Vitalik Buterin shared in a long post on X on Feb. 12, originally written in Russian, his views on Russia’s war against Ukraine and what Russia’s future could look like under a “decentralized governance” model.

In the first half of the post, published ahead of the fourth anniversary of Russia’s invasion, the Ethereum co-founder called the war “criminal aggression,” not a “complicated situation” where both sides are equally at fault. He then argued that real, lasting security for Ukraine and Europe will not come from a temporary ceasefire alone, but from change inside Russia itself.

In his view, the strongest guarantee of peace would be for Russia to transform into a different kind of system. To do that, he said, the country would need deeper structural reform based on decentralized governance.

Buterin’s post underscores a broader trend of applying crypto ideas, especially decentralization and transparency, to geopolitics. As crypto adoption grows around the world, its core principles are increasingly being discussed as models for both financial and political systems.

“People often speak about ‘decentralized governance’ and ‘radical democracy’ in very abstract and idealistic terms, but far too rarely do they talk about what concrete problem it can actually solve,” Buterin wrote, via translation.

He listed ideas such as quadratic voting, zero-knowledge (ZK) systems and online discussion platforms like pol.is. These tools, he said, can help large groups find common ground instead of leaving decisions to a small, centralized elite.

“In the crypto industry, some people like to say that we need to move from ‘don’t be evil’ to ‘can’t be evil’. In human society, achieving this goal 100% is completely unrealistic, but achieving 25%? That would already be a very good result,” Buterin wrote in Russian.

He added that this point matters for two reasons: First, when building any new system, people must be clear about the real goal. Second, both ordinary Russians and members of the political elite who would need to “cooperate in order for there to be any success” must understand why these ideas are worth supporting.

In the final part of his essay, Buterin focused on decentralized governance as a process, highlighting digital tools and AI-driven discussion platforms. He argued that the Russian opposition needs new ideas and leaders, and that the best way to find them is to involve more people directly.

Instead of relying on a small group, he suggested using online systems like pol.is, where large numbers of citizens can post views and vote on proposals.

“This makes it possible to find societal compromises — or even consensus — directly, without intermediaries (such as elected representatives), so that officials are left only with the task of turning that compromise/consensus into an official document or law,” Buterin wrote.

He emphasized that “this is all long-term,” and that the Russian people need to think deeply about what happens after Putin. “Having a concrete roadmap — a plan that can convince a broad coalition, both ordinary people and politicians, both inside Russia and in other countries — is an important first step,” he concluded.

Ventuals, a protocol that lets users trade tokenized exposure to private and pre-IPO companies, has crossed $200 million in cumulative trading volume less than three months after launch, according to a Feb. 11 X post from the platform’s co-founder, Alvin Hsia.

The milestone was reached just 17 days after cumulative volume first hit $100 million, on Jan. 24, a level that took the platform 73 days to achieve, Hsia noted.

On-chain data from LorisTools, which tracks activity across Hyperliquid’s HIP-3 products, shows cumulative volume on Ventuals has climbed past $215 million by press time. The platform has recorded 5,342 unique traders and generated over $70,000 in fees since going live in October 2025.

Built on the Hyperliquid blockchain, Ventuals allows traders to take synthetic, leveraged positions tied to the valuations of private companies, including firms such as Anthropic and OpenAI.

The most actively traded product so far is MAG7 — a contract tracking the so-called “Magnificent Seven” U.S. tech companies, which includes Amazon, Apple and Microsoft — which has seen over $4 million in trading volume today, Feb. 12, the data shows.

Alongside the surge in activity, Ventuals’ liquid staking token vHYPE, which represents a claim on the underlying HYPE, Hyperliquid’s native token, rose about 20% to $30, according to CoinGecko data.

The Bitcoin price has already crashed by nearly 50% from its all-time high, and a top long-term bull believes there is more downside to come in the near term.

Bitcoin (BTC) retreated to $66,000 on Thursday, a few points above the year-to-date low of $60,000. This decline has persisted as its divergence from American stocks has widened, with leading indices such as the Dow Jones and the Nasdaq 100 hovering near their record highs.

Bitcoin’s price may have further downside in the near term, according to Standard Chartered, which warned that the coin may crash to $50,000. 

The bank then lowered its Bitcoin price target for the year to $100,000, down from its previous estimate of $150,000. It was the second major downgrade as the bank had previously set the target price to $300,000.

Geoffrey Kendrick, the bank’s head of digital assets, predicts there will be more capitulation in the coming months. At the same time, he pointed to the ongoing Bitcoin ETF outflows, plunging futures open interest, and lack of a clear narrative.

“I think we are going to see more pain and a final capitulation period for digital asset prices in the next few months. The macro backdrop is unlikely to provide support until we near [Kevin] Warsh taking over at the Fed,” Kendrick told The Block. “On the downside I think this will see BTC to $50,000 or just below, ETH to $1,400.”

SoSoValue data shows that spot Bitcoin ETFs have shed over $282 million in assets this month. They have lost close to $6 billion in the last four months, a sign that investors are capitulating, with some moving their cash to the booming stock market. 

Meanwhile, the futures open interest has tumbled to $44 billion from last year’s high of $96 billion. Falling open interest is a sign that investors are reducing their exposure to Bitcoin.

Bitcoin price technical analysis

The weekly chart shows that the BTC price has declined over the past few months and is now hovering near its lowest point of the year. It has already dropped below the 50-week and 100-week Exponential Moving Averages. Also, the Average Directional Index has jumped to 30, a sign that the downtrend is strengthening.

Therefore, the most likely outlook is bearish, with the initial target being at $60,000. A drop below that level will signal further downside to $50,000, as Standard Chartered predicts.

Bitcoin BTC$66,988.52 fell back toward last week’s lows, giving up nearly all of its recent gains above $70,000 and resuming its slide alongside weakness in the broader tech sector, as the crypto now trades back around $65,000.

Bitcoin was down 2% over the past 24 hours, with losses in ether ETH$1,961.10 and solana SOL$80.60 roughly tracking.

The decline mirrored broad price action in the Nasdaq, which fell 2% on Wednesday and more particularly in the software sector, where the iShares Expanded Tech-Software Sector ETF (IGV) tumbled 3%. The IGV is now down 21% year to date as investors question the sector’s pricey multiples in a world where the coding abilities of artificial intelligence agents appear to be rising exponentially.

“Software stocks are struggling again today,” wrote macro strategist Jim Bianco. “IGV is essentially back to last week’s panic lows.”

“Don’t forget there’s another type of software, ‘programmable money,’ crypto,” Bianco added. “They are the same thing.”

Precious metals not immune

Cruising along with modest gains through most of the day, gold and silver suffered quick, steep plunges in the mid-afternoon. Late in the session, silver was lower by 10.3% to $75.08 per ounce and gold was down 3.1% to $4,938.

Binance Co-CEO Richard Teng has defended the exchange against claims that it was responsible for the October 10, 2025, “10/10” crypto crash, which saw roughly $19 billion in liquidations.

Speaking at CoinDesk’s Consensus Hong Kong conference on February 12, 2026, Teng argued the sell-off was driven by other factors besides any Binance-specific failures.

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Richard Teng Gives Binance’s Side of the Story on October 10 Crash

The Binance co-CEO cited macroeconomic and geopolitical shocks between the US and China. Specifically, he cited:

• Fresh US tariff threats, including potential 100% duties on Chinese imports, and
• China’s imposition of rare-earth export controls.

The combination, he said, flipped global risk sentiment, triggering mass liquidations across all exchanges, centralized and decentralized alike.

“The US equity market plunged $1.5 trillion in value that day,” Teng said. “The US equity market alone saw $150 billion of liquidation. The crypto market is much smaller. It was about $19 billion. And the liquidation on crypto happened across all the exchanges.”

The majority of liquidations (roughly 75%) occurred around 9:00 p.m. ET, coinciding with the release of macro news.

Teng acknowledged minor platform issues during the event, including a stablecoin depegging (USDe) and temporary slowness in asset transfers.

However, he stressed these were unrelated to the broader market collapse. He also emphasized that Binance supported affected users, including by compensating some of them.

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“…trading data showed no evidence of a mass withdrawal from the platform,” he added.

Last year, Binance reportedly facilitated $34 trillion in trading volume and served over 300 million users.

It is worth noting that the October 10 crash has been a persistent cause of Binance FUD over the past several months. The exchange has faced criticism from far and wide, with the heaviest attacks coming from rival exchange OKX and its CEO, Star Xu.

Traders Reject Teng’s Macro Shock Explanation Amid $19 Billion 10/10 Liquidation

Despite Teng’s detailed defense, traders on social media have responded swiftly and critically. On X (Twitter), users accused Binance of locking APIs and engineering conditions that forced liquidations, only to deflect responsibility with the “macro shock” explanation.

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“Blaming macro shocks is the new ‘it was a glitch.’ $19B liquidated and somehow nobody at Binance is responsible lol,” one user challenged.

Naysayers go further, with some users likening Teng’s claims to colloquial phrases in harsh criticism.

“‘It wasn’t us, it was the macro’ is the crypto exchange version of the dog ate my homework. $19B in liquidations and every platform just points at the guy next to them,” another said.

However, the majority of responses revolved around alleged fake API responses and questioned internal coordination at Binance. The general sentiment is that users feel the exchange is not fully transparent.

The backlash illustrates the ongoing tension between centralized exchanges and leveraged traders during high-volatility events.

While retail demand has cooled compared to previous years, Teng highlighted that institutional and corporate participation in crypto remains strong.

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“Institutions are still entering the sector,” he said. “Meaning the smart money is deploying.”

Teng also framed the 10/10 event as part of a broader cyclical pattern in crypto markets. He argued that despite short-term turbulence, the sector’s underlying development continues, with institutional capital driving long-term confidence.

Still, the exchange faces a twofold challenge:

• It must defend its role during unprecedented market stress
• Binance must also restore trust with a skeptical trading community.

While the $19 billion liquidation wiped out positions across the market, the debate over who or what should be held accountable continues to simmer online. This is expected, given the fragility of confidence in high-leverage crypto trading.

Bitcoin’s recent price decline has prompted market analysts to assess whether a price floor is forming, with one prominent on-chain researcher stating the risk-reward profile has shifted following the selloff.

James “Checkmate” Check, a former lead researcher at Glassnode and author of Check On Chain, told What Bitcoin Did host Danny Knowles that Bitcoin entered “deep value” territory across multiple mean-reversion frameworks when it dropped into recent price zones, according to statements made on the podcast. Check noted that capitulation-style losses spiked to levels last seen at the 2022 cycle lows.

Check stated that if Bitcoin is not trending toward zero, the statistical setup appears increasingly asymmetric after the selloff. The analyst said the current environment represents a time for market participants to pay attention rather than lose focus.

The researcher said he was focused on market structure rather than identifying a single forced seller behind the price movement.

Check offered a probabilistic assessment, stating that the odds of a bottom forming have increased significantly. He said the probability that the market has already set a meaningful low stands at more than 50%, likely around 60%, according to his analysis. The analyst assigned low odds to Bitcoin reaching a new all-time high within the year without a major macroeconomic shift or significant market event.

Regarding exchange-traded funds, Check cited billions in outflows during the drawdown, but characterized the situation as positioning unwinds rather than structural failure. He noted that at an earlier peak, approximately 62% of cumulative inflows were underwater, while ETF assets under management declined only in the mid-single digits. Check suggested earlier outflows aligned with CME open interest, consistent with basis-trade adjustments.

The analyst criticized reliance on the four-year halving cycle as a timing tool, calling it an “unnecessary bias.” Check said his approach prioritizes observing investor behavior over calendar-based predictions.

Even if the low has been established, Check said he expects the market to revisit it. He argued that bottoms typically form through multiple “capitulation wicks” followed by extended periods of reduced activity, where sustained uncertainty erodes confidence among late-cycle buyers. Check stated that formulating a bear case at current levels would be premature, framing the current zone as late-stage rather than early-stage in the move, while acknowledging prices could decline further.

The analyst described two failed all-time-high attempts in October followed by a sharp decline that likely resulted in significant losses for market participants. He referenced what he termed a “hodler’s wall” of invested wealth positioned above key levels, including a threshold he called the “bull’s last stand.” Check argued that once price broke below those levels, downside probability increased.

A key reference level cited by Check was the True Market Mean, described as a long-term center-of-gravity price that also overlapped with the ETF cost basis. He said that once that level broke, the psychological regime shifted to an acceptance phase where market participants began to believe a bear market had begun.

Check argued the market was subsequently pulled toward a prior high-volume consolidation zone where a significant portion of this cycle’s trading volume had occurred. He said the selloff likely involved leverage liquidations but framed that as secondary to a broader shift in market sentiment, where participants sell rallies during perceived downtrends.

The most significant bottoming signal emphasized by Check was the scale of realized losses during the recent decline. He said capitulation losses occurred at a very large daily rate, comparable to the 2022 bottom, with sellers concentrated among recent buyers from the late cycle and those who purchased during an earlier consolidation period. Check also noted that SOPR (Spent Output Profit Ratio) printed around minus one standard deviation, a reading that has historically appeared in only two contexts: as an early warning signal and near bottoming phases.

Check reiterated that bottoms form through a process involving multiple capitulation events followed by extended periods of reduced speculative interest, rather than a single definitive price point.

Espresso, a decentralized rollup base layer, launched its native ESP token this morning at a valuation of roughly $275 million following its token airdrop and distribution.

The token debuted at $0.072 before jumping up to $0.083 shortly after its launch and has reported $115 million in trading volume over its first 7 hours across CoinGecko-tracked platforms.

The protocol is designed to support rollups and appchains with everything they need from a base layer to ensure high performance, including finality, data availability, and real-time interoperability.

Today’s ESP token launch enables the network to transition to proof-of-stake, and the protocol has distributed 10% of the token supply in an airdrop to more than one million eligible addresses.

There was also a Kaito Launchpad sale in July 2025, which sold 1% of the supply at a $400 million valuation, leaving launchpad investors with a 31% loss at current prices.

The ESP token is the latest in a line of ICOs and token sales that are opening underwater, with Infinex and Aztec being two other recent examples.

Coinbase (COIN) missed fourth-quarter earnings forecasts on Thursday, thanks to weaker trading activity and lower crypto asset prices.

The U.S.-based crypto exchange posted total revenue of $1.78 billion against estimates for $1.83 billion. Adjusted EPS of $0.66 was well lower than the consensus $0.86.

Total transaction revenue of $983 million was below forecasts for $1.02 billion and down from $1.046 billion in the third quarter and $1.556 billion in the fourth quarter one year ago.

Subscription revenue of $727.4 million was down from $746.7 million the previous quarter and up from $641.1 million a year earlier.

Through Feb. 10 of the first quarter, the company saw transaction revenue of about $420 million. It guided to full-quarter subscription revenue of $550-$630 million.

“We continue to be optimistic about the long-term trajectory of the crypto industry,” Coinbase said. “Crypto is cyclical, and experience tells us it’s never as good, or as bad as it seems. While asset prices can be volatile, under the surface an undercurrent of technological change and crypto product adoption continues.”

Shares are modestly higher in after-hours trading, but fell 7.9% during the regular session, extending year-to-date declines to 40%.

TLDR

• Vitalik Buterin condemned Russia’s invasion of Ukraine, calling it criminal aggression and not a situation of equal fault.
• He argued that lasting peace in Ukraine and Europe can only be achieved through internal change within Russia.
• Buterin proposed that decentralized governance could be the key to reforming Russia’s political system.
• He highlighted tools like quadratic voting and zero-knowledge systems as potential solutions for improving decision-making.
• Buterin emphasized the importance of involving more people in governance through platforms like pol.is to find societal compromises.

Vitalik Buterin, co-founder of Ethereum, shared his views on Russia’s future in a post published on February 12. In the post, originally written in Russian, Buterin called Russia’s invasion of Ukraine “criminal aggression.” He emphasized the need for structural reform within Russia to achieve long-term peace and security, advocating for a decentralized governance model.

Buterin Criticizes Russia’s War and Calls for Internal Change

In his recent post, Vitalik Buterin condemned Russia’s invasion of Ukraine, labeling it as “criminal aggression.” He strongly rejected the idea that both sides are equally at fault, which some have argued. Buterin clarified that peace in Europe and Ukraine could not be achieved through a simple ceasefire alone.

He suggested that the best path to stability in the region involves internal change within Russia itself. For Russia to secure lasting peace, Buterin proposed significant structural reforms. These reforms, according to him, should focus on decentralizing governance, moving away from centralized power.

Vitalik Buterin Advocates for Decentralized Governance

Vitalik Buterin emphasized the potential of decentralized governance to transform Russia. He mentioned specific tools that could help in building a new system, such as quadratic voting and zero-knowledge (ZK) systems. These tools, Buterin argued, could allow large groups of people to find common ground without relying on a small elite.

The Ethereum co-founder believes that decentralized governance could be key to building a more transparent and fair system. In his post, he also referenced platforms like pol.is, which allow for broader participation in decision-making. These digital tools, Buterin suggested, could provide a way for citizens to directly engage with governance.

New Leadership and Ideas for Russia’s Future

Buterin also discussed the importance of new leadership in Russia, highlighting the need for fresh ideas. He stressed that the Russian opposition should focus on involving more people in decision-making. This approach would help avoid the concentration of power in the hands of a few.

He pointed out that using platforms for online voting and discussions could allow people to reach societal compromises. These compromises could then be turned into official policies without the need for intermediaries. According to Buterin, achieving consensus in this manner is crucial for Russia’s long-term stability.

TLDR

• ETHZilla has launched a tokenized investment opportunity in leased jet engines through its subsidiary ETHZilla Aerospace.
• The company acquired two CFM56 commercial jet engines worth $12.2 million and is offering equity in these assets via the Eurus Aero Token I.
• The tokens, available to accredited investors, are priced at $100 each, with a minimum investment of 10 tokens.
• ETHZilla aims to provide a targeted return of 11% for token holders if they hold through the lease term, ending in 2028.
• Cash flows from the leased engines will be distributed monthly to token holders via blockchain technology.

ETHZilla has expanded its operations into the tokenization sector, launching a new project focused on jet engine leases. The company, through its new subsidiary ETHZilla Aerospace, is offering tokenized equity in jet engines it recently acquired. This move comes as ETHZilla seeks to diversify its investments amid Ethereum prices continuing to decline.

ETHZilla Introduces Tokenized Engine Leases on Arbitrum

ETHZilla’s new venture centers around tokenizing a $12.2 million investment in two leased CFM56 commercial jet engines. These engines are leased to a major U.S. airline, though the company has not disclosed the airline’s identity due to confidentiality concerns. By launching the Eurus Aero Token I on the Arbitrum layer-2 network, ETHZilla offers tokenized equity in the engines, allowing investors to participate in this emerging market.

ETHZilla CEO McAndrew Rudisill commented on the project, stating, “Offering a token backed by engines leased to one of the largest and most profitable U.S. airlines serves as a strong use case in applying blockchain infrastructure to aviation assets with contracted cash flows.” The company believes that this move will help modernize fractional ownership of aviation assets, a market traditionally dominated by institutional investors and private equity firms.

Token Sale Details and Project Goals

The Eurus Aero Token I, available to accredited investors, will be sold through Liquidity.io’s token marketplace. Each token is priced at $100, with a minimum investment of $1,000, or 10 tokens. The project aims to offer a return of approximately 11% if token holders hold until the lease agreements conclude in 2028. However, a disclaimer notes that actual returns could differ based on various factors.

Cash flows from the leased engines will be distributed monthly to token holders through the blockchain. ETHZilla has structured the tokens with collateral consisting of the engines, related lease receivables, insurance proceeds, and other reserves. The company’s tokenization model ensures transparency and on-chain distribution, making it accessible to a broader group of investors.

ETHZilla’s expansion into tokenized aviation assets is part of a broader effort to pivot from its Ethereum holdings. The firm recently revealed a $250 million share buyback program, following a drop in the company’s market cap. ETHZilla’s share price has seen fluctuations, including a significant drop in recent months.