Crypto World
Bitcoin options worth $2.1B set to expire: Will $60K hold?
Bitcoin price entered Friday under pressure as $2.1 billion in options contracts approach expiry.
Summary
- A large Bitcoin options expiry is approaching with limited upside support.
- Most call positions sit far above current prices, reducing hedging demand.
- Traders are watching whether $60K can hold after the contracts settle.
Bitcoin is facing another key test as a large batch of derivatives contracts reaches maturity. Bitcoin options worth about $2.1 billion are set to expire at 8:00 a.m. UTC on Feb. 6, according to data from Deribit.
About 34,000 contracts are covered by the expiry, which comes at a time when market sentiment is still shaky. Call options still outnumber puts, as shown by the put-to-call ratio, which is close to 0.60.
This implies that a large number of traders had positioned themselves for higher Bitcoin (BTC) prices in earlier weeks. The so-called max pain level, where most option buyers would lose money, sits around $80,000. That level is well above current market prices.
Ethereum (ETH) options worth about $390 million are also expiring alongside BTC options. These contracts have a put-to-call ratio of 1.01 and a max pain level near $2,450.
Bitcoin has struggled to regain its footing after dropping to an intraday low of $60,286, later stabilizing in a narrow $63,000–$65,000 range. Due to a mix of forced liquidations and widespread rotation from risk assets, the cryptocurrency is now nearly 50% below its 2025 high of above $126,000.
How Bitcoin options expiry could affect price
While many put options are already profitable, the majority of call options are far out of the money with max pain close to $80,000.This setup limits the usual pull toward the max pain level that sometimes appears around major expiries.
In simple terms, dealers and large traders have little incentive to push prices higher to protect call positions. At the same time, there is limited pressure to buy Bitcoin for hedging purposes. As a result, price action after the expiry may stay soft and follow the existing trend.
If selling pressure continues, the market could drift back toward nearby support levels rather than stage a strong rebound.
Analysts are watching the $60,000 area closely. This zone has acted as short-term support during recent sell-offs. A sustained break below it could deepen losses, while a firm hold may allow for a temporary bounce.
Bitcoin price technical analysis
Bitcoin has clearly broken below the 100-day moving average, which served as trend support for the majority of 2025. Several recovery attempts failed near $83,000, showing strong selling interest at higher prices.
The price structure has now flipped lower following a range breakdown and a clear lower high. As Bitcoin fell below the lower Bollinger Band, the decline accelerated, suggesting disorderly selling rather than consistent profit-taking.
The weakness is confirmed by momentum indicators. The relative strength index fell below levels observed in previous cycles, approaching 20. No bullish divergence has appeared, and many sessions closed near their lows. This suggests limited interest from dip buyers.
A former support zone around $75,000 failed to hold. With that area broken, attention has shifted to the $60,000 level as the next major psychological support.
If $60,000 holds on a daily close, short-term relief rallies could develop as selling pressure eases. In that case, price may move toward the $70,000 to $75,000 range, where past support has turned into resistance. Without a recovery above the 100-day average near $83,000, such moves would likely stay corrective.
If $60,000 breaks and price settles below it, the market could open the path toward the mid-$50,000 region. Under that scenario, downside momentum would remain intact, and sentiment-driven rebounds may struggle until the overall structure improves.
Turkish prosecutors expanded a wide-ranging operation against illegal online betting and money-laundering networks, freezing more than €460 million in assets linked to a prominent suspect. The Istanbul seizure, announced last week, targeted holdings tied to Veysel Sahin, accused of operating unlawful betting platforms and channeling illicit proceeds. Officials initially declined to name the crypto firm involved, but later confirmed that Tether Holdings SA—the issuer of the USDt stablecoin—was implicated in the case. Tether’s CEO, Paolo Ardoino, said the company acted after receiving information from law enforcement, asserting that the firm “acts in respect of the laws of the country” and works with federal agencies when warranted. The move fits into a broader Turkish crackdown aimed at untangling underground gambling networks and their financial conduits.
Key takeaways
- Turkish prosecutors seized approximately €460 million ($544 million) in assets linked to Veysel Sahin, a figure tied to alleged illegal betting platforms and money laundering.
- Tether Holdings SA confirmed cooperation with authorities after being identified in the case, underscoring a broader pattern of collaboration with law enforcement on crypto-related investigations.
- Turkey’s ongoing probes have already netted more than $1 billion in seizures across related investigations, highlighting the scale of cross-border enforcement against illicit crypto activity.
- Analytical firms report that stablecoin ecosystems continue to be a battleground for compliance, with thousands of wallets flagged for potential misuse and billions in associated activity.
- Despite scrutiny, USDt remains among the dominant stablecoins in on‑chain activity, with continued growth in market cap and user adoption even amid a broader downturn in the crypto sector.
Tickers mentioned: $USDT, $USDC, $USDe
Sentiment: Neutral
Price impact: Neutral. The actions described are enforcement measures; no direct, stated impact on token prices is noted in the report.
Market context: The Turkish crackdown underscores rising regulatory attention to stablecoins and cross-border crypto flows as authorities increasingly leverage on-chain analytics to pursue illegal finance and sanctions evasion. The case also illustrates how crypto firms collaborate with investigators in multi-jurisdictional efforts, shaping a developing playbook for enforcement in a rapidly evolving sector.
Why it matters
The Turkish case exemplifies how traditional crime issues—unlicensed gambling, money laundering, and cross-border capital movement—become entangled with crypto rails. By freezing assets tied to a named operator and publicly linking the action to a major stablecoin issuer, regulators draw a direct line between on-chain liquidity and real-world criminal enterprises. For crypto firms, the episode reinforces the need for robust Know Your Customer and Anti-Money Laundering controls and heightened cooperation with law enforcement, particularly in jurisdictions with aggressive enforcement environments. The public acknowledgment of the role played by USDt in the case—and the broader discussion around its use in illicit activity—adds to the ongoing debate about stability, transparency, and risk management within the stablecoin landscape.
For investors and users, the development signals ongoing regulatory scrutiny of stablecoins, even as the asset class sustains significant liquidity and network activity. Analysts have tracked a broad escalation in compliance actions tied to stablecoins, which could influence how exchanges and custodians assess risk, conduct due diligence, and report suspicious activity. The Turkish actions also intersect with wider enforcement patterns that see information-sharing between national authorities and crypto firms as a central feature of investigations that span continents. In this context, the resilience of legitimate stablecoin use—reconciliation of on-chain flows with traditional financial systems—depends increasingly on transparent governance, auditable reserves, and proactive collaboration with regulators.
Beyond the Turkish case, analyses from Elliptic highlight how stablecoins have become a focal point for financial crime risk analysis. The firm’s data show that by late 2025, roughly 5,700 wallets connected to stablecoins had been blacklisted, holding about $2.5 billion in aggregate value, with roughly three-quarters of those addresses associated with USDT. The broader takeaway is that enforcement pressure on stablecoins is intensifying as regulators push for more visibility into fund flows, counterparties, and the end-use of digital assets in illicit networks. In tandem with this, Tether has pointed to its own compliance record, noting it has assisted in more than 1,800 investigations across 62 countries, leading to about $3.4 billion in frozen USDt tied to alleged criminal activity.
From a policy perspective, the case dovetails with ongoing discussions about stablecoins’ role in sanctions regimes and cross-border finance. While some observers argue that stablecoins offer efficiency and resilience for legitimate users, the same rails can be exploited for evading restrictions or moving proceeds of crime. The broader narrative is not about banning stablecoins but about ensuring that the technology is integrated with robust compliance practices that can withstand sophisticated enforcement attention. The Turkish authorities’ success in tracing and freezing funds also sends a message to illicit actors: cross-border cooperation and on-chain forensics remain potent tools for disrupting illegal financial networks.
As the surveillance of the stablecoin ecosystem intensifies, the crypto markets watch how issuers adapt. USDt, which recently reached a record market capitalization of about $187.3 billion in Q4 2025, continues to dominate the stablecoin space even as other tokens faced volatility. On-chain activity in USDt also hit new highs, with nearly 24.8 million active USDt wallets and a quarterly transfer volume exceeding $4.4 trillion across billions of transactions. These metrics underscore the sheer scale of stablecoin usage and the importance of regulatory clarity for participants across exchanges, wallets, and payments rails.
In summary, the Turkish action is a notable data point in a broader trend: law enforcement agencies increasingly coordinate with issuer platforms to combat illicit finance in the digital era. While the specifics of the Sahin case are localized, the underlying dynamics—cross-border prosecutions, analytics-driven investigations, and ongoing scrutiny of stablecoins—are global in scope and likely to influence policy discussions and industry practice for months to come.
What to watch next
- Continued Turkish investigations into online gambling and money laundering networks, and any subsequent asset seizures related to Sahin or affiliated entities.
- Public disclosures from Tether about ongoing regulatory cooperation and any new findings from cross-border investigations.
- Regulatory developments around stablecoins in major markets, including potential updates to reserve disclosures and reporting requirements.
- Follow-up analyses from on-chain researchers about the use of USDt in sanctions or illicit finance corridors and any shifts in wallet-holding patterns.
Sources & verification
- Istanbul prosecutors’ seizure announcement tied to Veysel Sahin via turkiye today.
- Paolo Ardoino’s comments to Bloomberg regarding cooperation with law enforcement.
- Elliptic analysis on blacklisted stablecoin wallets and related illicit activity.
- U.S. Department of Justice press release on charges related to laundering $1 billion using USDt.
- Cointelegraph reporting on USDt market cap and on-chain activity in Q4 2025.
Tether has frozen more than half a billion dollars in cryptocurrency at the request of Turkish authorities, blocking funds tied to an alleged illegal online betting and money-laundering operation.
Last week, prosecutors in Istanbul announced the seizure of approximately €460 million ($544 million) in assets belonging to Veysel Sahin, accused of operating unlawful betting platforms and laundering proceeds. Officials initially declined to identify the crypto firm involved, but the company was Tether Holdings SA, the issuer of the $185 billion USDt (USDT) stablecoin, CEO Paolo Ardoino told Bloomberg.
“Law enforcement came to us, they provided some information, we looked at the information and we acted in respect of the laws of the country,” Ardoino reportedly said. “And that’s what we do when we work with the DOJ, when we work with the FBI, you name it,” he added.
The action came as part of a broader investigation targeting underground gambling and payment networks in the country. Turkey has already seized more than $1 billion in assets through related probes, according to Bloomberg.
Related: Tether releases open-source operating system for Bitcoin mining
Tether, Circle blacklist 5,700 wallets
According to analytics firm Elliptic, stablecoin issuers, primarily Tether and Circle, had blacklisted about 5,700 wallets containing roughly $2.5 billion by late 2025. About three-quarters of those addresses held USDT at the time they were frozen.
Tether also told Bloomberg that it has assisted authorities in more than 1,800 investigations across 62 countries, resulting in $3.4 billion in frozen USDT connected to alleged criminal activity.
Despite the cooperation, USDt continues to attract scrutiny. US prosecutors last month charged a Venezuelan national with laundering $1 billion, largely using the token, while blockchain researchers have linked large USDt transactions to sanctions-evasion activity.
Last year, Bitrace also reported that $649 billion in stablecoins, or about 5.14% of total stablecoin transaction volume, flowed through high-risk blockchain addresses in 2024, with Tron-based USDt accounting for more than 70% of the activity.
Related: Tether CEO denies the company ever planned $20B raise
Tether’s USDT hits $187B market cap
As Cointelegraph reported, Tether’s USDt reached a record $187.3 billion market capitalization in the fourth quarter of 2025, growing by $12.4 billion despite a broader crypto downturn triggered by October’s liquidation cascade. While USDt expanded, rival stablecoins struggled, with Circle’s USDC (USDC) ending the quarter largely flat and Ethena’s USDe losing about 57% of its value.
Network usage also surged. Monthly active USDt wallets climbed to 24.8 million, roughly 70% of all stablecoin-holding addresses, while quarterly transfer volume rose to $4.4 trillion across 2.2 billion transactions, marking new onchain records.
Magazine: Bitget’s Gracy Chen is looking for ‘entrepreneurs, not wantrepreneurs’
Key insights
- EU blocks Russia’s digital ruble and crypto services to close alternative payment channels.
- Over 40 shadow fleet tankers targeted to enforce oil price cap and energy restrictions.
- Banks, third-country suppliers, and military contractors face expanded financial sanctions.
Why is the EU now targeting crypto and the digital ruble?
The European Union has unveiled its proposed 20th sanctions package against Russia, expanding restrictions beyond traditional finance into digital assets. The measures aim to weaken Moscow’s ability to fund its war in Ukraine by blocking new financial channels that emerged after earlier banking sanctions.
🚨 EUROPE JUST PUT CRYPTO ON THE SANCTIONS MAP
On February 6, 2026, Ursula von der Leyen announced the EU’s 20th sanctions package — and this time the focus widens to crypto assets, firms trading them, and platforms enabling those trades.
Why this matters:
The goal is simple:… pic.twitter.com/nuVfDbR7sX— Naeem Aslam (@NaeemAslam23) February 6, 2026
Announced by EU foreign policy chief Kaja Kallas, the plan bans the use of Russia’s central bank digital currency (CBDC) — the digital ruble — inside the bloc. It also prohibits European businesses and institutions from interacting with Russian crypto-asset service providers.
Wars end when one side runs out of money.
Cutting cash flows to Moscow is essential to stop the fighting.More banks supplying the Kremlin will face transaction bans, in Russian and in third countries. All will be cut off from SWIFT.
We will also ban Russia’s central bank…
— Kaja Kallas (@kajakallas) February 6, 2026
As Russia faced growing limits on international banking access, it increasingly turned to alternative settlement tools, including cryptocurrencies and the digital ruble, to facilitate trade and cross-border payments. The EU now intends to close what officials see as a financial workaround.
The package further proposes removing additional Russian and affiliated banks from the SWIFT messaging network and placing full transaction bans on institutions accused of providing liquidity to the Kremlin.
Could these measures actually disrupt war financing?
EU officials believe so. By cutting both traditional and digital payment rails, the bloc aims to make financing military operations significantly more costly.
The sanctions also target companies in third-party countries suspected of helping Russia obtain electronics and industrial components for weapons production. About 40 firms linked to military supply chains would face full sanctions.
New export restrictions will apply to essential industrial materials, including chemicals, rubber products, metalworking tools, and laboratory equipment — all items that can support defense manufacturing.
What about Russia’s oil trade and the “shadow fleet”?
The EU is also tightening enforcement of energy sanctions. More than 40 oil tankers believed to be part of Russia’s so-called shadow fleet — aging vessels used to sell oil above the G7 price cap — would be blacklisted.
These ships would lose access to EU ports and maritime services. The proposal also bans maintenance services for Russian LNG tankers and icebreakers.
Additionally, the bloc plans to activate its Anti-Circumvention Tool against countries suspected of acting as trade transit hubs. Companies providing insurance or technical services to sanctioned Russian oil shipments could face heavy penalties.
The sanctions list will also expand to include individuals linked to war crimes, propaganda operations, and the deportation of Ukrainian children.
Bitcoin (BTC) failed to hold $69,000 as the weekend began amid predictions of fresh macro lows next.
Key points:
-
Bitcoin faces a lack of acceptance above $69,000, while traders see new lows to come.
-
Analysis says that the rebound into the weekend was nothing more than a “relief rally.”
-
Two CME futures gaps provide potential targets for BTC price upside.
BTC price bottom “not in,” analysis warns
Data from TradingView showed BTC price action dropping more than $4,000 versus the daily open.
With the old 2021 all-time high increasingly turning to resistance, already wary traders were in no mood for relief.
“TLDR: The $BTC bottom, is not in. My priority right now is capital preservation,” Keith Alan, cofounder of trading resource Material Indicators, warned X followers the day prior.
“If you’re thinking, ‘We’re so back,’ we’re not. There is literally no evidence of that yet.”
Alan described the 2021 $69,000 highs as “important” within what he called the ongoing “relief rally.”
“$60k was a gift yesterday, but there’s a high probability that lower is likely before the Bull Market returns,” he continued.
Zooming out, trader and analyst Rekt Capital also had reason to believe that the worst of the bearish BTC price move was not over.
“Whenever Bitcoin peaks in its Bull Market in Q4 of the Post-Halving year… It tends to produce a multi-month Relief Rally from the Macro Triangle Base before breaking down from the Triangle to transition into Bearish Acceleration,” he wrote on X, comparing BTC/USD with the 2022 bear market.
“This is the 4th consecutive cycle that this historical tendency has continued. And history suggests there’s more downside to come.”
Bitcoin bulls bet on CME gap fills
Saturday’s retracement, meanwhile, left a new potential “gap” in CME Group’s Bitcoin futures market.
Related: Bitcoin beats FTX, COVID-19 crash with record dive below 200-day trend line
A classic short-term price magnet, the gap joined another left at $84,000, and both were now of interest to traders eyeing a broader market relief move.
Will we see this #Bitcoin CME Gap filled next week?
$84,215 🎯 pic.twitter.com/ZHaKynuR3F
— Elja (@Eljaboom) February 7, 2026
“Today: correction day. Tomorrow: back up again towards the CME gap. Next week: continuation to $75k+,” crypto trader, analyst and entrepreneur Michaël van de Poppe forecast.
Samson Mow, CEO of Bitcoin adoption company JAN3, included the higher CME gap as one of two questions that “every financial analyst should be asking themselves.”
The other topic revolved around the ability of large-scale corporate buyers to add BTC to their treasuries at current 15-month lows.
“I believe the answers are not for long and very soon,” he concluded.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
The US Commodity Futures Trading Commission (CFTC) expanded its digital asset collateral framework on February 6.
This update explicitly authorizes futures commission merchants (FCMs) to accept stablecoins issued by national trust banks as margin.
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Bank-Issued Stablecoins Enter US Derivatives Margin
The revision, detailed in Staff Letter 25-40, serves as a critical course correction to guidance issued in December.
That earlier framework had inadvertently created a two-tiered system by restricting eligible payment stablecoins to those issued by state-regulated money transmitters or trust companies.
The oversight effectively sidelined federally chartered national trust banks from participating in the burgeoning market for tokenized derivatives collateral.
Consequently, their previous exclusion from the eligible collateral list was an unintentional error that required immediate rectification.
In light of this, this update confirms that stablecoins issued by national trust banks now have parity with assets from state-regulated issuers, such as Circle and Paxos.
CFTC Chairman Mike Selig characterized the revision as a strategic step toward cementing American dominance in the digital asset sector.
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“With the enactment of the GENIUS Act and the CFTC’s new eligible collateral framework, America is the global leader in stablecoin innovation,” Selig said in a statement Friday.
The update is critical for the clearing industry, which has struggled to integrate digital assets into traditional settlement workflows.
Salman Banei, general counsel of Plume Network, noted the operational significance of the fix, saying:
“With this, GENIUS Act compliant stablecoins can be used as the payment leg for institutional derivatives settlement.”
The commission stated that it would not recommend enforcement action against FCMs that accept newly qualified assets. However, this leniency is conditional on their adherence to the enhanced reporting protocols outlined in the no-action letter.
Meanwhile, this latest move is part of a broader pilot program launched by the commission last year.
Under this initiative, FCMs are temporarily permitted to utilize Bitcoin, Ethereum, and qualified stablecoins as collateral for derivatives trading.
However, the CFTC emphasized that this relief comes with stringent oversight.
Participating FCMs must file frequent reports detailing their digital asset holdings and must immediately disclose any significant operational failures, disruptions, or cybersecurity incidents.
This reporting mechanism effectively places the industry in a regulatory sandbox, where the operational resilience demonstrated during this trial period will determine the long-term viability of crypto-collateral.
Meanwhile, XRP and SOL are among the top performers today, with notable increases following the latest market crash.
Bitcoin’s price volatility only intensified at the end of the business week as the asset dumped to a multi-month low before it staged an impressive five-digit recovery that was stopped at $72,000.
Most altcoins are well in the green on a daily scale, but the weekly charts are still painful. Nevertheless, many have bounced off the multi-year lows they posted yesterday.
BTC Stopped at $72K
There’s no valid way to sugarcoat what happened in the crypto markets in the past week or so. Just last Saturday, the primary digital asset dumped from $84,000 to under $76,000 in what’s usually a highly uneventful day. Although that was a painful crash on its own, it wasn’t the end of BTC’s struggles.
The asset dipped once again to under $74,000 at the beginning of the business week, but the actual calamity took place on Thursday and culminated on Friday morning.
At the time, BTC plummeted by approximately $17,000 in just over 24 hours from $77,000 to $60,000, which became its lowest price tag since before the US elections in late 2024. After liquidating thousands of traders for billions of dollars, the move south was finally exhausted, and bitcoin actually went on the offensive on Friday evening.
The peak came at almost $72,000, which was tapped on a couple of occasions, but BTC couldn’t break through it. Just the opposite, it was stopped and driven south to $68,000, where it currently sits.
Its market capitalization is down to $1.360 trillion on CG, while its dominance over the alts has slipped to 56.6%.
Alts Try to Rebound
Ethereum was among the poorest performers during the overall crash, dumping from more than $3,000 to under $2,700 in just over a week. It has bounced since then to $2,010 as of press time. SOL, BCH, XMR are also well in the green, followed by XRP, TRX, DOGE, and ADA.
In contrast, the recent high-flyer HYPE has dropped by almost 5% daily and now sits below $33. PUMP and WLFI are also in the red from the larger caps.
The total crypto market cap has recovered over $100 billion since its multi-year bottom on Friday morning and is up to $2.4 trillion on CG.
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Strategy has told investors that Bitcoin would have to collapse to around $8,000 before its crypto holdings no longer cover the company’s net debt, even as paper losses continue to deepen.
Summary
- Strategy holds more than 713,000 BTC acquired at an average of $76,052.
- Management says debt coverage fails only near $8,000.
- Current Bitcoin prices place holdings about $10B below cost.
The Michael Saylor-led firm made the disclosure in investor materials released alongside its fourth-quarter results on Feb. 5.
At the time of the filing, Strategy said its Bitcoin (BTC) holdings were worth $59.7 billion at a reference price of $84,000, about 10 times compared with net debt of about $6 billion.
With Bitcoin now trading near $63,800, the value of those holdings has fallen to roughly $45.4 billion, as per Saylor Tracker data, down about $10 billion from the company’s average purchase cost.
Debt coverage and balance sheet position
Strategy said its Bitcoin would fail to cover net debt only in what it described as an “extreme scenario” involving a drop to $8,000, a level last seen in early 2020. The company added that its Bitcoin is unencumbered and not pledged as collateral, which limits the risk of forced selling even during sharp market declines.
As of Feb. 1, 2026, Strategy held 713,502 BTC, acquired at a total cost of $54.26 billion, or $76,052 per coin. The firm also reported a 22.8% Bitcoin yield for fiscal year 2025, reflecting gains from capital raising and reinvestment strategies.
During 2025, Strategy raised $25.3 billion in capital, making it the largest U.S. equity issuer for a second straight year. It also completed five preferred stock offerings, raising $5.5 billion, and expanded its digital credit program, STRC, to $3.4 billion.
“We raised $25.3 billion of capital in 2025 to advance our Bitcoin treasury strategy,” said president and CEO Phong Le. “In 2026, we remain focused on expanding STRC to generate amplification and drive growth in Bitcoin Per Share.”
Chief financial officer Andrew Kang said the company’s capital structure is stronger than in previous cycles, citing its $2.25 billion reserve fund, which covers more than two years of dividend and interest payments.
Michael Saylor described Strategy’s balance sheet as a “digital fortress,” built around its Bitcoin holdings and digital credit platform.
Losses, valuation, and sector-wide pressure
Strategy’s confidence in its debt coverage comes as losses linked to Bitcoin volatility continue to weigh on financial results.
Due to unrealized losses on digital assets under fair value accounting, the company reported an operating loss of $17.4 billion for the fourth quarter of 2025. Common shareholders incurred a net loss of $12.6 billion, or $42.93 per diluted share.
With Bitcoin trading in the low $60,000 range, Strategy’s holdings are now valued at about $45.4 billion, well below their $54.26 billion acquisition cost. Since late 2025, as prices fell and selling pressure mounted on cryptocurrency markets, that gap has grown.
At the moment, the company’s diluted multiple to net asset value, or mNAV, is about 0.85x. mNAV measures how the market values a firm’s equity relative to the net value of its assets, mainly its Bitcoin holdings, after accounting for debt. A ratio below 1 means the stock is trading at a discount to the underlying asset value.
Pressure is also building across the wider crypto treasury sector. Data from Artemis shows that unrealized losses among crypto accumulation firms have surpassed $25 billion. None of those firms has generated profits that exceed acquisition costs.
Some analysts view Strategy’s $8,000 threshold as a theoretical floor rather than a realistic risk. Others note that prolonged weakness below $60,000 could test investor confidence, raise re-financing costs, and limit the company’s ability to raise new capital on favorable terms.
Vietnam is moving to formalize how crypto transactions are taxed and regulated, signaling a push toward a tightly controlled but economically significant digital asset market. A draft circular circulated by the Ministry of Finance would impose a 0.1% personal income tax on the value of each crypto transfer executed through licensed service providers, aligning digital asset activity with the country’s securities trading framework. While transfers and trading would be VAT-exempt, the plan taxes turnover, applying the levy to investors regardless of residency. For institutions, crypto-related income would be taxed at 20% corporate rate, calculated after deducting purchase costs and related expenses. The measures also set a high bar for exchanges, including a 10 trillion dong charter capital threshold and a 49% foreign-ownership cap, reflecting a cautious approach to market infrastructure.
The draft circular, released for public consultation, also formalizes a definition of crypto assets as digital assets issued, stored or transferred using cryptographic or similar technologies. It arrives as Vietnam accelerates a broader, five-year pilot program for a regulated crypto-asset market that began in September 2025. By October 2025, officials indicated no companies had applied to participate in the pilot, underscoring barriers related to capital requirements and eligibility criteria. Separately, authorities have begun opening licensing windows for digital asset trading platforms, signaling that the regulatory framework could start to take shape in early 2026.
As the policy discussion unfolds, Vietnam’s approach appears to be balancing tax revenue opportunities with stringent oversight of who can operate and how financial flows are monitored. The Ministry of Finance’s draft circulates alongside ongoing regulatory experiments and a push to bring crypto activity into formal channels, while the broader ecosystem weighs the implications for retail investors, institutions, and technology providers. The Hanoi Times highlighted the 0.1% PIT as the centerpiece of the tax framework, noting that the tax would be levied on transfers through licensed providers and would mirror the existing stock-trading levy in form and function. The article also points to a clear distinction between value-added tax treatment and turnover taxes, a nuance that could influence how exchanges structure their operations and how tax authorities monitor cross-border activity.
Vietnam formally defines crypto assets
In what appears to be a step toward regulatory clarity, authorities described crypto assets as digital instruments that rely on cryptographic or analogous technologies to issue, store and verify transfers. This definitional move is a precursor to stricter licensing criteria and more predictable tax treatment, which in turn could attract legitimate players while screening out speculative, non-compliant activity. The proposed regime sets a higher capital bar for exchanges than many industries require for traditional banks, signaling an intent to ensure resilience and risk controls in markets that are closely linked to global capital flows.
Under the proposed rules, operators seeking to run a digital asset exchange would need substantial capital, with charter requirements set at 10 trillion dong (about $408 million at current exchange rates). Foreign ownership would be allowed but capped at 49% of an exchange’s equity, limiting influence from outside the country while still enabling international participation. Such thresholds underscore the government’s preference for domestic guardianship of critical financial infrastructure, even as it permits foreign-backed ventures to participate under strict caps and regulatory oversight.
The broader regulatory arc has been visible since Vietnam launched a five-year crypto market pilot in September 2025, a landmark shift intended to test how a regulated ecosystem could coexist with a growing domestic economy. By early October, authorities acknowledged that no companies had yet submitted applications to join the pilot, a reflection of the substantial entry hurdles and careful qualification criteria in play. This admission came alongside reports that the pilot’s scope would eventually be complemented by formal licensing for trading platforms, a move that would bring crypto activity under formal government supervision and pave the way for standardized reporting and consumer protections.
Vietnam opens licensing for crypto exchanges
In the lag time between policy signals and practical rollout, Vietnam began accepting applications for exchange licenses, marking a tangible step toward operationalizing a regulated crypto market. The State Securities Commission of Vietnam (SSC) stated that applications would be accepted starting January 20, 2026, framing the licensing process as a deliberate, multi-year effort to bring crypto activities into a formal regulatory framework. The liquidity and risk-management requirements implied by the licensing window are designed to channel legitimate market participants into a controlled environment, potentially reducing fraud and improving transparency for investors and policymakers alike.
Key takeaways
- The Ministry of Finance’s draft circular would impose a 0.1% personal income tax on the value of each crypto transfer conducted through licensed providers, aligning crypto transfers with the country’s stock-trading levy.
- Crypto transfers and trading would be exempt from value-added tax, while turnover-based taxation would apply to investors regardless of residency status.
- Institutional investors earning income from crypto transfers would face a 20% corporate income tax on profits after deducting costs and expenses.
- Exchanges would face a high capital requirement of 10 trillion dong (roughly $408 million) and foreign ownership would be limited to 49% of equity.
- A formal definition of crypto assets would anchor regulatory rules, helping separate compliant activity from informal or illicit use cases.
- The country has launched a five-year pilot for a regulated crypto market (Sept 2025) with licensing for exchanges anticipated to begin in 2026, although initial participation had not materialized by Oct 2025.
Market context: The policy comes as many jurisdictions reassess how to regulate crypto markets, balancing tax revenue with consumer protection and financial stability. Vietnam’s approach leans toward rigorous control, reflecting a global trend toward centralized oversight while still signaling potential for regulated participation by international players under strict conditions.
Why it matters
The package signals a deliberate attempt to integrate crypto activity into the formal economy, with taxes and licensing acting as primary levers to enhance oversight. For retail investors, the PIT on transfers through licensed providers creates a clear tax path that will influence trading behavior and cost considerations. Institutions face a defined tax regime and a high bar for market entry, potentially filtering participants to those willing to navigate substantial capital prerequisites and regulatory compliance obligations.
From a market infrastructure perspective, the 10 trillion dong charter capital threshold and 49% foreign-ownership cap set a high ceiling for domestic exchanges, aiming to safeguard the financial system while still inviting foreign expertise. The definitional clarity around crypto assets helps align Vietnamese rules with broader financial standards, reducing ambiguity for developers, exchanges, and custodians seeking to establish local operations. Observers will watch how this framework interacts with ongoing pilot programs and whether the regulatory appetite broadens to accommodate more players over time.
For policymakers, the balance between revenue collection, investor protection, and market growth is delicate. Vietnam’s approach suggests a patient, data-driven trajectory: tax structures that incentivize compliance, capital requirements that deter low-capital risk, and licensing that creates an auditable, auditable market foundation. If successful, the model could influence neighboring economies contemplating similar regulated pathways for digital assets, especially in a region where adoption is uneven and regulatory certainty remains a key obstacle for institutional participation.
What to watch next
- January 20, 2026: Applications open for digital asset exchange licenses, establishing a formal entry point for market participants.
- Public responses to the draft circular: Feedback from domestic and international stakeholders could shape final text and practical implementation.
- Details on how PIT and corporate tax will be administered across different crypto products and services, including calculation methodologies and reporting requirements.
- Progress of the five-year pilot: uptake, participant eligibility, and any regulatory adjustments arising from early pilot findings.
- Any updates to foreign ownership rules or capital thresholds as exchanges begin building their local presence under clarified regulatory conditions.
Sources & verification
- Draft circular on crypto taxation and licensing circulated by Vietnam’s Ministry of Finance for public consultation.
- The Hanoi Times report outlining the 0.1% personal income tax on crypto transfers through licensed providers.
- Five-year crypto market pilot launched in September 2025, with a status update stating no applicants as of October 6, 2025.
- State Securities Commission of Vietnam (SSC) statement on the licensing window for digital asset exchanges and the January 20, 2026 start date.
- Coverage of Vietnam opening licensing for crypto exchanges and related regulatory developments referenced in contemporaneous reporting.
Meme coin launchpad Pump.fun has announced the acquisition of trading terminal Vyper, a move aimed at expanding its cross-chain trading capabilities.
Summary
- Pump.fun has acquired Vyper to expand its cross-chain trading terminal, with a focus on improving EVM and Base support.
- Vyper’s team and technology will be integrated into Pump.fun’s Terminal, while the standalone Vyper product will be phased out.
- The deal highlights Pump.fun’s push to evolve from a meme-coin launchpad into a broader trading and infrastructure platform.
The deal was confirmed on February 5, 2026, though financial terms were not publicly disclosed. Vyper’s team and technology will now join Pump.fun’s broader product suite as part of this strategic expansion.
Pump.fun integrates Vyper into its Terminal
Pump.fun is a Solana-originated meme coin launchpad and token creation platform that has grown into one of the most active crypto applications. Since its launch in early 2024, it has allowed users to create and trade tokens without technical expertise and has played a major role in the surge of memecoin activity on Solana.
Under the acquisition plan, Vyper’s infrastructure will be integrated into Pump.fun’s Terminal platform, while the standalone Vyper product will be phased out. The Terminal, previously built after Pump.fun acquired another trading terminal product called Padre, aims to serve as a multi-chain trading hub focused on fast execution and broad market support.
In a post announcing the integration, the Terminal team stated: “EVM support is a core focus for Terminal. With Vyper’s infrastructure & talent, expect trading on EVM (including Base) to massively improve.”
Pump.fun co-founder Alon Cohen also commented on the deal via social media. He framed the acquisition as part of a broader growth strategy, writing that “despite market conditions, we’re expanding our team rapidly and aggressively,” and highlighted the importance of building “super rapid and efficient cross-chain trading infrastructure.”
For Pump.fun, adding Vyper’s technical expertise strengthens its Terminal offering and helps accelerate its reach into EVM-compatible networks like Base and others. This is crucial for broad cross-chain liquidity and execution quality. For Vyper, integration into a larger ecosystem offers a clearer path for product evolution than remaining a standalone service.
Crypto World
Gold Holds Below $5,000 as Volatility Remains High, Exchange Operator CME Hikes Margins
Gold prices remained below $5,000 as volatility remains high following last week’s historic rout, with exchange operator CME Group raising margin requirements for precious metals once again.
Futures in New York ticked 0.1% higher at $4,891.10 a troy ounce and are headed for a weekly gain of 3%. Meanwhile, silver fell 4.1% to $73.56 an ounce, on track for a weekly decline of more than 6%.
“Until volatility subsides and price discovery improves, gold, and especially silver is likely to trade violently in both directions,” said Ole Hansen from Saxo Bank.
Players from Chaparral H.S. (Las Vegas, NV)
Nvidia rival Cerebras raises $1bn at $23bn valuation
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