Market Signal Briefing

A bold way to bet on financial stocks.

There are times when your conviction in an investment is higher than your available capital. These are those times when simply matching the returns of a stock market sector would seem like leaving money on the table.

For example, suppose you're unabashedly bullish that financial stocks will soar as the Federal Reserve cuts rates more than currently anticipated at its next meeting. Instead of buying an exchange-traded fund that can deliver one-to-one returns with financial stocks, you want one with a little more juice. Enter the ProShares Ultra Financials (UYG +1.41%). It's the only ETF that offers twice the daily performance of the S&P Financial Select Sector Index.

Image source: Getty Images.

Doubling up on financial stocks The ProShares Ultra Financials enables traders to target magnified returns on the financial sector. The bank ETF investment aims to deliver double the daily returns of the S&P Financial Select Sector Index, before fees and expenses. That index tracks 76 financial stocks, led by Berkshire Hathaway, JPMorgan Chase, and Visa. It allows you to gain this leveraged exposure without needing to buy financial stocks with margin in your brokerage account.

Here's how the fund works. If the S&P Financial Select Sector Index rises 1%, an ETF tracking that index on a one-to-one basis, such as the State Street Financial Select Sector SPDR ETF (XLF +0.65%), would also rise 1%. However, by using leverage to gain twice the daily exposure, this ETF would rise 2%.

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This ETF offers a leverage lite way to invest in financial stocks compared to the Direxion Daily Financial Bull 3X ETF (FAS +1.80%). That ETF aims to deliver 300% of the daily returns of the Financial Select Sector index before fees and expenses. While it offers higher daily return potential, the fund's additional leverage can drag on its returns over the long term.

Leverage works both ways The ProShares Ultra Financials fund is ideal for investors seeking to make a short-term leveraged bet on financial stocks without taking on quite as much risk as the Direxion Daily Financials Bull 3X ETF. For example, financial stocks rallied late last year. The State Street Financial Select Sector SPDR ETF rallied 5.8% from Nov. 1 through Dec. 23. Meanwhile, the ProShares Ultra Financials more than doubled that return at 12%. This ETF outperformed the Direxion Daily Financial Bull 3X ETF, as leverage and expenses reduced its return to 9%.

However, the fund's leverage works against investors when financial stocks fall. For example, if financial stocks fall 2% in a day, the fund would lose 4% of its value. These losses can add up over the long term. Over the last six months, financial stocks have declined by about 1%. Meanwhile, this ETF has lost nearly 14% of its value during that period due to fees, expenses, and leveraged losses on down days.

Best for a short-term financial stock bet The ProShares Ultra Financials fund enables you to make a leveraged bet that financial stocks will rise sharply over the short term. However, that leverage can work against you if financial stocks don't rally, especially the longer you hold the fund. Given this dynamic, you should only consider this ETF if you have a very high conviction that financial stocks will rally sharply in the very near term.

JPMorgan Chase is an advertising partner of Motley Fool Money. Matt DiLallo has positions in Berkshire Hathaway, JPMorgan Chase, and Visa. The Motley Fool has positions in and recommends Berkshire Hathaway, JPMorgan Chase, and Visa. The Motley Fool has a disclosure policy.

DRAM investors say this time is different. Given how much Micron is spending, it better be.

One of the biggest winners in the stock market over the past year has been Micron Technology (MU +2.59%). The company, which makes both DRAM memory and NAND flash storage, has seen its stock rise nearly 300% over the past year as a generational memory and storage shortage took hold.

This week, The Wall Street Journal published a story elaborating on Micron's massive spending plans to expand capacity. All in all, the memory giant plans to spend upwards of $200 billion on new memory fabs in the U.S. alone, with tens of billions more to be spent overseas this decade.

While the market is currently cheering, should Micron's massive spending plans serve as a warning to investors?

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Micron accelerates growth Sometime last summer, the artificial intelligence (AI) industry moved from training to inference, and large hyperscalers began announcing massive projects to serve AI labs like OpenAI and Anthropic. As a result, memory demand shot through the roof...and has stayed there.

According to Counterpoint Research, prices for both memory and NAND storage have surged by more than 90% in the first quarter alone and are forecast to increase another 20% in the second quarter.

In response, Micron has accelerated its DRAM fab expansion plans. These include two new fabs in Idaho, the state where Micron's headquarters is located, which will cost a combined $50 billion. Micron is also working on a whopping $100 billion facility near Syracuse, New York. Add $50 billion in additional research and development investment, and that brings the total to $200 billion in the U.S. over an unspecified number of years.

For good measure, Micron also announced a near-$10 billion investment in Hiroshima, Japan, and also recently announced its intention to purchase an existing fab in Taiwan.

The U.S. investments were announced back in June 2025 as part of Micron's commitment to reshoring 40% of its DRAM manufacturing to the U.S. over time. However, with memory prices rising sharply since then, Micron appears to be accelerating its plans for the second Idaho fab.

Will this lead to a bust? Why might Micron's plans be nerve-wracking for customers? After all, if Micron can make more chips, it would theoretically make more money.

But this is how many cyclical companies get into trouble. Amid rising prices, cyclical companies often increase investment to grow supply. However, in many instances, shortages lead customers to double- and triple-order, artificially inflating demand. When a new supply comes online, demand often ebbs, leading to a glut and a price crash.

For instance, during the COVID-19 pandemic, the stay-at-home memory demand boom turned into one of the more severe busts in the industry's history once the pandemic ended and interest rates rose.

So, could Micron and the memory players be setting themselves up for an epic crash?

Image source: Getty Images.

How this time (might be) different The reason Micron shareholders may want to hold through this period is two-fold: First, the artificial intelligence build-out may be unlike prior technology booms; second, Micron may earn a decent portion of its entire market cap in a very short period of time, before these new fabs even have a chance to relieve the undersupply.

On that first note, the current AI boom depends on a new type of DRAM, called high-bandwidth memory (HBM), which is composed of stacked DRAM modules connected via through-silicon vias.

Demand for HBM currently seems inelastic, meaning that, within reason, AI leaders will have to purchase HBM in huge quantities to remain competitive in the AI race, no matter the price.

HBM also takes 3 to 4 times the capital equipment per bit to produce than traditional DRAM. Therefore, it is much harder to increase HBM supply dramatically. DRAM companies have shifted some equipment from traditional DRAM to HBM, but this has only reduced the supply of traditional DRAM, which is also seeing increased demand from AI diffusion into PCs, phones, and inference applications.

Inelastic demand combined with increased capital intensity has made it structurally harder to increase supply unless new fabs are built, and that will take at least two years, with volume supply ramps taking even longer. So, the emergence of HBM has made this boom different.

Micron will earn a lot of its market cap before new supply comes online Analysts expect Micron to earn $33.92 per share this fiscal year ending in August and then $44.55 per share in fiscal 2027. However, these are average estimates that I'd expect Micron to easily beat, given the massive guidance beat last quarter and reports of 90%-plus price increases this quarter alone. The highest estimates for 2026 and 2027 are $41.89 and $63.01 per share, respectively. With the stock at around $415 as of this writing, those two years of earnings alone could exceed 25% of Micron's current market cap.

Meanwhile, there is no guarantee that the supply coming online in 2028 will bring prices back down to former levels. Even if prices per bit come down somewhat from high levels, Micron will also be selling more bits. So, one can easily envision Micron's earnings flattening out but not crashing, even when new supply comes online.

Only one factor needs to remain The bullish scenario outlined here is, of course, predicated on demand for HBM remaining strong. The inelastic nature of that demand and its capital intensity is the key to this new normal in the memory markets. Therefore, if the industry develops a lower-cost alternative to HBM or AI scaling hits a wall, meaning there is less incremental AI improvement with additional compute, that could throw a wrench into Micron's bull case.

So, those are two risks to watch out for. Yet, as it stands today, neither risk appears imminent. Therefore, investors can continue to hold Micron stock today with confidence.

2026 has demonstrated why small caps can play an important role in a diversified portfolio.

Outside a few brief stretches, small caps have consistently underperformed large caps for more than a decade. Fueled by low interest rates, trillions of dollars of stimulus payments, and a general dominance by megacap tech stocks, small caps had been unable to gain any consistent traction.

That has changed in 2026. A major market rotation away from tech has ignited a rebound in small caps from investors looking for better value and momentum. Many portfolios are and have been overweight artificial intelligence (AI) stocks and the "Magnificent Seven." This year, however, has shown that diversification still matters. Risk management still matters. And funds, such as the iShares Core S&P Small Cap ETF (IJR +0.54%), may improve risk-adjusted returns over time.

Image source: Getty Images.

What is the iShares Core Small-Cap ETF? Many exchange-traded funds (ETFs) carry the "small-cap" name, but their approaches can be very different. Within this category, the biggest differentiator could be whether the fund tracks the Russell 2000 or the S&P 600 (or, of course, a completely different index altogether).

This is important because those two indexes are significantly different. The Russell 2000 essentially captures the 2,000 largest stocks following the large-cap Russell-1000 index. There are few guardrails. Outside of some basic liquidity requirements, pretty much all stocks within that ranking range qualify.

The S&P 600 includes the stocks ranked by market cap following the S&P 500 and the mid-cap S&P 400 indexes. In other words, it's more broadly tilted toward larger companies than the Russell 2000. The other big difference is that the S&P 600 includes a quality screen. Qualifying stocks must have positive earnings in the most recent quarter and the past four quarters in aggregate.

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In short, if you want broad small-cap coverage, the Russell 2000 is probably better. If you want quality small caps, the S&P 600 is probably better.

The iShares Core Small Cap ETF tracks the S&P 600. I feel having a quality screen in place for small caps is important. Roughly 40% of Russell 2000 components are unprofitable and prone to sharper pullbacks in the wrong environment. The S&P 600's quality focus helps mitigate some of that risk.

A different sector composition The sector composition of small caps is also much different than what you see in the S&P 500. That makes it a good diversifier that can behave differently than large caps in various environments.

Currently, the S&P 600's largest sectors are financials (18%), industrials (18%), consumer discretionary (14%), technology (13%), and healthcare (11%). This index is much more cyclically sensitive, which means it could perform better when value stocks are in favor or the economy is accelerating.

As we've seen so far in 2026, there will be periods when tech stocks and megacaps underperform. Pairing those investments with a small-cap ETF whose portfolio and composition look much different can help balance out risk and reduce drawdowns.

Why small caps still matter It's easy to ignore or want to stay away from areas of the market that have underperformed for long stretches. Up until the end of last year, such was the case for small caps, value stocks, dividend stocks, defensive equities, and bonds.

But there are always times when the pendulum swings in the other direction. Maintaining a balance reduces the need to try to time the market or pick winners, a strategy that usually ends up dragging down performance. Adding exposure to small caps, such as via the iShares Core Small Cap ETF, to a large-cap-heavy portfolio accomplishes that.

Visible stocks have increased dramatically at exchange hubs in the U.S. and China. This is an indication of ample near-term supply. At the same time, the softer demand on Lunar New Year in China has depressed physical buying interest. With Chinese markets closed for holidays price discovery is less robust and prevents fresh upside momentum.

Inventories Rise as China Demand Softens Speculative positioning played a major role in recent surge in copper prices. Record-high open interest in base metals on Shanghai Futures Exchange indicates that retail and momentum driven flows have pushed prices higher. With positioning getting crowded, markets tend to overreact to any change in sentiment. Therefore, prices corrected sharply from the record highs as the long positions unwound.

China remains at the centre of short-term price formation in metals. Momentum and positioning are now more important factors in driving price swings than pure fundamentals. This shift makes copper more volatile and sensitive to short term signals of demand from China’s manufacturing and infrastructure sectors.

Loose Conditions and Inflation Support Commodity Flows Macro uncertainty in the United States is an additional source of pressure. The Supreme Court decision against President Trump’s tariff agenda establishes policy uncertainty and makes it difficult for companies to plan long term investments. Potential tariffs on refined copper also threaten to distort trade flows worldwide, which will lead to stockpiling in the U.S. and discourage demand in China due to already high prices.

At the same time, the overall macro environment is mixed. According to the latest data, the U.S. GDP growth slowed in Q4 which signals reduced industrial momentum ahead.

Similarly, when the US dollar index topped in September 2022, the copper prices bottomed at around $3 and continued to rise over the next few years. Now the US dollar index is trading below the descending trend line, and copper prices are trending higher and broken $5.20. This surge in copper prices indicates that the US dollar remains weaker.

Copper-to-Gold Ratio Signals Transition from Safe Haven to Growth Cycle Copper and gold (XAU) tend to reflect different areas of the economic cycle. Gold serves as a safe haven in times of uncertainty, while copper is more growth and industrial demand driven. When gold surges on risk off sentiment, the copper to gold ratio usually falls. This is an indication of defensive positioning in markets.

When the outlook for growth improves, copper begins to perform and the ratio increases. In such phases seen, investors move from safety to cyclical assets. This is a dynamic of how gold leads in fear and copper leads in recovery.

The copper to gold ratio shows that the strong surge in gold prices in 2024 and 2025 has brought it to historically low levels. It is observed that the ratio has not approached the support of the descending channel pattern yet, which indicates that gold prices will further increase during the next few months and copper prices may show strong volatility. However, when the ratio hits the support of this descending channel at 0.0010, copper prices will likely start leading the gold market.

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SummaryA $1 trillion wipeout just rocked software stocks.However, the real opportunity may be hiding in plain sight.While everyone debates AI disruption, a deeply undervalued, high-quality, well-covered 11%+ yielding opportunity to profit from the SaaS carnage has just emerged.Looking for a portfolio of ideas like this one? Members of High Yield Investor get exclusive access to our subscriber-only portfolios. Learn More » Shinsei Motions/iStock via Getty Images

Over the past few months, the market has treated software-as-a-service-related stocks (IGV) like they are on the verge of going extinct. Not even the mighty Microsoft (MSFT) and Palantir (

Analyst’s Disclosure: I/we have a beneficial long position in the shares of HTGC, OTF either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Bank of Hawaii is a household name in the Pacific Islands, but can its stock continue to grow long-term?

On Feb. 6, 2026, Robert W. Wo Jr., Director of Bank of Hawaii Corporation (BOH +1.35%), reported an indirect open-market sale of 5,000 common shares valued at approximately $393,000 according to the SEC Form 4 filing.

Transaction summaryMetricValueShares sold (indirect)5,000Transaction value$393,000Post-transaction shares (direct)44,635Post-transaction shares (indirect)11,173Post-transaction value (direct ownership)$3.5 millionTransaction value based on SEC Form 4 reported price ($78.57); post-transaction value based on trade-date market close.

Key questionsWhat is the composition of Wo's holdings after this sale?
Following the transaction, Wo holds 44,635 common shares directly and 11,173 shares indirectly, in addition to 34,906 shares in the Directors' Deferred Compensation Plan, which are convertible into common stock.How does the magnitude of this transaction compare to Wo's historical trading activity?
This is Wo's only reported open-market sale since at least March 2023, with previous activity limited to administrative adjustments and a single 6,500-share purchase in June 2023.Which entity controlled the shares sold, and what implications does that carry for direct versus indirect ownership?
The 5,000 shares sold were entirely held by the Robert Ching Wo Trust 1985; Wo's direct ownership was unaffected. Company overviewMetricValueRevenue (TTM)$705.13 millionNet income (TTM)$184.83 millionDividend yield3.50%1-year price change (as of Feb. 21, 2026)9.45%* 1-year price change calculated as of Feb. 6, 2026.

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Company snapshotBank of Hawaii Corporation is a leading regional financial institution headquartered in Honolulu, Hawaii, Guam, and other Pacific Islands, with a history dating back to 1897. It offers a broad suite of financial products and services, including consumer and commercial banking, wealth management, investment advisory, and treasury solutions.

What this transaction means for investorsAlthough Wo’s trust, Robert Ching Wo Trust 1985, currently holds zero shares, the board director still holds thousands of shares through various entities, including holding 44,635 shares directly and 34,906 shares are held under a deferred compensation plan, which distributes stock at the director’s discretion or when his role is terminated.

Wo also owns thousands of shares through an irrevocable trust, his wife, and her trust. In total, he currently holds 11,173 shares indirectly. So the sale of indirect shares shouldn’t concern investors, but there should be concern around the bank’s geographic concentration of its lending and banking products.

The company serves customers across the Pacific region, but that’s still limited compared to competitor banks that offer services around  the entire U.S. and/or the entire world. The bank’s CEO also announced his plans to retire at the end of March 2026. And with the stock having four consecutive years of price decline, it remains to be seen how the company and its stock will pivot toward long-term growth.

A federal judge has ruled that Tesla is still required to pay $243 million over a 2019 crash involving a Tesla equipped with Autopilot, despite the company’s efforts to overturn the verdict. 

In August 2025, a jury found Tesla liable for the death of Naibel Benavides Leon, a 22-year-old woman who was killed when George McGee, who was driving a Tesla Model S, drove through an intersection while he bent to look for his dropped phone. 

The crash occurred in Key Largo, Florida, in 2019. McGee’s vehicle, which was equipped with Tesla’s Autopilot technology, crashed into an SUV that was parked on the shoulder, killing Leon and injuring Dillon Angulo. 

“I trusted the technology too much,” McGee said in 2025. “I believed that if the car saw something in front of it, it would provide a warning and apply the brakes.”

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That jury assigned Tesla 33% of the fault for the collision, and awarded $200 million in punitive damages, and $43 million in compensatory damages. 

A courtroom firstThe 2025 verdict was a first from a federal jury over a fatal Autopilot accident, though there have been multiple incidents of Tesla vehicles in Autopilot mode that were involved in vehicle collisions. 

Soon after that case, Tesla challenged the verdict, filing a motion asking the court to throw it out, or grant a new trial. 

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The CIO Kirby Corporation, a leading U.S. marine transporter, reported a notable insider sale amid the company's announcement of appointing a new board of director in February 2026.

Scott P. Miller, Vice President and Chief Investment Officer of Kirby Corporation (KEX +1.96%), reported the direct sale of 3,960 common shares for a transaction value of approximately $478,000 on Feb. 10, 2026, according to a SEC Form 4 filing.

Transaction summaryMetricValueShares sold (direct)3,960Transaction value$478KPost-transaction shares (direct)3,565Post-transaction value (direct ownership)$429KTransaction value based on SEC Form 4 reported price ($120.68); post-transaction value based on Feb. 10, 2026 market close price as calculated in the SEC filing.

Key questionsWhat portion of Miller's holdings was affected, and what remains?
This disposition accounted for 52.62% of his direct ownership, leaving 3,565 shares of Common Stock directly held after the transaction.Were any indirect entities or derivative securities involved in this transaction?
No; all shares sold were held directly, and Miller reported no indirect holdings or derivative securities associated with this trade. Company overviewMetricValueRevenue (TTM)$3.36 billionNet income (TTM)$354.52 million1-year price change (as of Feb. 22, 2026)21.20%* 1-year price change calculated using Feb. 21, 2026 as the reference date.

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Company snapshotKirby Corporation is a leading U.S. provider of marine transportation and specialized distribution services, operating one of the largest fleets of tank barges and towboats in the country. It transports materials such as petrochemicals, agricultural chemicals, various industrial oils, and refined petroleum products.

What this transaction means for investorsAt the end of January, Kirby reported strong Q4 FY 2025 earnings, exceeding earnings per share (EPS) estimates of $1.62 and posting $1.68, the best in a quarter. The company also closed out FY2025 with another strong year of results, as it has continuously throughout the years. The stock has seen five consecutive years of annual growth and is already up 18% this year (as of Feb. 21, 2026).

Kirby operates in an industry that may be unfamiliar to everyday consumers but is relied upon heavily in the energy and industrial sectors, as the country’s largest tech, petroleum, cargo shipping, and automobile companies rely on its transportation services to receive and send bulk inventory and waste.

It’s America’s largest operator of tank barges, which are non-operated shipping vessels that are attached to a boat that either pushes or pulls them. Barges typically remain in inland waters, and Kirby often uses the Mississippi River system to transport items.

If investors want a unique type of investment opportunity in an industry that remains essential among industrial conglomerates, then Kirby is a viable option.

Adé Hennis has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Investors have been grappling with volatility amid fears of artificial intelligence disruption in a range of sectors, but attractive opportunities abound if they can look beneath the surface.

Ignoring the ongoing noise, investors with a long-term horizon can track the recommendations of top Wall Street analysts, who take several aspects into account and conduct in-depth research before assigning a buy rating to a stock.  

Here are three stocks favored by some of Wall Street's top pros, according to TipRanks, a platform that ranks analysts based on their past performance.

DatadogArtificial intelligence-powered observability and security platform Datadog (DDOG) is this week's first pick. Following the company's Investor Day event on Feb. 12, Baird analyst William Power reiterated a buy rating on Datadog stock with a price target of $180. The analyst stated that while Datadog didn't provide any new long-term forecasts at the event, it continues to target an adjusted operating margin of over 25%, reflecting a balanced approach between investing for future growth and near-term profitability.

Power noted solid demand for Datadog's existing products and growing opportunities in AI, logs, developer tools and security. He added that given Datadog's notable advantage in contextual data compared to rivals, the company is well-positioned to help enterprises as AI is increasing complexity within IT stacks.

The five-star analyst believes that Datadog has the ability to address enterprises' security needs, supported by its broad observability platform and significant data insights. Power highlighted that while the company currently has about 8,500 security customers, including 70% of customers with over $1 million in annual recurring revenue (ARR), security makes up only 2% of total ARR from these large customers, reflecting that vast expansion opportunity.

"We remain positive on the company's leadership position in the observability market, the continued success of its land and expand motion, and long-term opportunities across new products (especially security)," said Power.

Power ranks No. 459 among more than 12,100 analysts tracked by TipRanks. His ratings have been profitable 55% of the time, delivering an average return of 15.8%. See Datadog Ownership Structure on TipRanks. 

Vertiv HoldingsAI infrastructure company Vertiv Holdings (VRT) provides power and cooling solutions to data centers. VRT recently rallied after reporting upbeat results for the fourth quarter of 2025, with organic orders surging 252%.

Citing solid order growth and insights from Vertiv's 10-K filing, Bank of America analyst Andrew Obin reiterated a buy rating on VRT stock and raised his price target to $277 from $250.

Obin highlighted that the company expects the strong momentum in its orders to continue in 2026. "To grow on top of 2025's $17.8bn in orders (+81% y/y organic) would be an impressive feat," said the analyst.

He noted CEO Giordano Albertazzi's commentary that the pipeline was not depleted even after many large orders in the fourth quarter of 2025. Obin expects Vertiv's 2026 orders to grow by 5% to $18.6 billion. The analyst explained that even this modest year-over-year growth will result in significantly favorable backlog statistics. Specifically, a 5% order growth would add $5 billion to backlog (up 33% year over year). For Q1 2026, Obin projects $4.3 billion of orders (+52% year-over-year organic growth).

Among the key takeaways from the 10-K filing, Obin highlighted that aside from tariff and economic uncertainty, AI, and thermal product expansion, Vertiv mentioned three new trends: strengthening services capabilities, strategic deals with Nvidia (NVDA) and Caterpillar (CAT), and prefabricated product development.

Obin ranks No. 87 among more than 12,100 analysts tracked by TipRanks. His ratings have been profitable 70% of the time, delivering an average return of 19.2%. See Vertiv Holdings Statistics on TipRanks. 

Arista NetworksFinally, we look at Arista Networks (ANET), which provides networking solutions to large AI and data center environments. The company impressed investors with market-beating Q4 results and issued strong guidance.

Following the decline in ANET stock in reaction to the announcement that Nvidia will supply Meta Platforms (META) GPUs, CPUs, and networking solutions, Needham analyst Ryan Koontz said that he expects the deal to have "little to no impact" on Arista's solid supplier position with Meta. Koontz reiterated a buy rating on ANET stock with a price target of $185. It is worth noting that the analyst had recently raised his price target for Arista stock to $185 from $165.

Koontz highlighted that the Meta Platforms-Nvidia deal sparked concerns as Arista is a major networking supplier to the social media company. The analyst estimates that Meta accounted for 16% of Arista's 2025 revenue. Based on several industry checks following the deal's announcement, Koontz continues to view ANET as a "dominant" supplier to Meta Platforms for its AI back-end spine and scale-across applications.

"Our checks indicate that the bulk of NVDA networking sales to Meta have been and will continue to be NICs [network interface cards] that bridge NVDA xPUs to a first layer of Spectrum-X switches, which are backed by the ANET spine and scale-across networks," noted Koontz.

The five-star analyst added that the announcement doesn't reflect anything notably new in networking, and is in fact a follow-up to a similar announcement in October 2025 from the Open Compute Project (OCP) conference, when Nvidia announced that Meta would deploy Spectrum-X.

Koontz ranks No. 277 among more than 12,100 analysts tracked by TipRanks. His ratings have been profitable 51% of the time, delivering an average return of 24.7%. See Arista Networks Financials on TipRanks. 

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Significant Losses In Kyndryl Holdings To Contact Him Directly To Discuss Their Options

If you suffered significant losses in Kyndryl stock or options and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

[You may also click here for additional information]

New York, New York--(Newsfile Corp. - February 22, 2026) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Kyndryl Holdings, Inc. ("Kyndryl" or the "Company") (NYSE: KD).

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

On February 9, 2026, Kyndryl disclosed in a filing with the U.S. Securities and Exchange Commission that its Audit Committee is reviewing the Company's cash management practices, related disclosures (including regarding the drivers of the Company's adjusted free cash flow metric), and the efficacy of its internal control over financial reporting following the Company's receipt of voluntary document requests from the SEC's Division of Enforcement.

Kyndryl further disclosed that it expects to report material weaknesses in internal control over financial reporting for multiple reporting periods. The Company also stated that its previously issued assessment of internal control over financial reporting and its independent auditor's opinion included in its Annual Report on Form 10-K for the fiscal year ended March 31, 2025 should no longer be relied upon.

In addition, Kyndryl announced the immediate departures of its Chief Financial Officer and General Counsel and filed a Form NT 10-Q indicating that it would delay the filing of its Quarterly Report on Form 10-Q.

Following these disclosures, Kyndryl's stock price declined approximately 50% on February 9, 2026.

To learn more about the Kyndryl Holdings investigation, go to www.faruqilaw.com/KD or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

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Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/284718

Source: Faruqi & Faruqi LLP

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After-Tax NPV(5%) of US$2.3 Billion and IRR of 47.8% at Consensus Gold Prices

After-Tax NPV(5%) of US$4.0 Billion and IRR of 67.2% at Spot Gold Price

Vancouver, British Columbia--(Newsfile Corp. - February 22, 2026) - Fuerte Metals Corporation (TSXV: FMT) (OTCQB: FUEMF) ("Fuerte" or the "Company") is pleased to announce the results of its Preliminary Economic Assessment ("PEA") for the 100% owned Coffee Gold Project ("Coffee") in Yukon, Canada.

Highlights:

Very robust economics: After-Tax NPV(5%) of US$2.3 Billion, IRR of 47.8%, and payback achieved in 1.7 years at analyst consensus gold prices(1). After-Tax NPV(5%) of US$4.0 Billion, IRR of 69.7%, and payback achieved in 1.2 years at spot gold prices(2).High-quality open-pit heap-leach mine with significant production: 249,000 oz per year on average in the first full five years of production and 217,000 oz on average over the 13-year Life of Mine.Attractive cost profile: Cash operating costs of US$1,136/oz and All-In Sustaining Costs ("AISC") of US$1,274/oz position the project in 2nd quartile of global producers.Stable, supportive jurisdiction: Strong support from the Yukon Government and agreements in place with key First Nations provide momentum in a politically secure, established mining jurisdiction.Clear pathway to production: PEA is the catalyst for significant early works in 2026, expected receipt of mine permits by end of year, and a construction decision in early 2027.1 Analyst consensus prices as at February 18, 2026: US$4,100/oz in 2029 and US$3,620 in 2030 and beyond.
2 Spot price scenario is based on US$5,000/oz, which is the LBMA gold price as of the close of business on February 18, 2026, of US$5,003/oz rounded to the nearest $100/oz.

Fuerte's CEO, Tim Warman, commented: "The positive results of the PEA strongly validate our decision to acquire the Coffee project in 2025. We will be moving ahead with an aggressive timeline and early works program in 2026, including construction of the remaining portions of the access road from Dawson to the Coffee Project, which we anticipate beginning on receipt of road-related permits later this spring. We expect to obtain the key remaining mine licenses by year-end, which would pave the way for a construction decision for the project in early 2027. We are excited to drive forward with Coffee and to deliver significant economic benefits to our shareholders, residents of the Yukon, and our First Nations partners."

We respectfully acknowledge that protection of the water and lands around the Coffee Creek and mine project area is of high importance to First Nations. Through cooperation, transparency, and respect, we pledge to continue to build on relationships with Tr'ondëk Hwëch'in, White River First Nation, Selkirk First Nation, and the First Nation of Na-Cho Nyäk Dun, whose Traditional Territories overlap or partially overlap with the project access road, and areas where exploration and mining activities may occur.

PEA Summary

The PEA contemplates a high-grade open-pit heap-leach mine with an initial planned mine life of approximately 13 years. Coffee is expected to produce 249,000 saleable gold ounces per year on average for the first full five years of production and an average of 217,000 saleable gold ounces per year over the life of mine ("LOM") at an attractive AISC of US$1,274/oz.

Consistent with PEA studies, the production profile includes Inferred resources and is provided in the chart below. Approximately 16% of the ounces mined in the PEA profile are in the Inferred category, which cannot be included in the Feasibility Study scheduled for Q4/26. In order to upgrade a portion of these Inferred ounces to the Indicated category, the Company will commence an infill drilling program in Q1/26. The mineralization at Coffee is such that it hosts a number of high grade near surface zones that enable the mining of good grade material early in the mine plan allowing for higher average production in the initial five years.

LOM annual gold production with Inferred contribution

To view an enhanced version of this graphic, please visit:
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The PEA mine plan estimates a robust internal rate of return (IRR) of 47.8% and after-tax net present value (NPV5%) of US$2.3 billion at analyst consensus gold prices (US$3,620/oz long-term) and a foreign exchange rate of 1.39 CAD per 1.00 USD. The mineral resources included in the mine design are from pit shells developed using a gold price of US$2,500/oz.

PEA Study Highlights

PEA Study HighlightsLOM ProductionMaterial Mined Mt90.5Gold Grade(g/t)1.25Contained Goldkozs3,644Processed Material Stacking Rate Mtpa7.4Average Recovery
Rec%77.5%Recovered Gold kozs2,824Strip Ratio waste: material processed7.6Mine Lifeyears13Annual Production (Saleable Gold)Annual Production - First Full 5 Yearsoz/yr249,000Annual Production - Life of Mineoz/yr217,000Operating CostsAvg. LOM Operating Costs C$/t processed44.24Total Cash Costs1 US$/oz1,136All-in Sustaining Cost - First Full 5 Years1US$/oz1,166All-in Sustaining Cost1US$/oz1,274Capital CostsTotal Direct Capital Costs C$M638.5Indirect CostsC$M165.3ContingencyC$M179.4Total Initial CapitalC$M983.1Sustaining Capital C$M558.8Economic AttributesGold Price US$/ozConsensus2Spot3After Tax NPV(5%) US$B2.34.0After Tax IRR %47.867.2Payback Period years1.71.21 Total Cash Costs are a non-GAAP financial measure and include mining, processing, refining & transport, G&A and royalty costs. All-in Sustaining Costs (AISC) is a non-GAAP financial measure and is comprised of total cash costs, sustaining capital expenditures to support the on-going operations, and closure costs.
2 Analyst consensus prices as at February 18, 2026: US$4,100/oz in 2029 and US$3,620 in 2030 and beyond.
3 Spot price scenario is based on US$5,000/oz, which is the LBMA gold price as of the close of business on February 18, 2026, of US$5,003/oz rounded to the nearest $100/oz.

Economic Sensitivities

The following table provides a sensitivity analysis of key project economic parameters at various gold prices.

Project Economics - Gold Price SensitivityGold Price (US$/oz)$2,500Consensus1$4,500Spot2$5,500Pre-tax NPV(5%) (US$M)1,6783,7705,4146,2347,282After-tax NPV(5%) (US$M)9832,3263,3803,9634,578Pre-tax NPV(5%) (C$M)2,3325,2417,5268,66510,122After-tax NPV(5%) (C$M)1,3663,2334,6985,5086,363After-tax IRR (%)26.447.862.167.276.9Payback (years)2.91.71.41.21.11 Analyst consensus prices as at February 18, 2026: US$4,100/oz in 2029 and US$3,620 in 2030 and beyond.
2 Spot price scenario is based on US$5,000/oz, which is the LBMA gold price as of the close of business on February 18, 2026, of US$5,003/oz rounded to the nearest $100/oz.

The following chart provides the rolling after-tax NPV(5%) at both analyst consensus and spot prices. The chart demonstrates the go-forward value of the project once the capital for the project has been incurred.

Rolling After-Tax NPV(5%)

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Resource Estimate

The Mineral Resource Estimate ("MRE") used in the PEA is unchanged from that presented in the technical report prepared for Fuerte Metals Corporation and entitled "NI 43-101 Technical Report for the 2025 Mineral Resource Estimate Update on the Coffee Gold Project, Yukon, Canada" prepared by Micon International Ltd. ("Micon"). The MRE has an effective date of August 21, 2025.

Resource CategoryTonnage
(kt)Gold Grade
(g/t)Contained Gold
(gold koz)Measured1,2001.8069Indicated78,8461.142,888Measured + Indicated80,0461.152,957Inferred21,2001.17800Notes to Table

Economic parameters used in the resource are a gold price of US$2,500/oz; heap leach average recoveries for the individual metallurgical domains of 86.3% for Oxide, 76.0% for Upper Transition, 54.5% for Middle Transition and 31.4% for Lower Transition; a mining cost of C$3.27-$3.50/t, processing costs of C$6.64/t, and general and administrative costs of C$6.0/t. A CAD:USD exchange rate of 1.35 was also assumed.The calculated cut-off grades vary between 0.13 g/t Au and 0.48 g/t Au, depending on the metallurgical domain. The global weighted average cut-off grade is 0.18 g/t Au, with domain tonnage contributions comprising 64% Oxide, 18% Upper Transition, 5% Middle Transition, and 13% Lower Transition.Design inter-ramp angles vary between 46.3 and 48.3 degrees in pit walls governed by bedding and foliation stability. Pit walls not expected to be impacted by southerly dipping bedding and foliation are designed at inter-ramp angles between 51.7 and 55.3 degrees.Pit optimization was done on 12x12x10 m re-block model with a minimum of 4x4x5 m regularized SMU.Numbers have been rounded to the nearest for thousand tonnes and ounces. Differences may occur in totals due to rounding.The mineral resources described above have been prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Standards and Practices.Messrs. Alan J. San Martin, P.Eng. and Charley Murahwi, P.Geo. from Micon International Limited are the Qualified Person (QP) for this Mineral Resource Estimate.Mineral resources are not mineral reserves as they have not demonstrated economic viability. The quantity and grade of reported Measured, Indicated and Inferred mineral resources in this news release are uncertain in nature; however, it is reasonably expected that a significant portion of Inferred Mineral Resources could be upgraded into Measured and Indicated Mineral Resources with further exploration.Micon's QPs have not identified any legal, political, environmental, or other factors that could materially affect the potential development of the mineral resource estimate.Mining

The Coffee Gold Project will be mined by conventional truck / loader open pit operations with an average annual production rate of 7.4 Mt of material processed, and a LOM strip ratio of 7.6:1. Material to be leached will be mined principally from four pits, with minor production from smaller pits, over an expected 13-year mine life. Mining will take place year-round, with material to be leached delivered by truck from the pits to the crusher except in the coldest period of the year (approximately three months) when this material will be stockpiled.

Processing

Run-of-mine ("ROM") process material will be delivered from the pits via trucks and dumped into the primary gyratory crusher at an average daily rate of about 26,900 t. A ROM stockpile area with a capacity of ~1.5 Mt will allow the stockpiling of material to be processed when the crusher is not running, particularly during the winter months. There will be two-stage crushing with a final target product size of P80 of 50 mm. Material to be processed will be stacked on the Heap Leach Facility ("HLF") by conveyors.

The HLF will consist of a conventional, multi-lift, free-draining ridge-top leach pad, ponds, access roads, and leachate solution distribution and collection piping. Barren solution will be irrigated onto the heap using drip irrigation. Pregnant (gold-bearing) solution will be collected at the base of the heap leach pad by impermeable membranes and piping. The pregnant solution will flow to the process plant by gravity for gold recovery.

The leach pad will be constructed in stages, with each stage large enough to provide capacity for one and a half to three years of operation. The pad will be lined with two liners: a geosynthetic clay liner at the base directly overlain by an impermeable collection geomembrane. A network of drainage pipes within a layer of permeable gravel at the base of the pad will collect and direct the pregnant solution into trunk lines on each flank of the pad and transport it by gravity to the process plant. A series of horizontal trenches or wick drains will be installed beneath the liner system to detect leakage.

Process solution (barren, pregnant and heap rinse water) will be stored in tanks located at the plant. The barren solution will be heated when necessary to ensure that the thermal integrity of the system and the leach pad is maintained. Ponds adjacent to the heap leach pad will be used to store contact and clean water generated from seasonal and storm events, heap upset conditions (e.g., power loss), and normal precipitation runoff.

Leached gold will be recovered from solution using an activated carbon adsorption circuit. The gold will then be stripped from carbon using a desorption process followed by electrowinning to produce a precipitate sludge, which is refined on site in a furnace to produce doré bars as final products.

Heap Leach Facility Engineering and Safety

The safety of the HLF is of paramount importance to our team, who have taken a proactive approach to carry out a robust technical review of the HLF design and operating procedures, including:

A third-party expert review of all existing HLF documentation, including but not limited to; foundation investigations, design plans, stability assessments, HLF water balance, and operating and closure plans. That work was completed and recommendations from that review were made to HLF design and operating procedures planning and documentation.A failure modes and effects analysis was completed in 2025 for the HLF which included the third-party technical experts, as well as the project team and HLF engineers and informed by findings from the Independent Review Board investigation into the Eagle Gold Mine Heap Leach Failure. Recommendations from that investigation have been evaluated and integrated into the Project HLF design, operation, maintenance and closure plans where appropriate. The design and operation of the Coffee HLF will be monitored by an Independent Technical Review Board, one of the key recommendations arising from the Eagle Mine investigation.The HLF design has had 10 years of progressively detailed design and substantial engineering review, and the design incorporates conventional stacking of well-drained material and a conservative water/solution management design that allows for unplanned events and contingencies.

Capital Costs

The direct construction capital for Coffee is estimated at C$638.5 million, including off-site costs of C$71.3 million for the Northern Access Route, which will provide road access to site from Dawson City. Mobile mining equipment costs are included in the direct construction capital at C$89.2 million for the primary equipment and $39.2 million for the auxiliary equipment, reflecting the purchase of an owner-operated mining fleet. Indirect costs are estimated at C$165.3 million and contingency is C$179.4 million. Sustaining capital over the life of mine (including contingency) is estimated at C$558.8 million and closure costs are estimated at C$182.6 million.

Capital Cost SummaryC$ millionsDirect Construction Capital567.2Northern Access Route71.3Total Direct Capital Costs638.5Indirect Costs165.3Contingency179.4Total Initial Capital983.1Sustaining Capital - LOM558.8Reclamation Costs182.6Total LOM Capital Incl. Sustaining & Reclamation1,724.5Operating Costs

Operating costs average C$44.24/tonne stacked and are based on estimates provided by WSP for labour and consumables. Total cash costs are forecast to average US$1,136/oz of gold produced over the life of mine and All-in Sustaining Costs (AISC) are expected to average US$1,274/oz. Costs in the first full five years of the mine plan will benefit from the processing of higher-grade material and AISC will average US$1,166/oz over the period.

Operating Cost Summary(C$)(US$)Mining Costs ($/t material stacked)30.3221.81Site Services Costs ($/t material stacked)1.841.32Processing Costs ($/t material stacked)6.484.67G&A Costs ($/t material stacked)5.604.03Total Operating Costs ($/t material stacked)44.2431.83Total Operating Costs ($/oz gold sold)1,4121,016Royalties ($/oz)1140101Refining & Transport ($/oz) 2820Total Cash Cost ($/oz gold sold) 1,5791,136Sustaining Capital & Other ($/oz)192138All-in Sustaining Cost ($/oz sold) 1,7711,2741 Royalty costs include payments to third party royalty holders and assume that a buyback of half of a 2% NSR is exercised prior to commercial production and that the 3% NSR to Newmont is re-purchased at the end of the first year of commercial production.

Environmental, Social, and Permitting

The Coffee Gold Mine Project is nearing the completion of mine permitting; the environmental and socioeconomic assessment process was completed in 2022, and major mine license applications were filed in 2023. The Quartz Mining Licence (QML) and Water Use Licence (WUL) are required to advance major mine construction and operations activities, and the company anticipates receipt of these permits by year-end 2026.

The Coffee Gold Mine Project licensing documents do not fully reflect the scope of the project outlined in the PEA and amended permits will be required to fully realize the value of the Coffee Project. The first several years of mine construction and operation will not require material divergence from the mine permit approvals, and the Company intends to pursue additional permitting, as required, in parallel with mine development and production.

Next Steps

The Company is planning a 40,000-metre drill program in 2026, for the purposes of both upgrading the confidence level of existing mineral resources and testing new targets.

The infill drill program will focus on upgrading the mineral resource confidence in the Supremo Extension deposit and parts of Latte deposit to the Measured and Indicated category to improve confidence and bring additional resources into the Feasibility Study. The Feasibility Study will also evaluate potential opportunities to improve productivity and overall project performance.

While the majority of drilling will focus on infill, a portion of the 2026 drill program will be allocated to test new targets at the project. The Coffee project is situated on a 70,000 hectare claim package with the potential for resource expansion as well as new discoveries.

With the positive results of the PEA, the Company is planning an Early Works program to complete several strategic initiatives that will help accelerate the construction timeline once a construction decision is made. The initiatives permissible under our existing permits include:

New airstrip that allows larger aircraft and night flightsInstallation of a construction campDevelopment of laydown areasOther minor projects (Ex., aggregate stockpiling, powder magazine, etc.)Upon receipt of the remaining permits for the Northern Access Route ("NAR"), the company is also planning to begin work on the site access road from Dawson City to the project. The NAR is a ~214 km road, much of which currently exists in the form of public roads to access nearby placer gold operations. Approximately 40 km of new road will be built with the remainder requiring upgrades for more permanent use.

The Company is also advancing the previously announced Feasibility Study with G Mining Services, who will also manage construction of the project. Once the permits are received, our ambition is to be in a position to make a construction decision in early 2027.

About Fuerte Metals Corporation

Fuerte is a Canadian exploration and development company focused on advancing high-potential precious metals and base metals projects across the Americas. Our flagship asset is the 100%-owned Coffee Project in the Yukon, Canada - a high-quality gold project advancing through the final stages of permitting, engineering, and resource expansion drilling in preparation for a construction decision. Coffee hosts 3.0 million ounces of open-pit heap-leach Measured and Indicated Resource and an Inferred Resource of 0.8 million ounces. We respectfully acknowledge that protection of the water and lands around the Coffee Creek and mine project area is of high importance to First Nations. Through cooperation, transparency, and respect, we pledge to continue to build on relationships with Tr'ondëk Hwëch'in, White River First Nation, Selkirk First Nation, and the First Nation of Na-Cho Nyäk Dun, whose Traditional Territories overlap or partially overlap with the project access road, and areas where exploration and mining activities may occur. In addition to Coffee, Fuerte holds a portfolio of copper and gold assets, including the Placeton-Caballo Muerto Project in Chile and the Cristina and Yecora Projects in Mexico, offering additional growth and exploration upside. At Fuerte, we are committed to building value through disciplined project development, responsible stewardship of the land, a safety-focused culture, and creating long-term returns for shareholders.

Qualified Persons

The Preliminary Economic Assessment was prepared by independent Qualified Persons in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. A technical report on the Coffee Gold Project will be prepared in accordance with National Instrument 43-101 and filed under the Company's profile on SEDAR+ and on the Company website within 45 days.

The report will cover all key aspects of the Project, including property description and location, geology, mineral resource estimates, mining methods, metallurgical testing and recovery processes, project infrastructure, permitting, capital and operating cost estimates, and economic analysis.

The Qualified Persons ("QPs") responsible for the Study include:

Charley Murahwi., (Micon) - Mineral Resource Estimates

William Richard McBride and David Jin., (WSP) - Process Plant Design, Process Infrastructure, Metallurgy, Recovery Methods, and Operating (plant and G&A) Cost Estimates, Financial Analysis

Lasha Young and Kim Ferguson., (WSP) - Environmental Studies, Permitting and Social or Community Impacts

Marc Rougier., (WSP) - Waste Rock Storage Design, Project Infrastructure

John Kurylo., (SRK) - Mine Waste and Water Management Infrastructure (geotechnical)

Samantha Barnes., (SRK) - Mine Waste and Water Management Infrastructure (hydrotechnical)

Hannah Chiew., (Ensero) - Water Treatment

Russ Downer., (Open Contour) - Responsible for Mine Optimization, Mine Design, and Mine Schedule

Barry Calson., (Forte Dynamics) - Heap Leach

Full detail of areas of responsibility of the QPs can be found in the Technical Report.

The content of this news release from the Study has been reviewed and approved by the QPs who authored the Study. In addition, Mr. Denis Flood, P.Eng., Chief Operating Officer of Fuerte Metals and a QP as defined in NI 43-101, has reviewed the PEA on behalf of the Company and has approved the technical disclosure contained in this news release.

The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied that would enable them to be categorized as mineral reserves. There is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Additional Information

Forward-Looking Information

Certain of the statements made and information provided by Fuerte in this press release are forward-looking statements or information within the meaning of applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as "anticipates", "believes", "budget", "continue", "estimates", "expects", "forecasts", "guidance", "intends", "plans", "projected" or "scheduled" or the negatives thereof or variations of such words and phrases or statements. Forward-looking statements or information contained in this press release include, but are not limited to, statements or information with respect to: resource estimates in respect of the Company's mineral projects; exploration and development activities; the preliminary economic assessment for the Coffee Project including anticipated production, planned mine life, operating costs, cash costs, AISC, capital costs, cash flow and closure costs; anticipated royalties and the expectation that royalties will be repurchased; the sensitivity of project economics to gold prices; the 2026 drilling program and early works program for the Coffee Project; expectations relating to production from the Coffee Project and the timing of the commencement of commercial production; the timing of a construction decision; the timing of permitting and engineering milestones; planned infrastructure upgrades; and, generally, the Company's strategy, plans, goals and priorities.

Forward-looking statements and forward-looking information are by their nature based on a number of assumptions that management considers reasonable. However, such assumptions involve both known and unknown risks, uncertainties, and other factors which, if proven to be inaccurate, may cause actual results, activities, performance or achievements to be materially different from those described in the forward-looking statements or information. These include assumptions concerning: timing, cost and results of exploration and development activities; the future price of gold and other base and precious metals; exchange rates; anticipated operating and capital costs, expenses and working capital requirements; royalty costs and the repurchase of royalties; the cost of, and extent to which the Company uses, essential consumables; the sustaining capital required for the Company's projects; and the geopolitical, economic, permitting and legal climate. Even though management believes that the assumptions underlying such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Many assumptions are difficult to predict and are beyond the Company's control.

Forward-looking statements and forward-looking information are subject to known and unknown risks, uncertainties and other important factors that may cause actual results, activities, performance or achievements to be materially different from those described in the forward-looking statements or information. These risks, uncertainties and other factors include, among others: inaccurate estimation of mineral resource; the results of exploration and development activities not being as anticipated; integration risks associated with acquisitions; liquidity and financing risks; changes in prices of gold, other base and precious metals and consumables; currency risk; tax matters; changes in general economic or market conditions; market volatility; competition for, among other things, capital and skilled personnel; legal and regulatory risks including failure to obtain necessary permits or changes in applicable mining laws; mineral tenure; failure to protect proprietary information; risks relating to operating in remote or foreign jurisdictions; risks of political instability, terrorism, sabotage, natural disasters or public health concerns; community relations and social license; geotechnical conditions or failures; reclamation and long-term obligations; risks relating to environmental, sustainability, and governance practices and performance; corruption, bribery, and sanctions; employee misconduct; litigation; conflicts of interest; tariffs and other trade barriers; and those risk factors discussed in our most recent Annual Information Form.

To the extent that any forward-looking information presented herein constitutes future-oriented financial information or financial outlook, as defined by applicable securities legislation, such information has been approved by management of the Company and has been presented to provide management's expectations used for budgeting and planning purposes and for providing clarity with respect to the Company's strategic direction based on the assumptions presented herein and readers are cautioned that this information may not be appropriate for any other purpose.

There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, the Company does not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with securities regulatory authorities.

Non-GAAP Measures

The Company has included herein certain performance measures ("non-GAAP measures") which are not specified, defined, or determined under generally accepted accounting principles ("GAAP"). These non-GAAP measures are common performance measures in the gold mining industry, but because they do not have any mandated standardized definitions, they may not be comparable to similar measures presented by other issuers. Accordingly, we use such measures to provide additional information, and readers should not consider these non-GAAP measures in isolation or as a substitute for measures of performance prepared in accordance with GAAP. As the Coffee Project is not in production, it does not have historical non-GAAP financial measures nor historical comparable measures under IFRS, and therefore the foregoing prospective non-GAAP financial measures or ratios may not be reconciled to the nearest comparable measures under IFRS.

Cash Costs - The Company calculated total cash costs as the sum of mining, processing, refining & transport, G&A and royalty costs. Cash costs per ounce is calculated by taking total cash costs and dividing such amount by payable gold ounces. While there is no standardized meaning of the measure across the industry, the Company believes that this measure is useful to external users in assessing operating performance.

All-In Sustaining Cost - All-in sustaining costs are comprised of total cash costs, sustaining capital expenditures to support ongoing operations and closure costs. All-in sustaining costs per ounce is calculated as all-in sustaining costs divided by payable gold ounces. All-in sustaining costs capture the important components of Coffee's production and related costs and are used by the Company and investors to understand projected cost performance at the Coffee Project.

Sustaining Capital - Sustaining capital is a supplementary financial measure which reflects cash-basis expenditures which are expected to maintain operations and sustain production levels at the Coffee Project.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/284732

Source: Fuerte Metals Corp.

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Bitcoin ETFs Bleed $4.5 Billion in 2026 So Far – Will the Outflows Continue? Prefer us on Google

US spot Bitcoin ETFs have experienced a rocky start to 2026, bleeding roughly $4.5 billion within the first eight weeks of the year.Most of the losses came during the last five-week stretch starting in late January that wiped out about $4 billion from the 12 funds.Still, Bloomberg’s Eric Balchunas argue the category’s long-term footprint remains strong because cumulative inflows have still beaten early expectations.US spot Bitcoin exchange-traded funds (ETFs) are facing their most sustained period of institutional friction this year.

This year, the funds have logged six weeks of outflows amid macroeconomic uncertainty that is driving capital toward traditional safe havens.

BlackRock, Fidelity Lead Bitcoin ETF Exodus Amid Macro JittersSince the start of 2026, the funds have bled nearly $4.5 billion, offset by just $1.8 billion of inflows during the first and third weeks of the year, according to data from SosoValue.

The bulk of the damage occurred during the past five-week stretch beginning in late January. That run alone erased roughly $4 billion from the ETF complex, triggered by Bitcoin’s recent price struggles.

Bitcoin ETFs Weekly Flows in 2026. Source: SoSo ValueThe bleeding has been most pronounced among the category’s heavyweights. BlackRock’s iShares Bitcoin Trust (IBIT) has shed over $2.1 billion in the past five weeks, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) saw more than $954 million walk out the door.

CryptoQuant analyst J.A. Maartun said Bitcoin ETF outflows are at $8.3 billion, down from their October all-time high, marking the weakest year since the funds launched.

Meanwhile, the current steady stream of withdrawals highlights a clear shift in institutional appetite from the aggressive momentum that defined the asset class in its first two years.

Over the past year, the US’s macro policies have prompted a broader de-risking among Wall Street allocators.

This has sparked a rotation out of digital assets and into precious metals like gold and silver. For context, gold and gold-themed ETFs have seen $16 billion in inflows during the past three months.

Still, market observers have pointed out that Bitcoin ETFs’ structural footprint remains largely intact.

Bloomberg senior ETF analyst Eric Balchunas noted that the larger picture remains historically bullish for the nascent asset class.

Bitcoin ETFs' cumulative net inflows (the most imp number) peaked at +$63b in October. Today it's +$53b. That's NET NET +$53b in only two years. Our (more bullish than most of our peers) prediction was $5-15b in first year. This is imp context to consider when looking/writing… pic.twitter.com/C966U1gf94

— Eric Balchunas (@EricBalchunas) February 19, 2026 He noted that, despite recent outflows, the funds have significantly outperformed early market expectations, which had projected first-year inflows of just $5 billion to $15 billion.

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Bitcoin experienced a breakdown that triggered elevated volatility across the market. The asset is now attempting to stabilize near a critical demand base as higher- and lower-timeframe indicators point to a decisive phase. Leverage conditions have added further sensitivity to short-term price action.

How Liquidity and Whale Moves Influence Bitcoin In an X post, analyst Ted wrote that markets are primarily driven by liquidity and not headlines. He referenced the universal themes of geopolitics, inflation data, speeches by the central bank, rate expectations and elections but said that ultimately the flow of liquidity will determine where asset prices move.

However, analyst highlighted that increasing liquidity is generally bullish for risk assets and decreasing liquidity is generally bearish. He added that some of the most powerful bull markets have taken place during wars and economic anxiety, which indicates that money flow matters more than stories. Liquidity, he added, is driven by central banks’ actions, credit markets and fiscal policy, as well as investor risk appetite.

As of press time, Bitcoin price is trading around the $68,000 mark. Analyst highlighted that as long as BTC clings to the $65,000–$66,000 area, a rally toward $72,000 seems highly likely to happen. He also pointed out that even after the selling and growing U.S.-Iran tensions, the asset found some support.

Source: X As CoinGape reported, Bitcoin whale Garett Jin transferred significant holdings to exchanges. The trader moved 6,318 BTC, valued at approximately $425 million, to Binance as part of a broader $760 million transfer. The transaction raised speculation about potential selling pressure.

Bitcoin Weekly Structure Holds as Liquidations Rise According to technical analyst Cryptorphic, there is no significant structural change on the weekly. Bitcoin price is still in the trading range described around the 200-Week EMA in conjunction with a known fair value gap. Since the drop, price action has consolidated at support and buyers are defending it.

Cryptorphic labeled the move as yet another leg of a higher time frame correction and base building range rather than a new breakdown. Sustaining above the mid-$60,000 region will keep the structure aligned with consolidation on support, he said. The weekly candle close, he noted, will decide whether or not the asset is bottoming out or gearing up for another move.

Source: X Derivative data reflects heightened activity. According to analytical platform CoinGlass, Bitcoin liquidations within the past 24 hours totalled $19.79 million. Of the total amount, $5.18 million were long liquidations. However, short liquidations stands at $14.61 million, signaling stronger selling pressure for bearish bets.

Wider macro trends have also caught the attention of the market. As CoinGape reported, the U.S. President Donald Trump said that they are going to raise the global tariff rate immediately from 10% to 15%. He said the increase is within legal limits and that further tariff steps would be decided at a later date in the next few months.

Welcome to Latam Insights, a compilation of the most relevant crypto news from Latin America over the past week. In this edition, El Salvador defends its continuous bitcoin purchases, Prospera faces an uncertain future in Honduras, and Argentina facilitates “mattress money” investments in crypto assets.

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Harvard has purchased millions in Ether, according to sources familiar with the matter. This move marks a significant shift for the American university, which traditionally focuses on conventional investments.

The Cambridge institution joins the growing trend of major universities adopting cryptocurrencies. Since 2024, several prestigious institutions have diversified their portfolios with digital assets, seeking higher returns than traditional bonds. Yale led the way in 2023, followed by Stanford, and now Harvard. The timing is notable: Ether more than doubled in 2025, even reaching $4,300 in January 2026. Goldman Sachs notes that decentralized applications have boosted Ethereum’s valuation.

Harvard has not made an official comment yet.

The exact amount remains confidential, but several sources describe it as a “substantial” investment for the endowment fund managed by N.P. Narvekar. A former Harvard portfolio manager, who requested anonymity, told Bloomberg that the university has quietly increased its crypto positions over the past six months. He added that Harvard is even considering integrating blockchain courses into its curriculum. “It’s to prepare students for changes in the financial sector,” he said.

CoinDesk reports that 15% of American university funds now have crypto exposure, up from 8% last year. It’s rising quickly.

On February 18, Stanford also announced it is exploring entry into the crypto market, sparking heated debates within its board. Some members fear volatility, while others see an opportunity. A JPMorgan expert believes that the growing interest from universities will boost demand and influence prices in the short term. “Universities want to participate in the digital economy,” he said. This follows earlier reporting on Prediction Markets Hit Wall Street as.

Fidelity Investments plans to expand its crypto services for institutions, making it easier for entities like Harvard to access digital assets.

Chainalysis reveals that institutional transactions on Ethereum hit a historic peak in February 2026. Harvard is not explicitly named but is widely suspected to be behind this surge. The Wall Street Journal confirms that Harvard’s fund recently strengthened its crypto positions. The strategy aims to diversify the university’s revenue sources, according to internal sources.

But beware of the risks. Several analysts warn about the unpredictability of crypto prices. Institutional interest is positive but does not guarantee long-term stability. The market remains volatile, even with the entry of major players.

Contacted during a press conference on February 21, a Harvard spokesperson declined to comment on specifics. He only stated that the university “will continue to explore new opportunities in digital assets.” No further details were provided. The university remains discreet about its crypto strategy, likely to avoid creating market movements or attracting too much regulatory attention. Related coverage: Mara acquires exaion, retains french capital.

Other universities are closely watching Harvard’s results. If the investment proves profitable, it could trigger a broader wave of adoption in the educational sector. The coming quarters will be crucial to assess the impact of this bet on Ethereum. The American academic world might well experience a financial revolution, with cryptos becoming a standard element of university portfolios.

The university has an endowment fund of $53.2 billion, managed by the Harvard Management Company since 1974. Narvekar, formerly of Columbia Management Investment Advisers, took the helm in 2016 after a challenging period where the fund underperformed its peers. Under his leadership, the average annual return has reached 8.1%, surpassing most other university funds. The traditional allocation favors hedge funds (35%), equities (25%), and real estate (15%). The addition of Ether represents a notable change in a usually conservative strategy.

BlackRock and Grayscale report a surge in institutional inflows into their Ethereum ETFs since January 2026. Universities now account for 12% of these flows, up from 3% a year ago. MIT quietly acquired Bitcoin in late 2025, while Princeton is actively studying the DeFi sector, according to internal documents obtained by Reuters. A Coinbase Institutional executive confirms that requests to open university accounts have tripled in the past twelve months. “University treasurers contact us every week,” he noted. Even Duke and Northwestern are said to have hired specialized consultants to evaluate potential crypto exposure.

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13h05 ▪ 5 min read ▪ by Mikaia A.

Summarize this article with:

Bitcoin has not recovered, far from it. Since its all-time high in October, the king asset has lost nearly half of its value. Meanwhile, another indicator is alarming on the radars. Whales, these behemoths that shake the markets, appear to be selling their precious sats. Not in small amounts, but by truckloads. The latest CryptoQuant data hits like an axe and paints a worrying picture for the crypto sphere.

In Brief The whale ratio on exchanges reaches 0.64, a level not seen since October 2015. A whale nicknamed Garrett Jin deposited nearly 10,000 BTC on Binance. USDT inflows on platforms have collapsed from 616 to 27 million. Altcoin deposits surged 22%, a sign of widespread distrust. The 0.64 Ratio: When Bitcoin Whales Empty Their Pockets on Exchanges Let’s start with the dizzying figure, following the 5 weeks of net outflows for Bitcoin ETFs. The “Exchange Whale Ratio,” this benchmark for big fish movements, just flirted with 0.64. Concretely, 64% of all bitcoins deposited on platforms now come from the ten largest transactions. A record dating back to October 2015, over a decade ago.

The CryptoQuant analysis is unequivocal:

This suggests that large investors are selling.

The firm’s teams even identified a recurring actor, a whale nicknamed Garrett Jin or “19D5,” who recently dumped nearly 10,000 BTC on Binance. This massive move occurs in the midst of a correction phase. Meanwhile, small holders have deserted the order books.

Liquidity outflows are now driven solely by the big fish. A silent, organized, almost surgical selling mechanism, in stark contrast to the crowd panic observed during previous bearish cycles.

616 to 27 Million: The Stablecoin Faucet Has Definitely Dried Up The second act of this financial tragedy: the disappearance of buying power. For the bitcoins deposited to find buyers, there has to be money available. Yet, stablecoin inflows on exchanges have literally collapsed. Remember: in November 2025, no less than 616 million dollars of USDT were arriving daily on platforms.

Today, that number caps at 27 million, a staggering 95% drop. Worse still, on January 25, analysts recorded a record net outflow of 469 million dollars. CryptoQuant notes that declining or negative stablecoin flows suggest less margin liquidity available to buy crypto assets.

The mechanics are relentless: whales sell, but potential buyers have vanished with the liquidity. Now, the fuel that once powered the machine’s restart is sorely missing.

The Silent Altcoin Alert That the Crypto Market Refuses to Hear The last part of this bearish triptych: distrust spreading to altcoins. Since the start of the year, the average daily deposits on exchanges have jumped 22% compared to Q4 2025. This figure is not trivial. CryptoQuant warns in its report:

High altcoin deposits generally precede increased volatility and reflect weakened confidence outside of bitcoin.

Simple translation: when secondary tokens flood exchanges, it’s rarely to be kept precious. It’s to be liquidated ruthlessly. 

Bitcoin has lost 46% since its October peak, but altcoins lose investor trust even before their prices collapse. The signal is there, but no one seems willing to hear it. All in all, the picture is chillingly coherent. Whales sell, liquidity evaporates, and altcoins suffer.

Indicators That Tell the Current Disaster Whale ratio: 0.64, the highest level ever reached since October 2015; Average deposit: 1.58 BTC per transaction, a record since June 2022; USDT inflows: collapse from 616 million to 27 million dollars daily; Record outflow: 469 million dollars of USDT evaporated on January 25; Bitcoin price: 88,117 dollars at the time of writing. Yet, all is not lost for crypto’s future. A silent growth is underway, discreet but very real, which could radically transform bitcoin. Solid fundamentals consolidate away from the spotlight, underground adoptions emerge, and infrastructure strengthens in the markets’ shadows. The next bull run, when it comes, will be unlike any other. It is being prepared today, in silence.

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Mikaia A.

La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

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.

A modest claim. A bold number. Both are on the table for Bitcoin this week as a debate over how to read short-term streaks in price gains grows louder.

Crypto analyst Timothy Peterson has pointed out that half of the last 24 months showed positive returns. Based on reports, he then gave a nearly 90% chance that Bitcoin would be higher in 10 months.

That leap from a simple count to a firm probability is the headline grabber. It should be met with careful questions about how the odds were calculated and what assumptions were built into the model.

Counting Positive Months Peterson based his view on a review of monthly performance data. Figures compiled by CoinGlass show that Bitcoin closed six months of 2025 in positive territory, while the remaining six finished lower.

According to the data, 50% of the past 24 months ended with gains. Peterson said he tracks this rolling two-year window to spot potential turning points in price trends.

50% of the past 24 months have been positive.
This implies a 88% chance that Bitcoin will be higher 10 months from now.
The average return is exp(60%)-1 = 82% => $122,000.
Data goes back to 2011. https://t.co/k4IjTisuTH pic.twitter.com/ZxfTyequjt

— Timothy Peterson (@nsquaredvalue) February 21, 2026

Market Odds And Betting An exchange of bets shows a very different view. Polymarket currently prices December as only a 17% shot at being the best month of 2026, with November a hair higher.

Those numbers answer a different question from Peterson’s: they reflect market bets on which month will outperform others, not whether the price will simply be higher at a future date.

Betting markets can be blunt tools, but they do pack the collective view of many traders into a single number.

Source: Timothy Peterson Bitcoin Price Action Price has not been calm. Bitcoin traded in a roughly $67,000–$68,000 band this week as geopolitical tension in the Middle East tightened.

Safe-haven assets like gold and oil jumped on news flows, and Bitcoin felt the squeeze as some buyers stepped back. At the same time, live tickers showed the token about 20% below its level at the start of the year, a reminder that headline percentages hide wide intraday swings.

Source: Polymarket Analysts Are Split Voices from the trading desk are divided. Michael van de Poppe suggested near-term green candles could be coming, urging traders to watch for a lift. On the other hand, Peter Brandt has argued a deeper low may not arrive until late 2026.

Both views rest on different sets of signals — one on momentum and chart structure, the other on longer cycle patterns and risk of macro shocks.

Bitcoin is currently trading at $68,075. Chart: TradingView Sentiment Still Down Meanwhile, flow data from spot ETF purchases, derivatives positioning, and on-chain liquidity figures would add weight to any forecast.

Peterson’s forecast comes as crypto market sentiment continues to decline, with reports noting that discussion and activity around Bitcoin predictions have slowed. Traders appear cautious, weighing past trends against current uncertainty in the market.

Featured image from Vecteezy, chart from TradingView

Cover image via www.freepik.com 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.

Michael Burry, the Scion Asset Management founder who "diagnosed" the 2008 subprime mortgage collapse, recently laid out a decades-long road map of his hits and misses, revealing a rare admission of a "lost" trade: he almost bought Bitcoin in 2013.

Well, I have called just about everything significant that has happened the last 26 years.
It's hard to say I've never had the timing right.
I was short Amazon at the top in 2000.
I went way long small cap value in late 2000.
I bought AAPL in 1998 and then again in 2002.
In…

— Cassandra Unchained (@michaeljburry) February 22, 2026 According to Burry, a meeting with a friend at Lightspeed Venture Partners nearly led him to enter the crypto market when BTC was trading under $200, but he ultimately "slept on it," missing the chance to capture what would have been an appreciation worth thousands of percent over the next decade.

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"Cassandra" warning: BTC PatternsAlthough Burry may regret his hesitation in 2013, his current stance on Bitcoin is far more adversarial. Under his "Cassandra Unchained" persona on X, Burry shared a new chart titled "BTC Patterns" this month, comparing the current market structure to the collapse of 2021-2022.

The chart shows a peak of $126,000 in October 2025, followed by a drop to approximately $73,000. This draws an ominous parallel to the previous cycle's 50% plunge. Burry warns that this could trigger a "death spiral" for overleveraged institutional holders, such as Strategy (ex. MicroStrategy), and mining firms if the price falls to around $50,000 per BTC.

BTC/USD by TradingView You Might Also Like

The investor's pessimism extends beyond cryptocurrency to what he calls the "AI bubble." Burry recently disclosed bearish put options on high-flyers like Nvidia (NVDA) and Palantir (PLTR), arguing that tech giants are inflating profits by stretching the reported useful lives of their hardware.

Just as he missed the long-term Bitcoin play in 2013, he now believes that the current institutional "stockpiling" of both AI chips and Bitcoin is a temporary speculative force and not a sign of permanent adoption.

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February 22, 2026 – Institutional investors are stepping up. They are buying XRP. Individual holders are selling at reduced rates.

This shift comes amid a turbulent period for XRP. Panic-selling among retail investors has recently intensified. But institutions are absorbing the supply. XRP prices have seen volatility over recent weeks. Individual investors have been offloading their holdings amid market uncertainties.

XRP traded at $0.45 in early February, dropping from $0.60 in January. This decline sparked concerns among individual investors. They rushed to liquidate positions to cut losses. However, the sell-off appears to be losing momentum.

Institutional activity is on the rise. Large-scale buyers are entering the market. They see opportunities in the depressed prices. This development is providing a cushion against further price drops. It suggests potential stabilization.

Data from major exchanges supports this trend. Institutional buy orders are increasing. The sell pressure from individual investors is waning. Volumes suggest a shift in market dynamics. Retail panic is subsiding, opening room for a price recovery.

Analysts caution against premature optimism. While institutional interest is a positive sign, market conditions remain fragile. The overall crypto environment is still experiencing challenges. Regulatory uncertainties and macroeconomic factors continue to influence sentiment.

The U.S. Securities and Exchange Commission’s (SEC) stance on cryptocurrencies keeps investors vigilant. Ongoing legal battles involving XRP creator Ripple Labs add to the uncertainty. However, Ripple’s recent legal victories have provided a glimmer of hope for XRP holders.

XRP’s liquidity has been a focal point for investors. The digital asset’s trading volume has been robust. Its market capitalization remains significant. XRP is still one of the top cryptocurrencies by market cap, holding investor interest.

In recent updates, Ripple Labs highlighted partnerships and cross-border payment solutions. These developments aim to enhance XRP’s utility. They seek to solidify its position in the global payments sector. For more details, see AI Agents Start Using XRP and.

Despite the current market turmoil, long-term holders remain hopeful. They believe in XRP’s potential. Institutional endorsements contribute to this confidence. The deepening market structure is seen as a positive evolution.

However, the path to recovery is not without roadblocks. Analysts note the importance of broader market trends. They emphasize vigilance amid ongoing market fluctuations. Investors are advised to monitor regulatory developments closely.

Looking ahead, the next steps are crucial for XRP. Observers are watching for further institutional involvement. They await potential regulatory updates. The market is also looking for Ripple’s next moves.

A significant legal ruling or partnership announcement could shift the balance. For now, institutional buying provides short-term support. But the XRP market is in a state of watchful waiting.

Ripple Labs has not commented on the recent market developments. Investors remain attentive to any statements from the company. Further clarity on legal and regulatory issues is anticipated.

February has seen XRP trading volumes fluctuate, with data from CoinMarketCap revealing a daily trading volume of over $1 billion on February 15. This surge followed a significant dip in January, where volumes had dropped below $800 million. The increased activity is attributed to institutional investors capitalizing on lower prices.

On February 18, Ripple Labs announced a new partnership with a financial institution in Southeast Asia. This collaboration aims to enhance cross-border payment solutions using XRP. The announcement sparked a brief uptick in XRP’s price, although it later settled back to previous levels. This follows earlier reporting on Prediction Markets Hit Wall Street as.

Brad Garlinghouse, Ripple’s CEO, commented during a conference on February 20 about the importance of regulatory clarity. He emphasized that Ripple is committed to working with regulators to ensure compliance and foster innovation in the cryptocurrency space.

Despite the challenges, XRP’s resilience is noted by market observers. The cryptocurrency’s ability to maintain a position among the top ten by market capitalization reflects its ongoing relevance. As of February 22, XRP holds a market cap of approximately $21 billion, underscoring its significance in the digital currency ecosystem.

On February 21, financial analysts at CryptoQuant reported a notable increase in the accumulation of XRP by institutional wallets. This trend suggests a growing confidence among large investors, despite the broader market’s recent volatility. The report highlighted that these wallets have collectively added over 100 million XRP in the past week alone.

Coinbase, one of the leading cryptocurrency exchanges, confirmed an uptick in XRP trading volumes on February 19. According to their data, XRP transactions surged by 25% compared to the previous week. This spike in activity coincided with a slight recovery in XRP’s price, which briefly touched $0.48 before stabilizing.

On February 20, a report from the Blockchain Transparency Institute emphasized the role of institutional traders in stabilizing XRP’s price fluctuations. The report noted that these traders are utilizing advanced trading algorithms to manage their positions, which has contributed to mitigating extreme price swings in recent sessions.

Meanwhile, Kraken, another major exchange, announced on February 22 that it would be expanding its XRP trading pairs. The move is aimed at providing more options for institutional clients looking to diversify their portfolios with XRP. This decision is seen as a response to the increasing demand from institutional investors seeking to capitalize on XRP’s current market conditions.

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Bitcoin faces "Extreme Fear" as ETF outflows hit $3.8B. Explore this week's top gainers, losers, and the major regulatory shifts coming to the market.

Journalist

Posted: February 22, 2026

For months, the crypto market has been trying to return to October’s $125,000 peak, but the excitement of “Uptober” has now turned into a long and tiring downturn.

Bitcoin’s price near $68,000 indicates that it is not just a small dip. It shows deeper weakness in the market, with about $420 billion wiped off its total value in just a few weeks.

While a 23% monthly drop is normal in crypto, the bigger problem is what many now call the institutional trap.

The big wave of institutional money that once seemed promising is now losing strength. A brief moment of hope came on the 20th of February, when $88.1 million flowed into Bitcoin [BTC] ETFs.

But overall data from Farside Investors shows that more money is leaving than entering.

Thus, as Bitcoin’s market value drops from $1.76 trillion to $1.34 trillion, an important question remains: Where is Bitcoin heading? 

Remarking on the same, Walter Bloomberg took to X and noted, 

“Bitcoin has dropped over 40% from its peak, but the bigger issue isn’t price — it’s purpose.”

Is Bitcoin losing ground? While real gold prices have been rising, Bitcoin has been falling. The Bitcoin-to-Gold ratio has dropped over a year.

Source: LongtermTrends

In 2024 and 2025, investors bought Bitcoin as a hedge against inflation. Now, many of them are selling Bitcoin to buy physical gold instead.

Additionally, the money that once pushed Bitcoin prices higher is now moving to other parts of the crypto market that seem more useful.

Source: CoinMarketCap

Moving forward, even as Bitcoin’s market value fell by more than 24% last month, stablecoins stayed strong. Tether’s USDT dropped only 1.7%, while Circle’s USDC actually grew slightly. 

Source: CoinMarketCap

Another big challenge for Bitcoin is the rapid growth of prediction markets. After Kalshi won its case against the CFTC, betting on political and global events became much more popular. This is now a multi-billion-dollar industry.

Traders who once used Bitcoin for high-risk bets are now putting their money into election and event-based contracts. These markets offer clearer outcomes and faster results than waiting for Bitcoin’s price to move.

However, despite all the downtrends, Walter Bloomberg noted, 

“Bitcoin remains the most established crypto asset and has survived past crises.”

Why Bitcoin still rules? Even though Bitcoin’s price is weak, it still leads the crypto market, with nearly 60% of total investment going into it. Most investors continue to choose Bitcoin over other coins.

The Altcoin Season Index was at 32 at press time, showing that Bitcoin is still outperforming most cryptocurrencies.

When the market becomes uncertain, investors avoid risky small coins and stick with the most trusted name in crypto. The Bitcoin network itself is also staying strong and stable.

Source: Glassnode

Since September 2025, Bitcoin’s mining difficulty has mostly been falling, making it slightly easier for miners to earn rewards.

It did reach a high point on the 6th of February, when many miners were competing at once, but since then, the difficulty has eased as the network adjusted.

Therefore, despite current weakness, Bitcoin’s dominance and network strength show it is far from irrelevant.

Final Summary Bitcoin’s price decline reflects deeper structural issues, not just short-term market weakness. Despite these challenges, Bitcoin still dominates nearly 60% of the crypto market.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Pi Network price extended its weekly rally, attracting fresh market attention. The token stayed above $0.16 despite mild bearish pressure and brief consolidation over the past day. 

Pi coin price recovered its February 11 all-time low of $0.1312, indicating a recovery of 24%, and indicating possible bullish behavior in the future.

Pi Coin Price Eyes Bullish Momentum as Pi Network Marks Open Network Anniversary Pi Network marked the first anniversary of its Open Network on February 20 and released a strategic update focused on long-term progress. 

The message focused on the development of the ecosystem and not the temporary movements of the market. The number of users who have already moved to Mainnet on completing KYC verification exceeds 16 million, which is an indication of a consistent growth of the community.

The transition to the Open Network terminated the previously closed system in the project and enabled broad connectivity to the blockchain.  This transition enabled external transactions and expanded real utility across the network. 

In the last year, the team focused on building infrastructure and enhancing governance. According to the founders, stability of the system and consistency of its execution was a priority.

Happy first anniversary of Open Network!

To celebrate this milestone, Pi Founders Chengdiao Fan and Nicolas Kokkalis dive deeper into Pi’s strategy, approach, and current work since Open Network—while also providing greater visibility into the direction and priorities guiding…

— Pi Network (@PiCoreTeam) February 20, 2026

In a 28-minute update, the co-founders Nicolas Kokkalis and Chengdiao Fan explained their vision of the future. They responded to frustration of the community regarding the performance of the token, which is still much lower than optimal. 

Their primary objective is to create a powerful ecosystem backed by practical use. One of the projects being tested is a token-generation feature where the developers will be able to produce and roll out new tokens.

The most recent Version 19.6 Protocol enhances the coordination of nodes and network stability. Migration Version 20 is also being developed and should feature more upgrades as the platform progresses to a different stage of development.

The community has gained momentum due to speculation of a possible listing on Kraken. Most users feel that the anniversary update depicts the fact that long-term growth is the primary focus of the project.

Pi Network Price Eyes Key Levels: Is a Return to $0.30 Ahead? As of the latest, PI Coin price traded at $0.1635, showing a slight decrease of 3% over the past 24-hours.  The token remained close to the lower end of its recent trading band, and the direction of the momentum was towards decreased bullishness.

The Chaikin Money Flow (CMF) was under zero, meaning declining buying power. This trend could be an indicator of pessimism as capital inflow reduces.

In the meantime, the MACD line crossed under the signal line. This reversal implied reduction in momentum following the mid-month spike. The histogram also remained negative, and this strengthens the cooldown.

If selling continues, PI Coin may retest the $0.15 support zone. A breakdown could expose the market to deeper pressure toward $0.12. On the upside, buyers must reclaim $0.18 to revive short-term confidence as per the full Pi Coin forecast report. 

Source: PI/SDT d-hour chart: Tradingview An obvious breakout above that point can leave a way to $0.20. Additional strength might be aimed at $0.25 and later at $0.30, should the wider sentiment become better.

Amin Ayan

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Amin Ayan

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Apr 2025

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Amin Ayan is a crypto journalist with over four years of experience in the industry. He has contributed to leading publications such as Cryptonews, Investing.com, 99Bitcoins, and 24/7 Wall St. He has...

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US spot Bitcoin exchange-traded funds recorded a fifth consecutive week of net withdrawals, extending the longest negative streak since early 2025 as institutional demand softened alongside a broader pullback in digital assets.

Key Takeaways:

Spot Bitcoin ETFs posted a fifth straight week of withdrawals, losing about $316 million and roughly $3.8 billion over the streak. Midweek selling outweighed Friday inflows, showing cooling institutional demand despite stable prices. Capital appears to be rotating within crypto funds, with Ether also seeing outflows while Solana and XRP products drew inflows. Data from SoSoValue shows the 12 funds collectively lost about $316 million during the week ending Feb. 20.

Trading activity was compressed into four sessions due to the Presidents’ Day holiday, and the first three days all closed negative.

Bitcoin ETFs Post Heavy Midweek Outflows Despite Friday ReboundRoughly $105 million exited on Tuesday, followed by $133 million on Wednesday and $166 million on Thursday.

A modest recovery on Friday, when $88 million flowed back into the products, was not enough to reverse the weekly trend. BlackRock’s IBIT led the rebound with about $64.5 million in inflows, while Fidelity’s FBTC added roughly $23.6 million.

The current run of outflows began the week of Jan. 20 and has removed around $3.8 billion from the Bitcoin ETF complex.

The last comparable stretch occurred nearly a year ago during a tariff-driven market sell-off that also weighed on risk assets.

While the duration of the streak matches that period, the magnitude has been smaller, with the heaviest withdrawals concentrated in late January when funds lost $1.33 billion and $1.49 billion in consecutive weeks.

Bitcoin's entire history in 89 seconds!

As of Feb 2026, the numbers:
🟠 Individuals: 13.15M BTC
🔵 ETFs & Funds: 1.6M BTC
🟣 Companies: 1.17M BTC
🔴 Governments: 647K BTC

Institutions and companies are buying. But the majority of individuals are still HODLing! 🫡

Video… pic.twitter.com/13kEHTr52Y

— Sumit Gupta (CoinDCX) (@smtgpt) February 20, 2026 More recent weekly losses have ranged between roughly $316 million and $360 million.

Despite the withdrawals, the ETF market remains substantial. Cumulative net inflows since launch in January 2024 still total about $54 billion, and aggregate net assets stand near $85.3 billion.

Bitcoin has traded around $68,600, down more than 20% year to date and below a key onchain level identified by analysts as separating expansion from consolidation phases.

Ether funds showed a similar pattern, losing about $123 million during the week and extending their own five-week streak of withdrawals.

By contrast, newer products tied to Solana attracted approximately $14.3 million in inflows, while XRP-based funds recorded a modest $1.8 million gain.

The divergence suggests capital is rotating within crypto investment products rather than leaving the sector altogether, with investors repositioning across assets as sentiment remains cautious rather than panicked.

Last week, Trump Media and Technology Group filed applications for two cryptocurrency ETFs that would track Bitcoin, Ether and the Cronos (CRO) token, expanding the company’s involvement in digital assets.

The proposed “Truth Social Bitcoin and Ether ETF” would primarily follow the performance of the two largest cryptocurrencies, while the “Truth Social Cronos Yield Maximizer ETF” would provide exposure to CRO.

The Cronos-focused fund would also offer staking rewards, with Crypto.com serving as custodian and providing liquidity and staking services.

Trump Media has also signaled interest in integrating blockchain beyond ETFs.

The company recently said it intends to distribute a new digital token to shareholders on the Cronos network and previously disclosed plans for a corporate crypto treasury involving CRO.

Pi Network price remained under pressure this weekend, even as the developers announced major announcements, including a strategy to compete with Worldcoin and Humanity Protocol.

Summary

Pi Network price retreated to $0.167 as the recent momentum faded. The developers celebrated the first anniversary by announcing future priorities. The priorities include KYC-as-a-Service, which will see it compete with Worldcoin. Pi Coin (PI) token was trading at $0.1677 on Sunday, down slightly from the highest point this month. It remains 35% above its lowest level this year.

In a statement marking the first anniversary of its mainnet launch, Nicolas Kokkalis and Chengdiao Fan explained the key priorities to watch going forward. 

The top priorities include features like native token generation, decentralized exchange, and launching developer tools. Their goal is to create an active network where creators can launch apps and their accompanying tokens.

Most notably, the developers are aiming to accelerate the Know Your Customer (KYC) process. They recently launched an AI-powered upgrade that has boosted the number of verified individuals.

With this experience, the developers are now working on rolling out KYC-as-a-Service. Their goal is to have Pi Network provide these services to companies from around the world.

The service will compete with WorldCoin (WORLD) and Humanity Protocol. World, which was launched by Sam Altman, aims to provide these services through the World ID and World App. It has already enrolled millions of people globally. 

Humanity Protocol also aims to solve this challenge by leveraging the proof of humanity mechanism using palm recognition technology. The data is then converted into cryptographic hashes using zero-knowledge proofs.

Still, Pi Network price remains under pressure as the developers did not address key factors that have contributed to its underperformance. For example, they did not address the tokenomics, including the ongoing unlocks and potential token burns. Also, they did not address strategies to ensure more exchange listings.

Pi Network price technical analysis  Pi price chart | Source: crypto.news The daily chart shows that the PI price has remained under pressure in the past few days. It retreated from this month’s high of $0.2050 to the current $0.1677. 

The coin has remained below all moving averages, while the Relative Strength Index has turned around and moved below the neutral level at 50. 

The most likely scenario is where the Pi Network price continues falling, potentially to the psychological level at $0.1500. A move below that level will point to more downside, potentially to $0.1300.

"What reason is there to celebrate," asked one of the popular Pioneers below the Core Team's post.

The team behind the controversial project posted a celebratory message a few days ago, marking the first anniversary of the Open Network’s launch.

However, many users questioned the project’s actual use case once again and lashed out at the lack of migration progress.

Open Network Celebrates 1st Birthday In its blog post, the team began by outlining some of the achievements reached even before the official launch of the Open Network on February 20, 2025.

“Prior to Open Network, the Pi community collectively built out the ecosystem over six years to ensure Pi’s readiness and sustainable utility. This developmental period allowed Pi to create real apps and utilities for Pioneers to engage with, and verify the identities of millions of Pioneers to prepare the network for real-world assets and production processes.”

They explained that the main idea of Pi is to be a freely accessible, allowing “anyone to mine without technical or financial barriers.” The team added that this design allowed wide distribution and inclusivity, and also enabled the network and all participants to “afford the patience to engage in the difficult work necessary to establish a fully functional ecosystem predicated on utility.”

The post doubled down on the network’s progress, which aligns with the team’s long-term vision and strategy – to create an inclusive, utility-driven, and widely-adopted cryptocurrency that is broadly accessible.

Pioneers Lash Out Perhaps it was some of those claims that triggered a significant backlash from numerous Pioneers on X under the Core Team’s post. YouLong/PiNetwork – a popular Pioneer with 27,000 followers, raised a few valid questions about the network’s state and the performance of the underlying token:

“What reason is there to celebrate? To celebrate the fact that compliant users have not migrated? Or to celebrate the steady decline in coin prices over the past year since its launch? Please approach the genuine concerns of long-time miners with objectivity.”

It’s worth noting that the PI token has been in a free-fall state for nearly a year. It peaked at $2.99 on February 26 last year, but has plunged by 94.5% since then and now sits inches above $0.16.

You may also like: Bitcoin (BTC) Plunges Before the FOMC Meeting, Pi Network (PI) Soars by 15%: Market Watch Other users echoed the previous statement, with one adding, “We are tired of waiting for the second migration,” while others said they have been waiting for five or six years for that coin migration.

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