Market Signal Briefing

New York, New York--(Newsfile Corp. - February 22, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Ardent Health, Inc. (NYSE: ARDT) between July 18, 2024 and November 12, 2025, both dates inclusive (the "Class Period"), of the important March 9, 2026 lead plaintiff deadline.

SO WHAT: If you purchased Ardent Health securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Ardent Health class action, go to https://rosenlegal.com/submit-form/?case_id=50392 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than March 9, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made misrepresentations regarding Ardent Health's accounts receivable. Defendants publicly reported Ardent Health's accounts receivable on a quarterly basis. They further stated that Ardent Health employed an active monitoring process to determine the collectability of its accounts receivable, and that this process included "detailed reviews of historical collections" as a "primary source of information." Further, defendants represented that Ardent Health considered "trends in federal and state governmental healthcare coverage" and that its "management determines [when an] account is uncollectible, at which time the account is written off." When defendants began to reveal increased claim denials by third-party payors, they downplayed the issue, stating that the increased payor denials were "turning [] more into a slow pay versus not getting paid," and did not write-off the uncollectible accounts. In addition, defendants represented that Ardent Health maintained professional malpractice liability insurance in amounts "sufficient to cover claims arising out of [its] operations[.]" In truth, Ardent Health did not primarily rely on "detailed reviews of historical collections" in determining collectability of accounts receivable nor did "management determine[] [when an] account is uncollectible." Instead, Ardent Health's accounts receivable framework "utilized a 180-day cliff at which time an account became fully reserved." This allowed Ardent Health to report higher amounts of accounts receivable during the Class Period, and delay recognizing losses on uncollectable accounts. And Ardent Health did not even maintain professional malpractice liability insurance in amounts "sufficient to cover claims arising out of [its] operations[.]" In truth, Ardent Health's professional liability reserves were insufficient to cover "significant social inflationary pressure in medical malpractice cases the past several years," which had been an "increasing dynamic year-over-year" in Ardent Health's New Mexico market. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Ardent Health class action, go to https://rosenlegal.com/submit-form/?case_id=50392 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/284684

Source: The Rosen Law Firm PA

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Posted: February 22, 2026

Siren [SIREN] surged 27% in the last 24 hours, extending weekly gains to 97% as speculative momentum accelerated.

The AI-themed memecoin, deployed on the BNB Chain, saw daily trading volume climb to $17 million. That rise suggested renewed trader participation.

However, on-chain data hinted that the demand may not be entirely organic.

Is SIREN demand artificial? Data from Nansen showed aggressive bot participation over the past 24 hours. One wallet accumulated more than $100,000 worth of SIREN within two hours.

Those purchases began near the $0.21 level. Since then, the price advanced more than 41% at its local peak.

That timing suggested algorithmic activity may have fueled the breakout rather than broad retail inflows.

Source: Nansen

In fact, Open Interest stood at $36.56 million, according to CoinGlass. That figure was well below the peak near $59 million on the 8th of February.

That divergence mattered. Rising price alongside muted Open Interest (OI) expansion often signal limited conviction from derivatives traders.

This left Spot-driven flows under scrutiny.

Market structure breaks as momentum slows down Price action confirmed a Market Structure Break on higher timeframes. SIREN flipped the $0.25 resistance into support and gained another 15%.

For five sessions, the price oscillated between $0.21 and $0.25. Momentum remained flat during that range.

Even so, the Bull Bear Power (BBP) indicator showed weakening bullish pressure after the high on the 21st of February.

Source: SIREN/USDT on TradingView

That slowdown aligned with visible rejection near $0.30.

On lower timeframes, the price formed a rising wedge pattern. Such formations often precede short-term pullbacks if volume fails to expand.

However, continuation toward the prior $0.40 peak could materialize if smaller timeframes sustain higher lows.

This left the token at a technical crossroads.

Denser liquidity clusters are building The Liquidation Heatmap for the past 3 days showed the next move would be more robust than the current one. This is especially true if the price continued to bounce between $0.26 and $0.28, which had denser liquidity clusters.

After clearing liquidity between $0.20 and $0.24, the price rallied sharply to the upside. The same could be anticipated for the current setup, which is denser.

A run on either side of the liquidity clusters could amplify gains or revert them to losses.

Triggering orders around $0.28 would result in a short squeeze, while those at $0.26 would result in a long squeeze.

Source: CoinGlass

Therefore, SIREN was in an upward rally, but caution was warranted due to the fact that bot trading was dominating the token. Again, liquidity was building on both sides while a reversal pattern was forming.

Final Summary Nansen data showed a single wallet buying over $100,000 worth of SIREN within two hours, helping push the price sharply higher. The $0.26–$0.28 range has emerged as a critical liquidity pocket, according to the three-day Liquidation Heatmap.

A popular analyst is warning that the biggest threat to long-term holders may be psychological, not regulatory.

Market Sentiment:

Bullish Bearish Neutral

Published: February 22, 2026 │ 5:07 PM GMT

Created by Gabor Kovacs from DailyCoin

An XRP-focused market analyst is sounding an unusually stark warning: the biggest risk for long-term holders may not be an SEC defeat or a Bitcoin-led crash, but selling too early once XRP finally breaks its all-time high.

In a new breakdown of XRP’s price history and potential “utility bull run,” Edo Farina from Alpha Lions Academy argues that exiting around $10 could be the mistake that “wipes out 95% of XRP holders” in terms of missed upside.

The “$10 XRP Trap” Meets a One-Way Utility Market Farina frames the danger around a simple behavioral pattern: investors cashing out into fiat or stablecoins at psychologically high round numbers, assuming a familiar boom-and-bust cycle.

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“People are going to be selling XRP because they want to take profit in fiat currencies” the host says, warning that many will be trading “valuable XRP for something that has no intrinsic value.”

According to Edo Farina, once XRP clears its previous peak near $3.84 and enters “price discovery” past cycles may no longer apply.

The market connoisseur expects XRP to decouple from Bitcoin once real-world payments and settlement use cases — the “utility market” — kick in, calling it a “perpetual run for utility coins” where deep re-tracements could disappear.

In that scenario, an exit at $10, framed as “not even life changing gains,” might resemble early bitcoin sellers at $100.

History, Lawsuit Lows & The Big Accumulation Strategy To support this view, the commentator walks through XRP’s chart from 2017 onward. The coin’s explosive 36,000% run to $3.84 is followed by a prolonged slide back to the $0.50 range and then the shock of the SEC lawsuit against Ripple, which drove XRP as low as $0.16. The analyst says that day marked their personal bottom: “I basically went all in here at $0.16.”

Despite the legal overhang, XRP later rallied to around $2.40, corrected again toward $0.50 — another stated accumulation zone — and then climbed near $2.60 before pulling back to roughly $1.40.

The host allows for more downside, including a revisit of $0.70, but treats corrections purely as chances to buy, not trade: “This is why I don’t risk trading XRP… I don’t treat XRP as a cryptocurrency.”

Mr. Farina takes an explicitly systemic view, claiming that “XRP success depends on the failure of the current financial system” with fiat debasement driving demand for settlement assets.

In that context, he describes XRP as “the sacrament layer of the new financial system” and predicts that by the time price reaches $10, “demand for XRP is going to skyrocket” as utility volume arrives.

For crypto investors, the core takeaway is less a specific price target and more a strategic warning: if XRP does transition from speculative token to infrastructure asset, prior trading playbooks — take profit, wait for a crash, rebuy lower — may stop working just as the biggest move begins.

Check out DailyCoin’s top crypto news today:
Dubai Makes Grandiose XRP Move With Real Estate Bid
Abu Dhabi Funds Purchase $1B In Bitcoin, Flows Wobble

People Also Ask: Does the analyst expect a short-term XRP drop?

Yes, Edo Farina notes potential sideways action and even a revisit of the $0.70 range before any major breakout.

What level is described as the real danger zone?

The expert repeatedly flags the $4–$10 range as the point where many holders may sell expecting a typical correction.

How does the analyst view stablecoins like USDT?

As an additional risk: selling Ripple coin into “unregulated stablecoins” is framed as swapping into assets with questionable intrinsic value.

Is this presented as trading advice?

Edo Farina explicitly labels the content as “not financial advice”, while clearly outlining a strong personal conviction on XRP’s long-term role.

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

Market Sentiment

100% Bullish

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.

The liquidation makes Bitdeer the largest publicly traded bitcoin miner by self-mining hashrate to hold no BTC on its balance sheet.

MSTR shares closed at $131.05 on February 20, after trading between $130.68 and $133.83. The move followed fresh signals from Michael Saylor that Strategy may soon expand its Bitcoin holdings again. Saylor referred to the coming era as “The Orange Century,” a phrase that reignited speculation about another large-scale purchase.

MSTR shares up 6% in the last seven days. Source: CoinCodexThe timing of his message stands out. Strategy recently completed its 99th Bitcoin acquisition. Will the next announcement mark the symbolic 100th buy?

Recent Bitcoin AcquisitionOn February 17, Strategy disclosed that it had acquired 2,486 BTC for approximately $168.4 million. The company paid an average price of $67,710 per coin in that transaction. This purchase lifted total holdings to 717,131 BTC.

Source: X

Strategy has spent $54.52 billion to build that position, with an average acquisition cost of $76,027 per Bitcoin. The latest buy reinforces the company’s ongoing accumulation strategy, which has defined its balance sheet approach since 2020.

Earlier in January, the firm purchased another 2,932 BTC between January 20 and January 25. That transaction cost roughly $264.1 million, with an average purchase price of $90,061 per coin, including fees and expenses. The contrast between January’s higher price and February’s lower entry point highlights recent volatility in the cryptocurrency market.

Corporate Bitcoin Treasury StrategyStrategy, formerly known as MicroStrategy, has reshaped its corporate identity around Bitcoin. The firm positions BTC as its primary treasury reserve asset rather than treating it as a short-term investment. This approach separates it from traditional corporate treasury models that prioritize diversification across cash equivalents, bonds, and equities.

Instead, Strategy concentrates capital into a single digital asset. That decision increases exposure to Bitcoin’s price movements. When Bitcoin rises, the company benefits from substantial balance sheet appreciation. When Bitcoin declines, pressure builds quickly.

Saylor continues to frame Bitcoin as a long-term store of value. His latest reference to “The Orange Century” signals confidence in Bitcoin’s structural adoption. Markets now watch for confirmation. Will Strategy accelerate its pace again?

Unrealized Losses And Market PositionDespite aggressive buying, data shows that Strategy currently reports an unrealized loss of around $6.7 billion on its Bitcoin holdings. The company’s average cost basis of $76,027 per BTC exceeds current market levels, resulting in a paper drawdown of about 10.56%.

This gap reflects broader market swings over recent months. Bitcoin has moved sharply in both directions, creating challenges for corporate holders with large, concentrated positions. Strategy has not reduced its exposure during this period. Instead, it has continued to deploy capital into BTC.

As of February 17, 2026, Strategy owns 717,131 bitcoins. The company previously stated an average purchase price of $66,384.56 per coin, with a total cost of $33.139 billion under earlier accounting disclosures. Updated filings now reflect the expanded position and higher aggregate investment.

Market Focus On The Next MoveInvestors now focus on what comes next. MSTR stock often tracks Bitcoin’s direction while also reflecting expectations about future purchases. Saylor’s messaging suggests continued accumulation rather than caution.

If Strategy confirms another acquisition, it would mark the company’s 100th Bitcoin purchase since adopting BTC as its treasury reserve asset. That milestone would reinforce its status as the largest corporate holder of Bitcoin globally.

Buterin withdraws millions in ETH amid Foundation austerity, blurring the line between personal and institutional goals.

The crypto market has been showing signs of recovery, with the Bitcoin price trying to reclaim the psychological $70,000 over the past few days. Interestingly, the latest on-chain data suggests that the crypto market might just have the required liquidity to kickstart a resurgence.

Stablecoin Inflows Surge During Key Support Retest In a recent QuickTake post on the CryptoQuant platform, market analyst CryptoOnchain revealed a dramatic increase in TRC-20 USDT balances on Binance, the largest cryptocurrency exchange by trading volume. Quoting data from CryptoQuant’s data, the on-chain analyst revealed that USDT reserves climbed from approximately $385 million on December 24 to about $5.2 billion as of February 21.

What’s more interesting is, this roughly $4.8 billion spike in the stablecoin reserve on Binance occurred all under a month.

Related Reading: Bitcoin Options Update: Market Panic Fades But Traders Remain Defensive – Details

The crypto pundit highlighted that this significant rise in the TRC-20 UDST reserves on Binance actually coincides with the Bitcoin and Ethereum price approaching key support levels. This is typically a sign that demand is rising and positioning activity is ongoing, both of which often lead to the absorption of selling pressure. 

Source: CryptoQuant Typically, a significant increase in stablecoin accumulation on exchanges — especially during periods of price weakness — signals that liquidity is being rotated, and not completely exiting the market. According to CryptoOnchain, this means that more capital is being positioned for potential reentry into the Bitcoin or Ethereum market (among other assets). 

TRC-20 Usage Points To Increasing Retail Participation  The on-chain analyst further highlighted that the adoption of TRC-20 USDT is often characteristic of a certain investor class, known as the retail participants. It is also widely known that large institutions — which do not typically chase cost-efficient transactions — often use the ERC20 network.

Hence, CryptoOnchain concluded that “the increase in TRC-20 reserves may indicate stronger retail engagement during the correction.”

While stablecoin reserves indicate that market participants may be preparing for a bullish reversal of the Bitcoin price, it is worth noting that an immediate rebound is not guaranteed. This is because elevated reserves only reflect the presence of inert demand (known as dry powder), rather than real demand.

Nonetheless, if the present market conditions should see stability in the near-term, this “dry powder” that waits on the sidelines could quickly become fuel to drive prices to the upside. Moreover, the Bitcoin apparent demand metric recently flipped positive, suggesting that a reversal might be imminent.

As of this writing, Bitcoin is valued at around $67,971, reflecting no significant movement in the past 24 hours.

The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView Featured image from iStock, chart from TradingView

TLDR: BlackRock plans to stake between 70% and 95% of ETH held within the ETHB trust for maximum yield. Investors receive 82% of staking rewards, while BlackRock and Coinbase split the remaining 18%. A liquidity sleeve of 5% to 30% in unstaked ETH ensures ETHB can meet investor redemptions smoothly. BlackRock’s spot Ethereum ETF ETHA surpassed $6 billion in assets, paving the way for the ETHB launch. BlackRock’s upcoming iShares Staked Ethereum Trust, ticker ETHB, is drawing attention across institutional markets.

The world’s largest asset manager is preparing to launch a product that converts Ethereum into a yield-bearing asset.

With regulatory sentiment shifting in favor of staking-enabled ETFs, ETHB could mark a turning point for institutional crypto adoption in 2026.

BlackRock Structures ETHB Around Staking Yield and Liquidity BlackRock plans to stake between 70% and 95% of the Ether held within the trust. This high staking ratio positions ETHB as a total-return product rather than a passive holding vehicle. The fund is designed to generate yield directly from Ethereum’s proof-of-stake network.

To support the 95% staking target, BlackRock will maintain a liquidity sleeve of 5% to 30% in unstaked ETH. This buffer allows the fund to meet investor redemptions even when most assets are locked in staking. It is a practical mechanism that balances yield optimization with operational flexibility.

On the revenue side, ETHB will share 82% of staking rewards with investors. The remaining 18% is divided between BlackRock and Coinbase, which serves as the fund’s prime execution agent. The trust also carries a 0.25% sponsor fee on top of the staking reward split.

An SEC filing dated December 17 confirmed that a BlackRock seed capital investor purchased 4,000 shares at $0.25 each.

This initial capital formation signals that preparations for the fund are well underway, though no official launch date has been announced yet.

Institutional Ethereum Adoption Expands Despite Market Headwinds BlackRock’s move into Ethereum staking follows the strong performance of its spot Ethereum ETF, ETHA. That fund has already gathered over $6 billion in assets, demonstrating real institutional demand for Ethereum-based products. ETHB builds on that foundation by adding a yield component.

As Arkham noted on social media, ETHB could turn ETH from a passive holding into a yield-generating institutional product.

BlackRock’s New Ethereum ETF

ETHB, BlackRock’s upcoming Ethereum staking ETF, could turn ETH from a passive holding into a yield-generating institutional product. The fund plans to stake up to 95% of its ETH, and share 82% of rewards with investors.

Our team broke down… pic.twitter.com/3JqqXyET3F

— Arkham (@arkham) February 21, 2026

BlackRock currently ranks as the fourth-largest entity tracked on the Arkham Intel Platform. Its on-chain holdings exceeded $57 billion as of February 2026.

Traders monitoring ETHB should account for T+1 settlement in traditional finance. On-chain evidence of BlackRock’s ETH purchases typically appears one business day after the initial trade.

This lag is a standard feature of conventional financial infrastructure interacting with blockchain settlement.

Even as Ethereum’s price has dipped below $2,000 during the current market downturn, institutional interest in decentralized infrastructure remains active.

The expected launch of ETHB in the first half of 2026 reflects a broader regulatory shift that now permits staking rewards within exchange-traded products. That change had previously been blocked under earlier SEC guidance.

17h05 ▪ 4 min read ▪ by James G.

Summarize this article with:

Bitcoin’s short-term risk metrics have slipped into extreme territory, reviving debate over whether the market is nearing another major bottom. A widely followed measure, the short-term Sharpe Ratio, has dropped to around -38.38—a level seen only a handful of times in Bitcoin’s history. Analysts tracking on-chain and statistical data say similar readings have previously aligned with long-term buying opportunities.

In brief Bitcoin’s short-term Sharpe Ratio plunges to -38.38, a historically rare extreme reading. Similar risk signals appeared near the major cycle bottoms of 2015, 2019 and 2022. BTC is down roughly 50% from its $126,200 peak, trading near $65,700. Analysts warn macro risks could delay recovery despite signs of market stress. Sharpe Ratio Hits an Unusual Low According to CryptoQuant-verified author Moreno, comparable extremes appeared near the cycle lows of 2015, 2019, and late 2022. Each period was marked by deep pessimism, heavy losses, and sharp volatility before prices staged sizable recoveries.

The Sharpe Ratio tracks returns relative to volatility. When the metric falls far below zero over a short window, it signals that investors are absorbing steep losses relative to the volatility of prices.

A reading near -38.38 ranks among the most extreme on record. Reports suggest Bitcoin has entered similar territory only four times. Each instance followed intense market stress, with weakening sentiment and forced selling weighing on prices. History shows that such conditions can coincide with seller exhaustion, even when technical indicators remain fragile.

Past cycles offer context:

Capitulation dominated trading activity, with many short-term holders exiting at a loss. Liquidity thinned as volumes declined and participation narrowed. Volatility spiked, creating sharp intraday swings and emotional reactions. Long-term investors gradually accumulated as risk-reward profiles improved. These dynamics appeared around $287 in 2015, near $4,100 in early 2019, and roughly $15,000 in late 2022. Multi-month rallies followed in each case, reversing a large portion of the prior declines.

Bitcoin Price Action Remains Fragile Recent trading has been highly sensitive to headlines and macro tensions. Bitcoin slipped below key psychological levels as broader risk assets weakened. Thin liquidity amplified reactions to geopolitical developments and policy uncertainty, producing uneven price swings.

At times, BTC managed to absorb risk-off flows and stabilize. In other sessions, renewed selling pressure pushed prices lower, particularly when market depth faded. Short-term traders remain cautious, while longer-term holders are watching for signs that downside momentum is slowing.

Extreme Risk Signal Emerges, But Bitcoin’s Bottom Remains Unconfirmed A deeply negative Sharpe Ratio does not guarantee an immediate rebound. External pressures—including tighter liquidity conditions or unexpected macro shocks—can prolong weakness beyond historical averages.

Bitcoin’s roughly 50% retreat from its October 2025 peak near $126,200 to about $65,700 suggests that much of the damage has already occurred. Still, further volatility cannot be ruled out. Careful position sizing and disciplined entry strategies remain essential for participants considering exposure at current levels.

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James G.

James Godstime is a crypto journalist and market analyst with over three years of experience in crypto, Web3, and finance. He simplifies complex and technical ideas to engage readers. Outside of work, he enjoys football and tennis, which he follows passionately.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

TLDR: Ethereum NUPL on Binance has fallen to -0.1689, marking its lowest recorded value in approximately nine months. A negative NUPL reading shows most Binance ETH reserves are currently sitting in unrealized loss territory near $1,973. The last comparable NUPL dip on Binance occurred around May 2024, during a sharp digital asset market correction. Historically, deep negative NUPL levels on Binance have been associated with reduced selling pressure and potential accumulation zones. Ethereum NUPL on Binance has fallen to its lowest point in about nine months. The Net Unrealized Profit/Loss indicator is currently sitting near a value of -0.1689 on the exchange.

This places a considerable portion of Binance’s Ethereum reserves in unrealized loss territory. Ethereum is trading at approximately $1,973 at the time of writing.

The reading is drawing attention from market participants monitoring sentiment on the world’s most liquid crypto exchange.

What the Negative NUPL Reading Signals for Ethereum Holders on Binance The Ethereum NUPL on Binance measures whether coins held in the exchange’s reserves sit in unrealized profit or loss.

It does not track the broader Ethereum network as a whole. Rather, it focuses solely on Binance’s reserve activity, offering exchange-specific sentiment data.

A negative reading like -0.1689 shows that most Ethereum held on Binance is currently at a loss. Historically, this type of reading tends to slow selling pressure on the market. Traders holding unrealized losses are less inclined to sell and lock those losses in.

Source: Cryptoquant

This shift matters because Binance is the world’s most liquid cryptocurrency exchange by volume. Activity on its platform carries outsized influence over broader market dynamics.

Binance processes billions in daily trading volume, making its reserve data particularly relevant. When its holders move into loss territory, the behavioral response often differs from what broader network data shows.

The NUPL chart therefore gives analysts a sharper picture of exchange-level positioning. It complements other on-chain tools by narrowing the focus to one key venue.

Analysts tracking exchange-specific data often prioritize this reading when assessing short-term market dynamics. For those watching selling pressure, the current negative reading is a notable development worth tracking.

How This Reading Compares to Historical Levels and What It Could Mean The last time Ethereum NUPL on Binance registered similarly low values was around May 2024. That period coincided with a sharp market correction and widespread weakness in digital asset prices.

Since that point, the indicator largely recovered and traded near zero or above.

The return to negative territory today stands out against that backdrop. Over the past nine months, this represents one of the more pronounced dips recorded by the indicator.

That context adds weight to the current reading beyond just the number itself.

Some market participants historically associate these levels with potential accumulation zones. However, a negative NUPL reading alone does not confirm a price bottom has formed. It reflects current unrealized loss conditions within Binance reserves, nothing more and nothing less.

Traders and analysts continue to watch this metric as one data point among many. The current reading shows holders on Binance are underwater on their positions.

Whether that leads to accumulation or further pressure remains to be seen in the days ahead.

Bitcoin’s short term Sharpe ratio sank to near minus 38, a level CryptoQuant data linked to past cycle stress zones. Meanwhile, BTC hovered near $67,987 as chart watchers focused on a weekend micro support band between $66,190 and $66,946.

Bitcoin short-term Sharpe ratio revisits historical stress zoneBitcoin’s short-term Sharpe ratio has fallen to an extreme negative level that CryptoQuant data and an analyst post on X linked to past cycle lows. The reading on the chart sits near –38, a zone the post described as historically rare and previously seen during periods when Bitcoin traded under heavy stress.

Bitcoin Short Term Sharpe Ratio. Source: CryptoQuant

The chart overlays Bitcoin’s price with the short-term Sharpe ratio and highlights similar extremes around 2015, 2019, and 2022. In each instance, the indicator dipped far below zero as short-horizon returns weakened and volatility rose. Then, price later recovered and eventually pushed to higher levels, which the analyst framed as a repeat pattern in risk-adjusted terms.

This move lower in the Sharpe ratio follows a run-up into late 2024 and a cooling phase afterward. As price action slowed, volatility stayed elevated, so the risk-adjusted measure compressed quickly. Therefore, the metric slipped into the same band that earlier marked capitulation-style conditions on shorter time frames.

The historical examples in the chart show the Sharpe ratio improving after those deep negatives, alongside a steadier price structure. However, the indicator tracks short-term risk-adjusted performance rather than confirming a full trend shift. As a result, the current signal shows stress in the short window, while the next direction still depends on how price and volatility develop from here.

Micro support at $66,190–$66,946 frames short term BTC setupBitcoin traded near $67,987 on a 15 minute BTCUSD index chart as analyst group More Crypto Online said price may be forming a B wave inside what they labeled white wave 2. The update framed the current move as a bounce phase after the recent drop, while the chart kept a downward sloping trendline overhead that price has started to challenge.

Bitcoin 15 Minute BTCUSD Index Chart. Source: More Crypto Online

More Crypto Online marked a micro support zone between $66,190 and $66,946 and said the white scenario remains the lead case as long as $66,190 holds. Because that band sits just below current price, it acts as the nearest buffer if BTC retraces during the weekend session.

On the upside, the analyst set $68,304 as the first resistance level. The chart also showed a higher resistance box above, with Fibonacci references labeled around $68,304, $68,945, and $69,867, which clustered into a near term ceiling if price continues higher.

Solana faced new skepticism on its monthly chart as analysts pointed to heavy overhead supply and repeat cycle signals. Two separate posts framed the setup around whether demand can hold through the current pullback without repeating past drawdowns

SOL monthly chart shows supply zone under $300, while price slides into a major gap areaGreenytrades argued that Solana could struggle to reclaim and hold levels above $300. He tied that view to SOL’s token inflation, which can create steady sell pressure, and he said demand has looked mostly cyclical. In his framing, SOL would need “permanent buyers,” not just bull cycle flows, to sustain prices above $300.

Solana SOLUSD Monthly Chart. Source: TradingView / greenytrades on X

On the monthly SOLUSD chart (Binance), price trades near the mid $80s after a long decline from the 2024–2025 highs. The chart also highlights a wide gray supply band below the prior peak zone, where candles previously rejected and turned lower. Because that band sits well under $300, it marks a visible overhead area that sellers defended before the latest downtrend accelerated.

Meanwhile, price now approaches a lower gray region labeled as a monthly fair value gap, with an additional “3M FVG” zone beneath it. That placement matters because gaps like these often act as magnets during retracements, and they can also become decision areas once price trades inside them. Therefore, this chart read centers on whether SOL stabilizes in that gap region or continues to bleed into the deeper zone below.

Ali Charts flags repeat sell signals on SOL monthly chart as price revisits prior cycle structureAli Charts questioned whether this cycle is different for Solana. His post points to a familiar pattern on the monthly SOL chart, where prior cycle peaks triggered sell signals before a deep drawdown. In the earlier cycle, the chart marked a sell near the top, followed by a prolonged decline that erased most of the prior gains. That history frames the current setup, where a new sell marker appears near the recent highs.

Solana SOL Monthly Chart. Source: Ali Charts on X

On the chart, the recent structure mirrors the earlier cycle rhythm. First, price pushed into a high zone and printed a sell signal. Next, candles rolled over and began a sustained pullback. Because the prior cycle followed the same sequence, the comparison focuses on structure rather than timing. Therefore, the question centers on whether this pullback remains a standard cycle reset or develops into a deeper trend shift.

The visual also shows a long base that formed after the prior collapse, followed by a strong recovery phase. That sequence matters because the current structure now sits at a similar point in the cycle path. As a result, Ali Charts frames the setup as a repeat test of cycle behavior. The chart does not confirm outcomes. Instead, it highlights that the same signals and structure have appeared again, which puts the focus on how price behaves as this phase unfolds.

Bank of America's latest market call reads less like a typical bear forecast and more like a structural warning about what happens when markets stop paying premium multiples, even if profits keep growing.

The firm argues that the S&P 500 remains “statistically expensive” on 18 of 20 valuation metrics, with four near-record highs, and expects P/E compression despite forecasting robust 14% earnings growth.

That setup of strong fundamentals meeting falling multiples creates a textbook risk-off problem for Bitcoin, which has increasingly traded as a high-volatility equity beta rather than the diversifier narrative that dominated crypto's early institutional pitch.

The mechanics matter because BofA isn't predicting an earnings collapse.

The firm's year-end S&P 500 target of 7,100 implies significant multiple compression even with profits on the high end of consensus, driven by five specific pressure points: earnings downgrades following price drops, a surge in IPO supply expanding the equity base, rising asset intensity and leverage in corporate balance sheets, and what BofA calls “index risk from private hiccups.”

Software stands out as the stress epicenter, down roughly 20% year-to-date, with valuations near decade lows amid AI concerns, a sector BofA explicitly flags as unlikely to snap back quickly.

For Bitcoin, that matters because crypto's relationship with traditional equities has fundamentally shifted since 2020.

CME research documents correlations between Bitcoin and the Nasdaq reaching 0.35 to 0.6 during 2025 and early 2026, with crypto consistently amplifying equity moves on down days.

The “digital gold” diversification thesis has given way to a reality where Bitcoin functions as liquid beta in multi-asset portfolios, a high-volatility extension of US tech exposure that gets sold first when risk appetite contracts.

Bitcoin's 20-day rolling correlation with major equity indices shows near-zero correlation with the S&P 500 and Nasdaq as of late October 2025, while maintaining strong positive correlation above 0.90 with Ethereum, XRP, and Solana.Duration math meets cashflow-free assetsWhen markets demand higher risk premiums or real yields rise, long-duration assets reprice lower.

Bitcoin has no earnings stream, no dividends, and no terminal value calculation. Yet, it behaves empirically like an asset with extreme duration sensitivity.

The mechanism runs through discount rates: if equities with actual cash flows see multiples compress because investors pay less for future growth, an asset with purely speculative cash flows tends to get hit harder.

The tell will show up in real yields and equity volatility rising together.

If the March FOMC signals a slower pace of rate cuts, particularly after the February CPI print on Mar. 11, Bitcoin's implied “duration” gets repriced alongside growth stocks.

BlackRock explicitly framed 2026's crypto trajectory as being driven “in large part” by liquidity conditions and the pace of cuts, positioning monetary policy as a first-order driver rather than a secondary consideration.

Cross-asset deleveraging and the liquidity problemFeb. 5 delivered a stress test of how quickly crypto can get caught in broader portfolio deleveraging.
Bitcoin liquidations exceeded $1 billion that day, coinciding with a tech selloff and deteriorating risk sentiment linked to institutional crypto ETF outflows.

The episode wasn't an idiosyncratic crypto event, it was a reflection of Bitcoin's position in the liquidity hierarchy.

When multi-asset portfolios reduce gross exposure during drawdowns, managers sell what's liquid and what moves. Bitcoin qualifies on both counts.

IMF research has documented increasing spillovers and interdependence between crypto and traditional financial assets, particularly during turbulence.

The structural setup means Bitcoin doesn't decouple during stress. It amplifies the initial risk-off impulse because it's easier to exit than locked-up private positions or illiquid alternatives.

Reuters highlighted AI-driven borrowing sprees lifting corporate leverage and pressuring coverage ratios, exactly the kind of macro feedback loop that worsens risk-off cascades.

More leverage in the system means more fragility, and Bitcoin sits at the intersection of maximum liquidity and maximum volatility when those cascades trigger.

ETF mechanics turn sentiment into daily tape signalsThe introduction of spot Bitcoin ETFs changed how risk-off translates into price action.

What used to show up as generalized “sentiment” now appears mechanically as slower inflows or outright redemptions, turning institutional positioning into a daily observable signal.

CoinShares reported $1.7 billion in weekly outflows as of early February, with Bitcoin alone accounting for $1.32 billion, a sharp reversal that flipped year-to-date flows into net negative territory.

The ETF structure creates a tight feedback loop: equity weakness triggers outflows, which pressure Bitcoin prices, which can trigger stop-losses and forced selling in leveraged positions, which in turn feed back into more outflows.

That's fundamentally different from the pre-ETF era, when institutional exposure was harder to track and slower to adjust. Now the plumbing exists for equity-market stress to be transmitted to crypto markets within the same trading session.

Failed rallies become easier to diagnose. If Bitcoin bounces on lighter volume but ETF flows remain negative or neutral, the rally lacks institutional conviction.

Multi-day redemption patterns coinciding with range-bound or declining prices suggest the bid won't return until either equity conditions stabilize or macro catalysts shift.

AI narrative contagion and the beta-selling reflexBofA's specific call-out of software as 2026's worst-performing sector carries weight beyond traditional equity analysis.

Software's roughly 20% year-to-date decline, with valuations at decade lows, reflects growing skepticism about AI capex returns and the sustainability of winner-takes-all narratives.

If the market shifts from “AI transforms everything” to “AI capex may be mispriced,” the instinct isn't to carefully separate winners from losers, but to sell broad beta exposures.

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Bitcoin gets bucketed into that beta pile despite having no direct AI exposure.

The mechanism runs through narrative contagion: when high-growth, high-multiple sectors crack, risk managers reduce exposure to anything perceived as speculative or momentum-driven.

Reports tied the software selloff directly to Bitcoin and Ethereum weakness on Feb. 5, noting the software index decline “accelerated the slide” in crypto markets.

Nvidia's earnings call on Feb. 25 functions as the immediate test.

If guidance disappoints or raises questions about capex ROI sustainability, the software weakness is likely to deepen, and Bitcoin faces renewed selling pressure as managers exit what they perceive as correlated risk.

If Nvidia calms concerns and stabilizes the AI tape, Bitcoin gets a reprieve, but only if flows turn positive and macro conditions cooperate.

Three scenarios, one catalyst windowThe base case assumes orderly de-rating: mixed earnings, acceptable CPI data, and a cautious Fed in March.

Equities grind sideways or lower as valuations compress gradually. Bitcoin trades choppy with a downside bias, rallies fade when ETF flows stay weak, and correlation with equity risk-on/risk-off remains positive but manageable.

Volatility compresses, liquidations stay contained, and the market waits for the next macro catalyst.

The tail risk centers on an AI air pocket: Nvidia's guidance spooks the capex narrative, software follow-through accelerates lower, and equity volatility spikes.

Bitcoin suffers a drawdown larger than that of equities because it's the most liquid, high-beta asset available. ETF outflows accelerate, liquidations surge, credit spreads widen, and forced selling dominates.

The tell would be unmistakable: sharp, correlated moves across risk assets with crypto leading the decline.

The upside scenario requires macro relief: CPI cools, the Fed signals cuts sooner, and Nvidia reassures markets on AI fundamentals. Equities bounce, and Bitcoin can outperform on reflexive risk-on flows plus improving ETF demand.

Correlations rise as inflows return and volatility falls. That outcome depends on multiple conditions aligning, which is possible, but not the path of least resistance, given the current positioning.

ScenarioNVDA outcome (Feb 25)CPI outcome (Mar 11)FOMC signal (Mar 17–18)Equity regime (vol + multiples)BTC impact (direction + volatility)Base: Orderly de-ratingBeats/inline; guidance steady, but not “blowout” (capex ROI questions linger)In-line / slightly cooler; no inflation re-accelerationCautious hold; reinforces “data-dependent,” cuts not imminentValuation leak: gradual P/E compression, rotation, moderately higher vol but containedChoppy, downside bias; rallies fade on weak risk appetite; vol moderateDownside: AI air-pocket / risk-off cascadeMiss or shaky guidance; capex intensity questioned; “AI trade” de-rates hardHot print / sticky services; pushes out cutsMore hawkish hold; slower/less cutting pathSharp multiple compression + vol spike; “sell beta” tape, tightening financial conditionsDown hard, amplified vs equities (liquid beta); ETF outflows/liq. risk increases; vol highUpside: Macro relief + AI reassuranceStrong beat; guidance de-risks AI demand + capex ROICooler-than-expected; disinflation narrative strengthensDovish hold / signals earlier cuts (or faster pace)Risk-on rebound; vol falls; multiples stabilize or re-rate modestlyUp, can outperform on reflexive risk-on + improving flows; vol falls but remains elevated vs equitiesThe immediate test arrives within weeksFeb. 25 brings Nvidia's earnings call. Mar. 11 delivers the February CPI print. March 17-18 frames the next FOMC decision.

Those three events determine whether BofA's P/E compression thesis plays out quickly or gets delayed by better-than-feared data.

For Bitcoin, the stakes are straightforward: if equities reprice from “priced for perfection” to “pay less for risk,” crypto gets sold as liquid beta through deleveraging, tighter liquidity, and ETF mechanics before any serious decoupling debate begins.

BofA maintains its 7,100 year-end S&P 500 target and warns a quick rebound looks unlikely.

If that view proves accurate, Bitcoin faces a structural headwind that has little to do with crypto-specific fundamentals and everything to do with its position as a high-volatility equity beta in an environment where markets stop paying premium multiples.

The catalyst window is immediate, the transmission channels are well established, and the ETF infrastructure ensures feedback loops run faster than in previous cycles.

Mentioned in this articlePosted in

TLDR: Nakamoto Inc. purchased 5,398 BTC near Bitcoin’s $118K peak, now sitting on $270M in unrealized losses. The $23.6B market cap wipeout marks one of the steepest corporate Bitcoin treasury collapses in crypto history. A reverse takeover structure helped launch $NAKA’s Bitcoin strategy but accelerated losses as sentiment shifted fast. The 99% drop in 280 days is pushing institutional investors to reconsider single large Bitcoin purchases near cycle tops. $23.6 billion in market value has been wiped from Nakamoto Inc. ($NAKA) in just 280 days. The company purchased 5,398 Bitcoin near the asset’s all-time high of $118,000.

That single decision now carries $270 million in unrealized losses. The market capitalization collapse of 99% has stunned both retail and institutional observers.

This ranks among the most damaging corporate Bitcoin treasury bets on record.

How a Bold Bitcoin Bet Became a $23.6B Collapse The scale of the $23.6 billion market cap erasure did not happen overnight. Nakamoto Inc. built its Bitcoin reserve strategy through a reverse takeover structure.

That approach generated early momentum and brief investor enthusiasm around the stock. As Bitcoin retreated from peak levels, however, the company’s valuation followed in dramatic fashion.

Buying 5,398 BTC at approximately $118,000 per coin left the company extremely vulnerable to any price correction. There was no phased entry, no cost-averaging approach, and no visible downside buffer in place.

When prices moved against the position, the losses compounded quickly across 280 days. The result was a near-total destruction of shareholder value.

Analyst @wiseadvicesumit captured the situation plainly, writing that “conviction is powerful” but “timing is brutal.”

The post described this as what happens when “number go up forever” meets reality. That framing resonated widely across crypto communities and financial circles. Many observers pointed to the entry price as the single most critical failure in the entire strategy.

🚨 BITCOIN TREASURY NIGHTMARE$NAKA went all-in on Bitcoin near the highs.

280 days later? Down 99%.
$23.6B market cap erased.
5,398 BTC bought near $118K.
$270M sitting in unrealized losses.

Conviction is powerful.
Timing is brutal.

This is what happens when “number go up… pic.twitter.com/7XFXKle7jo

— Wise Advice (@wiseadvicesumit) February 22, 2026

The $270M Loss That Is Reshaping Corporate Crypto Strategy The $270 million sitting in unrealized losses represents more than a balance sheet problem for Nakamoto Inc. It signals a broader warning for any corporate treasury considering large, concentrated Bitcoin positions.

Crypto commentator @nice_investment described the collapse as “one of the most expensive timing errors in crypto history.” That assessment is difficult to argue against, given the numbers involved.

The use of a reverse takeover to establish the Bitcoin reserve drew significant attention at launch. It positioned Nakamoto Inc. as an aggressive, conviction-driven institutional player in the crypto space.

Yet the same structure that amplified early excitement also accelerated the downside when sentiment shifted. The $23.6 billion erasure now follows that story wherever it is told.

Corporate treasury teams across the industry are watching this outcome carefully. Single large purchases near market cycle peaks have historically produced poor returns across multiple Bitcoin cycles.

This case adds a striking new data point to that pattern. Going forward, phased entry strategies and defined risk thresholds are likely to gain more favor among institutions entering the Bitcoin market.

Shiba Inu forms inverse head-and-shoulders on 4-hour chart, with analysts eyeing $0.0000090 if $0.0000072 resistance breaks.

Newton Gitonga2 min read

22 February 2026, 02:22 PM

Edited 22 February 2026, 02:36 PM

Shiba Inu price action shows signs of a potential bullish reversal after weeks of sustained weakness across the crypto market. Analysts report that an inverse head-and-shoulders pattern is forming on the 4-hour chart, raising expectations of a breakout. SHIB has dropped over 20% in the past 30 days, reflecting broader volatility and price uncertainty. However, recent technical structure suggests selling pressure may be fading if bulls reclaim key resistance levels.

Neckline Breakout Holds the Key for Shiba InuTechnical analyst Crypto Sat stated on X that SHIB has formed a clean inverse head-and-shoulders pattern in its late-stage formation. He noted that the left shoulder formed near $0.00000616, while the head appeared around the multi-year low of roughly $0.00000510 on February 6. The right shoulder developed close to $0.00000614, completing the structure. According to him, the inverted formation signals that bearish momentum may be nearing exhaustion.

He explained that the neckline sits between $0.0000070 and $0.0000072. A strong close above $0.0000072 with increased volume would confirm the breakout. That level stands about 15% above the current price. If SHIB clears it, he expects a quick push toward $0.0000078. He then projected a measured move to $0.0000085, followed by a potential advance to $0.0000090.

Crypto Sat cautioned that failure to break resistance could extend downside risks. He identified $0.0000060 as immediate support if selling resumes. A decline below $0.0000058 would invalidate the bullish setup. In that scenario, SHIB could revisit $0.0000051, the level that formed the head.

Broader Market Structure Points to Possible Trend ShiftSwallowAcademy also highlighted shift in Shiba Inu market structure during the same timeframe. He reported that SHIB broke its previous lower high during a rally to $0.00000725 on February 14. That move signaled a break in the bearish market structure.

He added that SHIB is now retesting the breakout level. If buyers defend that zone, price could climb toward $0.0000085, aligning with Crypto Sat’s target. Despite these bullish signals, analysts acknowledge that bears still control broader market momentum. Renewed selling pressure could therefore push Shiba Inu to lower levels if support fails.

As of the writing, Shiba Inu was trading at $0.00000618, down by 5.25% in the past 24 hours.

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Latest Shiba Inu News Today (SHIB)

TLDR: SBI will issue Security Token bonds through blockchain instead of traditional depository systems used in Japanese capital markets. Retail investors can trade the bonds on a digital exchange platform starting in March 2026. Eligible bondholders will receive XRP benefits tied to their subscription and interest payment dates. The project supports Japan’s push to merge regulated finance with token-based settlement systems. SBI Holdings has unveiled plans to issue its first Security Token bonds aimed at individual investors in Japan. The offering marks a shift from traditional bond management toward blockchain-based issuance and settlement. 

Trading will begin on a digital marketplace designed for retail participation. The move signals a broader push to integrate tokenized assets into regulated capital markets.

Security Token bonds enter Japan’s retail market SBI Holdings filed an amended shelf registration with the Kanto Local Finance Bureau to prepare the bond sale. The bonds will carry the nickname SBI START Bonds and operate under a digital transfer registration system.

Unlike conventional bonds recorded through Japan Securities Depository Center, the issuance will rely on blockchain infrastructure. SBI will use the ibet for Fin platform developed by BOOSTRY to manage the full lifecycle.

The digital system will handle issuance, administration, and redemption electronically. SBI said this approach removes paper-based processing and reduces reliance on legacy settlement workflows.

Retail trading will start on March 25, 2026, through the proprietary trading system START. The platform is operated by Osaka Digital Exchange and will allow individual investors to buy and sell the bonds in an open market.

XRP rewards and blockchain settlement model Investors who purchase the Security Token bonds will receive XRP benefits linked to their subscription amounts. SBI confirmed that only domestic residents and corporations qualify for the incentive.

To receive the XRP, bondholders must open an account with SBI VC Trade and complete required procedures by the stated deadline. Distribution will occur on each interest payment date through 2029.

The company framed the reward structure as part of its broader digital asset strategy. SBI has expanded its blockchain operations through partnerships, investments, and proof-of-concept trials across Japan.

The group said tokenized bonds support its vision of an economy where transactions and settlements occur directly on blockchain networks. Officials also stated that growth in the Security Token bond market could help modernize Japan’s capital markets.

According to the company’s disclosure, the issuance will not materially affect consolidated financial results. SBI positioned the project as an infrastructure experiment rather than a revenue driver.

The bond launch follows a wider trend among Japanese financial firms to test tokenized securities under existing regulatory frameworks. 

SBI described the initiative as a step toward linking traditional finance with on-chain settlement systems while keeping investor protections intact.

TLDR: Bitdeer’s weekly update confirmed zero corporate Bitcoin holdings after selling both new output and reserves. The company mined 189.8 BTC and sold 1,132.9 BTC total during the reporting period ending February 20. Bitdeer now leads public miners in self-managed hashrate, surpassing Marathon Digital’s internal capacity. A $325 million convertible notes deal supported debt refinancing and data center expansion for mining and AI services. Bitdeer disclosed that it now holds zero Bitcoin after selling its entire treasury position. The move followed a week in which the company mined Bitcoin and liquidated both new output and reserves. 

The update placed Bitdeer at the top of publicly traded miners by self-managed hashrate. The announcement triggered a market reaction and renewed focus on miners’ balance sheet strategies.

Bitdeer Bitcoin holdings fall to zero after full liquidation Bitdeer reported that its pure Bitcoin holdings dropped to zero as of February 20, 2026. The company clarified that the figure excludes customer deposits and reflects only corporate reserves.

Data shared through its weekly update showed Bitcoin output of 189.8 BTC during the period. Bitdeer sold the same 189.8 BTC and an additional 943.1 BTC from existing reserves.

The company posted the figures on its official X account, accompanied by a line chart. The chart tracked output, sales, net additions, and holdings from late January through February 20.

The update followed a $325 million convertible notes offering earlier this month. The funding aimed to refinance debt and support expansion of mining and AI cloud infrastructure.

Bitdeer linked the decision to higher operating costs and reduced reliance on volatile Bitcoin reserves. The firm has increased focus on liquidity management while scaling its data center footprint.

Self-managed hashrate surpasses Marathon as market reacts Bitdeer’s self-managed Bitcoin hashrate has now surpassed that of Marathon Digital, also known as Mara. This milestone makes Bitdeer the publicly traded miner with the largest internally operated hashrate.

The company emphasized that self-managed capacity excludes hosted or customer-owned mining machines. This metric reflects only infrastructure controlled directly by Bitdeer.

The mining firm is owned by Jihan Wu, a long-time figure in the mining sector. His company has shifted toward vertical integration of mining and computing services.

Following the disclosure, Bitdeer shares fell about 2 percent to roughly $7.78. The decline reflected investor concern over dilution tied to the recent convertible debt issuance.

Company updates described the Bitcoin sales as part of a broader liquidity strategy. The approach prioritizes funding for energy costs and capital-intensive expansion projects.

Bitdeer continues to report weekly figures on production and asset movements. The firm has positioned transparency as a way to track operational performance in a competitive mining market.

Analysts speculated that a large issuer like Circle might be moving reserve assets en masse into the ETF, but data show otherwise. Feb 22, 2026, 3:00 p.m.

ProShares’ new ETF built for the fast-growing, $300 billion world of stablecoins had a massive launch, fueling speculation that one major stablecoin issuer may be involved.

The fund, called the ProShares GENIUS Money Market ETF (IQMM), is designed to hold short-term U.S. Treasuries and meet the reserve requirements laid out in the GENIUS Act, a federal law regulating stablecoin issuers in the U.S. It’s the first ETF structured specifically to fit those rules, and that positioning may have caught the attention of some of the largest players in crypto.

STORY CONTINUES BELOW

The ETF logged a whopping $17 billion in trading volume on its first day, suggesting that some large players were allocating to the fund. For context, BlackRock’s spot bitcoin ETF — one of the most anticipated launches in many years— saw $1 billion in first-day volume.

Circle moving funds or internal shuffle?The massive volume has left analysts speculating about the source of the inflows.

Nate Geraci, president of The ETF Store, said in an X post that the heavy flows might signal a deal with a major U.S.-based stablecoin issuer. "Looking at assets, believe that would only leave Circle," he said, referring to the company behind the $74 billion USDC token.

However, Circle’s main reserve fund for USDC, managed by BlackRock, hasn’t shown any major changes so far. It held nearly $64 billion in assets as of Friday, up from $59 billion at the end of January, data shows.

What's more likely is that the initial volume came from ProShares’ own funds moving assets for cash management purposes.

Ben Johnson, head of client solutions for asset management at Morningstar, noted that one of ProShares’ leveraged ETFs, QTTT, moved $6 billion into IQMM on launch day. That kind of internal allocation would explain a large portion of the day-one activity.

Playbook for stablecoin reservesStill, demand from stablecoin issuers is a real possibility. With over $300 billion in U.S. dollar stablecoins in circulation, a significant portion of those reserves could eventually be allocated to ETFs like IQMM.

Markus Thielen, founder of 10x Research, wrote in a Friday report that IQMM is "currently the only purpose-built tool" that meets the GENIUS Act rules while providing high-speed liquidity.

That could make it a go-to choice for U.S.-based issuers like Circle, Paxos and BitGo — and even for banks looking to issue their own tokenized deposits under the new law. Tether, which runs the largest stablecoin in the world with the $184 billion USDT token, has also rolled out a stablecoin with federal bank Anchorage Digital in the U.S. market.

As stablecoins become increasingly regulated with new tokens launching, tens of billions in additional assets could eventually flow into funds like IQMM, Thielen said.

More For You

‘Bitcoin to zero’ searches spike in the U.S., but the bottom signal is mixed

19 hours ago

Google Trends data shows the term hit a record high in the U.S. this month, though global interest has fallen since peaking in August.

What to know:

U.S. searches for “bitcoin zero” on Google hit a record high in February as BTC slid toward $60,000 after hitting a peak in October.In the rest of the world, searches for the term peaked in August, suggesting fear is concentrated in the U.S. rather than worldwide.Similar U.S. search spikes in 2021 and 2022 coincided with local bottoms.Because Google Trends measures relative interest on a 0-to-100 scale amid a much larger bitcoin user base today, the latest U.S. spike signals elevated retail anxiety, but does not reliably guarantee a clean contrarian reversal.

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Bitcoin held its ground over the weekend as US President Donald Trump said late Saturday that he was increasing a recently announced global tariff from 10% to 15% and that the new rate would take effect immediately.

The move came after the US Supreme Court ruled to limit the legal authority previously used to impose broad import levies.

Bitcoin Unmoved Cryptocurrencies barely budged on the news. Bitcoin hovered around the $68,000 mark while Ether showed little change, and smaller tokens lost under 1% in aggregate according to market trackers. Reports note that traders only saw a brief wobble before prices steadied, suggesting the shock was short lived.

BTCUSD now trading at $68,028. Chart: TradingView Legal Limits And What They Mean Based on reports, the shift to alternative trade laws limits how far a president can go with such tariffs. The statutes cited allow a temporary tariff capped at 15% and typically apply to countries where the US runs a trade deficit for a defined period of up to 150 days.

Legal experts say those constraints could keep the measure from becoming a permanent tax rise on imports.

Trump said on his Truth Social platform:

“As President of the United States of America, I will be, effective immediately, raising the 10% worldwide tariff on countries, many of which have been ‘ripping’ the US off for decades, without retribution, until I came along, to the fully allowed, and legally tested, 15% level.” How Traders Might Be Thinking Some investors appear to have treated the announcement as a headline event rather than the start of a lasting economic shock.

Volume patterns showed no sustained sell pressure, and risk appetite in crypto markets returned quickly. Reports say the earlier court ruling, which narrowed the executive branch’s emergency powers for tariffs, may have removed some uncertainty — at least for now.

Market sentinels will watch closely in the days ahead. If the White House tries to stretch the temporary authority or expand the list of targeted countries, that could change the tone in both crypto and equity markets.

Bigger Picture For The Economy Raising an across-the-board tariff, even temporarily, raises questions about costs for businesses and consumers.

Import duties are often passed down the chain in the form of higher prices or tightened margins, and global trading partners are likely to push back diplomatically and legally.

Some foreign leaders and industry groups quickly criticized the move, warning it could slow growth and raise consumer bills.

Far from a market-draining shock, this episode so far reads like a high-profile policy stunt with limited immediate market effect.

That could change if the measure is stretched beyond the legal limits that lawmakers and courts have pointed to. For now, crypto traders seem to have chosen to watch and wait while prices remain near recent highs.

Featured image from Unsplash, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Susbarium Shibarium Trustwatch, a Shiba Inu-focused X account dedicated to uncovering scams, has issued a security notice regarding the newly-launched SOU NFT.

In the week just concluded, the Shiba Inu team announced the launch of the much-awaited SOU (Shib Owes You), a good faith effort by the Shiba Inu ecosystem to assist impacted users of last September's Shibarium hack.

Susbarium stated that it was aware of multiple scam attempts involving the SOU NFT. This comes as bad actors seek to leverage the opportunities presented by the SOU and steal user funds.

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Shiba Inu SOU marks part of efforts to restore users impacted by the Shibarium hack incident last September. The initiative will support impacted Shibarium users with payouts, donations and occasional rewards.

Given the nature of the SOU, it is not unusual for bad actors to seek to scam unsuspecting users, hence Susbarium has issued a security notice.

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Susbarium reminds the SHIB community that the SOU NFT will never be airdropped to users' wallets. Those eligible to claim, they can only do so through the official SHIB website.

Fake SOU portals flaggedThis advisory comes as Shiba Inu team member Lucie alerted the Shiba Inu community that scammers are already running fake SOU portals, with phishing links already mirroring the official sites.

Lucie highlighted these scams to drain user wallets, warning users to only use the official portal.

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In light of this, Susbarium urges the Shiba Inu community not to interact with shared, shortened or copied links and not to click on them. This is because scammers often create fake websites that look identical to the real one in order to steal funds.

In another point, the Shiba Inu community is urged to always type the official SHIB address directly in their browser and verify they are on the correct domain before connecting their wallets. In a final and most important measure, they should never disclose their private keys or seed phrase to anyone under any circumstances.

100%

Real

🕐
Updated 21 minutes ago

CryptoQuant just dropped some wild data. Bitcoin whale activity hit levels not seen since 2015, with the exchange whale ratio climbing to 0.64 amid brutal market conditions. These big players are moving fast.

The numbers paint a pretty grim picture for crypto right now. Bitcoin’s been getting hammered, trading around $23,500 as of February 24 – that’s a nasty 30% drop since January started. Meanwhile, whales are flooding exchanges with deposits, and that’s got traders spooked. The whale ratio basically measures how much of the total exchange deposits come from these massive accounts. When it spikes like this, things usually get interesting fast.

Not looking good out there.

Market analyst Alex Krüger jumped on Twitter to warn smaller investors about what’s coming. “These whale movements often precede significant price shifts,” he said, adding that retail traders better pay attention because these big fish can move markets in ways most people can’t even imagine. And he’s probably right – when you’re talking about accounts holding 1,000+ BTC, that’s serious firepower.

Chainalysis dropped their own bombshell report on February 23. They tracked nearly $500 million worth of bitcoin transfers by whales in just one week. That’s not normal market activity – that’s coordinated movement by people who know something the rest of us don’t. Or maybe they’re just cutting losses before things get worse.

But here’s the thing – nobody’s talking. CryptoQuant won’t say which exchanges are getting hit hardest, and they’re not naming names when it comes to the whales involved. Binance saw a surge in bitcoin deposits on February 18, mostly from large accounts. Kraken reported unusual withdrawal spikes on February 22. The pattern’s clear, but the details are murky.

So what’s really happening here? Some analysts think it’s basic profit-taking. Others see risk management during a brutal downturn. The truth is probably somewhere in between, but without more transparency from the exchanges and analytics firms, we’re all just guessing.

CryptoQuant CEO Ki Young Ju tried to shed some light on the situation. “Such actions often precede market volatility and can serve as early warnings for traders,” he said. Thanks for the heads up, but that doesn’t really help when the warning comes after the whales have already started moving. For more details, see Ripple Teams Up with Deutsche Bank.

The regulatory angle makes everything more complicated. Authorities worldwide are tightening crypto rules, and that’s got everyone nervous. The SEC hasn’t said a word about these whale activities, which leaves market participants wondering if there’s something bigger brewing. When regulators stay quiet, that usually means they’re watching closely.

Glassnode spotted similar patterns back in January – they called it “strategic positioning by high-net-worth individuals.” Santiment jumped in on February 19, reporting increased social media chatter about whale movements. When the Twitter crypto crowd starts buzzing, you know volatility’s coming.

Crypto analyst Lark Davis broke it down in his recent podcast. He basically said traders need to watch these whale transactions like hawks because they’re the canary in the coal mine for market sentiment shifts. “These movements often indicate shifts in market sentiment and can lead to rapid price changes,” Davis explained.

The broader crypto market cap sits below $1 trillion right now, which tells you everything about current conditions. Bear market’s been grinding on for months, and these whale movements might be the final shoe dropping. Or maybe they’re positioning for a bounce – hard to tell when everyone’s keeping their cards close.

What’s clear is that retail investors are getting squeezed. When whales start moving this much bitcoin around, smaller players usually get caught in the crossfire. The February 20 CoinDesk report showed bitcoin hovering around $25,000, but it’s dropped even further since then. Related coverage: Pepeto Rockets Higher as Solana Stumbles.

Market sentiment’s pretty much shot at this point. Most investors are sitting on the sidelines, waiting for clearer signals before jumping back in. But whales don’t wait – they act. And right now, they’re acting in ways that suggest either panic selling or strategic repositioning for whatever comes next.

The timing’s interesting too. All this whale activity coincides with the broader market selloff, which could mean they’re either causing it or reacting to it. Without more data from exchanges and analytics firms, it’s impossible to know which way the causation runs.

February 24’s price drop to $23,500 sealed the deal for many traders who were still holding out hope.

The Federal Reserve’s recent hawkish stance on interest rates has created additional pressure on risk assets like bitcoin. Chairman Jerome Powell’s comments about maintaining aggressive monetary policy through 2023 spooked institutional investors, many of whom represent the whale accounts now flooding exchanges.

Meanwhile, major mining operations like Marathon Digital and Riot Blockchain reported increased bitcoin sales in their February earnings calls. These companies hold substantial bitcoin reserves and their selling pressure adds to the whale activity CryptoQuant documented, creating a perfect storm of large-scale liquidations hitting the market simultaneously.

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Shiba Inu Price hovered near $0.0000061 on Sunday as the token moved through a brief consolidation period. The market shows SHIB approaching a critical level that may determine whether a recovery can begin after a prolonged decline. 

Recently, the meme coin has been showing a significant technical indicator, which indicates a possibility of a changing condition despite the persistent downward play. The price of Shiba Inu is hovering below a significant resistance area. A confirmed breakout above this barrier may open the door for fresh upward movement in the sessions ahead over the coming days.

Factors That Could Trigger a Bullish Surge in Shiba Inu Price A recovery across the crypto market could provide a strong tailwind. Bitcoin price continues to hold above the $67,000 level, while Ethereum price trades firmly above $1,900. Historically, the gains in the major cryptocurrencies tend to be transferred to meme tokens.

Holders are also much concerned with supply dynamics. The circulating supply of Shiba Inu remains high in comparison to some of its counterparts. The recent data indicates that the burn rate decreased by 49% in the last 24 hours.

The circulation of SHIB tokens was reduced by approximately 3.45 million. The number is small, but the number of sustained and severe burns may change the mood. The decreased supply can reinforce the stories of scarcity and stimulate the demand toward speculation.

Another factor is the development inside the Shibarium ecosystem. Shibarium is the Layer-2 scaling network of Shiba Inu. Further adoption may equate to the expansion of transactions in the ecosystem. 

Increased decentralization application, gaming, and DeFi project presence would support its utility argument. Advanced utility has the potential to slowly rebrand SHIB in ways that are not about its origins of memes.

Whale buying may pull down token supply in exchanges. That movement is sometimes an indicator of confidence by seasoned investors. Such movements are taken by the retail traders as a sign of a bullish market. Positive sentiment can be increased by on-chain information indicating active build-up.

Short-term direction can also be impacted by technical signals. Analysts are also monitoring decisive breaks above the set resistance areas. The increase in trading volumes, together with the positive chart patterns, may validate an upward trend. 

Interest in other top meme tokens, such as Dogecoin, Pepe, and Bonk, can also be inverted. In case that sector sparks, SHIB might receive revitalized speculative flows.

Is SHIB Preparing for a Breakout Above Key Resistance? The SHIB price traded at $0.00000618 as market pressure, with a 4% decrease over the past 24-hours.

The MACD was approaching the zero line and indicated weak momentum. The signal line had moved above the MACD line, indicating a weakening bullish momentum.

The RSI was 35, and this put SHIB near the oversold area. This reading indicated an increasing bearish pressure, and yet also indicated that there was a possibility of a short-term rebound.

A decisive move above $0.00000650 could open the way toward $0.0000070. Strong follow-through may target the next resistance at $0.00000750. A breakout above this level may send the future Shiba Inu outlook toward $0.000011, which remains a major upside target.

Source: SHIB/UIISDT 4-hour chart: Tradingview The inability to support the $0.0000060 could add to bearish momentum. The breakdown would result in a drop to $0.00000550. Additional weakness can challenge the lower band around $0.0000050, and buyers can make an attempt to defend.

Frequently Asked Questions (FAQs) A strong move above resistance with rising volume may confirm bullish momentum.

Burning reduces supply, which can strengthen scarcity and bullish sentiment.

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Shiba Inu’s (SHIB) retail obsession with "zero-killing" has hit a wall in early 2026: a $3.65 billion market capitalization, as per CoinMarketCap, that remains disconnected from any tangible ecosystem utility for the meme-inspired cryptocurrency.

While SHIB enthusiasts continue to cherish the dream of decimal shifts, the massive multi-billion valuation of the Shiba Inu coin acts as a gravitational anchor, pinning the asset to a top-30 global ranking that it increasingly struggles to justify.

589 trillion token barrier for Shiba Inu (SHIB)With a circulating supply of 589 trillion tokens, a move to even $0.01 would demand a $5.8 trillion market cap — roughly double the entire crypto market's historical peak.

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For serious capital, the price per SHIB is a psychological distraction, and the real story is a tokenomics bottleneck where the sheer mass of existing supply prevents any meaningful price appreciation.

Shiba Inu (SHIB) Market Cap by TradingViewMarket sentiment reflects this exhaustion as SHIB sits stagnant near $0.0000062 as of late February 2026, with the once much-hyped Shibarium failing to gain institutional traction or significant TVL. The network's burn mechanism remains a mathematical rounding error, removing a negligible 172 million tokens per cycle — a drop in an ocean of hundreds of trillions of Shiba Inu.

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Some sophisticated allocators may try to price SHIB based on "cap-to-activity" ratios. However, without a massive supply contraction or a black-swan utility event, the "Dogecoin killer" is essentially a multi-billion dollar legacy meme.

In a mature 2026 market, SHIB is no longer a high-upside bet as it was even two years ago in March 2024. For now, it is a saturated large-cap fighting to prove its valuation is not a rudiment of 2021’s viral fever.

SBI Holdings, one of Japan’s leading financial conglomerates, is introducing its first blockchain-based bond, offering individual investors rewards in XRP, currently the fourth-largest cryptocurrency by market cap.

The news has generated significant buzz in the XRP community, representing a notable step forward in the cryptocurrency’s growing acceptance and use in conventional financial systems.

In a Feb. 20 notice, SBI Holdings revealed that it is preparing to issue Security Token (ST) Bonds for individual investors, totaling 10 billion yen (roughly $64.6 million).

Known as SBI START Bonds, these securities are fully managed on-chain via BOOSTRY’s “ibet for Fin” platform, a dedicated enterprise blockchain solution for issuing security tokens.

Bondholders To Reap XRP Rewards According to SBI, investors in these bonds are eligible to earn rewards in XRP tokens.

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Retail investors residing in Japan, as well as companies that invest over 100,000 yen (approximately $650 million) and maintain an account with SBI VC Trade, can receive XRP rewards proportional to the size of their subscription.

The rewards, outlined on the product page as 200 yen of XRP for every 100,000 yen invested, will be distributed at issuance and on each interest payment date through 2029.

Secondary trading of the bonds is slated to begin on March 25 through the Osaka Digital Exchange’s proprietary “START” trading platform. The three-year bonds carry an indicative annual interest rate ranging from 1.85% to 2.45%, with interest paid twice a year.

SBI Holdings has maintained a long-standing relationship with Ripple since forming a partnership in 2016 and has consistently supported XRP. One of its subsidiaries has even distributed XRP directly to shareholders and facilitated XRP-based remittances between Japan and the Philippines.

According to SBI Chairman and CEO Yoshitaka Kitao, the company currently holds approximately 9% of Ripple Labs.

Ripple announced last year that it had signed a memorandum of understanding with SBI that would see the US dollar-backed RLUSD stablecoin distributed in Japan this year via SBI VC Trade, the group’s licensed crypto exchange.

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

A crypto whale has caught attention in the market after reactivating its wallet following months of dormancy.

According to on-chain data provided by Onchain Lens, this crypto wallet, which was earlier dormant for five months, awakened by withdrawing 50,000 SOL worth $4.25 million from major exchanges. The crypto whale withdrew this significant quantity of Solana from major exchanges Binance and Bybit. Withdrawing reveals a desire to buy in the case of this whale, while deposits reveal an intent to sell.

This was followed by another action by the whale, according to Onchain Lens. The whale sent the 50,000 SOL for staking rather than selling it.

"After 5 months of dormancy, a whale withdrew 50,000 $SOL ($4.25M) from Binance and Bybit, then sent it for staking," Onchain Lens reported.

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The action by the whale is in contrast to that seen before the weekend when over 1 million SOL tokens were unstaked.

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As reported, Whale Alert flagged a significant quantity of SOL stake unlocked Feb. 20. Whale Alert reported that 1,511,243 SOL worth $125,662,950 stake was unlocked in an unknown wallet.

Solana price actionAt the time of writing, Solana was down 0.38% in the last 24 hours to $84.90 as the market faced slight profit taking on Sunday.

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Solana rebounded heading into the weekend, recovering from a low of $79.58 on Feb. 19. Buyers attempted to push Solana's price above $86, however, the recent bounce lacked strength.

If the current profit taking continues, this increases the chances of a break below the $80 level. If that happens, Solana may drop to $76 and then to the Feb. 6 low of $67. Buyers are expected to return at the $67 level, as a close below it may cause Solana to drop to $50.

The first sign of strength would be a break and close above $113, which coincides with the daily MA 50. That would indicate bears are losing their grip. After that, Solana may rise toward the daily MA 200 at $160.