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Aerodrome Finance price climbed 12% over the past 24 hours, drawing renewed attention from traders. Despite the sharp uptick, AERO remains locked in a broader sideways structure.

This consolidation phase reflects cautious optimism rather than confirmed breakout strength. While short-term momentum improved, sustained upside requires stronger follow-through.

AERO Holders Exhibit Optimism

The Chaikin Money Flow indicator signals improving macro sentiment for Aerodrome Finance. Outflows that peaked around early December 2025 have steadily declined. Inflows now dominate, suggesting capital is returning to AERO. This shift indicates investors are gradually rebuilding exposure.

CMF currently sits at a three-and-a-half-month high. Elevated readings often reflect sustained buying pressure rather than short-lived speculation. Strengthening inflows point to growing confidence among participants. This macro bullishness may provide structural support for further price appreciation.

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AERO CMF. Source: TradingView

Futures market data reinforces the constructive outlook. AERO contracts are currently skewed toward long positions. Traders are positioning for potential upside continuation. Long exposure stands at approximately $2.35 million, reflecting notable bullish interest.

The $0.351 resistance level remains a critical barrier. A move above this threshold would trigger a significant short liquidation cluster worth roughly $623,560. Forced short covering can accelerate upward momentum. Such dynamics often amplify breakouts in volatile crypto markets.

AERO Liquidation Map. Source: Coinglass AERO Price Is Awaiting a Breakout

AERO is trading at $0.327 at the time of writing after posting a 12% daily gain. Despite the surge, the token remains within its consolidation range. Current technical and derivatives signals present a cautiously bullish outlook. However, confirmation depends on overcoming immediate resistance.

AERO Price Analysis. Source: TradingView

Breaching the $0.352 barrier is essential for a sustained breakout. Clearing this level would likely trigger short liquidations and strengthen bullish momentum. The Squeeze Momentum indicator shows compression building, while the histogram reflects underlying strength. A squeeze release could propel AERO toward $0.400.

AERO MACD. Source: TradingView

Downside risks persist if buyers fail to maintain control. Continued consolidation between $0.352 and $0.292 would signal hesitation. A breakdown below $0.292 would weaken the bullish structure. Further losses could push AERO toward $0.273 or even $0.243, invalidating the current recovery thesis.

Bitcoin (BTC) continued its downward trajectory in February, trading at $64,492, nearly 50% below its early October all-time high (ATH) price.

Yet, price action tells only part of the story. According to River, Bitcoin adoption accelerated last year, with institutions, banks, merchants, public companies, and even nation-states increasing their exposure.

Is Bitcoin’s 50% Decline Masking a Structural Bullish Trend?

BeInCrypto recently reported that the crypto market has slipped into extreme fear, with retail investors growing increasingly pessimistic about Bitcoin’s price. This sentiment is reflected in a surge of “Bitcoin going to zero” searches, which recently reached an all-time high.

The price drawdown has also weighed on institutional participants. Crypto hedge funds have pulled back from the market.

“With Bitcoin and ETH continuing to slide, crypto hedge funds have retreated to cash. Their average cash levels are currently 15.32%, the highest in almost a year,” Nic Puckrin, co-founder of Coin Bureau, told BeInCrypto.

Moreover, recent disclosures show that in Q4 2025, institutional investors also trimmed their Bitcoin exchange-traded fund (ETF) exposure.

However, when viewed from a broader perspective, the long-term adoption trajectory remains constructive. In a recent market report, River highlighted that the largest cryptocurrency’s adoption surged in 2025.

“There is no bear market in bitcoin adoption. Bitcoin is down 50% from all-time highs, but adoption is compounding in ways that aren’t affecting the price, yet,” the post read.

According to River, institutions collectively added approximately 829,000 BTC in 2025. This figure includes purchases from businesses, governments, funds, and ETFs.

Registered investment advisors allocated close to $1.5 billion per quarter into Bitcoin ETFs over the past two years. Notably, none of those quarters recorded net outflows. 

Although exposure among RIAs is widespread, with 29 of the 30 largest US firms holding positions, portfolio allocations remain minimal, averaging 0.008%.

Businesses emerged as the largest buyers in 2025. They added $54 billion worth of Bitcoin to their balance sheets during the year. 

Bitcoin treasury companies account for the majority of corporate holdings, collectively controlling 866,000 BTC. At the same time, the number of publicly listed firms with Bitcoin holdings rose to 194.

At the sovereign level, five nations became new Bitcoin holders in 2025, including purchases linked to two sovereign wealth funds, Luxembourg and Saudi Arabia, as well as the Czech Republic’s central bank. In total, 23 nation-states now hold Bitcoin.

“Trust in bitcoin has grown faster than that of any asset in history. What began as an experiment is now a globally recognized store-of-value, with adoption patterns that rival the internet,” River wrote.

Distribution of Bitcoin Ownership Among Various Investors. Source: River US Businesses Embrace Bitcoin Payments

Beyond direct accumulation, payment adoption expanded materially. The number of US merchants accepting Bitcoin payments tripled during the year. Furthermore, global usage increased by 74%.

Meanwhile, development activity within traditional finance continues. Approximately 60% of the 25 largest US banks are building Bitcoin products, indicating ongoing institutional integration.

Bitcoin Adoption on Wall Street. Source: River

River stated that the current wave of adoption is unlikely to trigger an immediate 10-fold price surge for Bitcoin. However, the firm argued that this type of steady integration may carry greater significance.

Looking ahead, River said it expects adoption to accelerate meaningfully over the coming years as broader participation deepens.

The US President Donald Trump delivered a nearly two-hour State of the Union address on Tuesday — the longest in US history — touting economic gains, warning Iran against pursuing nuclear weapons, and defending his tariff agenda after a Supreme Court setback.

Yet in a speech that touched on taxes, AI, housing, and healthcare, digital assets were entirely absent.

All the Trumps Were There, but Not Crypto

The omission is striking. All of Trump’s children were in attendance, including sons Donald Jr. and Eric, who have been deeply involved in crypto ventures such as World Liberty Financial and various token launches.

The president himself has repeatedly pledged to make the US “the crypto capital of the planet.” None of that made it into the address.

Tariff Chaos and Sticky Inflation Keep the Fed on Hold

For crypto markets, the most consequential signals were macro, not legislative.

Trump called the Supreme Court’s ruling striking down his emergency tariffs “very unfortunate” and vowed to maintain them under alternative legal authorities, insisting “congressional action will not be necessary.”

But the rollout quickly turned chaotic. Trump first announced a 10% replacement rate, then revised it to 15% days later. Yet official documents show the lower rate took effect Tuesday with no directive to raise it. The EU suspended ratification of its summer trade deal on Monday; India deferred scheduled talks.

Trump repeated his claim that tariffs could “substantially replace” income taxes. Economists call this implausible. The federal government collected $2.4 trillion in income taxes in 2024 but took in only about $300 billion from tariffs — and must now refund roughly half of that under the court ruling. Also, US importers pay the tariffs, not foreign governments.

On inflation, Trump claimed core inflation fell to 1.7% in late 2025. The reality is more complicated. The Fed’s preferred gauge — core PCE — accelerated to 3% in December, well above the 2% target.

With inflation sticky and tariff policy unresolved, the Fed is widely expected to hold rates steady for the foreseeable future. The three-quarter-point cuts delivered late last year appear to be the last for some time. For risk assets, including crypto, the higher-rate environment persists.

AI Gets Attention, Crypto Does Not

While crypto went unmentioned, AI earned a dedicated segment. Trump announced a “ratepayer protection pledge” requiring tech companies to build their own power plants for data centers, acknowledging the grid “could never handle” surging demand.

First Lady Melania Trump‘s AI legislation work was also highlighted — a sign that AI policy occupies a far more prominent place in the administration’s agenda than digital asset regulation.

The Bottom Line

Trump’s record-length address was a midterm election pitch built on economic optimism. But for crypto participants, the takeaways are clear: no legislative momentum for digital assets despite the president’s family being neck-deep in the industry, unresolved tariff turmoil injecting macro uncertainty, and a Fed locked in place by sticky inflation. The conditions weighing on risk assets aren’t likely to change anytime soon.

As the calendar turned to 2026, the cryptocurrency industry found itself standing on a peculiar threshold. The adrenaline-fueled institutional waves of 2024 and 2025 have receded, leaving behind a landscape that is irrevocably changed. We are no longer in the Wild West of digital finance, but neither have we arrived at a global consensus of stability.

Instead, 2026 presents itself as a year of paradoxes, record-breaking infrastructure growth clashing with geopolitical uncertainty, and the rise of autonomous AI agents trading against a backdrop of traditional regulatory fatigue.

To decipher the complex signals of this new year, BeInCrypto reached out to a roundtable of industry heavyweights who are shaping the ecosystem from the inside. We are privileged to share insights from Fernando Lillo Aranda (Marketing Director at Zoomex), Vivien Lin (Chief Product Officer at BingX), Griffin Ardern (Head of BloFin Research & Options Desk), Dorian Vincileoni (Head of Regional Growth at Kraken), Federico Variola (CEO of Phemex), Mike Williams (Chief Communication Officer at Toobit), and Michael Ivanov (CEO of Arcanum Foundation).

Their consensus? The era of easy money based on hype is over. Welcome to the era of systems, convergence, and rigorous reality checks.

The Pulse of 2026: Mature Growth or Structural Uncertainty?

The opening months of 2026 have felt different. The manic euphoria that characterized previous bull cycles has been replaced by something heavier, more calculated. The question on every investor’s mind is whether we are poised for a breakout year or bracing for a storm.

Fernando Lillo Aranda, Marketing Director at Zoomex, suggests that while the narrative of a 2026 Bull Run was heavily pushed last year, the reality on the ground requires a sharper eye. He points out that the market is no longer driven solely by retail sentiment but by invisible hands, complex institutional strategies that operate beneath the surface.

Lillo Aranda observes:

“There was a strong narrative last year positioning 2026 as the start of a new bull run.

However, those of us who have been in the market for a long time understand that the reality is more nuanced… Overall, the sentiment at the start of 2026 feels like a blend of mature growth and renewed volatility.”

Lillo Aranda notes that while December was typically sluggish, the start of the year has shown constructive patterns. “The market is more structurally robust than in previous cycles, yet still dynamic and opportunity-driven,” he adds, emphasizing that 2026 is a year to “stay engaged and active, there is momentum, liquidity, and volatility to be embraced.”

However, not everyone views the horizon with unblemished optimism. Mike Williams, Chief Communication Officer at Toobit, injects a note of geopolitical realism. In his view, the market cannot be decoupled from the chaotic state of global affairs. Williams warns:

“Uncertainty in the world, politics, and economics will rule the market sentiment and cause big waves that are very unpredictable. It is the time to stay calm and put everything in perspective.”

This tug-of-war between structural robustness (Zoomex) and macro-uncertainty (Toobit) sets the stage for what Griffin Ardern of BloFin describes as the “Matthew Effect”, a biblical reference to the rich getting richer. Ardern argues that we are in a phase of mature growth, but it is a growth that disproportionately benefits the giants.

“The crypto market is already in a mature growth phase, but it may become further dominated by the ‘Matthew effect,'” Ardern explains.

“As mainstream assets like BTC and ETH are more widely accepted by traditional markets, they will have better liquidity and be favoured by both institutional and retail investors.”

Ardern paints a stark picture for altcoins in 2026. With regulatory relaxation, high quality projects are bypassing token launches in favor of listing on US stock markets. This leaves the token market with “higher potential risks and lower appeal,” driving a wedge between the blue chips and the rest of the field.

Beyond Hype: The Narratives That Matter

If 2021 was about NFTs and 2024 was about ETFs, what is the defining story of 2026? The answers from our guests suggest a massive pivot away from speculation and toward functional integration, specifically regarding Artificial Intelligence.

Vivien Lin, Chief Product Officer at BingX, delivers perhaps the most futuristic yet tangible prediction for the year. She believes the narrative has shifted from humans trading crypto to AI using crypto.

“Crypto is moving beyond being a financial experiment into becoming the trust and settlement layer for AI-driven systems,” Lin asserts.

“As AI agents begin to trade, allocate capital, manage risk, and interact with users autonomously, blockchain provides the transparency, auditability, and incentive alignment that AI alone cannot offer.”

For Lin, the killer app of 2026 isn’t a new memecoin, it’s the infrastructure that allows AI to function safely. “In 2026, the most important crypto products will not be about speculation, but about using AI to simplify complexity… The convergence of AI and crypto will define how the next generation of financial and digital services is built.”

Michael Ivanov, CEO of Arcanum Foundation, agrees that AI is central, but he refuses to pin 2026 on a single storyline. He sees a trifecta of innovation driving the sector.

“We don’t see a single narrative this year,” Ivanov says.

“Too much interesting things going out there: AI-integrated blockchains, RWA (Real World Asset) adoption, and new interesting web3 gaming projects coming this year.”

While the tech-focused narratives of AI and Gaming are compelling, Federico Variola, CEO of Phemex, argues that the overarching theme is actually a return to economic sanity. After years of vaporware, 2026 is the year the bills come due, and only profitable protocols will survive.

Variola states firmly:

“We expect a return to fundamentals after a period dominated by hype cycles, memecoins, narratives, and short-term speculation. In 2026, value will accrue to projects showing real revenue, real growth, and sustainable economics.”

This sentiment echoes across the board, the market has grown up. Whether it’s Toobit’s Mike Williams calling for “mass adoption driven by understanding” rather than hype, or Phemex’s call for real revenue,”the message is clear. The era of the whitepaper millionaire is over. The era of the profitable product has begun.

The Heartbeat of the Market: Who is Driving the Price?

For over a decade, retail investors, the degens, the believers, the forum dwellers, were the undisputed kings of crypto. But after the massive institutional inflows of the mid-2020s, has the retail investor become obsolete?

The consensus is “No,” but their role has changed dramatically.

BloFin’s Griffin Ardern offers a critical distinction. While retail is still present, the “Main Street” listing of projects on traditional stock exchanges is draining talent and capital away from the on-chain token economy. This reinforces the dominance of Bitcoin and Ethereum, which are now institutional darlings.

However, Mike Williams from Toobit highlights a geographical divergence. While the United States market has become heavily institutionalized, Europe remains a stronghold for the individual investor.

Williams notes:

“Depends on the markets. In the US definitely (institutions rule), but in Europe, the market consists of more individuals, and institutions are still adopting and adjusting according to all the legislation.”

Michael Ivanov of Arcanum Foundation remains bullish on the retail sector, predicting a resurgence of individual participation in 2026, provided the industry solves its User Experience (UX) problem.

“We see interest from retail investors and this will be a good trend for this year to simplify their path,” Ivanov says.

The implication is that retail hasn’t left; they are waiting for tools that make participation as easy as using a banking app, a sentiment that aligns perfectly with Vivien Lin’s prediction of AI simplifying complexity.

The Survival Guide: Strategic Advice for 2026

Given this landscape, institutional dominance, AI convergence, and lingering geopolitical volatility, how should the savvy investor rebalance their portfolio this January? Our guests offered advice that deviates significantly from the buy low, sell high mantras of the past.

The most profound shift in thinking comes from Kraken’s Dorian Vincileoni, Head of Regional Growth. His advice is to stop looking at tickers and start looking at infrastructure.

“Think in terms of systems, not assets,” Vincileoni advises.

“In a market now dominated by institutional capital, the strongest positions are those aligned with infrastructure that benefits from scale, liquidity and long-term usage.”

Vincileoni challenges investors to ignore the noise of short-term narratives.

“Short-term narratives matter less than exposure to neutral rails that others are forced to use over time. The goal is not to predict every move, but to position yourself where capital, utility and inevitability intersect.”

Griffin Ardern from BloFin takes a more defensive, macro-economic stance. In a world where currencies are increasingly politicized, he advocates for what he calls “rigorous diversification.”

“Due to current geopolitical risks, ‘cross-border assets’ or ‘offshore assets’ unaffected by fiscal or monetary policies… will be favoured,” Ardern says.

He suggests looking beyond crypto and stocks to precious metals, commodities, and even foreign exchange.

“When fiat currencies themselves can be weaponised, holding a basket of fiat currencies (rather than a single fiat currency) becomes more important.”

Michael Ivanov (Arcanum) and Mike Williams (Toobit) both emphasize the psychological aspect of trading in 2026. With the market moving faster than human reaction times, relying on emotion is a death sentence. Ivanov suggests:

“The more diversity you have, the better for your portfolio. Look for new automatic instruments in the crypto investment segment that can make the long play with no emotion.”

Williams echoes this, reminding us that strategy must trump volatility. “Differentiate between long and short term goals… Don’t shift your strategies based on the market movements, but on these.”

Conclusion: The Industrial Age of Crypto

As we look ahead at the remainder of 2026, the insights from Zoomex, BingX, BloFin, Kraken, Phemex, Toobit, and Arcanum paint a cohesive picture. The crypto industry has not just grown, it has evolved into a complex layer of the global financial fabric.

We are entering a period of “Industrial Crypto.” It is a time defined by the Matthew Effect, where the biggest assets solidify their dominance. It is a time where AI agents will likely conduct more transactions than human traders. And it is a time where value is measured not by community hype, but by revenue, utility, and systemic inevitability.

For the investor, the message is clear: the easy games are finished. Success in 2026 requires thinking in systems, diversifying against geopolitical chaos, and embracing the boring reality of fundamental growth. The volatility remains, but the game has changed.

Special thanks to Fernando Lillo Aranda, Vivien Lin, Griffin Ardern, Dorian Vincileoni, Federico Variola, Mike Williams, and Michael Ivanov for their contributions to this report.

Credit market stress in the US is intensifying with the US Business Development Companies Index (MVBDC) sinking to a multi-year low.

Analysts warn that mounting pressure in private credit markets could trigger a broader market sell-off, raising concerns for risk assets across equities and crypto. Nonetheless, an expert is making the case for “digital credit,” using MicroStrategy’s perpetual share STRC, as a case study.

Private Credit Sector Under Severe Pressure

In a recent post on X (formerly Twitter), The Kobeissi Letter noted that the index has fallen to 424 points. This marks its lowest level since the bottom of the 2022 bear market. Over the past year, it has dropped by 150 points, representing a 25% decline.

“This index tracks publicly traded firms that lend to small, mid-sized, and distressed US businesses, offering retail investors access to private credit markets,” the post explained.

US Business Development Companies Index Hits Multi-Year Low in February 2026. Source: X/KobeissiLetter

The Kobeissi Letter added that this downturn is unfolding alongside several significant developments within private credit markets. Last week, Blue Owl Capital permanently halted investor redemptions at its retail private credit fund, Blue Owl Capital Corp II (OBDC II). 

That announcement hit financial markets hard, with Blue Owl shares plunging 10% the next day and prompting a wider sell-off across private credit stocks.

The post added that Blue Owl shares have tumbled nearly 60% over the past 13 months, despite revenue growth. Meanwhile, other industry giants Ares, Apollo, KKR, Blackstone, and TPG are down 15% to 40% year to date.

This comes as concerns about artificial intelligence are spilling into private credit markets. In early February, UBS Group AG cautioned that private credit default rates could climb to 13% under what it described as an “aggressive” AI-driven disruption scenario. 

The bank’s strategists, including Sachin Ganesh, argued that the asset class appears more vulnerable to AI-related risks than leveraged loans or high-yield bonds. UBS estimated that roughly 35% of the $1.7 trillion private credit market is exposed to AI disruption risks.

Nonetheless, recent developments have worsened the outlook. This week, the analysts revised their worst-case scenario, noting that private credit could see default rates go as high as 15%, up 2 percentage points from their early February forecast.

Bitcoin and Crypto Market Exposure to Credit Contagion

Bitcoin’s price has tracked US software stocks. This dynamic means that stress in private credit, especially when tied to software lending, may ripple through digital asset markets.  

Furthermore, experts suggest that private credit market stress could trigger a much larger decline in markets. 

Crypto assets, including Bitcoin, tend to perform in environments characterized by ample liquidity and strong investor risk tolerance.  A deterioration in credit conditions may impact this. As capital becomes more defensive and funding costs rise, investors may reduce exposure to high-volatility assets, including digital tokens.

Furthermore, stress in private credit could amplify volatility if it triggers forced deleveraging among institutional investors with cross-asset exposure. In such a scenario, digital asset markets may not be directly exposed to private credit defaults. Yet, they could still feel the secondary effects through tighter liquidity, weaker equity markets, and declining investor confidence.

As FSK Slides, MicroStrategy’s STRC Holds Steady — Livingston Sees Structural Advantage

Nonetheless, some analysts remain optimistic. Adam Livingston, Bitcoin educator and content creator, argues that Bitcoin and digital credit could “annihilate the private credit market.”

He contrasts FSK, a large publicly traded BDC often seen as a proxy for private credit, with STRC, MicroStrategy’s perpetual preferred share, nicknamed “Stretch.” 

FSK is down roughly 45% over the past year and trades at a steep discount to its reported NAV of $21.99. Livingston attributes this to rising non-accruals, growing credit stress, and market skepticism toward manager-marked valuations.

By comparison, STRC trades near its $100 par value and has delivered low-teens total returns over the same period, even after a 50% drop in Bitcoin. Livingston says the difference lies in structure. 

Private credit relies on infrequent marks, gated liquidity, and investor trust. STRC, he argues, offers continuous price discovery, SEC disclosures, monthly dividend adjustments designed to anchor price near par, and a visible balance sheet backed by $2.25 billion in cash and over 713,000 BTC.

“Digital credit is replacing the private credit market, one honest price, one verifiable backstop, and one frictionless trade at a time. The next decade of credit will belong to the structures that can deliver yield, transparency, and resilience all at once,” he remarked.

Still, it’s worth noting that while the argument is compelling, private credit and digital credit operate on fundamentally different risk engines: one tied to borrower cash flows and economic cycles, the other tied to Bitcoin’s price volatility and treasury strategy. 

Rather than replacing private credit, digital credit may offer an alternative structure that appeals to investors prioritizing liquidity and transparency.

Bitcoin price has rebounded slightly after recent selling pressure, yet broader technical signals remain cautious. The crypto king recently broke down from a triangle pattern, raising concerns of further downside. 

While the move may appear to be stabilizing, underlying metrics suggest potential prolonged weakness.

Bitcoin’s Past Might Dictate Hints At Its Future

The Realized Profit/Loss Ratio (90D-SMA) has fallen below 1, signaling Bitcoin’s transition into an excess loss-realization regime. This metric measures whether investors are realizing more profits or losses over a rolling 90-day period. A reading below 1 confirms that losses dominate.

Historically, breaks below this threshold have persisted for six months or longer before recovering. Reclaiming levels above 1 has typically aligned with constructive liquidity returning to the crypto market. Until that shift occurs, sentiment may remain defensive and capital inflows limited.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

Bitcoin Realized Profit/Loss Ratio. Source: Glassnode

Supply distribution data reveals notable changes among large Bitcoin holders. Addresses holding between 1,000 and 10,000 BTC have gradually reduced exposure. Over the past 12 days, their share of total supply declined from 21.7% to 21.2%.

This shift represents a reduction of nearly 90,000 BTC, valued at approximately $5.8 billion. Although the pace of selling appears measured, distribution by large holders can weigh on price stability. Persistent offloading may limit upside attempts in the near term.

Bitcoin Supply Distribution. Source: Glassnode BTC Price Recovery Unlikely

Bitcoin is trading at $65,475 at the time of writing after bouncing from the $62,525 support level over the past 24 hours. The earlier triangle breakdown projected a potential 14% decline. However, immediate downside momentum appears to be slowing.

If macro bearish signals continue to dominate, Bitcoin could retest the $62,525 support. A decisive break below that level may expose BTC to the psychological $60,000 threshold. Losing this support could intensify panic selling and deepen the correction.

Bitcoin Price Analysis. Source: TradingView

Conversely, renewed buying interest at current levels may shift short-term momentum. A breakout above the $67,394 resistance would invalidate the triangle pattern. Sustained strength beyond that point would signal improving structure for BTC and suggest a temporary bullish recovery despite broader liquidity concerns.

Debate is raging in the crypto community as Justin Bons, founder and CIO of Cyber Capital, argues that Ripple’s XRP Ledger (XRPL) is “centralized.”

Meanwhile, Ripple’s CTO Emeritus, David Schwartz, has firmly defended its architecture. This raises crucial questions about what makes a blockchain genuinely decentralized. 

Justin Bons Labels XRP Ledger “Centralized” 

In a recent post on X (formerly Twitter), Bons criticized what he calls “centralized blockchains.” He argued that several networks rely on permissioned validator structures, pointing to XRP Ledger’s Unique Node List (UNL) as an example.

“Ripple: Has a “Unique Node List”, which makes the validators effectively permissioned. Any divergence from this centrally published list would cause a fork, effectively giving the Ripple Foundation & company absolute power & control over the chain,” he wrote.

He also named Canton, Stellar, Hedera, and Algorand in his post. Bons framed decentralization as a binary choice, arguing that a blockchain is either fully permissionless or it is not. In his view, any permissioned element is “anti-thetical” to the ethos of crypto.

“The future of finance is decentralized & permissionless,” he wrote. “But let’s not pretend as if these chains are really playing a part in this revolution…if you care about crypto. Reject these permissioned chains & demand they decentralize.”

Bons also outlined what he described as the only three forms of blockchain consensus: Proof of Stake, Proof of Work, and Proof of Authority. He mentioned that any system not based on PoS or PoW then “it is, by definition, PoA.” The executive said that “choosing who we trust is not the same as trustlessness,” specifically referencing XRP and XLM.

David Schwartz Defends XRP Ledger

Bons’ post sparked notable reactions from the community. Schwartz, one of the chief architects of the XRP Ledger, rejected claims that Ripple has “absolute power & control.”

He explained that the XRP Ledger was designed so that Ripple could not control the network. Schwartz said this decision was intentional and rooted in regulatory considerations.

“Ripple, for example, has to honor US court orders. It cannot say no….But could a US court decide that international comity with an oppressive was more important than XRPL or Ripple? We were quite concerned that could come down either way. We absolutely and clearly decided that we DID NOT WANT control and that it would be to our own benefit to not have that control,” he replied.

Schwartz also pushed back against Bons’ claims about potential double-spending and censorship. He explained that validators cannot force an honest node to accept a double-spend or censor transactions.

Each node independently enforces protocol rules and only counts the validators it has chosen on its Unique Node List (UNL). If a validator behaves dishonestly, an honest node simply treats it as a validator it disagrees with.

Schwartz acknowledged that validators could theoretically conspire to halt the network from the perspective of honest nodes. However, he said this would be equivalent to a dishonest majority attack and would still not allow double-spending. In such a scenario, he argued that the remedy would be to select a new UNL.

“Transactions are discriminated against all the time in BTC. Transactions are maliciously re-ordered or censored all the time on ETH. Nothing like this has *ever* happened to an XRPL transaction and it’s hard to imagine how it could,” he remarked.

He also pointed out that XRPL resolves the double-spend problem through consensus rounds that occur roughly every five seconds. During each round, validators vote on whether transactions should be included in the current ledger. 

Honest nodes may defer a valid transaction to the next round if a supermajority of trusted validators say they did not see it before the cutoff. According to Schwartz, this mechanism maintains consensus without granting unilateral control to any single party.

“There are only two reasons you need a UNL: 1) Otherwise a malicious party could create an unbounded number of validators causing nodes to need to do excessive work to reach consensus. 2) Otherwise a malicious party could create validators that just didn’t participate in consensus, leaving nodes unable to tell whether they actually had reached a consensus with other nodes,” he noted.

He further stressed that if Ripple had the ability to censor transactions or execute double spends, using that power would permanently damage trust in XRPL. Therefore, he said the system was intentionally architected to limit the power of any single actor, including Ripple itself.

One of the world’s most wanted drug lords is dead. Nemesio Rubén Oseguera Cervantes, known as “El Mencho,” was killed on Sunday. His death triggered a wave of violence across several Mexican states.

Beyond the security impact, attention is also turning to the cartel’s financial operations. In recent years, regulators and researchers have documented how Mexican criminal networks have incorporated cryptocurrency into their operations.

Who was El Mencho?

El Mencho was among Mexico’s most wanted fugitives and the leader of the Jalisco New Generation (CJNG) cartel. According to the US Department of State, the CJNG was formed in 2009. It has since evolved into one of the most violent drug cartels in Mexico.

“It has been assessed to have the highest cocaine, heroin, and methamphetamine trafficking capacity in Mexico, and over the past few years, includes the trafficking of fentanyl into the United States,” the text reads. 

On February 20, 2025, the United States officially designated the cartel as a Foreign Terrorist Organization pursuant to Section 219 of the Immigration and Nationality Act.

In addition, the US State Department had offered a $15 million reward for information leading to the capture or conviction of El Mencho. He was killed on Sunday during a military operation.

El Mencho Reward Poster. Source: US Department of State

Following his death, unrest spread across parts of the country. According to the BBC, at least 20 states experienced disturbances as cartel members blocked roads and torched vehicles and businesses.

While the immediate fallout played out in the streets, past data shows that CJNG’s impact has extended beyond territorial control.

Over the past years, investigators have tracked the cartel’s increasingly sophisticated financial infrastructure. This includes its use of digital assets to move and launder funds across borders.

Crypto and Cartel Finance

Cryptocurrencies such as Bitcoin (BTC) and Tether (USDT) are not inherently illicit. They are widely used for legitimate investment, payments, and financial innovation. 

However, regulatory and law enforcement agencies have identified instances in which these digital assets were used in transactions linked to illegal activities. 

As early as 2020, Reuters reported that US and Mexican authorities observed an increasing use of Bitcoin among major drug trafficking groups, including the CJNG and the Sinaloa Cartel, for laundering money.

In 2024, the US Treasury’s Financial Crimes Enforcement Network (FinCEN) stated that Mexico-based transnational criminal organizations were using virtual currencies, including Bitcoin, Ethereum, Monero, and Tether, to purchase fentanyl precursor chemicals and equipment from suppliers in China.

A March 2025 report by Chainalysis found that suspected China-based chemical traders received more than $37.8 million in cryptocurrency between 2018 and 2023. Major Mexican cartels, including the CJNG, were identified as buyers of these precursors used to manufacture synthetic opioids.

“Blockchain analysis reveals that precursor chemical suppliers advertise directly on darknet markets and messaging apps, accepting digital assets in exchange for chemicals shipped to Mexico. Once paid, crypto funds are laundered through complex transaction patterns including peel chains, layering, and cross-chain swaps, and often cashed out through Chinese exchanges or international mules,” TRM Labs revealed.

In August 2025, FinCEN also highlighted that the CJNG, the Sinaloa Cartel, the Gulf Cartel, and other Mexico-based transnational criminal organizations were using Chinese money laundering networks (CMLNs) to launder illicit proceeds.

Notably, Chainalysis reported that CMLNs now play a dominant role in cryptocurrency-related money laundering. In 2025, these networks accounted for approximately 20% of known cryptocurrency money laundering activity.

While the activity has scaled, regulatory focus has also intensified. According to the US Attorney’s Office for the Southern District of New York, Paul Campo, a former DEA official, and Robert Sensi were indicted for conspiring to provide material support to CJNG.

“As part of the scheme, CAMPO and SENSI agreed to launder approximately $12,000,000 of CJNG narcotics proceeds; laundered approximately $750,000 by converting cash into cryptocurrency; and provided a payment for approximately 220 kilograms of cocaine on the understanding that the payment would trigger the distribution and sale of the narcotics worth approximately $5,000,000, for which CAMPO and SENSI would (i) receive directly a portion of the narcotics proceeds as profit; and (ii) receive a further commission upon the laundering of the balance of the narcotics proceeds,” the press release said.

Thus, El Mencho’s death marks a significant moment in Mexico’s fight against organized crime. Yet the financial systems supporting major cartels remain complex, cross-border, and technologically adaptive, extending far beyond any single individual.

Mastercard is hiring a Director of Crypto Flows to lead stablecoin-linked card issuance, scale DeFi payment flows, and rewrite network rules for Web3 transactions.

The job posting, first surfaced by crypto journalist Frank Chaparro on Feb. 24, signals a structural push beyond the pilot-stage experiments the payments giant has run so far.

The Timing That Writes Itself

Days earlier, Citrini Research published “The 2028 Global Intelligence Crisis,” a doomsday scenario that rapidly went viral on Substack. The report maps a chain reaction in which AI agents progressively dismantle fee-based intermediaries — and payment networks sit squarely in the blast radius. Citrini specifically names Mastercard’s Q1 2027 earnings as a potential inflection point, the moment when agentic commerce begins routing around card interchange via stablecoins.

The logic is straightforward. When AI agents transact on behalf of consumers, a 2-3% card interchange fee becomes an irrational cost. Stablecoin rails settle the same transaction for near zero. In that world, Mastercard doesn’t lose to a competitor. It loses to a protocol.

The gap Mastercard needs to close

The vulnerability is not hypothetical. Stablecoins transferred $18.4 trillion in value in 2024, surpassing both Visa ($15.7 trillion) and Mastercard ($9.8 trillion) in raw volume, according to Artemis Analytics. The comparison is imperfect — much of that is trading, not payments — but the directional signal is clear.

Mastercard’s own CEO, Michael Miebach, told analysts in January that the company is “leaning in” to stablecoins and agentic commerce, calling the latter a trend in which “the train is leaving the station.” Yet he framed stablecoins as “another currency we can support within our network.”

That framing is precisely what Citrini challenges. The doomsday thesis is not that stablecoins replace card payments at today’s checkout counter. It is that a new category of commerce — machine-to-machine, micropayment-dense, 24/7 — will emerge entirely outside the card network’s design envelope.

Building rails or getting routed around

The new role suggests Mastercard is beginning to internalize this risk. Mastercard has laid the groundwork: onboarding multiple stablecoins onto its network in June 2025, expanding Circle’s USDC settlement across the Middle East and Africa, and reportedly pursuing a $2 billion acquisition of crypto infrastructure startup zerohash.

But the gap with Visa persists. Visa’s on-chain stablecoin settlement reached an annual run rate of $3.5 billion by late 2025. Crypto-native issuers like Rain and Reap built their card programs primarily on Visa rails, with Rain scaling to over $3 billion annualized after securing direct Visa membership. Industry analysis suggests Visa’s early crypto-native alignment translated into share, while Mastercard’s exchange-focused approach generated less volume.

Coincidence or confirmation

Regardless of whether Mastercard’s hiring push was triggered by Citrini’s report, the more important reading is that the diagnosis is converging. A research outfit writing from 2028 and a payments giant hiring in 2026 point at the same fault line. Card networks that cannot accommodate stablecoin-native commerce will be bypassed, not disrupted.

The canary, as Citrini wrote, is still alive. The question is whether Mastercard is building a bridge to close the gap—or just hiring someone to watch it widen.

Gold prices have recovered to $5,161 per ounce after January’s dramatic crash — and the epicenter of the rebound points squarely at China.

But this time, the story is bigger than speculation. Beijing is making a coordinated push to reshape the global gold market from the ground up.

The Hainan Arbitrage

Hainan’s new zero-tariff regime was designed to showcase China’s openness to foreign imports. The early numbers suggest it’s working — at least on the surface.

Hainan launched island-wide customs-free operations on Dec. 18. The nine-day Spring Festival holiday was the first major test. Offshore duty-free sales hit 2.72 billion yuan ($390.8 million), up 30.8% year-on-year, with 325,000 shoppers, according to Haikou Customs data reported by the Moodie Davitt Report on Feb. 24. The momentum had been building since December. January sales reached 4.86 billion yuan ($693.5 million), up 46.8% year-on-year, per Xinhua.

Gold jewelry remained a top draw during the holiday. China Daily reported on Feb. 23 that zodiac-inspired pieces and investment-grade bullion flew off shelves even as prices vaulted back above 1,500 yuan per gram. The Moodie Davitt Report confirmed jewellery and watches ranked among the top-selling categories at CDF Sanya, the island’s flagship duty-free complex.

The Global Times reported on Feb. 25 that leading brands Laopu Gold and Chow Tai Fook launched aggressive promotional campaigns during the holiday, including gram-based discounts and fee waivers for craftsmanship. A Chow Tai Fook salesperson in Beijing confirmed the increased foot traffic and purchases.

The price advantage in Hainan remains significant. Yicai Global reported in January that Chow Tai Fook gold costs roughly 1,250 yuan per gram in Hainan versus 1,430 yuan on the mainland. A 40-gram bracelet can save buyers 13,000 to 14,000 yuan with government subsidies factored in.

The pattern suggests something deeper about China’s consumer economy. Given a tax break, the middle class isn’t spending on luxury — it’s hedging with gold.

Hong Kong’s Bid for Global Bullion Dominance

While retail buyers flock to Hainan, Beijing is playing a far larger game. Hong Kong’s Undersecretary for Financial Services Joseph Chan announced at the Year of the Horse’s first gold trading session that the government will make a “full push” to transform the city into a regional gold storage and trading hub.

The plan is ambitious: expand Hong Kong’s gold storage capacity to over 2,000 metric tonnes within three years, launch a fully state-owned gold clearing system with trial operations later this year, and deepen alignment between the Shanghai Gold Exchange and Hong Kong’s market.

The objective is explicit — expanding China’s market share and influence over international gold pricing. Western financial centers have historically controlled that domain.

The initiative goes beyond domestic ambitions. Several Asian nations have expressed interest in storing sovereign gold with the SGE as it expands offshore vaults. Cambodia’s central bank is expected to be among the first to use SGE offshore vaults. It may store part of its 54 tonnes of gold reserves in Shenzhen’s bonded zone.

The Structural Bid Beneath the Speculation

January’s blowout — gold down 9%, silver crashing 26% in a single day — exposed the speculative froth. Leveraged retail traders were wiped out, gold ETFs saw nearly $1 billion in single-day outflows, and exchanges hiked margin requirements.

Yet physical gold demand in China barely flinched. Shanghai Gold Exchange premiums widened to $30-32 per ounce above London spot even as global prices cratered. Bank deposit rates have been crushed by monetary easing, the property market offers no refuge, and gold remains the most compelling store of value for households with few other options.

With gold currently accounting for just 1% of Chinese household assets — compared to a projected 5% in the near term — the structural bid from the world’s largest gold consumer is far from over. And now, Beijing isn’t just buying gold. It’s building the infrastructure to price it.

Large US investors reduced their Bitcoin ETF holdings in late 2025, and new breakdowns show the selling came mainly from a few specific groups rather than the entire market.

Bloomberg Intelligence data shared by analysts shows that 13F filers — large institutions that report quarterly holdings to the US SEC — were net sellers of Bitcoin ETFs in Q4 2025, cutting exposure by nearly $1.6 billion.

The biggest reductions came from investment advisors and hedge funds, the two largest holder categories.

13F Filers Sold Their Bitcoin Shares

A 13F filer is a large US money manager (usually with over $100 million in qualifying assets) that must report its holdings every quarter. These filings show a snapshot of positions at quarter-end.

These firm’s reported Bitcoin ETF holdings were lower in Q4 than in Q3. In other words, they reduced ETF shares, not necessarily that they sold physical Bitcoin directly on exchanges.

US Bitcoin ETF Inflow and Outflow in 2026. Source: SoSoValue

That helps explain why Bitcoin has remained under pressure even during short-term rebounds. ETF flow data shows repeated daily outflows in recent weeks, including several large red days in February.

Who Sold the Most

The category-level data shows the largest net reductions came from:

Investment Advisors: about -21,831 BTC

Hedge Fund Managers: about -7,694 BTC

Other categories, such as brokerages and banks also reduced exposure. 

However, some groups increased holdings, including holding companies and government-related entities.

Bitcoin Price Chart Over the Past Month: Source: CoinGecko

This does not mean “all institutions turned bearish.” Many firms use Bitcoin ETFs for hedging, arbitrage, or short-term trading, not just long-term bets.

However, the broader signal is clear. Big-money positioning weakened, and that matches the recent ETF outflow trend. 

Until daily ETF flows stabilize and turn positive for more than a few sessions, Bitcoin may remain in a fragile, relief-rally phase rather than a full recovery.

The Ethereum Foundation is tightening its focus on what it considers “real DeFi,” signaling a shift away from financial apps that rely on centralized control or resemble traditional finance too closely. 

Instead, Ethereum wants to prioritize systems that users can trust without relying on companies, intermediaries, or founders.

Ethereum is Becoming More Decentralized?

Vitalik Buterin said DeFi is a core part of Ethereum’s mission because it gives people direct control over their money. 

“We have a specific vision of what we want to see out of defi: permissionless, open-source, private, security-first global finance,” he wrote on X.

This marks an important change in tone. Ethereum is no longer just supporting DeFi broadly. It is now defining what qualifies as true decentralized finance.

At its core, the shift focuses on removing hidden points of control. Many DeFi platforms still depend on admin keys, multisig wallets, or centralized infrastructure that allows developers to change or pause systems. 

These features help manage risk, but they also create trust dependencies.

Ethereum wants DeFi protocols to pass what Buterin calls the “walkaway test.” This means the system should keep working even if its original developers disappear or lose control. 

In simple terms, users should not depend on any person or company for the system to function.

The Ethereum Foundation is also focusing on privacy, security, and stronger technical standards. Privacy helps protect users from exposing their financial positions. 

Better security reduces hacks. Clearer standards make protocols easier to trust and use.

This shift comes as institutional adoption grows. Banks, asset managers, and fintech firms are increasingly exploring Ethereum-based financial tools. 

However, the Foundation wants to ensure Ethereum’s financial system remains open and decentralized as it grows.

“We want protocols that maximize people’s control over their own assets and minimize centralized chokepoints,” Buterin said.

Ultimately, the network is trying to ensure its financial ecosystem remains independent and user-controlled. 

Instead of simply moving finance onto the blockchain, Ethereum is pushing to rebuild finance so it runs without relying on trusted intermediaries at all.

Jane Street has returned to the spotlight after Terraform Labs’ bankruptcy estate accused the trading firm of insider trading tied to the May 2022 collapse of TerraUSD (UST) and LUNA.

The lawsuit alleges Jane Street used non-public information about Terraform’s liquidity withdrawals to exit positions and profit before the stablecoin lost its dollar peg.

Terraform Lawsuit Puts Jane Street Back Under Scrutiny

According to the complaint, Terraform quietly removed about $150 million of liquidity from Curve pools that supported UST. Shortly afterward, wallets linked to Jane Street allegedly withdrew or sold tens of millions of dollars worth of UST. 

Terraform claims these actions accelerated the loss of confidence that triggered a broader collapse, wiping out about $40 billion in value.

However, these remain allegations. Jane Street has denied wrongdoing and said it will defend itself in court. No court has yet ruled on the claims.

A pattern of Indirect Links to Major Crypto Failures

Jane Street’s name has also surfaced repeatedly in connection with other major crypto collapses, including FTX. However, the firm has not been accused of wrongdoing in the FTX case.

Instead, the connection comes through people. Sam Bankman-Fried, founder of FTX and Alameda Research, previously worked as a trader at Jane Street. Alameda CEO Caroline Ellison also began her career at the firm.

These links reflect Jane Street’s role as a major training ground for quantitative traders. However, there is no verified evidence that Jane Street, as a company, played any role in FTX’s fraud or collapse. 

Investigators have attributed the collapse to internal misuse of customer funds by FTX and Alameda leadership.

Jane Street’s Role as a Market Maker in Crypto

Jane Street operates as a global quantitative trading firm and liquidity provider. It uses algorithms and statistical models to trade stocks, bonds, ETFs, and increasingly, cryptocurrencies.

The firm does not run crypto exchanges or issue tokens. Instead, it acts as a market maker. 

Market makers provide liquidity by continuously buying and selling assets, helping markets function smoothly.

Because of this role, Jane Street interacts with many crypto companies as a trading counterparty. This exposure often places it close to major market events, including collapses.

Jane Street became one of the largest crypto market makers during the industry’s rapid growth between 2020 and 2022. It traded on major exchanges and provided liquidity across multiple crypto assets.

This scale means its trading activity often appears in blockchain records and liquidity pools. However, visibility does not imply causation.

Regulators and courts have not found Jane Street liable for causing any major crypto collapse. The Terraform lawsuit marks the first major legal claim directly accusing the firm of wrongdoing related to a crypto failure.

Legal outcome could shape future scrutiny

The Terraform case may clarify whether Jane Street’s trading activity crossed legal boundaries or reflected standard market-making behavior. 

The outcome could also shape how courts interpret insider information in decentralized markets.

For now, Jane Street remains a powerful but largely behind-the-scenes player in crypto. Its influence reflects its scale, technical expertise, and role in providing liquidity — even as questions about its involvement continue to emerge.

Binance has threatened legal action against The Wall Street Journal (WSJ), accusing the publication of defamation. The exchange demanded corrections and retraction of a recent investigation into its sanctions compliance program. 

CEO Richard Teng confirmed the move publicly on February 24. He stated that the exchange had formally challenged the report and sent a legal letter outlining its objections.

Binance Denies Sanctions Violations

The letter, sent by law firm Withers Bergman LLP, accuses WSJ of publishing false and misleading claims that damaged Binance’s reputation. 

Binance argues the article misrepresented its compliance actions and failed to include the company’s responses provided before publication.Specifically, Binance denies allegations that it violated Iranian sanctions or suppressed internal investigations. Its lawyers said the report falsely suggested the exchange engaged in illegal conduct and retaliated against employees who flagged compliance risks. 

The letter also accused WSJ of failing to remain fair and impartial. 

The WSJ Article That Binance is Warning Legal Actions Against

In parallel, Binance published a blog defending its compliance program and disputing the investigation’s conclusions. 

The exchange said it maintains more than 1,500 compliance-related personnel and invests heavily in monitoring, sanctions screening, and financial crime detection. 

It also stated that sanctions-related exposure fell sharply between 2024 and 2025 and that any accounts linked to potential risks were investigated and offboarded. 

Binance’s Exposure to Sanction-Related Transactions

Binance further denied firing staff for raising compliance concerns. 

Instead, it said some employees were dismissed after internal reviews found breaches of confidentiality and data handling policies. 

WSJ Investigation Alleged Over $1 Billion in Iran-Linked Crypto Flows

The dispute follows a WSJ investigation that alleged Binance processed over $1 billion in crypto transactions linked to Iranian entities, including accounts connected to sanctioned organizations. 

The report also claimed internal investigators flagged the activity and that some were later dismissed, raising concerns about enforcement of sanctions controls.

Binance has rejected those claims and is now seeking formal corrections. 

Ethereum price recently failed to sustain a breakout above $2,100, forcing the altcoin into a consolidation phase. The rejection reinforced resistance and shifted short-term momentum lower. External developments fueled expectations of recovery, but limited investor participation muted their impact.

ETH has since slipped back into a structured range. Broader crypto market conditions remain fragile, amd the current structure reflects hesitation rather than renewed confidence.

BitMine Maintains Its Alchemy of 5%

On February 23, BitMine announced it had acquired an additional 51,162 ETH over the week, worth more than $93 million. The purchase represented one of the larger institutional Ethereum buys in recent weeks. However, the announcement failed to generate sustained upward price movement.

Instead of triggering accumulation, long-term holders resumed distribution. On-chain data suggests some investors likely used the headline as liquidity to reduce exposure. This reaction highlights that the Ethereum price remains more sensitive to broader market cues than individual corporate acquisitions.

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Ethereum HODLer Position Change. Source: Glassnode Ethereum Holders Are Struggling

Ethereum’s HODL waves provide insight into investor behavior. Short-term holders have matured into mid-term holders, with the 3- to 6-month supply rising by 5% over the past week. This shift indicates investors are waiting rather than exiting positions.

Underwater holders appear reluctant to realize losses. Their decision to hold supports price stability. However, this same caution may be limiting fresh buying activity. Investors are prioritizing recovery confirmation before committing additional capital to ETH.

Ethereum HODL Waves. Source: Glassnode ETH Price Could Slide Further

Ethereum is trading at $1,824 at the time of writing after losing the $1,928 support level. The Parabolic SAR indicator now sits above the candlesticks, signaling a confirmed short-term downtrend. This technical setup suggests sellers currently control momentum.

The next major support for ETH stands at $1,750. A decisive break below that level could expose the cryptocurrency to further downside toward $1,595. Weak macro conditions and persistent outflows may amplify volatility if support fails to hold.

ETH Price Analysis. Source: TradingView

The CBD heatmap identifies a significant demand zone between $1,880 and $1,900. Ethereum slipped below this range during the recent decline. If buyers from this zone opt to sell to limit losses, downside pressure could accelerate across spot and derivatives markets.

Ethereum CBD Heatmap. Source: Glassnode

Conversely, resilience among holders could shift momentum. A rebound toward $1,928 would signal improving structure. Reclaiming that level as support may open ETH’s path toward $2,108. A sustained breakout above that resistance would invalidate the current bearish thesis and restore bullish momentum.

XRP Ledger recorded multiple breakthrough metrics in February. These figures reflect Ripple’s effectiveness in attracting attention and accelerating adoption on its underlying blockchain.

However, XRP’s price remained stuck below $1.4 during the final week of February, despite several positive signals that predicted an upcoming recovery.

Activity on XRP Ledger Increased in February After Upgrades

Data from XRPscan shows that the number of successful payments on the XRP Ledger has continuously increased over the past month. The figure rose from a low of 1 million payments at the end of December last year to more than 2.7 million in February. This marks the highest level in 12 months.

Successful payment on XRP Ledger. Source: XRPscan

On the XRP Ledger, a successful payment is a transaction that validators have confirmed and recorded on the distributed ledger.

Therefore, this increase reflects the growing vibrancy of the XRP Ledger. A higher number of successful transactions proves that users genuinely use the network for payments, transfers, DeFi, or other applications.

“XRP network activity stays strong. Around 2M transactions per day and roughly 40K active addresses. That is real usage. While most chains chase narratives, XRPL keeps moving value. Payments. Settlements. This kind of consistency is what institutions look for,” crypto investor CryptoSensei said.

In addition, the Automated Market Maker (AMM) on the XRPL DEX showed signs of a breakout, with more than 14,000 deposits. This development provides XRPL with additional decentralized liquidity and reduces trading slippage.

AMM Deposit on XRP Ledger. Source: XRPscan.

Notably, AMM activity has never been this before. This breakout occurred after the Permissioned Domains upgrade was activated in early February. The network enabled the Permissioned DEX two weeks later.

Investors expect the Permissioned DEX to pave the way for banks, payment providers, and financial institutions to trade within a controlled liquidity environment on XRP Ledger.

Despite these positive signs, XRP’s price continued into its fifth consecutive month of decline, and the final week of February closed in the red. At the time of writing, XRP is trading at $1.33, down 45% from its early-year high.

XRP Price Performance. Source: BeInCrypto Price

A recent report from BeInCrypto shows that rising whale inflows to exchanges continue to create selling pressure. Realized losses have reached their highest level since 2022.

However, historical signals also suggest that such extreme negativity often precedes a price bottom and a strong recovery. The latest analysis from BeInCrypto clarifies that XRP now needs confirmation through a breakout above the $1.47 resistance level.

Solana price has slipped below a recent consolidation range, signaling weakening short-term momentum. SOL had been trading sideways for weeks before breaking lower. 

The decline reflects muted investor demand. This cautious sentiment persists even as Solana expands real-world blockchain adoption.

Solana Bhutan Expand Collaboration

Bhutan recently launched the world’s first Solana-backed visa tailored for digital nomads. The initiative builds on the government’s earlier launch of a gold-backed token, TER, on the Solana blockchain. These developments highlight Solana’s expanding role in sovereign-backed digital infrastructure.

Government-level adoption strengthens Solana’s credibility as a scalable blockchain platform. However, adoption alone has not yet translated into immediate bullish price momentum for SOL.

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Solana Holders Exhibit Concern

On-chain metrics show that SOL holders remain cautious. Realized net profit and loss data indicate investors continue selling at a loss. This pattern reflects fading confidence in a near-term rebound. Market participants appear focused on capital preservation rather than accumulation.

During the past 24 hours, as the broader crypto market declined, realized losses jumped by $68 million to $317 million. Elevated realized losses signal sustained bearish sentiment. Persistent selling pressure reduces recovery strength and reinforces short-term downside risks for the Solana price.

Solana Realized Losses. Source: Glassnode

Bearishness has extended into the derivatives market. Liquidation data shows short positions currently dominate long exposure. Traders appear positioned for further downside. This imbalance suggests that speculative sentiment remains defensive despite ecosystem growth.

The liquidation map reveals $1.15 billion in potential short liquidations if SOL climbs to $89. By comparison, only $242 million in long liquidations would trigger if the price falls to $67. This skew indicates greater pressure on bearish positions during sharp upward moves.

Solana Liquidation Map. Source: Coinglass SOL Price Is Looking At Volatility

Solana price is trading at $76 at the time of writing. Bollinger Bands are converging, signaling an impending volatility squeeze. Such setups often precede sharp price movements. Based on prevailing bearish indicators, downside risk currently appears elevated.

If SOL loses the $73 support level, the next downside target stands near $64. A drop to this zone could trigger long liquidations. Increased forced selling may intensify volatility and deepen short-term losses for holders.

Solana Price Analysis. Source: TradingView

Conversely, a shift in sentiment could support recovery. If bulls regain control, Solana price may reenter consolidation between $78 and $87. Sustained stability within this range would improve structure. A breakout above $89 could trigger $1.15 billion in short liquidations, accelerating upside momentum.

Pump.fun’s PUMP token slipped sharply owing to speculation surrounding a potential crypto exposé. The dip followed a public statement from on-chain investigator ZachXBT, who warned of an upcoming report targeting a “profitable business.” 

The announcement triggered a swift shift in investor sentiment as crucial PUMP holders moved to offload their holdings.

ZachXBT Investigates Crypto Business

On Monday, ZachXBT posted on X that a major exposé was imminent. The post did not name the target, fueling widespread speculation. Since then, traders have debated potential candidates across social media platforms.

Betting activity on Polymarket surged as participants attempted to predict the outcome.

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Speculation Points To These Businesses

Polymarket data shows more than $4.6 million wagered on potential targets at the time of writing. Meteora leads the market, with over 48% of bettors predicting it will be exposed. Another 13.1% point to Axiom, while 11% suggest MEXC as the possible subject.

Only 10% of participants believe Pump.fun will be named. However, early speculation initially focused heavily on Pump.fun. That perception appeared to influence PUMP holders’ short-term behavior. Sentiment shifts often precede price volatility in speculative altcoins.

The Potential Targets. Source: Polymarket Key Holders React Swiftly

Nansen data indicates that smart money wallets reduced exposure to PUMP. Over the past 24 hours, their combined holdings declined by 35%, falling to 706.5 million PUMP. Such activity suggests experienced traders are managing risk amid uncertainty.

PUMP Smart Money Selling. Source: Nansen

In contrast, Meteora’s large holders appear less concerned. Whale addresses holding over $1 million in MET tokens increased balances by 22.49% during the same period. This accumulation signals confidence among major investors despite bearish speculation.

MET Whales Accumulating. Source: Nansen Where Is PUMP Price Heading

Meteora (MET) price dropped 14.8% over the last 24 hours, trading at $0.170 at the time of writing. The token lost the $0.176 support level as confirmed by the Chaikin Money Flow indicator falling below zero. This move reflects strong capital outflows despite whale accumulation.

Pump.fun’s PUMP token recorded a 9.5% decline, trading at $0.001764 at the time of writing. The Money Flow Index fell below the neutral threshold, signaling rising selling pressure. If bearish momentum persists, PUMP price could decline toward the $0.00156 support zone.

PUMP and MET Price Analysis. Source: TradingView

Broader crypto market weakness adds additional pressure on speculative assets. Risk aversion often intensifies during uncertain events. Price volatility may continue until February 26, when speculation is expected to resolve. Until clarity emerges, both MET and PUMP remain vulnerable to further downside swings.

Acurast, a decentralized network using everyday smartphones as secure compute nodes, has officially activated a 225,000-node smartphone compute network on Base. It’s a big development in bringing confidential onchain artificial intelligence (AI) into mainstream Web3.

The integration with Base, an Ethereum Layer-2 chain designed to make decentralized applications faster, cheaper, and more scalable, enables developers to run confidential AI workloads directly onchain using millions of smartphones worldwide. 

Instead of relying on centralized infrastructure, this network uses Trusted Execution Environments (TEEs) built into mobile devices to execute sensitive tasks securely, preserving user privacy and maintaining verifiability.

Smartphones are the new cloud

Acurast has set out to leverage the billions of already-deployed smartphones around the globe to create a decentralized compute layer. Whereas traditional cloud providers have centralized servers that carry risks of censorship and data exposure, Acurast’s model distributes workloads across devices in over 140 countries, all running confidential AI inference tasks within secure hardware enclaves. 

Jesse Pollak, Creator of Base, said:

“Base is about giving builders the best place to bring new ideas on-chain. Acurast is expanding that surface area by introducing decentralized, confidential compute powered by smartphones. That makes it possible for developers to run AI workloads on Base that are secure, verifiable, and not dependent on centralized infrastructure. This is the kind of infrastructure that helps move autonomous, real-world applications fully on-chain.”

The network just went live on Base’s mainnet, following its token generation event, and already handles production workloads securely.

Acurast’s founder, Alessandro De Carli, said:

“AI agents cannot rely solely on centralized servers if they are tasked with managing real assets onchain. By utilizing smartphone-based TEEs, we’re enabling confidential AI that is verifiable, decentralized, and owned by the users who power it.”

Confidential AI, native payments

A key part of this integration is the payment mechanism for compute. 

Acurast now supports native USDC payments on Base’s network without the need for bridging or offchain settlement layers. By embracing the x402 payment standard (originally developed to enable instant, HTTP-native stablecoin payments), AI agents can autonomously pay for compute resources in real time.

This opens the door for a pay-per-request model in decentralized services, where AI agents can automatically settle fees in USDC as they process tasks. It’s a crucial building block for autonomous Web3 applications that interact with APIs, data services, and complex onchain logic without intermediaries.

A new layer for onchain AI workloads

Developers leveraging Acurast on Base can onboard devices and manage compute infrastructure via the Acurast Hub with a Base wallet. 

Within the Hub, builders can deploy secure, autonomous AI agents, such as bots that execute trades, manage assets, or perform on-chain reconciliations. This happens while inputs and outputs remain encrypted and unseen by node operators.

All AI inference runs inside smartphone TEEs, meaning neither the device owner nor external observers can access confidential data during processing, key for privacy-focused applications in finance, identity, and enterprise workflows.

Beyond data centers

This move comes on the heels of strong growth for Acurast. Indeed, the decentralized compute network has expanded rapidly throughout 2025, moving from tens of thousands to hundreds of thousands of phones powering Web3 workloads. 

Acurast is pushing forward the development of large-scale confidential computing, pulling together decentralized physical infrastructure (DePIN), onchain AI, and real-time machine-native payments.

With its native token now trading on major exchanges and the global network running live production jobs, Acurast aims to lay the foundation for a new class of onchain applications that are decentralized, verifiable, confidential, and autonomous by design.

The Pi Coin price is showing early signs of recovery, up almost 3% since today, as rare buying activity appears per exchange data. This comes as Pi Network’s mainnet migration surged sharply, highlighting growing network participation.

However, despite improving fundamentals and fresh accumulation, Pi Coin still faces a major technical breakdown risk. The coming days could decide whether the recent rebound strengthens into a recovery or turns into a deeper crash towards a new all-time low.

PI Sees Rare Buying as Network Migration Surges 60%

Pi Network’s latest data shows a sharp increase in mainnet migrations. Mainnet migration is the process by which users move their mined coins from the app into the live blockchain, making them fully usable and tradable.

Total migrations have now crossed 16.2 million, compared to 10.1 million recorded earlier in 2025, representing a surge of over 60%, relative to 2025. This shows more users are completing verification and joining the live network, strengthening Pi Network’s ecosystem.

At the same time, Pi Coin is seeing a rare shift in exchange flows. Exchange netflow recently turned negative by 305,547 Pi, over the past 24 hours, meaning more coins are leaving exchanges than entering. Exchange netflow measures the difference between deposits and withdrawals. Negative netflow usually signals accumulation.

PI Netflows: PiScan

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This is notable because Pi Coin has mostly seen consistent selling pressure in recent weeks. The shift suggests early accumulation may be starting just as network fundamentals improve. This rare buying activity could help stabilize Pi Coin after its recent decline, down 10% over the past week.

Inverted Cup Pattern and Bearish Divergence Warn of Breakdown Risk

Despite improving fundamentals, Pi Coin’s price structure still shows weakness. The chart currently shows an inverted cup and handle pattern, which is a bearish pattern where the price rises, peaks, and then slowly declines before a breakdown.

Recently, Pi Coin rebounded about 7% from its latest low, forming the handle portion of this pattern. However, this recovery may only be temporary.

Bearish Pattern: TradingView

The Relative Strength Index (RSI), which measures momentum from 0 to 100, is showing a hidden bearish divergence.

Between January 22 and February 24:

Pi Coin price is currently forming a lower high

RSI is forming a higher high

RSI Hints At Bearishness: TradingView

This mismatch signals weakening trend strength and often leads to further downside.

If this bearish pattern confirms, Pi Coin could fall significantly. For immediate confirmation of the divergence, the next price candle must form under $0.166. The breakdown target sits at 32% if the divergence-led pullback breaks the cup’s neckline.

This shows the technical risk remains serious despite improving fundamentals.

Smart Money Activity and Key Price Levels Decide Pi Coin’s Next Move

The only major support currently comes from smart money activity. The Smart Money Index tracks buying behavior from experienced investors. It helps identify whether strong hands are accumulating or exiting.

Smart money began rising sharply on February 13, which helped Pi Coin rally nearly 54% in just two days.

Pi Coin Sees Smart Money Interest: TradingView

Although smart money weakened during the recent correction, it has not dropped below its signal line and is now trying to rise again. This suggests experienced investors may still be positioning for another rebound.

For recovery to strengthen, Pi Coin must reclaim key resistance levels. The first major level is $0.187. Breaking above this level would show renewed strength. The next critical resistance is $0.207. A move above this level would invalidate the bearish pattern and confirm recovery.

Pi Coin Price Analysis: TradingView

However, if Pi Coin closes below $0.154 on a daily basis, the breakdown could be confirmed. This could push Pi Coin toward $0.108 initially (a new bottom) and possibly much lower if selling accelerates.

For now, Pi Coin sits at a critical turning point. Growing Pi Network adoption and rare buying activity signal an early recovery. But technical weakness still threatens a deeper breakdown. The next move will likely decide Pi Coin’s direction for the coming weeks.