CoindooOfficial

Spadek Bitcoina się pogłębił, ale debata teraz wykracza poza ruch cenowy. Po spadku o ponad 40% od szczytu, największa kryptowaluta na świecie staje w obliczu rosnących pytań o swoją długoterminową rolę na globalnych rynkach.

Kluczowe Wnioski
Bitcoin spadł o ponad 40% od swojego szczytu, co budzi pytania o jego długoterminową narrację.
Największy ETF na Bitcoina odnotował utrzymujące się odpływy, co sygnalizuje słabszy popyt instytucjonalny.
Krótko terminowe wieloryby trzymają około $26 miliardów w niezrealizowanych stratach, zwiększając ryzyko zmienności.

In a fresh research note released on February 20, 2026, Greg Cipolaro, Global Head of Research at NYDIG, delivered a blunt message to the market: the crypto “investable universe” is getting smaller - and that may be a sign of maturity, not weakness.

Key Takeaways
NYDIG says crypto is narrowing to core financial use cases, not broad Web3 visions.Bitcoin, stablecoins, tokenized assets, and limited infrastructure are the likely long-term winners.Capital is consolidating, and altcoin narratives are fading.2026 focus: allocate long term, treat Bitcoin as a balance sheet asset.
According to Cipolaro, the era of sweeping Web3 ambitions is fading. Instead of trying to replace nearly every digital service, crypto is consolidating around a narrow set of applications that extend traditional finance onto blockchain infrastructure. The industry, in his view, is shifting from speculation to financial utility.
From Broad Dreams to Financial Plumbing
Cipolaro argues that centralized systems will continue to dominate most consumer and enterprise use cases because they are faster, cheaper, and operationally more efficient. That reality, he says, forces crypto to focus on areas where blockchain provides clear structural advantages - mainly within finance.
This transition implies a sobering conclusion: crypto’s total addressable market could be materially smaller than once projected. However, a narrower scope could also strengthen the assets that remain.
The Short List of Long-Term Survivors
Rather than an explosion of new sectors, Cipolaro identifies a tight cluster of categories likely to endure:
Bitcoin as the primary monetary assetTokenized real-world assets (RWAs), including tokenized stocksStablecoins as settlement infrastructureSelect DeFi tools that enhance traditional financial productsA limited number of general-purpose blockchains such as Ethereum
On tokenized assets, Cipolaro expects gradual progress as interoperability improves. He notes that networks like Ethereum continue to anchor on-chain finance, though institutional-focused alternatives such as the Canton Network - built by Digital Asset Holdings - already hold significantly larger pools of tokenized assets than public chains in certain categories.
Stablecoins, meanwhile, are framed not as trading instruments but as core financial plumbing - settlement rails for institutions, banks, and payment systems.
What Didn’t Make the Cut
Cipolaro effectively calls time on several once-hyped narratives. Blockchain gaming, decentralized social networks, and the metaverse have failed to displace centralized competitors at scale. The broader idea that Web3 would become an alternative to nearly any digital offering has, in his assessment, fizzled.
Capital, he observes, is no longer spreading across experimental sectors. Instead, it is concentrating in core financial infrastructure. This consolidation is visible in Bitcoin’s rising market dominance, suggesting that few durable new altcoin narratives have taken hold.
Bitcoin as a Balance Sheet Asset
NYDIG’s broader 2026 outlook reinforces this institutional pivot. The firm’s “Allocate, Don’t Speculate” theme urges investors to stop chasing cycles and instead treat crypto as a long-term allocation decision.
Bitcoin is increasingly viewed not as a trading instrument but as a treasury asset comparable to commodities or foreign exchange. Public companies holding digital assets on their balance sheets - described as Digital Asset Treasuries - may trade as leveraged crypto exposure, setting the stage for corporate consolidation this year.
Cipolaro also anticipates continued volatility compression, arguing that Bitcoin’s long-term decline in volatility could make it more compatible with traditional portfolio frameworks such as risk-parity strategies.
The Long-Term Risk on the Horizon
While not an immediate threat in 2026, NYDIG flags quantum computing as the dominant existential risk facing the industry. The firm suggests that serious planning for quantum resilience should begin now, even if the practical impact remains years away.
Cipolaro’s conclusion is clear: crypto is not disappearing, but it is narrowing. The future, in his framework, belongs to assets that integrate with traditional finance rather than compete with it head-on.
If that thesis proves correct, 2026 may be remembered less as another speculative cycle - and more as the year crypto fully embedded itself into the global financial system.
#bitcoin

SBI Holdings has introduced a 10 billion yen ($64.5 million) on-chain bond issuance that integrates XRP rewards alongside fixed semiannual interest, marking a notable development in the convergence of traditional finance and digital assets.

Key Takeaways
SBI issued 10 billion yen ($64.5 million) in blockchain-managed bonds.Investors receive 1.85%–2.45% semiannual interest plus XRP incentives.Minimum entry set at 100,000 yen, targeting retail and SME investors.Issuance and management executed via BOOSTRY’s on-chain platform.The model advances Japan’s leadership in regulated tokenized securities.
The three-year instrument combines traditional yield, ranging from 1.85% to 2.45% with XRP rewards distributed through 2029.
The bonds will begin trading on March 25, 2026, via the Osaka Digital Exchange’s “START” platform. Lifecycle management is conducted entirely on-chain using BOOSTRY’s “ibet for Fin” system, reflecting Japan’s accelerating adoption of tokenized securities frameworks.
Japan’s Regulatory Landscape
SBI Holdings has been a central player in Japan’s financial modernization strategy, particularly in integrating blockchain-based settlement and digital assets into regulated frameworks. The firm has maintained long-standing cooperation with Ripple, positioning XRP as a cross-border liquidity tool within Asia.
Retail participation in traditional bond markets has historically been limited, with fixed-income instruments perceived as conservative and institutionally dominated. By incorporating XRP rewards, SBI is attempting to recalibrate the value proposition of bonds for digitally engaged investors.
The issuance leverages BOOSTRY, a platform specializing in security token infrastructure, enabling transparent ownership records and automated distributions. This reduces administrative layers while preserving regulatory compliance.
Core Structure and Financial Metrics
The SBI START Bonds carry a three-year maturity and semiannual coupons between 1.85% and 2.45%. Investors receive XRP rewards equivalent to 200 yen per 100,000 yen invested, distributed initially and again between 2027 and 2029.
Total issuance: 10 billion yen ($64.5 million)Maturity: 3 yearsCoupon range: 1.85%–2.45%XRP incentive: 200 yen equivalent per 100,000 yen investedMinimum subscription: 100,000 yenTrading venue: Osaka Digital Exchange (from March 25, 2026)
XRP trades between $1.33 and $1.39 as of February 23, 2026, reflecting a daily decline of approximately 5.95% and a year-to-date pullback of roughly 25–30%. Market capitalization stands near $80–85 billion, ranking XRP among the top digital assets globally.
The incentive structure may introduce incremental XRP demand if participation scales, particularly given Japan’s role in XRP trading activity, which accounts for an estimated 10%–15% of global volume.
Strategic Implications for TradFi and Digital Assets
The hybrid structure illustrates how regulated financial products can serve as distribution channels for digital assets without requiring direct speculative exposure. Investors receive predictable bond income while gaining indirect crypto exposure through reward allocation.
For XRP, the model expands utility beyond payment rails into structured financial instruments. If replicated across additional issuances, such frameworks could enhance liquidity consistency and moderate purely speculative demand cycles.
At the policy level, the initiative reflects Japan’s progressive stance following regulatory updates in 2025 that strengthened stablecoin and security token frameworks. Compared with slower-moving jurisdictions, Japan is advancing practical deployment rather than theoretical pilots.
However, volatility in XRP pricing remains a variable. The reward component’s perceived value may fluctuate materially depending on broader crypto market conditions. Additionally, the model’s scalability beyond Japan will depend on cross-border regulatory harmonization.
Market Context
XRP’s 24-hour trading volume fluctuates between $1.2 billion and $3.1 billion amid recent volatility. Broader crypto markets remain under pressure, with risk assets adjusting to macroeconomic uncertainty and shifting liquidity conditions.
USD/JPY trades near 155, introducing currency considerations for yen-denominated yields. A weaker yen may enhance nominal attractiveness of domestic bonds, while XRP’s cross-border use case remains concentrated in Asia-Pacific corridors.
 Japan’s Expanding Crypto Infrastructure
Approximately 30 licensed digital asset exchanges operate under Japan’s Financial Services Agency oversight.Security token frameworks introduced in 2025 accelerated compliant tokenized issuance.Japanese retail crypto ownership is estimated at 15–20% of the population.Institutional partnerships between banks and blockchain firms exceed $10 billion in managed digital assets.Tokenized asset markets in Japan are projected to grow at roughly 50% annually.
Conclusion
SBI Holdings’ 10 billion yen tokenized bond issuance represents a structured step toward integrating cryptocurrency incentives within traditional fixed-income markets. By embedding XRP rewards into a regulated bond framework, the firm is testing whether blockchain-enabled securities can broaden retail participation while strengthening digital asset utility.
The initiative underscores a structural evolution rather than a short-term marketing exercise. If adoption expands and regulatory clarity persists, hybrid instruments of this type may become a blueprint for global tokenized finance, positioning Japan at the forefront of compliant crypto-TradFi integration.
#xrp

Arizona zbliża się do umiejscowienia aktywów cyfrowych w centrum swojej strategii finansowej. Ustawodawcy przyjęli propozycję, która pozwoliłaby stanowi zbudować strategiczną rezerwę kryptowalut - z XRP wyraźnie wymienionym w ramy.

Kluczowe wnioski
Ustawodawcy w Arizonie przyjęli propozycję utworzenia rezerwy aktywów cyfrowych zarządzanej przez stan.
Fundusz byłby budowany z zajętych kryptowalut - nie z pieniędzy podatników.
Bitcoin, XRP i DigiByte są wyraźnie wymienione jako kwalifikujące się aktywa.
Jeśli zostanie przyjęta, Arizona może stać się pierwszym stanem w USA, który formalnie włączy XRP do rezerwy rządowej.

Michael Saylor’s company, now operating under the name Strategy, has completed its 100th Bitcoin acquisition, reinforcing its status as the largest corporate holder of the digital asset.

Key Takeaways
Strategy bought 592 BTC, marking its 100th Bitcoin purchase.Total holdings now exceed 717,000 BTC with an average cost near $76,000.The company remains committed to its long-term “buy every quarter” strategy despite current unrealized losses.
The milestone follows the company’s latest purchase of 592 BTC for roughly $39.8 million, at an average price near $67,286 per coin.
With the new addition, Strategy’s total Bitcoin holdings stand at more than 717,000 BTC, accumulated at an average cost of approximately $76,020 per coin. The firm has invested around $54.56 billion in total, building what Saylor frequently describes as a long-term treasury strategy rather than a short-term trade.
A Massive Bitcoin Treasury

At current market prices hovering in the mid-$60,000 range, Strategy’s Bitcoin reserves are valued at just under $50 billion. The holdings represent over 3% of Bitcoin’s total capped supply of 21 million coins - a concentration unmatched by any other public company.
Because the market price remains below the company’s average acquisition cost, Strategy is sitting on a sizable unrealized loss estimated between $5.7 billion and $6.7 billion. However, management continues to frame volatility as part of a multi-decade accumulation strategy.
Balance Sheet Strength in Focus
Despite price swings, the company maintains that its financial position remains solid. Total debt stands at roughly $8.2 billion, a fraction of the current market value of its Bitcoin holdings. According to company leadership, Bitcoin would need to collapse to around $8,000 and remain there for five to six years before repayment of convertible bonds would become a serious concern.
Strategy also aims to preserve strong liquidity, targeting approximately $2.25 billion in cash reserves to cover operational needs and dividend obligations without selling Bitcoin.
“Buy Forever” Strategy Continues
Saylor has repeatedly emphasized a simple mandate - accumulate Bitcoin consistently and indefinitely. The firm has stated it intends to continue buying every quarter, regardless of short-term price fluctuations.
The latest purchase comes during a volatile stretch for the market. Bitcoin briefly dipped below $65,000 before rebounding toward $66,000, while Strategy’s stock (MSTR) has mirrored crypto’s swings. Shares recently traded near $131, a steep decline from their 2024 peak above $470.
Still, the company’s conviction remains unchanged. By completing its 100th acquisition and pushing its holdings further above 717,000 BTC, Strategy is doubling down on one of the most aggressive treasury strategies in corporate history - a long-term bet that Bitcoin will ultimately outperform traditional reserve assets.
#MichaelSaylor

Współzałożyciel Ethereum Vitalik Buterin przyspieszył swoje sprzedaże ETH w lutym 2026 roku, sprzedając ponad 8,800 ETH o wartości około 18,45 miliona dolarów w okresie zwiększonej zmienności rynku.

Kluczowe wnioski
Vitalik Buterin sprzedał 8,800 ETH (~18,45 miliona dolarów) w lutym 2026 roku.
33,3 miliarda dolarów w ETH wpłynęło do Binance w ciągu 30 dni, najwyżej od listopada 2025 roku.
Ethereum spadło o 34,35% od początku roku w obliczu szerszej słabości kryptowalut.
Spadające uczestnictwo w stakingu zwiększa podaż płynnego ETH.
Struktura techniczna sugeruje 1,500 dolarów jako kluczowy poziom wsparcia, jeśli sprzedaż się utrzyma.

Bitcoin chwilowo spadł do poziomu 64 300 USD późnym niedzielnym wieczorem po ostrej fali sprzedaży, która zlikwidowała prawie 3 300 USD z jego ceny w mniej niż dwie godziny, intensyfikując zmienność na szerszym rynku kryptowalut.

Kluczowe wnioski
Bitcoin spadł z 67,6 tys. USD do 64,3 tys. USD w mniej niż dwie godziny.
481 mln USD w likwidacjach, głównie długie pozycje.
Plan taryfowy Trumpa na 15% wywołał wyprzedaż ryzykownych aktywów.
Sprzedaż wielorybów i odpływy ETF zwiększyły presję.
Wyprzedaż zepchnęła BTC z około 67 600 USD do lokalnego minimum w pobliżu 64 300 USD, zanim nabywcy wkroczyli, pomagając aktywowi ustabilizować się tuż powyżej 65 000 USD. Nagły spadek wywołał szerokie likwidacje i zlikwidował setki milionów w dźwigni w ciągu 24 godzin.

Następuje ostry zwrot na rynku aktywów cyfrowych. Po fali rozczarowujących wprowadzeń tokenów w 2025 roku, kapitał coraz bardziej płynie do publicznie notowanych firm kryptowalutowych na początku 2026 roku.

Kluczowe wnioski
Ponad 80% wprowadzeń tokenów w 2025 roku notuje ceny poniżej ceny TGE, przy wielu spadkach o 50%–70%.
Główne giełdy, w tym Binance i Bybit, odnotowały znaczne straty przy nowych notowaniach.
Wysokie FDV i wczesne sprzedaże osłabiły model wprowadzania tokenów na rynek.
Kapitał przechodzi do publicznych akcji kryptowalutowych, co napędza wzrost IPO o wartości 14,6 miliarda dolarów.

Crypto projects focused on artificial intelligence, decentralized data, and Web3 cloud infrastructure are dominating development rankings, signaling that the next phase of blockchain growth may be driven by real-world utility rather than speculation.

Key Takeaways
AI and data-focused crypto projects are leading development activity.Infrastructure is shifting toward decentralized cloud, storage, and oracles.Several networks are positioning themselves for AI-driven use cases.The focus is moving from speculation to real-world utility.
According to the latest data shared by Santiment, projects building core infrastructure for AI, storage, indexing, and decentralized finance are leading GitHub activity. The trend reflects a broader effort to reduce reliance on centralized tech giants by shifting computing, data, and financial systems onto decentralized networks.
Core Infrastructure for a Decentralized Web
At the top of the ranking is Chainlink, which provides decentralized oracle services that connect smart contracts with real-world data such as prices and events. Without this bridge, most advanced blockchain applications would not function.
Internet Computer is positioning itself as a blockchain-based alternative to traditional cloud providers. By enabling developers to host applications fully on-chain, it challenges the dominance of centralized platforms and has expanded into on-chain AI capabilities.
NEAR Protocol focuses on scalability through sharding technology. It aims to support AI agents and high-performance applications by offering faster processing and lower costs compared to older networks.
Source: Santiment X
Decentralized Data and Storage Networks
Filecoin provides a distributed storage marketplace, allowing users to store data across a global network rather than relying on a single provider. Cryptographic proofs ensure the integrity and availability of stored files.
Livepeer addresses decentralized video infrastructure, offering blockchain-based transcoding services designed to significantly reduce streaming costs.
The Graph acts as an indexing protocol that organizes blockchain data. It enables developers to easily query and retrieve complex historical information, supporting the functionality of decentralized applications.
AI and Compute-Focused Protocols
Bittensor creates a decentralized machine learning marketplace where AI models collaborate and compete. Participants are rewarded based on the value their models contribute to the broader network.
Qubic introduces a “Useful Proof-of-Work” system, directing mining power toward training neural networks instead of solving non-productive computational puzzles.
Flux provides decentralized cloud computing services, offering distributed CPU power, storage, and infrastructure for hosting applications and AI processes without centralized control.
Injective focuses on decentralized finance by delivering advanced trading infrastructure, including an on-chain order book and near-zero gas fees. Its design supports complex financial applications such as derivatives and lending protocols.
A Shift Toward Utility
The concentration of development activity around AI, storage, indexing, and cloud infrastructure highlights a structural evolution in the crypto sector. Rather than competing primarily as speculative assets, these projects are building the foundational layers required for a decentralized digital economy.
As development efforts intensify, the race to construct the infrastructure behind AI-driven and data-intensive applications appears to be accelerating across the blockchain ecosystem.
#AI #crypto

As of February 22, 2026, Bitcoin Cash (BCH) is trading around $572, showing modest daily fluctuations of 0.3%–1% amid broader crypto market consolidation. With a market capitalization near $11.4 billion, BCH remains among the top 10–15 cryptocurrencies by size

Key Takeaways
BCH trades around $570, down from 2025 highs but well above 2023 lows.Most 2026 forecasts range between $650 and $850 in moderate scenarios.The Layla upgrade in May 2026 could act as a major catalyst.Key resistance sits at $620, while support holds near $542.
Although the asset is down significantly from its 2025 highs near $1,200, it has recovered strongly from 2023 lows, positioning itself for a potentially pivotal year ahead.
So what can investors expect from BCH in 2026? Forecasts range widely, from $450 in bearish scenarios to $1,100+ in bullish cases with most projections clustering between $650 and $850 by year-end. The outlook depends heavily on network upgrades, payment adoption, macro conditions, and overall crypto market momentum.
Historical Context and Current Position
Launched in August 2017 as a scalability-focused fork of Bitcoin, Bitcoin Cash increased block sizes (up to 32MB) to enable faster confirmations and lower transaction fees, typically between $0.01 and $0.05 per transaction. BCH reached an all-time high of approximately $4,355 in December 2017 during the historic bull market.
Since then, BCH has endured multiple market cycles, including the 2018 split that created BSV and prolonged consolidation phases. Today, circulating supply stands near 19.93 million coins out of a 21 million maximum cap, meaning most supply is already in circulation.
Technically, BCH shows neutral-to-slightly bullish momentum:
RSI around 54 (neutral)Emerging bullish MACD crossoverPrice above 200-day SMA (~$400–450)Resistance zone at $580–620
A breakout above $620 could open the path toward $650 short term, with further upside dependent on broader market strength.
Key Drivers for 2026
1. The Layla Upgrade
The May 2026 Layla upgrade is expected to enhance scalability, privacy, and smart contract functionality. Historically, major protocol upgrades often trigger speculative accumulation ahead of activation. If the rollout proceeds smoothly and improves developer activity, BCH could benefit from renewed investor interest.
2. Payment Adoption Narrative
Unlike Bitcoin’s dominant store-of-value narrative, BCH continues to position itself as a fast, low-cost payment network. Merchant integrations and payment processors remain central to its long-term thesis. Increased usage in emerging markets could support steady demand, though competition from Litecoin and stablecoins limits explosive upside potential.
3. Broader Crypto Market Trends
BCH remains highly correlated with Bitcoin. If BTC pushes toward $100,000 in 2026, historical patterns suggest altcoins like BCH could experience amplified percentage gains. However, Bitcoin dominance around 56% continues to suppress broad altcoin rallies.
Macro factors such as inflation, tariff policies, and regulatory clarity may also influence capital flows into alternative cryptocurrencies.
4. Whale Activity
Recent spikes in average transaction values above $2 million suggest increased large-holder participation. While accumulation can signal confidence, concentrated holdings also increase volatility risk.
2026 Price Forecast Scenarios
Conservative Scenario ($450–$600)
If the broader market remains subdued and Bitcoin dominance stays elevated, BCH could consolidate between $500 and $600. In bearish conditions, a drop toward $450 or even $350 in extreme cases, cannot be ruled out.
Moderate Bullish Scenario ($650–$900)
Most forecasts cluster in this range. Successful implementation of Layla, steady adoption growth, and a stable macro backdrop could push BCH toward $700–$850 by late 2026. A break above $900 would require sustained bullish momentum across the crypto sector.
Optimistic Scenario ($1,000–$1,500)
A move to $1,000 represents roughly a 75% gain from current levels, mathematically feasible during a strong bull cycle. In highly optimistic projections tied to aggressive market rallies and network expansion, some models suggest targets above $1,200–$1,500. However, such outcomes depend heavily on broader risk appetite returning to altcoins.
Long-Term Outlook Beyond 2026
Looking toward 2030, projections vary dramatically. Conservative models see BCH near $700–$900, while bullish models forecast $2,000+ if adoption accelerates meaningfully. Extreme projections above $4,000 assume renewed speculative cycles similar to 2017.
Long-term success hinges on continued network upgrades, real-world usage growth, and maintaining relevance in an increasingly competitive payments landscape.
Measured Optimism for 2026
For 2026, Bitcoin Cash appears positioned for balanced growth rather than explosive upside, unless broader crypto conditions turn decisively bullish. A realistic trading range sits between $500 and $700, with upside potential toward $900+ if the Layla upgrade drives renewed demand.
While $1,000 remains achievable in a strong bull cycle, sustainable growth will likely depend more on utility and adoption than speculation alone.
Investors should monitor key technical levels at $542 support and $620 resistance, along with overall Bitcoin momentum and macro developments.
#BCH

Tether’s gold-backed token is quietly reshaping how bullion moves across borders.

Key Takeaways
XAUt moved 94 tonnes in six months with just 0.0016% in fees, showcasing extreme cost efficiency.Tether holds about 148 tonnes of gold, backing a $2.66 billion market cap and over 60% sector share.Tokenized gold now exceeds $6 billion in value, offering 24/7 trading and lower costs than traditional ETFs.Institutional adoption is accelerating, with new dividend options, OTC desks and cross-chain expansion driving growth.
According to Tether CEO Paolo Ardoino, 94 tonnes of Tether Gold (XAUt) were transferred on-chain over the past six months, with total transaction costs amounting to just 0.0016% of the value moved.
Ardoino contrasted that figure with the traditional system of physically transporting gold between central banks - a process that typically involves multimillion-dollar expenses tied to logistics, insurance and security. The comparison highlights how tokenization is positioning itself as a faster and dramatically cheaper settlement layer for bullion.
As of February 22, 2026, XAUt holds more than 60% of the tokenized gold market. The token trades near $5,100 per ounce, after gold briefly surged to an all-time high of $5,597 in late January. With a market capitalization of roughly $2.66 billion and daily trading volumes ranging between $172 million and $247 million, XAUt remains the most actively traded digital gold asset.

Reserve Growth and Institutional Push
Tether’s physical gold reserves reached approximately 148 tonnes by late January, valued at around $23 billion. That scale places the company among the top 30 gold holders globally, underscoring how quickly tokenized bullion has grown beyond a niche product.
Corporate adoption is also accelerating. On February 17, Elemental Royalty Corp. became the first publicly listed gold company to offer shareholders the option to receive dividends in XAUt - a milestone that bridges traditional mining finance with blockchain-based settlement.
Earlier in the month, Tether announced a $150 million investment for a 12% stake in Gold.com, aiming to integrate XAUt directly into physical gold marketplaces. Meanwhile, the launch of XAUt0, an omnichain version built using LayerZero’s OFT standard and initially deployed on The Open Network, expands cross-chain liquidity and DeFi access.
Reports indicate Tether continues accumulating between one and two tonnes of gold per week to back new issuance.
How XAUt Compares to Rivals and ETFs
Tokenized gold now represents more than $6 billion in total market value, with XAUt and Pax Gold accounting for roughly 90% of the sector. Traditional vehicles such as SPDR Gold Shares remain significantly larger in absolute size, but digital tokens offer structural differences that appeal to crypto-native investors.
Unlike gold ETFs, which trade only during stock market hours, XAUt and PAXG operate 24/7. XAUt’s integration with lower-cost networks such as Tron gives it a fee advantage, particularly for high-frequency transfers. PAXG, issued under a New York trust structure and audited monthly, continues to attract compliance-focused investors seeking stronger regulatory oversight.
Both tokens allow physical redemption starting at 430 tokens - equivalent to a standard 400-ounce gold bar plus fees. XAUt’s bullion is stored in Switzerland, while PAXG’s reserves are held in London vaults. Tether also provides transparency tools enabling holders to verify specific bar serial numbers and purity details.
Institutional participation is increasing. On February 17, Wintermute launched an OTC desk for both XAUt and PAXG, forecasting the tokenized gold market could reach $15 billion by the end of 2026. Exchanges have also stepped in to boost activity, with zero-fee trading promotions earlier this year aimed at expanding retail adoption.
Digital Gold’s Efficiency Narrative
The movement of 94 tonnes in half a year with negligible on-chain costs reinforces a broader narrative: tokenized gold is not just tracking spot prices - it is competing on infrastructure efficiency.
As bullion prices remain elevated and geopolitical uncertainty persists, blockchain-based settlement for hard assets is gaining momentum. If current growth in reserves and trading volumes continues, tokenized gold may evolve from a niche crypto product into a parallel settlement rail for global bullion markets.
#Tether

Wcześniej nieznana firma z siedzibą w Hongkongu pojawiła się jako największy nowy inwestor instytucjonalny w iShares Bitcoin Trust (IBIT) BlackRock, zgodnie z nowo złożonym formularzem SEC 13F za kwartał kończący się 31 grudnia 2025 roku.

Kluczowe wnioski
Laurore Ltd. ujawnili udział w wysokości 436 milionów dolarów w IBIT BlackRock, stając się największym nowym akcjonariuszem w IV kwartale 2025 roku.
Firma wymieniła IBIT jako swoje jedyne aktywo, wskazując na dedykowany pojazd ekspozycji na Bitcoin.

Główne instytucje dodały udziały mimo spadku BTC o 23%, pokazując silną pewność siebie.

XRP has just recorded its largest on-chain realized loss spike in nearly four years, triggering fresh debate over whether the market is approaching a turning point.

Key Takeaways
XRP prints biggest realized loss spike since 2022 (-$1.93B).Similar past event was followed by a strong multi-month rally.Extreme capitulation often signals a potential market bottom.
According to on-chain analytics platform Santiment, weekly realized losses recently plunged to around -$1.93 billion - the most severe drawdown since 2022.
The last time losses reached similar levels was roughly 39 months ago. In the months that followed, XRP delivered a powerful 114% advance over the next eight months, highlighting how extreme capitulation events can precede major recoveries.
Capitulation Reaches Extreme Levels
Realized losses occur when investors sell their holdings below their original purchase price. A surge in this metric signals widespread panic, as traders lock in losses rather than wait for a rebound. Historically, such events tend to reflect emotional exhaustion across the market.
When a large share of short-term holders exit positions at a loss, selling pressure can gradually weaken. In simple terms, once weaker hands have sold, fewer participants remain willing to push prices lower. That dynamic can create conditions for stabilization and eventual recovery.
Source: Santiment
Why Large Loss Spikes Matter
Major spikes in realized losses have often appeared near market bottoms across various crypto cycles. Fear typically peaks before price does. After aggressive capitulation, even modest buying pressure can shift momentum higher.
While this pattern does not guarantee an immediate rally, it increases the probability that a significant portion of downside pressure has already been absorbed. Historically, these phases have marked transition points rather than continuation phases.
Market Context
XRP is currently trading around $1.41, reflecting ongoing volatility across the broader crypto market. Sentiment remains fragile, but on-chain data suggests that emotional extremes may already be unfolding beneath the surface.
Investors are now closely watching realized profit and loss trends for signs of stabilization. If history repeats, the latest spike in realized losses could represent less a sign of collapse and more a signal that the bulk of forced selling has already taken place.
At the time of writing XRP is trading around $1.42 - down more than 60% from its ATH of around $3.86.
#XRPRealityCheck

Tether has announced it will discontinue support for its offshore yuan-pegged stablecoin CNH₮, marking another step in the company’s ongoing restructuring of its product lineup.

Key Takeaways
Tether has stopped issuing new CNH₮ tokens effective immediately.Holders have until February 2027 to redeem their assets.The decision follows weak demand and a strategic refocus on higher-utility products.The move aligns with the ongoing liquidation of EUR₮.
The decision, revealed on February 20, 2026, initiates a formal wind-down process that will unfold over the next year.
Minting Halted Immediately
Tether has already stopped minting and issuing new CNH₮ tokens. The freeze took effect immediately following the announcement, effectively capping the token’s circulating supply.
Existing holders are not being forced into immediate action, but the company is urging users across all supported blockchains to begin redeeming their tokens as soon as possible.
Final Redemption Window Set for 2027
Investors have one year to exit their positions. The final deadline for redeeming CNH₮ is expected to close in February 2027.
Tether stated it will issue an additional reminder before the cutoff date to ensure holders do not miss the final redemption window.
Why Tether Is Pulling the Plug
The move follows what the company described as a strategic review of its digital asset offerings. According to Tether, CNH₮ failed to generate sufficient demand to justify the operational and compliance costs required to maintain the product at its usual standards.
The firm is redirecting resources toward higher-adoption products, particularly its flagship USD-backed stablecoin, USD₮, as well as newer regulated infrastructure initiatives such as USA₮.
Tether also noted that simplifying its portfolio will help streamline technical infrastructure and support its broader ambitions in asset tokenization through its Hadron platform.
Part of a Larger Cleanup
The CNH₮ phase-out mirrors Tether’s earlier decision to sunset its euro-pegged stablecoin EUR₮, which is currently undergoing liquidation ahead of a November 27, 2025 redemption deadline.
Together, these moves signal a broader pivot by Tether as it adapts to evolving regulatory pressures and shifting global demand patterns within the stablecoin sector.
#Tether

Dyrektor inwestycyjny Bitwise Asset Management Matt Hougan ponownie przedstawił to, co nazywa „Mount Rushmore” aktywów kryptograficznych dla obecnego cyklu rynkowego - Bitcoin, Ethereum, Solana i Chainlink.

Najważniejsze wnioski
Bitcoin, Ethereum, Solana i Chainlink tworzą cztery podstawowe aktywa Bitwise w tym cyklu.
Skupienie przenosi się z spekulacji na rzeczywiste zastosowanie i adopcję instytucjonalną.
Bitcoin i Ethereum pozostają dominujące; Solana i Chainlink postrzegane są jako inwestycje infrastrukturalne o dużym potencjale.
Rok 2026 może oznaczać silniejszą regenerację, jeśli regulacje i przepływy instytucjonalne przyspieszą.

The U.S. Securities and Exchange Commission introduced a major shift in how broker-dealers can treat certain stablecoins on their balance sheets.

Key Takeaways
SEC allows a 2% capital haircut for qualifying payment stablecoinsPrevious treatment often applied a 100% haircutOnly stablecoins meeting strict reserve, transparency, and regulatory standards qualifyPotential liquidity boost for major broker-dealersCould accelerate institutional adoption of tokenized securities and digital assets
In updated guidance from the Division of Trading and Markets, the regulator signaled it would allow firms to apply a far lighter capital charge to qualifying “payment stablecoins.”
The move could free up billions in regulatory capital and reshape how traditional financial institutions interact with dollar-backed digital assets.
The 2% Haircut Rule Changes the Game
Under the updated FAQ, broker-dealers calculating net capital under Exchange Act Rule 15c3-1 may apply just a 2% haircut to proprietary positions in eligible payment stablecoins.
Previously, many firms applied a 100% haircut - effectively treating stablecoin holdings as worthless for capital purposes. That conservative approach severely limited their practical use on broker balance sheets.
With the new framework, firms can count 98% of a qualifying stablecoin’s market value toward working capital. The 2% rate mirrors the treatment of money market funds, which typically hold low-risk assets such as short-term U.S. Treasuries.
Strict Criteria for Eligibility
Not all stablecoins qualify. The SEC staff outlined specific “ready market” conditions that must be met.
To receive the favorable 2% treatment, a stablecoin must:Maintain 1:1 backing with high-quality liquid assets such as cash and short-term TreasuriesProvide regular audited reserve reports and monthly attestationsBe issued by a state-regulated money transmitter, state trust company, or national trust bankOffer clear and enforceable redemption rights to holders
Industry analysis suggests that USDC could meet these requirements, while Tether’s USDT may not currently satisfy all of the stated conditions.Liquidity Surge for Wall Street
The capital relief could materially change how major broker-dealers approach stablecoins. Firms such as Robinhood and Goldman Sachs may now deploy stablecoin holdings far more efficiently, potentially unlocking significant liquidity across trading desks.
Commissioner Hester Peirce indicated that the updated treatment may also support broader engagement with tokenized securities and other blockchain-based financial instruments. Lower capital friction makes it more feasible for traditional brokers to expand into digital asset infrastructure without penalizing their balance sheets.
Regulatory Backdrop
The guidance arrives shortly after the passage of the GENIUS Act, signaling a broader shift in Washington toward structured stablecoin oversight rather than outright restriction.
Taken together, the policy change suggests regulators are beginning to differentiate between fully backed, transparent payment stablecoins and higher-risk crypto assets. If adoption accelerates, the 2% haircut framework could become a cornerstone of how digital dollars integrate into mainstream brokerage operations.
#Stablecoins

In 2025, aggregate cryptocurrency flows to darknet markets (DNMs) and drug vendors reached nearly $2.6 billion, with total inflows to drug-related addresses slightly exceeding $2.5 billion, a modest year-over-year increase despite ongoing enforcement actions.

Key Takeaways
Darknet markets processed nearly $2.6 billion in crypto transactions in 2025.Fentanyl precursor payments declined sharply, preceding a drop in opioid overdoses.Larger crypto drug transactions (>$500) correlated with worse health outcomes in Canada.Blockchain transparency is emerging as a proactive intelligence tool for law enforcement and public health agencies.
These findings, published in Chainalysis’ 2026 Crypto Crime Report on February 19, underscore a persistent reality: darknet markets remain one of the most resilient segments of the crypto-enabled illicit economy. Yet the report also advances a more nuanced thesis. While crypto continues to facilitate illicit drug sales, blockchain transparency is increasingly transforming digital assets into a powerful early-warning system, one capable of predicting and potentially mitigating public health crises before they escalate.
The Persistent Shadow of Crypto in the Drug Trade
Darknet markets are not isolated websites operating in digital obscurity. They function as interconnected global supply networks, facilitating retail and wholesale drug sales, fraud services, and logistical resupply chains. Payments typically flow from personal wallets or exchanges to escrow services and vendor-controlled addresses.
Despite repeated crackdowns and takedowns, including the July 2025 closure of Abacus Market, overall activity has proven durable. Vendor migration to successor platforms such as TorZon and the growth of Russia-focused markets like Kraken, Mega, and Blacksprut demonstrate rapid adaptation to enforcement pressure.
Yet resilience does not equate to invisibility. As Chainalysis notes, “Money moves before the crisis hits”. Because blockchain transactions are transparent and recorded in real time, on-chain data can provide high-fidelity signals that precede spikes in overdoses and other public health events.
2025 Data Trends: Resilience Meets Real-Time Visibility
Aggregate DNM inflows reaching approximately $2.6 billion highlight the structural durability of crypto-enabled drug marketplaces. However, a closer look reveals important shifts.
Declining Fentanyl Precursor Flows
From mid-2023 onward, cryptocurrency payments to fentanyl precursor suppliers dropped sharply. This decline coincided with enhanced U.S.–China cooperation, sanctions enforcement, and China’s removal of more than 140,000 online advertisements for precursor chemicals.
Crucially, on-chain signals showed the reduction months before official public health statistics reflected a meaningful drop in opioid overdose deaths in the United States and Canada. The blockchain data effectively provided a 3–6 month predictive lead time.
Transaction Size as a Risk Indicator
Chainalysis also identified a clear correlation between larger crypto transactions (above $500) to darknet markets and increased stimulant-related hospitalizations and emergency visits in Canada. Smaller payments under $500 showed no consistent relationship with health outcomes.
This suggests that bulk purchases or distribution-level transactions may serve as more reliable early indicators of escalating drug supply and consumption.
Adaptation and Migration
Enforcement actions remain visible on-chain. For example, the Blacksprut hack triggered temporary negative net flows as funds exited the platform. Meanwhile, methamphetamine interdictions at U.S. borders doubled in 2025, reflecting shifting supply chains as fentanyl crackdowns intensified.
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Fraud shops, adjacent illicit ecosystems saw significant contraction, with volumes declining from approximately $205 million to $87.5 million year-over-year. At the same time, Chinese-language Telegram networks pivoted toward wholesale bulk operations, including one channel with 27,000 members focused on larger credit card sales.
A Dual-Edged Sword
Critics often argue that cryptocurrency inherently enables criminal activity. The 2026 report acknowledges that darknet markets continue to adapt rapidly, with disruptions often proving temporary.
However, the transparency of blockchain data increasingly flips the narrative. On-chain analysis allows authorities to:
Track upstream supply chain shiftsMeasure enforcement effectiveness in near real timeIdentify emerging drug distribution hubsPredict overdose surges months before official reporting
Rather than serving solely as a concealment tool, cryptocurrency is becoming a data-rich investigative asset.
Broader Context and Limitations
The report also highlights surging activity in other illicit sectors, including an 85% year-over-year rise in crypto flows linked to suspected human trafficking networks in 2025. This broader landscape underscores that crypto crime remains multifaceted.
Importantly, Chainalysis’ findings rely on identified and attributed addresses. While actual totals may exceed reported figures, historical data demonstrates that on-chain patterns reliably track directional shifts in illicit ecosystems.
From Reactive Enforcement to Proactive Intelligence
The persistence of roughly $2.6 billion in darknet market flows during 2025 confirms that crypto-enabled drug markets are resilient. Yet the decline in fentanyl precursor payments and their correlation with improved health outcomes reveal something equally important: blockchain transparency enables prevention.
With proper analytics, public health agencies and law enforcement can act before crises escalate, deploying resources, disrupting supply chains, and targeting high-risk regions based on predictive transaction patterns.
As the report emphasizes, “Money moves before the crisis hits”. With real-time blockchain visibility, society has an opportunity to move faster, transforming a perceived vulnerability into a strategic advantage.
#crypto

Bitcoin should already be trading at a discount because of the growing threat from quantum computing, according to Charles Edwards, founder of Capriole Fund.

Key Takeaways
Capriole founder says Bitcoin should already trade at a quantum-risk discount (about 20%).He warns the discount could jump fast if Bitcoin doesn’t move toward quantum-resistant code.The core worry is “Q-Day” - when quantum machines could crack today’s Bitcoin cryptography and trigger major forced selling from exposed coins.He still argues BTC around the $60Ks can be undervalued if the network upgrades in time.
In a February 20 report, Edwards argues that markets have quietly begun pricing in what he calls an “existential” risk - one that could materialize within the next decade.
His warning is blunt: if the network does not migrate to quantum-resistant cryptography in time, up to 20–30% of Bitcoin’s supply could eventually be exposed to theft and forced liquidation once so-called “Q-Day” arrives.
The 20% Quantum Discount
Edwards introduces the concept of a “Quantum Discount Factor” - the percentage by which Bitcoin’s fair value should be reduced to account for the probability that a cryptographically relevant quantum computer emerges before the network upgrades.
Based on his probability model, there is roughly a 20% chance that Q-Day occurs by 2028. Since Bitcoin would likely need about two years to fully migrate to quantum-resistant code, he argues that rational investors should already be discounting fair value by around 20%.
If progress stalls, that discount could widen sharply:
40% by 202760% by 2028As high as 75% by 2029
In other words, the longer the protocol delays meaningful upgrades, the heavier the valuation penalty becomes.
Why 2025 Was So Strange for Bitcoin
Edwards points to 2025 as a major anomaly. Historically, post-halving years have delivered strong gains for Bitcoin due to supply tightening. Yet 2025 marked the first negative post-halving year in the asset’s history.

That underperformance came despite:
Global money supply expanding by over 10%Gold surging more than 50%U.S. pro-Bitcoin policy tailwindsBitcoin’s annual inflation rate falling below gold’s
Under similar macro conditions in the past, Bitcoin typically outperformed. Instead, it lagged both gold and equities - a divergence Edwards attributes to markets entering what he calls the “Quantum Event Horizon,” where the time required to upgrade the network is no longer comfortably ahead of the quantum threat timeline.

How Real Is the Threat?
Bitcoin currently relies on elliptic curve cryptography (ECC) to secure private keys. Classical computers would need billions of years to brute-force such encryption. Quantum machines, however, could run Shor’s algorithm and potentially crack exposed public keys far faster.
Industry estimates suggest around 2,300 logical qubits - roughly 100,000 physical qubits - could be enough to break Bitcoin’s cryptography. Several leading quantum computing firms are targeting those levels within 2–5 years.
Quantum systems are already deployed on major cloud platforms and are advancing faster than Moore’s Law, with qubit counts doubling roughly every 18 months.

Edwards’ aggregated forecasts suggest:
~60% probability of Q-Day by 2030
~80% probability by 2031
All major expert projections cluster within the next nine years.
Two Critical Problems Bitcoin Must Solve
Edwards outlines two urgent challenges:
Migrating active users (roughly 70% of supply) to quantum-resistant wallets via a protocol upgrade.Addressing 20–30% of coins with exposed public keys, including early P2PK addresses and lost coins, which could be vulnerable to mass theft and liquidation.
One controversial proposal involves a “dead man’s switch” that would freeze unmigrated coins after a set period. While potentially effective at preserving network integrity, such a move would ignite philosophical debates over property rights and Bitcoin’s “not your keys, not your coins” ethos.
Without addressing both issues, Edwards argues, Bitcoin’s value could theoretically collapse to zero in a worst-case scenario following Q-Day.
Is Bitcoin Undervalued Despite the Risk?
Using his long-standing “Energy Value” model, Edwards estimates Bitcoin’s fair value at around $120,000. After applying a 20% quantum discount, that figure drops to approximately $96,000.
With Bitcoin trading in the $60,000 range in February 2026, he contends the asset is still roughly 30% undervalued - assuming the network ultimately resolves the quantum threat within the next two to three years.
In that scenario, a credible roadmap toward quantum-resistant signatures could trigger a sharp repricing upward as the discount factor compresses.
Institutions Already Reacting
Edwards notes that several major allocators have publicly raised quantum concerns over the past year. Some asset managers have reduced Bitcoin exposure or capped allocations pending clarity on quantum resilience.
He maintains that this repositioning explains Bitcoin’s relative weakness versus gold and equities since mid-2025, despite supportive macro conditions.
The Bottom Line
Quantum computing is no longer a distant theoretical risk, according to Edwards - it is a timeline-driven probability that markets have started to incorporate.
The key variable now is speed.
If Bitcoin developers move decisively in 2026 toward quantum-resistant code and credible migration paths, the current discount could shrink quickly. If not, Edwards warns that the valuation penalty will grow exponentially as Q-Day approaches.
For Bitcoin, adaptability may determine whether it remains the “hardest money” in a changing technological landscape - or becomes the first major financial system tested by the quantum era.
#bitcoin

Crypto markets are flashing some of the most extreme fear readings in history, even as institutional participation continues to deepen.

Key Takeaways
Bitcoin fear has dropped to historic lows, even below past crisis levels.The Fed’s hawkish tone is pressuring risk assets, with fewer rate cuts expected in 2026.Institutions continue accumulating BTC despite ETF outflows.Revenue-generating DeFi protocols are outperforming the broader market.
According to a new Bloomberg Research report, the Bitcoin Fear and Greed Index recently collapsed to 5 - a level below prior major shock events - underscoring widespread retail capitulation.
Bitcoin has largely traded within the 65,000-70,000 dollar range despite the deteriorating mood. The report suggests that such deeply negative sentiment has historically coincided with selling exhaustion and stabilization phases. A further negative monthly close would mark five consecutive monthly declines - a pattern last seen during the 2018 bear market.

Macro Pressure Weighs on Risk Assets
The broader backdrop remains firmly risk-off. Equities and crypto have struggled, while the U.S. dollar and Treasuries moved higher. The minutes from the January meeting of the Federal Open Market Committee struck a notably hawkish tone, introducing rate hike language for the first time in the current easing cycle.
The Fed held rates at 3.50-3.75 percent on a 10-2 vote. Policymakers warned that disinflation has been slower and more uneven than expected, and several members raised the possibility of rate hikes if inflation proves persistent. While January CPI came in at 2.4 percent year over year, the Fed’s preferred PCE measure printed at 2.9 percent for December, highlighting gradual progress.
Markets have sharply adjusted expectations. CME futures now price roughly two quarter-point rate cuts for 2026, with the first not expected before June - a clear divergence from the more optimistic projections seen late last year.
Institutions Accumulate as Retail Steps Back
Despite the fear, ownership data shows a structural shift underway. Over the past year, Bitcoin supply has rotated away from individuals and toward businesses, funds, and ETFs. Retail holders appear to be distributing, while institutional cohorts continue to accumulate.

Spot Bitcoin ETFs are approaching a fifth consecutive week of net outflows, with roughly 3.9 billion dollars redeemed recently. The average ETF cost basis sits near 84,000 dollars, leaving many holders underwater. Yet ETF assets under management as a share of total Bitcoin market capitalization remain elevated.
Since launch in early 2024, ETF AUM as a percentage of Bitcoin’s market cap climbed from roughly 3.1 percent to about 7 percent near the October 2025 all-time high. Even after a roughly 50 percent drawdown, the ratio has only modestly eased to around 6.3 percent - a signal that institutional participation remains structurally intact.
DeFi Revenue Leaders Outperform
Institutional engagement is expanding beyond passive exposure. Major asset managers are increasingly interacting directly with on-chain infrastructure. BlackRock has been active around Uniswap, while Apollo Global Management partnered with Morpho, signaling deeper integration between traditional finance and decentralized platforms.
Within DeFi, protocols demonstrating consistent revenue generation and usage have outperformed broader L1, L2, and core DeFi benchmarks year-to-date. Bloomberg Research notes that revenue traction and institutional positioning appear to be reinforcing one another as capital reallocates toward projects aligned with this convergence.
The revenue metrics are striking. Several crypto applications have reached 100 million dollars in annualized revenue faster than many well-known technology firms. Hyperliquid achieved the milestone in under three months, while PancakeSwap and Uniswap followed within months. This pace outstrips the early revenue timelines of companies such as Snowflake and OpenAI.
Looking Ahead
Bloomberg Research characterizes the current phase as a late-stage drawdown dominated by macro headwinds rather than crypto-specific weaknesses. Restrictive monetary policy, evolving AI dynamics, and geopolitical risks are weighing on sentiment.
At the same time, the divergence between extreme fear and ongoing institutional build-out suggests a market transitioning from speculation-led growth to infrastructure-driven expansion. Retail positioning has retreated, but institutional development across DeFi integration, tokenization, and stablecoin payment rails continues.
The key question now is timing. Sentiment typically lags structural change. Upcoming macro releases and ecosystem events may provide further clarity on whether this period of extreme fear marks exhaustion - or simply another chapter in a prolonged adjustment phase.
#crypto

Po latach agresywnego spalania tokenów, zmniejszając podaż z 589 bilionów do około 410 bilionów, SHIB wszedł w nową fazę dojrzałości. Pytanie teraz: jak wysoko może wzrosnąć SHIB w 2026 roku?

Kluczowe wnioski
SHIB handluje blisko 0,091 USD przy silnej płynności i kapitalizacji rynkowej wynoszącej 37,3 miliarda USD.
Podaż w obiegu spadła do ~410 bilionów z powodu trwających spalania.
Analitycy przewidują 0,08–0,25 USD do końca 2026 roku, w zależności od warunków rynkowych.
Shibarium i wzrost ekosystemu pozostają kluczowe dla długoterminowego wzrostu.
Stan na 20 lutego 2026 roku, Shiba Inu (SHIB) zdecydowanie ugruntował swoją pozycję jako coś więcej niż tylko monetę memową. Handlując wokół 0,091060 USD, SHIB odzwierciedla dzienną fluktuację na poziomie 2–3% wśród szerszej konsolidacji rynku. Z kapitalizacją rynkową bliską 37,3 miliarda USD i podażą w obiegu zmniejszoną do około 410 bilionów tokenów, projekt przekształcił się w ekosystem napędzany użytecznością, zasilany przez Shibarium, integracje DeFi, NFT, inicjatywy metaverse i przypadki użycia płatności w rzeczywistości.