Crypto Breaking

The latest assessment from Chainalysis shows a marked shift in how illicit funds move within the crypto ecosystem. Centralized exchanges, once a primary conduit for laundering, are seeing their role diminish as informal, Chinese-language service networks expand their reach through laundering-as-a-service models. The report, published this week, details a landscape where money mules, informal over-the-counter desks, and gambling platforms are used to mix and route funds, bypassing traditional on-ramps and scrutiny. The trend sits within a broader growth in on-chain laundering, highlighting the continuous evolution of crypto crime even as regulators tighten rules around exchanges and custodians. In 2025, the on-chain laundering ecosystem reportedly processed more than $82 billion in illicit funds, a striking rise from roughly $10 billion in 2020, underscoring both rising liquidity and the persistent gap between crypto crime and enforcement capabilities.

Key takeaways

Chinese-language networks now account for about 20% of tracked illicit crypto funds, aligning with a wider migration away from centralized venues as exchanges gain the ability to freeze funds.

Inflows to identified Chinese-language laundering networks have surged dramatically since 2020, growing 7,325 times faster than inflows to centralized exchanges.

In 2025 alone, illicit funds laundered on-chain reached an estimated $82 billion, with Chinese-language networks responsible for roughly $16 billion of that total (~$44 million per day).

The laundering ecosystem is increasingly accessible, with crypto’s liquidity and adoption fueling new methods—telegram-based services and informal desks are highlighted as key facilitators.

Law-enforcement capacity building is emphasized as crucial, calling for upskilling and better information sharing to disrupt on-chain laundering networks.

Despite progress in centralized-exchange controls, the shift toward on-chain and service-based laundering reflects a broader regulatory and enforcement challenge across borders.

Market context: The findings come as regulators worldwide tighten crypto-asset rules and exchanges strengthen KYC/AML controls, yet illicit actors adapt by exploiting on-chain rails and informal channels. The shift reinforces the importance of on-chain analytics and cross-border cooperation as tools to curb crypto-enabled crime.

Why it matters

The Chainalysis report is a sobering reminder that the crypto-crime landscape is not static. While centralized exchanges have made meaningful strides in customer checks and security, the rise of Chinese-language networks signals a pivot toward less-regulated, on-chain pathways. The fact that these networks now account for a meaningful share of illicit flows—despite increased exchange scrutiny—illustrates how crime-adjacent actors exploit the friction between regulation and innovation. The magnitude of 2025’s on-chain laundering, pegged at more than $82 billion, underscores the scale of the problem and the urgency for robust global coordination among law enforcement, policymakers, and the private sector.

Experts interviewed by Chainalysis describe a persistent gap between criminal capabilities and enforcement capacity. Tom Keatinge of the Royal United Services Institute argues that many countries lack a parallel development of crypto-tracing skills within law enforcement, a deficiency that hampers disruption efforts. He notes that while private sector analytics providers have helped in specific cases, the real-world need is a systemic upgrade of investigative capabilities and cross-border information sharing. The report therefore frames upskilling as not merely a technical issue but a strategic one, essential to counter the nimble and persistent laundering networks that now dominate a large portion of on-chain activity.

What to watch next

Regulatory developments that expand cross-border information sharing and harmonize AML standards for crypto service providers.

Law-enforcement training programs and joint task forces aimed at dismantling laundering-as-a-service operations and advertising venues.

Advances in on-chain tracing tech and analytics that can attribute laundering flows more precisely to networks and facilitators.

Policy updates on the treatment of Chinese-language service channels and Telegram-based networks in enforcement actions.

Potential enforcement cases that target money-mules, OTC desks, and gambling platforms implicated in laundering networks.

Sources & verification

Chainalysis: 2026 crypto money laundering report and accompanying status updates, including on-chain flow analyses and network-specific findings.

Chainalysis discussion of laundering dynamics via Chinese-language Telegram-based services and other informal channels.

Related materials cited in the report, including regulatory and enforcement context and expert commentary from policy think tanks.

Chinese-language laundering networks reshape on-chain crime

Chainalysis’s latest research paints a clear picture: as exchanges intensify their compliance regimes, illicit actors are increasingly leveraging non-traditional routes to move and conceal funds. The Chinese-language networks—anchored in informal service-based models—have built out infrastructures that resemble “laundering-as-a-service,” drawing on money mules, OTC desks operating outside formal compliance regimes, and gambling platforms used to mix and route illicit funds. These networks did not appear overnight; they matured in the COVID-era environment that facilitated remote coordination and new digital-adoption patterns. Since then, they have grown to dominate known on-chain money-laundering activity, becoming a formidable force in the global crypto crime ecosystem.

One of the most striking metrics in the report is the share of illicit flows attributed to these Chinese-language networks. Roughly one-fifth of tracked illicit crypto funds are associated with these channels, a testament to their reach and persistence. This rise comes at a time when international efforts to police crypto activity are intensifying. Centralized exchanges, long the workhorse for compliant crypto trading, have tightened monitoring and built stronger controls. Yet the networks described in the Chainalysis study illustrate a contrasting, more diffuse approach to laundering—one that leverages low-friction channels, informal desks, and a distributed advertising ecosystem to recruit participants and move funds across borders.

In numerical terms, the growth story is compelling: inflows to identified Chinese-language laundering networks have surged at a pace that dwarfs that of centralized exchanges. Since 2020, inflows to these networks have expanded 7,325 times faster than inflows to centralized exchanges—an asymmetry that highlights how quickly illicit actors can adapt to changing regulatory environments. The implication is not only about the scale of illicit funds moving through these channels but also about the speed at which their operational models can pivot in response to enforcement pressure.

Beyond the raw figures, the report emphasizes shifts in the mechanics of on-chain laundering. While not discounting the role of traditional laundering endpoints, Chainalysis notes a broader ecosystem in which on-chain mixing services, mule networks, OTC desks, and gambling platforms together form a complex web that can obfuscate provenance and destination of funds. The accessibility and liquidity of crypto assets fuel this ecosystem, enabling rapid movement, layering, and swapping across multiple wallets and chains. The trend underscores the need for more sophisticated cross-chain analytics and heightened collaboration between regulators, exchanges, and law-enforcement agencies to disrupt such networks at multiple points of exposure.

The discussion also underscores a practical policy takeaway: law enforcement must be equipped with enhanced capabilities and better information-sharing mechanisms. As Tom Keatinge suggested, the gap between criminals’ crypto usage and authorities’ investigative prowess remains a critical vulnerability. Private-sector tracing tools have proven useful in some cases, but the real-time, global-scale disruption of these laundering networks requires a concerted, systemic effort. The call is for a holistic upgrade of capabilities—from workforce training to interoperable data-sharing protocols—that can translate analytics into actionable enforcement outcomes.

Against this backdrop, the crypto industry, regulators, and researchers are likely to maintain a careful balance between enabling legitimate financial activity and curbing illicit flows. The rise of Chinese-language laundering networks does not necessarily indict the asset class as a whole; rather, it highlights the importance of robust compliance, transparent reporting, and continued investment in enforcement-relevant capabilities. The report’s findings invite policymakers to consider more nuanced, globally coordinated responses that can adapt to evolving laundering strategies without stifling legitimate innovation.

As the ecosystem continues to evolve, stakeholders should monitor indicators such as shifts in flow volumes by language regions, the emergence of new informal service clusters, and the effectiveness of cross-border information-sharing initiatives. The coming years will likely reveal whether intensified regulatory regimes and advanced analytics can meaningfully compress the playbook of these laundering networks or whether adaptivity will maintain their foothold in the on-chain crime landscape.

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This article was originally published as Crypto Laundering on Centralized Exchanges Declines: New Report Finds on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Steak ’n Shake has added $5 million in Bitcoin to its Strategic Bitcoin Reserve, lifting the fund to $15 million and roughly 167.7 BTC at current prices. The Tuesday update follows a $10 million infusion announced on January 18, underscoring the chain’s commitment to funneling all sales conducted in Bitcoin into the reserve. While the exact balance remains undisclosed, management has framed the move as part of a broader fintech-driven transformation aimed at strengthening the chain’s financial flexibility and driving growth across its footprint.

Key takeaways

Steak ’n Shake increased its Strategic Bitcoin Reserve by $5 million, bringing total holdings to about $15 million (roughly 167.7 BTC at press time).

The company began accepting Bitcoin payments across its restaurant network in May, integrating crypto into everyday transactions.

Same-store sales growth across company-owned and franchise locations rose 18% so far in 2026, with Bitcoin adoption cited as a primary catalyst.

Public treasury entities have accumulated significant Bitcoin exposure, holding about 1.13 million BTC collectively, valued at roughly $101.33 billion.

Steak ’n Shake will extend crypto-based incentives by offering Bitcoin bonuses to hourly employees at company-operated locations, starting March 1 with a two-year vesting period.

Tickers mentioned: $BTC

Sentiment: Bullish

Market context: The move aligns with a broader corporate trend toward crypto treasuries as firms weigh longer-horizon strategies amid macro uncertainty. Bitcoin’s price hovered near the $89,000 mark around the time of reporting, while public treasury holders collectively own about 1.13 million BTC, worth approximately $101.33 billion, per BitcoinTreasuries.Net.

Why it matters

The Steak ’n Shake development illustrates how a traditional consumer brand is integrating cryptocurrency into both treasury management and employee incentives. By funneling Bitcoin-based sales directly into the Strategic Bitcoin Reserve, the company signals a longer-term bet on crypto as a durable part of corporate financial planning rather than a speculative sideline. The approach echoes a growing roster of public and private enterprises that view BTC as a hedge against fiat volatility and a means to align incentives with the evolving digital economy.

Industry observers view the initiative as a test case for how a fast-food operator can maintain day-to-day liquidity while building a crypto-backed balance sheet. A senior analyst who follows corporate crypto adoption noted that Bitcoin can serve as a backstop that supports resilience during lean periods, particularly for businesses with variable revenue streams. The rationale is not merely speculative; the BitcoinTreasuries.Net data show a substantial, ongoing accumulation of BTC by treasury-focused companies, reflecting a broader reallocation of risk and potential upside from crypto markets.

On the consumer side, Steak ’n Shake has framed Bitcoin adoption as a driver for growth in its core metric: same-store sales. Management has attributed part of the 18% SSS improvement in 2026 to the increased visibility and engagement that crypto offerings generate among customers who increasingly value digital payment options and a tech-forward brand experience. Acknowledging the broader trend, the company highlighted that fintech-driven strategies are transforming operations and how the brand interacts with its customer base. The move also aligns with a wider push among retailers to experiment with crypto-driven incentives and compensation models, which can help attract and retain talent in a competitive labor market.

Market participants remain cautious about short-term price trajectories for BTC, given fluctuating macro signals. Nonetheless, the longer-term narrative around corporate crypto adoption appears to be gaining momentum as more firms disclose treasury positions and explore payroll or bonus structures linked to digital assets. In the case of Steak ’n Shake, the planned Bitcoin bonuses for hourly workers—set to begin March 1 with a two-year vesting schedule—signal a tangible step toward aligning employee rewards with the company’s crypto strategy, potentially improving retention and morale as the restaurant expands its crypto footprint.

Overall, the trend toward corporate BTC holdings is supported by a growing number of public and private entities that view digital assets as a strategic resource rather than a mere speculative asset. The combination of a strengthened reserve, revenue-linked incentives, and a credible path toward broader crypto integration could influence peers to reexamine treasury policies, compensation schemes, and the role of digital assets in growth plans. While the price path remains uncertain in the near term, the underlying shift toward crypto-enabled business models appears to be gaining legitimacy across sectors.

For readers tracking the crypto-capitalization of businesses, Steak ’n Shake’s approach offers a concrete example of how a traditional brand can fuse sales, treasury strategy, and workforce incentives around BTC. As more companies publish figures on treasury allocations and as employees gain exposure to token-based rewards, the sector could see increased liquidity, more robust demand for BTC-based payroll tools, and a gradual normalization of crypto within mainstream corporate finance.

Details on the brand’s BTC journey, including past disclosures, are interwoven with broader market data and corporate commentary. A May 2026 disclosure noted the first wave of BTC acceptance across its restaurant network, and subsequent communications emphasize how crypto adoption is connected to growth metrics and investor-facing narratives. The broader ecosystem continues to monitor how these treasury-driven strategies influence company performance and market sentiment, especially as the industry seeks to balance risk with the potential upside of long-term Bitcoin holdings.

The ongoing development of Steak ’n Shake’s Strategic Bitcoin Reserve, alongside employee incentives and rising public corporate involvement in BTC, suggests that the landscape for Bitcoin as a corporate asset is evolving beyond a niche experiment. While price volatility remains a consideration, the structural shift—where crypto serves as a strategic financial instrument, a customer engagement catalyst, and a tool for talent retention—appears to be gaining traction across the broader business world.

For additional context, Bitcoin’s price movements and treasury data are widely tracked across market data platforms, including CoinMarketCap, which documented the broader price landscape during this period. The historical trajectory of BTC, coupled with the growing prevalence of corporate treasuries, underscores a convergence between traditional commerce and digital asset strategies that could shape sector-wide decision-making in the years ahead.

Sources and follow-ups on the Steak ’n Shake initiative include the company’s X posts detailing its fintech-focused transformation and its revenue-driving goals, as well as reference materials on the company’s earlier BTC payments and bonus program plans. Readers can also verify industry-wide BTC holdings at public treasury aggregators and track BTC’s price context via mainstream market data outlets.

In the longer run, investors and industry observers will want to watch for further increments to the SBR, any updates to the employee bonus program, and how the integration of BTC-based revenue channels interacts with same-store sales performance and franchise development plans. As corporate appetite for BTC grows, the coming quarters should reveal whether these structural shifts translate into sustained financial and operational advantages for Steak ’n Shake and similar operators.

Sources & verification: Steak ’n Shake’s X posts outlining fintech-driven strategy and SBR expansion; the January 18 and May disclosures related to BTC injections and acceptance; BitcoinTreasuries.Net data on public treasury BTC holdings; the company’s March 1 Bitcoin bonus plan for hourly workers; Bitcoin price data from CoinMarketCap.

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This article was originally published as Steak ‘N Shake Bolsters Its Strategic Bitcoin Reserve with $5M on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Morgan Stanley (EXCHANGE: MS) has appointed Amy Oldenburg to lead a newly formed crypto unit, signaling a deeper push into digital assets for a bank that has long observed the sector from the sidelines. Oldenburg, a veteran of the firm’s equity franchise with a tenure dating back to 2001, will transition to head of digital asset strategy after guiding the Emerging Markets Equity team since late 2021. The move comes as the bank accelerates its crypto ambitions, including plans to roll out three crypto exchange-traded funds and a dedicated crypto wallet. The decision underscores the institution’s intent to integrate digital assets more thoroughly into its advisory and wealth-management platforms and to structure products that can appeal to a broader set of clients. Bloomberg reported on Tuesday on Oldenburg’s appointment and the strategic shift, highlighting Morgan Stanley’s evolving stance on crypto.

Oldenburg has been instrumental in shaping the EM equities unit’s digital asset considerations, according to people familiar with the matter. Her transition positions her at the intersection of traditional capital markets and a rapidly expanding crypto product set. In tandem with her appointment, the bank has signaled ongoing expansion of its crypto team, listing roles on LinkedIn for a digital assets strategy director, a digital assets strategist, and a digital assets product lead, among others. The staffing push reflects a broader industry trend: financial institutions are building out internal capabilities to support clients who want access to crypto exposure through regulated channels rather than ad hoc, peripheral offerings.

Morgan Stanley’s broader crypto roadmap has been moving forward since late 2024, when the bank announced plans to launch a portfolio of crypto-focused exchange-traded funds. The objective—introducing regulated products that can provide diversified exposure to digital assets—aligns with a growing appetite among wealthy clients and wealth-management platforms seeking to offer crypto access within a familiar, audited framework. In addition to the ETF initiatives, the firm has explored a crypto wallet that would support both direct currencies and tokenized real-world assets such as stocks, bonds, and real estate. The wallet concept nods to a future where clients can manage a broader spectrum of digital assets in a single, integrated custody and settlement environment. This strategy has been discussed in industry circles as part of the ongoing evolution of how traditional banks interact with crypto liquidity and settlement rails.

Oldenburg has publicly advocated for critical fundamentals in crypto infrastructure. In her public appearances, she has emphasized the maxim “Not your keys, not your coins,” underscoring the importance of self-custody and robust custody solutions, especially for participants in emerging markets who may lack mature infrastructure. She has also suggested that the best adoption model for some clients requires a balance between custody resilience and the liquidity needs that come with 24/7 markets. In a 2025 forum, she noted the desire for liquidity that allows clients to move assets freely and to leverage the digital-asset space’s features for banking and treasury use cases. While she acknowledged the limitations of ETFs at the time—particularly around staking and yield-bearing products—she implied that regulatory environments are evolving toward a broader suite of crypto offerings.

Key takeaways

Amy Oldenburg, a long-time Morgan Stanley executive, has been named head of digital asset strategy, signaling a formalized and amplified crypto leadership track at the firm.

Oldenburg previously led the Emerging Markets Equity team since November 2021, a role that included guiding the division’s digital asset strategy while the bank built out its crypto capabilities.

Morgan Stanley has publicly pursued a multi-product crypto push, including plans to launch three crypto exchange-traded funds and a crypto wallet as part of expanding access to digital assets for clients.

In parallel with ETF ambitions, the bank filed for a staked Ether (ETH) ETF, aiming to combine exposure to ETH with staking income, subject to regulatory approvals.

Staffing moves—explicit LinkedIn postings for roles like digital assets strategy director and digital assets product lead—signal a concerted capacity-build to support a broader crypto product line.

The strategy aims to leverage Morgan Stanley’s wealth-management footprint, potentially routing inflows from its 19 million clients into crypto products via established advisory channels.

Tickers mentioned: $BTC, $ETH, $SOL

Sentiment: Neutral

Market context: The moves reflect a broader institutional shift as banks experiment with regulated crypto products, from ETFs to wallet services, amid evolving regulatory frameworks and increasing client demand for on-platform digital-asset access.

Why it matters

The appointment of Oldenburg to lead Morgan Stanley’s digital asset strategy marks a clear pivot from opportunistic pilots to a structured, scalable crypto program. By naming a senior, long-tenured executive to spearhead the unit, the bank signals it views digital assets as a core business line rather than a peripheral offering. The shift is likely to shape how Morgan Stanley designs, markets, and supervises crypto products, with potential implications for client onboarding, custody standards, and risk management across its wealth-management and investment-banking franchises.

These developments come as major banks seek to balance client demand for regulated exposure with the need for robust governance and compliance. The firm’s ETF filing strategy—particularly for spot asset ETFs tied to well-known digital assets—suggests an intent to provide broad access with regulated oversight. At the same time, the ETH staking ETF effort signals a willingness to explore yield-bearing structures, potentially expanding the banking sector’s toolkit for recommending crypto-related income streams within a regulated framework. The evolving stance from regulators, including a more open posture from the Securities and Exchange Commission toward a wider array of crypto products, adds a layer of potential momentum to Morgan Stanley’s plans.

On the client side, Oldenburg’s remarks about liquidity and usability highlight a practical orientation toward institutional needs. The bank’s ambition to offer a crypto wallet capable of handling tokenized real-world assets could streamline how clients move between fiat, digital currencies, and tokenized securities. If realized, such a wallet would enable parallel custody rails and settlement mechanisms, potentially reducing friction for high-net-worth clients seeking cross-asset liquidity and streamlined access to yield opportunities.

What to watch next

Regulatory decisions on the proposed spot BTC and SOL ETFs and the ETH staking ETF, including timing and conditions for approvals.

The progression of Morgan Stanley’s wallet project, including technical milestones and compliance safeguards for tokenized assets.

Progress on expanding the crypto-team footprint, including the hiring outcomes for the digitally focused roles listed on LinkedIn.

Any formal guidance from Morgan Stanley on how these products will be integrated into wealth and investment-management workflows for clients.

Sources & verification

Morgan Stanley appoints Amy Oldenburg to lead digital asset strategy, Bloomberg report and related video

Morgan Stanley files to launch spot Bitcoin and Solana ETFs (first week of 2025)

Morgan Stanley files staking ETH ETF (third crypto fund)

ETFs challenges Bitcoin self-custody roots discussion

Key figures and next steps

Market reaction and key details

Morgan Stanley’s leadership change arrives as the bank accelerates its crypto product roadmap, signaling a long-term commitment to integrating digital assets into its core offerings. The announcement dovetails with ongoing conversations about how traditional financial institutions can provide regulated, transparent access to crypto markets while maintaining rigorous risk controls. Oldenburg’s experience in emerging markets and her advocacy for self-custody infrastructure place custodial reliability and client liquidity at the center of the bank’s strategy, which could influence how other banks approach product development and fiduciary safeguards in this space.

What to watch next

Regulatory decisions on BTC/SOL ETFs and ETH staking ETFs—watch for approvals or conditions in the coming months.

Updates on Morgan Stanley’s crypto wallet rollout, including security architecture and cross-asset tokenization features.

Results from the bank’s expanded crypto recruitment efforts and how new hires influence product development timelines.

Rewritten Article Body: Morgan Stanley’s deeper crypto push gains a new leader

Morgan Stanley has elevated Amy Oldenburg, a veteran of the firm’s equity divisions, to head its newly formed crypto unit, underscoring a more deliberate push into digital assets. Oldenburg, who has spent more than two decades at the bank and has led the Emerging Markets Equity team since 2021, will now be responsible for shaping the bank’s digital asset strategy. The appointment aligns with Morgan Stanley’s broader push into the crypto space, including plans to roll out a trio of crypto exchange-traded funds and a wallet capable of handling digital currencies and tokenized assets. The bank’s leadership transition and strategic roadmap were highlighted in a Bloomberg video report that noted the shift as part of a broader realignment of the firm’s crypto ambitions.

The bank’s crypto strategy, which has been percolating for years, is now moving toward a more formal, client-facing form. LinkedIn postings show Morgan Stanley actively recruiting for roles such as digital assets strategy director, digital assets strategist, and digital assets product lead, signaling an expanded operating model that will support a growing portfolio of crypto products. This expansion mirrors a wider industry trend: traditional financial institutions are developing dedicated teams to navigate the regulatory, liquidity, and custody challenges that come with digital-asset offerings. The emphasis on building out an internal capability suggests a commitment to integrating crypto products into the bank’s advisory and wealth-management platforms, rather than treating crypto as a standalone experiment.

The bank’s early-2025 disclosures reflect a deliberate strategy to move beyond pilot projects and into a regulated, multi-product framework. Morgan Stanley filed to launch spot Bitcoin (BTC) and Solana (SOL) exchange-traded funds in the first week of 2025, marking its first sustained foray into the institutional crypto space since largely sitting on the sidelines during the prior wave of institutional adoption. The filing signals the bank’s intent to provide clients with regulated exposure to leading digital assets through familiar product structures. In a separate filing, Morgan Stanley also pursued a staked Ether (ETH) ETF, aiming to hold ETH while staking an undisclosed amount to generate staking income—an approach that, if approved, could add a yield-oriented dimension to traditional crypto exposures.

The broader context for these moves includes a rapidly evolving regulatory landscape. The Securities and Exchange Commission has shown signs of openness toward a broader set of crypto products, a development Oldenburg referenced when discussing the potential for ETFs and other vehicles to fit client needs. She has also stressed the importance of liquidity and the ability for clients to move assets fluidly, a theme she touched on at industry events. While she acknowledged ETF structures as valuable entry points, she argued that the industry should continue exploring how staking and yield-bearing products can be integrated into regulated offerings, all while maintaining robust custody and risk controls. The bank’s strategy thus sits at the intersection of liquidity, accessibility, and prudent governance, aiming to deliver regulated pathways that align with client goals.

Beyond ETFs, Morgan Stanley has teased a crypto wallet capable of supporting tokenized real-world assets, including stocks, bonds, and real estate. If realized, the wallet would provide a more integrated view of digital assets within a single ecosystem, potentially harmonizing custody, settlement, and regulatory compliance across multiple asset classes. Such an offering could attract clients who want to manage a diverse mix of assets—from traditional securities to digital currencies—through one platform. The wallet concept also echoes broader market interest in tokenization, which could unlock new forms of liquidity and ownership for a wide range of assets.

Oldenburg’s emphasis on self-custody infrastructure—and her past stance that ETFs alone were not sufficient for a fully realized crypto strategy—reflects a pragmatic understanding of the sector’s current limitations. She highlighted the need for better custody, more reliable liquidity, and the ability for clients in emerging markets to participate in the digital-asset economy. The evolving regulatory climate and the bank’s internal preparations suggest that Morgan Stanley is charting a course toward more comprehensive digital-asset services, anchored by a leadership team with deep market experience and a track record of integrating new product lines into a traditional banking framework.

In sum, the leadership shift signals a firmer commitment to a multi-faceted crypto program. By combining a seasoned executive with a roadmap that includes regulated ETFs, staking opportunities, and tokenized real-world assets, Morgan Stanley is positioning itself to serve a broader spectrum of clients while navigating the risks inherent in digital-asset markets. The coming quarters will reveal how quickly the firm can translate these plans into tangible products and how regulators respond to a more expansive crypto offering from a major Wall Street bank. The next steps will hinge on regulatory approvals, technology development for custody and wallet features, and the firm’s ability to integrate these products into its wealth-management and corporate-banking channels.

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This article was originally published as Morgan Stanley Appoints Digital Asset Strategy Lead on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

U.S. authorities have opened a formal inquiry into claims that a federal asset-custody program was exploited to siphon crypto seized by government agencies. The focus centers on John Daghita, the son of CMDSS president Dean Daghita, and whether unauthorized access to wallets tied to the government’s asset-protection program enabled transfers from assets believed to have been seized in 2024 and 2025. Crypto researchers say wallets associated with Daghita hold roughly $23 million in digital assets that are connected to as much as $90 million seized by the government in recent years. A separate trace also points to a wallet containing 12,540 Ether, valued around $36 million at the time, linked to Daghita. A spokesman for the U.S. Marshals Service told reporters that the matter is under investigation and declined to comment further as officials review the claims.

The claims gained visibility after crypto sleuth ZachXBT traced activity to wallets connected to the Daghita family. In a series of disclosures, ZachXBT reported that a wallet tied to Daghita appeared to hold significant holdings originating from addresses associated with confiscated government funds. The investigation also touched on a transfer in which John Daghita allegedly sent a small amount of stolen funds to ZachXBT’s public wallet address. In a Monday X post, the researcher wrote: “John […] sent me 0.6767 ETH ($1.9K) of the stolen government funds from 0xd8bc to my public wallet address.” He added: “Any stolen funds received will be sent to a USG seizure address.”

Key takeaways

U.S. Marshals Service has opened an official inquiry into allegations that a contractor’s family member accessed wallets tied to the seized-crypto program and moved funds.

ZachXBT identified wallets associated with Daghita containing about $23 million in crypto and linked to as much as $90 million in assets believed seized by the government in 2024–2025.

A wallet holding 12,540 Ether is tied to Daghita, with the Ether valued at roughly $36 million at the time of the discovery.

Investigators documented a purported transfer of a small amount of stolen funds—0.6767 ETH (~$1,900)—to ZachXBT’s public wallet, raising questions about leakage and custody safeguards.

CMDSS—led by the contractor’s father—secured a 2024 contract with the U.S. Marshals Service for custody of seized crypto, highlighting potential conflicts of interest and the need for robust governance.

Public data on government-held crypto suggests substantial exposure, with estimates indicating hundreds of thousands of Bitcoin may be under government control, a figure that underscores the scale and regulatory implications of asset seizures.

Tickers mentioned: $BTC, $ETH

Market context: The case sits at the nexus of government custody of seized assets, private-security contractors, and the forensic tracing that has become a hallmark of crypto-era enforcement. As regulators scrutinize custody arrangements and risk controls around government-owned crypto, the outcome could influence policy discussions on asset protection, auditability, and how-chain analytics interact with on-chain custody.

Why it matters

The episode is more than a self-contained allegation; it tests the integrity of custody frameworks used for seized crypto and the governance around programs designed to safeguard those assets. If investigators establish gaps in access controls or oversight, it could trigger tighter procurement standards, independent audits, and stricter segregation of duties within custody arrangements that involve government funds. The involvement of CMDSS in a 2024 contract with the U.S. Marshals Service adds a layer of complexity, spotlighting the interplay between private contractors and public responsibilities in the burgeoning field of digital-asset stewardship.

From a market perspective, the broader crypto ecosystem remains sensitive to enforcement actions, regulatory signals, and the evolving oversight of custody services. The rumored scale of assets—tied to long-standing confiscations and major seizure programs—illustrates the potential liquidity and concentration risks within government-controlled holdings. Analysts warn that even allegations of improper access can ripple through liquidity expectations and custody-service pricing, especially for institutions that depend on robust risk controls and transparent reporting around seized assets.

Crucially, the case underscores the role of on-chain investigators and researchers in providing independent visibility. ZachXBT’s outreach and the subsequent public disclosures illustrate how open-source analytics can inform official inquiries, complementing traditional investigative channels. While the government has not publicly disclosed all findings, continuing forensic work and wallet tracing will likely shape both policy discussions and potential enforcement actions in the months ahead.

What to watch next

Official updates from the U.S. Marshals Service regarding the status of the investigation and any forthcoming legal or administrative actions.

Requests for information or subpoenas related to CMDSS and its involvement in custody contracts, as well as any related governance reforms.

Ongoing wallet-trajectory reporting from ZachXBT and other on-chain researchers, including any new addresses tied to the case and any reported transfers to seizure addresses.

Any regulatory or legislative developments that affect custody frameworks for seized crypto, including potential changes to procurement processes or audit requirements for contractors.

Subsequent court filings, asset tracing results, or seizures that could clarify the scope of the government’s holdings and the pathways through which funds moved.

Sources & verification

U.S. Marshals Service statements and inquiries related to custody of seized crypto and investigations into access controls.

Public posts and wallet-tracing notes from ZachXBT outlining wallets associated with Daghita and their link to seized assets.

Data from BitcoinTreasuries.NET estimating the scale of U.S. government-held Bitcoin and related historical seizures.

Contract history showing CMDSS involvement in a 2024 custody arrangement with the U.S. Marshals Service for seized crypto.

Investigation tests the boundaries of custody and enforcement in seized crypto

In a landscape where government-held crypto intersects with private-sector custody and forensics, the unfolding inquiry into John Daghita’s alleged activity—and the broader questions it raises about governance—could recalibrate expectations for risk controls, transparency, and accountability. The narrative centers on a set of wallets that researchers claim connect to assets seized by the government, with investigators tying a portion of holdings to the Daghita family through 2024–2025 seizures. The initial claim—supported by wallet traces and public posts—posits that unauthorized access to wallets tied to the federal asset protection program may have enabled the transfer of substantial value. The exact scope of wrongdoing remains under review, and authorities have not disclosed detailed findings or charging information as of this writing.

What is clear is that the case lays bare critical questions about the adequacy of custody infrastructure for high-value assets and the safeguards that prevent misuse by insiders or linked parties. The involvement of CMDSS in a 2024 custody contract amplifies the importance of independent oversight and robust separation between asset-holding and operational functions within programs designed to manage seized crypto. In the meantime, the crypto community will watch for additional disclosures, including any new wallet analytics, further transfers, or regulatory actions that might result from the ongoing inquiry.

Patrick Witt, the director of the White House Crypto Council, commented on the developing story, saying he was “on it” in response to ZachXBT’s claims. The attorney-general- or regulator-led ecosystem is under pressure to demonstrate that seized assets are safeguarded, auditable, and resilient against internal or systemic risks. The outcome could influence future procurement criteria, governance standards, and the way custody providers are evaluated in high-stakes scenarios. As investigators continue to examine the evidence, market participants remain attentive to potential updates, recognizing that even routine governance matters can ripple through confidence in crypto custody and enforcement integrity.

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This article was originally published as US Marshals Probe Allegations of $40M Seized Crypto Theft on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Bitcoin’s monthly gains have cooled to about 2.2% in the latest window, but many observers see February as a potential inflection point for the largest cryptocurrency. Since 2016, the week ending Feb. 21 has delivered a median return near 8.4%, and BTC has closed higher about 60% of those weeks. With volatility still elevated but gradually moderating, market participants are watching macro signals for signs of renewed risk-on appetite within crypto markets.

Key takeaways

February has historically produced a strong median weekly return for BTC, roughly around 7%, often outpacing October’s seasonal strength.

Early February performance has historically warned of corrective periods in 2018, 2022, and 2025, when the month foreshadowed tougher months ahead.

Improving macro cues, including softer volatility and upbeat earnings guidance, could tilt flows toward BTC as capital reallocates in risk-on environments.

The long-run ceiling for BTC, according to the Bitcoin Decay Channel, sits between roughly $210,000 and $300,000 in 2026, suggesting substantial upside if the regime stays constructive.

Momentum indicators have turned positive despite a sharp recent correction, with on-chain activity continuing to show demand as spot supply remains under pressure.

Tickers mentioned: $BTC

Sentiment: Neutral

Trading idea (Not Financial Advice): Hold. Monitor macro indicators, volatility metrics, and liquidity conditions for a clearer directional signal.

Market context: The current narrative sits at the intersection of macro-driven capital allocation and crypto-specific dynamics. As equities stumble or rally on broader macro data, BTC often acts as a levered risk-on asset, with on-chain metrics offering a separate lens on demand versus supply. The February period, including earnings season and macro releases, remains a critical juncture for assessing whether BTC can extend its mid-term resilience.

Why it matters

Seasonality is not a guarantee, but it has historically provided a framework for evaluating potential tailwinds and headwinds for BTC. The February window—particularly the two weeks from Feb 7 to Feb 21—has yielded outsized weekly moves in the past, reinforcing the idea that near-term liquidity and investor risk appetite can swing BTC’s trajectory more than other times of the year. If macro optimism remains intact and risk-on sentiment broadens, BTC could attract capital from investors who are rotating into crypto as part of diversified exposure to digital assets.

Beyond the calendar, on-chain signals continue to tell a story of ongoing demand. The Realized Cap metric has trended higher even as prices corrected, suggesting that new spot buying activity is absorbing coins moved into circulation rather than exiting the network. This pattern points to a maturing market where participants accumulate during pullbacks, a sign that long-term holders are maintaining conviction even in the face of short-term volatility. At the same time, momentum indicators—despite a recent pullback—have shifted to a positive stance, underscoring a balance between technical consolidation and the potential for a renewed upmove should macro conditions improve.

Bitcoin Decay Channel. Source: Sminston With/X

Several voices in the community have tied BTC’s near-term prospects to broader macro risks rather than crypto-specific catalysts alone. A prominent analyst noted that the sell-off in February aligned with declines in the Nasdaq amid renewed tariff tensions in the United States, suggesting that the move was more about macro news flow than a fundamental breakdown for Bitcoin itself. In this view, the path of least resistance depends on macro shocks cooling off and liquidity conditions improving, allowing the currency to reassert its place as a strategic beta asset within a diversified portfolio.

Another line of thought emphasizes how long-term yield dynamics influence valuation and liquidity for risk assets. A recent assessment highlighted that, while higher long-term yields can cap price-expansion for risk-on assets, on-chain demand remains buoyant, as evidenced by the rising Realized Cap. This pattern supports a constructively biased outlook for BTC even as volatility remains elevated, implying that the market could work through any near-term headwinds rather than roll over into a deeper drawdown.

Bitcoin Realized Cap. Source: CryptoQuant

Overall, the case for a constructive setup hinges on a confluence of factors: a seasonally strong February window, improving macro conditions, and persistent on-chain demand. Some observers also point to velocity and market structure as arguments that the current phase represents a consolidation period rather than a definitive risk-off regime. If macro stress indices such as the VIX cool off, BTC could benefit from a broader risk-on impulse that has historically revived demand for digital assets during times of easing uncertainty.

As always, observers should be mindful of the complexity of cross-asset interactions. While BTC carries the potential for outsized gains in a bullish macro environment, it remains vulnerable to unexpected policy moves, regulatory developments, and shifts in investor sentiment. The interplay between on-chain metrics, liquidity, and macro data continues to shape a nuanced backdrop for Bitcoin’s price path in 2026 and beyond.

Related: Bitcoin-to-gold ratio falls to new low, but analysts say BTC’s discounted ‘setups are rare’

Enduring questions remain: Will February’s historical strength translate into a sustained bid, or will the market encounter fresh headwinds as macro conditions evolve? The coming weeks will be telling as earnings narratives, inflation signals, and policy expectations converge to shape the risk-on/risk-off dynamic that has long influenced Bitcoin’s volatility and trend.

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This article was originally published as February Is Bitcoin’s Most Reliable Bullish Month, Analyst Says on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Concluzii Cheie

Cu prețul Bitcoin tranzacționându-se în jurul valorii de 88.000 USD și costul mediu național al energiei de aproximativ 0,14 USD, costul mineritului unui Bitcoin este aproape de 95.000 USD.

Costul ridicat al energiei și intervalul actual al prețului Bitcoin pun minerii într-o pierdere.

Un număr considerabil de companii de minerit trec acum la centre de date AI.

Datele privind consumul de energie pentru mineritul Bitcoin din Indicele de Consum de Energie Bitcoin de la Cambridge (CBECI) indică faptul că minerii care plătesc 0,10 USD pe kWh pentru energie vor fi într-o pierdere pentru fiecare Bitcoin extras. Datele CBECI arată că unii s-au confruntat deja cu acest preț încă din octombrie 2025, când costul mediu al energiei comerciale a trecut la 0,14 USD pe kWh. La acest ritm, costul mineritului unui Bitcoin este de aproximativ 94.000 USD, în timp ce prețul Bitcoin este de aproximativ 88.000 USD la momentul actual.

În întregul ecosistem Ethereum, activitatea se dovedește a fi persistentă pe măsură ce instrumentele de scalare se maturizează și interesul investitorilor trece printr-un optimism prudent și un risc măsurat. În cea mai recentă instantanee săptămânală, rețeaua a înregistrat 16.4 milioane de tranzacții on-chain, în timp ce taxele de bază au reușit să rămână sub 0.20 $ în perioadele de cerere maximă. Activitatea de tranzacționare DEX în întregul ecosistem s-a apropiat de mijlocul anilor 30 în miliarde de dolari, cu o pondere notabilă a lichidității canalizate prin rețelele de nivel 2 care continuă să îmbunătățească debitul și experiența utilizatorului. În mijlocul acestei activități, Ether a înfruntat o corecție de preț de 15.9% în cele șapte zile care s-au încheiat duminica, declanșând lichidări semnificative pentru pariurile cu efect de levier optimiste și stârnind întrebări despre dacă un suport ferm în jurul valorii de 2,800 $, testat în ultimele luni, va rezista. Totuși, datele indică, de asemenea, un potențial rebound pe termen scurt, cu metrici on-chain și poziționări pe piețele derivate sugerând loc pentru o mișcare mai sus către zona de 3,300 $.

Londra îndreaptă reglementarea cripto către o direcție mai clară pentru seniori, cu Autoritatea de Conduită Financiară apropiindu-se de un regim formal după un sprint de elaborare a regulilor de mai mulți ani. FCA a publicat consultația finală pe 23 ianuarie, prezentând un pachet de 10 propuneri de reglementare concepute pentru a aduce activele cripto și afacerile cripto sub un cadru unificat. Planul vizează un proces de trei ani care se va încheia în martie 2027, cu implementare completă așteptată până în octombrie 2027. Spre deosebire de Statele Unite, unde eforturile de reglementare s-au blocat în mijlocul dezbaterilor partizane în jurul Actului CLARITY, Regatul Unit a urmărit o abordare centralizată, condusă de reglementatori, menită să alinieze activele digitale cu sistemul financiar mai larg. Dacă se va realiza, cadrul ar putea oferi căi de conformitate mai clare pentru firme și protecții mai puternice pentru consumatori, în timp ce poziționează Regatul Unit ca un hub reînnoit pentru activitatea cripto.

De ani de zile, traderii de Bitcoin (BTC) urmăresc prețul său în raport cu aurul (XAU) pentru indicii despre când BTC atinge minimul în termeni de dolari americani. Dar în 2026, acel semnal BTC-la-aur începe să pară mai puțin de încredere pe măsură ce dinamica macroeconomică se schimbă și raportul migrează de la reperele stabilite anterior. Ultima întorsătură vine pe măsură ce aurul crește și sentimentul de evitare a riscurilor se intensifică, împingând BTC/XAU către niveluri care anterior semnalizau un potențial minim. Participanții de pe piață evaluează un amestec de linii de tendință de lungă durată, catalizatori macroeconomici dinamici și apetit în evoluție pentru active defensive pe măsură ce navighează un an care deja a provocat relații convenționale BTC–aur.

Stablecoins prezintă un risc real pentru depozitele bancare, atât la nivel global, cât și în Statele Unite, conform unei evaluări recente efectuate de echipa de cercetare a activelor digitale de la Standard Chartered. Analiza apare în contextul în care Legea CLARITY din SUA, un proiect de lege care vizează randamentele stablecoin-urilor, rămâne întârziată—un semn că factorii de decizie continuă să analizeze modul în care stablecoins interacționează cu sistemul bancar tradițional. Cercetătorii băncii estimează că depozitele bancare din SUA ar putea să scadă cu până la o treime din capitalizarea actuală a pieței stablecoin-urilor, un sector evaluat la aproximativ 301.4 miliarde de dolari în monede legate de dolar, conform CoinGecko. Dincolo de cifre, raportul arată cum băncile regionale ar putea suporta o parte mai mare din riscul de ieșire a depozitelor comparativ cu instituțiile mai diversificate sau orientate spre investiții. Constatările sosesc în contextul în care Coinbase retrage suportul pentru Legea CLARITY, iar CEO-ul Circle respinge temerile legate de fuga de capital ca fiind nefondate, subliniind o dezbatere politică profund polarizată în jurul stablecoin-urilor și stabilității bancare.

Autoritatea de reglementare a valorilor mobiliare din Italia a impus o amendă administrativă de 200.000 € lui Fabrizio Corona pentru promovarea și oferirea unui memecoin cunoscut sub numele de $CORONA fără a îndeplini cerințele stabilite de reglementările europene privind activele cripto. Sancțiunea, făcută publică pe 26 ianuarie 2026, urmează unei intervenții anterioare din martie 2025 care a suspendat inițiativa și a blocat platformele online aferente. Regulatorii au concluzionat că oferta nu avea divulgările obligatorii și structura legală necesare conform Regulamentului privind piețele de active cripto, ridicând îngrijorări cu privire la protecția investitorilor și transparența pe piața memecoin-urilor în rapidă mișcare.

Traderii de Bitcoin (CRYPTO: BTC) urmăreau o confluenta de semnale de momentum care, istoric, prezic mișcări semnificative, dar datele on-chain sugerează un parcurs prudent în față, pe măsură ce participanții de pe piață se îndreaptă spre o atitudine defensivă. O nouă încrucișare între indicatorii de momentum legați de curbele principale de randament a reînnoit optimismul pentru o ruptură, totuși activitatea spot și fluxurile de fonduri indică vânturi adverse persistente. Juxtapunerea semnalelor optimiste cu o ofertă imediată slabă subliniază o piață care ar putea necesita timp pentru a-și reafirma momentum-ul ascendent, chiar dacă investitorii cântăresc riscurile macro și postura de politică.

Nota editorului: Show-ul Global Blockchain Abu Dhabi 2025 s-a încheiat după două zile de discuții care au reunit factori de decizie, întreprinderi, investitori și constructori din întreg ecosistemul Web3. Organizată de VAP Group și găzduită în Abu Dhabi, evenimentul s-a concentrat pe adoptarea practică a blockchain-ului, cadrele de reglementare și convergența blockchain-ului cu AI și activele digitale. Cu o participare guvernamentală puternică și o prezență internațională mare, show-ul a subliniat modul în care Orientul Mijlociu, și în special EAU, se poziționează ca un centru pentru aplicații Web3 de nivel enterprise, aplicații din lumea reală și inovație condusă instituțional.

Nota editorului: Global Games Show Abu Dhabi 2025 s-a încheiat în decembrie ca o întâlnire de două zile a industriei, concentrată pe convergența jocurilor, Web3, esports, AI și tehnologii imersive. Gazduit în Abu Dhabi și produs de VAP Group, evenimentul a reunit dezvoltatori, editori, investitori, factori de decizie și furnizori de tehnologie pentru a discuta cum jocurile evoluează într-o economie digitală mai largă construită în jurul proprietății, datelor și modelelor conduse de comunitate. Cu o participare puternică din partea vorbitorilor internaționali și a părților interesate regionale, spectacolul a evidențiat rolul în creștere al Abu Dhabi ca un centru pentru jocuri de generație următoare, economii bazate pe blockchain și divertisment interactiv.

Nota editorului: Global AI Show Abu Dhabi 2025 s-a încheiat după două zile de discuții, prezentări și angajamente de înalt nivel axate pe adoptarea practică a inteligenței artificiale în întreaga guvernare și industrie. Gazduit în Abu Dhabi, evenimentul a reunit decidenți politici, lideri de afaceri, investitori și tehnologi pentru a examina modul în care AI trece de la experimentare la implementarea la scară largă. Cu o aliniere puternică la Strategia AI a EAU 2031, spectacolul a evidențiat reglementarea, AI responsabilă și cazuri de utilizare în lumea reală în sectoare precum finanțe, sănătate, securitate cibernetică și infrastructură inteligentă.

Regulatorii australieni au obținut o victorie covârșitoare împotriva BPS Financial Pty Ltd, ordonând companiei să plătească 14 milioane AUD în penalizări după o anchetă de ani de zile în legătură cu promovarea portofelului său Qoin. Decizia Curții Federale provine din acuzațiile ASIC că BPS a desfășurat o afacere de servicii financiare neautorizată și a emis declarații înșelătoare despre produsul său de plată legat de cripto, cu activitate desfășurată între ianuarie 2020 și mijlocul anului 2023. Regulatorul a notat că firma a comercializat portofelul Qoin ca o facilitate de plată non-cash legată de tokenul său Qoin, oferind în același timp sfaturi financiare fără o licență australiană pentru servicii financiare. Rezultatul, dezvăluit într-un comunicat ASIC, întărește așteptarea ca ofertele facilitate de cripto să funcționeze sub o licențiere adecvată și divulgări riguroase.

Ripple a încheiat un parteneriat cu Jeel Movement, brațul de inovație al Riyad Bank, pentru a explora utilizarea tehnologiei blockchain în cadrul sistemului financiar al Arabiei Saudite.

Puncte cheie de reținut

Ripple și Jeel Movement au încheiat un parteneriat pentru a co-dezvolta instrumente de plată transfrontaliere bazate pe blockchain.

Parteneriatul se concentrează pe plăți transfrontaliere, custodia activelor digitale și tokenizarea în sprijinul agendei Vision 2030 a Arabiei Saudite.

Acest parteneriat marchează o tendință în creștere a adoptării blockchain-ului în Orientul Mijlociu, cu țări din regiune adoptând reglementări clare cu privire la activele digitale.

Washington — O propunere cheie a Senatului privind criptomonedele s-a confruntat cu obstacole procedurale, deoarece senatorul Roger Marshall s-a retras, conform relatărilor, de la promovarea unei amendamente controversate privind concurența taxelor de tranzacție. Amendamentul, care ar fi forțat rețelele de carduri să concureze pe baza taxelor de tranzacție, a fost depus săptămâna trecută, dar, conform Politico, Marshall a fost de acord în privat să nu insiste asupra acestuia în cadrul revizuirii Comitetului Agricol de săptămâna viitoare. Revizuirea era inițial programată pentru joi, dar a fost mutată pentru marți, 3 februarie, după ce o furtună de iarnă a perturbat operațiunile în mare parte din țară. Legislația în cauză stabilește modul în care autoritățile de reglementare vor supraveghea sectorul criptomonedelor, o piesă centrală în efortul continuu de a crea un cadru național care să echilibreze inovația cu protecția consumatorilor.

Polymarket a încheiat un acord pe mai mulți ani cu Major League Soccer (MLS) pentru a servi ca partener exclusiv al pieței de predicții a ligii pentru MLS și Leagues Cup, competiția de vârf a ligii în mijlocul sezonului. Colaborarea își propune să combine datele live, statisticile și analizele de sentiment în experiențele fanilor, oferind implicare pe ecranul secundar care depășește vizionarea tradițională. Acordul reprezintă un pas semnificativ în efortul continuu de a fuziona divertismentul sportiv cu caracteristici de pariere bazate pe date, semnalizând o împingere mai largă de a transforma momentele din meci în narațiuni interactive, în timp real pentru fani.

O scădere de 2,24 miliarde de dolari în capitalizarea totală a pieței stablecoin în ultimele 10 zile ar putea semnala că capitalul părăsește ecosistemul crypto și ar putea întârzia recuperarea pieței, conform unei platforme de analitică crypto. Într-o postare pe X luni, Santiment a spus că o mare parte din acel capital a fost rotit în refugii tradiționale sigure precum aurul și argintul, împingându-le la noi maxime, în timp ce Bitcoin (CRYPTO: BTC), piața crypto mai largă și stablecoins au retrăsese. Investitorii urmăresc dacă scurgerea lentă în stablecoins prefigurează un ciclu mai larg de risc sau doar o pauză temporară înainte de o nouă ofertă crypto.