Bitcoin’s latest price action underscores a paradox at the heart of institutional crypto interest: capital is increasingly present, yet money managers remain wary of labeling BTC as a risk-off hedge. After topping near $120,000 in October, the asset has retraced more than 25% in the past month, prompting observers to parse whether the pullback signals a maturation of the market or a cooling in risk appetite among investors. The debate touches on four-year cycle dynamics, regulatory clarity, and how Wall Street–level players are recalibrating their exposure as policy conversations unfold.

Key takeaways

• Bitcoin has shed more than 25% in the month, testing critical levels as institutional risk appetite shifts and cycle dynamics influence pricing.
• The CLARITY Act, a centerpiece of US crypto regulation, remains stalled in the Senate, with banks and exchanges contending over stablecoin provisions that could reshape exchange economics.
• Grayscale argues that near-term BTC moves resemble growth equities with high enterprise value rather than traditional gold, signaling a non-traditional risk profile for the asset.
• High-level talks on crypto market structure legislation continue, including a White House engagement between crypto executives and bankers, signaling bipartisan momentum toward clarity.
• Kaiko Research flags a potential $60,000 level as a halfway point in the bear market, stressing that on-chain metrics will determine whether the four-year cycle framework holds.
• Regulatory clarity and the GENIUS Act are viewed as structural catalysts that could unlock new use cases for stablecoins and tokenized assets, potentially guiding long-term value for networks.

Tickers mentioned: $BTC, $COIN

Sentiment: Neutral

Price impact: Negative. Bitcoin fell more than 25% this month as institutions reevaluated risk positions and macro conditions remained uncertain.

Market context: The price pullback comes as the broader crypto environment weighs liquidity, risk appetite, and a regulatory landscape in flux, with policymakers debating how to modernize oversight of digital assets and market infrastructure.

Market context

The recent price action sits at the intersection between growing institutional involvement and ongoing regulatory ambiguity. While well-capitalized firms have shown continued interest in crypto products, their willingness to treat BTC as a risk-on asset remains contested. The conversation around regulatory clarity—particularly for market structure and stablecoins—has increasingly become the central driver of flows and product strategy, influencing whether institutions deepen exposure or recalibrate to avoid regulatory risk.

Why it matters

From a market efficiency perspective, the episode tests whether institutions can comfortably price BTC within a regulated framework that reduces tail risk while preserving participation. Grayscale has argued that BTC’s short-term moves align more with growth-oriented software equities than with precious metals, which could broaden the interpretation of what drives crypto prices beyond the traditional store-of-value narrative. The insistence on regulatory clarity suggests a path toward broader use cases—such as tokenized assets and stablecoins—that could, over time, add depth to liquidity and utility in the sector.

On the policy front, the CLARITY Act represents a sweeping redesign of crypto oversight, including DeFi, exchanges, and capital markets rules. The bill’s stalled status in the Senate has frustrated industry participants who argue that delay erodes confidence and slows strategic planning. Coinbase (EXCHANGE: COIN) and other major players have been key voices in the debate, reflecting how regulatory outcomes will shape product structuring, risk management, and partnerships going forward. The GENIUS Act, which passed in July 2025, is cited as part of a broader push toward a clearer regulatory framework, suggesting that lawmakers recognize the structural benefits of clearer rules for innovation and investor protection.

Analysts continue to weigh whether Bitcoin’s bear market can extend toward new price anchors or whether a structural shift in sentiment—driven by policy progress and institutional onboarding—will eventually rekindle momentum. Some observers point to a potential bottom in the high tens of thousands before a longer-term recovery, while others emphasize that the outcome will hinge on regulatory breakthroughs and the resilience of on-chain networks amid macro headwinds.

“I think there was a lot of sell-off just because firms that got into it from mainstream finance had to adjust their risk positions.”

“Retail people don’t get into crypto because they want to make 11% annualized … They get in because they want to make 30 to one, eight to one, 10 to one.”

Beyond the price action, the market is watching how geopolitical and regulatory signals converge. White House discussions between crypto executives and bankers—part of ongoing talks to resolve roadblocks to market structure reform—could influence the speed and direction of institutional flows. In the meantime, industry researchers note that on-chain metrics and cross-asset correlations will continue to shape the narrative around whether the four-year cycle remains intact or yields a different pattern for BTC and related assets.

In short, the bear market debate is less about a single catalyst and more about a convergence of cycles, policy, and evolving institutional incentives. As participants await clearer rules, the market will likely experience continued volatility, punctuated by moments when policy events or macro shifts trigger sharp repricings. The coming months could be decisive for whether BTC cement its role as a core allocation for institutions or whether it remains a higher-risk, higher-reward bet that requires more robust regulatory scaffolding before a broader class of investors can comfortably participate.

What to watch next

• Regulatory progress on the CLARITY Act and GENIUS Act, including any scheduled committee votes or floor actions.
• Outcomes of the White House meetings with crypto and banking representatives, and any policy signals that emerge from those discussions.
• Key price levels for BTC, with attention to whether the $60,000 region acts as a support or acts as a magnet for further downside.
• New on-chain metrics and cross-asset analyses that could confirm or challenge the four-year cycle framework.
• Regulatory clarity that could unlock additional use cases for stablecoins and tokenized assets, influencing the structure and liquidity of crypto markets.

Sources & verification

• Grayscale, Market Commentary: Bitcoin trading more like growth than gold.
• Federal Reserve Governor Chris Waller’s remarks at a monetary policy conference on crypto hype and risk positions.
• Mike Novogratz’s CNBC interview on institutional risk tolerance in crypto markets.
• Kaiko Research notes on critical support levels and cycle analysis.
• White House discussions involving crypto executives and bankers on market structure reform.

Bitcoin’s price slump tests institutional adoption and regulatory clarity

Bitcoin (CRYPTO: BTC) has moved under a cloud of regulatory uncertainty and shifting institutional appetite. After rallying to above $120,000 in October, the flagship crypto has retraced more than 25% in the past month, prompting observers to parse whether the pullback signals a maturation of the market or a cooling in risk appetite among investors. The pullback sits at the center of a broader debate about whether BTC is a risk-on asset or if a regulatory environment that supports product innovation and investor protection can coexist with a robust institutional footprint.

Price dynamics through this period suggest a mix of cyclical drivers and risk management by large players who entered crypto markets during a period of high enthusiasm. Some market participants attribute the sell-off to the four-year cycle framework commonly cited in crypto analysis, while others see a more general tightening of risk appetite among institutions that had pursued crypto exposure as part of a broader portfolio diversification strategy. The trajectory has been punctuated by sharp moves, with BTC slipping from its October highs and trading in lower ranges that have drawn comparisons to growth equities rather than to the classic safe-haven narrative associated with gold.

Within policy circles, the debate over appropriate regulation remains intense. The CLARITY Act would overhaul US crypto regulation, touching on areas from DeFi oversight to market infrastructure. The bill has stalled in the Senate as Coinbase (EXCHANGE: COIN) and the banking lobby clash over stablecoin provisions that could affect exchange economics and systemic risk. The absence of timely clarity has been cited by policymakers and industry participants as a key factor delaying broader institutional participation and product development. In parallel, the GENIUS Act, which had cleared its path in 2025, is viewed as part of a broader push toward a framework that could enable more predictable and scalable crypto markets.

Prominent voices in the industry have offered mixed perspectives. Fed governor Waller framed the current crypto environment as reflecting a fading wave of euphoria rather than a lasting structural shift toward digital gold. His comments at a recent monetary policy conference underscored the idea that institutions are still recalibrating risk positions as the macro backdrop evolves. In a separate interview, Galaxy Digital’s Mike Novogratz highlighted how institutions approach crypto with a different risk tolerance than retail investors, a distinction that can influence price action and liquidity dynamics. “Retail people don’t get into crypto because they want to make 11% annualized … They get in because they want to make 30 to one, eight to one, 10 to one,” he observed, pointing to the motivational differences that help explain long-term price trajectories beyond traditional hedges.

Meanwhile, market structure researchers at Grayscale have emphasized a broader context for BTC’s recent moves. They noted that short-term price action has shown correlations with software equities and tech-driven growth narratives rather than with gold or other conventional safe-haven assets. This view aligns with a broader market trend where digital assets are increasingly treated as high-growth tech exposures with unique risk characteristics rather than as proxies for traditional stores of value.

Looking ahead, the market will hinge on regulatory clarity and the pace at which policymakers can deliver predictable rules. The current discussions—including high-level talks that culminated in a White House meeting involving crypto and banking leaders—signal bipartisan momentum for market-structure reforms. If lawmakers can translate sentiment into concrete legislation, the door could open for a broader institutional onboarding, greater product innovation, and more defined risk management practices that could, over time, shape BTC’s role in diversified portfolios.

MYX is the most volatile token today, while PIPPIN has surged by 13%.

Bitcoin’s underwhelming price movements continue as the asset has failed to stage a notable recovery from its dip below $66,000 yesterday and now sits just a grand higher.

Some altcoins have posted more impressive gains over the past day, including HYPE and HBAR, both of which have gained around 5%.

BTC Stalls at $67K

The primary cryptocurrency has been in a knockdown state for weeks. Ever since it was rejected at $90,000 on January 28, the predominant force in the market has been the bears. The culmination of a week-long correction took place last Friday when they drove the asset to its lowest position in well over a year at $60,000.

After such a calamity in which bitcoin lost $30,000 in less than ten days, the bulls finally intervened and staged a quick and impressive rebound to $72,000. BTC tried to take down that level on a couple of occasions by Monday, but it was ultimately stopped.

The latest correction occurred yesterday when bitcoin slipped below $66,000 again. Although it bounced to $68,000 almost immediately, it couldn’t continue higher and now trades around $67,000 once more after a 5% weekly decline.

Its market cap struggles at $1.340 trillion on CG, while its dominance over the alts has dropped further to 56.6%.

MYX Plunges

Most larger-cap alts are slightly in the green on a daily scale. However, ETH continues to trade well below $2,000, and XRP is beneath $1.40. Only BNB has defended its territory and sits above $600 from the top 5 alts. HYPE and HBAR are today’s top gainers from this cohort of altcoins, posting 5% gains to $30 and $0.093, respectively.

PIPPIN continues to chart notable gains, surging 11% daily and a whopping 190% weekly to almost $0.50. ASTER and VET follow suit. In contrast, MYX has dumped by nearly 40% daily to under $3.3.

The total crypto market cap has remained below $2.4 trillion on CG, even though it has increased slightly ($2o billion or so) since yesterday.

A sharp $90 billion crypto market selloff is prompting renewed attention on structured staking models designed to maintain capital efficiency during volatility.

In just a few hours, nearly $90 billion evaporated from the crypto market.

Bitcoin dropped sharply below $66,000. Ethereum slid toward $1,900. Altcoins fell 4%–7%. The Fear & Greed Index plunged into “Extreme Fear.”

This wasn’t just volatility. It was a reminder.

In high-risk cycles, assets without structure bleed the fastest.

And that’s exactly why capital is shifting toward structured participation models like SolStaking.

Volatility isn’t the problem. Passive exposure is.

When markets crash:

• Leverage accelerates liquidations
• Fear drives irrational exits
• Capital becomes reactive instead of strategic

Simply holding assets without a yield structure means users’ portfolios depend entirely on price recovery. That’s speculation.

Structured staking participation is strategy.

What is SolStaking?

SolStaking is a structured digital asset platform designed to help crypto holders maintain capital efficiency during volatile cycles.

Instead of relying purely on price appreciation, SolStaking allows users to participate in automated staking and cloud mining models supported by both blockchain infrastructure and diversified real-world asset operations (RWA).

The goal is simple: Keep assets working — even when markets aren’t.

Security and compliance infrastructure

In times of instability, security matters more than yield.

SolStaking operates with a clearly defined compliance and risk framework:

• U.S.-registered operating entity: Sol Investments, LLC
• Asset segregation: User staking assets are kept strictly separate from platform operating funds
• Independent audits: Periodic audits conducted by PwC
• Custody insurance: Coverage provided by Lloyd’s of London
• Enterprise-grade security: Multi-layer encryption, system isolation, and 24×7 risk monitoring

This structure is designed for long-term operational stability, not short-term hype.

Real-world asset support structure

Unlike purely speculative staking models, SolStaking integrates diversified real-world operational assets, including:

• AI data center infrastructure
• Sovereign and investment-grade bonds
• Physical gold and commodity exposure
• Industrial metal inventory
• Logistics and cold-chain infrastructure
• Agriculture and clean energy projects

These assets operate off-chain, generating structured revenue streams that are reflected through automated on-chain contract execution.

The result? Even during heavy market corrections, the operational structure continues functioning.

Contract participation

SolStaking offers various staking and cloud mining contract models tailored to different asset types and time horizons.

Users can participate using assets such as BTC, ETH, SOL, USDT, and others. Contracts are executed automatically by the system, with daily settlement mechanisms and transparent tracking.

For full details regarding available contract plans, participation terms, and performance structures, users are encouraged to visit the official website for the most up-to-date information.

Why this matters in a bear market

Bear markets don’t destroy capital overnight. They drain it slowly, through inactivity, poor structure, and emotional decision-making.

The difference isn’t who predicts the bottom. It’s who builds a structure that continues operating through volatility. When others are waiting for price recovery, structured participants are maintaining capital efficiency.

Final thought

Crypto will always be volatile. But how people position their assets during volatility is a choice.

People can wait for the next rally. Or they can structure their assets to operate through the storm.

SolStaking is built for high-volatility markets. To learn more, visit the official website.

In today’s newsletter, Joshua De Vos, head of research at CoinDesk, summarizes their latest crypto ETF report covering U.S. adoption, the speed at which it’s happening and asset concentration.

In Keep Reading, we link to the U.S. and Global ETF reports for those who want to do a deeper dive.

– Sarah Morton

Digital assets exchange-traded product landscape: past, present and future

Crypto for Advisors – February – Digital Asset ETPs

Digital asset Exchange-Traded Products (ETPs) are now one of the clearest signals of how quickly crypto is being integrated into traditional portfolio infrastructure. As presented in CoinDesk’s latest research report, the market has moved beyond the early phase of fragmented access and into a period where regulated wrappers and exchange-traded fund (ETF) distribution are materially shaping how capital enters the asset class.

The state of crypto ETP adoption

As of the end of 2025, crypto ETP assets under management (AUM) reached $184 billion. The United States remains the center of gravity, accounting for approximately $145 billion, or close to 80% of global assets AUM. ETFs dominate the product landscape, representing 84.6% of crypto structured products by assets. The market is also heavily skewed toward simple exposure. Around 94.1% of crypto ETPs employ a delta-one strategy, and 96.1% are passively managed.

The growth in AUM has been driven primarily by the launch of U.S. spot bitcoin ETFs in January 2024. The step-change was immediate. The launch cycle pushed crypto ETP assets sharply higher and created a product category that now sits inside the same ETF allocation frameworks used across equities, fixed income and commodities.

The pace of adoption has also been unusually fast when compared to earlier ETF cycles. U.S. bitcoin ETFs reached $100 billion in assets in just 11 months, while U.S. gold ETFs took nearly 16 years to surpass the same milestone. By early 2025, bitcoin ETFs had matched 91% of the top 10 U.S. gold ETFs by AUM, before gold’s subsequent rally widened the gap. This is less a statement about relative value and more a statement about how quickly bitcoin has been absorbed into institutional distribution channels once the wrapper became available.

Scale and concentration

Within the crypto ETP market, exposure remains heavily concentrated. Bitcoin-based products account for $144 billion in AUM, representing 78.2% of total AUM. Ether-based products have reached $26.5 billion, indicating that institutional demand is gradually broadening beyond bitcoin. Outside of those two assets, exposure remains limited. Solana- and XRP-linked products manage $3.8 billion and $3.0 billion respectively, while multi-cryptocurrency ETPs represent 0.62% of total AUM, or $2.16 billion.

The pipeline broadens

This hierarchy is consistent with how ETF markets typically develop. Institutions tend to begin with the most liquid assets, in the most established structures, before expanding into broader exposure as markets deepen and benchmarks standardise. That dynamic is now beginning to appear in the crypto ETP pipeline. As of end-2025, more than 125 digital asset ETP filings were pending, with bitcoin continuing to lead the filing landscape, followed by XRP and Solana as the most active single-asset categories.

The other notable development is the growing momentum behind basket products. Multi-cryptocurrency ETPs remain a small segment by AUM, but they represent the second most active category by number of pending filings. This matters because basket products tend to become more relevant as markets mature, correlations evolve and concentration risk becomes more apparent. Indices such as the CoinDesk 5 and CoinDesk 20 are increasingly being used as reference points for ETPs, structured notes and derivatives, reflecting the market’s gradual shift toward diversified exposure.

Advisor access

The expansion of crypto ETPs has also occurred before broad adoption across major advisory platforms. Many large advisors remain in evaluation or early allocation phases, suggesting current AUM reflects initial positioning rather than full participation. That is beginning to change, with firms such as Vanguard only recently expanding client access to crypto ETFs.

Looking ahead, the scale of the global ETF market provides context for how large the category could become. Global ETF and ETP assets are projected to grow to roughly $30 trillion by 2030. Within that framework, even modest allocation decisions have the potential to translate into a materially larger crypto ETP market over time.

This summary was created based on CoinDesk Research’s latest report; Digital Assets ETP Landscape: Past, Present and Future.

– Joshua De Vos, research team lead, CoinDesk

Keep Reading

Read the full global and U.S. ETF reports here:

[PRESS RELEASE – Dubai, UAE, February 12th, 2026]

Flipster, a global cryptocurrency trading platform, has received in-principle approval from Dubai’s Virtual Assets Regulatory Authority (VARA) under Flipster FZE. The approval is a key milestone in Flipster’s expansion into the Middle East and reinforces its focus on building safe, compliant access to digital assets in regulated markets.

The in-principle approval allows Flipster FZE to progress toward offering regulated virtual asset services under VARA’s framework, with spot trading as the initial offering. It reflects Flipster’s long-term strategy to operate within established regulatory frameworks in key global markets.

“This milestone is a meaningful vote of confidence in our long-term commitment to the region,” said Benjamin Grolimund, General Manager at Flipster FZE. “The Middle East has become a blueprint for how digital assets should be regulated and adopted. VARA’s clear framework enables innovation while prioritizing trust and security — and we’re committed to building trading solutions that meet the highest standards globally.”

Flipster’s regulatory progress is matched by its continued enhancement of its compliance infrastructure. The platform’s partnership with Chainalysis enhances its capabilities in transaction monitoring and risk management — supporting Flipster’s readiness to meet VARA’s regulatory standards and operate with greater accountability and oversight.

Flipster first announced its entry into the Middle East in May 2025, with the appointment of Benjamin Grolimund, a seasoned fintech executive with prior leadership roles at Rain and Bloomberg. The UAE’s regulatory clarity and maturing digital asset ecosystem continue to position it as a strategic base for Flipster’s global growth plans.

About Flipster FZE

Flipster FZE is a regulated digital asset exchange planning to offer spot trading across leading cryptocurrencies. The platform is engineered for dependable execution, transparent pricing, and a streamlined user experience.

With a strong emphasis on compliance and security, Flipster provides users with a trusted venue to access digital asset markets with confidence.

Users can learn more at flipster.io or follow X.

Ethereum price remained in a bear market as the crypto market continued to weaken ahead of the U.S. consumer inflation report.

Ethereum (ETH) dropped to $1,985, down by 60% from its highest level in August last year. This is the token’s fourth consecutive week in the red, a move that has shed billions of dollars in value.

Ethereum’s price retreated as demand for its ETFs and futures open interest declined. Data compiled by SoSoValue shows that spot ETH ETFs shed over $129 million in assets on Wednesday, bringing the monthly outflow to over $224 million. It is the fourth consecutive month of outflows, with the cumulative net inflows being $11.75 billion.

More data show that Ethereum’s futures open interest has continued to fall over the past few months. Its open interest dropped to $23 billion, down sharply from last year’s high of over $70 billion. Falling open interest is a sign that investor demand has waned.

However, there are signs that more Ethereum is being moved today to staking pools. Data show that Ethereum staking recently crossed 30% of the total supply for the first time.

More data show that the staking queue has continued soaring in the past few months. There are now over 4 million ETH tokens in the queue waiting to be staked, with less than 25,000 waiting to exit.

Ethereum price prediction: Technical analysis 

The weekly timeframe chart shows that the ETH price has been in a strong downward trend in the past few months, moving from $4,950 in August to the current $1,988.

It has crashed below the crucial support level at $2,112, its lowest level in August 2024. 

On the positive side, the coin has formed an inverted head-and-shoulders pattern, a common bullish reversal sign in technical analysis.

Also, the Average Directional Index has dropped from 33 in July last year to 21 now, a sign that the downtrend is losing momentum. 

Most notably, the Relative Strength Index is nearing the oversold level of 30, its lowest level since April last year. Ethereum has often rebounded whenever the RSI has moved into the oversold zone.

Therefore, as Tom Lee noted, there are signs that Ethereum is about to bottom. If this happens, the next level to watch will be the psychological $2,500 level.

UNI surged 40% in minutes after Uniswap enabled trading for BlackRock’s tokenized BUIDL fund via UniswapX integration.

Uniswap’s UNI token jumped about 40% within half an hour, after Uniswap Labs announced that BlackRock’s tokenized money market fund BUIDL can now trade through its protocol.

The move links one of the world’s largest asset managers with a decentralized exchange, drawing attention from traders and institutional watchers alike.

BlackRock Fund Trading Goes Live on Uniswap Rails

In a February 11 press release, Uniswap Labs said it partnered with Securitize to make BlackRock’s USD Institutional Digital Liquidity Fund available for trading via UniswapX, its request-for-quote trading system.

The company stated that investors can swap BUIDL with approved counterparties at any time using smart contracts for settlement.

Hayden Adams, CEO of Uniswap Labs, said the integration aims to make markets cheaper and faster, while Securitize CEO Carlos Domingo said it brings traditional financial standards to blockchain-based trading.

BlackRock’s global head of digital assets, Robert Mitchnick, called the launch “a notable step” for tokenized funds interacting with decentralized finance systems. The asset manager also confirmed it has made an investment within the Uniswap ecosystem, though it did not disclose the amount or whether it bought UNI tokens.

Market reaction followed quickly, with UNI rising by more than 40% in about 30 minutes to touch $4.57 after the announcement and news of BlackRock’s involvement spread across trading desks.

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As of the latest CoinGecko data, the excitement around the token seems to have petered down somewhat, with UNI now trading near $3.40, which is still up about 5% over 24 hours.

Despite the short-term jump, the token is still down about 9% over seven days and more than 35% in the past month, showing that the spike came after a longer decline.

Tokenized Assets Keep Drawing Major Finance Firms

The integration builds on a wider trend of institutions putting financial products on public blockchains. Earlier in the year, the official Ethereum account on X noted that 35 major firms, including BlackRock, JPMorgan, and Fidelity, have launched services tied to the network. Those projects range from tokenized stocks and funds to stablecoins and deposit tokens.

Securitize, which manages more than $4 billion in assets, has worked with asset managers such as Apollo, KKR, and BNY to tokenize funds. By linking its compliance-focused platform with Uniswap’s trading system, the companies are testing a structure where regulated investors can access blockchain liquidity while remaining within whitelisted environments.

UNI’s recent price swings show how closely traders track institutional activity tied to decentralized finance.

BitMine bought roughly $83 million in ETH this week, even as Ethereum struggles to reclaim $2,000-mark.

Ethereum has remained volatile since October, while the sell-off intensified over the last month. Fundstrat head of research Tom Lee said investor frustration around the leading altcoin’s recent weakness overlooks a long and consistent historical pattern of sharp declines followed by equally rapid recoveries.

In fact, he believes that the bottom is near.

Ethereum Near the Bottom?

While speaking at a conference in Hong Kong this week, Lee said that since 2018, Ethereum has experienced drops of more than 50% on eight different drawdowns, including a steep 64% fall between January and March last year. In every one of those instances, ETH formed a “V-shaped bottom,” recovering fully and doing so at roughly the same pace as its decline. From his perspective, this track record indicates that the current drawdown does not represent any change in Ethereum’s outlook, and he expects another V-shaped bottom to emerge following the latest sell-off.

Lee also cited BitMine market analyst Tom DeMark’s assessment, who believes Ethereum may need to revisit the $1,890 level to form a “perfected bottom.” Lee added that, based on BitMine’s assessment, ETH appears to be very close to such a bottom, as he drew parallels to previous downturns in late 2018, late 2022, and April 2025.

While Lee refrained from pinpointing the exact low, he argued that the magnitude of the decline itself is more important, and that investors should be thinking in terms of opportunity rather than offloading their stash.

“If you have already seen a decline, you should be thinking about opportunities here instead of selling.”

BitMine Is Buying

His comments came as Ether prices fell to $1,760 on February 6, as it approached the 2025 low of almost $1,400. So far, ETH has continued to struggle to reclaim the $2,000 level after a more than 36% drop over the past 30 days. As weakness in the market continues, BitMine, the ETH-focused treasury firm chaired by Lee, purchased roughly $83 million worth of ETH this week.

It executed two large buys of 20,000 ETH each via institutional platforms BitGo and FalconX, even as its existing holdings remained significantly underwater.

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Meanwhile, the drawdown has already led to large-scale portfolio adjustments. For instance, Trend Research, a trading firm led by Liquid Capital founder Jack Yi, fully exited its Ethereum positions and closed what was once Asia’s largest ETH long. The firm had built roughly $2.1 billion in leveraged ETH exposure but ultimately realized losses of about $869 million after unwinding its positions despite Yi reiterating a bullish long-term outlook just days earlier.

Investment bank Standard Chartered lowered its short-term and full-year price forecasts for major cryptocurrencies, citing continued downside risk as exchange-traded fund (ETF) outflows and a challenging macro backdrop pressure the market.

The bank now expects bitcoin BTC$66,988.52 to fall to around $50,000 in the coming months, with ether ETH$1,961.10 potentially bottoming near $1,400.

The world’s largest cryptocurrency was trading around $67,900 at publication time. Ether, the second-largest, was trading around $1,980.

Geoff Kendrick, Standard Chartered’s head of digital assets research, said the selloff in recent weeks could extend as ETF investors, many sitting on losses, are more likely to reduce exposure than “buy the dip.”

Once prices establish a bottom, Kendrick said, he expects a recovery through the rest of 2026. The analyst reduced his year-end target for bitcoin to $100,000 from $150,000, ether to $4,000 from $7,500, solana SOL$80.60 to $135 from $250, BNB Chain BNB$610.47 to $1,050 from $1,755 and AVAX$8.7922 to $18 from $100.

The crypto market has weakened sharply in early 2026, with major assets like bitcoin sliding significantly from late-2025 highs and the total market cap down sharply over recent weeks. Bitcoin has dropped almost 23% since the start of the year.

The downturn has been marked by heightened volatility, large liquidations of leveraged positions and broad risk-off sentiment, which has seen crypto correlate more closely with weakening equity markets.

Macro pressures such as concerns about global growth and interest-rate outlooks have pushed investors toward traditional havens like gold, while stalled regulatory clarity, particularly in the U.S., and liquidity strains at some institutions have weighed on confidence. Combined, these forces have led to reduced trading revenues for crypto-exposed firms and bearish sentiment across many tokens.

Holdings of bitcoin ETFs have declined by nearly 100,000 BTC from their October 2025 peak, according to Kendrick. The average ETF purchase price is around $90,000, leaving many investors with unrealized losses of roughly 25%.

Macro conditions are also weighing on sentiment. Kendrick noted that while U.S. economic data show signs of softening, markets expect no interest-rate cuts before Kevin Warsh’s first Federal Open Market Committee meeting as Federal Reserve chair in mid-June, limiting near-term support for risk assets.

Despite the expected capitulation, the bank said the current drawdown is less severe than previous cycles. At its worst point in early February, bitcoin was down about 50% from its October 2025 all-time high, and roughly half of supply remained in profit, declines that are sharp but not as extreme as in prior downturns.

Crucially, this cycle has not seen the collapse of major crypto platforms, unlike 2022’s failures of Terra/Luna and FTX. Kendrick said that suggests the asset class is maturing and more resilient.

The analyst left his longer-term projections unchanged, maintaining end-2030 targets of $500,000 for bitcoin and $40,000 for ether, arguing that usage trends and structural drivers remain intact.

The analyst previously reduced his bullish bitcoin forecasts in December.

Read more: Standard Chartered Throws in the Towel on Bullish Bitcoin Forecast

VICTORIA, Seychelles, February 12, 2026 — Global crypto trading platform BYDFi participated as a sponsor of Solana Accelerate APAC at Consensus Hong Kong 2026, held alongside Consensus Hong Kong at the Hong Kong Convention and Exhibition Centre. The combined gathering brought founders, institutions, policymakers, and builders together, highlighting Hong Kong’s role as a leading regional hub and a key meeting point for Web3 and blockchain innovation.

BYDFi at Solana Accelerate APAC in Hong Kong

Solana Accelerate APAC convened the Solana community and broader crypto ecosystem around the future of internet capital markets and onchain innovation, set against the backdrop of a global financial center known for clear frameworks and active market participation. BYDFi’s participation marked a first deeper step into Solana-focused programming and community dialogue. Discussions also reflected ongoing market focus on crypto regulation Hong Kong and crypto licensing Hong Kong.

During the event, the BYDFi team was on site to meet attendees, share product context, and distribute limited merchandise, including Newcastle United co-branded items as part of BYDFi’s ongoing brand collaboration with the club. The booth saw strong foot traffic throughout the day.

What BYDFi Is Sharing in Hong Kong

BYDFi used the event to share how a CEX + DEX dual-engine approach can support clearer participation across venues and workflows, particularly for users who want both centralized liquidity and onchain discovery in one connected experience. MoonX, BYDFi’s onchain trading engine, supports Solana and is designed to help users track and navigate fast moving onchain markets with a workflow built for speed, signal clarity, and execution efficiency.

In parallel, BYDFi highlighted reliability foundations that support long term trust in volatile markets, with an emphasis on operational safeguards and service responsiveness. These include over 1:1 Proof of Reserves with periodic public reporting, an 800 BTC Protection Fund, and 24/7 multilingual customer support with timely responses across official channels, including social media.

Why This Matters for BYDFi and the Solana Ecosystem

Solana Accelerate APAC brought ecosystem builders and market infrastructure discussions into the same orbit. BYDFi’s participation centered on two goals: listening closely to Solana-native users and teams, and exploring deeper collaboration opportunities that can strengthen product coverage, user experience, and market access as the crypto market continues to mature.

About BYDFi

Founded in 2020, BYDFi now serves over 1 million users across 190+ countries and regions. BYDFi is Newcastle United’s Exclusive Official Crypto Exchange Partner. Recognized by Forbes as one of the Best Crypto Exchanges In Canada For 2026, BYDFi offers intuitive, low-fee trading across Spot and Perpetual Contracts to Copy Trading, and Automated Crypto Trading Bots, empowering both new and experienced traders to navigate digital assets with confidence.

BYDFi is dedicated to delivering a world-class crypto trading experience for every user.

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