📊 In January, on-chain stablecoin transfers exceeded $10.5 trillion, the highest level since April 2022
• USDC dominated activity with $8.3T in volume, reinforcing the growing role of Circle’s flagship stablecoin (issuer: Circle).
• USDT followed with $1.7T in transfers.
• DAI ranked third at $138B.
Momentum remains strong: even before February ended, stablecoin transaction volume had already reached $7.8T. 💵
This surge highlights rising on-chain liquidity and growing reliance on stablecoins for trading, settlement, and capital movement — even amid broader market uncertainty. 🧐
• USDC dominated activity with $8.3T in volume, reinforcing the growing role of Circle’s flagship stablecoin (issuer: Circle).
• USDT followed with $1.7T in transfers.
• DAI ranked third at $138B.
Momentum remains strong: even before February ended, stablecoin transaction volume had already reached $7.8T. 💵
This surge highlights rising on-chain liquidity and growing reliance on stablecoins for trading, settlement, and capital movement — even amid broader market uncertainty. 🧐
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🐳 Santiment: Whale accumulation is accelerating
According to Santiment, the number of wallets holding 100+ BTC is about to cross 20,000, a level often associated with accumulation phases.
📈 A wallet with 100 BTC is worth at least $6.8M, meaning these addresses mostly belong to high-net-worth individuals, funds, institutions, or long-term holders.
🐃 Importantly, this growth is happening during a price decline, which is historically considered a bullish signal.
According to Santiment, the number of wallets holding 100+ BTC is about to cross 20,000, a level often associated with accumulation phases.
📈 A wallet with 100 BTC is worth at least $6.8M, meaning these addresses mostly belong to high-net-worth individuals, funds, institutions, or long-term holders.
🐃 Importantly, this growth is happening during a price decline, which is historically considered a bullish signal.
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📝 MARA reports a $1.7B loss — but the market cheers
🛠 The largest public US Bitcoin miner, MARA Holdings, posted a $1.7B loss in Q4 2025, a sharp reversal from a $528M profit a year earlier.
The hit came mainly from:
• Revaluation of its Bitcoin reserves amid falling prices
• Hashrate rising to 66.4 EH/s, while actual BTC production declined
• Power costs per BTC jumping to $48,611, squeezing margins even further
⚡️ Despite the weak mining fundamentals, MARA’s stock jumped +15% after the company announced a joint AI infrastructure project with Starwood Capital Group. The partnership aims to build data centers with capacity of up to 2.5 GW.
📌 Takeaway: mining profitability is under pressure, but the market is now valuing MARA more as an AI + data center play than a pure Bitcoin miner.
🛠 The largest public US Bitcoin miner, MARA Holdings, posted a $1.7B loss in Q4 2025, a sharp reversal from a $528M profit a year earlier.
The hit came mainly from:
• Revaluation of its Bitcoin reserves amid falling prices
• Hashrate rising to 66.4 EH/s, while actual BTC production declined
• Power costs per BTC jumping to $48,611, squeezing margins even further
⚡️ Despite the weak mining fundamentals, MARA’s stock jumped +15% after the company announced a joint AI infrastructure project with Starwood Capital Group. The partnership aims to build data centers with capacity of up to 2.5 GW.
📌 Takeaway: mining profitability is under pressure, but the market is now valuing MARA more as an AI + data center play than a pure Bitcoin miner.
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📉 Bitcoin dropped over 3%, falling below $64,000, after Donald Trump announced the start of a large-scale U.S. military operation against Iran 🇺🇸🇮🇷
Within the first hour following reports of the strikes, more than $200 million in long positions were liquidated across crypto exchanges, reflecting a sharp increase in volatility. 📊
Geopolitical speculation also surged: trading volume on Polymarket for bets related to a potential U.S. strike on Iran exceeded $500 million, signaling intense market focus on the conflict. 🧐
🌐 The situation highlights how geopolitical shocks can quickly pressure Bitcoin and amplify forced liquidations.
Within the first hour following reports of the strikes, more than $200 million in long positions were liquidated across crypto exchanges, reflecting a sharp increase in volatility. 📊
Geopolitical speculation also surged: trading volume on Polymarket for bets related to a potential U.S. strike on Iran exceeded $500 million, signaling intense market focus on the conflict. 🧐
🌐 The situation highlights how geopolitical shocks can quickly pressure Bitcoin and amplify forced liquidations.
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🇺🇸🇮🇷 U.S.–Iran War Escalates, Markets on Edge
⚔️ The U.S. military operation against Iran continues, with reports claiming the key outcome so far is the elimination of the country’s Supreme Leader. Tehran has responded with drone and missile strikes across the Middle East, while tensions around the Hormuz Strait intensify.
Washington denies major losses but has confirmed first casualties among U.S. soldiers. The United States and Israel remain engaged, and Donald Trump said potential successors to Iran’s leadership were also eliminated. The conflict could last up to four weeks.
Markets reacted fast: gold surged above $5,400, with some already eyeing $6,000. Brent oil spiked to $82 (+12%) before cooling to ~$80. 📊
Iran declared a state of “holy war,” but both sides appear to be looking for an exit they can’t yet take.
📉 Bitcoin dipped over the weekend and is now stabilizing near $66,000, with downside risks and volatility likely as U.S. stock trading resumes.
⚔️ The U.S. military operation against Iran continues, with reports claiming the key outcome so far is the elimination of the country’s Supreme Leader. Tehran has responded with drone and missile strikes across the Middle East, while tensions around the Hormuz Strait intensify.
Washington denies major losses but has confirmed first casualties among U.S. soldiers. The United States and Israel remain engaged, and Donald Trump said potential successors to Iran’s leadership were also eliminated. The conflict could last up to four weeks.
Markets reacted fast: gold surged above $5,400, with some already eyeing $6,000. Brent oil spiked to $82 (+12%) before cooling to ~$80. 📊
Iran declared a state of “holy war,” but both sides appear to be looking for an exit they can’t yet take.
📉 Bitcoin dipped over the weekend and is now stabilizing near $66,000, with downside risks and volatility likely as U.S. stock trading resumes.
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📊 Bitcoin Ends February in the Red
Bitcoin closed February negative, marking five consecutive red monthly closes — a pattern seen only once before, back in 2018. Notably, this is the first time in history that a losing January was followed by a losing February. 🙀
Ethereum looks even weaker, closing its sixth straight red month.
Zooming out, the picture remains grim: over the last 15 months, 12 have closed in the red, underscoring prolonged downside pressure and investor fatigue. 🤷
📉 The data highlights how deep and persistent the current drawdown has been, despite periodic short-term relief rallies.
Bitcoin closed February negative, marking five consecutive red monthly closes — a pattern seen only once before, back in 2018. Notably, this is the first time in history that a losing January was followed by a losing February. 🙀
Ethereum looks even weaker, closing its sixth straight red month.
Zooming out, the picture remains grim: over the last 15 months, 12 have closed in the red, underscoring prolonged downside pressure and investor fatigue. 🤷
📉 The data highlights how deep and persistent the current drawdown has been, despite periodic short-term relief rallies.
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🫸 Bitcoin Community Rejects Code Rewrite Proposal
The crypto community quickly shut down a proposal by Mark Karpeles, the former CEO of Mt. Gox, to rewrite Bitcoin’s code in order to recover 79,956 BTC (worth over $5B at current prices). 💰
Karpeles suggested “moving” the coins to compensate creditors, but Bitcoin developers and even some Mt. Gox victims firmly opposed the idea.
The core argument was simple and uncompromising:
If the rules can be changed once for $5B, then the fundamental principle “your keys = your coins” stops being law.
⚖️ The reaction highlights Bitcoin’s core value — immutability over convenience, even at a massive financial cost.
The crypto community quickly shut down a proposal by Mark Karpeles, the former CEO of Mt. Gox, to rewrite Bitcoin’s code in order to recover 79,956 BTC (worth over $5B at current prices). 💰
Karpeles suggested “moving” the coins to compensate creditors, but Bitcoin developers and even some Mt. Gox victims firmly opposed the idea.
The core argument was simple and uncompromising:
If the rules can be changed once for $5B, then the fundamental principle “your keys = your coins” stops being law.
⚖️ The reaction highlights Bitcoin’s core value — immutability over convenience, even at a massive financial cost.
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😱 AI Enters the Battlefield: Anthropic Linked to U.S. Strikes on Iran
According to the The Wall Street Journal, the U.S. allegedly used AI from Anthropic during military operations against Iran — for intelligence gathering, target selection, and combat simulations. 🏹
This came as a shock, since Anthropic had previously refused cooperation with the U.S. Department of Defense, publicly distancing itself from military use of its models. 🤖
Following the reports, the Pentagon labeled Anthropic a “national security threat,” while Donald Trump urged all federal agencies to stop using Anthropic’s AI.
⚠️ Shortly after, Anthropic appeared to reverse course — suggesting that pressure from Washington may have forced compliance.
The episode highlights how quickly AI neutrality collapses when geopolitics and national security enter the equation. 🤔
According to the The Wall Street Journal, the U.S. allegedly used AI from Anthropic during military operations against Iran — for intelligence gathering, target selection, and combat simulations. 🏹
This came as a shock, since Anthropic had previously refused cooperation with the U.S. Department of Defense, publicly distancing itself from military use of its models. 🤖
Following the reports, the Pentagon labeled Anthropic a “national security threat,” while Donald Trump urged all federal agencies to stop using Anthropic’s AI.
⚠️ Shortly after, Anthropic appeared to reverse course — suggesting that pressure from Washington may have forced compliance.
The episode highlights how quickly AI neutrality collapses when geopolitics and national security enter the equation. 🤔
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😎 War or Not, Bitcoin Buying Stays on Schedule
While markets react to global turmoil, Strategy keeps sticking to its plan. 📝
The company has purchased 3,015 BTC at an average price of $67,700 per coin. Its total holdings now stand at 720,737 BTC, acquired for $54.77B at an average price of $75,985. 💰
🐋 Once again, Strategy shows zero hesitation — steady accumulation, regardless of headlines.
While markets react to global turmoil, Strategy keeps sticking to its plan. 📝
The company has purchased 3,015 BTC at an average price of $67,700 per coin. Its total holdings now stand at 720,737 BTC, acquired for $54.77B at an average price of $75,985. 💰
🐋 Once again, Strategy shows zero hesitation — steady accumulation, regardless of headlines.
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📈 Markets Rally as U.S. Trading Opens
Bitcoin jumped 6% after the opening of U.S. trading, as markets reacted positively to the first session following the escalation in the Middle East. 🚀
The rebound wasn’t limited to crypto. U.S. equities also opened strong, with S&P 500 and Nasdaq posting sharp gains, signaling a broad risk-on move across assets.
💡 Despite geopolitical tensions, investors appear willing to buy the dip — at least for now.
Bitcoin jumped 6% after the opening of U.S. trading, as markets reacted positively to the first session following the escalation in the Middle East. 🚀
The rebound wasn’t limited to crypto. U.S. equities also opened strong, with S&P 500 and Nasdaq posting sharp gains, signaling a broad risk-on move across assets.
💡 Despite geopolitical tensions, investors appear willing to buy the dip — at least for now.
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📉 Bitcoin Correction Still “Mild” by Historical Standards
🔎 According to CryptoQuant analyst Alex Adler, Bitcoin’s latest 47% correction looks relatively modest when compared to past cycles — where drawdowns exceeded 90%.
This observation supports the idea that Bitcoin market cycles are gradually smoothing out over time, with volatility decreasing as the asset matures.
Based on historical patterns, Adler suggests that a potential cycle bottom could form around 60–70% below the all-time high, rather than the extreme crashes seen in earlier years.
💡 In short: the current pullback may feel painful, but by Bitcoin’s own history, it’s far from catastrophic.
🔎 According to CryptoQuant analyst Alex Adler, Bitcoin’s latest 47% correction looks relatively modest when compared to past cycles — where drawdowns exceeded 90%.
This observation supports the idea that Bitcoin market cycles are gradually smoothing out over time, with volatility decreasing as the asset matures.
Based on historical patterns, Adler suggests that a potential cycle bottom could form around 60–70% below the all-time high, rather than the extreme crashes seen in earlier years.
💡 In short: the current pullback may feel painful, but by Bitcoin’s own history, it’s far from catastrophic.
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🦄 New York Court Dismisses Lawsuit Against Uniswap
🍏 A New York court has dismissed a class-action lawsuit against Uniswap, where plaintiffs tried to hold the platform responsible for scam tokens launched by third parties.
⚖️ The court ruled that the protocol itself is not liable for the quality, legitimacy, or intent of projects built on top of it. In other words, Uniswap provides infrastructure — not financial guarantees.
The case lasted four years, and the final decision is being seen as a major legal precedent for the crypto industry, reinforcing the idea that decentralized protocols are tools, not issuers.
👏 A win not just for Uniswap, but for DeFi as a whole.
🍏 A New York court has dismissed a class-action lawsuit against Uniswap, where plaintiffs tried to hold the platform responsible for scam tokens launched by third parties.
⚖️ The court ruled that the protocol itself is not liable for the quality, legitimacy, or intent of projects built on top of it. In other words, Uniswap provides infrastructure — not financial guarantees.
The case lasted four years, and the final decision is being seen as a major legal precedent for the crypto industry, reinforcing the idea that decentralized protocols are tools, not issuers.
👏 A win not just for Uniswap, but for DeFi as a whole.
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🇹🇷 Turkey Proposes 10% Crypto Income Tax
Turkey’s ruling party AKP has submitted a bill to parliament introducing a tax on crypto income in Turkey. 👀
Under the proposal, regulated platforms would withhold 10% of users’ crypto profits quarterly, regardless of whether the user is an individual or company, resident or non-resident. The President would have the authority to adjust the rate from 0% to 20%, depending on token type, holding period, and wallet category.
Additionally, service providers would face a 0.03% tax per transaction.
⚖️ If passed, the law would significantly tighten crypto taxation in Turkey and expand state control over digital asset income.
Turkey’s ruling party AKP has submitted a bill to parliament introducing a tax on crypto income in Turkey. 👀
Under the proposal, regulated platforms would withhold 10% of users’ crypto profits quarterly, regardless of whether the user is an individual or company, resident or non-resident. The President would have the authority to adjust the rate from 0% to 20%, depending on token type, holding period, and wallet category.
Additionally, service providers would face a 0.03% tax per transaction.
⚖️ If passed, the law would significantly tighten crypto taxation in Turkey and expand state control over digital asset income.
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🐃 CryptoQuant: Short-Term Bitcoin Holders Stay Calm
According to CryptoQuant, the escalation of the Middle East conflict has not triggered panic among short-term Bitcoin holders. 🧐
On February 5–6, this group sold around 89,000 BTC at a loss, but since then selling pressure has been steadily declining. 📉
Despite rising military tensions involving Iran, there was no major spike in BTC inflows to exchanges, which typically signals fear-driven capitulation.
📊 Markets tend to stabilize once weak hands finish selling — and on-chain data suggests that this phase may be almost over.
💡 Bottom line: headlines look scary, but short-term holders aren’t panicking — a potentially constructive sign for BTC.
According to CryptoQuant, the escalation of the Middle East conflict has not triggered panic among short-term Bitcoin holders. 🧐
On February 5–6, this group sold around 89,000 BTC at a loss, but since then selling pressure has been steadily declining. 📉
Despite rising military tensions involving Iran, there was no major spike in BTC inflows to exchanges, which typically signals fear-driven capitulation.
📊 Markets tend to stabilize once weak hands finish selling — and on-chain data suggests that this phase may be almost over.
💡 Bottom line: headlines look scary, but short-term holders aren’t panicking — a potentially constructive sign for BTC.
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🚓 Former LAPD Officer Convicted in $350K Bitcoin Kidnapping
⚖️ A court in Los Angeles has found a former police officer guilty of kidnapping a 17-year-old teenager in an attempt to steal $350,000 worth of Bitcoin.
According to prosecutors, the ex-officer and his accomplices wore fake police uniforms, broke into the victim’s apartment, and threatened him until they obtained a hard drive containing crypto assets and private keys. 🗝
The defendant, who served 13 years with the Los Angeles Police Department, now awaits sentencing, which is scheduled for late March.
⚠️ The case highlights the growing risks of physical attacks tied to crypto custody, where private keys can become real-world targets.
⚖️ A court in Los Angeles has found a former police officer guilty of kidnapping a 17-year-old teenager in an attempt to steal $350,000 worth of Bitcoin.
According to prosecutors, the ex-officer and his accomplices wore fake police uniforms, broke into the victim’s apartment, and threatened him until they obtained a hard drive containing crypto assets and private keys. 🗝
The defendant, who served 13 years with the Los Angeles Police Department, now awaits sentencing, which is scheduled for late March.
⚠️ The case highlights the growing risks of physical attacks tied to crypto custody, where private keys can become real-world targets.
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38% of Altcoins Are at All Time Lows 🙀
According to data from CryptoQuant, 38% of all altcoins are currently trading at their ATLs. 📊
What’s more alarming: the overall condition of the altcoin market is now worse than during the collapse of FTX.
📉 This highlights how deep and prolonged the current altcoin drawdown has become, with many projects still struggling to find demand.
According to data from CryptoQuant, 38% of all altcoins are currently trading at their ATLs. 📊
What’s more alarming: the overall condition of the altcoin market is now worse than during the collapse of FTX.
📉 This highlights how deep and prolonged the current altcoin drawdown has become, with many projects still struggling to find demand.
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🛠 MARA Denies Plans for Major Bitcoin Sell-Off
🗞Yesterday, The Block reported that U.S. miner MARA Holdings was reviewing its strategy and could potentially sell part of its 53,822 BTC treasury, raising concerns about possible market pressure.
🫸 However, MARA quickly denied claims of a large-scale BTC sell-off, stating that reports about selling the majority of its Bitcoin reserves are not accurate.
📝 According to MARA’s 2026 10-K filing, the company is only expanding its treasury management strategy, meaning it may occasionally buy or sell BTC depending on market conditions and capital allocation priorities — not execute a mass liquidation.
For context, another miner, Core Scientific, has previously announced plans to sell all of its 2,500 BTC (~$170M) in Q1 2026 to fund a pivot toward AI infrastructure. 🤖
So, MARA stays flexible, not bearish — while some miners are clearly choosing different paths.
🗞Yesterday, The Block reported that U.S. miner MARA Holdings was reviewing its strategy and could potentially sell part of its 53,822 BTC treasury, raising concerns about possible market pressure.
🫸 However, MARA quickly denied claims of a large-scale BTC sell-off, stating that reports about selling the majority of its Bitcoin reserves are not accurate.
📝 According to MARA’s 2026 10-K filing, the company is only expanding its treasury management strategy, meaning it may occasionally buy or sell BTC depending on market conditions and capital allocation priorities — not execute a mass liquidation.
For context, another miner, Core Scientific, has previously announced plans to sell all of its 2,500 BTC (~$170M) in Q1 2026 to fund a pivot toward AI infrastructure. 🤖
So, MARA stays flexible, not bearish — while some miners are clearly choosing different paths.
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💹 Global Currency Devaluation Since 2000
📊 According to data from FRED and the World Bank, major national currencies have lost a significant share of their purchasing power over the past few years:
🇯🇵 Japanese yen: −51%
🇪🇺 Euro: −74%
🇬🇧 British pound: −76%
🇺🇸 U.S. dollar: −79%
🇨🇳 Chinese yuan: −96%
📌 Put simply: if we take the purchasing power of currencies in 2000 as 100, then by 2025 it dropped to 49 for the yen, 26 for the euro, 24 for the pound, 21 for the dollar, and just 4 for the yuan.
💸 The takeaway is clear: long-term currency debasement isn’t a theory — it’s measurable data, and it keeps accelerating.
📊 According to data from FRED and the World Bank, major national currencies have lost a significant share of their purchasing power over the past few years:
🇯🇵 Japanese yen: −51%
🇪🇺 Euro: −74%
🇬🇧 British pound: −76%
🇺🇸 U.S. dollar: −79%
🇨🇳 Chinese yuan: −96%
📌 Put simply: if we take the purchasing power of currencies in 2000 as 100, then by 2025 it dropped to 49 for the yen, 26 for the euro, 24 for the pound, 21 for the dollar, and just 4 for the yuan.
💸 The takeaway is clear: long-term currency debasement isn’t a theory — it’s measurable data, and it keeps accelerating.
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Buterin: DeFi Alone Isn’t Enough 🤔
🤓Vitalik Buterin argues that having “perfect DeFi” is not enough. In a world of surveillance, wars, and corporate pressure, Ethereum has not yet become a true tool for protecting people — unlike technologies such as Starlink or Signal.
👀 He proposes a new focus: “refuge technologies” — digital spaces with no owner, where rules and agreements exist without anyone’s permission.
The goal isn’t to compete with Big Tech, but to build a full freedom ecosystem: wallets, AI interfaces, software, hardware, and even physical security — aimed at users far beyond the crypto bubble.
🏠 Ethereum’s next challenge may not be better finance, but becoming real digital shelter.
🤓Vitalik Buterin argues that having “perfect DeFi” is not enough. In a world of surveillance, wars, and corporate pressure, Ethereum has not yet become a true tool for protecting people — unlike technologies such as Starlink or Signal.
👀 He proposes a new focus: “refuge technologies” — digital spaces with no owner, where rules and agreements exist without anyone’s permission.
The goal isn’t to compete with Big Tech, but to build a full freedom ecosystem: wallets, AI interfaces, software, hardware, and even physical security — aimed at users far beyond the crypto bubble.
🏠 Ethereum’s next challenge may not be better finance, but becoming real digital shelter.
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