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<h2 class="text-2xl font-bold mb-4">Wall Street Cheers Massive Block Cuts</h2>
<p class="mb-6">Block, Inc.—the payments behemoth led by Jack Dorsey—announced plans to cut more than 4,000 jobs, shrinking its global workforce from just over 10,200 to about 6,000.</p>
<p class="mb-6">The scale of these layoffs stands out even in a tech sector accustomed to periodic staff reductions. In early 2024, Block had already begun trimming headcount under a previous plan—aiming for a cap of 12,000 employees after hitting roughly 13,000 in 2023. Now, the company is reverting to staffing levels not seen since before the pandemic boom.</p>
<p class="mb-8 text-lg font-medium">On paper, Block’s stock soared on news of deep cuts—but the share price remains about 80% below its pandemic peak.</p>

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</div> <h2 class="text-2xl font-bold mb-4">AI Culls Staff, Shares Soar</h2>
<p class="mb-6">Jack Dorsey has framed this restructuring as an “AI-driven” shift that will fundamentally reshape how Block operates. In his letter to shareholders, Dorsey stated that advances in artificial intelligence are making it possible—and perhaps necessary—for companies like Block to operate with far fewer people. He also predicted that similar headcount reductions will ripple across the industry as automation becomes more capable and widespread.</p>
<p class="mb-10 max-w-xl">Block expects to incur $450 million to $500 million in restructuring charges, with most of these costs hitting in the first quarter of fiscal 2026. The company anticipates completing the bulk of its workforce reduction by the end of Q2 2026—a rapid timeline for such a dramatic overhaul.</p> <h2 class="text-2xl font-bold mb-4">2019-Sized Team, 2026 Ambitions</h2>
<p class="mb-6">The new staffing target—about 6,000 employees—brings Block closer to its pre-pandemic size. For context, Block employed just 3,800 people in 2019 before scaling up rapidly during Covid-era growth cycles. The company’s leadership now admits that “the growth of our company has far outpaced the growth of our business and revenue,” signaling a strategic retreat from earlier expansion bets.</p>
<p class="mb-6">Despite this rollback in headcount, Block is not shrinking its ambitions. In 2025 alone, Cash App—the firm’s flagship consumer payments product—reported 59 million monthly transacting users in the United States and processed $316 billion in customer inflows. Meanwhile, across all divisions (including Square and Bitcoin-related services), Block generated $10.4 billion in gross profit for the year—a figure up 17% from the prior period.</p> <h2 class="text-2xl font-bold mb-4">Layoffs Outpace Revenue Growth Woes</h2>
<p class="mb-10 max-w-xl">Block’s leadership has been candid about why such deep cuts are necessary: while revenue and profits have grown, they have not kept pace with ballooning operating expenses or hiring sprees fueled by pandemic optimism. As a result, even after reporting $10.36 billion in gross profit for the full year and projecting first-quarter operating income of $600 million (beating consensus estimates), management concluded that only a fundamental reset could restore efficiency and investor confidence.</p>
<p class="mb-6">Affected employees will receive substantial severance packages: at least 20 weeks’ salary plus one week per year of tenure, equity vesting through May’s end, six months of health coverage, their corporate devices, and $5,000 in transition support. International staff will get similar terms adjusted for local laws.</p>
<p class="mb-8 text-lg font-medium">It’s unclear how many roles eliminated are being replaced directly by AI systems versus broader automation or consolidation efforts.</p> <h2 class="text-2xl font-bold mb-4">Why It Matters: Practical Impact Beyond Block</h2>
<p class="mb-10 max-w-xl">Block’s move is likely to set off waves across fintech and payments sectors where automation and AI adoption are accelerating. Dorsey has openly suggested that other companies will follow suit as artificial intelligence enables leaner operations without sacrificing service delivery at scale. The timing coincides with broader regulatory clarity for stablecoins—highlighted by recent moves like the GENIUS Act and Circle’s IPO—which may further reshape digital payments infrastructure.</p>
<p class="mb-6">For now, Block stands as an early case study: a company resetting itself to pre-pandemic scale while betting that technology can bridge any gaps left by thousands fewer workers on payroll. Whether this gamble pays off long-term remains uncertain—but investors have made their initial verdict clear.</p><h2 class="text-2xl font-bold mb-4">What to keep in focus</h2>
<p class="mb-6">If Block completes its AI-driven restructuring and reduces its workforce to just under 6,000 by the end of the second quarter of fiscal 2026 as planned, it will immediately trigger up to $500 million in restructuring charges, mostly in Q1 2026; whether these cuts deliver the projected $2.8 billion gross profit in Q1 remains to be seen.</p>

Wall Street Cheers Massive Block Cuts Block, Inc.—the payments behemoth led by Jack Dorsey—announced plans to cut more than 4,000 jobs, shrinking its global workforce from just over 10,200 to about 6,000.

Block Slashes 40% of Workforce as AI Restructuring Upends Payments Giant

<h2 class="text-2xl font-bold mb-4">Seven Forks, One Quantum-Ready Chain</h2>
<p class="mb-6">On Wednesday, the Ethereum Foundation revealed its most ambitious roadmap in years: a multi-year plan titled the “strawmap,” outlining seven network upgrades—known as hard forks—scheduled through 2029</p>
<p class="mb-10 max-w-xl">The strawmap’s five primary goals are explicit: reduce Layer 1 transaction finality from today’s 16 minutes to single-digit seconds, boost Layer 1 throughput to roughly 10,000 transactions per second (TPS)—referred to as “gigagas” scale—and push Layer 2 throughput to an eye-popping 10 million TPS (“teragas” scale). In parallel, the roadmap aims to make Ethereum quantum-resistant and introduce built-in privacy features such as shielded ETH transfers. On paper, these targets are bold; in practice, they require sweeping changes across consensus, cryptography, and network architecture.</p> 
<h2 class="text-2xl font-bold mb-4">Seconds to Finality: The Race Begins</h2>
<p class="mb-6">Currently, Ethereum users wait approximately 16 minutes for transaction finality—a guarantee that their transaction cannot be reversed. The strawmap seeks to compress this window dramatically: finality within eight seconds is the explicit target by 2029. This would represent a more than 100-fold reduction in confirmation time over the next three years. Achieving this will rely on a new consensus mechanism called Minimmit, which is designed to replace Ethereum’s existing system with a simpler and faster protocol.</p>
<p class="mb-8 text-lg font-medium">Vitalik Buterin has emphasized that such a leap will be “very invasive,” requiring coordinated changes across multiple forks.</p>
<br><p class="mb-6 italic text-slate-600 my-8">The roadmap, published by researcher Justin Drake and available at strawmap.org, details seven planned hard forks between now and 2029.</p>
<p class="mb-6">Slot times—the intervals at which new blocks are produced—are also set for incremental reductions. Today’s slot time stands at 12 seconds; under the strawmap, this will be trimmed stepwise: first to eight seconds, then six, four, and potentially down to just two seconds per block. Each reduction will be carefully evaluated for network safety before deployment. According to coindesk.com, Buterin described these slot reductions and finality improvements as “very important,” noting that they would fundamentally alter how quickly users can trust their transactions are settled.</p>

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<h2 class="text-2xl font-bold mb-4">Post-Quantum Signatures: What Changes</h2>
<p class="mb-6">The looming threat of quantum computers capable of breaking today’s cryptography has pushed Ethereum’s researchers to prioritize post-quantum security in the strawmap. Future forks will transition Ethereum’s signature schemes from current elliptic curve systems to hash-based signatures believed to be resistant against quantum attacks. This shift is not merely theoretical; it is bundled with other major changes such as the new finality system.</p>
<p class="mb-6">Buterin has stated that these upgrades are intentionally grouped together due to their disruptive nature. The aim is clear: ensure that by the end of this seven-fork sequence—targeted for completion by 2029—Ethereum will have native defenses against quantum decryption threats while simultaneously achieving much faster transaction settlement.</p> 
<h2 class="text-2xl font-bold mb-4">Shielded ETH Transfers on the Horizon</h2>
<p class="mb-10 max-w-xl">Beyond speed and security, privacy emerges as a central pillar of the strawmap. Shielded ETH transfers—transactions where amounts and addresses are hidden from public view—are explicitly listed among the five main goals. While details remain technical and implementation timelines uncertain, integrating built-in privacy represents a major shift for Ethereum’s base layer. This would bring features typically reserved for privacy coins directly into mainstream smart contract infrastructure.</p> 
<h2 class="text-2xl font-bold mb-4">Vitalik’s Vision: Speed and Security</h2>
<p class="mb-6">Vitalik Buterin has played an active role in shaping and communicating this roadmap. He has publicly discussed both the technical rationale behind reducing slot times (from 12 down to potentially two seconds) and the necessity of quantum-resistant signatures. Buterin also acknowledged trade-offs: while faster blocks improve user experience and enable higher throughput (up to 10 million TPS on Layer 2), they demand robust peer-to-peer upgrades so that nodes can share data efficiently without risking network instability.</p>
<p class="mb-6">The strawmap does not commit Ethereum developers or stakers to any single path; rather, it serves as a living document guiding discussions through seven forks over four years. Whether all milestones—from gigagas throughput to shielded transfers—can be achieved by 2029 remains uncertain. Yet with each fork scheduled roughly every six months until then, Ethereum’s pace of change is set for acceleration unmatched since its inception.</p><h2 class="text-2xl font-bold mb-4">Key developments still ahead</h2>
<p class="mb-6">If the Ethereum Foundation proceeds with its proposed cadence of one hard fork every six months through 2029, each fork will serve as a measurable checkpoint for implementing faster slot times, reduced finality, and post-quantum upgrades; however, whether these aggressive timelines and technical milestones can be met remains unclear and will depend on network safety assessments at each stage.</p>

Seven Forks, One Quantum-Ready Chain On Wednesday, the Ethereum Foundation revealed its most ambitious roadmap in years: a multi-year plan titled the “strawmap,” outlining seven network upgrades—known as hard forks—scheduled through 2029...

Ethereum Foundation Unveils Strawmap: A Seven-Fork Road to Quantum-Resistant, Instant Finality

<h2 class="text-2xl font-bold mb-4">Senator presses Binance over Iran ties</h2>
<p class="mb-6">U.S. Senator Richard Blumenthal has launched a formal investigation into Binance, the world’s largest cryptocurrency exchange, following allegations that $1.7 billion flowed from Binance accounts to organizations linked with sanctioned Iranian entities and Russia’s oil “shadow fleet.” On Tuesday, Blumenthal, who serves as the ranking member of the Senate Permanent Subcommittee on Investigations, sent a letter to Binance CEO Richard Teng demanding internal records and documentation related to sanctions compliance and controls. The inquiry comes on the heels of reports citing internal Binance probes that allegedly uncovered transfers involving groups such as Yemen’s Houthi militants and Iran’s Islamic Revolutionary Guards Corps.</p>
<p class="mb-10 max-w-xl">The senator’s letter specifically requested information about dealings with two Hong Kong-based entities—Blessed Trust and Hexa Whale—identified as intermediaries in moving funds to organizations connected with the Iranian government.</p> 
<h2 class="text-2xl font-bold mb-4">$1.7B transfer trail under scrutiny</h2>
<p class="mb-6">At the center of the probe is an alleged $1.7 billion in transfers routed through Binance accounts in 2024 and 2025, with some funds reportedly ending up in wallets tied to sanctioned Iranian groups and Russian oil tankers. Internal investigators at Binance are said to have traced these transactions back to Chinese clients registered on the platform, raising concerns about how effectively Binance screens for sanctioned activity. According to cointelegraph.com, these findings were initially flagged by compliance staff who identified Blessed Trust—a Hong Kong company that acted as a vendor for Binance—before its accounts were terminated in January.</p>
<br><p class="mb-6 italic text-slate-600 my-8">Binance reportedly ceased working with Blessed Trust after closing its accounts in January 2024.</p>
<p class="mb-6">On paper, Binance claims robust Know Your Customer (KYC) procedures and asserts that it does not serve Iranian users; however, internal reports suggest otherwise, pointing to possible gaps between policy and practice.</p> 
<h2 class="text-2xl font-bold mb-4">Internal whistleblowers allegedly sidelined</h2>
<p class="mb-6">Multiple media outlets reported that several Binance compliance staff who raised concerns about these transactions were either fired or suspended. The Wall Street Journal alleged that five employees involved in investigating crypto transfers tied to sanctioned entities lost their jobs after flagging approximately $1 billion in questionable flows. In contrast, Binance maintains these employees resigned voluntarily and denies any retaliation or suppression of whistleblowers. The company has publicly challenged these reports as “categorically false,” even sending a legal demand for retraction to one major newspaper.</p>
<p class="mb-8 text-lg font-medium">The fate of these investigators remains uncertain amid ongoing disputes between Binance and the press.</p> 
<h2 class="text-2xl font-bold mb-4">Binance denies Iranian user presence</h2>
<p class="mb-6">Binance has issued strong denials regarding the presence of Iranian users on its platform. In communications with U.S. authorities and public statements, CEO Richard Teng insisted that an internal review found no evidence of violations of applicable sanctions laws or regulations tied to the described transactions. Rachel Conlan, a spokesperson for Binance, told media outlets that a comprehensive report is being prepared for submission to the U.S. Justice Department by February 25.</p>
<p class="mb-6">Despite these assurances, Senator Blumenthal’s inquiry asks for detailed compliance records covering not only recent years but also previous periods when Changpeng Zhao was still CEO—a period during which Binance admitted guilt in violating federal anti-money-laundering statutes.</p> 
<h2 class="text-2xl font-bold mb-4">Why it matters: practical impact</h2>
<p class="mb-6">The latest congressional probe adds fresh scrutiny just months after Binance agreed in November 2023 to pay $4.3 billion in penalties and exit the U.S. market as part of a settlement over anti-money-laundering failures. Changpeng Zhao subsequently stepped down as CEO and served four months in prison before receiving a pardon from President Donald Trump—a rare outcome for financial crime cases at this scale.</p>
<p class="mb-6">For U.S.-based crypto users and global regulators alike, this investigation could set new precedents for how digital asset platforms are held accountable for cross-border sanctions enforcement. With allegations ranging from $1 billion to $1.7 billion in illicit flows involving sanctioned countries, lawmakers are signaling zero tolerance for gaps between stated compliance policies and actual transaction monitoring practices.</p>
<p class="mb-10 max-w-xl">Whether concrete evidence emerges from Blumenthal’s probe or not, the episode underscores persistent challenges facing crypto exchanges operating at global scale—where even terminated vendor relationships like Blessed Trust can become flashpoints for regulatory intervention.</p><h2 class="text-2xl font-bold mb-4">What could move the market</h2>
<p class="mb-6">If Binance submits its full report to the U.S. Justice Department as planned on February 25, any immediate findings or actions disclosed by authorities could trigger market reactions; however, whether the report will confirm or refute the alleged $1.7 billion in transfers to Iran-linked entities remains unclear.</p>

Senator presses Binance over Iran ties U.S. Senator Richard Blumenthal has launched a formal investigation into Binance, the world’s largest cryptocurrency exchange, following allegations that $1.7 billion flowed from Binance accounts to...

US Senator Probes Binance Over $1.7 Billion Iran, Russia Sanctions Allegations

<h2 class="text-2xl font-bold mb-4">Bitcoin Nears Make-or-Break Support</h2>
<p class="mb-6">Bitcoin’s price slipped under $63,000 during Asian trading hours on Tuesday, marking a new low not seen since February 6. The cryptocurrency stabilized near $63,200 but remains down about 4% over the last 24 hours. This brings Bitcoin’s weekly decline to nearly 7%, with the asset now trading at levels where buyers previously stepped in after a sharp drop earlier in the year.</p>
<p class="mb-10 max-w-xl">Market participants are watching the $60,000 level closely, as this has been identified by Kraken’s Matt Howells-Barby as a critical support zone. A decisive break below could trigger another wave of liquidations and potentially push prices down to $52,500—a historical support area dating back to 2021.</p>
<br><p class="mb-6 italic text-slate-600 my-8">BTC has now fallen for four consecutive days, reaching $63,100 at its lowest point since February 6.</p>
<h2 class="text-2xl font-bold mb-4">Market Nerves as Liquidation Looms</h2>
<p class="mb-6">The recent selloff has not been limited to Bitcoin alone. Bitcoin Cash (BCH) tumbled by 11.5% over the past 24 hours, while other cryptocurrencies like SUI, JUP, PUMP, and WLFI each dropped more than 2%. The broader crypto market is feeling the strain as nearly half of Bitcoin’s value has evaporated since its October peak.</p>
<p class="mb-8 text-lg font-medium">A break below $60,000 could set off another round of forced selling for leveraged traders.</p>
<p class="mb-6">On paper, Bitcoin’s resilience above $60,000 looks promising for bulls. But with over 400,000 BTC purchased between $60,000 and $70,000 during the latest downturn—according to Glassnode data—the pain threshold for many recent buyers is being tested. If prices fall further, these holders may be forced to sell at a loss, accelerating downward momentum.</p>
<h2 class="text-2xl font-bold mb-4">Pippin Frenzy Highlights Speculation Risks</h2>
<p class="mb-6">While Bitcoin struggles to hold key support levels, speculative fervor continues elsewhere in the market. Pippin (PIPPIN), an AI-generated memecoin launched on Solana by Yohei Nakajima, surged by 135% over the last four weeks and gained another 10% in just 24 hours. LunarCrush noted that Pippin’s rally is fueled by aggressive speculation and rapid growth in market capitalization.</p>
<p class="mb-6">Some social media accounts have gone further, alleging that Pippin’s price action may involve money laundering and artificial price manipulation. Despite these concerns—and warnings about frothy trading conditions—traders continue to pour into high-risk tokens even as flagship assets like Bitcoin falter.</p>
<h2 class="text-2xl font-bold mb-4">Institutional Demand Falters, Premium Turns Negative</h2>
<p class="mb-6">The mood among institutional investors appears cautious. CryptoQuant reports that the Coinbase Premium Index—a measure comparing prices on Coinbase (a U.S.-focused exchange popular with institutions) versus global averages—has remained negative throughout this downturn. This suggests that large U.S.-based buyers are not stepping up to accumulate Bitcoin at current prices.</p>
<p class="mb-10 max-w-xl">Meanwhile, Bitcoin’s weekly relative strength index (RSI) has dropped to just 25.71 on Tuesday, signaling one of its most oversold conditions ever recorded.</p>
<h2 class="text-2xl font-bold mb-4">Bitcoin’s Pain Cluster: $60K-$70K Buyers</h2>
<p class="mb-6">More than 400,000 BTC were accumulated between $60,000 and $70,000 during this year’s rally and subsequent decline. For these holders—many of whom entered near local highs—the current retreat below $63,000 threatens significant realized losses if they capitulate now. Glassnode data shows that short-term holder realized profit/loss metrics have turned negative: the STH-SOPR ratio sits at just 0.95 after peaking above 1 earlier this year.</p>
<p class="mb-6">According to cointelegraph.com, realized losses for short-term holders cooled from a peak of $1.24 billion per day on February 6 to around $500 million per day recently—a sign that some exhaustion may be setting in among sellers. However, with the dollar index (DXY) rising by 0.5% since Monday and macroeconomic uncertainty increasing following President Trump’s announcement of a new 15% global tariff over the weekend, risk appetite could remain subdued for now.</p>
<p class="mb-6">History offers little comfort: Bitcoin rarely forms a lasting bottom until its long-term moving averages cross decisively—a pattern not yet confirmed in current price action.</p><h2 class="text-2xl font-bold mb-4">What to watch</h2>
<p class="mb-6">If Bitcoin breaks below the $60,000 support level—identified by Kraken’s Matt Howells-Barby and coinciding with over 400,000 BTC bought in that range—another round of liquidations could be triggered, potentially pushing prices down to the historical support at $52,500; whether this threshold holds remains unclear.</p>

Bitcoin Nears Make-or-Break Support Bitcoin’s price slipped under $63,000 during Asian trading hours on Tuesday, marking a new low not seen since February 6.

Bitcoin Slides Below $63,000 as Capitulation Fears Intensify

<h2 class="text-2xl font-bold mb-4">Whale Liquidations Drive Panic Selling</h2>
<p class="mb-6">Bitcoin's price tumbled more than 5% to $64,270 in the early hours of Monday, before staging a partial recovery to $66,300 by late morning UTC.</p>
<p class="mb-6">The scale of these liquidations was not limited to bitcoin alone. Ether futures saw $113.89 million in forced closures, while solana (SOL) positions lost nearly $20 million overnight. These figures highlight how quickly volatility can wipe out bullish bets when liquidity thins and selling accelerates.</p>
<p class="mb-8 text-lg font-medium">A single whale's misstep can send shockwaves through a fragile market.</p> <h2 class="text-2xl font-bold mb-4">Extreme Fear Grips Bitcoin Traders</h2>
<p class="mb-6">The mood among crypto investors has soured rapidly. The Crypto Fear and Greed Index—an aggregate measure of sentiment—plunged to just 5 out of 100 on Monday, a level classified as "extreme fear" and matched only three times since 2018. This shift comes as short-term holders are realizing steep losses: Glassnode data shows that the seven-day moving average for net realized losses among recent bitcoin buyers is hovering near $500 million per day.</p>
<p class="mb-10 max-w-xl">On paper, bitcoin’s price drop from $68,600 on Saturday to below $65,000 might seem like a routine correction for such a volatile asset. In reality, it has triggered one of the most fearful periods for traders in years.</p> <h2 class="text-2xl font-bold mb-4">Tariff Fears Hit Crypto Sentiment</h2>
<p class="mb-6">Broader macroeconomic forces have amplified the turmoil in digital assets. Over the weekend, U.S. President Donald Trump announced plans to increase global tariffs to 15%, up from 10%, affecting both China and U.S. allies over a 150-day window. This policy shift coincided with declines in U.S. stock futures—Nasdaq 100 futures fell by 0.9%—and spurred investors to seek safety in traditional havens like gold and silver, which rose by 2% and 5.6% respectively.</p>
<p class="mb-6">The uncertainty around tariffs adds another layer of risk for bitcoin holders already contending with thin liquidity and sudden whale-driven selloffs. According to coindesk.com, increased U.S. military presence near Iran further contributed to risk-off sentiment across both crypto and equity markets during Sunday’s trading session.</p> <h2 class="text-2xl font-bold mb-4">$467 Million in Crypto Positions Wiped</h2>
<p class="mb-6">Beyond bitcoin’s own slide, altcoins were hit even harder during the overnight rout. Solana (SOL) dropped between 7% and 8% before recovering somewhat in European hours; SUI followed a similar trajectory. In total, CoinGlass data recorded $270 million in liquidations among altcoin traders alone.</p>

<p class="mb-6">These cascading liquidations reflect how quickly leverage can unwind across the ecosystem when confidence erodes and large players move funds onto exchanges at scale. Notably, CryptoQuant’s “exchange whale ratio”—tracking large deposits relative to overall inflows—has surged to its highest point since 2015 at 0.64, underscoring how much current selling pressure is driven by major holders rather than retail investors.</p> <h2 class="text-2xl font-bold mb-4">Thin Liquidity Amplifies Price Drops</h2>
<p class="mb-6">Liquidity conditions have deteriorated since early February, when bitcoin sent to exchanges peaked at about 60,000 BTC per day before dropping sharply to roughly 23,000 BTC per day on a smoothed basis. Meanwhile, net USDT inflows—a proxy for fresh buying power—have shrunk dramatically from $616 million in November 2023 to just $27 million recently, even turning negative in late January.</p>
<p class="mb-6">The average size of bitcoin deposits onto exchanges has also climbed back to levels last seen during mid-2022’s bear market phase. With fewer new buyers stepping in and whales increasingly active on the sell side, small shocks can trigger outsized moves—a dynamic on full display as bitcoin briefly dipped below $65,000 amid this week’s turbulence.</p><h2 class="text-2xl font-bold mb-4">What to watch</h2>
<p class="mb-6">If Bitcoin's price fails to hold above the $64,000 level following the recent $61.5 million HTX whale liquidation and "extreme fear" sentiment reading of 5/100, further forced liquidations could occur immediately across derivatives markets; however, whether net USDT inflows to exchanges will recover from their recent drop to $27 million remains unclear.</p>

Whale Liquidations Drive Panic Selling Bitcoin's price tumbled more than 5% to $64,270 in the early hours of Monday, before staging a partial recovery to $66,300 by late morning UTC.

Bitcoin Drops Below $65,000 as Whale Selling, ETF Outflows, and Tariff Fears Collide

<h2 class="text-2xl font-bold mb-4">Ripple CEO Bets Big on Legislation</h2>
<p class="mb-6">Ripple’s leadership is placing a significant wager on near-term regulatory clarity in the United States. Brad Garlinghouse, Ripple’s CEO, announced a striking 90% probability that the Clarity Act—a bill designed to define which digital assets fall under securities regulation and which are overseen by the Commodity Futures Trading Commission—will pass by the end of April. This forecast was made during a Fox Business interview and marks one of the most confident public predictions from a major crypto executive this year.</p>
<p class="mb-10 max-w-xl">The Clarity Act has faced hurdles, particularly around stablecoin rewards and whether crypto platforms can offer yield-like incentives. Despite these obstacles, Garlinghouse pointed to renewed engagement from lawmakers and the White House, with March 1 set as a target date for advancing negotiations. Ripple has spent nearly $3 billion since 2023 on liquidity management and cross-border payment solutions, underscoring its commitment to regulatory progress.</p> <h2 class="text-2xl font-bold mb-4">RLUSD Rises as SEC Softens Rules</h2>
<p class="mb-6">Regulatory winds are shifting for stablecoins in the U.S., with Ripple’s RLUSD emerging as a direct beneficiary. The Securities and Exchange Commission (SEC) recently issued new guidance reducing the capital deduction—or “haircut”—that broker-dealers must apply to payment stablecoin holdings from 100% down to just 2%. SEC Commissioner Hester Peirce clarified that this aligns with requirements for money market funds, making RLUSD and other qualifying stablecoins more attractive for institutional use.</p>
<p class="mb-6">This rule change applies specifically to payment stablecoins issued by state-regulated money transmitters or trust companies before next year’s GENUS Act effective date. SEC Chair Paul Atkins described this move as a positive development for traditional financial firms interested in on-chain markets. For broker-dealers, it means they can now settle trades using stablecoins like RLUSD without severely impacting their balance sheets—a shift called “the most important win of the year” by Exodus CEO JP Richardson.</p>
<p class="mb-8 text-lg font-medium">On paper, regulatory relief sounds technical, but it could significantly boost liquidity and efficiency across both crypto and traditional asset trading.</p> 
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</div> <h2 class="text-2xl font-bold mb-4">SBI Launches Blockchain Bonds Using XRP</h2>
<p class="mb-6">In Asia, Ripple’s influence is expanding through its partnership with SBI Holdings. The Japanese financial giant announced plans to issue its first Series ST Bonds worth $64.52 million—bonds that will pay investors in XRP rather than yen or dollars. These bonds will be digitally registered and tokenized via BOOSTRY’s “ibet for Fin” platform, bypassing Japan’s conventional securities settlement systems entirely.</p>
<p class="mb-6">SBI will handle issuance, administration, and settlement fully on-chain. Secondary trading is scheduled to start on March 25, 2026, through Osaka Digital Exchange’s START system. Retail investors are eligible if they hold an account with SBI VC Trade and complete necessary steps by May 11. In addition to receiving XRP equivalent to their bond subscription upon payment confirmation, holders will be rewarded with extra XRP on interest dates in March 2027, March 2028, and March 2029.</p>
<p class="mb-10 max-w-xl">As of press time, XRP trades between $1.4 and $1.45—a modest increase of 0.81% over the past week according to CoinMarketCap.</p>  <h2 class="text-2xl font-bold mb-4">Why It Matters</h2>
<p class="mb-6">These developments carry practical weight for both institutional players and everyday investors. The SEC’s reduction of the stablecoin haircut from 100% to 2% means broker-dealers can finally integrate digital dollars into their operations without crippling capital costs—potentially improving trade settlement speed for millions of retail brokerage accounts. Interactive Brokers’ move last month to allow stablecoin deposits is one immediate example of this shift taking root in mainstream finance.</p>
<p class="mb-6">For retail investors in Japan, SBI’s blockchain bonds represent a tangible way to access digital assets—receiving payouts in XRP rather than fiat currency—and could serve as a template for future tokenized securities globally. However, it remains uncertain how widely these models will be adopted outside regulated environments or replicated in other jurisdictions soon.</p> <h2 class="text-2xl font-bold mb-4">Micro-Contrast: Progress Amid Volatility</h2>
<p class="mb-6">On paper, Ripple is gaining ground with regulators and financial institutions; yet its native token XRP recently experienced a steep decline of 40%, highlighting persistent volatility even as structural advances unfold. While legislative optimism runs high among executives like Garlinghouse—with his 90% confidence in U.S. regulatory breakthrough—the broader market reaction remains mixed.</p>
<p class="mb-6">This contrast raises a key question: Can regulatory clarity and institutional adoption offset price swings enough to reassure both investors and industry participants?</p>
<p class="mb-8 text-lg font-medium">According to journalducoin.com, Ripple has invested nearly $3 billion since last year into liquidity management and cross-border payments—an indication that its strategy extends well beyond short-term market movements.</p>
        <div class="border-l-4 border-blue-500 bg-white dark:bg-slate-800 pl-6 pr-4 py-5 my-8">
            <h3 class="text-xl font-bold mb-4 text-gray-800 dark:text-white p-2">The Essentials</h3>
            <ul class="space-y-2 text-gray-700 dark:text-gray-300 p-4">
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>Ripple CEO Brad Garlinghouse predicts a 90% chance the Clarity Act will pass by the end of April 2024.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>The SEC reduced the stablecoin haircut for broker-dealers from 100% to 2%, directly benefiting Ripple’s RLUSD.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>SBI Holdings will issue $64.52 million in on-chain bonds paying investors in XRP, with secondary trading starting March 25, 2026.</li>
            </ul>
        </div><h2 class="text-2xl font-bold mb-4">Signals worth watching</h2>
<p class="mb-6">If the Clarity Act—intended to clarify the regulatory status of digital assets including Ripple’s XRP—passes by the end of April as Ripple CEO Brad Garlinghouse estimates a 90% chance, it would immediately resolve ongoing uncertainty over XRP’s classification in the U.S.; however, this outcome remains unconfirmed as legislative negotiations continue.</p>

Ripple CEO Bets Big on Legislation Ripple’s leadership is placing a significant wager on near-term regulatory clarity in the United States.

Ripple’s High-Stakes Bet: Legislation, Stablecoins, and Blockchain Bonds Reshape the Crypto Landscape

<h2 class="text-2xl font-bold mb-4">Bitcoin rallies, but nerves remain</h2>
<p class="mb-6">Bitcoin traded near $68,000 on Friday, showing resilience despite the U.S. Supreme Court’s decision to strike down President Donald Trump’s global tariff regime. The ruling, delivered in a 6-3 split, declared that Trump lacked authority to impose sweeping tariffs under the International Emergency Economic Powers Act (IEEPA). Yet, after an initial 2% surge that briefly pushed Bitcoin above $68,000, the price quickly slipped back below $67,000 before recovering. This pattern mirrored the broader market’s cautious optimism—Wall Street’s S&P 500 and Nasdaq 100 indices rose 0.9% and 0.7%, respectively.</p>
<p class="mb-10 max-w-xl">On paper, a major legal shakeup might have rattled crypto markets more decisively; in reality, Bitcoin and its peers appeared largely unfazed by the high court’s intervention.</p> <h2 class="text-2xl font-bold mb-4">Supreme Court leaves tariff refunds murky</h2>
<p class="mb-6">While the Supreme Court halted Trump’s previous approach to tariffs, it left key questions unanswered about what happens to the billions already collected from import duties. The Cato Institute estimates that “tens of billions” in customs duties may now be subject to litigation and complex refund processes—a burden likely to fall hardest on small importers. Senator Elizabeth Warren highlighted that there is currently no legal mechanism for consumers or small businesses to reclaim tariff payments, despite an estimated per-household cost of $1,300 this year according to the Tax Foundation.</p>
<p class="mb-8 text-lg font-medium">It remains uncertain whether any meaningful refunds will materialize soon.</p> <h2 class="text-2xl font-bold mb-4">Altcoins outpace Bitcoin after ruling</h2>
<p class="mb-6">As Bitcoin recovered from its brief dip, several major altcoins posted stronger gains. Solana (SOL), Dogecoin (DOGE), Binance Coin (BNB), and Cardano (ADA) all advanced between 3% and 4% over the past 24 hours. DOGE hovered at $0.1001 and ADA at $0.2835 as of Friday morning in Asia. The CoinDesk 20 Index—a broad measure of crypto performance—rose by 2.5%, outpacing Bitcoin’s single-session move.</p>
<p class="mb-6">Gold also found support amid geopolitical jitters, holding near $5,000 an ounce after two days of gains. Meanwhile, Ether dipped slightly below $2,000 even as other digital assets rallied. This divergence suggests traders are recalibrating portfolios in response not only to legal news but also to shifting Federal Reserve signals and renewed U.S.-Iran tensions.</p> <h2 class="text-2xl font-bold mb-4">Trump vows swift new tariffs</h2>
<p class="mb-6">Undeterred by the Supreme Court setback, Trump announced at a Friday press conference that he would order a new 10% global tariff using different legal authorities under Section 122. He indicated this fresh round would be implemented within three days and last for roughly five months as his administration seeks another route for tariff policy. Notably, no president has previously invoked Section 122 for tariffs on this scale or scope.</p>
<p class="mb-6">Lawmakers remain divided: Senator Bernie Moreno criticized the court’s decision on X (formerly Twitter), while Warren publicly supported it but acknowledged its limitations for affected households and businesses.</p>
<p class="mb-6">U.S. economic data added further complexity—core personal consumption expenditures rose by 3% year-over-year in the final quarter of 2025, outpacing forecasts and marking an uptick from prior readings. At the same time, GDP growth slowed to just 1.4% for Q4 and 2.2% annually—the slowest pace since 2020.</p> <h2 class="text-2xl font-bold mb-4">Small traders buy Bitcoin dip</h2>
<p class="mb-6">Despite institutional hesitancy—large holders trimmed their Bitcoin positions by 0.8% since October’s all-time high—retail investors have increased their BTC holdings by 2.5%. Santiment data shows these smaller wallets have steadily accumulated coins even as volatility returned following both macroeconomic data releases and the Supreme Court ruling.</p>
<p class="mb-6">CryptoQuant reports record inflows of Bitcoin from large holders to Binance during this period of legal uncertainty and shifting policy signals.</p>
<p class="mb-6">For now, crypto markets appear more focused on central bank policy and geopolitical risk than on U.S. trade law drama—even as traders brace for further surprises from Washington.</p>
<p class="mb-6">As reported by coindesk.com, neither the Supreme Court decision nor Trump’s renewed tariff threats have fundamentally altered crypto’s upward trajectory so far this week.</p>
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            <h3 class="text-xl font-bold mb-4 text-gray-800 dark:text-white p-2">The Final Word</h3>
            <ul class="space-y-2 text-gray-700 dark:text-gray-300 p-4">
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>The U.S. Supreme Court struck down Trump's global tariffs in a 6-3 decision, leaving refund processes for "tens of billions" unclear.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>Bitcoin briefly rose 2% above $68,000 after the ruling on Friday but quickly dropped back below $67,000.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>Altcoins like Solana (SOL), Dogecoin (DOGE at $0.1001), and Cardano (ADA at $0.2835) gained 3%-4% in 24 hours.</li>
            </ul>
        </div><h2 class="text-2xl font-bold mb-4">Key developments still ahead</h2>
<p class="mb-6">If President Trump’s newly announced 10% global tariff, set to take effect in three days, is implemented as scheduled, markets will immediately face fresh trade policy uncertainty, while the fate of "tens of billions" in previously collected tariff revenue remains unclear and may require further litigation according to the Cato Institute.</p>

Bitcoin rallies, but nerves remain Bitcoin traded near $68,000 on Friday, showing resilience despite the U.S. Supreme Court’s decision to strike down President Donald Trump’s global tariff regime.

US Supreme Court Nixes Trump Tariffs, Crypto Markets Barely Flinch

<h2 class="text-2xl font-bold mb-4">March 1 Deadline Drives Bill Talks</h2>
<p class="mb-6">The White House has set a March 1 target to accelerate negotiations on the Digital Asset Market Clarity Act, a bill that could reshape how digital assets are regulated in the United States.</p>
<p class="mb-10 max-w-xl">Ripple CEO Brad Garlinghouse recently stated on Fox Business that he sees a 90% chance the Clarity Act will pass by April, citing momentum in receent discussions and Ripple’s own legal victories, including a federal court ruling that XRP is not a security.</p> <h2 class="text-2xl font-bold mb-4">Banks, Crypto Leaders Hash Out Rewards</h2>
<p class="mb-6">On Thursday, the White House hosted its third working session in just over two weeks, bringing together Wall Street banks and crypto industry representatives to debate how—and whether—stablecoin rewards should be allowed. Executives from Coinbase and Ripple participated alongside banking lobbyists as President Donald Trump’s crypto adviser Patrick Witt led the talks. According to cointelegraph.com, specific language was discussed regarding how stablecoin rewards might be structured, with proposals surfacing to tie rewards to transaction activity rather than account balances.</p>
<br><p class="mb-6 italic text-slate-600 my-8">Section 404 of the Clarity Act is under revision and could overhaul the GENIUS Act, which became law in 2023.</p>
<p class="mb-8 text-lg font-medium">Despite three meetings in sixteen days, no final agreement has emerged.</p>
<p class="mb-6">The U.S. banking sector remains opposed to allowing crypto firms to offer yield-like incentives on stablecoins—a practice currently permitted under last year’s GENIUS Act. Bankers have pressed for stricter language in the Clarity Act’s Section 404 to limit or ban such rewards entirely. Meanwhile, crypto leaders argue that limited rewards could foster innovation without destabilizing financial markets.</p>
 <h2 class="text-2xl font-bold mb-4">Stablecoin Reward Debate Remains Stalled</h2>
<p class="mb-6">While there is consensus emerging around some aspects of stablecoin regulation, the question of yield incentives remains unresolved. The White House appears willing to allow “limited” stablecoin rewards but is pushing for tighter controls in the next draft of the bill. Blockchain Association CEO Summer Mersinger described Thursday’s meeting as a “step forward,” but acknowledged that significant differences persist between industry and banking interests.</p>
<p class="mb-6">Democratic negotiators have added their own demands: they want senior government officials barred from direct involvement in crypto businesses and insist on filling Democratic vacancies at both the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC). These issues add layers of complexity for drafters already navigating competing priorities from banks and crypto firms.</p> <h2 class="text-2xl font-bold mb-4">Ripple CEO Sees Bill’s High Odds</h2>
<p class="mb-6">Despite these hurdles, optimism remains high among some industry leaders. Brad Garlinghouse pointed to Ripple’s recent expansion—nearly $3 billion spent on acquisitions since 2023 in areas like custody and treasury management—as evidence that companies are preparing for a more clearly regulated environment. On paper, Wall Street banks have successfully slowed some provisions they oppose; but with Polymarket bettors assigning an 82% chance of passage by year-end, market sentiment suggests compromise is likely.</p>
<p class="mb-10 max-w-xl">Still, it’s unclear if negotiators can bridge all gaps before the March 1 deadline set by the White House.</p>
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            <h3 class="text-xl font-bold mb-4 text-gray-800 dark:text-white p-2">Key Findings</h3>
            <ul class="space-y-2 text-gray-700 dark:text-gray-300 p-4">
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>The White House set a March 1, 2024 target to accelerate negotiations on the Digital Asset Market Clarity Act.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>Ripple CEO Brad Garlinghouse estimates a 90% chance the Clarity Act will pass by April 2024.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>Section 404 of the Clarity Act is being revised to potentially limit stablecoin rewards, overhauling the 2023 GENIUS Act.</li>
            </ul>
        </div><h2 class="text-2xl font-bold mb-4">Upcoming market signals</h2>
<p class="mb-6">The White House has set a March 1 target to push negotiations on the Clarity Act forward, and if a compromise on stablecoin rewards is reached in the next draft circulated to Wall Street banks, it would immediately signal progress toward resolving one of the bill's main sticking points; however, no deal has yet been confirmed following the latest meeting.</p>

March 1 Deadline Drives Bill Talks The White House has set a March 1 target to accelerate negotiations on the Digital Asset Market Clarity Act, a bill that could reshape how digital assets are regulated in the United States.

White House, Banks, and Crypto Industry Edge Closer on Stablecoin Yield Rules

<h2 class="text-2xl font-bold mb-4">Leadership Vacuum Sends Shares Tumbling</h2>
<p class="mb-6">Gemini Space Station Inc. faced a sharp market backlash on Tuesday as its stock plunged more than 14% following the immediate departure of three top executives. Chief Operating Officer Marshall Beard, Chief Financial Officer Dan Chen, and Chief Legal Officer Tyler Meade all exited their roles without transition periods, leaving investors to process the sudden leadership vacuum just five months after the company’s Nasdaq debut at $28 per share.</p>
<p class="mb-10 max-w-xl">By Tuesday afternoon, shares had fallen to $6.47, marking an 86% decline from Gemini’s IPO price and dragging the firm’s market capitalization down to roughly $760 million from its initial $4.4 billion valuation.</p>
<p class="mb-6">On paper, Gemini’s September IPO raised $425 million in fresh capital, but the subsequent months have seen mounting losses and a shrinking executive team. The abrupt nature of this leadership shakeup—especially so soon after going public—has amplified market jitters and left open questions about the company’s direction.</p>
<br><p class="mb-6 italic text-slate-600 my-8">Gemini announced it would cut about 25% of its global workforce and exit the U.K., EU, and Australian markets as part of its restructuring.</p>
<h2 class="text-2xl font-bold mb-4">Winklevoss Steps In Amid Mass Exodus</h2>
<p class="mb-6">The company confirmed that Marshall Beard would not be replaced as COO; instead, co-founder Cameron Winklevoss will absorb many of Beard’s operational and revenue-generating responsibilities. Beard has also resigned from Gemini’s board of directors, further consolidating control within the founding team. Meanwhile, Danijela Stojanovic, previously chief accounting officer since May 2025, has been named interim CFO, while Kate Freedman steps in as interim general counsel.</p>
<p class="mb-8 text-lg font-medium">It is unclear whether these interim appointments will bring stability or simply buy time for deeper restructuring.</p>
<p class="mb-6">At least one other high-level staff member from Gemini’s Asia-Pacific division was also let go on Tuesday, signaling that the shakeup extends beyond just the C-suite. According to decrypt.co, these changes come amid broader layoffs affecting roughly 25% of Gemini’s global workforce—a significant reduction for a firm once touting international ambitions.</p>
<h2 class="text-2xl font-bold mb-4">Gemini Retreats to U.S. Stronghold</h2>
<p class="mb-6">Alongside its leadership overhaul, Gemini is making a decisive strategic retreat from overseas markets. The company recently announced plans to shutter its crypto exchange operations in the United Kingdom, European Union, and Australia. This shift marks a stark reversal from earlier expansion efforts and signals a renewed focus on core U.S. offerings and prediction markets.</p>
<p class="mb-10 max-w-xl">While Gemini expects net revenue for year-end 2025 to land between $165 million and $175 million—up from $141 million in 2024—these projections are overshadowed by anticipated net losses of up to $602 million next year and adjusted EBITDA losses approaching $267 million.</p>
<p class="mb-6">The SEC dismissed its civil case against Gemini Trust Company in January over alleged unregistered securities offerings—a legal win that could have provided breathing room. However, persistent financial headwinds and market exits have left investors wary about whether Gemini can regain momentum with a narrower geographic focus.</p>
<h2 class="text-2xl font-bold mb-4">Boardroom Upheaval Jolts Post-IPO Hopes</h2>
<p class="mb-6">Gemini’s rapid-fire executive departures come at a precarious moment for both the company and its shareholders. The decision not to appoint a successor COO—and instead fold those duties into Cameron Winklevoss’ portfolio—underscores both urgency and uncertainty at the top. For now, interim leaders like Stojanovic (CFO) and Freedman (general counsel) face the challenge of navigating through ongoing layoffs and operational cutbacks while reporting to a board that has itself just lost a key member.</p>
<p class="mb-6">Investors are left asking: can consolidation under Winklevoss restore confidence or will continued volatility deepen skepticism? With shares trading below $7—down more than 13% on Tuesday alone—the market verdict remains grim for now.</p>
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            <h3 class="text-xl font-bold mb-4 text-gray-800 dark:text-white p-2">Key Learnings</h3>
            <ul class="space-y-2 text-gray-700 dark:text-gray-300 p-4">
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>Gemini stock dropped over 14% to $6.47 on Tuesday, down 86% from its $28 IPO price in September 2023.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>COO Marshall Beard, CFO Dan Chen, and CLO Tyler Meade departed immediately, with no successor COO planned; Cameron Winklevoss assumes key duties.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>Gemini will cut about 25% of staff and exit the U.K., EU, and Australia markets as part of restructuring.</li>
            </ul>
        </div><h2 class="text-2xl font-bold mb-4">What remains under scrutiny</h2>
<p class="mb-6">If Gemini’s interim leadership—appointed after the immediate departure of its COO, CFO, and CLO on Tuesday—fails to stabilize operations ahead of its next earnings report, the company’s shares, already down over 86% since its September IPO at $28, could face further pressure in the wake of projected 2025 net losses between $587 million and $602 million as disclosed in recent SEC filings.</p>

Leadership Vacuum Sends Shares Tumbling Gemini Space Station Inc. faced a sharp market backlash on Tuesday as its stock plunged more than 14% following the immediate departure of three top executives.

Gemini Stock Nosedives as C-Suite Exodus Follows Post-IPO Struggles

<h2 class="text-2xl font-bold mb-4">Wall Street’s DeFi ambitions accelerate</h2>
<p class="mb-6">Apollo Global Management, a Wall Street asset manager overseeing nearly $940 billion, is deepening its involvement in decentralized finance through a new agreement with the Morpho Association, the French non-profit behind the Morpho protocol. The deal grants Apollo and its affiliates the right to acquire up to 90 million MORPHO tokens over the next four years, a figure that represents 9% of the protocol’s total governance token supply. This move comes after Apollo’s previous seven-figure investment in blockchain project PLUME$0.01176, which targeted bringing traditional financial products onto blockchain infrastructure.</p>
<p class="mb-10 max-w-xl">On paper, Apollo’s scale dwarfs most DeFi players, but this agreement signals a willingness to engage directly with decentralized protocols rather than just invest from afar.</p> 
<h2 class="text-2xl font-bold mb-4">Token buy triggers weekend price surge</h2>
<p class="mb-6">News of Apollo’s planned token acquisition had an immediate impact on MORPHO’s price. Over the weekend following the announcement, MORPHO climbed by 17.8%, rising from around $1.12 on Friday to $1.32, as reported by cointelegraph.com. This uptick stands out against a longer-term backdrop: despite the recent jump, MORPHO remains down 38% over the past twelve months according to CoinGecko data.</p>
<br><p class="mb-6 italic text-slate-600 my-8">The Morpho Association announced the partnership on Friday, setting the stage for the 17.8% price increase over the weekend.</p>
<p class="mb-8 text-lg font-medium">Market reactions can be swift, but sustained momentum is less certain.</p> 
<h2 class="text-2xl font-bold mb-4">Four-year window for token acquisition</h2>
<p class="mb-6">The cooperation agreement between Apollo and Morpho sets a clear timeline: Apollo and its affiliates have a 48-month period to purchase up to 90 million MORPHO tokens. These acquisitions may occur via open-market buys, over-the-counter (OTC) transactions, or other contractual arrangements. However, strict caps and transfer restrictions will apply—no more than 9% of the total supply can be held by Apollo entities during this period.</p>
<p class="mb-6">Galaxy Digital UK acted as exclusive financial adviser to Morpho for this transaction. The structured approach reflects both parties’ efforts to balance institutional participation with decentralized governance safeguards.</p> 
<h2 class="text-2xl font-bold mb-4">Morpho’s vaults draw institutional capital</h2>
<p class="mb-6">Morpho has established itself as a significant player in DeFi lending markets, currently ranking as the sixth-largest protocol by total value locked (TVL) with $5.8 billion secured according to DeFi Llama. Its infrastructure supports both onchain lending markets and curator-managed vaults—products that have begun attracting attention from traditional finance institutions looking for yield and diversification.</p>
<p class="mb-6">Earlier this year, Bitwise reportedly provided curated vaults on Morpho offering a 6% annual yield—a rate that stands out in today’s low-yield environment for many institutional investors. Securitize issues ACRED tokens granting exposure to the Apollo Diversified Credit Fund, while Anemoy offers ACRDX tracking Apollo's global credit strategies—evidence that tokenized credit products are gaining traction among major asset managers.</p> 
<h2 class="text-2xl font-bold mb-4">What this means for DeFi governance</h2>
<p class="mb-6">By potentially acquiring up to 9% of MORPHO's governance tokens, Apollo could become one of the most influential voices in protocol decisions over the next four years. The Morpho protocol is governed by token holders who vote on upgrades and risk parameters—meaning Apollo’s share could shape future policy if fully realized within ownership caps and transfer limits.</p>
<p class="mb-6">Still, it is unclear exactly how actively Apollo intends to participate in governance or whether their involvement will trigger further institutional engagement across DeFi platforms. For now, the partnership marks another step in bridging traditional finance scale with decentralized innovation—one measured acquisition at a time.</p>
        <div class="border-l-4 border-blue-500 bg-white dark:bg-slate-800 pl-6 pr-4 py-5 my-8">
            <h3 class="text-xl font-bold mb-4 text-gray-800 dark:text-white p-2">Essential Facts</h3>
            <ul class="space-y-2 text-gray-700 dark:text-gray-300 p-4">
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>Apollo Global Management can acquire up to 90 million MORPHO tokens (9% of supply) over the next 4 years.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>MORPHO’s price rose 17.8% from $1.12 to $1.32 after the partnership was announced on Friday.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>Morpho is the sixth-largest DeFi protocol by total value locked, with $5.8 billion as of the announcement.</li>
            </ul>
        </div><h2 class="text-2xl font-bold mb-4">Next potential catalysts</h2>
<p class="mb-6">If Apollo or its affiliates begin open-market purchases of MORPHO tokens—up to the 90 million token cap outlined in their four-year agreement—this could immediately impact MORPHO's price and onchain governance dynamics; however, the exact timing and scale of these purchases remain unclear.</p>

Wall Street’s DeFi ambitions accelerate Apollo Global Management, a Wall Street asset manager overseeing nearly $940 billion, is deepening its involvement in decentralized finance through a new agreement with the Morpho Association, the...

Apollo eyes 9% stake in Morpho

<h2 class="text-2xl font-bold mb-4">Trump’s Media Brand Bets on Crypto</h2>
<p class="mb-6">Trump Media & Technology Group, the parent company behind Truth Social and majority-owned by former President Donald Trump, has filed registration documents for two new cryptocurrency exchange-traded</p>
<p class="mb-10 max-w-xl">On paper, the filings mark another high-profile attempt to bridge traditional finance with digital assets under a politically charged brand; in practice, SEC approval remains uncertain after recent delays.</p> <h2 class="text-2xl font-bold mb-4">Truth Social Eyes ETF Market Debut</h2>
<p class="mb-6">The first proposed product, the Truth Social Bitcoin and Ether ETF, aims to offer investors exposure to both bitcoin (BTC) and ether (ETH), with an approximate 60-40 split between the two leading cryptocurrencies. The second fund, dubbed the Truth Social Cronos Yield Maximizer ETF, would focus exclusively on CRO—the native token of Crypto.com’s Cronos blockchain—by investing in and staking CRO tokens. Each ETF is expected to charge a 0.95% management fee if approved.</p>
<br><p class="mb-6 italic text-slate-600 my-8">Yorkville America Equities submitted the ETF registration documents to the SEC on Friday, with Crypto.com set to provide custody and liquidity services if approved.</p>
<p class="mb-6">Both products are designed in partnership with Yorkville America Equities as investment adviser and Crypto.com as digital asset custodian, liquidity provider, and staking services provider. Foris Capital US LLC, an SEC-registered broker-dealer affiliated with Crypto.com, would distribute shares of both funds to investors. According to coindesk.com, these filings were made just days after an SEC delay on earlier Trump Media crypto ETF proposals.</p>
<p class="mb-8 text-lg font-medium">Shares in Trump Media closed at $10.98 on Friday but have dropped nearly 39% over the last six months.</p> <h2 class="text-2xl font-bold mb-4">Cronos Token Gets Spotlight in Filing</h2>
<p class="mb-6">The Cronos Yield Maximizer ETF stands out for its exclusive focus on CRO tokens and its plan to generate yield through staking—a process where holders lock up tokens to help secure a blockchain network in exchange for rewards. In September, Trump Media and Crypto.com established a joint treasury entity that began accumulating CRO tokens with an initial purchase of approximately 684.4 million CRO worth about $105 million via a mix of stock and cash. This substantial allocation signals a strategic bet on the growth potential of the Cronos ecosystem within regulated investment vehicles.</p>
<p class="mb-10 max-w-xl">While most crypto ETFs have focused on established assets like bitcoin or ether, this proposal marks one of the first attempts by a major U.S. media brand to bring a single-token staking product—specifically for CRO—to public markets.</p> <h2 class="text-2xl font-bold mb-4">Previous Trump ETF Attempts Still Pending</h2>
<p class="mb-6">Despite these new filings, none of Trump Media’s previous crypto ETF proposals have launched so far. The S-1 registration statements for both a spot bitcoin ETF (filed June 2025) and a Blue Chip Digital Asset ETF (filed July 2025) remain under SEC review. Bloomberg analyst Eric Balchunas has suggested that these earlier funds could go live within months; however, no official launch date has been set.</p>
<p class="mb-6">The SEC’s scrutiny is heightened by both regulatory caution around crypto assets and the political profile attached to Trump Media’s filings. As new products like the Truth Social Bitcoin and Ether ETF or Cronos Yield Maximizer await approval, it remains unclear whether regulators will greenlight these ambitious attempts at blending digital assets with mainstream finance.</p>
<p class="mb-8 text-lg font-medium">Will political ties help or hinder these ETFs’ path to market?</p>
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            <h3 class="text-xl font-bold mb-4 text-gray-800 dark:text-white p-2">Core Insights</h3>
            <ul class="space-y-2 text-gray-700 dark:text-gray-300 p-4">
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>On Friday, Yorkville America Equities filed SEC registration for two Truth Social ETFs: Bitcoin/Ether (60-40 split) and Cronos Yield Maximizer.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>Each ETF would charge a 0.95% management fee and be distributed via Foris Capital US LLC, affiliated with Crypto.com.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>In September, Trump Media and Crypto.com jointly purchased about 684.4 million CRO tokens, valued at roughly $105 million.</li>
            </ul>
        </div><h2 class="text-2xl font-bold mb-4">What the market is waiting for</h2>
<p class="mb-6">The market is awaiting the U.S. Securities and Exchange Commission's review and potential approval of the Truth Social Bitcoin and Ether ETF and the Truth Social Cronos Yield Maximizer ETF, filed on Friday; if the SEC approves these products, Crypto.com will serve as custodian and staking provider, enabling investors to access bitcoin, ether, and CRO exposure through Foris Capital US LLC immediately upon launch, but the timing of any decision remains unclear as the filings have not yet taken effect.</p>

Trump’s Media Brand Bets on Crypto Trump Media & Technology Group, the parent company behind Truth Social and majority-owned by former President Donald Trump, has filed registration documents for two new cryptocurrency exchange-traded On...

Truth Social Pushes for Crypto ETFs With Bitcoin, Ethereum, and Cronos Focus

<h2 class="text-2xl font-bold mb-4">$1B SAFU Fund Now Pure BTC</h2>
<p class="mb-6">Binance has finalized the conversion of its Secure Asset Fund for Users (SAFU) into bitcoin, shifting the entire $1 billion emergency reserve from a mix of assets into 15,000 BTC.</p>
<p class="mb-10 max-w-xl">Previously, SAFU held a blend of stablecoins and other cryptocurrencies, but Binance executed multiple purchases, including two separate tranches of 1,315 BTC (each worth about $100 million), a 3,600 BTC batch for $250 million, and another acquisition of 4,225 BTC for $300 million. As a result, the reserve reached its target size ahead of schedule—finalizing all purchases in less than two weeks instead of the full month initially allotted.</p>
<br><p class="mb-6 italic text-slate-600 my-8">The transition was completed within a 30-day window following Binance’s announcement on January 30.</p>
<h2 class="text-2xl font-bold mb-4">Emergency Reserve Climbs Top BTC Holders</h2>
<p class="mb-6">With the latest purchase, Binance’s SAFU fund now holds more bitcoin than Coinbase’s treasury account. According to coingape.com, Binance’s 15,000 BTC puts it ahead of Coinbase’s 14,548 BTC and even surpasses national holdings such as North Korea’s estimated 13,562 BTC and Bhutan’s 10,769 BTC. The fund's rapid accumulation has placed it among the world’s ten largest known bitcoin treasuries.</p>
<p class="mb-8 text-lg font-medium">On paper this is simply a reserve shuffle—but in practice it places Binance among the most significant institutional holders of bitcoin globally.</p>
<p class="mb-6">The acquisitions were made during a period when bitcoin traded between $66,006 and $70,000. The final tranche alone was executed at roughly $66,939 per coin. While this concentration in a single asset marks a distinct shift from the prior diversified approach using stablecoins like USDT or BUSD, Binance stated that this demonstrates its confidence in bitcoin as a long-term store of value.</p>  <h2 class="text-2xl font-bold mb-4">Big Bitcoin Buy Amid Market Fear</h2>
<p class="mb-6">Binance completed one of its largest purchases—$304 million worth of bitcoin—on Thursday. This came just three days after another $300 million acquisition earlier in the week. Notably, these transactions occurred as the crypto market sentiment index from alternative.me fell to five on Thursday—the lowest reading ever recorded—signaling extreme fear among investors across digital assets.</p>
<p class="mb-6">Despite this climate of caution and volatility in early February, Binance pressed forward with its plan to convert all SAFU assets into bitcoin. The company transferred 1,315 BTC (about $100 million) from hot wallets into the fund on February 2 as part of this process. It’s unclear whether the timing was intended to capitalize on lower prices or simply to meet the self-imposed deadline for conversion.</p>
<p class="mb-10 max-w-xl">While some might question concentrating user protection funds into one volatile asset during turbulent markets, Binance has pledged to replenish SAFU should its value drop below $800 million due to price swings.</p> <h2 class="text-2xl font-bold mb-4">Why Binance Ditched Stablecoin Backing</h2>
<p class="mb-6">The rationale behind moving away from stablecoins and denominating SAFU entirely in bitcoin appears twofold: simplicity and conviction. Stablecoins offer price stability but depend on third-party issuers and can face regulatory scrutiny or depegging risks. By contrast, holding only bitcoin removes counterparty risk but introduces exposure to price volatility—a risk that Binance says it will manage by topping up the fund if needed.</p>
<p class="mb-6">For users whose funds are protected by SAFU in case of exchange breaches or emergencies, this change means their safety net now fluctuates directly with bitcoin’s market price rather than being buffered by stable assets. Whether this signals increased confidence or simply higher risk tolerance remains open to debate.</p>
        <div class="border-l-4 border-blue-500 bg-white dark:bg-slate-800 pl-6 pr-4 py-5 my-8">
            <h3 class="text-xl font-bold mb-4 text-gray-800 dark:text-white p-2">What You Should Know</h3>
            <ul class="space-y-2 text-gray-700 dark:text-gray-300 p-4">
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>Binance converted its $1 billion SAFU fund into 15,000 BTC within less than two weeks, ahead of the 30-day plan.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>The final 4,545 BTC purchase brought SAFU’s total to 15,000 BTC, surpassing Coinbase’s 14,548 BTC holdings.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>Binance pledged to replenish SAFU if its value drops below $800 million due to market volatility.</li>
            </ul>
        </div><h2 class="text-2xl font-bold mb-4">What comes next</h2>
<p class="mb-6">If the value of Binance's SAFU fund, now fully held in 15,000 BTC, drops below $800 million due to market volatility, Binance has pledged to replenish it; whether such a replenishment will be required remains unclear and will depend on future Bitcoin price movements.</p>

$1B SAFU Fund Now Pure BTC Binance has finalized the conversion of its Secure Asset Fund for Users (SAFU) into bitcoin, shifting the entire $1 billion emergency reserve from a mix of assets into 15,000 BTC.

Binance Converts $1B SAFU Fund Entirely Into Bitcoin, Surpassing Coinbase in BTC Holdings

<h2 class="text-2xl font-bold mb-4">Jump Trading bets on prediction markets</h2>
<p class="mb-6">Jump Trading, a major player in quantitative trading, is set to acquire minority stakes in two of the world’s largest prediction market platforms—Polymarket and Kalshi. The move comes as both companies have recently achieved multibillion-dollar valuations, with Kalshi reaching $11 billion and Polymarket close behind at $9 billion. Rather than a traditional cash investment, Jump will earn its equity by providing liquidity—essentially acting as a market maker to ensure smoother trading and tighter spreads for users.</p>
<p class="mb-6">This strategy signals a growing institutional interest in the prediction market sector, which allows users to trade contracts based on the outcome of real-world events, from elections to sports matches. Notably, Jump Trading has expanded its team by 20 new hires focused specifically on prediction-market trading in recent months. This expansion underlines the firm's commitment to this emerging asset class.</p> <h2 class="text-2xl font-bold mb-4">Liquidity for equity: the new trend</h2>
<p class="mb-6">The core of Jump’s arrangement with both Polymarket and Kalshi is simple: provide liquidity, receive equity. For Kalshi, the deal is for a fixed amount of equity regardless of future trading volume. In contrast, Jump’s stake in Polymarket will increase over time depending on how much liquidity it supplies to the platform’s U.S. operations. This tiered approach aligns incentives between Jump and Polymarket, encouraging deeper engagement as trading volumes grow.</p>
<p class="mb-10 max-w-xl">According to coindesk.com, these deals are not just about ownership—they position Jump as a key infrastructure provider for two platforms that together have defined much of the current prediction market landscape.</p> <h2 class="text-2xl font-bold mb-4">Kalshi deal locks in fixed stake</h2>
<p class="mb-6">Kalshi operates as a centralized and federally regulated exchange in the United States. Its latest funding round in December secured $1 billion and pushed its valuation to $11 billion. Jump Trading’s agreement with Kalshi grants it a fixed equity stake in exchange for serving as a market maker—a role that involves providing buy and sell offers to keep markets active and liquid.</p>
<p class="mb-8 text-lg font-medium">On paper, this gives Jump a predictable ownership share; but unlike Polymarket, there’s no upside tied directly to future trading activity.</p> <h2 class="text-2xl font-bold mb-4">Polymarket stake tied to trading volume</h2>
<p class="mb-6">Polymarket stands apart as a decentralized platform built on the Polygon blockchain, enabling onchain settlement of contracts—a technical distinction that appeals to crypto-native traders. Its $9 billion valuation was buoyed by a $2 billion raise from Intercontinental Exchange, parent company of the New York Stock Exchange. For Jump Trading, equity in Polymarket will be determined by how much liquidity it provides over time; the more capital it commits to making markets, the larger its stake could become.</p>
<p class="mb-6">This approach reflects confidence in growing user demand and trading volumes on decentralized exchanges. Survey data shows that 31% of Americans believe prediction markets are likely to become a “bigger, more important part of culture,” suggesting potential mainstream adoption is on the horizon.</p>
<p class="mb-6">Still, it’s unclear how regulatory scrutiny—especially given past lawsuits involving crypto firms—might impact these partnerships moving forward.</p> <h2 class="text-2xl font-bold mb-4">Wall Street enters decentralized prediction platforms</h2>
<p class="mb-6">Jump Trading’s entry into this space is part of a broader institutional movement toward alternative financial products built on blockchain technology. Other Wall Street names have made similar moves: Susquehanna International Group partnered with Robinhood for derivatives exchange LedgerX, while Robinhood itself collaborates with Kalshi for its own prediction market product.</p>
<p class="mb-10 max-w-xl">Sports-related contracts have emerged as a primary growth driver within these platforms; research from Eilers & Krejcik Gaming indicates that sports betting could account for nearly half of all projected expansion in the sector.</p>
<p class="mb-6">As institutional players like Jump deepen their involvement—and as both centralized (Kalshi) and decentralized (Polymarket) models attract billions—the lines between traditional finance and crypto-native innovation continue to blur. Whether this convergence can withstand regulatory challenges remains an open question.</p>
        <div class="border-l-4 border-blue-500 bg-white dark:bg-slate-800 pl-6 pr-4 py-5 my-8">
            <h3 class="text-xl font-bold mb-4 text-gray-800 dark:text-white p-2">The Wrap-Up</h3>
            <ul class="space-y-2 text-gray-700 dark:text-gray-300 p-4">
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>Jump Trading will receive a fixed equity stake in Kalshi and a scalable stake in Polymarket for providing liquidity.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>Kalshi and Polymarket recently reached valuations of $11 billion and $9 billion, respectively.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>Jump Trading has hired 20 staffers in recent months to focus on prediction-market trading.</li>
            </ul>
        </div><h2 class="text-2xl font-bold mb-4">Key points still in play</h2>
<p class="mb-6">Jump Trading’s stake in Polymarket will increase if it provides greater trading capacity to the platform’s U.S. operation, so if Jump ramps up its market-making activity, its equity share will immediately rise beyond the initial small package; the exact scale and timing of this increase remain unclear.</p>

Jump Trading bets on prediction markets Jump Trading, a major player in quantitative trading, is set to acquire minority stakes in two of the world’s largest prediction market platforms—Polymarket and Kalshi.

Jump Trading Secures Stakes in Polymarket and Kalshi Through Liquidity Deals

<h2 class="text-2xl font-bold mb-4">Mega liquidations shake crypto's core</h2>
<p class="mb-6">The cryptocurrency market faced a dramatic downturn in early February, with both bitcoin and ether suffering steep declines that triggered massive liquidations across trading desks.</p>
<p class="mb-6">This sharp correction forced major players to unwind leveraged positions. Trend Research, led by Jack Yi, had built a $2 billion bullish bet on ether by borrowing stablecoins against ETH collateral on Aave. As prices tumbled, the firm was compelled to liquidate over 300,000 ETH—moving 332,000 ETH worth approximately $700 million to Binance within five days to repay debt. The result was a staggering $686 million loss for Trend Research and a near-total wipeout of their ether holdings; they now retain just 1.463 ETH.</p>
<br><p class="mb-6 italic text-slate-600 my-8">Ether's price reached a low of $1,750 on February 4, its weakest level since April 2025.</p>
<p class="mb-10 max-w-xl">The forced sales by large entities amplified selling pressure and contributed to further price declines throughout the market.</p> <h2 class="text-2xl font-bold mb-4">Record options bets signal panic</h2>
<p class="mb-6">During Thursday’s crash, options activity on BlackRock’s spot bitcoin ETF (IBIT) exploded to unprecedented levels. According to coindesk.com, IBIT options volume soared to 2.33 million contracts in one day—an all-time high—with puts (bets on further downside) narrowly outpacing calls. The demand for protection against falling prices was so intense that options buyers paid a record $900 million in premiums during the session, a sum equivalent to the market capitalization of several mid-tier crypto tokens.</p>
<p class="mb-8 text-lg font-medium">On paper these premiums represent hedging activity, but some market watchers speculated about a hedge fund blowup behind the scenes.</p>

<p class="mb-6">While one analyst claimed that these outsized premium payments were linked to a major hedge fund’s collapse due to heavy IBIT exposure, others disputed this explanation. What is clear is that fear dominated trading desks as volatility spiked and investors scrambled for protection against further losses.</p> <h2 class="text-2xl font-bold mb-4">$900M premiums: fear or opportunity?</h2>
<p class="mb-6">The sheer scale of Thursday’s options activity underscored just how rapidly sentiment shifted from greed to fear. The Crypto Fear and Greed Index plunged into single digits—a territory reached only a handful of times in bitcoin’s 17-year history—mirroring panic seen at previous cycle bottoms. Simultaneously, bitcoin became the third most oversold it has ever been based on the Relative Strength Index (RSI), signaling extreme short-term pessimism among traders.</p>
<p class="mb-10 max-w-xl">With roughly 10 million BTC now held at a loss and another 10 million still in profit, supply metrics have nearly converged—a pattern typically observed at major market turning points such as those in 2015, 2019, and late 2022.</p> <h2 class="text-2xl font-bold mb-4">Ether whales forced to capitulate</h2>
<p class="mb-6">For ether holders with leveraged bets, the selloff brought swift consequences. Trend Research’s liquidation of over 300,000 ETH was described by Jack Yi as a risk-control measure rather than outright capitulation. However, with losses totaling $686 million and their position reduced from hundreds of thousands of ETH to just over one token after repaying Aave loans via Binance transfers, the scale of forced selling was impossible to ignore.</p>
<p class="mb-6">Despite these setbacks, Yi stated publicly that his firm remains optimistic about both bitcoin and ether reaching new highs in the future—a stance echoed by some long-term investors who see deep drawdowns as potential accumulation opportunities rather than signals of permanent defeat.</p>
<p class="mb-8 text-lg font-medium">Yet optimism alone cannot erase realized losses or restore lost capital overnight.</p> <h2 class="text-2xl font-bold mb-4">Flash crash exposes exchange fragility</h2>
<p class="mb-6">Even as global markets reeled from forced liquidations and record options activity, an unrelated incident on South Korean exchange Bithumb highlighted another form of systemic vulnerability. A software error mistakenly credited users with 2,000 BTC each instead of a small reward worth just $1.50 (about 2,000 Korean won). This led hundreds of accounts to show tens of millions in phantom bitcoin balances overnight—even though no actual BTC moved onchain.</p>
<p class="mb-10 max-w-xl">When users rushed to sell these nonexistent assets, Bithumb’s BTC/KRW price crashed nearly 16% below other exchanges—trading briefly at just $55,000 while global prices remained stable.</p>
<p class="mb-6">Bithumb quickly froze affected accounts after detecting abnormal transactions through internal controls and later confirmed there was no hack or external breach involved. Customer assets remain secure according to Bithumb officials; however, the episode demonstrates how technical glitches can trigger flash crashes independent of broader market trends.</p> <h2 class="text-2xl font-bold mb-4">Next support: bargain hunters or freefall?</h2>
<p class="mb-6">As both bitcoin and ether approach key technical levels—the former hovering near its 200-week moving average around $58,011—the market faces an inflection point between renewed accumulation and deeper declines. With long-term holders now sitting on unrealized losses for over 4.6 million BTC (a figure last seen at bear-market lows), some see parallels with past bottoming events where capitulation set the stage for recovery.</p>
<p class="mb-6">But while metrics suggest exhaustion among sellers and historic levels of oversold conditions, it remains uncertain whether bargain hunters will step in forcefully enough to reverse momentum or if further pain lies ahead before stability returns. For now, big players have taken big hits—and smaller investors are left weighing risk versus reward amid ongoing volatility.</p>
        <div class="border-l-4 border-blue-500 bg-white dark:bg-slate-800 pl-6 pr-4 py-5 my-8">
            <h3 class="text-xl font-bold mb-4 text-gray-800 dark:text-white p-2">Key Takeaways</h3>
            <ul class="space-y-2 text-gray-700 dark:text-gray-300 p-4">
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>Trend Research lost $686 million after liquidating over 300,000 ETH as ether fell to $1,750 on February 4, 2025.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>BlackRock’s bitcoin ETF (IBIT) saw a record 2.33 million options contracts traded and $900 million in premiums paid during Thursday’s crash.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>Bitcoin’s price dropped over $10,000 to around $62,000 on February 5, marking its largest single-day decline since November 2022.</li>
            </ul>
        </div><h2 class="text-2xl font-bold mb-4">What remains to be seen</h2>
<p class="mb-6">If bitcoin’s price falls below its 200-week moving average of $58,011, it would mark a breach of a historically significant support level that has only been crossed during major bear market lows, but whether this occurs in the aftermath of the Feb. 5 crash remains unclear.</p>

Mega liquidations shake crypto's core The cryptocurrency market faced a dramatic downturn in early February, with both bitcoin and ether suffering steep declines that triggered massive liquidations across trading desks.

Bitcoin and Ethereum Rout Triggers Liquidations and Bottom Signals Across Crypto Markets

<h2 class="text-2xl font-bold mb-4">$2.6B Liquidated Amid Panic Selling</h2>
<p class="mb-6">The cryptocurrency market was rocked on Thursday as more than $2.6 billion in positions were liquidated during a rapid selloff that sent bitcoin tumbling to $60,000.</p>
<p class="mb-10 max-w-xl">While bitcoin’s drawdown dominated headlines, other major tokens also suffered heavy losses. Ether (ETH) plunged to $1,750 before rebounding, and Zcash (ZEC) lost 34% of its value in just seven days. The scale of the liquidation underscores both the leverage present in crypto markets and the speed at which sentiment can shift when prices nosedive.</p> <h2 class="text-2xl font-bold mb-4">Traders Suspect a Hidden Whale Blowup</h2>
<p class="mb-6">As prices collapsed, speculation mounted about the source of the selling pressure. Some traders described the action as “forced” and “indiscriminate,” suggesting that a large player—possibly based in Asia—was offloading massive holdings with little regard for price impact. Pantera Capital’s Franklin Bi pointed to limited crypto-native counterparties in Asia as a potential clue, but it remains unclear whether a single fund blowup triggered the cascade or if multiple entities were involved.</p>
<p class="mb-6">On paper, bitcoin’s fundamentals have not changed dramatically in recent weeks, but the sudden surge in liquidations and thin liquidity created conditions ripe for outsized volatility. During this period, the relative strength index (RSI) showed bitcoin reaching its third most “oversold” level ever recorded—a rare technical signal that typically only appears during historic drawdowns.</p> <h2 class="text-2xl font-bold mb-4">Extreme Fear Index Hits FTX Lows</h2>
<p class="mb-8 text-lg font-medium">The Crypto Fear and Greed Index dropped to 9 on Friday—its lowest reading since November 2022—signaling “extreme fear” not seen since the FTX debacle.</p>
<p class="mb-6">This sentiment gauge, built around factors like volatility, trading volume, and social media engagement, had already fallen from 42 last month to 16 last week before plunging further as bitcoin neared $60,000. The index serves as a snapshot of market anxiety rather than a predictor of future moves, but such low readings often coincide with periods of capitulation and deleveraging. As reported by coindesk.com, this latest drop was accompanied by a sharp contraction in market momentum and an exodus from risky positions.</p> <h2 class="text-2xl font-bold mb-4">Asia Open Sparks Bitcoin Rebound</h2>
<p class="mb-10 max-w-xl">After hitting overnight lows near $60,000 during late U.S. hourrs on Thursday, bitcoin staged a partial recovery as Asian markets opened on Friday morning.</p>

<p class="mb-6">The price rebounded above $65,000—a swing of more than 8% within hours—as buyers stepped back into the market amid extreme volatility. Volmex’s bitcoin volatility index (BVIV), which measures expected price turbulence over four weeks, spiked from 56% to nearly 100%. Such levels had not been seen since the FTX exchange collapse two years prior. The top five most traded options on Deribit were all bearish puts with strikes ranging from $70,000 down to an extreme $20,000—highlighting just how wide traders perceive potential downside risk to be at present.</p> <h2 class="text-2xl font-bold mb-4">Altcoins Slammed Harder Than Bitcoin</h2>
<p class="mb-6">While bitcoin’s fall grabbed attention due to its size and symbolic significance, altcoins suffered even steeper declines over the past week. Solana (SOL), Optimism (OP), and Ether (ETH) each registered losses around 30%, outpacing even bitcoin’s dramatic slide. Zcash’s 34% weekly drop stood out as one of the sharpest among major cryptocurrencies.</p>
<p class="mb-6">This broad-based pain was compounded by thin liquidity across major trading venues. With fewer buyers willing to step in during moments of stress, token prices became more vulnerable to outsized moves—even minor sell orders could move markets significantly lower. Meanwhile, traditional assets were not immune: since January 28, the Nasdaq 100 fell by 6%, gold declined by 12%, and silver plummeted by 38%, underscoring a wider risk-off mood beyond crypto alone.</p>
<p class="mb-6">ETF activity also surged amid the chaos: BlackRock’s spot bitcoin ETF (IBIT) saw its biggest-ever volume day at $10.7 billion traded and a record $900 million in options premium exchanged—a sign that institutional players were active participants during this volatile episode.</p>
        <div class="border-l-4 border-blue-500 bg-white dark:bg-slate-800 pl-6 pr-4 py-5 my-8">
            <h3 class="text-xl font-bold mb-4 text-gray-800 dark:text-white p-2">Key Points</h3>
            <ul class="space-y-2 text-gray-700 dark:text-gray-300 p-4">
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>Over $2.6 billion in crypto positions were liquidated during Thursday’s selloff, with bitcoin dropping to $60,000.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>The Crypto Fear and Greed Index hit 9 on Friday, its lowest since the FTX collapse in November 2022.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>Bitcoin volatility index (BVIV) surged to nearly 100% Thursday, matching levels last seen during the 2022 FTX crisis.</li>
            </ul>
        </div><h2 class="text-2xl font-bold mb-4">What to track going forward</h2>
<p class="mb-6">If the Crypto Fear and Greed Index, which hit an “extreme fear” reading of 9 on Friday—the lowest since the FTX collapse—remains at or below this level in the coming days, it would indicate persistent market stress and continued risk of further forced liquidations.</p>

$2.6B Liquidated Amid Panic Selling The cryptocurrency market was rocked on Thursday as more than $2.6 billion in positions were liquidated during a rapid selloff that sent bitcoin tumbling to $60,000.

Bitcoin Plunges to $60,000: Liquidations, Fear, and Forced Selling Roil Crypto Markets

<h2 class="text-2xl font-bold mb-4">Fear Index Plunges to 2024 Lows</h2>
<p class="mb-6">Bitcoin’s price tumbled below the $70,000 threshold on Thursday, sliding to a session low of $69,917.20 and marking a drop of more than 7% over the previous 24 hours. Ether mirrored the decline, also falling over 7%, as market sentiment deteriorated rapidly. The widely watched Fear and Greed Index—a barometer for investor mood—plummeted to 11, its lowest point in 2024 and a level reached only a handful of times in the past. This sharp swing in sentiment has left traders on edge, with many recalling similar episodes of extreme fear that preceded periods of prolonged volatility.</p>
<p class="mb-6">The current downturn comes at a time when bitcoin is revisiting price zones that acted as strong resistance between March and October 2024. For context, in May 2022, a comparable selloff led to a month-long consolidation before prices slid even lower. Market participants are now watching closely for signs that history could repeat itself.</p>
<br><p class="mb-6 italic text-slate-600 my-8">Alex Kupsikevich, chief market analyst at The FxPro, noted that bitcoin has returned to a resistance area last seen from March to October 2024.</p>
<h2 class="text-2xl font-bold mb-4">Leverage Unwinds Accelerate Crypto Slide</h2>
<p class="mb-10 max-w-xl">Derivatives liquidations have played a central role in amplifying bitcoin’s decline this week. As leveraged positions unwound en masse, selling pressure intensified across major cryptocurrencies—including XRP and ether—triggering further losses. Bitget’s chief market analyst cited not only the impact of derivatives but also macroeconomic headwinds such as heightened geopolitical risk and uncertainty around interest rates. These factors have prompted investors to reduce exposure to higher-beta assets, accelerating the downward momentum.</p>
<p class="mb-6">On paper, the Nasdaq-tracking Invesco QQQ ETF was up slightly by 0.05% in pre-market trading; in contrast, crypto-linked equities took a hit. MicroStrategy shares dropped more than 5%, leaving them nearly 80% below their all-time high from November 2024. Coinbase fell another 2%, while digital asset firms like Strive and Nakamoto each lost around 6%. The disconnect between traditional tech stocks and digital assets has rarely been so stark.</p>

<p class="mb-8 text-lg font-medium">Gold and silver joined the selloff: gold slipped more than 1% to under $4,900 per ounce, while silver plunged over 11% to below $79 per ounce.</p> <h2 class="text-2xl font-bold mb-4">Miners Face Mounting Profit Pressure</h2>
<p class="mb-6">For bitcoin miners, the recent price drop has introduced new financial strains. The average cost to mine one bitcoin currently stands at roughly $87,000—about 20% above spot prices after this week’s fall toward $70,000. This means that many miners are now operating at a loss based on industry-wide production cost estimates that use network difficulty as a key metric. In response, some miners have begun selling their bitcoin reserves to cover energy bills and service debt obligations.</p>
<p class="mb-6">Hashrate—the measure of computational power securing the network—peaked near 1.1 zettahash (ZH/s) last October before dropping by approximately 20%. While it has recently rebounded to around 913 exahash (EH/s), the sector remains under pressure as profitability dwindles. Previous bear markets in both 2019 and 2022 saw bitcoin trade below production costs for extended periods before eventually recovering.</p> <h2 class="text-2xl font-bold mb-4">Historic Selloff Mirrors Past Patterns</h2>
<p class="mb-6">Stifel analysts issued a stark warning on Wednesday: bitcoin could crash as low as $38,000 if historical patterns persist. Their note referenced previous drawdowns of up to 93% (2011), 84% (2015), 83% (2018), and most recently, 76% (2022). With bitcoin having peaked above $126,000 last October before halving its value by June 2025, comparisons to prior cycles are increasingly hard to ignore.</p>
<p class="mb-6">Despite these warnings, broader macroeconomic conditions remain uncertain. The Federal Reserve cut interest rates during its final three meetings of 2025 but maintained a hawkish tone; meanwhile, the Dollar Index has dropped nearly 1% this year after sliding almost 10% in the previous year. Oil prices have also stayed volatile amid escalating U.S.-Iran tensions—a reminder that crypto markets do not operate in isolation.</p>
<p class="mb-6">As reported by coindesk.com, many miners are now selling off their holdings just to keep operations afloat—a move reminiscent of prior capitulation phases during major downturns.</p>
        <div class="border-l-4 border-blue-500 bg-white dark:bg-slate-800 pl-6 pr-4 py-5 my-8">
            <h3 class="text-xl font-bold mb-4 text-gray-800 dark:text-white p-2">The Key Lessons</h3>
            <ul class="space-y-2 text-gray-700 dark:text-gray-300 p-4">
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>Bitcoin (BTC) fell below $70,000 to $69,917.20, dropping over 7% in the past 24 hours.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>The Fear and Greed Index plunged to 11.00, its lowest level in 2024 and rarely seen historically.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>Derivatives liquidations and leveraged selling accelerated declines across major cryptocurrencies, including ether (ETH) and XRP.</li>
            </ul>
        </div><h2 class="text-2xl font-bold mb-4">Key variables ahead</h2>
<p class="mb-6">MicroStrategy is scheduled to report fourth-quarter earnings later Thursday, and if the company discloses additional bitcoin sales or impairment losses amid BTC's drop below $70,000—now about 20% under the estimated $87,000 mining cost—it could trigger further immediate selling pressure from miners and institutional holders.</p>

Fear Index Plunges to 2024 Lows Bitcoin’s price tumbled below the $70,000 threshold on Thursday, sliding to a session low of $69,917.20 and marking a drop of more than 7% over the previous 24 hours.

Bitcoin Sinks Below $70,000 as Fear Index Hits Yearly Lows and Liquidations Surge

<h2 class="text-2xl font-bold mb-4">Investors Reverse Course After Prolonged Outflows</h2>
<p class="mb-6">After nearly ten consecutive days of withdrawals, U.S.-listed spot bitcoin ETFs witnessed a dramatic reversal on Monday. Investors poured $561.8 million into these funds, marking the largest single-day net inflow since January 14. This influx ended a four-day streak of outflows that had seen $1.5 billion leave spot bitcoin ETFs just last week. The abrupt turnaround comes as bitcoin's price tumbled from highs near $98,000 to a low below $75,000, presenting what some traders viewed as an opportunity to buy at a discount.</p>
<p class="mb-6">On paper, the recent inflows suggest renewed confidence—but the year-to-date picture remains negative. As of Tuesday, spot bitcoin ETFs still showed $1 billion in net outflows for 2024, with total outflows reaching $4.6 billion and only $3.6 billion in offsetting inflows over the same period.</p>
<br><p class="mb-6 italic text-slate-600 my-8">Spot bitcoin ETFs now account for about 1.3 million BTC in assets under management, down from the October 2023 peak of 1.37 million BTC.</p>
<h2 class="text-2xl font-bold mb-4">BlackRock and Fidelity Lead Fresh Surge</h2>
<p class="mb-6">The recent surge was not evenly distributed among all 11 U.S.-listed bitcoin ETFs. BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s FBTC stood out as top beneficiaries, attracting $142 million and $153.3 million in inflows respectively on Monday. This renewed interest follows several weeks where even major players saw consistent redemptions.</p>
<p class="mb-8 text-lg font-medium">Meanwhile, Grayscale’s Bitcoin Trust posted weekly outflows of $119 million, highlighting ongoing divergence between ETF providers.</p>
<p class="mb-10 max-w-xl">Despite strong daily inflows for IBIT and FBTC, it is uncertain whether this momentum will persist or if it merely reflects opportunistic buying after sharp price declines.</p>
<h2 class="text-2xl font-bold mb-4">ETF Holdings Dip Below October Peak</h2>
<p class="mb-6">Spot bitcoin ETFs now collectively hold about 1.3 million BTC in assets under management—a figure roughly 5% lower than their October peak of 1.37 million BTC. This reduction underscores the impact of recent outflows and suggests that while Monday’s inflow was significant, it has not yet reversed the broader trend of diminished holdings across these products.</p>
<p class="mb-6">According to coindesk.com, these shifts in ETF holdings have coincided with notable volatility in bitcoin prices, which hit a year-to-date low of $74,555 on Monday before rebounding above $79,000 later that day.</p>
<h2 class="text-2xl font-bold mb-4">$1.5 Billion Out Last Week—Now What?</h2>
<p class="mb-6">Last week’s exodus of $1.5 billion from U.S.-listed spot bitcoin ETFs was mirrored globally; exchange-traded products tracking bitcoin saw net outflows totaling $1.35 billion worldwide over the same period. Notably, Galaxy Digital’s research head pointed out that bitcoin traded up to 10% below the average cost basis for U.S. ETF holders—calculated at around $84,099—during the weekend selloff.</p>
<p class="mb-6">This gap between current market price (near $78,000) and average ETF entry point leaves many investors underwater for now. Historically, such conditions have sometimes led to further selling as holders cut losses or wait for a recovery back above their initial investment levels.</p>
<p class="mb-6">Yet technical indicators like the daily Relative Strength Index (RSI) dropping into the low 20s—a zone often followed by rebounds—suggest potential for short-term reversals even amid broader uncertainty.</p>
<h2 class="text-2xl font-bold mb-4">Cost Basis Gap Raises Investor Risks</h2>
<p class="mb-6">The average cost basis across U.S.-listed spot bitcoin ETFs stands at approximately $84,099 per BTC, while spot prices remain about 7% lower than that mark as of early this week. Over the weekend, this gap widened to as much as 10%, intensifying pressure on recent buyers who may be facing unrealized losses.</p>
<p class="mb-6">It is unclear whether Monday’s record inflow signals a longer-term shift or is simply a reaction to perceived “fire-sale” conditions after a steep drawdown from all-time highs—a drop measured at roughly 40% from peak levels.</p>
        <div class="border-l-4 border-blue-500 bg-white dark:bg-slate-800 pl-6 pr-4 py-5 my-8">
            <h3 class="text-xl font-bold mb-4 text-gray-800 dark:text-white p-2">Quick Recap</h3>
            <ul class="space-y-2 text-gray-700 dark:text-gray-300 p-4">
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>U.S.-listed bitcoin ETFs saw $561.8 million in inflows on Monday, the largest single-day net inflow since January 14.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>Year-to-date, spot bitcoin ETFs have $1 billion in net outflows as of Tuesday, with $4.6 billion out and $3.6 billion in.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>BlackRock’s IBIT and Fidelity’s FBTC led Monday’s surge with $142 million and $153.3 million in inflows, respectively.</li>
            </ul>
        </div><h2 class="text-2xl font-bold mb-4">What could influence sentiment</h2>
<p class="mb-6">If U.S.-listed bitcoin ETFs sustain inflows above Monday’s $561.8 million—the largest since January 14—after last week’s $1.5 billion in outflows, it would immediately signal renewed institutional demand following a near ten-day outflow streak; however, whether this reversal persists remains unclear.</p>

Investors Reverse Course After Prolonged Outflows After nearly ten consecutive days of withdrawals, U.S.-listed spot bitcoin ETFs witnessed a dramatic reversal on Monday.

Bitcoin ETF Flows Swing Back as Bargain Hunters Move In

<h2 class="text-2xl font-bold mb-4">ETF Outflows Fuel Steep Selloff</h2>
<p class="mb-6">Bitcoin’s price tumbled through the $85,000 level and briefly touched $81,000 during U.S. trading hours on Thursday, marking one of the sharpest declines since late last year. The selloff coincided with nearly $1 billion in outflows from U.S.-listed spot bitcoin and ether ETFs in a single day. Investors pulled $817.9 million from spot bitcoin ETFs on January 29, the largest daily outflow since November 20. Ether ETFs were also hit hard, losing $155.6 million on the same day, and total ether ETF assets fell to $16.75 billion from over $18 billion earlier in the month.</p>
<p class="mb-10 max-w-xl">Major funds were not spared: BlackRock’s IBIT saw $317.8 million redeemed, Fidelity’s FBTC lost $168 million, and Grayscale’s GBTC had another $119.4 million exit.</p>
<p class="mb-6">On paper, ETFs are designed to provide stability and easy access for investors; in practice this week, they became a channel for rapid capital flight as sentiment turned.</p> <h2 class="text-2xl font-bold mb-4">Liquidations Mount as Bulls Retreat</h2>
<p class="mb-6">The cascade of redemptions set off a chain reaction across derivatives makrets. More than $1.7 billion in leveraged positions were liquidated within 24 hours, with 93% of these coming from long bets on rising prices. Bitcoin accounted for about $780 million of these forced liquidations, while ether contributed over $414 million. The largest single wipeout was an $80.57 million BTC-USDT position on HTX exchange.</p>
<p class="mb-8 text-lg font-medium">Roughly 267,370 traders saw their positions forcibly closed as exchanges moved to cover margin shortfalls.</p>
<p class="mb-6">Long exposure dominated the pain: Hyperliquid reported $598 million in liquidations (94% long), Bybit followed with $339 million, and Binance logged $181 million—all with longs bearing the brunt. Short sellers did not escape unscathed but accounted for just $118 million in liquidations.</p> <h2 class="text-2xl font-bold mb-4">Volatility Surges to November Highs</h2>
<p class="mb-6">As prices unraveled, volatility metrics spiked to levels not seen since November. Deribit’s bitcoin volatility index (DVOL) jumped from around 37 to above 44 during Thursday’s sell-off, signaling a sharp rise in expected price swings over the next month based on options pricing. At the same time, Wall Street’s VIX—a barometer of equity market nerves—also climbed higher.</p>

<p class="mb-6">Deribit data placed bitcoin’s implied volatility (IV) rank at 36 and IV percentile near 50, suggesting that while options traders are bracing for more turbulence ahead, outright panic has yet to take hold. Some participants are now targeting the $70,000 mark as a possible destination if selling pressure persists in coming weeks.</p> <h2 class="text-2xl font-bold mb-4">Dollar Strength Adds to Crypto Woes</h2>
<p class="mb-10 max-w-xl">The rout in crypto was mirrored by moves in traditional markets: silver dropped 20% from Thursday’s record high of $121 to trade at $96, while gold slid below $5,000 after falling 11% from Wednesday’s peak of $5,600.</p>
<p class="mb-6">Meanwhile, the U.S. dollar index (DXY) posted a gain of 0.57%, adding further headwinds for risk assets like bitcoin and ether as a stronger dollar tends to sap demand for alternative stores of value. Uncertainty around Federal Reserve leadership—specifically expectations that Kevin Warsh may become chairman—added another layer of caution across global markets.</p>
<p class="mb-6">As risk aversion spread, even high-flying NFT projects like Pudgy Penguins continued retail sales momentum but could not offset broader declines; the CoinDesk 20 Index is down 6.6% since January began.</p> <h2 class="text-2xl font-bold mb-4">Why It Matters</h2>
<p class="mb-6">The synchronized drop across crypto tokens and related ETFs underscores how tightly interconnected digital assets have become with traditional financial flows and sentiment shifts. With nearly $1.8 billion erased through forced liquidations and ETF outflows topping records within a single day, many traders are rethinking leverage strategies heading into February.</p>
<p class="mb-6">It remains uncertain whether support near current levels will hold or if deeper losses toward the targeted $70,000 region will materialize soon. As reported by coindesk.com, options markets signal caution but not outright panic—yet mass unwinding of bullish bets has already changed the landscape for both retail and institutional participants this week.</p>
        <div class="border-l-4 border-blue-500 bg-white dark:bg-slate-800 pl-6 pr-4 py-5 my-8">
            <h3 class="text-xl font-bold mb-4 text-gray-800 dark:text-white p-2">The Snapshot</h3>
            <ul class="space-y-2 text-gray-700 dark:text-gray-300 p-4">
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>Bitcoin fell through $85,000, briefly touching $81,000 during U.S. trading hours on January 29, 2024.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>Over $1.7 billion in leveraged crypto positions were liquidated in 24 hours, with 93% from long positions.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>U.S.-listed spot bitcoin ETFs saw $817.9 million in outflows on January 29, the largest daily exit since November 20.</li>
            </ul>
        </div><h2 class="text-2xl font-bold mb-4">What remains under scrutiny</h2>
<p class="mb-6">If outflows from U.S.-listed spot bitcoin and ether ETFs, which totaled nearly $1 billion on Thursday, continue at this scale in the coming sessions, immediate further pressure on bitcoin’s price and additional liquidations—already at $1.68 billion in the past 24 hours—would be likely; whether ETF redemptions persist or subside remains unclear.</p>

ETF Outflows Fuel Steep Selloff Bitcoin’s price tumbled through the $85,000 level and briefly touched $81,000 during U.S.

Bitcoin Plunges Below $81,000 as ETF Outflows and Liquidations Trigger Market Shakeout

<h2 class="text-2xl font-bold mb-4">Issuer-Backed Tokens Get Green Light</h2>
<p class="mb-6">On Wednesday, the U.S. Securities and Exchange Commission (SEC) released new guidance addressing how tokenized stocks—digital representations of shares on blockchains—fit under existing securities laws. The statement, issued jointly by the Divisions of Corporation Finance, Investment Management, and Trading and Markets, makes clear that only issuer-authorized tokenized securities can represent true equity ownership. This means that companies themselves must integrate blockchain records into their official shareholder registers for these tokens to be recognized as legitimate shares.</p>
<p class="mb-10 max-w-xl">Issuer-sponsored tokenized securities may be offered as a separate class or alongside traditional shares, but if they are substantially similar, they can be treated as the same class for some federal regulatory purposes. The SEC emphasized that the only technical difference is that the master securityholder file might reside on one or more crypto networks instead of a conventional off-chain database.</p>
<br><p class="mb-6 italic text-slate-600 my-8">The SEC’s joint statement was published on June 26, 2024, marking the first time all three divisions addressed tokenized securities together.</p>
<h2 class="text-2xl font-bold mb-4">Third-Party Tokens Face Tougher Scrutiny</h2>
<p class="mb-6">The new SEC guidance draws a sharp line between issuer-backed tokens and those created by third parties without company involvement. Third-party tokenized stocks often rely on custodial models—where an intermediary holds real shares and issues tokens representing indirect ownership—or synthetic models, which create instruments linked to share prices but without actual ownership of the underlying asset. Both approaches are now squarely under federal securities law scrutiny.</p>
<p class="mb-6">A recent example highlights the risk: OpenAI publicly disavowed so-called tokenized “equity” linked to its shares offered through Robinhood in Europe, clarifying it had no connection to those products. This incident illustrates how third-party schemes can create confusion among investors about what they actually own.</p>

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<p class="mb-8 text-lg font-medium">On paper, these tokens offer exposure to real assets—but in practice, legal rights may be limited or nonexistent.</p>
<h2 class="text-2xl font-bold mb-4">Blockchain Doesn’t Trump Securities Law</h2>
<p class="mb-6">The SEC’s message is unambiguous: putting a security on a blockchain does not alter its legal status. Whether ownership is recorded on-chain or off-chain, the same registration requirements and investor protections apply. In 2024, Consensys revealed that the SEC had authorized an internal investigation into “Ethereum 2.0” as early as March 2023, explicitly treating Ethereum as a security during that probe. Although the agency closed its Ethereum investigation without enforcement action, it continues to pursue cases involving Bitcoin mining services it alleges are unregistered securities offerings.</p>
<p class="mb-6">According to coindesk.com, the SEC’s divisions reiterated that legal treatment, registration requirements, and disclosure obligations remain unchanged regardless of whether securities are digitized or not.</p>
<p class="mb-10 max-w-xl">The only operational shift is technological: shareholder records may move to crypto networks. Everything else—the need for compliance, disclosures, and investor protections—remains intact.</p>
<h2 class="text-2xl font-bold mb-4">Guidance Aims to Curb Market Confusion</h2>
<p class="mb-6">The SEC’s clarification comes at a time when U.S. legislators are working on a market structure bill aimed at providing further regulatory clarity for digital assets. Meanwhile, SEC leadership has been developing a token taxonomy to help market participants understand which products fall under specific legal regimes.</p>
<p class="mb-6">Recent events underscore why this guidance matters: Pudgy Penguins’ phygital products have generated over $13 million in retail sales and surpassed 1 million units sold worldwide. Their Pudgy Party game also exceeded 500,000 downloads in just two weeks—demonstrating both consumer appetite for digital assets and the potential scale of tokenization efforts beyond pure finance.</p>
<p class="mb-8 text-lg font-medium">It remains uncertain how many existing third-party tokenized stock products will survive under this stricter regime.</p>
        <div class="border-l-4 border-blue-500 bg-white dark:bg-slate-800 pl-6 pr-4 py-5 my-8">
            <h3 class="text-xl font-bold mb-4 text-gray-800 dark:text-white p-2">The Snapshot</h3>
            <ul class="space-y-2 text-gray-700 dark:text-gray-300 p-4">
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>On June 26, 2024, the SEC issued joint guidance clarifying rules for tokenized stocks and securities.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>Only issuer-sponsored tokenized securities, with blockchain integrated into official shareholder registers, represent true equity ownership under SEC rules.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>Third-party tokenized stocks, including custodial and synthetic models, are subject to full federal securities law scrutiny and registration requirements.</li>
            </ul>
        </div><h2 class="text-2xl font-bold mb-4">Key variables ahead</h2>
<p class="mb-6">If issuers move to integrate blockchain records into official shareholder registers as described in the SEC’s new guidance, only those issuer-sponsored tokenized securities will immediately be recognized as true equity ownership under federal securities laws, while third-party tokenized stocks will remain subject to stricter scrutiny and may not confer actual ownership rights.</p>

Issuer-Backed Tokens Get Green Light On Wednesday, the U.S. Securities and Exchange Commission (SEC) released new guidance addressing how tokenized stocks—digital representations of shares on blockchains—fit under existing securities laws.

SEC Tightens Oversight on Tokenized Stocks, Clarifies Issuer vs. Third-Party Models

<h2 class="text-2xl font-bold mb-4">Ethereum fees drop, usage surges</h2>
<p class="mb-6">Ethereum’s network activity has remained robust even as the broader crypto market faces persistent weakness. Over the past week, Ethereum processed 16.</p>
<p class="mb-6">Alongside record transaction counts, daily active user numbers have climbed to new highs. The network’s ability to handle surging activity without pricing out users has been attributed in part to the December 2025 Fusaka upgrade, which increased data capacity and introduced more efficient transaction batching. As a result, Ethereum’s fee environment now sits at a nine-year low, creating a more accessible landscape for both retail users and developers.</p>
<br><p class="mb-6 italic text-slate-600 my-8">Weekly decentralized exchange volume on Ethereum reached $13 billion, rising from $8.15 billion just four weeks earlier.</p>
<p class="mb-10 max-w-xl">On paper, these metrics signal strength; yet, the price of Ether (ETH) has not reflected the underlying growth.</p> <h2 class="text-2xl font-bold mb-4">Bullish bets liquidated as ETH dips</h2>
<p class="mb-6">Despite positive network fundamentals, Ether experienced a sharp 15.9% correction over the seven days ending Sunday, falling 14% from its 2026 high above $3,200. This downturn triggered $910 million in liquidations for leveraged bullish positions—traders who had bet on rising prices were forced out as markets moved against them. The sell-off left ETH trading 41% below its all-time high of $4,950 set in August 2025.</p>

<p class="mb-6">In response to the correction, Ethereum’s network fees actually jumped by 19% over the same week—a sign that transactional demand remains sticky even during price volatility. Market analysts point to this technical correction as a retest of key support levels rather than a fundamental breakdown.</p> <h2 class="text-2xl font-bold mb-4">Layer-2s eclipse rivals in volume</h2>
<p class="mb-8 text-lg font-medium">Aggregate weekly transactions on Ethereum’s layer-2 networks surged to 128 million, overtaking both BNB Chain and Tron by volume.</p>
<p class="mb-6">This growth highlights how scaling solutions are absorbing much of Ethereum’s transactional load while keeping costs low for end users. Decentralized exchange (DEX) activity further underscores this trend: DEX volumes across the Ethereum ecosystem hit $26.8 billion last week, with $13 billion coming directly from mainnet-based protocols—up from just $8.15 billion four weeks prior.</p>
<p class="mb-6">However, not every project is thriving in this environment. Forgotten Runiverse, an MMORPG built on Ethereum’s Ronin scaling network and backed by investors like Alexis Ohanian, announced it will go offline less than a year after launch due to financial infeasibility. All player data will be preserved while the team considers next steps.</p> <h2 class="text-2xl font-bold mb-4">Traders eye $10K despite correction</h2>
<p class="mb-6">While ETH remains well below its previous peak, some traders continue to set ambitious targets for this cycle. Technical analysis using methods such as Wyckoff patterns and liquidity cycles points to potential price levels between $10,000 and $15,000 if key supports are reclaimed. Annie, a crypto analyst cited by cointelegraph.com, highlighted that these models suggest a breakout above $10K is still possible for ETH this cycle.</p>

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<p class="mb-6">Bitcoinsensus also shared a bullish outlook based on recurring cycle patterns seen in previous years. However, until ETH reclaims critical support zones lost during the recent correction—and with nearly a billion dollars already liquidated from long positions—the path higher remains uncertain.</p> <h2 class="text-2xl font-bold mb-4">Why it matters: Practical impact beyond price</h2>
<p class="mb-6">Ethereum’s technical roadmap extends far beyond short-term price action. On January 24th, the Ethereum Foundation announced the formation of a dedicated Post Quantum team led by Thomas Coratger to address future cryptographic threats posed by quantum computers. According to Antonio Sanso of the Foundation, Ethereum is “probably 20%” of the way toward full quantum resilience—a process expected to take years as multi-client test networks come online and new standards are developed.</p>
<p class="mb-6">The median expectation for quantum computers capable of breaking current cryptography is set at 2040; however, there is a one-in-five chance happen by 2030. With post-quantum security now declared a top strategic priority and biweekly core developer calls underway since February 4th, Ethereum is positioning itself proactively for long-term stability—even as near-term market sentiment remains volatile.</p>
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            <h3 class="text-xl font-bold mb-4 text-gray-800 dark:text-white p-2">Key Learnings</h3>
            <ul class="space-y-2 text-gray-700 dark:text-gray-300 p-4">
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>Ethereum processed 16.4 million weekly transactions with fees below $0.20, following the December 2025 Fusaka upgrade.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>Ether (ETH) price dropped 15.9% in seven days, triggering $910 million in bullish leveraged liquidations.</li>
                <li class="flex items-start"><span class="mr-2 text-blue-500 italic">•</span>Ethereum layer-2 networks handled 128 million aggregate weekly transactions, surpassing BNB Chain and Tron in volume.</li>
            </ul>
        </div><h2 class="text-2xl font-bold mb-4">Next milestones</h2>
<p class="mb-6">A post-quantum (PQ) roadmap for Ethereum will be released soon, and if the Ethereum Foundation provides a concrete timeline or technical targets in this document, it would immediately clarify the next steps for the network’s quantum resilience efforts; however, the exact release date remains unclear.</p>

Ethereum fees drop, usage surges Ethereum’s network activity has remained robust even as the broader crypto market faces persistent weakness.

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