Market Signal Briefing

Harvard’s endowment has quietly made Bitcoin ETFs a top public holding, surpassing Google and joining other elite universities in rotating long‑term capital into digital assets.

Summary

Filings show Harvard built and then tripled its BlackRock iShares Bitcoin Trust stake, lifting IBIT above Alphabet and other big‑tech names in its public portfolio. Brown, Emory, and other U.S. universities have also disclosed multi‑million‑dollar Bitcoin ETF and trust positions, signaling a broader endowment shift into crypto. The rotation comes as Bitcoin trades near $68,400, with Ethereum and Solana also rallying while digital assets again track global risk appetite.​
Harvard University’s endowment is now leaning harder into Bitcoin (BTC) than into Silicon Valley’s most iconic search giant—and markets are taking note

Harvard’s Quiet Portfolio Pivot “FUN FACT: Harvard University holds more in Bitcoin ETFs than it holds shares in Google,” Bitcoin Magazine posted on X on February 10, distilling a shift years in the making.

Regulatory filings show Harvard built a roughly $116.7 million position in BlackRock’s iShares Bitcoin Trust in 2025, lifting its Bitcoin exposure above stakes in Alphabet and other big‑tech mainstays.

Subsequent disclosures indicate Harvard increased that wager, with some estimates putting its Bitcoin ETF holdings in the hundreds of millions and ranking the position among its single largest listed assets.

Commentary from the digital‑asset industry has been blunt. “Most people think Bitcoin is the gamble, but Harvard’s math clearly suggests that not owning enough of it is the bigger risk to their long‑term portfolio,” wrote SIG Labs.
Another bitcoiner framed it more simply: “Bitcoin is moving from theory to balance sheets.”

Endowments Move Into Crypto Harvard is not alone. Brown and Emory universities have both disclosed sizable Bitcoin ETF and trust positions, running into the tens of millions of dollars in IBIT and Grayscale’s Bitcoin Mini Trust. One crypto media noted that “several prominent U.S. university endowments have disclosed investments in cryptocurrency – including Emory, Brown, and Dartmouth Universities.”

Bitcoin, Google, and Macro Risk Harvard’s rotation comes as digital assets again trade as a pure expression of global risk appetite. Bitcoin (BTC) is hovering around $68,400, with intraday swings pulling it below $70,000 twice in the past 24 hours as traders digest a near‑50% drawdown from its 2025 peak near $126,000.
Ethereum (ETH) changes hands near $4,760, up roughly 2.5% over the last day, while Solana (SOL) trades close to $208 after a gain of just over 5%, on volumes above $12 billion.

“This is Harvard flipping tech for BTC ETFs,” one trader wrote, calling it “wild” and a sign that “institutional adoption is officially peaking right now.”
If that proves true, Bitcoin beating Google inside the world’s richest university endowment may be remembered as more than just a memeable “fun fact.”

Bitcoin’s Most Dangerous Setups Formed Days Before October 10 Crash: How to Spot it Next Time Prefer us on Google

Rising open interest with weak spot flows signals elevated liquidation cascade risk.Rapid STH-NUPL reversals often precede major long and short liquidations.One-sided funding and stalled momentum increase vulnerability to forced selling.Billion-dollar liquidation events are no longer rare in crypto markets. While these crashes often appear suddenly, on-chain data, leverage positioning, and technical signals usually reveal stress long before forced selling begins. This article examines whether reconstructing major historical events can help anticipate liquidation cascades.

Keep reading on for early signals and how to read them together. Throughout this piece, we analyze two major events: October 2025 (long liquidation cascade) and April 2025 (short squeeze), and trace the signals that appeared before both. The focus remains primarily on Bitcoin-specific metrics, as it still accounts for nearly 60% (59.21% at press time) of total market dominance.

October 10, 2025 — The Largest Long Liquidation Cascade Came With SignsOn October 10, 2025, more than $19 billion in leveraged positions were taken out, making it the largest liquidation event in crypto history. Although US–China tariff headlines are often cited as the trigger, market data show that structural weakness was around for weeks. The majority of these liquidations were long-biased, almost $17 billion.

"It is impossible to believe that China would have taken such an action, but they have, and the rest is History. Thank you for your attention to this matter!" – President Donald J. Trump pic.twitter.com/Kx6deI2voC

— The White House (@WhiteHouse) October 10, 2025 Price Extension and Leverage Expansion (Sep 27 → Oct 5)Between September 27 and October 5, Bitcoin rallied from around $109,000 to above $122,000, eventually testing the $126,000 area. This rapid move strengthened bullish sentiment and encouraged aggressive long positioning.

During the same period, open interest rose from roughly $38 billion to more than $47 billion. Leverage was expanding fast, indicating growing dependence on derivatives.

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October Crypto Crash Build Up: SantimentGracy Chen, the CEO of Bitget, said modern market structure makes leverage far more synchronized than in earlier cycles.

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“Positions are built and unwound faster, across more venues… leverage behaves more synchronously… When stress hits, the unwind is sharper, more correlated, and less forgiving,” she added.

At the same time, exchange inflows fell from around 68,000 BTC to near 26,000 BTC. Holders were not selling into strength. Instead, supply stayed off exchanges while leveraged exposure increased.

October 5 Structure: SantimentThis combination reflected a late-stage rally structure.

At this stage of the cycle, rising leverage or open interest, for that matter, not only increases trader risk. It also raises balance-sheet and liquidity pressure on exchanges, which must ensure they can process liquidations, withdrawals, and margin calls smoothly during sudden volatility.

When asked how platforms prepare for such periods, Chen, said risk management starts long before volatility erupts:

“Holding a strong BTC reserve is a risk management decision before it’s a market view… prioritize balance-sheet resilience… avoid being forced into reactive moves when volatility spikes…,” she said

Profit-Taking Beneath the Surface (Late Sep → Early Oct)On-chain profit data showed that distribution had already begun.

From late September into early October, Spent Output Profit Ratio (SOPR), which tracks whether coins are sold at profit or loss, went up from around 1.00 to roughly 1.04, with repeated spikes. This indicated that more coins were being sold at a profit.

Importantly, this happened while exchange inflows remained low. Early buyers (possibly already exchange-held supply) were quietly locking in gains without triggering visible selling pressure. And BTC was already at an all-time high during that time.

Post-Peak SOPR: GlassnodeThis pattern suggests a gradual transfer from early participants to late entrants, often seen near local tops.

Short-Term Holders Flip From Capitulation to Optimism (September 27 → Oct 6)Short-term holder NUPL (Net Unrealized Profit/Loss), measuring paper profits or losses. provided one of the clearest warning signals. On September 27, STH-NUPL stood near -0.17, reflecting recent capitulation. By October 6, it had surged to around +0.09.

In less than ten days, recent buyers moved from heavy losses to clear profits.

NUPL Change During Uptrend Can Help Track Long Liquidations: GlassnodeSuch rapid transitions are dangerous. After emerging from losses, traders often become highly sensitive to pullbacks and eager to protect small gains, increasing the risk of sudden selling.

As sentiment improved, leverage continued rising. Open interest reached one of its highest levels on record while SOPR and NUPL began rolling over. BTC exchange inflows remained subdued, keeping risk concentrated in derivatives markets.

Instead of reducing exposure, traders increased it. This imbalance made the market structurally weak.

Momentum Weakens Ahead of the Breakdown (July → October)Technical momentum had been deteriorating for months. From mid-July to early October, Bitcoin formed a clear bearish RSI divergence. Price made higher highs, while the Relative Strength Index, a momentum indicator, made lower highs.

Bearish Divergence: TradingViewThis signaled weakening demand beneath the surface. By early October, the rally was increasingly sustained by leverage rather than organic buying, and the momentum indicator proved it.

Defense Phase and Structural Breakdown (Oct 6 → Oct 9)After October 6, price momentum faded, and support levels were tested. Despite this, open interest remained elevated, and funding rates, which reflect the cost of holding future positions, stayed positive. Traders were defending positions rather than exiting, possibly by adding margin.

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Chen also mentioned that attempts to defend positions often amplify systemic risks:

“When positions approach liquidation, traders often add margin… Individually, that can make sense. Systemically, it increases fragility… Once those levels fail, the unwind is no longer gradual — it becomes a cascade,” she highlighted as the root cause for massive cascades.

Positive Funding Rate: SantimentMore margin eventually led to a deeper crash.

October 10 — Trigger and CascadeWhen tariff-related headlines emerged on October 10, the weak structure collapsed.

Price broke lower, leveraged positions moved into loss, and margin calls accelerated. Open interest fell sharply, and exchange inflows surged.

Rushing To Book Profits Or Cut Losses: SantimentForced short selling created a feedback loop, producing the largest liquidation cascade in crypto history.

Stephan Lutz, CEO of BitMEX, said liquidation cycles tend to appear repeatedly during periods of excessive risk-taking, in an exclusive quote to BeInCrypto:

“Normally, liquidations always come with cycles amid greedy times… they are good for market health…,” he mentioned.

Chen cautioned that liquidation data should not be mistaken for the root cause of crashes.

“Liquidations are… an accelerant, not the ignition… They tell you where risk was mispriced… how thin liquidity really was underneath, she said.”

Could This Long Liquidation Cascade Have Been Anticipated?By early October, several long squeeze warning signs were already visible:

Rapid price extension from late September Open interest near record levels Rising SOPR, indicating profit-taking STH-NUPL flipping positive in days Low exchange inflows concentrate risk in derivatives Long-term RSI divergence Individually, these signals were not decisive. Together, they showed a market that was overleveraged, emotionally unstable, and structurally weak.

Lutz added that recent cascades have also exposed weaknesses in risk management.

“This cycle’s criticism isn’t much on leverage itself, but risk management and the lack of rigorous approach…”

The October 2025 collapse followed a clear sequence:

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Price extension → Open interest expansion → Rising SOPR (selective profit-taking) → Rapid NUPL recovery (short-term optimism) → Long-term RSI divergence (weakening momentum) → Leverage defense through margin → External catalyst → Liquidation cascade

April 23, 2025 — How a Major Short Liquidation Cascade Came With HintsOn April 23, 2025, Bitcoin surged sharply, triggering more than $600 million in short liquidations in a single session. While the rally appeared sudden, on-chain and derivatives data show that a fragile market structure had been forming for weeks after the early-April sell-off.

Early Technical Reversal Without Confirmation (Late Feb → Early April)Between late February and early April, Bitcoin continued making lower lows. However, on the 12-hour chart, the Relative Strength Index (RSI), a momentum indicator, formed a bullish divergence, with higher lows even as the price declined. This signaled that selling pressure was weakening.

Bullish Divergence: TradingViewDespite this, exchange outflows, which measure coins leaving exchanges for storage, continued falling. Outflows dropped from around 348,000 BTC in early March to near 285,000 BTC by April 8.

Weak Buying: SantimentThis showed that dip buyers were hesitant and that accumulation remained limited. The technical reversal was largely ignored.

Bearish Positioning After the April 8 Low (Early → Mid April)On April 8, Bitcoin formed a local bottom near $76,000. Instead of reducing risk, traders increased bearish exposure. Funding rates turned negative, indicating a strong short bias. At the same time, open interest, the total value of outstanding derivatives contracts, rose toward $4.16 billion (Bybit alone).

Negative Funding: SantimentThis showed that new leverage was being built primarily on the short side. Most traders expected the bounce to fail and prices to move lower.

Exchange outflows continued declining toward 227,000 BTC by mid-April, confirming that spot accumulation remained weak. Both retail and institutional participants stayed bearish.

Selling Exhaustion on Chain (April 8 → April 17)On-chain data showed that selling pressure was fading.

The Spent Output Profit Ratio (SOPR) was near or below 1 and failed to sustain profit/loss spikes. This indicated that loss-driven selling was slowing, even when buying was not picking pace. That’s a classic bottom sign.

SOPR During Short-Liquidation: GlassnodeShort-term holder Net Unrealized Profit/Loss (STH-NUPL), which measures whether recent buyers are in profit or loss, remained in negative territory. It stayed in the capitulation zone with only shallow rebounds, reflecting low confidence and limited optimism.

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Together, these signals showed exhaustion rather than renewed demand.

Compression and Structural Imbalance (Mid April)By mid-April, Bitcoin entered a narrow trading range. Volatility declined, while open interest remained elevated and funding stayed mostly negative. Shorts were crowded, yet prices failed to break lower and began stabilizing instead.

With selling pressure fading (SOPR stabilizing) but no meaningful spot accumulation emerging (weak outflows), the market became increasingly dependent on derivatives positioning. Buyers remained hesitant, while bearish leverage continued rising against weakening downside momentum. This imbalance made the market structurally unstable.

April 23 — Trigger and Short SqueezeBy April 22–23, STH-NUPL moved back toward positive territory (shown earlier), showing that recent buyers had returned to small profits. Some holders were now able to sell into strength, while many traders still treated the rebound as temporary and added short exposure.

Notably, a similar NUPL rebound had appeared before the October 2025 long flush. The difference was context. In October, short-term holders turning profitable encouraged more long positioning as traders expected further upside. In April, the same return to small profits encouraged more short positioning, as traders in a corrective market viewed the rebound as temporary and bet on another decline.

This combination tightened liquidity and increased bearish positioning. When prices pushed higher, stop losses were triggered, short covering accelerated, and open interest dropped sharply. Forced buying created a feedback loop, and a positive tariff-related tweet helped, producing one of the largest short liquidation events of 2025.

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— *Walter Bloomberg (@DeItaone) April 23, 2025 Could This Short Squeeze Have Been Anticipated?By mid-April, several warning signs were visible:

Bullish RSI divergence from late February Persistently negative funding rates Rising open interest after the April low Weak exchange outflows and limited accumulation SOPR stabilizing near 1 STH-NUPL stuck in capitulation Individually, these signals appeared inconclusive. Together, they showed a market where shorts were crowded, selling was exhausted, and downside momentum was fading.

The April 2025 squeeze followed a clear sequence:

Momentum divergence → disbelief → short buildup → selling exhaustion (SOPR exhaustion) → price compression → positioning imbalance → short liquidation cascade.

Reflecting on repeated liquidation cycles, Chen said trader behavior remains remarkably consistent.

“Periods of low volatility trigger overconfidence… Liquidity is mistaken for stability… Volatility resets expectations… Each cycle clears excess leverage,” she added.

What These Case Studies Reveal About Future Liquidation Cascade RiskThe October 2025 and April 2025 events show that measurable changes in leverage and on-chain behavior led to the large liquidation cascades. Importantly, these cascades do not occur only at major market tops or bottoms. They form whenever leverage becomes concentrated and spot participation weakens, including during relief rallies and corrective bounces.

In both cases, these signals emerged 7–20 days before liquidation peaks.

In October 2025, Bitcoin rose from about $109,000 to $126,000 in nine days while open interest expanded from roughly $38 billion to over $47 billion. Exchange inflows fell below 30,000 BTC, SOPR rose above 1.04, and short-term holder NUPL moved from -0.17 to positive within ten days. This reflected rapid leverage growth and rising optimism near a local peak.

In April 2025, Bitcoin bottomed near $76,000 while funding stayed negative and open interest rebuilt toward $4.16 billion. Exchange outflows declined from around 348,000 BTC to near 227,000 BTC. SOPR remained near 1, and STH-NUPL stayed negative until just before the squeeze, showing selling exhaustion alongside growing short exposure.

Despite different market phases, both cascades shared three features. First, open interest increased while spot flows weakened. Second, funding remained strongly one-sided for several days. Third, short-term holder NUPL shifted rapidly shortly before forced liquidations. And finally, if a reversal or a bounce setup surfaces on the technical chart, the liquidation cascade tracking becomes clearer.

These patterns also appear during mid-trend pullbacks and relief rallies. When leverage expands faster than spot conviction and emotional positioning becomes one-sided, liquidation risk rises regardless of price direction. Tracking open interest, funding, exchange flows, SOPR, and NUPL together provides a consistent framework for identifying these vulnerable zones in real time.

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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Ripple, issuer of XRP, has announced that they are adding to their existing agreement with Zand Bank as it aims to increase the usage of their RLUSD stablecoin. The initiative will also support the use of the Bank’s stablecoin, AEDZ.

XRP News: Ripple to Increase RLUSD Support in UAE Ripple said in a press release that it had expanded its partnership with Zand Bank in order to expand the use of its RLUSD stablecoin. This step is meant to mark the beginning of the phase that will see the two stablecoins connect.

The announcement was also made by Reece Merrick, managing director, who handles Ripple operations within the Middle East and Africa regions. He mentioned that they are planning to explore a number of projects that will incorporate two types of stablecoins as part of their new partnership.

Last year @Ripple agreed a payments partnership with UAE bank @Official_Zand

We’re now extending this partnership to explore a range of initiatives, from enabling support for Ripple’s RLUSD stablecoin within Zand’s regulated digital asset custody, to direct liquidity solutions… https://t.co/4o7nZ0z9oM

— Reece Merrick (@reece_merrick) February 10, 2026

The XRP issuer had entered into a partnership with Zand Bank initially in 2025. Through the deal, it attempted to make cross-border payments through the use of blockchain technology. They looked to ease settlements, thus reducing transactional costs.

Furthermore, in late 2025, Zand Bank also developed a stablecoin called AEDZ, which is backed by the UAE Dirham and is intended for public blockchains. This is also said to be among the very first regulated stablecoins that use the AED currency.

Michael Chan, the CEO of Zand, shared his enthusiasm regarding this new partnership with Ripple. He also highlighted what this means for the adoption of stablecoins and XRP transactions.

 “Our partnership with Ripple represents a significant step forward in the growth of the digital asset ecosystem, and has the potential to revolutionize how both governments and businesses engage with trusted blockchain solutions in the UAE.”

RLUSD Sees Further Use Cases in World Economy The Ripple stablecoin has continued to see adoption across the digital economy space across different regions. In November last year, RLUSD gained official recognition as an Accepted Fiat Referenced Token in Abu Dhabi. This was approved by the Financial Services Regulatory Authority (FRSA) of the Global Market in Abu Dhabi. This followed its securing of a DFSA license in the region.

Also, the XRP issuer recently got a boost after the U.S. CFTC expanded its list of eligible tokenized collateral on the regulated futures markets. This means its stablecoin can now fall under the definitions of what the CFTC regards as a payment stablecoin that is eligible collateral for use on the derivatives markets.

Meanwhile, in other developments in its ecosystem, the firm recently expanded custody services for its clients. They added Solana and Ethereum staking capabilities for institutions on their platform.

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U.S. selling and liquidity rotation drive Bitcoin’s price discovery phaseAccording to Wintermute, the AI sector is siphoning off crypto-market-liquidity/”>market liquidity while persistent U.S. selling pressure dominates, placing Bitcoin in a high‑volatility price discovery phase. The firm’s framing suggests flows, not headlines, are setting the tone, with U.S. activity exerting outsized influence on spot pricing and depth.

When capital rotates toward AI and equities, crypto bid depth thins and rallies rely on narrower pools of demand. In the U.S., ETF outflows and a negative Coinbase premium point to softer domestic spot appetite, raising the odds of abrupt range breaks as liquidity thins.

Why U.S. selling and Bitcoin ETF outflows matterU.S. spot Bitcoin ETFs translate share redemptions into underlying sell flow, making outflows a direct headwind for spot price formation. As reported by Bloomberg, multi‑billion‑dollar outflows have occurred at record pace in risk‑off stretches; the outlet cited more than $3.3 billion withdrawn in a single month and a $5.5 billion five‑week run in prior episodes, underscoring how quickly this channel can flip.

A negative Coinbase premium implies U.S. prices clearing below offshore venues, a classic sign of domestic selling. Combined with ETF redemptions, these signals help explain why upside follow‑through can fade when U.S. demand weakens.

Liquidity rotation into AI and equities concentrates what remains in Bitcoin and Ethereum while starving altcoins of incremental buyers. Market breadth narrows, and single catalysts can trigger outsized moves as resting liquidity steps back.

A negative Coinbase premium indicates U.S. offers are capping spot rebounds, especially during ETF redemption windows. Concurrently, derivatives activity consistent with deleveraging keeps implied volatility elevated, a hallmark of ongoing price discovery rather than trend completion.

At the time of this writing, Bitcoin trades near $69,152, and measured volatility is very high around 10.62%. This context aligns with a market adapting to thinner liquidity and shifting cross‑asset flows.

Signals and institutional context to watchETF net flows and the Coinbase premium turning positiveA decisive improvement in U.S. ETF net flows would remove a structural headwind and bolster spot liquidity. Sustained inflows would also broaden participation beyond short‑term dip‑buyers, improving the quality of bids.

A persistent move of the Coinbase premium back into positive territory would confirm the return of U.S. demand. In combination with ETF inflows, that shift would reduce the frequency of failed rallies and lower the probability of sharp downside breaks.

Derivatives signals and JPMorgan’s post‑deleveraging viewDerivative markets can validate stabilization: balanced funding, normalized basis, and options skew shifting from fear to neutral would indicate healthier positioning. Elevated implied volatility during cleansing phases typically reflects uncertainty rather than structural impairment.

Institutional research characterizes recent deleveraging as a reset that can improve forward risk‑taking on a volatility‑adjusted basis. That lens situates spot softness within a healthier leverage profile rather than a structural breakdown.

“After major deleveraging, Bitcoin looks more attractive than gold on a volatility‑adjusted basis,” said JPMorgan analysts.

FAQ about Bitcoin ETF outflowsWhat does a negative Coinbase premium indicate about U.S. demand for BTC?It shows U.S. spot prices trade below offshore venues, signaling net domestic selling and weaker U.S. bid depth.

Is Bitcoin entering a high-volatility price discovery phase and what signals confirm it?Yes, recent analysis highlights elevated implied volatility, U.S. ETF outflows, and a persistent negative Coinbase premium as confirmation.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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US spot Bitcoin ETFs showed tentative signs of stabilization after inflows resumed late last week and into Monday.

Danielle du Toit2 min read

10 February 2026, 10:30 AM

Analysts say the slowing pace of redemptions could be an early inflection point in institutional demand. Some also argue that long-term Bitcoin holders are  largely committed, suggesting that the recent selling reflects profit-taking rather than a loss of conviction.

Bitcoin ETF Inflows Pick UpUS spot Bitcoin exchange-traded funds (ETFs) showed early signs of stabilization after weeks of sustained selling, as inflows picked up at the end of last week and into Monday. The ETFs attracted $371 million in net inflows on Friday, followed by another $145 million on Monday. This happened as Bitcoin hovered close to the $70,000 level. 

Bitcoin ETF flows (Source: Farside Investors)

While these gains have not yet offset last week’s outflows or the roughly $1.9 billion in redemptions that were recorded year-to-date, analysts say the slowing pace of losses could signal a potential turning point for institutional crypto investment products.

According to CoinShares, total outflows across crypto funds slowed sharply to $187 million despite continued price pressure. This pattern has historically preceded market inflection points. 

CoinShares head of research James Butterfill said the deceleration in flows suggests that selling pressure may be easing, even though the broader market sentiment is still a bit cautious. Analysts at Bernstein eleven characterized the recent pullback as the “weakest bear case” in Bitcoin’s history due to the absence of major industry failures that typically accompany deeper downturns.

Concerns that Bitcoin’s growing institutionalization through ETFs could alienate early adopters have also been overstated, according to Bitwise. Chief investment officer Matt Hougan said long-time Bitcoin holders have largely stayed  invested, even as ETFs experienced heavy redemptions during the latest sell-off. While some early investors have taken partial profits after outsized gains, Hougan pointed out that most continue to hold their positions and are now being joined by new institutional buyers.

In line with the modest rebound in Bitcoin ETFs, spot altcoin ETFs also saw inflows on Monday, with Ethereum and XRP products attracting $57 million and $6.3 million respectively.

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Danielle du Toit, a criminology honors graduate, has channeled her curiosity and analytical mindset into exploring the fascinating and ever-evolving world of cryptocurrency. Drawn to the dynamic nature of blockchain technology and its impact on global markets, Danielle thrives on uncovering insights in this complex industry. As a crypto journalist, Danielle is passionate about learning and sharing her knowledge with fellow enthusiasts. Her work combines a keen investigative eye with a love for storytelling, making even the most intricate aspects of crypto accessible and engaging. Through her writing, Danielle aims to inspire readers to delve deeper into the weird and wonderful realm of digital finance.

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A crypto analyst argues that Bitcoin (BTC) price history reveals a consistent macro cycle pattern characterized by long bull markets followed by shorter bear markets. This repeating structure has appeared across multiple market cycles and is now being used to frame expectations for Bitcoin’s current and future price movements. 

Bitcoin Macro Cycles Reveal Recurrent Pattern Bitcoin’s macro cycles have often served as a historical blueprint for a typical 4-year cycle. Over the years, BTC has formed key patterns and cyclical movements that serve as a foundation for interpreting current market conditions and, to some degree, tracking future price action. Against this backdrop, pseudonymous crypto analyst Rekt Fencer has unveiled a chart analysis, highlighting historical Bitcoin macro durations that reveal a consistent repeating structure that could help anticipate the cryptocurrency’s next major move. 

Rekt Fencer’s analysis dates back to the 2015-2017 bull cycle, when Bitcoin experienced its first major expansion phase, driven by global awareness and growing participation among early investors. The chart showed prices accelerating steadily over 1,064 days from January 12, 2015, before reaching a euphoric peak on December 11, 2017. Bitcoin had risen from roughly $160 to over $12,500 at the time, setting the stage for the market’s first large-scale bear trend.  

The 2017- 2018 bear market reflected the aftermath of speculative excess, as investor sentiment shifted rapidly from optimism to caution. Over roughly 364 days, Bitcoin retraced much of its gains, dropping below $3,950 and hitting a bottom. 

Source: Chart from Rekt Fencer on X During the 2018 to 2021 bull cycle, Bitcoin experienced a more mature, institutionally driven rally lasting approximately 1,064 days. This period saw the leading cryptocurrency gain mainstream financial recognition and widespread adoption. The hype during this cycle had pushed BTC’s price from under $3,950 on December 10, 2018, to a former ATH of over $60,000 on 8, November 2021. 

The bear market that followed this cycle lasted approximately 364 days, from November 8, 2021, to November 7, 2022. This downturn followed a series of high-profile crypto company failures and a shift in sentiment that led to Bitcoin declining below $18,500 from its ATH.

The major factor that stands out in Rekt Fencer’s analysis is the consistency in the duration of Bitcoin’s market phases. Each bull cycle ran for 1,064 days, followed by a 364-day correction. Building on this pattern, the analyst suggests that the current cycle may unfold along a similar timeline. 

Where The Market Is In The Current Cycle Based on Rekt Fencer’s chart, the 2022 to 2025 bull cycle has officially ended and is now in its bear market phase. The cycle also lasted 1,064 days, with the BTC price crossing $126,000 on October 6, 2025. Now that the cryptocurrency is in a bear market, Rekt Fencer predicts it could also run for 364 days from October 6, 2025, to October 5, 2026. During that time, BTC is projected to reach a bottom near $38,500, marking a roughly 40% decline from current levels above $69,000.

BTC trading at $68,785 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured Image from Getty Images, chart from Tradingview.com

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SUI crypto has been under growing pressure in recent weeks as price action continues to reflect a weakening market structure.

After a brief bounce at the beginning of February, the cryptocurrency failed to sustain momentum above the key resistance zone around the psychologically important $1.02 level, which has since become a defining point for the current trend.

From that point onward, SUI began printing a sequence of lower highs and lower lows.

This pattern is widely viewed by traders as a textbook bearish structure.

SUI crypto chart | Source: CoingeckoLower highs indicate sellers are stepping in earlier on each rally, while lower lows confirm that buyers are struggling to defend previous support levels.

Together, these signals suggest that bearish control remains intact.

But despite this weakness, SUI has not moved aggressively lower in recent sessions.

Instead, price action has compressed into a narrow range.

This period of sideways movement may appear neutral at first glance, but when consolidation forms within a downtrend, it often carries a bearish implication.

Such consolidation phases are frequently interpreted as distribution rather than accumulation.

This means large participants may be selling into short-term strength rather than preparing for a sustained recovery.

SUI crypto is currently trading around $0.94 after posting notable losses across multiple timeframes.

Over the past week, the token has declined nearly 18%, while monthly and yearly performance remains deeply negative at 48% and 69% declines, respectively.

Bearish structure keeps pressure on SUI Copy link to section

The rejection at $1.02 was not just another failed rally.

It marked the continuation of a broader bearish trend that has persisted for weeks.

Each attempt to recover since then has resulted in a lower peak.

This shows that bullish momentum has been steadily fading.

Even short-term rebounds have failed to change the overall structure.

As long as the price remains capped below prior highs, the bearish narrative stays valid.

Consolidation under resistance often acts as a pause before the next directional move.

In downtrends, that move frequently resolves to the downside.

This is why traders are treating the current range with caution rather than optimism.

A breakdown from consolidation would confirm that sellers remain firmly in control.

Such a move could accelerate losses as stop orders are triggered below support.

SUI crypto price forecast Copy link to section

According to analysts, the most important level traders are watching is $0.9171.

This price level acts as both a key support and a pivotal decision point for the trend.

As long as SUI holds above $0.9171, a relief move remains technically possible.

A successful defence of this level could allow price to push toward the first major resistance at $1.28.

If bullish momentum strengthens and $1.28 is broken, the next upside target sits near $1.64.

Beyond that, the third resistance level to watch is $1.97.

However, these upside scenarios depend entirely on a shift in the broader crypto market structure.

Without a break in the pattern of lower highs, rallies may remain corrective.

On the downside, a failure to hold $0.9171 would be a significant bearish signal.

Such a breakdown could open the door for a deeper move toward the next major support at $0.7271.

That level would likely act as a critical test for longer-term buyers.

Until clarity emerges, SUI crypto remains in a fragile position.

The coming trading sessions may determine whether consolidation turns into recovery or confirms a broader breakdown.

LayerZero’s native token, ZRO, has emerged as one of the few bright spots in a sluggish crypto environment, registering notable gains even as major assets like Bitcoin and Ethereum lag under pressure. The token’s ability to appreciate alongside weak network activity and incoming supply dynamics has piqued the interest of traders and analysts alike, prompting a closer look at whether this surge reflects sustainable strength or simply short-term rotation among altcoins.

ZRO Price Structure Shows a Bullish Bias While Market CautiousZRO’s price structure supports the bullish narrative in the near-term. The token has reclaimed the $2 mark and surpassed key moving averages, with momentum indicators displaying momentum that outpaces the broader market trend. The price action has showcased an aggressive rebound, with both trend and oscillator signaling aligning to reflect diminishing downside pressure and an increased likelihood of continued upside. 

With the start of 2026, the token has continued to attract buyers and has recovered over 60% from the demand zone of $1.20. This week, the price action reflects a follow-on-buying move and displays relative strength. If ZRO convincingly clears its prompt hurdle of $2.20, it may set sights on previous swing highs around $2.50, providing a roadmap for further gains. However, persistent weakness in on-chain usage metrics, such as active addresses and transaction counts, serves as a cautionary backdrop. This divergence between price action and network activity underscores that much of the recent strength has been market-driven rather than utility-borne.

Moreover, the Open Interest (OI) has risen over 32% to $122.20 Million, highlighting long buildup activity in the past 24 hours. If demand remains robust and OI continues to grow alongside price, the current uptrend could persist. Conversely, a failure to hold above $2, it may expose ZRO to correction risks, especially given its on-chain activity lag. For now, LayerZero stands out precisely because it is climbing when the broader market is struggling, a pattern that could draw further attention from selective capital searching for relative strength in an otherwise challenging environment.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

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Aside from RAIN, the other notable gainers today are M and NEXO, while HYPE has lost over 5% of value.

Bitcoin’s price recovery attempts were once again halted at just over $70,000, and the asset now sits over a grand lower.

Most larger-cap altcoins have remained sluggish on a daily scale, aside from ZEC, which has jumped by 5.5%, and HYPE, which has dropped by over 5%.

BTC Stopped at $70K The primary cryptocurrency’s recent price movements raised a lot of questions about the state of the market. The asset stood at $90,000 on January 28 but plunged hard in the following week or so. In fact, the culmination, at least for now, took place last Friday morning when it dropped to $60,000 for the first time in well over a year.

This meant that BTC had lost $30,000 in the span of under 200 hours. After such a calamity, it was expected that there would be some sort of rebound, which took place immediately on Friday. In a matter of less than one trading day, the cryptocurrency surged by $12,000 and tapped $72,000 by Saturday morning.

However, it couldn’t proceed further and slipped below $70,000, where it spent most of the weekend. It tried to initiate another leg up on Monday but was stopped on a couple of occasions at $71,000 and $72,000. It has declined slightly since that local peak and now sits at $69,000.

Its market cap has declined to $1.380 trillion on CG, while its dominance over the alts stands firm at 57%.

BTCUSD Feb 10. Source: TradingView RAIN Keeps Going Ethereum continues to fight to stay above $2,000 after a minor daily decline. TRX has slipped by a similar percentage as well. In contrast, XRP has jumped above $1.40 after a 3% increase. BNB, SOL, BCH, and ADA are also in the green, led by ZEC’s impressive 6% surge to $242.

HYPE, on the other hand, has dropped by 5.5% daily and now struggles below $30. RAIN has taken the main stage in terms of daily gains, having soared by almost 20% to well over $0.01. The other notable gainers now are NEXO, ASTER, and M.

The total crypto market cap has remained relatively still since yesterday at just over $2.420 trillion on CG.

Cryptocurrency Market Overview Daily Feb 10. Source: QuantifyCrypto

South Korea’s financial regulator has escalated its response to Bithumb’s massive bitcoin overpayment incident, launching an intensive inspection that could reshape oversight standards for domestic cryptocurrency exchanges.

According to local media reports, the Financial Supervisory Service upgraded what began as an on-site inspection into a formal investigation just days after the error came to light. 

Officials said the decision reflected the severity of the incident and its potential to undermine confidence across the broader virtual asset market.

An FSS official told Yonhap News Agency that regulators are approaching the case with “utmost seriousness,” warning that any actions found to disrupt market order would face strict consequences. 

Additional personnel have reportedly been deployed to support the inspection as authorities widen the scope of their review.

The probe centres on how Bithumb was able to distribute bitcoin volumes far exceeding its actual holdings.

Bithumb aidrops billions in Bitcoin Copy link to section

On Feb. 6, the exchange mistakenly credited 620,000 BTC, valued at about $43.1 billion, to hundreds of user accounts during a promotional campaign. 

The error was attributed to a staff member entering the reward unit as BTC instead of Korean won.

Regulators are now scrutinising whether Bithumb’s internal systems failed to prevent the issuance of assets that did not exist. 

As of the third quarter of last year, Bithumb held roughly 42,000 BTC, including 175 BTC on its own balance sheet, with total holdings estimated to have risen to about 46,000 BTC more recently. 

The mistaken payout amounted to roughly 13 to 14 times that figure.

Authorities are also examining the exchange’s reliance on internal ledger-based transactions, a structure common among centralised exchanges where customer balances are adjusted internally without immediate on-chain settlement. 

Officials are assessing whether this setup allowed the erroneous bitcoin balance to be generated and whether users could have withdrawn the full amount in a single event.

Bithumb has said it recovered 99.7% of the misallocated bitcoin and reclaimed 93% of the 1,788 BTC that users sold following the incident.

Around 125 BTC remains unrecovered. 

The exchange pledged to compensate affected users at 110% of their losses after the BTC-KRW trading pair briefly plunged about 15% on its platform.

Bithumb also announced plans to tighten internal controls and establish a 100 billion won, or about $68 million, user protection fund to cover unexpected losses.

Bithumb incident sparks crypto regulatory push Copy link to section

Still, criticism has mounted as the episode exposed gaps in monitoring systems that should have flagged discrepancies between ledger balances and actual reserves.

Lawmakers from across the political spectrum have seized on the incident as evidence of deeper structural issues. 

Opposition lawmaker Na Kyung-won warned that exchanges operating on internal accounting alone risk creating conditions similar to a bank run if customer trust erodes. 

Meanwhile, People Power Party spokesperson Choi Bo-yoon described the operational standards of local exchanges as having reached a “failing grade.”

The ruling Democratic Party echoed those concerns, arguing that the error revealed “critical loopholes” in ledger management and internal oversight. 

In the wake of the incident, the party renewed efforts to advance a proposal capping individual ownership stakes in crypto exchanges at 15% to 20%, a measure previously resisted by industry participants.

Financial authorities are now weighing whether the case constitutes a breach of the Virtual Asset User Protection Act, which requires exchanges to hold virtual assets of the same type and quantity as those entrusted by users. 

The inspection findings are expected to feed directly into the second phase of South Korea’s digital asset legislation, including revisions to bookkeeping, custody, and internal control standards.

FSS Governor Lee Chan-jin said recently that failure to properly resolve the so-called “ghost bitcoin” issue raises serious questions about how virtual assets can be safely integrated into the formal financial system. 

Regulators have also formed an emergency task force with the Korean Financial Intelligence Unit and the Digital Asset eXchange Alliance to review industry-wide practices and identify high-risk vulnerabilities.

Ethereum co-founder Vitalik Buterin has outlined an updated framework for how blockchain technology can intersect with artificial intelligence, arguing that Ethereum’s role lies less in pursuing artificial general intelligence and more in shaping how AI systems interact, coordinate, and govern in the real world.

In a post shared to X on Monday, Buterin revisited and revised ideas he first outlined two years ago on the overlap between crypto and AI.

According to him, the two fields are often discussed from “completely separate philosophical perspectives.” He cautioned against framing progress as a race toward AGI, describing that mindset as an undifferentiated form of acceleration rather than a deliberate choice about direction.

“To me, Ethereum, and my own view of how our civilization should do AGI, are precisely about choosing a positive direction rather than embracing undifferentiated acceleration of the arrow,” Buterin wrote.

Rather than focusing on building autonomous superintelligence, Buterin’s updated view centers on practical, near-term applications where Ethereum could serve as part of a broader stack enabling privacy, decentralization, and human agency in an AI-saturated world.

Tooling and mechanics One pillar of that vision involves tooling that allows people to interact with AI systems in more trustless and private ways. Buterin pointed to local large language models, cryptographic payment mechanisms for AI services, and client-side verification techniques that reduce reliance on centralized intermediaries when accessing AI capabilities.

Another focus is Ethereum’s potential role as an economic coordination layer for AI-related activity.

In that context, Buterin described onchain mechanisms that could support AI agents transacting with one another, posting security deposits, or building reputational histories. This could enable more decentralized AI architectures rather than systems run entirely within a single organization, Buterin said.

Buterin also revisited a long-standing cypherpunk ideal: minimizing trust by maximizing verification. He argued that LLMs could make that vision more practical by handling tasks that humans cannot realistically perform at scale, such as independently verifying smart contracts, transaction proposals, or protocol trust assumptions.

Governance In the governance and markets domain, Buterin suggested that AI could help unlock ideas that have struggled to function in practice due to human attention limits. Prediction markets, decentralized governance systems, and complex voting mechanisms could become more viable, he said, if AI tools are used to scale human judgment rather than replace it.

He stated that the combined vision is aligned with what he has previously described as “defensive acceleration,” or d/acc — using technology to strengthen decentralized cooperation and societal resilience while avoiding the concentration of power.

The post builds on Buterin’s earlier analysis of four broad crypto-AI overlap areas — AI as an actor, interface, rule-set, or objective — first published in January 2024. It also aligns with his broader recent calls for rethinking DAO design beyond token-based voting models, including the use of zero-knowledge proofs and AI to reduce governance capture and decision fatigue.

Buterin accompanied the post with a simple two-by-two chart mapping Ethereum’s AI-related ambitions along axes of infrastructure versus impact and survival versus flourishing, underscoring that the ideas span both defensive and transformative use cases.

“There’s a lot to build,” he wrote.

Vitalik Buterin maps Ethereum’s role at the intersection of AI | Image: Vitalik Buterin/XDisclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

South Korea’s financial watchdog has opened an investigation into Bithumb after the exchange mistakenly credited hundreds of thousands of Bitcoin to user accounts that it did not actually hold.

The Financial Supervisory Service (FSS) has launched a probe into Bithumb for alleged platform violations around the erroneous crediting of billions of dollars in non-existent Bitcoin (BTC) to user accounts, Yonhap News reported Tuesday.

Bithumb acknowledged the incident on Saturday, saying the platform “incorrectly paid” 620,000 BTC ($42.8 billion) to users during a promotional event.

While the exchange recovered most of the miscredited BTC, around 125 BTC ($8.6 million) remains unsettled, raising questions about operational risks at centralized exchanges (CEXs) and fueling community concerns over “paper Bitcoin.”

Authorities point to multiple alleged violations by BithumbAlthough Bithumb said the incident did not result in any loss or damage to customer assets, South Korea’s financial authorities have flagged its potential implications for the broader market.

“We are taking this case very seriously,” an FSS official reportedly said, adding: “The FSS will take stern legal actions against acts that harm the market order.”

Bithumb confirmed “incorrect payment” of 620,000 BTC on Saturday. Source: BithumbThe regulator highlighted Bithumb’s alleged violations, including mismatches between crypto held in its wallets and amounts credited to user accounts.

The FSS also cited deficiencies in Bithumb’s internal controls, noting that the error stemmed from a single point of failure — one staff member was reportedly responsible for the incorrect BTC crediting.

“Paper Bitcoin” concerns intensify“The 620,000 BTC were not ‘real’ Bitcoin,” CryptoQuant analyst Maartunn told Cointelegraph, adding that the credited BTC existed purely in a virtual form and were visible only within Bithumb’s internal systems.

The exchange’s promotional event, which was intended to reward users with 2,000 South Korean won ($1.4), resulted in 2,000 BTC per user due to an employee mistakenly entering “BTC” as the currency unit instead of “won,” he said.

“To put in into perspective, Bithumb currently holds around 41,798 BTC in reserves, far less than the virtual 620,000 BTC that shortly existed on its books,” Maartunn said, adding that some users did benefit from the incident:

“Around that time, 3,875 BTC, or around $268 million, were withdrawn from the exchange. This may partly reflect users who managed to withdraw the mistakenly credited BTC, but it could also indicate a broader loss of confidence among other users.”The figures reported by Bithumb are therefore lower than what the on-chain data suggests, Maartunn said.

Cointelegraph approached the FSS and Bithumb for comment regarding the reported investigation, but had not received a response by publication.

Bithumb’s news adds to growing community concerns over “paper Bitcoin,” or Bitcoin that does not exist on the blockchain but is traded on CEXs or stock exchanges in the form of products like derivatives and exchange-traded funds.

Some even suggested that paper Bitcoin trading has contributed to the ongoing market turmoil, with Bitcoin losing around 43% of its value since October 2025.

Magazine: Bitcoin difficulty plunges, Buterin sells off Ethereum: Hodler’s Digest, Feb. 1 – 7

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy https://cointelegraph.com/editorial-policy

Bitcoin Price Shows First Bottom Signal in 3 Years as Selling Pressure Cools Prefer us on Google

Bitcoin profitable supply falls to 50%, signaling bottom formation not seen since 2022.Macro indicators show cooling conditions, supporting recovery rather than extended bearish continuation phase.Bitcoin holds $63,007 support as $71,672 remains key breakout resistance level.Bitcoin has attempted to recover in recent sessions, but upward momentum has stalled as the market waits for a clearer direction. Price remains range-bound after a sharp correction, frustrating short-term traders. 

Despite this pause, historical indicators suggest a bottom may be forming. Past cycles show similar conditions often precede renewed recovery phases.

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Bitcoin Profitable Supply Hits 2022 LevelBitcoin’s recent decline triggered a signal last seen during the 2022 bear market. The percentage of supply in profit fell to around 50%, meaning half of all circulating BTC is now underwater. This threshold has historically coincided with market bottoms rather than prolonged sell-offs.

When profitable supply compresses to these levels, selling incentives weaken. Holders become less willing to realize losses, reducing sell-side pressure. In previous cycles, this dynamic encouraged investors to hold through volatility, allowing the price to stabilize before recovery resumed.

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

Bitcoin Supply In Profit. Source: GlassnodeLower prices also attract fresh capital. Value-oriented buyers tend to enter when downside risk appears limited relative to upside potential. This influx of new demand has historically helped revive Bitcoin recoveries once profitable supply falls to or below the 50% mark.

Why Is Bitcoin Likely To Bounce Back?Macro indicators reinforce the bottoming narrative. The Pi Cycle Top Indicator, which compares the 111-day moving average to a doubled 350-day moving average, remains far from signaling BTC overheating. This indicator historically flags major tops when the shorter average crosses the higher threshold.

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Currently, the opposite setup is unfolding. The shorter moving average is diverging below the longer one, signaling cooling conditions rather than excess speculation. In past cycles, such divergence often preceded sustained rebounds as Bitcoin reset from overheated levels.

Bitcoin Pi Cyle Top Indicator. Source: GlassnodeThis cycle differs from prior ones. Since March 2023, Bitcoin has maintained a macro uptrend without excessive overheating. Gradual price appreciation limited speculative excess, making this the first clear bottom signal in nearly three years rather than a sharp capitulation-driven low.

BTC Price Levels To WatchIn the short term, Bitcoin is holding above the 23.6% Fibonacci retracement near $63,007. At the time of writing, BTC trades around $68,905, maintaining support despite repeated tests. However, price remains capped below the $71,672 resistance, limiting immediate upside.

If on-chain signals continue holding and inflows strengthen, Bitcoin could break above $71,672. Such a move would open the path toward $78,676. Stronger confirmation of recovery would come only if BTC reclaims $85,680 as a sustained support level.

Bitcoin Price Analysis. Source: TradingViewRisks remain on the downside due to the shifting market structure. The short-term holder to long-term holder supply ratio has moved above its upper band. This reflects growing short-term participation, often linked to higher volatility. 

Bitcoin STH/LTH Supply Ratio. Source: GlassnodeThis would hurt Bitcoin’s price chances of crossing the $71,672 barrier, continuing its consolidation. Even if BTC does push past said resistance, the selling will pull it back down towards $63,000, invalidating the bullish thesis.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

3 mins mins

Unverified: $78.41M ETH short position, $1.15M lossA claim circulating in market-monitoring channels states that a whale increased an ETH short to $78.41 million on Hyperliquid, now showing a $1.15 million unrealized loss. As of publication, these specific figures remain unverified and could change rapidly if the position is dynamic.

Available public references mention related whale activity and monitoring tools but do not confirm this exact position size and loss in combination. Readers should treat the figures as provisional until a verifiable position page, address linkage, and timestamped PnL are identified.

Why an ETH whale short on Hyperliquid mattersLarge directional positions can affect funding rates, mark prices, and slippage on derivatives venues. When concentrated, they can also raise the probability of outsized liquidation moves if price deviates from the trader’s thesis.

On Hyperliquid, a large short could interact with open interest and liquidity depth, influencing basis, spreads, and the pace at which adverse price moves trigger liquidations. Knock-on effects may propagate via arbitrage into other exchanges.

Clarity on labeling is critical to avoid misinterpretation of on-chain trackers and news posts. As posted by Binance Square: “WhaleDeRiskETH is not a protocol, a token, or a temporary buzzword created for engagement.”

As reported by CryptoRank, Ethereum’s derivatives backdrop has shown funding-rate stress consistent with overheated leverage at times, a setup that can amplify liquidation cascades if volatility expands.

As reported by BeInCrypto, rebounds across altcoins have coincided with elevated short-liquidation risk, a pattern that can include ETH when positioning becomes one-sided. Such conditions can intensify if open interest remains high.

At the time of writing, ETH was near $2,021.95, with very high 16.15% volatility and an RSI(14) around 33.62. These contextual metrics indicate fragile positioning but do not imply direction.

How to verify via Onchain Lens and HyperliquidVerification steps: address labels, position size, PnL, timestampsStart with the tracker’s address label and confirm it maps to a persistent wallet, not a narrative tag. Match the wallet to a Hyperliquid trader profile or position page. Compare the reported notional, entry price, and PnL with exchange-side data and historical funding payments. Confirm timestamps to ensure you are viewing the same snapshot as the claim.

Cross-check snippets: mismatches and what’s still missingAs reported by Bitget News, citing an Odaily summary of Onchain Lens monitoring, wallet 0x960B…e2Ee deposited about 1.22 million usdc into Hyperliquid and opened longs. That differs from the unverified short claim. What’s missing for confirmation are a direct, current position page, the linked trader identifier on Hyperliquid, and synchronized timestamps for position size and PnL.

FAQ about ETH short positionWhat is WhaleDeRiskETH and how is it different from a token or protocol?It is a label used by trackers to categorize whale behavior. It is not a tradable token, protocol, or product.

Which wallet or address is linked to this trade (e.g., 0x960B…e2Ee), and how can I verify the position on-chain or via the exchange?Match the labeled wallet to a verifiable exchange trader page. Confirm notional, PnL, and timestamps against Hyperliquid and an on-chain monitor.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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A closer look at where the Pi Network price might be headed in the next few days as the broader market continues to chop.

PI had no relief since early January. How low will the price go?

PI Network (PI) Price Predictions: Analysis Key support levels: $0.13

Key resistance levels: $0.15

PI Downtrend Continues Since the price began to decline in early January, PI has not experienced a relief rally. This selloff has been extremely aggressive and continues at the time of this post. With buyers absent, the search for a bottom continues. The current support is at 13 cents and the resistance is at 15 cents.

Source: TradingView Selling Exploded Since mid-January, selling pressure has increased sharply, which could indicate that some whales are exiting in a rush. This process appears to be ongoing, and until the sell volume drops, PI is unlikely to see a bounce.

Source: TradingView Daily RSI Remains Oversold Since January 20th, the daily RSI has been in the oversold region below 30. More concerning is that it has stayed in that zone since. This signals an extreme sell pressure that did not allow any recovery for the price. Expect lower lows as long as this persists.

Source: TradingView Tags:

About the author

Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over 8 years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping.

Bitcoin is having a bad time, and it's no surprise why.

Bitcoin (BTC 0.74%) is dropping like a rock, down by 22% in the past seven days alone (as of Feb. 5). Investors are either panicking or resigned to their fates, and social media is alight with hyperbolic predictions that the end of cryptocurrency itself is nigh. What's more, with the coin down significantly during the past 12 months as well, it's unclear whether the bear market is just getting started. The uncertainty is demoralizing investors even more.

So is this coin going to survive, and is it still a buy?

Image source: Getty Images.

This crash hurts more than normal volatility This crypto sell-off feels worse than usual because it's happening alongside a wider collapse in risk assets, including software stocks.

Rather than performing like a refuge from turbulence, Bitcoin is behaving in a highly correlated fashion with tech stocks to the downside -- but it never quite exhibited the same correlation to the upside. Those same holders have also been watching the prices of precious metals like gold and silver absolutely fly during the past months as investors sought safe investments, during which time the coin's price went down and then down some more.

That's not the only thing creating poor sentiment. Michael Burry, the legendary portfolio manager best known for being depicted in the movie The Big Short, is arguing that Bitcoin has no use case that would arrest a declining price.

Today's Change

(

-0.74

%) $

-515.96

Current Price

$

69030.00

So, suffice it to say, times are bad in Bitcoin land.

Buy when it makes you feel uneasy Let's get one thing straight. Nothing has fundamentally broken or changed with Bitcoin's investment thesis, despite the terrible price action, and despite the predictions of doom that are circulating everywhere right now.

Within that thesis, the most important constant is that the rate of production of new Bitcoin will be lower in the future than it is now. Thus, no matter how bad things get in the short term, the odds of it being higher in the long term are still much better than the odds of it being lower.

What's more, the best time to buy crypto usually feels unpleasant.

Therefore, if you have a long time horizon, the most rational response to this downturn, assuming you want to own Bitcoin at all, is to start buying it via dollar-cost averaging (DCAing). This means investing equal amounts at regular intervals regardless of price. Remember, the times when you are the least likely to want to buy the coin, when its price is absolutely in the gutter, are also the times of peak opportunity. DCAing makes sure you seize the moment, even if it might feel like a bad decision.

Bitcoin will survive this setback. But, right now, is Bitcoin a buy for someone who's going to lose sleep when the price turns red?

No, not yet. The coin could fall significantly further from here, which would likely cause a lot of headaches, even with DCAing.

On the other hand, for those who can handle a difficult hold, now's the time to be loading up. That's what I'm doing.

Decentralized derivatives exchange Hyperliquid has surpassed the largest US-based crypto exchange, Coinbase, in notional trading volume, signaling a shift as on-chain perpetuals attract meaningful trading flow away from centralized exchanges.According […]

Market Sentiment:

Bullish Bearish Neutral

Published: February 10, 2026 │ 9:30 AM GMT

Created by Gabor Kovacs from DailyCoin

Decentralized derivatives exchange Hyperliquid has surpassed the largest US-based crypto exchange, Coinbase, in notional trading volume, signaling a shift as on-chain perpetuals attract meaningful trading flow away from centralized exchanges.

According to data reported by on-chain analytics firm Artemis, Hyperliquid recorded $2.6 trillion in notional trading volume, compared with Coinbase’s $1.4 trillion, nearly double, marking a symbolic turning point for on-chain derivatives markets.

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The growth suggests that serious trading activity is increasingly migrating toward on-chain, high-speed derivatives venues, challenging the long-standing dominance of centralized exchanges.

Analysts also point to a sharp divergence in year-to-date price performance. Hyperliquid has gained 31.7 percent over the period, while Coinbase shares have fallen 27 percent, creating a gap of more than 58 percent in just weeks.

BREAKING: Hyperliquid is quietly outgrowing Coinbase.

Trading Volume (Notional):

• Coinbase: $1.4T
• Hyperliquid: $2.6T

That’s nearly 2x Coinbase’s volume… from an onchain exchange. And the market is noticing.

YTD Price Performance:

• Hyperliquid: +31.7%
• Coinbase:… https://t.co/bqWcubvu7O pic.twitter.com/49IWNadjy4

— Artemis (@artemis) February 9, 2026 The debate intensified after on-chain analytics firm CoinGlass shared a 24-hour comparison of perpetual decentralized exchange metrics on Tuesday, reigniting questions over what constitutes real trading activity in decentralized derivatives markets.

A CoinGlass comparison of perpetual DEXs shows that reported volume alone is a weak indicator of genuine market activity. While Hyperliquid, Aster, and Lighter posted comparable 24-hour volumes, Hyperliquid stood out with significantly higher open interest and liquidation levels, signals consistent with active leveraged trading and real risk transfer.

By contrast, Aster and Lighter reported high volumes alongside minimal liquidations, raising questions about incentive-driven activity, self-trading, or differences in reporting methodology.

Compared a few DEX perp venues and noticed something important:

High reported volume ≠ real market activity.

24h snapshot

Hyperliquid: $3.76B volume / $4.05B OI / $122.96M liquidations

Aster: $2.76B volume / $927M OI / $7.2M liquidations

Lighter: $1.81B volume / $731M OI /… pic.twitter.com/TFJDWHC8W8

— CoinGlass (@coinglass_com) February 9, 2026 According to CoinGecko data, Hyperliquid remains the largest perpetual DEX in both 24-hour trading volume, exceeding $6.5 billion, and 24-hour open interest. Total volume across all perpetual DEXs reached $22.6 billion.

In the broader derivatives category, Binance Futures continues to lead by a wide margin, posting more than $56 billion in 24-hour volume and open interest, followed by Bybit with nearly $16 billion. Total derivatives volume across all platforms hit $500 billion over the past 24 hours.

Among 195 crypto exchanges overall, Coinbase remains the second-largest by volume after Binance. Bybit and OKX are closely behind in 24h trading volume.

Why This MattersHyperliquid surpassing Coinbase in notional trading volume marks the first time a decentralized perpetuals platform has overtaken a major U.S. exchange, signaling a structural shift in crypto trading.

Dig into DailyCoin’s popular crypto news now:
HBAR Pitched As “Invisible Plumbing” Of ‘Global Reset’
Chinese Banks to Limit US Treasuries: What it Means for the Markets

People Also Ask:What is Hyperliquid?

Hyperliquid is a decentralized derivatives exchange (DEX) that allows users to trade perpetual contracts with leverage directly on-chain, without relying on a centralized platform.

What is a perpetual contract?

A perpetual contract is a type of derivative that lets traders take long or short positions on an asset without an expiration date. They are commonly used to speculate on cryptocurrencies with leverage.

Are high volumes on DEXs always meaningful?

Not always. Some high volumes may result from incentive programs, self-trading, or market-maker loops. Analysts often compare volume with open interest, liquidations, and fees to assess genuine activity.

DailyCoin's Vibe Check: Which way are you leaning towards after reading this article?

Market Sentiment

0% Neutral

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Ethereum (CRYPTO: ETH) creator Vitalik Buterin mapped out on Monday key ways the blockchain could team up with artificial intelligence, detailing four interconnected priorities in a 2×2 framework. How Ethereum Is Reshaping AI Economies The first pillar focuses on private, verifiable interactions with AIs, like local large-language models auditing smart contracts or verifying decentralized app transactions without third-party user interfaces.

Chainlink co-founder Sergey Nazarov said that real-world assets (RWAs) on-chain will eventually surpass cryptocurrency in total value across the industry.

The statement came as LINK trades near $8.58, with a market cap of $6 billion, down over 83% from its all-time high.

No Systemic Failures This CycleNazarov pointed to two key signals from the current market cycle. First, no major institutional collapses have happened despite heavy price drops. Unlike the last cycle, where FTX and multiple lenders blew up, the system held together this time.

Second, RWA activity continues to grow regardless of where Bitcoin’s price sits.

“We have seen RWA issuance continue to grow and we’ve seen leading on-chain perp markets rival tradfi perp markets for very traditional commodities like silver,” Nazarov said.

RWA Growth No Longer Tied to Crypto PricesNazarov explained that tokenized assets, stablecoin proof of reserves, and on-chain fund NAVs are all expanding on their own, separate from broader crypto market conditions.

He called this “unique and durable long-term value” that can grow regardless of market pricing.

He placed Chainlink at the center of this shift, pointing to its 70%+ market share in delivering data to leading blockchains. The platform also recently launched partnerships with institutional data providers like S&P and ICE.

Chainlink’s infrastructure covers three core functions: data delivery, cross-chain connectivity for liquidity, and orchestration through its Chainlink Runtime Environment (CRE), which coordinates multiple systems into single workflows.

LINK Holders Ask: Where’s the Price Action?The community response was mixed.

One user argued that RWA growth is “bullish for the industry but potentially bearish for the speculative culture that funded it,” warning that retail investors could become less relevant as institutional money takes over.

Others raised a more direct concern. LINK is trading under $10 in 2026, sitting roughly 20% above 2023 bear market lows. One holder asked what all the partnerships and integrations are “worth in the end” when the token price has not reflected the progress.

Also Read: Chainlink Price Prediction 2026, 2027 – 2030: Will LINK Price Reach $100?

Nazarov maintained that institutional adoption driven by RWA infrastructure will define the next stage of crypto’s growth. Whether that demand reaches LINK’s valuation remains the open question.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

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BitMine purchased around 40,000 ETH, worth $83.38 million, from BitGo and FalconX amid a broader ETH price weakness. According to the report, BitMine has already secured 3.58% of the ETH supply, completing over 72% of its internal target. BitMine Immersion Technologies continues to strengthen its Ethereum holdings as part of its broader digital asset strategy, as it bought around 40,000 ETH in the last 12 hours from two separate crypto companies worth around $83.38 million amid Ethereum’s weak market situation.

As per the Lookonchain data, BitMine bought 20,000 ETH from BitGo 7 hours ago, according to the time it reported, and it is worth over $42.3 million. Then, before the  BitGo transaction, BitMine had bought 20,000 ETH, worth around $41.08 million, from FalconX, which is exactly 12 hours ago as of writing, according to an on-chain analytics platform Arkham.

With that, on February 9, BitMine Technologies released an official report, which mentions, “As of February 8th, the Company’s crypto holdings are comprised of 4,325,738 ETH at $2,125 per ETH,” and mentioned that they acquired 40,613 ETH in the last week. 

BitMine has already accumulated 3.58% of Ethereum’s total supply, and in just six months, it has completed over 72% of its internal target known as the Alchemy of 5%, which means a goal to own 5% of all ETH, noted in the report.

Also, Bitmine’s total staked ETH stands at 2,897,459, as of February 8, which represents $6.2 billion at $2,125 per ETH. As the report quoted Lee, “Bitmine has staked more ETH than other entities in the world. At scale, the ETH staking rewards are $374 million annually or greater than $1 million per day.”

BitMine Stays Bullish on ETH Despite Price Weakness Meanwhile,  Ethereum is trading at its monthly lows, down more than 33%, as of writing,  it is trading at $2,068, with 0.98% down over the 24 hours, and over 11% for the past week. In spite of this downturn and nearly $7 billion in treasury losses, BitMine continued to accumulate Ethereum as part of its target. 

For this, Tom Lee, Executive Chairman of Bitmine, said, “Bitmine has been steadily buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals. In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance.” 

Highlighted Crypto News:

Vitalik Buterin Says ETH-Backed Algorithmic Stablecoins Qualify as ‘True DeFi’

ADA's drop in open interest looks similar to Solana's past pattern, where a fragmented market often comes before weaker altcoin momentum.

Cardano has experienced a sharp decline of over 10% over the past week. It started near $0.30, but heavy selling pushed it to $0.23, forming a consolidation to $0.26. Amidst strong bearish pressure, new data suggest that major traders have exited their ADA positions.

Alphractal founder Joao Wedson, for one, said that Cardano’s derivatives market is going through a major shift that could affect its price momentum.

Cardano Follows Solana’s Path Open interest in ADA has declined sharply from $1.6 billion to $334 million, as major players have aggressively closed their positions. However, Wedson explained that the more important change lies in how OI is distributed across exchanges. In 2023, Binance controlled over 80% of ADA’s open interest, while 17 other exchanges combined held less than 20%.

By 2026, that balance has dramatically changed as Binance now holds only 22%, and Gate.io has emerged as the new leader with 31% of the market. Wedson observed that this change is significant because a similar pattern played out with Solana.

During SOL’s rally from $20 to $200 in 2023-2024, Binance’s dominance in open interest increased, thereby supporting price appreciation.

Later, as Binance’s share declined, Solana’s momentum weakened. The same trend appears to be unfolding with Cardano, and with open interest now fragmented, the altcoin’s upside potential may be limited as the overall crypto market remains fragile.

“Binance tends to be the exchange that fuels strong altcoin rallies, but only when leverage is concentrated and competition is limited.”

Long-Term Trend Remains Intact Despite the short-term market uncertainty gripping the ADA market, pseudonymous analyst, ‘Crypto Patel,’ believes that the overall long-term structure stays bullish as long as the price does not fall below $0.13 on a weekly close.

You may also like: Crypto Trading Activity Hits Yearly Lows as Holiday Lull Freezes Markets Bitcoin (BTC) Stops at $90K After the FOMC Meeting, Cardano (ADA) Plunges by 10%: Market Watch Whales Are Leaning Into Ethereum (ETH) and Cardano (ADA): Retail Is Lagging Behind On the upside, he says ADA needs to reclaim $0.44 to confirm a new uptrend. If that happens, the crypto asset could enter a new bull cycle, and long-term targets range from $1.20 to as high as over $10, similar to past cycles.

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Ethereum is still under pressure as the wider crypto market struggles to find direction. ETH is trading around $2,006, down nearly 3% on the day and more than 50% below its 2025 high of $4,900. The decline reflects months of weak investor confidence, forced sell-offs, and lower trading activity. While short-term rebounds have occurred, the overall trend remains weak as traders stay cautious due to regulatory concerns and tight financial conditions.

From a price chart perspective, Ethereum is trying to settle after sharp losses. Buyers are defending recent lows, but upward moves continue to face strong selling pressure. Trading volumes have dropped, though long-term investors appear to be slowly adding to their positions.

Why Tom Lee Is Buying Ethereum at Lower LevelsDespite the ongoing downturn, BitMine, an Ethereum-focused treasury firm led by Tom Lee, continues to buy ETH. The company recently added roughly $84 million worth of Ethereum to its holdings. Lee has openly acknowledged that BitMine is sitting on about $8 billion in unrealized losses, but says this is expected when holding through a full market cycle.

According to Lee, Ethereum’s long-term outlook remains intact. He points to steady activity on the network, continued use in decentralized finance, and Ethereum’s leading role in smart contract applications. He believes buying during periods of market stress improves long-term returns.

Details of BitMine’s Latest ETH PurchaseBlockchain data from Lookonchain and Arkham Intelligence shows BitMine completed its latest purchases through two large transactions. The firm bought 20,000 ETH via FalconX and another 20,000 ETH through BitGo within a short period.

With these additions, BitMine now holds about 4.33 million ETH, valued at roughly $9.14 billion based on prices last week. The company also disclosed that it has already reached over 72% of its goal to acquire up to 5% of Ethereum’s circulating supply.

Staking Helps Offset Price VolatilityTo reduce the impact of price swings, BitMine has staked close to two-thirds of its Ethereum holdings. This approach is expected to generate around $200 million in yearly staking rewards, allowing the firm to earn income while waiting for the market to recover. Lee has highlighted staking as a major benefit of holding Ethereum during extended downturns.

How Much More Can Ethereum Fall?If selling pressure increases or global markets weaken further, analysts warn Ethereum could revisit or briefly fall below recent cycle lows. A drop of 60% to 70% from the 2025 peak would not be unusual compared to past market cycles, especially if liquidity tightens further.

Where Ethereum Could RecoverWhile downside risks remain, Lee believes the upside potential is still strong. If adoption grows and investment flows return, he expects Ethereum to regain momentum and possibly trade between $6,000 and $8,000 in the next market cycle.

For BitMine, the continued buying during weakness reflects confidence that the current downturn is temporary, not a sign of lasting damage to Ethereum’s long-term value.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

Sponsored and Advertisements:Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.

What to Know:

Spot Bitcoin ETFs continue to see consistent net inflows, creating a supply shock that historically precedes capital rotation into infrastructure altcoins. Bitcoin Hyper differentiates itself by integrating the Solana Virtual Machine (SVM) to bring high-speed, programmable smart contracts to the Bitcoin network. The project solves Bitcoin’s core limitations of slow transactions and high fees while preserving the security guarantees of the Layer 1 blockchain. Institutional appetite for digital assets isn’t showing any signs of slowing down. Spot Bitcoin ETFs just logged another week of consistent net inflows, signaling a distinct shift in market structure.

The data points to a supply shock dynamic where issuers like BlackRock and Fidelity are absorbing coins faster than miners can produce them, effectively creating a rising price floor for the premier asset.

That stability matters. Historically, when Bitcoin goes flat after a run, liquidity trickles down to high-beta infrastructure plays, specifically the ones solving Bitcoin’s scaling headaches. While Bitcoin remains the pristine collateral of the crypto economy, its network congestion and lack of programmability are still major barriers to mass adoption.

Investors are now looking past the store-of-value narrative toward the execution layer. The market is hunting for protocols that can unlock the nearly $2T of dormant capital on the Bitcoin network. Amidst this search for yield, Bitcoin Hyper ($HYPER) has emerged as a focal point for developers and smart money alike.

By integrating the speed of the Solana Virtual Machine (SVM) directly with Bitcoin’s security architecture, the project is positioning itself to capture the liquidity overflowing from the ETF-driven bull market.

Solving The Execution Bottleneck: SVM Meets Bitcoin Security The current landscape of Bitcoin Layer 2s is a bit of a mess. Users are often forced to choose between speed and security. Bitcoin Hyper fixes this dichotomy with a modular architecture: it uses the Bitcoin L1 for final settlement while deploying a real-time SVM Layer 2 for execution.

That’s a massive technical differentiator. By using the Solana Virtual Machine, the network achieves low-latency processing and high throughput that native Bitcoin script simply can’t support.

For developers, this integration changes the calculus of building on Bitcoin. The protocol supports Rust-based smart contracts, allowing dApps to run with the performance users expect from modern DeFi, while anchoring their state to Bitcoin’s immutable ledger.

This ‘best of both worlds’ approach, Solana’s speed plus Bitcoin’s trust, aims to solve the friction of high fees and slow block times that have historically plagued the ecosystem.

The utility here extends beyond simple transfers. The infrastructure supports a decentralized Canonical Bridge for seamless $BTC transfers and offers a robust environment for NFT platforms and gaming dApps. By enabling high-speed payments in wrapped BTC and sophisticated DeFi protocols (like lending and staking), the network effectively transforms Bitcoin from a passive asset into a programmable financial instrument.

VISIT THE OFFICIAL $HYPER PRESALE SITE

Whale Accumulation Signals Confidence In Hyper’s $31M Presale Traders often watch ‘smart money’ wallet movements to gauge a project’s viability before the public launch. On-chain metrics for Bitcoin Hyper suggest real interest from high-net-worth individuals positioning themselves ahead of the Token Generation Event (TGE).

According to the official presale page, $HYPER has already raised over $31M, a figure that underscores strong demand for Bitcoin-native DeFi solutions. With tokens currently priced at $0.0136754, the valuation reflects an early-entry opportunity relative to established L2s like Stacks or fast-execution chains like Solana.

But even more telling is the behavior of large-volume buyers. Whales have been appearing in pods, with large purchases totalling over $1M; the largest of these was $500K. This specific accumulation during a presale phase implies a long-term conviction in the project’s roadmap and its high-APY staking incentives, which are designed to reward community governance.

The combination of significant capital raises and whale activity suggests the market views this SVM-integration model not just as a technical upgrade, but as a necessary evolution for the Bitcoin ecosystem.

BUY YOUR $HYPER NOW

The information provided in this article is not financial advice. Cryptocurrency investments carry high risk and volatility. Always conduct independent research.

Morgan Stanley upgrades Cipher & TeraWulf, saying their data center shift could unlock infrastructure-style valuations. Marathon was rated underweight as profits remain heavily tied to volatile bitcoin prices. Morgan Stanley has started formally analyzing the three major publicly traded Bitcoin miners. They argued that these miners should not be viewed as a cryptocurrency bet; instead, they should be valued as an infrastructure business. The bank has given overweight ratings on Cipher Mining and Terawulf, while giving Marathon Digital an underweight rating. 

Morgan Stanley believes that once the mining company starts building large, powered sites and signing long-term contracts with customers, it starts looking like a real utility and infrastructure company. Infrastructure investors usually pay higher valuations because income is predictable and contracted with less dependence on the bitcoin value.

Why Cipher and TeraWulf Seem to be Positive  Morgan Stanley says Cipher is well-positioned for what he called a “REIT endgame.” If the Cipher leases its building and power capacity to the AI instead of mining, then risk drops, and valuation could increase. Morgan Stanley sees more upside if the transaction happens. 

TeraWulf also received a similar positive rating because the management has deep power and infrastructure experience, with the company already having a history of signing hosting and data center agreements. The analyst believes that future sites can be converted from mining to AI tenants. 

Why is Morgan Stanley Cautious on Marathon Digital For Marathon Digital, Stanley took a different position. Morgan Stanley says that the MARA behaves mainly like the bitcoin price vehicle, and it actively tries to increase BTC exposure. So its stock performance depends heavily on the difficulty, power costs, and BTC price swings. Morgan Stanley warns that mining profitability faces pressure from competition and rising energy demands.  

These reports arrive when the investors are debating the future identity of Bitcoin miners. Morgan Stanley replies with its report to all the investors that the infrastructure model gives more stability and deserves a higher value than pure mining. 

Highlighted Crypto News:

Dogecoin Price Shows Mixed Signals as Key Technical Levels Are Tested   

XRP outshines Bitcoin as weekly ETP inflows surge by $63.1M amid crypto sell-off.

Brian Njuguna2 min read

10 February 2026, 10:01 AM

Source: ShutterstockXRP Defies the Trend as Weekly Digital Asset Flows Favor AltcoinsXRP has proven its resilience in volatile markets, leading weekly ETP inflows with $63.1M, according to CoinShares. Meanwhile, Bitcoin saw $264.4M in outflows, signaling a rotation of capital into selective altcoins.

Well, investor appetite is shifting toward strategic altcoin allocation as XRP gains favor. While Bitcoin still dominates headlines, XRP’s steady inflows amid market uncertainty reflect strong confidence from both institutions and retail investors. Real-world adoption is also rising, with XRP Ledger payments recently hitting 1.88 million.

Meanwhile, Ethereum and Solana saw modest inflows of $5.3M and $8.2M, highlighting XRP’s standout position. Its stronger inflows indicate investors are favoring assets with proven utility, liquidity, and a narrative beyond Bitcoin.

XRP Surges as Smart Money Shifts to High-Conviction AltcoinsXRP’s steady accumulation signals more than a short-term market blip. Growing adoption in cross-border payments, DeFi integration, and regulatory resilience underscores its long-term potential. Investors may view this as a chance to rebalance portfolios toward high-conviction altcoins with real use cases and strong liquidity. 

Notably, XRP might be forming a bottom pattern reminiscent of early moves that fueled Nvidia and Google’s historic gains.

Therefore, CoinShares data reveals a clear trend that investors are prioritizing assets with differentiated value over headline-driven Bitcoin momentum. XRP’s $63.1 million inflow highlights its growing appeal and signals a strategic market rotation toward optimizing risk-adjusted returns.

While Bitcoin sees outflows, XRP continues to attract capital, underscoring the rise of selective altcoin accumulation. Tracking these flows offers crucial insight into investor sentiment and emerging opportunities in today’s dynamic crypto markets.

ConclusionXRP’s strong inflows, even as Bitcoin sees outflows, signal a shift in investor sentiment toward high-utility altcoins. As capital favors assets with growth potential and liquidity, XRP stands out as a key beneficiary, offering strategic opportunities beyond Bitcoin’s dominance.

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Brian Njuguna is a seasoned crypto journalist at Coinpaper, specializing in blockchain innovation, market trends, and regulatory developments. With a background in economics and years of experience covering the digital asset space, Brian delivers sharp, data-driven insights that cut through the hype. His reporting bridges global crypto narratives with emerging market perspectives, making complex topics accessible to a wide audience.

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