Cointelegraph

Steak ‘n Shake says its same‑store sales have “risen dramatically” since it launched a burger‑to‑Bitcoin strategy in May 2025 that routes every Bitcoin payment into a corporate treasury reserve. 

In a Monday post on X, the US fast-food chain said that it had successfully combined a “decentralized, cash-producing operating business with the transformative power of Bitcoin,” and thanked Bitcoiners for making it possible. The chain did not provide figures or define what it meant by “risen dramatically.”

Steak ‘n Shake began accepting Bitcoin at participating locations on May 16, 2025, in a phased rollout.

Since then, Steak ‘n Shake has repeatedly tied higher sales to Bitcoin (BTC) adoption, reporting quarter‑over‑quarter same‑store sales growth of 11% in Q2 2025 and 15% in Q3 2025, outpacing major rivals including McDonald’s, Domino’s and Taco Bell over the same period.

Under the program, all Bitcoin receipts are funneled into the company’s Strategic Bitcoin Reserve that grows alongside customer spending. 

Steak ‘n Shake sales rose “dramatically” thanks to BTC payments. Source: Steak ‘n Shake

On Jan. 16, Steak ‘n Shake said its Bitcoin stash had grown by $10 million in notional value, without breaking down how much of that came from price appreciation versus additional accumulation. 

Four days later, on Jan. 20, Steak ‘n Shake unveiled plans to offer hourly employees a Bitcoin bonus of $0.21 per worked hour at company‑operated locations, with a two‑year vesting period, supported by Bitcoin rewards firm Fold.

The company framed the move as a way to tap into stronger crypto enthusiasm among Gen Z and Millennial workers, who make up the majority of restaurant and food service employees in the United States.

One week later, on Jan. 27, the company announced a further $5 million allocation to the reserve, bringing its total Bitcoin exposure to around $15 million.

Burger-to-Bitcoin a success, but BTC treasury stash in red

According to BitcoinTreasuries, Steak ‘n Shake currently holds 161.6 BTC, worth approximately $10.96 million at current prices, implying an average cost basis of just under $92,851 per coin. 

That would put the position at roughly 26% below its average purchase price, meaning the company’s Strategic Bitcoin Reserve is sitting on a sizable unrealized loss despite its Bitcoin pivot reviving sales.

Cointelegraph reached out to Steak ‘n Shake but had not received a response by publication time.

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Monero activity has remained steady even as major cryptocurrency exchanges have pushed the privacy coin off their platforms, according to new research by TRM Labs.

Data shows transaction usage in 2024 and 2025 stayed above levels seen before 2022, suggesting demand did not fade even after many large trading platforms removed or restricted the token over traceability concerns, TRM Labs said in the research examining market trends and the network’s underlying infrastructure.

In 2024, major exchanges, including Binance and Kraken, moved to delist or phase out Monero (XMR) over compliance concerns. Pressure increased this year when Dubai’s financial regulator banned privacy coins like Monero and Zcash (ZEC) on licensed platforms in the Dubai International Financial Centre (DIFC).

The findings also revealed that Bitcoin (BTC) remains the primary currency for real-world ransom payments. Ransomware operators often request Monero and sometimes offer discounts for it, but victims still tend to pay in Bitcoin.

However, darknet marketplaces appear to be moving in the opposite direction. Researchers found that 48% of newly launched markets in 2025 supported only Monero, a “notable increase compared to earlier years,” the report said.

Monero transactions per month hold strong. Source: TRM Labs

Related: What Dubai’s ban on Monero and Zcash signals for regulated crypto

Monero’s privacy holds, but network may reveal clues

While Monero’s cryptography hides the sender, recipient and amount, researchers looked beyond the blockchain to examine how the network carries transactions across the internet. They found that about 14% to 15% of Monero nodes behaved differently than expected, showing unusual timing patterns and connections clustered on certain servers.

The behavior does not mean the network was hacked. Instead, it suggests some operators may run many connected nodes that can watch how a transaction spreads through the system. In peer-to-peer networks, computers that see a transaction earlier than others may gain clues about where it first came from.

“Although Monero’s on-chain cryptography remains unchanged, network behavior can impact theoretical anonymity properties if observers can see message propagation,” the report said.

Related: Why privacy coins often appear in post-hack fund flows

Monero update targets “spy nodes”

In October 2025, Monero released a new software update called Fluorine Fermi (v0.18.4.3) aimed at improving user privacy and network security. The update introduced a better peer-selection system that steers wallets away from suspicious parts of the network and toward safer nodes.

The upgrade focuses on protecting against so-called “spy nodes,” a term used in the Monero community for nodes or groups of nodes that try to link transactions to users’ IP addresses. These nodes do not break Monero’s encryption but may observe how transactions travel across the network.

Privacy concerns around the network have been discussed for years. The issue gained more attention after a leaked 2024 video suggested investigators could monitor activity through their own nodes, sparking debate in the crypto community.

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Japanese financial conglomerate SBI Holdings is moving to deepen its presence in the crypto sector, announcing plans to take a controlling position in Singapore-based exchange Coinhako.

In a Friday announcement, the Tokyo-listed firm said its wholly owned subsidiary, SBI Ventures Asset, has signed a letter of intent with Coinhako’s parent company, Holdbuild, to inject capital into the business and purchase shares from existing investors. If completed, the transaction would give SBI Holdings a majority stake and make Coinhako a consolidated subsidiary, subject to regulatory approval.

“Bringing Coinhako into the SBI Group as a consolidated subsidiary is not merely an investment in a single platform,” chairman and CEO Yoshitaka Kitao said, describing the acquisition as part of a broader effort to build international infrastructure for digital assets, including tokenized securities and stablecoins.

Financial terms and ownership details were not disclosed, and both the structure of the investment and share purchases remain under discussion, per the announcement. The nonbinding deal would give SBI a licensed base in Singapore, one of Asia’s key regulated crypto hubs.

Related: The future of crypto in the Asia-Middle East corridor lies in permissioned scale

Coinhako operates licensed crypto trading platform in Singapore

Founded in Singapore, Coinhako operates a regional digital asset trading platform and related services through Hako Technology, a Major Payment Institution (MPI) licensed by the Monetary Authority of Singapore (MAS). The group also runs Alpha Hako, a registered virtual asset service provider overseen by the British Virgin Islands Financial Services Commission.

In 2021, SBI Holdings invested in Coinhako through the SBI-Sygnum-Azimut Digital Asset Opportunity Fund, a joint vehicle with Switzerland’s Sygnum Bank.

Coinhako co-founder and CEO Yusho Liu said the new partnership would allow the exchange to scale institutional-grade systems and meet “surging demand for tokenized assets and stablecoins, ensuring Singapore remains at the heart of the world’s next-generation financial system.”

Cointelegraph reached out to SBI Holdings for comment, but had not received a response by publication.

Related: Singapore’s ‘finance-savvy’ crypto retail prefers trust over low fees: Survey

SBI Holdings expands blockchain footprint

SBI Holdings has been active in blockchain ventures for several years, investing in tokenization projects, payment networks and crypto-related businesses.

In December 2025, the firm partnered with Web3 infrastructure firm Startale Group to develop a fully regulated Japanese yen-denominated stablecoin aimed at tokenized asset markets and cross-border settlement. The token would be issued and redeemed by Shinsei Trust & Banking, a unit of SBI Shinsei Bank, while licensed crypto exchange SBI VC Trade would handle its circulation.

In August, SBI Group partnered with blockchain oracle network Chainlink to build digital asset tools for financial institutions in Japan and across the Asia-Pacific.

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A global survey commissioned by BVNK and conducted by YouGov found that 39% of crypto users and prospective users across 15 countries receive income in stablecoins, while 27% use them for everyday payments, citing lower fees and faster cross-border transfers as key drivers.

The survey of 4,658 respondents, conducted online in September and October 2025 among adults who currently hold or plan to acquire cryptocurrency, found that stablecoin users hold an average of about $200 in their wallets globally, though holdings in high-income economies average around $1,000. 

It also found that 77% of respondents would open a stablecoin wallet with their primary bank or fintech provider if offered, and 71% expressed interest in using a linked debit card to spend stablecoins.

Those who receive income in stablecoins said the assets account for about 35% of their annual earnings on average, and those using them for cross-border transfers reported fee savings of about 40% compared with traditional remittance methods.

More than half of the crypto holders have made a purchase specifically because a merchant accepted stablecoins, increasing to 60% in emerging markets, while 42% said they want to use stablecoins for major or lifestyle purchases compared with 28% who currently do so.

Ownership was higher in middle- and lower-income economies, where 60% of respondents said they hold stablecoins, compared with 45% in high-income economies. Africa recorded the highest ownership rate at 79% and the strongest reported increase in holdings over the past year.

Multiple tokens preferred

A BVNK spokesperson told Cointelegraph that the study was designed to examine usage patterns among existing and prospective crypto users rather than measure broader population-level adoption.

They also said respondents tend to hold a range of dollar- and euro-pegged stablecoins rather than relying on a single issuer, suggesting users often maintain balances across multiple tokens.

When asked where they prefer to manage stablecoins, 46% of respondents selected exchange platforms, followed by payment apps with crypto features like PayPal or Venmo at 40%, and mobile crypto wallet apps at 39%. Only 13% said they would prefer to hold stablecoins in a hardware wallet.

BVNK is headquartered in London and was founded in 2021 as a stablecoin-focused payments infrastructure provider for enterprises. In June, it partnered with San Francisco-based Highnote to introduce stablecoin-based funding for the embedded finance platform’s card programs.

Stablecoins move into regulated payroll systems

With the passage of the GENIUS Act in the United States and the implementation of Europe’s Markets in Crypto-Assets Regulation, stablecoins are increasingly being integrated into global payroll systems as companies expand digital asset settlement options for wages and cross-border payouts.

On Feb. 11, global payroll platform Deel said it will begin offering stablecoin salary payouts through a partnership with MoonPay, starting next month with workers in the United Kingdom and European Union before expanding to the US. 

Under the arrangement, employees can opt to receive part or all of their wages in stablecoins to non-custodial wallets, with MoonPay handling conversion and onchain settlement while Deel continues to manage payroll and compliance.

Enterprise activity in the sector has also accelerated. Paystand recently acquired Bitwage, a platform focused on cross-border stablecoin payouts, expanding digital asset settlement and foreign exchange capabilities across Paystand’s B2B payments network, which has processed more than $20 billion in payment volume, according to the company.

Because stablecoins are typically pegged 1:1 to fiat currencies such as the US dollar or euro, they offer price stability that makes them better suited for payments than cryptocurrencies that can fluctuate sharply in value.

According to DefiLlama, the stablecoin market currently stands at $307.8 billion, up from $260.4 billion on July 19, around the time the US GENIUS Act was signed into law.

Stablecoin market cap. Source: DefiLlama

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Polygon has posted higher daily transaction fees than Ethereum over the last three days, with an analyst pointing to robust user activity on prediction market Polymarket.  

According to the latest data from Token Terminal, Polygon raked in $407,100 worth of transaction fees on Friday, compared to Ethereum’s $211,700, with the data indicating this is the first time Polygon has ever flipped Ethereum in daily transaction fees. 

Average daily fees over the past 30 days on Ethereum and Polygon. Source: Token Terminal

The gap has since narrowed, with daily transaction fees on Polygon at $303,000 on Saturday, while Ethereum saw about $285,000. 

Polygon is home to Polymarket, one of the most prominent prediction markets to emerge from the blockchain sector that launched in 2020. 

In an X post on Monday, Matthias Seidl, the co-founder of Ethereum analytics platform growthepie, highlighted Polygon’s recent activity growth and said that it has been “fully driven by Polymarket.”

Seidl shared a chart showing that Polymarket had accounted for just over $1 million worth of fees on Polygon over the past seven days, with the next highest app on the L2 being Origin World, which accounted for around $130,000. 

Source: Matthias Seidl

Polygon has also highlighted surging activity on Polymarket. In an X post on Saturday, the team noted that over $15 million worth of wagers were placed on a single Oscars market category alone, adding that “Polygon is the chain underneath it” all. 

Polygon says there’s also a strong network of trustless agents being deployed on the L2 to “tap opportunities” on the prediction market. 

Prediction markets have been booming in popularity since the last US election, and the rapid adoption has seen several crypto firms launching their own offerings. 

Related: ETH chart pattern projects rally to $2.5K if key conditions are met: Data

Elsewhere, some have also pointed to growing stablecoin usage on the L2, particularly with Circle’s USDC (USDC). In an X post on Sunday, Polygon data analyst @petertherock said that the network had notched a new weekly high of 28 million USDC transactions. 

Polymarket uses Polygon-based USDC for trading on its platform. 

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Decentralized lending protocol ZeroLend says it is shutting down completely after the blockchains it operates on have suffered from low user numbers and liquidity.

“After three years of building and operating the protocol, we have made the difficult decision to wind down operations,” ZeroLend’s founder, known only as “Ryker,” said in a post the protocol shared to X on Monday.

“Despite the team’s continued efforts, it has become clear that the protocol is no longer sustainable in its current form,” he added.

ZeroLend focused its services on Ethereum layer-2 blockchains, once touted by Ethereum co-founder Vitalik Buterin as a central part of the network’s plan to scale and remain competitive.

However, Buterin said earlier this month that his vision for scaling with layer 2s “no longer makes sense,” that many have failed to properly adopt Ethereum’s security, and that scaling should increasingly come from the mainnet and native rollups.

ZeroLend operated at loss due to illiquid chains, says Ryker

ZeroLend’s Ryker said the reason for the shutdown is that several blockchains the protocol supported “have become inactive or significantly less liquid.”

He added that in some cases, oracle providers — services that fetch data and are often crucial to running protocols — have stopped support on some networks, making it “increasingly difficult to operate markets reliably or generate sustainable revenue.”

Source: ZeroLend

“At the same time, as the protocol grew, it attracted greater attention from malicious actors, including hackers and scammers,” Ryker said. “Combined with the inherently thin margins and high risk profile of lending protocols, this resulted in prolonged periods where the protocol operated at a loss.”

He added that the protocol will ensure users can withdraw their assets, adding, “We strongly encourage all users to withdraw any remaining funds from the platform.”

Ryker said some user funds may be locked on blockchains that have seen “significantly deteriorated” liquidity, and ZeroLend will upgrade the protocol’s smart contracts with the aim of redistributing stuck assets.

He added that ZeroLend has also been working to trace and recover funds tied to an exploit in February last year, where protocol users of a Bitcoin (BTC) product on the Base blockchain were exploited after an attacker drained lending pools.

Ryker said that suppliers of the product affected by the incident will receive a partial refund funded by an airdrop allocation received by the ZeroLend team.

At its height in November 2024, ZeroLend commanded a total value locked of nearly $359 million, but that has since sunk to $6.6 million, according to DefiLlama.

The ZeroLend (ZERO) token has fallen by 34% in the last 24 hours in reaction to the protocol’s shutdown and has also lost nearly all its value since hitting a peak of one-tenth of a cent in May 2024, according to CoinGecko.

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Crypto market sentiment has fallen to extreme lows and could lead to a “durable bottom” that exhausts selling pressure, according to analysts at crypto financial services firm Matrixport. 

“Sentiment has fallen to extremely depressed levels, reflecting broad pessimism across the market,” said Matrixport in a note on Tuesday. 

Matrixport’s own Bitcoin (BTC) “fear and greed index” suggests that “durable bottoms” form when the 21-day moving average drops below zero and reverses higher, which is currently the case.

“This transition signals that selling pressure is becoming exhausted and that market conditions are beginning to stabilize.” 

However, Matrixport cautioned that prices could still decline further in the near term. Historically, these deeply negative sentiment readings have offered attractive entry points, they said. 

“Given the cyclical relationship between sentiment and Bitcoin price action, the latest reading suggests the market may be approaching another inflection point,” it stated.

Bitcoin sentiment hits extreme lows. Source: Matrixport

Crypto market sentiment at four-year lows

Previous periods when the Matrixport sentiment metric was this low were around June 2024 and November 2025, following periods of steep market declines. 

Alternative.me’s “Fear and Greed Index” is also around its lowest level since June 2022, with a reading of 10 out of 100 indicating “extreme fear.” 

Related: Bitcoin down 22%, could it be the worst Q1 since 2018?

If Bitcoin closes February in the red, it will print five straight monthly losses in the longest streak since 2018, and one of the steepest sustained sell-offs in history.  

Bitcoin is at historic oversold levels 

Frank Holmes, chairman of Bitcoin mining firm Hive, said on Monday that Bitcoin is now roughly two standard deviations below its 20-day trading norm. “This is a level we’ve seen only three times in the past five years,” he said. 

“Historically, such extremes have favored short-term bounces over the subsequent 20 trading days,” he explained.  

“Despite the ongoing market jitters, I remain bullish in the long term because the fundamentals still look strong.”

BTC is in historic oversold territory, creating opportunity. Source: Hive

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Crypto.com says it has become the first digital asset platform to receive an international certification for artificial intelligence systems management amid its continued expansion into the sector.

The company said on Monday that it received ISO/IEC 42001:2023 certification, an international standard governing the creation and implementation of an AI management system.

“Security and privacy continue to be a core focus for us, particularly as we scale our AI-driven infrastructure and services,” said Crypto.com information security chief Jason Lau, adding that the certification ensures “every AI system we develop and deploy is secure, transparent, and aligned with emerging regulatory expectations.”

Crypto.com co-founder and CEO, Kris Marszalek, said the certification was “an important step as we continue to leverage AI tools and technologies.”

Crypto.com recently leaned into offering AI services that tie in with its crypto offering, launching software development kits and tailored data services. It also recently launched the AI agent platform ai.com on Feb. 9, which it considers a core business. 

The new website allows users to create AI agents that can perform everyday tasks such as trading and managing workflows.

Kris Marszalek speaking at a conference in 2018. Source: RISE

Marszalek said the goal of the company was to accelerate the capabilities of AI “by building a decentralized network of autonomous, self-improving AI agents that perform real-world tasks for the good of humanity.”

Crypto executives and users have been enamored with AI, with companies rushing to offer AI services to keep up with the hype surrounding the technology.

Crypto-focused AI agents, which can conduct transactions without human intervention, have grown in popularity as traders look to gain an edge in the always-on market.

Rival crypto exchange Coinbase has also begun to offer services tailored to AI, launching crypto wallet infrastructure on Feb. 11 that allows AI agents to spend, earn and trade crypto. 

AI Eye: 9 weirdest AI stories from 2025

YouTube star Logan Paul has set a new Guinness World Record, selling his rare Pokémon card for nearly $16.5 million on Monday — the most expensive card sale in history — though the new record sale didn’t come without controversy.

The auction for the Pikachu Illustrator Pokémon card — one of 39 created in a competition in the 1990s — was won by AJ Scaramucci, the son of American financier Anthony Scaramucci, outbidding several others who made offers in the seven- and eight-figure range.

Paul is believed to have made an $8 million profit after auction fees on Monday. He bought the card for $5.3 million in July 2021.

.@LoganPaul's rare @Pokemon card becomes most expensive ever sold in record-setting auction.

The PSA-10 Pikachu Illustrator went on sale via @GoldinCo and eventually sold for $16,492,000.https://t.co/B1YBUIqhbx

— Guinness World Records (@GWR) February 16, 2026

However, the record sale reignited criticism over Paul’s move to fractionalize ownership of the card on Liquid Marketplace in 2022 before the platform went offline, leaving investors scrambling for returns and prompting a lawsuit in Canada.

In a post to X on Monday, Delphi Labs general counsel Gabriel Shapiro said Paul’s “Pikachu NFT fractionalization fiasco” is a “classic case of ‘slop tokenization.’”

“The token is basically just ‘juxtaposed’ with property but has no rights to it,” Shapiro said, urging investors to read the terms of service and to stop rushing into “legal scams.”

Paul addressed the criticism, stating that Liquid Marketplace went offline for reasons beyond his control and that, once aware of the issue, he paid to restore the site so users could withdraw their funds. 

Only 5.4% of the card was fractionalized to owners who paid about $270,000, Paul noted.

Source: Logan Paul

Paul isn’t named in the Liquid Marketplace lawsuit brought by the Ontario Securities Commission, Canada’s top securities regulator, in June 2024. A hearing is scheduled for June.

Logan Paul’s past NFT drama 

It isn’t the first time Paul has had to defend himself over his involvement in NFTs. His CryptoZoo NFT project failed to deliver its promised play-to-earn game, drawing investor backlash and a class-action suit in 2023. 

Related: US prosecutors drop OpenSea NFT fraud case after appeals court reversal

He set up a buyback program and eventually paid investors back after they agreed to waive legal claims, and the class-action fraud lawsuit was ultimately dismissed in 2025.

Other NFT investments by Paul have also flopped, including an anime-style digital avatar from the 0N1 Force collection he bought for around $635,000 in 2021 that is now valued at under $2,000.

NFT market continues to slide

The record Pokémon card sale also stands in contrast to the struggling NFT market, which deals in digital collectibles. 

While the NFT market started strong in the first two weeks of 2026, the total NFT market cap has since fallen by more than 50%, from $3.2 billion to $1.55 billion amid a broader market pullback.

Change in NFT market cap over the last three months. Source: CoinGecko

Last month, NFT marketplace Rodeo and Nifty Gateway announced in the last week of January that they would wind down operations, adding to the sector’s string of high-profile closures.

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Digital yuan hongbao now comes with interest

Chinas banks are rolling out digital yuan red envelopes (hongbao) and payment discounts ahead of Lunar New Year to boost consumption.

Red envelopes are a Lunar New Year tradition in China and parts of Asia in which money is gifted to loved ones as a symbol of sharing good fortune. In recent years, the practice has been digitized through mobile payments and the central bank digital currency (CBDC). In mainland China, the Lunar New Year period is known as the Spring Festival and is one of the countrys peak retail spending seasons.

Digital red packets with interest-bearing CBDCs debut in the year of the horse. (Mae Mu)

The 2026 holiday is the first since authorities allowed digital yuan wallet balances to earn interest. Local media outlets have claimed that the new feature has encouraged users to keep larger balances in their digital yuan wallets ahead of the holidays.

Before the end of the 2025 calendar year, the Peoples Bank of China said that the digital yuan is ditching its digital cash model in favor of one treated as digital deposits. Wallet balances are now recorded as commercial bank liabilities.

In the US, major industry players, including Coinbase, withdrew support for the crypto market structure bill due to disagreements that included stablecoin interest provisions.

Banking groups have pushed to ban stablecoin yield, arguing that interest-bearing tokens could blur regulatory lines. The crypto industry has countered that prohibiting yield weakens the competitiveness of dollar-backed stablecoins relative to overseas rivals like the digital yuan.

Despite the new interest-bearing feature, digital yuan adoption remains isolated to China. The currency is distributed through designated commercial banks and operates within Beijings tightly managed financial system. It is not freely transferable across borders and does not compete in open crypto markets.

Mainland China has banned key crypto activities, including trading and mining, while its Special Administrative Region, Hong Kong, operates under a separate regulatory framework that permits licensed activities. The city is expected to approve its first batch of stablecoin licenses in the first quarter of 2026.

South Korean giants move into crypto exchanges

One of South Koreas largest fintech platforms, Toss, is reportedly reviewing the acquisition of an overseas crypto exchange through its US subsidiary.

According to unnamed industry officials cited by local crypto outlet Bloomingbit, Toss is believed to be eyeing foreign platforms focused on institutional trading.

Toss, operated by Viva Republica, runs an internet-only bank and a retail brokerage through its finance app. In August, it said its cumulative user base had reached 30 million, roughly 60% of the countrys population.

Toss claims 9 of 10 South Koreans in their 20s and 30s use its finance app. (Toss)

South Korean financial institutions and internet giants have been rushing to acquire crypto exchanges, though Tosss reported overseas ambitions differ from the recent domestic acquisition drive.

Mirae Asset, whose asset management arm is among the largest ETF issuers in Asia, has agreed to a deal worth nearly $100 million to acquire Korbit, one of South Koreas five licensed exchanges.

Upbit, the countrys largest exchange, is operated by Dunamu. Naver Financial is seeking to acquire Dunamu through a comprehensive share-swap deal that would make it a wholly owned subsidiary, valuing the company at more than $10 billion, although proposed ownership limits on exchange shareholders could complicate the transaction.

In October, Binance reportedly acquired local exchange Gopax, while Coinbase has been involved in rumors to snap up Coinone.

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Japanese conglomerate to acquire Coinhako

The crypto exchange acquisition FOMO is not limited to South Korea.

Stablecoins and tokenized assets remain hot for institutions heading into crypto. (Tomoya Asakura)

On Friday, Japans SBI Holdings announced plans to acquire a majority stake in Singapore-based digital asset platform Coinhako.

SBI said its wholly owned subsidiary, SBI Ventures Asset, has signed a letter of intent with Holdbuild, Coinhakos parent company. The proposed transaction includes a capital injection into Coinhako Group as well as the purchase of shares from several existing shareholders.

Coinhako operates primarily through Hako Technology, a Singapore-licensed payment, and Alpha Hako, a crypto service provider regulated in the British Virgin Islands.

With the institutionalization of crypto, large financial groups have largely opted to acquire licensed exchanges in key jurisdictions, such as South Korea and Singapore, instead of launching their own trading platforms.

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Chinas green energy on blockchain

Chinas State Council has set a target of establishing a unified national electricity market by 2030, with roughly 70% of total power consumption conducted through market-based trading.

The plan calls for full nationwide spot market operation by 2027 and deeper integration of inter-provincial electricity trading by 2030. By 2035, China aims to ensure that the multi-dimensional value of electricity such as energy, capacity and environmental attributes is reflected in market pricing.

Blockchain went from being an environmental concern due to mining to improve Chinas green energy market. (General Office of the State Council, machine translation)

As part of the framework, regulators said they will accelerate the creation of a national green electricity consumption certification system and fully introduce technologies such as blockchain to enable full verification of renewable power generation and consumption. 

The system is intended to strengthen the traceability of green electricity use and could support the integration of green certificates into carbon accounting mechanisms.

The policy frames blockchain as infrastructure supporting renewable energy certification and carbon management. Chinas crypto crackdown targeted speculative tokens, not blockchain infrastructure, which remains a national strategic priority.

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Joachim Nagel, president of Germany’s central bank, the Deutsche Bundesbank, supported the introduction of a euro-pegged central bank digital currency (CBDC) and euro-denominated stablecoins for payments.

In remarks prepared for a speech at the New Year’s Reception of the American Chamber of Commerce in Frankfurt on Monday, Nagel said EU officials were “working hard” toward the introduction of a retail CBDC. Euro-denominated stablecoins, according to the central bank president, could also contribute to “making Europe more independent in terms of payment systems and solutions.”

“Notably, a wholesale CBDC would allow financial institutions to make programmable payments in central bank money,” said Nagel. “I also see merit in euro-denominated stablecoins, as they can be used for cross-border payments by individuals and firms at low cost.”

Nagel’s remarks come months after US President Donald Trump signed a bill into law establishing a framework for payment stablecoins in the country, potentially setting US dollar-pegged stablecoins on a path to challenge any possible rollout of a euro-pegged peer. The law is expected to be fully implemented 18 months after it was signed or 120 days after related regulations are finalized.

The German central bank president’s comment on stablecoins did not include risks he mentioned last week at the Euro50 Group meeting. Nagel warned domestic monetary policy “could be severely impaired, not to mention that European sovereignty could be weakened” if US dollar-denominated stablecoins were to have significantly larger market share than a euro-pegged coin.

Stablecoin yield at issue in US bill under consideration

Washington lawmakers and White House officials have been meeting with representatives from the banking and crypto industries ahead of a potential vote on the CLARITY Act in the US Senate. The bill, expected to provide a comprehensive regulatory framework for digital assets, has been dividing many crypto industry and banking leaders due to its approach to stablecoin rewards, which has yet to be finalized in the legislation.

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Ether (ETH) opened the week with a drop below the psychological $2,000 level, placing the altcoin into a 20% loss for February. Still, onchain data shows long-term investors accumulating ETH and rising network usage. 

Now, analysts are examining how ETH’s technical outlook and the derivatives data align with its emerging demand to determine if a prolonged rally above $2,000 is possible.

Key takeaways:

Over 2.5 million ETH flowed into accumulation addresses in February, lifting holdings to 26.7 million for 2026.

Ethereum weekly transactions hit 17.3 million as the median fees fell to $0.008, a 3,000x drop from 2021 peaks.

ETH open interest dropped to $11.2 billion, but leverage remains elevated, with liquidation clusters stacked near $1,909 and $2,200.

Ether accumulation grows despite price drop

Ether accumulation addresses added more than 2.5 million ETH in February, even as the price declined around 20%. Total holdings have risen to 26.7 million ETH, up from 22 million at the beginning of 2026.

ETH balance on accumulation addresses. Source: CryptoQuant

MN Capital founder Michaël van de Poppe noted that ETH valued against silver is at its lowest level on record, arguing that such difficult market phases often present a long-term accumulation window.

The network demand is also improving alongside improving fundamentals. Over 30% of ETH’s circulating supply (37,228,911 ETH)  is currently staked, reducing the liquid supply. At the same time, weekly transaction count reached an all-time high of 17.3 million, while median fees fell to $0.008.

Ether total value staked. Source: CryptoQuant

In comparison, head of research at Lisk, Leon Waidmann, noted that the weekly transactions were near 21 million, but the median fees surged above $25 during the 2021 peak. The current structure reflects a higher usage at significantly lower cost.

Related: Harvard endowment reduces stake in Bitcoin ETF, adds Ether exposure

ETH compresses below $2,000 as leveraged traders brace for a breakout

On the four-hour chart, Ether appears to be forming an Adam and Eve bottom, a bullish reversal setup that begins with a sharp, V-shaped low (the “Adam”) followed by a slower, rounded base (the “Eve”).

The structure reflects an initial aggressive sell-off that quickly finds buyers, then a period of gradual accumulation as the volatility contracts. 

ETH/USDT 4-hour chart. Source: Cointelegraph/TradingView

A confirmed breakout above the $2,150 neckline validates the pattern and may open the door toward the $2,473–$2,634 region, based on the measured move projection from the base. The invalidation remains below recent higher lows, with $1,909 acting as a key short-term liquidity level. 

Open interest has declined to $11.2 billion from a $30 billion cycle peak in August 2025. However, the estimated leverage ratio remains elevated at 0.7, only slightly down from 0.77 in January. This suggests leverage is still concentrated in the system, increasing the possibility of a sharp move.

Percentage of ETH Global accounts long on Binance. Source: Hyblock

Hyblock data shows that 73% of the global accounts are currently long on ETH. Liquidation heatmaps show more than $2 billion in short positions clustered above $2,200, compared with roughly $1 billion in long liquidations stacked near $1,800, highlighting a heavier squeeze risk to the upside.

Although the nearest dense cluster sits at $1,909, where $563 million in longs are vulnerable, which may act as a potential short-term liquidity magnet before the expected uptrend. 

ETH liquidation map. Source: CoinGlass

Related: Crypto funds log fourth week of outflows at $173M as BTC dips below $70K

Key points:

Bitcoin remains under pressure as bears are selling on rallies near the $74,508 resistance

The bears are mounting a solid defense in several major altcoins at higher levels, indicating a negative sentiment.

Bitcoin (BTC) has started the new week on a cautious note as bulls attempt to maintain the price above $67,500. Investors are not rushing in to buy the dip, as seen from the $133.3 million in outflows from BTC exchange-traded products last week. The total outflows from crypto investment products have risen to $3.8 billion over the past four weeks, according to a CoinShares update on Monday.

If BTC ends the month below $79,500, it will record its first-ever consecutive negative monthly closing in January and February. With more than 22% loss, BTC is staring at its worst first-quarter performance since the 49.7% loss in 2018, per CoinGlass data. 

Crypto market data daily view. Source: TradingView

Despite BTC’s weak performance and uncertain near-term direction, Strategy co-founder Michael Saylor indicated in a post on X that the company is buying more BTC. That will be Strategy’s 99th BTC transaction, showing their long-term bullish view remains intact.

Could BTC and the major altcoins defend the support levels and start a strong relief rally? Let’s analyze the charts of the top 10 cryptocurrencies to find out. 

S&P 500 Index price prediction

The S&P 500 Index (SPX) is witnessing a tough battle between the bulls and the bears at the support line of the ascending channel pattern.

SPX daily chart. Source: Cointelegraph/TradingView

The moving averages are on the verge of a bearish crossover, and the relative strength index (RSI) is in the negative territory, indicating that the bears are making a comeback. The index may start a deeper correction to 6,720 and then to solid support at 6,550 if the price breaks below the 6,780 level.

Buyers will have to propel the price above the 7,002 level to retain control. If they manage to do that, the index may resume its uptrend and surge toward the 7,290 level.

US Dollar Index price prediction

The US Dollar Index (DXY) has been trading below the moving averages, but the bears have failed to challenge the 96.21 to 95.55 support zone.

DXY daily chart. Source: Cointelegraph/TradingView

The bulls will try to strengthen their position by pushing the price above the moving averages. If they can pull it off, the index may rally to 99.49 and then to the overhead resistance at 100.54.

Contrarily, if the price turns down sharply from the moving averages, it suggests that the bears continue to sell on rallies. The index may the next leg of the downtrend on a close below the 95.55 support.

Bitcoin price prediction

Sellers are attempting to halt BTC’s recovery near $71,000, indicating that the bears remain sellers on rallies.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

The sellers will have to pull the price below the $65,000 level to remain in command. The BTC/USDT pair may then retest the critical $60,000 level. If the $60,000 support cracks, the next stop is likely to be $52,500.

Buyers will have to drive the Bitcoin price above the breakdown level of $74,508 to signal that the bearish momentum is weakening. The pair may then surge toward the 50-day SMA ($83,910), where the bears are expected to mount a strong defense.

Ether price prediction

Ether (ETH) once again turned down from the $2,111 level on Sunday, indicating that the bears are fiercely defending the level.

ETH/USDT daily chart. Source: Cointelegraph/TradingView

Sellers will attempt to pull the price below the immediate support at $1,897. If they do that, the ETH/USDT pair may drop to the $1,750 level. Buyers are expected to defend the $1,750 level with all their might, as a close below it may sink the pair to $1,537.

Instead, if the Ether price turns up and breaks above the 20-day EMA ($2,221), it signals that the selling pressure is reducing. The pair may then rally to the 50-day SMA ($2,744).

BNB price prediction

BNB’s (BNB) relief rally fizzled out at $642 on Sunday, indicating that the bears are selling on every minor rise.

BNB/USDT daily chart. Source: Cointelegraph/TradingView

The bears will attempt to increase their hold by pulling the BNB price below the $570 level. If they manage to do that, the BNB/USDT pair may extend its decline to psychological support at $500.

The bulls will have to drive the price above the 20-day EMA ($686) to suggest that the bears are losing their grip. The pair may then climb to $730 and subsequently to the 50-day SMA ($817).

XRP price prediction

XRP (XRP) turned up from the support line of the descending channel pattern on Friday and pierced the 20-day EMA ($1.53) on Sunday.

XRP/USDT daily chart. Source: Cointelegraph/TradingView

However, the bears successfully defended the breakdown level of $1.61 and pulled the XRP price back below the 20-day EMA. The bulls are unlikely to give up easily and will make another attempt to clear the $1.61 level. 

If they succeed, the XRP/USDT pair may rise to the 50-day SMA ($1.81). Such a move suggests that the pair may remain inside the channel for some more time.

Sellers will have to tug the price below the support line to gain the upper hand. The pair may then retest the Feb. 6 low of $1.11.

Solana price prediction

Buyers are attempting to push Solana (SOL) back above the breakdown level of $95, but the bears have held their ground.

SOL/USDT daily chart. Source: Cointelegraph/TradingView

The Solana price may trade inside the $76 to $95 range for some time. Such a move increases the likelihood of an upside breakout. The SOL/USDT pair may then rally toward $117.

This positive view will be negated in the near term if the price turns down and breaks below the $76 support. The pair may then retest the Feb. 6 low of $67, where the buyers are expected to step in.

Dogecoin price prediction

Dogecoin (DOGE) turned down from the breakdown level of $0.12 on Sunday, indicating that the bears are defending the level.

DOGE/USDT daily chart. Source: Cointelegraph/TradingView

The 20-day EMA ($0.10) is flattening out, and the RSI is just below the midpoint, signaling a possible range-bound action in the near term. The DOGE/USDT pair may swing between $0.08 and $0.12 for a few days.

Buyers will gain the upper hand on a close above the $0.12 resistance. That opens the doors for a rally to $0.16. Alternatively, the advantage will tilt in favor of the bears on a close below $0.08. The Dogecoin price may then slump to $0.06.

Cardano price prediction

Cardano’s (ADA) relief rally reached the 20-day EMA ($0.29) on Saturday, which is expected to act as a stiff hurdle. 

ADA/USDT daily chart. Source: Cointelegraph/TradingView

If the bulls do not give up much ground to the bears, the possibility of a break above the 20-day EMA increases. That suggests the ADA/USDT pair may remain inside the descending channel for some more time. A break and close above the downtrend line signals a potential short-term trend change.

Sellers will have to pull the Cardano price below the support line to extend the downward move toward the next support at $0.20.

Bitcoin Cash price prediction

Bitcoin Cash (BCH) surged above the 20-day EMA ($544) on Friday, indicating that the bears are losing their grip.

BCH/USDT daily chart. Source: Cointelegraph/TradingView

The recovery is facing resistance at the 50-day SMA ($578), but a positive sign is that the bulls have not allowed the Bitcoin Cash price to slip back below the 20-day EMA. That increases the likelihood of the continuation of the relief rally. If buyers pierce the 50-day SMA, the BCH/USDT pair may reach $600.

Sellers will have to swiftly yank the price below the 20-day EMA to apply pressure on the bulls. The pair may then skid to the $500 support.

Hong Kong's Securities and Futures Commission (SFC) has added another company to its list of formally licensed cryptocurrency trading platforms, according to a Friday announcement.

The SFC’s list of licensed virtual asset trading platforms includes Victory Fintech Company Limited as the latest of now 12 cryptocurrency and blockchain entities on the Hong Kong regulator’s website. The addition of Victory marked the first time since June 2025 that the SFC had approved a crypto trading platform in Hong Kong.

Source: Hong Kong SFC

Although Hong Kong has been known for some time as a particularly strict jurisdiction in for crypto companies to operate in, authorities have been pursuing unlicensed virtual asset trading platforms as a criminal offense since June 2024. Many exchanges that had previously been operating in Hong Kong shut down, while others like OKX and Bybit withdrew their licensing applications. 

In January, Hong Kong’s Secretary for Financial Services and the Treasury, Christopher Hui, said regulators, including those at the SFC, were planning to submit a draft ordinance for providers offering crypto advisory services sometime in 2026. While a dozen companies are now licensed under the SFC, Hong Kong’s Monetary Authority listed no licensed stablecoin issuers as of Monday.

HK allows licensed companies to engage in crypto margin financing, perpetual trading

The addition of Victory Fintech came just a few days after Hong Kong’s SFC said it will allow licensed brokers to provide virtual asset margin financing. The securities regulator’s guidance only allows Bitcoin (BTC) and Ether (ETH) to be eligible as collateral, initially.

The SFC also outlined a framework for trading platforms to offer perpetual contracts to professional investors.

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Bitcoin (BTC) saw a sharp dip below $67,400 during the Monday session open, after it rallied above $70,000 over the weekend. An immediate recovery may come at the back of BTC order book data, which shows aggressive bid positioning, and onchain data pointing to a rise in long-term accumulation. 

Analysts now say the move may extend toward the $80,000–$84,000 region, with order book liquidity playing a key role in the next move.

Key takeaways:

The Bitcoin accumulator addresses held over 372,000 BTC on Feb. 15, up from 10,000 BTC in September 2024.

BTC order books show the largest bid skew in over two years, signaling a stronger near-term support.

Bitcoin futures and order book data support $80,000 retest 

Crypto analyst Mark Cullen said Bitcoin may move toward the early February CME (Chicago Mercantile Exchange) gap, placing $80,000 to $84,000 as his upper price target this week.

Bitcoin analyst by Mark Cullen. Source: Cointelegraph/TradingView

A CME gap forms when the Bitcoin futures on the Chicago Mercantile Exchange close for the weekend and reopen at a different price, leaving a price range with no traded volume.

Previously, Bitcoin has revisited these gaps to “fill” them, meaning the price trades back through that untested range. 

The current gap sits roughly between $80,000 and $84,000, making it a clear technical level. With 9 out of 10 CME gaps filled since August 2025, the $80,000–$84,000 range stands out as the key unfilled level.

Meanwhile, the order book data shared by crypto trader Dom shows roughly $596 million in bids within 0–2.5% of price versus $297 million in asks. This near 2:1 bid-to-ask imbalance represents the largest bid skew in over two years. 

BTC orderbook data by Dom. Source: X

A bid skew of this magnitude indicates stronger immediate demand than the supply, which can support a short-term upward trend if sustained.

Dom said traders were hesitant to buy during the sharp drop. After Bitcoin swept below $60,000, demand picked up near the lows, suggesting growing interest in accumulating at discounted prices.

Related: Metaplanet revenue jumps 738% as Bitcoin generates 95% of sales

BTC accumulation demand hits new highs

CryptoQuant data shows that the demand from addresses classified as “accumulators” has reached new highs at roughly 372,000 BTC on Feb. 15. In September 2024, that figure was around about 10,000 BTC.

Bitcoin accumulator address demand. Source: CryptoQuant

Crypto analyst Darkfost explained that these addresses are filtered using strict criteria: no outflows, multiple inflows, a minimum balance threshold, at least one active period in the past seven years, and exclusion of exchange, miner, and smart contract wallets.

Meanwhile, the long-term holder (LTH) distribution 30-day sum, which measures the total BTC moved by long-term holders over a rolling 30-day period, has fallen below $100,000, compared to averages above $1 million in November 2025.

A lower distribution suggests reduced selling from the LTHs, partially offsetting whale-driven inflows.

Bitcoin long-term holder flow. Source: CryptoQuant

Related: $75K or bearish ‘regime shift?’ Five things to know in Bitcoin this week

Bitcoin (BTC) took out long and short positions during Monday as low-volume trading sparked short-term volatility.

Key points:

Bitcoin sees low-time frame manipulation clear both longs and shorts on the US bank holiday.

BTC price action offers “breakouts and shakeouts” while staying in a narrow range.

2022 bear market comparisons continue, now focused on weekly RSI.

BTC price liquidity squeezes shake out traders

Data from TradingView captured sharp moves within a narrow BTC price range on the US bank holiday which topped out at $70,000.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

With Wall Street closed, thinner order books overall made it easier for large-volume entities to influence short-term price action. This resulted in multiple “squeezes” that impacted both longs and shorts.

Data from monitoring resource CoinGlass showed $120 million in crypto liquidations for the four hours to the time of writing.

Blocks of bids and asks were cleared on the day, with new “walls” placed immediately above price as it fell, adding to downward pressure.

BTC liquidation heatmap. Source: CoinGlass

“Volatility is much higher which is something that we also see in pretty much all other markets lately. Definitely not a calm period for markets around the world,” trader Daan Crypto Trades commented in a post on X.

Bitcoin historical volatility. Source: Daan Crypto Trades/X

Trading resource Material Indicators described the latest BTC price performance as “breakouts and shakeouts.”

An accompanying chart monitored both liquidity and whale activity on Binance’s BTC/USDT pair.

BTC/USDT order-book liquidity data with whale volume. Source: Material Indicators/X

Trader CW nonetheless observed that buying pressure was more robust than on Sunday, with the exception of exchange OKX.

What's different about $BTC from yesterday is that net buying is maintained except for OKX. pic.twitter.com/x3Y1OegrsI

— CW (@CW8900) February 16, 2026

Bitcoin RSI teases “once per cycle lows”

Continuing on the wider status quo, Material Indicators cofounder Keith Alan stressed ongoing resemblances between this year and Bitcoin’s 2022 bear market.

Relative strength index (RSI) readings on weekly time frames, he said, were pointing to a BTC price bottoming phase.

“Finding more similarities with 2022 in the $BTC chart as Weekly RSI moves towards what has historically been, once per cycle lows in oversold territory,” he told X followers. 

“In 2015 and 2018 it marked bottom, however in 2022 it led to a 5 month consolidation before establishing a macro bottom.”

BTC/USD one-week chart with RSI data. Source: Keith Alan/X

Weekly RSI measured 27.8 on Monday, marking the lowest reading since June 2022. Readings below 30 are considered “oversold.”

“This doesn't mean it has to develop the same way this time, but it's worth watching closely to identify similarities and deviations in the pattern to help with forecasting,” Alan added.

The Harvard Management Company, which manages the eponymous university’s endowment, has reduced its stake in BlackRock’s spot Bitcoin exchange-traded fund and opened a new position in the asset management company’s Ether ETF.

In a Friday filing with the US Securities and Exchange Commission, Harvard’s endowment reported that it had reduced its position in the BlackRock iShares Bitcoin (BTC) Trust ETF to $265.8 million as of Dec. 31 from $442.9 million in Q3 2025. The investments marked the company offloading more than 3 million shares of the ETF, to 5.4 million in Q4 from 6.8 million in Q3.

In addition to the 21% reduction in its Bitcoin position, the Harvard Management Company reported a new investment with exposure to Ether (ETH). According to the SEC filing, the endowment purchased more than 3.8 million shares of BlackRock’s iShares Ethereum Trust, valued at about $87 million as of Dec. 31. 

The portfolio managers’ decisions occurred during a period of significant price volatility for Bitcoin and other cryptocurrencies. The price of BTC dropped to less than $90,000 by January 2026 from more than $120,000 at the beginning of July 2025, while Ether dropped to under $3,000 from more than $4,000 in the same period.

As of June 30, 2025, Harvard reported that its endowment stood at $56.9 billion, making its investments in the BlackRock crypto ETFs 0.62% of the total assets under management. The company similarly increased its position in Google’s parent Alphabet by almost $100 million, while reducing its stake in Amazon by about $80 million in Q4 2025.

AI hedge fund backed by “top university endowments”

Harvard’s moves come as Numerai, an AI hedge fund, reported in November that it had raised $30 million in a funding round led by “top university endowments,” which the AI hedge fund described as “the smartest, most long-term allocators in the world,” without identifying specific endowments. However, the announcement pushed the price of its native NMR token up by more than 40%.

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Demand for tokenized real-world assets (RWAs) continued to grow over the past month, even as broader cryptocurrency markets faced heavy selling pressure, underscoring the sector’s resilience and growing institutional footprint.

The total value of onchain RWAs increased 13.5% over the past 30 days, according to data from RWA.xyz. The increase reflects both higher asset issuance, meaning more tokenized securities brought onto public blockchains, and growth in the number of unique wallet addresses holding these assets, signaling expanding participation.

As of Feb. 16, all major blockchain networks tracked by RWA.xyz recorded increases in tokenized asset value, led by Ethereum, with roughly $1.7 billion in net growth, followed by Arbitrum at $880 million and Solana at $530 million. The figures refer to the increase in total onchain value of tokenized assets issued or circulating on those networks.

Excluding stablecoins, net growth in tokenized securities such as Treasurys, private credit and other yield-bearing instruments accelerated over the past 30 days. Source: RWA.xyz.

Tokenized US Treasurys and government debt remain the largest RWA category, with more than $10 billion in outstanding onchain products. Flows into these instruments continued during the period, while tokenized stocks and exchange-traded products also posted gains.

Related: Tokenized gold accounts for 25% of RWA net growth in 2025 after 177% market-cap rise

A sharp contrast with the broader crypto market 

Steady demand for tokenized RWAs points to deeper institutional participation, as asset managers increasingly use public blockchains to issue and settle tokenized versions of traditional financial products.

Tokenized money market funds, for example, are evolving beyond simple yield vehicles and are beginning to serve as collateral in certain trading and lending markets. Major institutions, including BlackRock, JPMorgan and Goldman Sachs, have become active participants in the space.

BlackRock last week made its first formal move into decentralized finance, bringing its USD Institutional Digital Liquidity Fund (BUIDL) tokenized US Treasury fund to Uniswap.

The growth also stands in contrast to the broader cryptocurrency market, which has shed roughly $1 trillion in market value over the past month, highlighting the relative stability of yield-bearing tokenized assets.

The total crypto market has continued to unravel since October, with losses intensifying in January. Source: CoinGecko

Derivatives markets have been a key source of stress, with a large-scale deleveraging event in October triggering broader weakness across digital assets. Conditions have yet to fully recover, and sentiment remains fragile even as equities continue trading near record highs.

Key takeaways

South Korea is transitioning crypto market surveillance to AI-driven systems, in which algorithms automatically detect suspicious trading activity, replacing manual processes.

The new detection model employs a sliding-window grid search technique, scanning overlapping time segments to spot abnormal patterns such as unusual volume surges.

Through 2026, the Financial Supervisory Service plans to enhance AI capabilities with tools to detect coordinated trading account networks and trace manipulation funding sources.

Regulators are exploring proactive intervention measures, such as temporary transaction or payment suspensions, to freeze suspicious activity early and prevent the withdrawal of illicit gains.

South Korea is advancing its cryptocurrency market oversight by shifting to AI-driven surveillance. Algorithms now perform the initial detection of suspicious activities instead of relying solely on human investigators.

As crypto trading grows faster, more decentralized and increasingly difficult to monitor manually, regulators are leveraging artificial intelligence to identify irregularities and anomalies more quickly.

Central to this evolution is the Financial Supervisory Service’s (FSS) enhanced Virtual Assets Intelligence System for Trading Analysis (VISTA). This upgrade reflects the recognition that traditional, manual, case-by-case probes can no longer keep pace with today’s dynamic digital asset markets.

This article explains how South Korea’s financial regulators are using upgraded AI systems to automatically detect crypto market manipulation, improve surveillance, analyze trading patterns and plan advanced tools. It also explores faster intervention and alignment of crypto oversight with broader financial markets.

Why South Korea is enhancing its crypto monitoring tools

Crypto markets produce massive volumes of data across exchanges, tokens and timelines. Manipulative tactics such as pump-and-dump schemes, wash trading or spoofing often create sudden bursts that are difficult to detect. Manually identifying suspicious periods in crypto activity has become increasingly challenging at the current market scale. As interconnected trading patterns grow more intricate, automated systems are designed to continuously scan and flag potential issues.

This automation aligns with Korea’s broader effort to strengthen oversight of digital markets, particularly as crypto has become more deeply integrated with retail investors and the overall financial system.

What VISTA does and how the recent upgrade improves it

VISTA serves as the FSS’s primary platform for examining unfair trading in digital assets. In its earlier version, analysts had to specify suspected manipulation time frames before running analyses, which restricted the detection range.

The recent upgrade adds an automated detection algorithm that can independently pinpoint potential manipulation periods without manual input. The system now searches the entire data set, enabling investigators to review suspicious intervals that might otherwise go unnoticed.

According to the regulator, the system successfully identified all known manipulation periods in internal tests using completed investigation cases. It also flagged additional intervals that had been difficult to detect using traditional methods.

Did you know? Some crypto exchanges process more individual trades in a single hour than traditional stock exchanges handle in an entire trading day, making continuous automated surveillance essential for regulators seeking to monitor real-time risks.

How the automated detection operates

Applying a sliding-window grid search approach, the algorithm divides trading data into overlapping time segments of varying durations. It then assesses these segments for anomalies.

The model scans every possible sub-period, identifying patterns associated with manipulation without requiring investigators to determine where misconduct may have occurred. Examples of such patterns include sharp price spikes followed by rapid reversals or unusual volume surges.

Rather than supplanting human oversight, the model prioritizes high-risk segments, enabling teams to focus on critical windows instead of manually reviewing the entire data set.

Did you know? In crypto markets, price manipulation can sometimes occur in windows lasting less than five minutes, a time frame too short for most human-led monitoring systems to catch reliably.

Upcoming AI enhancements through 2026

The FSS has secured funding for phased AI improvements through 2026. Key planned features include:

Tools designed to identify networks of coordinated trading accounts: These systems aim to detect clusters of accounts acting in sync, a common feature of organized manipulation schemes.

Large-scale analysis of trading-related text across thousands of crypto assets: By examining abnormal promotional activity or narrative spikes alongside market data, regulators hope to better understand how attention shocks and price movements interact.

Tracing the origin of funds used in manipulation: Linking suspicious trades to funding sources could strengthen enforcement cases and reduce the ability of bad actors to obscure their tracks.

Did you know? Early market surveillance algorithms in traditional finance were originally designed to detect insider trading in equities, not crypto. Many of today’s tools are adaptations of models built decades ago for stock exchanges.

Shift toward proactive intervention in South Korea

South Korea’s AI surveillance push seeks quicker responses. The Financial Services Commission is considering a payment suspension mechanism that could temporarily block transactions linked to suspected manipulation.

This approach aims to prevent gains from being withdrawn or laundered early. While not yet finalized, it suggests a shift by regulators from reactive to preventive enforcement.

Preemptive actions raise important governance questions around thresholds, oversight and the risk of false positives, issues regulators will need to address carefully.

This crypto-focused initiative parallels efforts in conventional capital markets. The Korea Exchange is implementing an AI-based monitoring system to identify stock manipulation earlier. The idea is to create a unified approach across asset classes, combining trading data, behavioral cues and automated risk assessment.

Strengths and limitations of AI surveillance

AI-based systems are adept at spotting repetitive, pattern-driven misconduct such as wash trading or coordinated price spikes. They enhance consistency by flagging suspicious behavior even when it occurs in small or short-lived windows.

For exchanges, AI-driven oversight raises expectations around data quality and monitoring capabilities. It also increases cooperation with regulators. With AI models, surveillance becomes continuous rather than episodic.

Traders and issuers should expect greater scrutiny of subtle manipulative patterns that previously evaded attention. While detection begins algorithmically, real-world penalties remain significant.

But automated surveillance has certain limitations. Cross-venue manipulation, off-platform coordination and subtle narrative engineering remain difficult to detect. AI models also require regular evaluation to avoid bias, drift or the flagging of legitimate activity.

AI tools support, not replace, human investigators.

Shaping of a new enforcement framework

South Korea’s strategy involves AI models built around continuous monitoring, automated prioritization and swifter action. As these systems evolve, balancing efficiency with transparency, due process and accountability will be key.

The implementation of these models will shape not only Korea’s crypto markets but also how other jurisdictions approach regulating digital assets in an era of algorithmic trading and mass participation.

Nexo is set to relaunch its digital asset services and crypto exchange platform in the US on Monday, more than three years after it left the market following battles with federal and state regulators.

Now, citing improved regulatory clarity for digital assets in the US, the rebooted Nexo platform will offer flexible and fixed-term yield programs, a spot cryptocurrency exchange, crypto-backed credit lines and a loyalty program for US users, Nexo head of communications Eleonor Genova told Cointelegraph.

The platform’s trading infrastructure will be provided by Bakkt, a US-based digital asset platform focused on serving institutional clients. Genova said:

“Nexo’s US offering is structured through partnerships with appropriately licensed US service providers. Certain services are made available via a third-party Securities and Exchange Commission-registered (SEC) investment adviser, which provides advisory services under applicable US securities laws.”

Current SEC Chair Paul Atkins testifies to Congress. The SEC has made a pro-crypto regulatory pivot under Atkins’ leadership. Source: US House Committee on Financial Services

The new US operations will be based in Florida and run by a management team to be announced soon, according to the company.

Nexo first announced plans to re-enter the US during an exclusive event in April 2025, which featured Donald Trump Jr., the son of US President Donald Trump, as a keynote speaker. At the event, Trump Jr. described crypto as the future of finance.

2022 exit cited regulatory uncertainty under Gensler regime

Nexo left the US market in December 2022 during the depths of the crypto bear market, citing the hostile regulatory posture toward the crypto industry under the leadership of former SEC chair Gary Gensler.

Source: Nexo

The company said it had decided to exit the US out of necessity after engaging in “good faith” conversations with US state and federal regulators over 18 months that did not move the needle.

“It is now unfortunately clear to us that despite rhetoric to the contrary, the US refuses to provide a path forward for enabling blockchain businesses,” the company said at the time.

Nexo’s “Crypto Earn” program, which allowed users to earn compounding interest on select cryptocurrencies loaned to the platform, was a major point of contention between the SEC and the company.

In January 2023, Nexo agreed to a $45 million settlement with the SEC over failing to register its interest-bearing crypto rewards program with the regulator. The company also settled a $22.5 million multi-state securities settlement related to the earn interest program.

The company shuttered its Crypto Earn program for US users one month later.

Washington mulls crypto “clarity”

Nexo’s market reentry comes amid efforts in Washington to pass a bill defining how US market regulators will police crypto. The House passed a similar bill, the CLARITY Act, in July, but the effort has stalled as the Senate Banking Committee has yet to gather enough bipartisan support to advance it.

White House crypto adviser Patrick Witt said on Friday that both sides must compromise on the issue and push for passage before November’s midterm elections. Contributing to the stalemate are concerns voiced by crypto industry executives, which US Treasury Secretary Scott Bessent believes have negatively impacted the industry, he told CNBC on Friday.

A White House-brokered meeting last week between crypto and banking industry representatives to reach an agreement on stablecoin provisions in the market structure bill was described as “productive,” but remains unresolved. 

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