in terms of percentage growth since the beginning of 2026, with an indicator of 80%, among the 100 largest cryptocurrencies. According to Coinmarketcap, the active growth began from a low of $1.356 on February 6, with a local peak of $2.59 reached on the 11th.
On February 10, LayerZero announced the launch of a new blockchain, Zero, in partnership with major institutional companies including market maker Citadel Securities, investment fund ARK Invest managed by Cathie Wood, the US Depository Trust & Clearing Corporation (DTCC), Google Cloud, and Intercontinental Exchange (ICE, operator of the NYSE).
As stated in the announcement, Citadel will provide expertise to adapt Zero for trading, clearing, and settlement. DTCC intends to use the new network's architecture to scale tokenization and collateral management services. ICE will explore the use of Zero to implement infrastructure in its trading services. Google Cloud will explore the possibility of using blockchain for micropayments between AI agents.
Separately, on the same day, Tether announced a “strategic investment” in LayerZero to support the development of USDT0, a version of the USDT stablecoin for cross-chain use.
Zero is scheduled to launch in the fall of 2026 and, as stated in the press release, the blockchain will be able to process 2 million transactions per second at a cost of less than a cent per transaction. The network is positioned as an execution layer for tokenization and transactions with any asset class, as well as a technical breakthrough for blockchains. The ZRO token will serve as the network's native asset and protocol governance token.
The total investment in LayerZero Labs, excluding new capital from Tether, amounts to $261 million. Alongside heavyweights Andreesen Horowitz (a16z) and Sequoia Capital, more than 30 other investors have invested in it, including the venture divisions of Samsung, Christie's auction house, USDC stablecoin issuer Circle, NFT marketplace OpenSea, crypto exchange OKX, and others.
The company was the “star” of the crypto market in 2023-2024 and raised initial capital to develop an interoperability protocol that connects isolated blockchain networks, allowing them to exchange data and assets directly without using insecure bridges.
What is Zero?
Blockchain Zero can solve the scalability problem thanks to a breakthrough in the development of Zero-knowledge technology, ZK (zero-knowledge proofs). As LayerZero CEO Brian Pellegrino told Fortune, this will allow different parties to verify information while maintaining confidentiality.
"LayerZero has an incredibly deep understanding of the markets. Bringing finance to the speed of the internet is a truly grand idea. Speed and bandwidth have remained one of the key barriers. Here, we see a completely different league.
In a separate post dedicated to the technologies underlying Zero, investment firm a16z noted that the blockchain includes a number of technical improvements. These include a “new approach to zero-knowledge proofs” based on a16z's development of Jol technology.
Jolt is a cryptographic solution that allows a virtual computer to process and verify data while complying with specific privacy and security policy restrictions. At the same time, the solution provides a fast system for proving correct calculations within blockchains, relieving networks of significant loads
Jolt is also based on the Jolt RISC-V architecture, which, according to a16z, is also characterized by high speed, security, and ease of use.
RISC-V is an open processor architecture suitable for both smartphones and supercomputers. It is modular, scalable, and gives developers flexibility in creating hardware solutions for specific tasks. RISC-V has already been used in the development of blockchain networks. i.i.t.u.
One of them is Polkadot (DOT), founded by English computer scientist Gavin Wood. Buterin also noted this technology as one of the options for implementation in Ethereum, with the potential to speed up processes tenfold, which would make it “almost as simple as Bitcoin.”
#zro

The largest Bitcoin holders took advantage of the market crash and accumulated a record amount of the first cryptocurrency since November. However, analysts warn that purchases by “whales” are not yet capable of reversing the negative trend.
Large Bitcoin holders, known as whales, have resumed buying amid inaction from other categories of investors. Over the past week, when the price fell to $60,000, wallets with a balance of more than 1,000 coins accumulated about $4 billion at the current rate, Bloomberg writes, citing data from analytics company Glassnode. This is the largest weekly inflow of capital into Bitcoin since November 2025.
However, this single episode of accumulation by whales may not be enough to reverse the overall negative trend. Analysts believe that impressive purchases by large players cannot compensate for the lack of broader demand.
“It slows down the decline. But we need more money coming into the market,” Bloomberg quotes Glassnode sales director Brett Singer as saying.
Similar data to Glassnode's was published by another blockchain analytics company, CryptoQuant, which stated that “during the price decline, whales accumulated huge amounts of Bitcoin” totaling nearly 67,000 BTC, or $4.5 billion at the exchange rate on February 11. However, it did not specify which categories of investors are among these large holders.
The week ending February 8 was one of the most difficult for the crypto market since 2022. Bitcoin not only broke through the $80,000 level, but also experienced tremendous volatility, reaching $60,000 at one point, before returning to the $70,000 range.
Glassnode analysts use their own on-chain metrics, which show when bitcoins were last moved and at what prices they were purchased. By tracking addresses on the Bitcoin blockchain, experts also categorize them, including exchange, retail, company addresses, and others. Previous price rallies were usually characterized by more stable accumulation involving many groups of investors, which experts are not seeing at the moment.
“When the storm subsides, we will buy again, as we sold some of our coins at the end of last year. But right now, the storm is still raging,” said one of the crypto investors surveyed by Bloomberg.
Glassnode data also shows that, excluding exchange-traded funds (ETFs) and crypto exchanges, large players sold Bitcoin over the past year. Since mid-December 2025 alone, more than 170,000 Bitcoins worth about $11 billion have been transferred from large wallets, suggesting a sale.
Glassnode's information on sales by large investors in the previous year was confirmed by other experts. At the end of 2025, analysts reported sales of coins “aged” more than six months worth hundreds of billions.
According to Galaxy, in 2025, 470,000 BTC (about $50 billion) that had not moved for more than five years were transferred, which was the second largest amount in the history of observations in this category (only 2024 saw a larger amount). In total, experts have calculated that more than $104 billion in Bitcoin has been transferred from “old hands to new” since the beginning of 2024.
Depth of fall BTC
In separate reports, Glassnode noted that with Bitcoin trading at $69,000, the unrealized loss of all investor groups in the market is approximately 17% of the market capitalization. This means that 17% of all Bitcoins were presumably purchased above $69,000 per coin.
“The current market situation resembles a similar structure observed in early May 2022,” the experts wrote, adding that the market decline is “moderate” relative to previous bear cycles and is more reminiscent of the 2015-2017 market.
Similar data was published by CryptoQuant, indicating that wallets with a balance of 100 to 1,000 BTC now have an average unrealized purchase price of coins of about $69,000 — the current price level of Bitcoin is below their conditional average purchase price. As experts noted, this situation occurred previously in 2022, “when the price traded below this level for about seven months.”
#BTC

According to a research study by CoinShares, only a small portion of coins are vulnerable to the real threat of “quantum hacking,” and the practical possibility of such an attack is decades away
Concerns about the imminent threat to Bitcoin's security from quantum computers are greatly exaggerated, according to a study by management company CoinShares, which concluded that only a small portion of coins capable of influencing the market are at real risk.
Until recently, the threat of quantum computers to cryptocurrencies was considered remote. However, in 2025, the situation changed, and more and more major players are considering the potential threat to be a real market risk. Some argue that the very fact of the danger is already putting pressure on prices and may influence investment decisions.
The essence of the threat is that quantum computers theoretically make it possible to calculate a private key from a public one for some Bitcoin addresses of an outdated format. This is not “hacking” in the usual sense, but a loss of cryptographic protection, which potentially allows someone to spend other people's coins.
To put it simply, with the right quantum computer, an attacker can find a wallet address that has bitcoins, see the public key associated with it, and calculate the private key from it (as if the shape of the key could be restored from the lock number). After that, they simply sign the transaction and spend the coins from that wallet, and the network accepts it as completely valid.
The CoinShares report disputes the assessment that bitcoins stored at addresses (especially older types) are theoretically vulnerable to quantum attacks in the near future. Analysts have identified the main risk group — the outdated Pay-to-Public-Key (P2PK) type of Bitcoin addresses, which are likely to be the first target if quantum computers become capable of cracking cryptography.
According to CoinShares estimates, these addresses hold about 1.6 million BTC (approximately $112 billion at the exchange rate on February 9), or 8% of the total Bitcoin supply. But even this estimate is significantly exaggerated — the company has identified only 10,200 BTC (more than $710 million) concentrated in a small number of addresses, meaning that only this amount of Bitcoin would be available for a sharp sell-off after a potential hack, which could destabilize the market.
The bulk of vulnerable coins (1.6 million BTC) are distributed across more than 32,600 separate addresses, averaging 50 BTC each. This means that even with a powerful enough quantum computer, an attacker would have to hack each address individually, making the attack extremely slow and economically inefficient in terms of its impact on the market.
“Even in the most optimistic scenarios of technological progress in quantum computing, it would take millennia to unlock these bitcoins,” CoinShares wrote, adding that the first “dangerous” quantum computers may not appear until the 2030s, while other estimates indicate that they will not appear for another 10-20 years.
Power for hacking Bitcoin
The report emphasizes that quantum computers 100,000 times more powerful than modern counterparts would be required to crack Bitcoin's cryptography. It is estimated that a system with millions of qubits would be needed to calculate the private key in a day, whereas the largest modern machines, such as Google's Willow computer, only have hundreds of qubits.
Similar estimates of the power required to successfully “hack” Bitcoin have been voiced by experts for several years. For example, entrepreneur and former Google product manager Kevin Rose pointed out that a successful attack would require a quantum computer with approximately 13 million qubits, only then would it be able to do so within a day.
Ledger's technical director, Charles Guillaume, whose opinion is cited in the report, also confirmed that millions of qubits would be needed for an attack. Thus, CoinShares views the quantum threat not as an emergency, but as a long-term engineering problem. And the Bitcoin community has enough time for a smooth transition without risking the security of the blockchain. The company advocates the gradual introduction of post-quantum cryptographic standards, which is in line with the position of many leading network developers.
Solving this problem
Experts suggest several options for protecting against quantum computers. Some, such as Michael Saylor, founder of Strategy, the largest corporate holder of Bitcoin, propose updating the Bitcoin code base with built-in protection mechanisms.
Other options include introducing a new type of address. Many Bitcoin developers share this view, considering quantum computing to be a distant and largely theoretical problem, writes Coindesk. Discussions among developers are shifting toward preparing for a smooth transition, as evidenced by initiatives such as BIP-360, which proposes new address formats for the gradual migration of users.
#BTC

Let's take a look at the list of cryptocurrencies that have shown significant price recovery from last week's lows and the reasons for their growth
From last week's price lows, which ended on February 8, the rates of many cryptocurrencies rose by tens of percent by February 9. During the same period, Bitcoin and Ethereum quotes rose by approximately 17%, to $70,000 and $2,050, respectively.
The growth of cryptocurrencies occurred almost immediately after the collapse of quotes on February 6. At that moment, the total capitalization of the crypto market reached its lowest level since the end of 2024, below $2.2 trillion. The price of Bitcoin fell to $60,000, and Ethereum fell below $1,750.
At the time of the decline, many major crypto assets updated their multi-month or multi-year lows. Below are the cryptocurrencies from the list of the 100 largest by capitalization, according to Coinmarketcap, which showed the highest percentage growth from last week's lows.
Aster DEX ($ASTER)
Growth from last week's low: 45%
ASTER is the native token of the Aster platform from the Perp DEX (perpetual futures or perps) category of the crypto market. The platform is supported and promoted by Binance founder Changpeng Zhao, investment company YZi Labs (formerly Binance Labs), and the leading DEX platform on the BNB Chain blockchain — PancakeSwap.
The minimum price of ASTER last week was $0.415, a level previously seen only in September 2025, when the token first began trading. In the same month, a record high price of $2.42 was reached, indicating a drop of about 75% from the peak to the current value of about $0.605.
Zcash ($ZEC)
Growth from last week's low: 23%
Zcash (ZEC) is one of the largest cryptocurrencies by market capitalization ($3.8 billion) developed for anonymous transactions. Coins in this category allow transactions to be conducted confidentially and anonymously. It is also one of the few coins that works through mining, like Bitcoin.
The ZEC cryptocurrency took the lead in growth last year, but since the beginning of 2026, the coin has shown the worst price dynamics among the 100 largest crypto assets — the price of ZEC has fallen by more than 50% since the beginning of January.
Last week, ZEC hit a low of $188, its lowest level since October, when ZEC was showing significant growth. In November last year, it reached a local high of over $735, but since then, the price has fallen by almost 70% to its current level of $230.
Solana ($SOL)
Growth from last week's low: 23%
Solana is a first-tier blockchain that gained prominence during the 2021 crypto market boom as a competitor to Ethereum. By the end of 2022, the price of SOL had fallen more than 95% from its 2021 peak to around $8. Solana's rapid decline coincided with the collapse of the FTX exchange and Alameda Research, an investment company that actively promoted the project's ecosystem.
In recent years, Solana has been one of the fastest-growing assets in the crypto market, reaching a record high of $294 in early 2025. On February 6, the price of SOL hit a multi-year low below $69, a level last seen at the end of 2023. At the current price above $84, SOL has lost more than 70% of its record value. Since September 2025, when the price of SOL was above $250, quotes have been falling with virtually no corrections.
Worldcoin ($WLD)
Growth from last week's low: 21%
A crypto project in the digital identity sector. Its distinctive feature is that Worldcoin operators in different countries scan people's eyeballs using the Orb device — a reflective metal ball that records information about the iris of a person's eye in the form of a code. Everyone who has been scanned receives a small amount of WLD tokens for doing so.
The World project has received mixed reactions — when it launched in 2023, people lined up to be scanned, and the WLD token was immediately added by the largest crypto exchanges. But skeptics warn of high risks — the iris is unique, and the use of such information by third parties can cause serious problems. For security reasons, the project's activities are prohibited in India, Brazil, France, Germany, South Korea, and several other countries. In Kenya and Hong Kong, World operators' offices were raided and shut down.
The historical peak price of WLD was reached in March 2024 at $11.8 per token. Since then, the price has been on a downward trend, with local growth at the end of 2024 and 2025. On February 6, WLD updated its historical low at $0.314. At the current price of around $0.381, the drop from the record high exceeds 96%.
Pump.fun ($PUMP)
Growth from last week's low: 20%
Pump.fun is the largest platform for creating memecoins based on the Solana blockchain. The project offers a simple, fast, and inexpensive way to create tokens for any market participant for a small fee. Since its launch in early 2024, the project has earned more than $975 million, according to Dune. The platform is one of the most profitable in cryptocurrencies, with revenues of about $1 million per day.
The platform is also distinguished by the fact that virtually all daily revenues are directed to a buyback program for its own PUMP token. Since the program began, the project has repurchased tokens worth more than $280 million.
The historical peak price of PUMP was recorded at the time of the token's launch and the start of trading in July 2025 at $0.012. After that, in September 2025, the price temporarily rose above $0.0087 — since then, with small periods of growth, the PUMP rate has been falling. The current indicator of about $0.002 per token has been maintained since the end of last year, and the minimum price was recorded in October 2025 at about $0.0011.
#altsesaon

The cryptocurrency market, previously rocked by internal disasters such as the collapse of exchanges and investment bubbles, followed by the collapse of algorithmic stablecoins, is undergoing a fundamentally different type of correction in 2026.
Over the 17 years of its existence, Bitcoin has experienced several large-scale bear markets, resulting not only in price corrections but also in fundamental changes across the entire industry.
The nature of these shocks has evolved along with the market. Unlike earlier crises, today's crises no longer call the technology itself into question, but rather confirm its maturity, integrating Bitcoin ever more deeply into the global financial system.
The fall in the price of Bitcoin since the end of 2025 differs from previous ones in that there is no internal crisis in the crypto market. Experts increasingly cite the monetary policy of the US Federal Reserve and geopolitical tensions in the world as factors influencing the market.
Since 2014, Bitcoin has experienced several major crises. The most dramatic price crashes have usually coincided with specific shocks, ranging from the collapse of major exchanges and market bubbles to systemic failures in the industry and global macroeconomic shocks.
The 2014 crisis: Mt. Gox bankruptcy
In 2014, the crypto industry experienced its first systemic shock with the bankruptcy of Mt.Gox, the largest cryptocurrency exchange at the time. The platform lost 850,000 bitcoins as a result of a hack (more than $59 billion at the exchange rate at the beginning of February 2026). This undermined confidence not so much in blockchain technology as in the immature infrastructure surrounding it.
The price of bitcoin plummeted from around $1,160 to $150, losing more than 85%, and the bearish trend in the market lasted for about 14 months. This crisis forced the market to rethink the creation and development of crypto platforms, replacing amateur services and approaches with the first professional solutions for storage and trading. Exchanges began to implement stricter security procedures. Recovery took years, but it helped build a more solid foundation for future growth.
The first payments to affected exchange customers began only at the end of 2023. According to Arkham, as of February 8, there were 34,500 bitcoins worth nearly $2.5 billion remaining in the group of wallets controlled by Mt. Gox administrators.
The 2018 crisis: The ICO bubble
The bursting of the speculative bubble surrounding initial coin offerings (ICOs – similar to IPOs, but raising capital through the issuance of tokens) in 2018 became another systemic crisis. In 2017, projects raised millions of dollars through the issuance of tokens, often with nothing but an idea. At its peak in 2017, the price of Bitcoin reached a cycle high of $20,000, after which prices fell for about 12 months, with the cycle low reaching $3,100 and losses reaching 85%.
The main blow fell on altcoins (cryptocurrencies other than Bitcoin), many of which depreciated by up to 99%. Most crypto projects at that time were unable to survive this period.
The result of the cycle was the necessary cleansing of the market of outright fraudsters who attracted millions in investments. The focus in the industry shifted from speculation to the development of working products. It was during the ICO bubble that the next big narrative emerged — decentralized finance (DeFi), which determined the growth of the next cycle.
Many leaders of the modern DeFi segment were launched at this time. For example, today's largest decentralized exchange, Uniswap, or the largest lending protocol, Aave, formerly known as ETHLend.
The 2022 crisis: The collapse of LUNA and FTX
In 2022, the crypto market experienced two major crises. In the spring of 2022, the market was shaken by the collapse of the algorithmic stablecoin UST and the associated Terra (LUNA) token. And in the fall, one of the largest crypto exchanges at the time, FTX, collapsed.
The collapse of the Terra ecosystem and its algorithmic stablecoin UST in May 2022 triggered a sharp decline in prices across the entire market. Over the course of about three months, the capitalization of the crypto market fell by hundreds of billions of dollars.
The peak price of Bitcoin in this cycle occurred in November 2021, long before the collapse of LUNA, at a level above $69,000. The cycle's low occurred approximately 12 months later, at a level of about $15,500, and was recorded in November 2022, at the time of the collapse of the FTX exchange.
That bear market had catastrophic consequences not only for crypto asset prices, but also for many organizations due to losses on LUNA and UST, with Arrows Capital, Celsius Network, Voyager Digital, and BlockFi going bankrupt. This collapse severely undermined confidence in algorithmic stablecoins and DeFi mechanisms offering unsustainably high returns of around 20% per annum.
The subsequent collapse of FTX led to an additional massive outflow of capital and increased skepticism among retail investors in 2022–2023. Unlike Mt.Gox, which was hacked from the outside, FTX collapsed due to internal abuses, with management using customer funds for their own needs and risky investments.
This resulted in global requirements for transparency, auditing, and proof of reserves. The crisis also accelerated regulatory pressure around the world, for example, the development of global rules for cryptocurrencies in Europe began, and dozens of lawsuits were filed by US regulators against crypto companies.
The 2026 Crisis: Trump and Macroeconomics
The current correction in 2026 is fundamentally different from previous ones and has not yet been accompanied by a systemic internal crisis. At the beginning of February, the peak of this cycle for Bitcoin was formed at $126,200 in October 2025. Since then, the price has fallen by more than 50%, dropping to $60,000 at one point.
Many experts believe that the current cycle is determined by external macroeconomic factors and marks not a cyclical decline, but a fundamental structural transformation of the entire market. For example, analysts at major market maker Wintermute have repeatedly pointed to institutional liquidity flows as the driving force behind Bitcoin's price movements in their reports.
Capital managers such as Grayscale and Bitwise have taken a similar position. Their position is based on the fact that this cycle has not seen the classic parabolic price growth that usually signals market overheating and precedes a deep correction. It is also noted that Bitcoin's movement is now driven by demand from institutional investors, rather than retail investors as before, and by a growing correlation with macroeconomic events.
#cryptowinter

Despite the collapse of the cryptocurrency market in October, the stablecoin USDT reached record capitalization and showed multi-million growth in its user base in the fourth quarter of last year.
The market capitalization of the stablecoin USDT reached a new high of $187.3 billion, increasing by $12.4 billion during the fourth quarter of 2025. The company's quarterly report highlights a significant increase in its user base during this period, growing by 35 million to over 534 million. This is the eighth consecutive quarter in which the number of stablecoin users has grown by more than 30 million.
The number of coin holders who stored USDT on blockchain addresses increased by 14.7 million by the end of the quarter to over 139 million, with USDT wallets accounting for 70.7% of all stablecoin wallets. Tether estimates that more than 100 million users store USDT on centralized platforms. The average monthly number of active users on the blockchain reached a record high of 24.8 million in the fourth quarter.
Tether's total reserves grew by $11.7 billion during the quarter to reach $192.9 billion, including 96,184 BTC, 127.5 tons of gold, and $141.6 billion in US Treasury bonds.
"The continued growth of USDT is driven by its diverse use cases outside of the crypto market. The data clearly indicates a preference among users to use USDT as a stablecoin for savings and transactions," the report said.
The growth in USDT's market capitalization and usage occurred despite a large liquidation of positions in October, followed by increased volatility throughout the fourth quarter.
"The cascade of liquidations in the crypto market on October 10, 2025, has resulted in the stablecoin ecosystem not growing as quickly as before. The total market capitalization of the crypto market fell by more than a third between October 10, 2025, and February 1, 2026, while USDT grew by 3.5% during this period, with the second and third [USDC from Circle and USDe] by size fell by 2.6% and 57%, respectively," the report notes.
The crypto market peaked in early October, when Bitcoin reached a record high of $126,200 and the total capitalization of cryptocurrencies reached $4.28 trillion. At the same time, the crypto market saw the largest liquidation of trading positions of nearly $20 billion in a single day.
At the end of the last quarter of 2025, Bitcoin plummeted 23% to below $88,000. By February 5, its price had fallen below $70,000, and its market capitalization to $2.4 trillion. The dynamics of the decline in cryptocurrencies differed from the prices of precious metals, which reached record highs in early 2026. The indices of the largest American companies showed a similar trend.
#USDT

The classic “crypto winter,” previously triggered by internal shocks such as the collapse of FTX, has given way to a structural market split under pressure from external macro factors and regulation.
The current state of the crypto market shows that the industry is undergoing not just another cyclical downturn, but a fundamental structural transformation. As noted by Tiger Research analysts, while previous crises originated within the ecosystem itself, whether it was the Mt. Gox hack in 2014, the collapse of the ICO bubble in 2018, or the bankruptcy of FTX and the collapse of Terra (LUNA) in 2022, today the situation is different.
Experts believe that the current correction is caused by external macroeconomic factors, including the US Federal Reserve's monetary policy and geopolitical tensions around the world. Tiger's conclusion is that the current decline is not a “crypto winter” in the classic sense, but rather a new normal, where traditional patterns of market growth or decline have ceased to work.
The crypto market peaked in early October, when Bitcoin reached a record high of $126,200 and the total capitalization of cryptocurrencies reached $4.28 trillion. But shortly thereafter, the crypto market saw its largest liquidation of trading positions ever - nearly $20 billion in a single day. On October 11, cryptocurrency prices began to fall after US President Donald Trump announced a possible increase in tariffs on Chinese products imported into the US.
By February 5, the price of Bitcoin had plummeted to $70,000, and the market capitalization to $2.4 trillion. The dynamics of the decline in cryptocurrencies differed from the prices of precious metals, which reached record highs in early 2026. The indices of the largest US companies showed dynamics similar to those of precious metals.
Analysts understand the classic “crypto winter” model to mean the onset of an internal shock event (the Mt. Gox hack, the ICO bubble, the collapse of Terra and FTX), which instantly destroyed confidence in the industry and caused market participants to doubt the fundamental value of the technology. This crisis inevitably led to a mass exodus of investors, developers, and entrepreneurs to other areas, which exacerbated the situation.
Market segmentation
Although there are signs of a “crypto winter” speculative bubbles, including US President Donald Trump's memecoin (TRUMP), and shock liquidations amid news of US trade tariffs on China there is no internal crisis. Tiger also noted the development of certain sectors of the crypto economy, such as prediction markets, which, according to analysts, indicates not a collapse of the industry, but its adaptation to a changed external environment.
Experts cited regulation as the key factor that changed cryptocurrencies, splitting the blockchain market into three loosely connected segments:
The regulated zone, which includes bitcoin-based exchange-traded funds (ETFs) and tokenized assets (Real World Assets, RWA). This segment is characterized by stable but slow growth due to regulation.The unregulated zone, which includes memecoins and experimental protocols in the decentralized finance (DeFi) sector, as an area for high-risk speculation and innovation.The shared infrastructure, which includes stablecoins and oracles, providing connectivity between the separate zones.
This division has killed the familiar mechanism of capital flowing “top-down.” As Tiger points out, previously, the growth of the main cryptocurrency ensured the flow of liquidity into altcoins (cryptocurrencies other than Bitcoin).
Conditions for growth
Analysts emphasize that capital coming through institutional ETFs now remains in Bitcoin and does not flow into other assets. To start the next bullish rally, we'll need to see a truly massive, useful product pop up in the unregulated zone and a major easing of global monetary policy.
In relation to the impact of global monetary policy, Tiger analysts cited the growth of the crypto market in 2020 against the backdrop of cash injections into the economy during the COVID pandemic (the so-called DeFi Summer). And the growth in 2024, against the backdrop of the launch of the first Bitcoin ETFs in the US, coincided with expectations of lower interest rates. Experts clarified that “no matter how well the crypto industry performs, it cannot control interest rates and liquidity.”
In the future, the unregulated zone will become more speculative, experts believe, due to low barriers to entry and the high speed of events: “Cases where there is a 100-fold increase in one day and a 90% drop the next day are becoming more common.”
“The time when everything grows simultaneously is unlikely to repeat itself due to market segmentation. The regulated zone is growing steadily, while the unregulated zone is either soaring or falling. The next bull market will definitely come, but it will not affect everyone,” the experts concluded.
The altcoin season is unlikely to happen again
By rally, Tiger experts mean the onset of altseason (altcoin season) - a slang term used by crypto traders to describe a market phase when alternative cryptocurrencies simultaneously begin to grow faster than Bitcoin. During such periods, capital flows from BTC to riskier coins that offer higher returns.
In past market cycles, including in 2017 and 2021, such phases were accompanied by rallies lasting several months, when many altcoins showed growth in the tens and even hundreds of times, significantly outperforming Bitcoin in terms of returns.
Other industry experts have made similar conclusions. For example, a report by Wintermute, a major market maker in the crypto market, states that liquidity has become more concentrated and is distributed unevenly.
Now, large volumes are concentrated in a smaller number of assets, which the market maker explained by the emergence of exchange-traded funds (ETFs) and companies accumulating cryptocurrency as a reserve asset - these participants direct capital primarily to major tokens. Analysts noted that this has affected altcoins, whose price growth has slowed threefold in 2025 compared to 2024.
Delphi Digital analysts also pointed out that the period of massive altcoin growth (alt season) is coming to an end. They suggest that capital will be concentrated only in a narrow circle of projects with structural demand: tokens receiving inflows through ETFs, protocols with real revenue and token buyback programs (buybacks), as well as applications with a proven business model.
There are other opinions that describe the reasons for the lack of global market growth as a shift in investor focus from speculation to assets with clear use cases and a sustainable economy. This opinion was expressed by experts from the management company Grayscale.
#cryptowinter