BELIEVE_

La maggior parte delle piattaforme parla di prestazioni.
Alcuni parlano di scalabilità.
Pochi parlano di sicurezza.
Pochi parlano di comprensione.
Eppure, se hai mai operato veri sistemi, sai questo: la maggior parte delle interruzioni non inizia con qualcosa che è lento o rotto. Iniziano con qualcosa che diventa opaco. Uno stato che non puoi spiegare. Un processo che non puoi tracciare. Un fallimento che non puoi attribuire con fiducia a uno strato o all'altro.
Ciò che è interessante della Vanar Chain non è solo ciò che esegue, ma quanto sembra preoccuparsi di rendere l'esecuzione leggibile.

Ogni Layer 1 dice che è veloce.
Poi colpisce la volatilità.
I bot si svegliano.
Le liquidazioni si accumulano.
E all'improvviso “alta prestazione” diventa un ricordo di marketing.
Questa è la parte della cripto che nessuno ama ammettere: la velocità durante i mercati calmi è irrilevante. L'unica velocità che conta è la velocità durante il caos.
È qui che Fogo sta scommettendo.
Non su benchmark vuoti.
Non su tetti teorici di TPS.
Ma sulle prestazioni quando i mercati sono ostili.
Perché i mercati ostili sono gli unici mercati che contano.
Parliamo di cosa uccide realmente l'esecuzione.

Bitcoin fluctuated after posting its fourth consecutive weekly loss, with the cryptocurrency struggling to find clear direction as a weekend rally fizzled.
The largest digital token ended Sunday down 2.6% for the week, erasing a small bounce that briefly took it close to $71,000 on Saturday. Bitcoin dipped a further 2.1% to $67,360 as of 10:45 a.m. in New York on Monday, while Ether, the second-largest cryptocurrency, slid to $1,948.
Bitcoin has dropped more than 40% from its all-time peak near $127,000 in October, struggling to latch onto rallies in gold or equities. The broader crypto market has lost almost $2 trillion in value over the same period, according to data from CoinGecko.
Bitcoin Posts Fourth Straight Weekly Loss

The token’s recent weakness has led some analysts to question whether prices have found a floor.
“The big question on everyone’s mind is whether crypto has bottomed out or if there’s still more downside on the horizon,” Greg Magadini, director of derivatives at Amberdata, wrote in a note. Sentiment around digital-asset treasury holdings and money flowing into or out of spot Bitcoin exchange-traded funds will be key indicators to watch, he said.
October Selloff
Bitcoin’s slide was kickstarted by a major selloff on Oct. 10, when billions of dollars in crypto bets were liquidated. Since then, investors have withdrawn more than $8.4 billion from US-listed spot Bitcoin ETFs, according to data compiled by Bloomberg.
Adding to the cautious mood, Standard Chartered — whose analysts are typically bullish on the token’s prospects — last week cut its forecast for Bitcoin’s price at the end of 2026 by a third. The bank anticipated Bitcoin could slide further to $50,000, before recovering to end the year around $100,000. That’s down from a prior projection of $150,000.
Still, some analysts say the technical picture leaves room for a rebound.
“As long as Bitcoin holds above the 200-week moving average at $58,239 — a level it successfully defended two weeks ago — there remains scope for a recovery toward initial resistance at $73,000 to $75,000,” said Tony Sycamore, an analyst at IG Australia.

Bitcoin made several attempts to climb above the $69,000 mark on Monday, pointing to that threshold as a key barrier of resistance among investors. As a result, that upwards trend is “too fragile to rely on,” according to Alex Kuptsikevich, chief market analyst at FxPro.
“Despite a series of higher highs, we view this as a bearish pause due to the weak rebound after a massive decline,” Kuptsikevich wrote in a note.
$BTC #MarketRebound

Welcome to In The Stables, a weekly briefing on the most important developments shaping the global stablecoin ecosystem. Each edition delivers clear, data-driven insights into market structure, regulatory momentum, and protocol-level shifts, along with a curated look at supply, flows, and onchain usage trends across the sector.
What’s included this week:
The total stablecoin market cap rose 0.58% WoW to $307.7 billion, with USDC growing 3.30% and USDT surging 7.08%.Stablecoin network activity showed mixed signals, with active addresses down 2.85% WoW but monthly volume rising 62.21%.Transaction volumes fell 21.64% WoW to $203.4 billion, driven by a 41.77% contraction in DeFi activity, while staking volumes exploded 166.68% and asset management grew 44.07%.Major developments included White House stablecoin talks stalling over yield ban disputes, Tether investing $100 million in Anchorage Digital at a $4.2 billion valuation, and Circle partnering with Polymarket to transition to native USDC settlement.
Yields of The Week

Institutional Moves
Feb. 4, 2026 | Tether Clarifies Fundraising Discussions After Valuation Reports
Tether responded to media reports suggesting it had scaled back a planned fundraising after investor pushback over a proposed $500 billion valuation, saying the coverage overstated the status of any capital raise. Reuters reported that advisors had floated a wide range of hypothetical scenarios, including raising $15 billion to $20 billion or potentially as little as $5 billion, but chief executive Paolo Ardoino said those figures were never formal targets or active fundraising plans.
Feb. 5, 2026 | Tether Invests $100M in Anchorage Digital
Tether has made a $100 million equity investment in Anchorage Digital, valuing the federally chartered digital asset bank at $4.2 billion. The investment deepens an existing commercial relationship and strengthens Tether’s presence in regulated U.S. stablecoin infrastructure. Anchorage said the transaction will also enable its first employee tender offer, allowing staff to sell shares at the same valuation.
Feb. 9, 2026 | Avalanche Hosts Fosun Wealth’s Yield-Bearing RWA Stablecoin
Avalanche has been selected as the initial network for FUSD, a yield-bearing stablecoin issued by FinChain, a blockchain finance platform under Fosun Wealth Holdings. The stablecoin is backed by real-world financial assets, including money market funds and government bonds, and is designed to distribute returns generated by those assets while remaining transferable and usable within onchain applications.
Feb. 10, 2026 | Ripple Expands Zand Bank Partnership to Link RLUSD and AEDZ on XRPL
Ripple has expanded its partnership with Zand Bank to connect its US dollar stablecoin RLUSD with Zand’s dirham-backed stablecoin AEDZ on the XRP Ledger. The initiative builds on a prior payments collaboration and will explore integrating RLUSD into Zand’s regulated digital asset custody framework, establishing direct liquidity pathways between the two tokens, and issuing AEDZ on the ledger under UAE regulatory oversight.
Protocol Updates
Feb. 5, 2026 | Circle and Polymarket Partner on Native USDC Integration
Circle Internet Group has partnered with Polymarket to transition the platform’s settlement infrastructure from bridged USDC on Polygon to native USDC issued by Circle’s regulated affiliates. Polymarket, which currently uses bridged USDC as trading collateral, plans to migrate to native USDC in the coming months to standardize dollar-denominated settlement and better align with institutional-grade infrastructure.
Feb. 9, 2026 | Farcaster Founders Join Stablecoin Startup Tempo
Farcaster co-founders Dan Romero and Varun Srinivasan have joined Tempo following the sale of Farcaster’s protocol and related products to Neynar and their departure from day-to-day leadership. The transition also follows Merkle Manufactory’s plan to return approximately $180 million to investors after the acquisition, while the Farcaster protocol continues under new leadership.
Feb. 10, 2026 | Circle Ventures Invests in edgeX Ahead of Token Launch
Circle Ventures has made an undisclosed investment in decentralized derivatives platform edgeX ahead of its planned token launch, with the firms also preparing to integrate native USDC and CCTP on edgeX’s underlying blockchain, EDGE Chain. Circle was the sole investor in the round, though financial terms were not disclosed. The integration will introduce natively issued USDC to EDGE Chain and enable crosschain transfers without wrapped assets.
Feb. 10, 2026 | Canton Network Executes First Private Stablecoin Payroll Run
The Canton Network processed its first enterprise payroll using private stablecoin transfers, completing settlement within minutes for an unnamed global company. The transaction was executed through payroll platform Toku and infrastructure provider Cantor8, which connected payroll instructions to onchain settlement and employee wallet delivery.
Regulatory Pulse
Feb. 7, 2026 | CFTC Updates Stablecoin Criteria to Include National Trust Banks
The CFTC reissued Staff Letter 25-40 to clarify that payment stablecoins issued by national trust banks can qualify as acceptable collateral. The agency said the prior language was not meant to exclude national trust banks and revised the definition after staff recognized that some eligible stablecoins are issued through that charter structure.
Feb. 10, 2026 | White House Stablecoin Talks Stall Over Yield Ban
A second White House meeting between crypto industry representatives and major banking groups failed to produce a compromise on stablecoin yield provisions in the proposed CLARITY Act. Bank negotiators reportedly reiterated their call for a broad prohibition on stablecoin rewards, while industry advocates argue that rewards programs are central to competitive payment innovation. The unresolved dispute remains one of the primary obstacles preventing the Senate Banking Committee from advancing the legislation
In The Data

Stablecoin Market Cap: Total market cap up 0.58% WoW to $307.7B
Top Winners:
USDT: Up 7.08% WoW to $5.4B (1.75% share) — week's standout performerUSDC: Up 3.30% WoW to $73.0B (23.74% share, expanding from 23.11%)USDS: Up 5.62% WoW to $6.5B (2.11% share)
Top Losers:
USDe: Down 1.90% WoW to $6.4B (2.09% share)USDT: Down 0.37% WoW to $184.4B (59.93% market share, declining from 60.50%)DAI: Down 3.64% WoW to $4.4B (1.44% share) — continued contractionOthers: Down 1.08% WoW to $27.5B (8.94% share)

Onchain Activity: Mixed signals (weekly cooldown, monthly strength)
Week over Week:
Active addresses: Down 2.85% to 4.27M (from 4.39M)Daily volume: Down 21.64% to $203.4B (from $259.6B)Key insight: Volume declined more sharply than addresses, suggesting smaller transaction sizes and reduced whale activity
Month over Month:
Active addresses: Up 4.60% to 4.27M (from 4.0M in January)Monthly volume: Up 62.21% to $264.3B (from $162.9B)Key insight: Sharp acceleration in stablecoin usage despite the current week's pullback

Transaction Volumes by Sector: Total volume down 21.64% WoW to $203.4B (from $259.6B)
Major Declines:
DeFi: Down 41.77% to $45.6B (market share fell from 30.14% to 22.40%) — biggest loserCEX: Down 21.83% to $10.6B (5.20% share, relatively stable)Gaming: Down 2.29% to $319MOther: Down 15.64% to $143.3B (still dominates at 70.46% of total volume)
Growth Stories:
Staking: Up 166.68% to $1.2B (market share quadrupled from 0.17% to 0.58%) — explosive growthAsset Management: Up 44.07% to $311M (share nearly doubled from 0.08% to 0.15%)Market Maker: Up 18.90% to $2.1B (share expanded from 0.69% to 1.05%)
Key insight: DeFi's sharp contraction likely reflects reduced trading activity following recent market volatility

I prezzi dell'oro e dell'argento si preparano alla volatilità in mezzo ai dati sull'inflazione degli Stati Uniti, segnali della Fed. Gli analisti prevedono consolidamento e movimento all'interno di un intervallo.
Nuova Delhi, 15 febbraio (PTI) I prezzi dei metalli preziosi sono previsti per assistere a ulteriore consolidamento nella prossima settimana, con la volatilità che probabilmente persisterà mentre gli investitori seguono i dati economici chiave degli Stati Uniti, inclusi i numeri sull'inflazione, le letture del PIL e i segnali di politica della Federal Reserve, hanno affermato gli analisti.
I trader osserveranno anche da vicino i dati sul lavoro degli Stati Uniti, insieme ai verbali della riunione del Federal Open Market Committee (FOMC) e ai discorsi dei funzionari della Fed, per indicazioni sul momento e sul ritmo di potenziali tagli ai tassi, hanno aggiunto.

From bank-led stablecoins to tokenized T-bills and AI-powered wallets, digital assets will move from pilot projects to financial plumbing this year.
Last year restored crypto’s institutional footing. This year, according to Silicon Valley Bank (SVB), is when it becomes more integrated into the financial system.
Regulatory clarity improved in 2025, institutional engagement accelerated and capital markets reopened. Now the focus is shifting from price cycles to infrastructure as digital assets become more deeply embedded into payments, custody, treasury management and capital markets.
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"Regardless of how tangible or visible, all the forces shaping crypto today share a common thread: Crypto is moving from expectations to production. Pilot programs are scaling and capital is consolidating," Anthony Vassallo, senior vice president of crypto at SVB, told CoinDesk in an interview.
The bank, which maintains more than 500 relationships with crypto companies and venture firms investing in the sector, says institutional capital, consolidation, stablecoins, tokenization and AI are converging to reshape how money moves.
After its 2023 collapse, SVB was bought by North Carolina–based First Citizens Bank and now operates within a top-20 U.S. bank with $230 billion in assets. In 2025, it added 2,100 clients and ended the year with $108 billion in total client funds and $44 billion in loans.
Fewer experiments, more conviction
“The suits and ties have arrived,” according to the bank's 2026 outlook report.
Venture funding in U.S. crypto companies rose 44% last year to $7.9 billion, according to PitchBook data cited by SVB. While the deal count fell, median check sizes climbed to $5 million as investors concentrated capital into stronger teams. Seed valuations jumped 70% from 2023 levels.
The bank warns that demand for institutional-grade crypto companies could outstrip the number of investable firms.
"In 2026, conditions are ripe for continued growth in VC investment in crypto. As institutional adoption accelerates, driving larger venture capital checks, we expect continued capital concentration in fewer companies with investors prioritizing higher-quality projects and follow-ons into proven teams," Vassallo said.
"For end users, the result will be a more seamless experience across everyday financial interactions, from sending cross-border payments to managing an investment portfolio."
Corporate balance sheets are reinforcing the shift. At least 172 public companies held bitcoin BTC
$68,523.11
 in the third quarter of 2025, up 40% from the second, collectively controlling roughly 5% of circulating supply, according to data referenced by SVB.
A new class of digital asset treasury companies, firms that treat crypto accumulation as a core strategy, has emerged. The bank expects consolidation as standards tighten and volatility tests business models.
Meanwhile, traditional banks are moving deeper into the sector. JPMorgan, the largest U.S. bank by assets, plans to accept bitcoin and ether ETH
$1,985.73
 as collateral, Bloomberg reported last year. SoFi Technologies offers direct digital asset trading. U.S. Bank provides custody through NYDIG. SVB expects more institutions to roll out lending, custody and settlement products as compliance guardrails solidify.
M&A and the race to full-stack crypto
Why build when you can buy?
More than 140 venture capital-backed crypto companies were acquired in the four quarters ending in September, a 59% year-over-year jump, according to the bank's analysis of PitchBook data. Coinbase’s $2.9 billion acquisition of Deribit and Kraken’s $1.5 billion purchase of NinjaTrader underscored the scale.
The trend extends to banking charters. In 2025, 18 companies applied for charters from the Office of the Comptroller of the Currency (OCC), most of them blockchain-enabled firms. The OCC granted conditional approval to digital-asset-focused trust banks including custody provider BitGo (BTGO), Circle Internet (CRCL), the company behind the second-largest stablecoin, trading platform Fidelity Digital Assets, stablecoin issuer Paxos and payments network Ripple.
For SVB, that marks a turning point: stablecoin and custody infrastructure moving inside the federal banking perimeter. The bank expects traditional financial institutions to accelerate dealmaking rather than risk being disrupted by vertically integrated crypto-native rivals.
"We expect M&A to set a record again in 2026. As digital asset capabilities
become table stakes for financial services, companies will focus on acquisition strategies instead of building products from scratch," Vassallo says.
"To meet market demands ranging from stablecoin capabilities to full-stack crypto banks, exchanges, custodians, infrastructure providers and brokerages will consolidate into multiproduct companies," he said.
Stablecoins become the 'internet’s dollar'
Stablecoins, SVB said, are evolving from trading tools into digital cash.
With near-instant settlement and lower transaction costs than interbank transfer system ACH or card networks, dollar-backed tokens are attractive for treasury operations, cross-border payments and business-to-business settlement.
Regulatory clarity is accelerating adoption. The U.S. GENIUS Act, passed in July, established federal standards for stablecoin issuance, including 1:1 reserve backing and monthly disclosures. Similar frameworks are in place in the EU, U.K., Singapore and the UAE.
Beginning in 2027, only permitted entities such as banks or approved nonbanks will be allowed to issue compliant stablecoins in the U.S. SVB expects issuers to spend 2026 aligning products with federal oversight.
Banks are already experimenting. Société Générale introduced a euro stablecoin. JPMorgan expanded JPM Coin to public blockchains. A group including PNC, Citi and Wells Fargo is exploring a joint token initiative.
Venture dollars are following. Investment in stablecoin-focused companies surged to more than $1.5 billion in 2025, up from less than $50 million in 2019, according to SVB.
In 2026, the bank expects tokenized dollars to move into core enterprise systems, embedded in treasury workflows, collateral management and programmable payments.
Tokenization and AI
Real-world asset tokenization is scaling. Onchain representations of cash, Treasuries and money-market instruments exceeded $36 billion in 2025, according to data cited by the bank.
Funds from BlackRock (BLK) and Franklin Templeton have amassed hundreds of millions in assets, settling flows directly onchain. ETF issuers and asset managers are testing blockchain-based wrappers to reduce transfer costs and enable intraday settlement. Robinhood (HOOD) now has tokenized stock exposure for European users and plans U.S. expansion.
SVB sees private and public markets converging on shared settlement rails, with tokenization expanding beyond Treasuries into private markets and consumer-facing applications.
Then there's the convergence with AI. In 2025, 40 cents of every venture dollar invested in crypto went to companies also building AI products, up from 18 cents the year prior, according to SVB’s analysis. Startups are building agent-to-agent commerce protocols, and major blockchains are integrating AI into wallets.
Autonomous agents capable of transacting in stablecoins could enable machines to negotiate and settle payments without human intervention. Blockchain-based provenance and verification tools are being developed to address AI’s trust deficit.
The consumer impact may be subtle. SVB predicts that next year's breakout apps won’t brand themselves as crypto. They will look like fintech products, with stablecoin settlement, tokenized assets and AI agents operating quietly in the background.
From expectation to infrastructure
Silicon Valley Bank’s overarching message is to treat crypto as infrastructure.
Pilot programs are scaling. Capital is concentrating. Banks are entering. Regulators are defining the perimeter. Blockchain technology is poised to underpin treasury operations, collateral flows, cross-border payments and parts of capital markets.
Volatility will remain, and headlines will continue to move prices. But the deeper narrative, the bank argues, is about the plumbing.
"In 2025, momentum in onchain representations of cash, treasuries and money market instruments carried real-world assets into the financial mainstream," Vassallo said. "This year, cryptocurrency will be treated as infrastructure."
#BTC #BTCFellBelow$69,000Again

Bitcoin Price Weekly Outlook
The past week’s price action has been rather lackluster for Bitcoin. After seeing a big bounce from $60,000, the price failed to get above short-term resistance at $71,800 last week. Instead, the price tested the short-term support at $65,650 before bouncing back up to close the week out at $68,811. While the weekly chart is showing some buying strength below $66,000, the lack of follow-through for buyers on the bounces so far is a sign of weakness. Look for the price to drift towards the $60,000 lows this week if the bulls can’t keep it above $71,000 on a daily close to challenge higher levels.

Key Support and Resistance Levels Now
Last week, $65,650 proved to be valid short-term support as the price dipped just below it before rallying quickly back above it. If a day closes below $65,650, look for $63,000 to act as support. Below $63,000, we have the 0.618 Fibonacci retracement at $57,800. This is a key level to hold as there isn’t much support below until $44,000.
If the bulls can muster up some strength, resistance still sits overhead at $71,800. Closing above this level leads to $74,500, with $79,000 resistance above here. If the bulls can somehow manage to get above $79,000 (unlikely), $84,000 remains as a very strong barrier up above.

Outlook For This Week
The outlook for this week is a tough one to call. U.S. markets are closed on Monday, so don’t expect too much movement until Tuesday morning. We really could go either way from this $68,800 close. I would look for the $67,000 level to be tested early this week, and if we see support near there, we may be able to push past $71,000 later into the week. If $67,000 is lost, though, look for the low $60,000 to be challenged once again.
Market mood: Very bearish – The price could not manage to gain any upward momentum last week at all. The bears are in full control.
The next few weeks
As I mentioned last week, the price may range in the area from $60,000 to $80,000 for a while, with maybe a wick down to the 0.618 Fibonacci retracement at $57,800. At the moment, this ceiling can be lowered to $74.5k. There is no telling exactly when the impending “Crypto Bill” will be passed by Congress, or exactly what it will entail for the crypto space as a whole. It is not guaranteed to result in higher prices for bitcoin when it eventually passes, either, so for now, we must rely on the technicals to guide us. For the time being, the bias is still bearish, and if we lose $57,800, the bitcoin price will likely take the next leg down.

Terminology Guide:
Bulls/Bullish: Buyers or investors expecting the price to go higher.
Bears/Bearish: Sellers or investors expecting the price to go lower.
Support or support level: A level at which the price should hold for the asset, at least initially. The more touches on support, the weaker it gets and the more likely it is to fail to hold the price.
Resistance or resistance level: Opposite of support.  The level that is likely to reject the price, at least initially. The more touches at resistance, the weaker it gets and the more likely it is to fail to hold back the price.
Fibonacci Retracements and Extensions: Ratios based on what is known as the golden ratio, a universal ratio pertaining to growth and decay cycles in nature. The golden ratio is based on the constants Phi (1.618) and phi (0.618).

#BTC $BTC

Harvard ha ridotto le sue partecipazioni in Bitcoin del 21% nel quarto trimestre mentre stabiliva la sua prima posizione in Ethereum.
La Harvard Management Company ha cambiato la sua esposizione alle criptovalute nel quarto trimestre dell'anno fiscale 2025, stabilendo la sua prima posizione in un fondo negoziato in borsa Ethereum mentre riduceva le sue partecipazioni in Bitcoin, secondo un deposito normativo rilasciato venerdì.
Il gestore degli investimenti del fondo ha acquistato 3,87 milioni di azioni del BlackRock’s iShares Ethereum Trust, una partecipazione valutata 86,8 milioni di dollari al 31 dicembre. Questa mossa ha segnato il primo investimento pubblicamente divulgato di Harvard legato a Ethereum.

La maggior parte delle piattaforme presume che la comprensione arrivi in seguito.
Esegui qualcosa.
Funziona—o non funziona.
Se non funziona, apri log, tracce, dashboard e speri che la storia si riveli da sola.
Col passare del tempo, quell'abitudine trasforma il debugging in archeologia. Scavi tra frammenti di prove, ricostruisci cronologie e indovini quale supposizione si sia rotta per prima. Il sistema funzionava, ma non ti diceva cosa stava pensando.
La Vanar Chain sembra puntare a una relazione diversa tra esecuzione e comprensione.

La maggior parte delle conversazioni sulle prestazioni nel crypto si ferma all'esecuzione.
Macchine virtuali. Elaborazione parallela. Limiti di throughput. Questi sono importanti, ma si trovano a un livello sopra la domanda più profonda: quanto è stabile il processo di accordo che finalizza tutta quell'esecuzione?
L'esecuzione può essere veloce.
Il consenso determina se quella velocità è significativa.
Ciò che rende Fogo architettonicamente interessante non è solo il suo allineamento SVM, ma l'implicazione che le alte prestazioni devono essere supportate da uno strato di consenso in grado di tenere il passo senza introdurre varianza.