The CEO of Praetorian Group International (PGI) was sentenced to 20 years in prison in the U.S. for running a global Ponzi scheme that falsely claimed to invest in bitcoin and foreign exchange trading.

Ramil Ventura Palafox, 61, promised daily returns of up to 3%, misleading more than 90,000 investors and draining over $62.7 million in funds, according to a Thursday statement from the U.S. Attorney’s Office for the Eastern District of Virginia.

PGI collected more than $201 million from investors between late 2019 and 2021, including over 8,000 bitcoin BTC$66,966.03, according to court records. Instead of investing the money, prosecutors said Palafox used new investor funds to pay old ones while siphoning millions for himself.

To keep the illusion going, Palafox built an online portal where investors could track their supposed profits, with numbers that were entirely fabricated.

In reality, Palafox was buying Lamborghinis, luxury homes in Las Vegas and Los Angeles and penthouse suites at high-end hotels. Prosecutors say he spent $3 million on luxury cars and another $3 million on designer clothing, watches, and jewelry.

The case was investigated by the FBI and IRS. Victims may be eligible for restitution. The SEC is pursuing civil penalties, and Palafox remains banned from handling securities.

Ethereum price continues to lag its 2021 peak as institutions rotate cautiously into ETH exposure while weighing ETF flows, on-chain activity, and broader macro risk.

BlackRock is leaning into the pain on Ethereum (ETH) price, quietly ramping up its exposure to Bitmine even as blue‑chip crypto names slide and prominent insiders head for the exits.​

BlackRock’s leveraged Ethereum bet

According to a 13F‑HR filing collated by Fintel, BlackRock’s Bitmine stake jumped 166% in Q4 2025 to about $246 million, cementing the asset manager as a key backer of the Ethereum‑heavy treasury vehicle. Bitmine, the second‑largest digital asset treasury firm and a levered proxy on Ether, has seen its own stock price crater nearly 70% over six months to roughly $20 per share. The move drew an approving response from Bitmine chair Tom Lee, who has publicly floated a $250,000 price target for Ethereum and responded with clapping emojis to the disclosure in a post on X.

BlackRock’s buying spree lands as Ethereum trades just under $2,000, roughly 60% below its August peak, with Standard Chartered’s Geoffrey Kendrick warning the token could drop a further 25% toward $1,400. “The best investment opportunities in crypto have presented themselves after declines,” Lee said on Monday, after Bitmine added another $80 million of Ether to its already underwater position, which is sitting on at least $6.6 billion in paper losses.

Insiders sell, Wall Street buys

February has seen crypto pioneers unload sizable Ether positions, even as Wall Street leans in. Ethereum co‑founder Vitalik Buterin sold at least $7 million worth of ETH last week to fund new initiatives, while Aave founder Stani Kulechov offloaded more than $8 million. At the same time, Goldman Sachs disclosed holdings of just over $1 billion in Ethereum exchange‑traded funds, joining BlackRock in treating the drawdown as an entry point.

BlackRock’s conviction rests on tokenisation. In January, the firm said Ethereum will lead the tokenisation of real‑world assets, noting that around 66% of all tokenised instruments sit on Ethereum, compared with about 10% on BNB Chain, 5% on Solana, 4% on Arbitrum, 4% on Stellar, and 3% on Avalanche. CEO Larry Fink has called tokenisation “necessary,” arguing in Davos that the goal is to bring “the entire financial system on one common blockchain.”

Market backdrop and key levels

The broader tape remains fragile. Bitcoin is down about 0.7% over the past 24 hours, trading near $66,582, while Ethereum has slipped roughly 0.4% to around $1,955. Spot dashboards show Bitcoin changing hands close to $66,618 with roughly $44.9 billion in 24‑hour volume, as Ethereum hovers near $1,961 on about $20.1 billion traded. Solana, another high‑beta proxy for crypto risk, trades around $192, with leading centralized exchanges printing quotes in the $191–$193 band on heavy liquidity.

This parabolic move comes as digital assets continue to trade as the purest expression of macro risk appetite. Bitcoin (BTC) is hovering around $66,600, with a 24‑hour range roughly between $65,000 and $68,400, on more than $30 billion in dollar volumes. Ethereum (ETH) changes hands close to $1,960, with about $20 billion in 24‑hour turnover and spot quotes clustering just below the $2,000 mark. Solana (SOL) trades near $192, fractionally lower on the day, with leading venues reporting individual pairs clearing hundreds of millions in volume.

For now, BlackRock is treating the selloff as structural opportunity rather than terminal decline, aligning its Bitmine bet with a broader thesis that Ethereum’s role in real‑world asset rails will outlast this drawdown.

Bitcoin BTC$67,002.70 rose to test $67,000 early Friday and was quickly rebuffed, though it remains about 1% higher since midnight UTC with ether ETH$1,957.56 rising half as much. The derivatives market, too, is showing signs of positivity.

The CoinDesk 20 Index (CD20) is little changed, up just 0.7% in the period.

While the gains mark a recovery from yesterday’s U.S. trading, which saw the cryptocurrency market fall back toward last week’s lows, bitcoin is still on track for a fourth straight week of declines. That’s the longest falling streak since mid-November.

Meantime, a slowdown in trading and fading volatility are weighing on volumes.

It’s likely that traders are looking to the U.S. Consumer Price Index (CPI) print coming later today for hints on direction. A higher-than-forecast reading could lift bond yields and the dollar, putting additional pressure on risk assets. A lower reading might signal the easier conditions that are more conducive to risk-taking.

Even so, it will take quite a jump to push the bitcoin price to $85,000, a level that Deribiti’s chief commercial officer, Jean-David Péquignot, said would signal the largest cryptocurrency’s long-term rally is no longer “broken.”

Derivatives

• The market is showing signs of renewed life as open interest (OI) dropped to $15.5 billion, suggesting a cleanup of late-cycle leverage.
• Perpetual funding rates have flipped neutral to positive across all venues, now ranging between 0% and 8%. This broader optimism is being mirrored by institutions, as the three-month annualized basis spiked to just over 3%, signaling the first real uptick in professional conviction.
• The bitcoin options market shows returning call volume at 65%, even as the one-week 25-delta skew eased to 17.9%. Despite this “bottom-fishing” activity, the implied volatility (IV) term structure remains in short-term backwardation, confirming that traders are still paying a high “panic premium” for immediate downside protection.
• Coinglass data shows $256 million in 24-hour liquidations, split 69-31 between longs and shorts. Bitcoin ($112 million), ether ($52 million) and others ($16 million) were the leaders in terms of notional liquidations.
• The Binance liquidation heatmap indicates $68,800 as a core liquidation level to monitor in case of a price rise.

Token Talk

• PUMP, the token of Solana-based memecoin launchpad Pump.fun, is up more than 5% in the past 24 hours.
• The platform rolled out a new way for token communities to allocate fees directly through its mobile app with the inclusion of GitHub account integration.
• The integration offers a simpler way for creators to assign automatic payouts generated by a token’s community, and more social features are expected to be introduced in the future.
• In practice, this means communities can start supporting creators on GitHub through a portion of the fees generated. To receive the fees, creators will need to claim them through the platform’s mobile app.
• Pump.fun was largely behind a major memecoin trading frenzy early last year that saw its monthly trading volume surge past $11 billion. Volume has since plunged to $1 billion last month, according to DeFiLlama data.

• Bitcoin saw spot ETF outflows of over $410 million as prices struggled.
• Over $2.5 billion in Bitcoin options expired on Friday.
• Analysts say “worst of downturn” likely over but market remains bearish.

Bitcoin ETFs experienced a net outflow of over $410 million on February 12, as investors withdrew capital from the exchange-traded funds amid growing fears of a broader crypto market downturn.

And on Friday morning, Feb. 13, BTC price fluctuated near $66,800 as the market recorded a massive $2.5 billion Bitcoin options expiry.

Crypto analysts have shared their thoughts on what this could mean for the Bitcoin price in the short term.

Bitcoin ETF outflows and $2.5 billion options expiry

Data showed that on US spot Bitcoin ETFs recorded net outflows of over $410 million yesterday, with none of the 12 spot ETFs notching net inflows.

BlackRock’s IBIT led with nearly $158 million, Fidelity’s FBTC had $104 million, and Grayscale’s GBTC had over $59 million in exits.

This marked the second consecutive day of redemptions, following $276 million on February 11.

Institutional investors are pulling back amid Bitcoin’s struggles around the $67,500-$65,450 range.

The fresh ETF outflows coincide with a pivotal weekly options expiry at 08:00 UTC on Feb. 13.

Approximately 38,000 Bitcoin contracts worth $2.5 billion in notional value have expired, primarily on Deribit, with a put/call ratio of 0.72 and maximum pain near $74,000.

Ethereum also saw 215,000 ETH options worth $410 million expire, with a put/call ratio of 0.82 and a maximum pain point at $2,100.

These maximum pain points are at values well above spot BTC and ETH levels, and likely the driver of downward pressure as market makers look to hedge delta exposure on out-of-the-money calls.

February 13 Options Expiration Data
38,000 BTC options expired with a Put-Call Ratio of 0.71, maximum pain point at $74,000, and notional value of $2.5 billion.
215,000 ETH options expired with a Put-Call Ratio of 0.82, maximum pain point at $2,100, and notional value of $410… pic.twitter.com/07TKfJxmMi

— Greeks.live (@GreeksLive) February 13, 2026

Bitcoin price prediction

The ETF outflows and broader market weakness hinder bulls, and sentiment is skewed bearish, analysts say.

“Today saw the expiration of options accounting for 9% of total open interest, totaling nearly $2.9 billion. This week, implied volatility for Bitcoin and Ethereum has declined, with BTC’s main-term IV at 50% and ETH’s at 70%. While the downward price trend has moderated, market confidence remains weak,” analysts at Greeks.live noted via X.

Despite this outlook, the market may have “the most violent leg of the downturn” behind it. If sentiment improves, prices could pick up an upside trajectory.

In this case, a relief rally to above the critical $70,000 mark is likely.

However, ETF bleeding and macroeconomic headwinds could greatly cap upside momentum.

On Thursday, Standard Chartered forecast Bitcoin price could retest $50k before rising to $100k by the end of 2026. The bank cites ETF outflows, macro pressures and broader risk asset sentiment as negative catalysts.

$410M outflows in a single day.

US spot Bitcoin ETFs just logged their 4th straight week of bleeding.

AUM down from $170B (Oct ‘25 peak) to ~ $80B.

At the same time, Standard Chartered cuts 2026 BTC target from $150K → $100K and warns of a possible $50K flush first.

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ETH ETFs… pic.twitter.com/H9W8lmAvRq

— Dear Bitcoiner ⚡️ (@DearBitcoiner) February 13, 2026

Notably, BTC tested support at $60k this month, and the elevated implied volatility, coupled with ETF exits, signals aggressive downside protection.

If outflows continue amid other highlighted downside triggers, the $50k level could be the next target.

TLDR:

• AVAX completed Wave 1 between $8-$5, now entering Wave 2 recovery phase within descending channel 
• CryptoPatel targets $33, $58, $97, and $147 representing potential 2,489% expansion from bottom 
• Critical support at $5.50 must hold on weekly close to maintain bullish Elliott Wave structure 
• Analysis suggests multi-year setup through 2026-2027 suited for spot accumulation and patience

AVAX traders are monitoring a technical analysis that suggests the token could target $147 in the coming years. Crypto analyst CryptoPatel has identified an Elliott Wave formation on the weekly chart, indicating a possible recovery phase after a 95% correction from the 2021 all-time high.

The analysis places AVAX at a critical inflection point, with the asset trading within a multi-year descending channel.

Price action currently hovers near $8.86, presenting what the analyst describes as a macro support accumulation zone.

Technical Structure Shows Wave Completion

The technical framework outlined by CryptoPatel centers on Elliott Wave theory applied to AVAX’s weekly timeframe. According to the analysis shared on X, Wave 1 completed between $8 and $5, marking a macro bottom for the current cycle.

The token now enters what the analyst labels as Wave 2, representing an early recovery phase from the previous correction.

The descending channel formation has contained price action since the 2021 peak. This pattern shows a bearish breakdown followed by a retest of the lower trendline, creating what technical analysts call a deviation setup.

Market structure at these levels suggests accumulation by institutional participants, though this remains speculative based on price behavior rather than confirmed data.

Support zones have formed between $8 and $7, coinciding with weekly demand areas. The liquidity sweep into these zones mirrors fractal patterns from previous market cycles.

Additionally, the compression phase resembles historical accumulation periods that preceded major rallies in past bull markets.

Price Targets Extend Beyond $100 Mark

CryptoPatel’s forecast includes four distinct targets as the Elliott Wave structure potentially unfolds through 2026 and 2027. The progression starts at $33, followed by $58, then $97, before reaching a final target of $147.

These levels correspond to the mid-channel resistance and eventual upper boundary of the descending formation. From the identified bottom to the highest target, the expansion measures approximately 2,489%.

The bullish scenario requires sustained weekly strength with expansion toward mid-channel resistance zones. Price must demonstrate momentum capable of breaking through overhead supply levels that accumulated during the extended correction. However, the analysis also establishes clear invalidation parameters to manage risk exposure.

The critical support level sits at $5.50, representing the Wave 1 low. A weekly close beneath this threshold would negate the Elliott Wave count and suggest further downside potential. This makes the $5.50 level essential for bulls to defend on higher timeframes.

The analyst characterizes this setup as appropriate for spot accumulation and long-term positioning rather than short-term trading.

The asymmetric risk-reward profile stems from proximity to identified support versus the distance to upside targets.

Patience remains necessary as weekly timeframe patterns develop over extended periods, typically spanning months or years rather than days or weeks.

Key Takeaways

• Coinbase reported a $667 million net loss, its first profit miss since Q3 2023.
• Revenue fell 21.5% YoY to $1.78 billion, missing analyst expectations.
• Transaction fees plummeted 37% as retail traders exited the market.
• Shares (COIN) dipped 7.9% intraday but rebounded nearly 3% after hours.

US spot Bitcoin exchange-traded funds (ETFs) saw heightened selling on Thursday, with outflows accelerating the same day Standard Chartered lowered its 2026 Bitcoin forecast.

Spot Bitcoin (BTC) ETFs recorded $410.4 million in outflows, extending weekly losses to $375.1 million, according to SoSoValue data.

Unless Friday brings substantial inflows, the funds are on track for a fourth consecutive week of losses, with assets under management (AUM) nearing $80 billion, down from a peak of almost $170 billion in October 2025.

The selling coincided with Standard Chartered lowering its 2026 Bitcoin target from $150,000 to $100,000, warning that prices could fall to $50,000 before recovering.

“We expect further price capitulation over the next few months,” the bank said in a Thursday report shared with Cointelegraph, forecasting Bitcoin to drop to $50,000 and Ether (ETH) to $1,400.

“Once those lows are reached, we expect a price recovery for the remainder of the year,” Standard Chartered added, projecting year-end prices for BTC and ETH at $100,000 and $4,000, respectively.

Solana ETFs the only winners amid heavy crypto ETF outflows

Negative sentiment persisted across all 11 Bitcoin ETF products, with BlackRock’s iShares Bitcoin Trust ETF (IBIT) and the Fidelity Wise Origin Bitcoin Fund suffering the largest outflows of $157.6 million and $104.1 million, respectively, according to Farside.

Ether ETFs faced similar pressure, with $113.1 million in daily outflows dragging weekly outflows to $171.4 million, marking a potential fourth consecutive week of losses.

XRP (XRP) ETFs saw their first outflows of $6.4 million since Feb. 3, while Solana (SOL) ETFs bucked the trend, recording a minor $2.7 million in inflows.

Extreme bear phase not yet here as analysts expect $55,000 bottom

Standard Chartered’s latest Bitcoin forecast follows previous analyst forecasts that Bitcoin could dip below $60,000 before testing a recovery.

Crypto analytics platform CryptoQuant reiterated that realized price support remains at around $55,000 and has not yet been tested.

“Bitcoin’s ultimate bear market bottom is around $55,000 today,” CryptoQuant said in a weekly update shared with Cointelegraph.

“Market cycle indicators remain in the bear phase, not extreme bear phase,” CryptoQuant noted, adding: “Our Bull-Bear Market Cycle Indicator has not entered the Extreme Bear regime that historically marks the start of bottoming processes, which typically persist for several months.”

Related: Bernstein calls Bitcoin sell-off ‘weakest bear case’ on record, keeps $150K 2026 target

Bitcoin hovered around $66,000 on Thursday, briefly dipping to $65,250, according to CoinGecko data.

Despite ongoing selling pressure, long-term holder (LTH) behavior does not indicate capitulation, with holders currently selling around breakeven. “Historical bear market bottoms formed when LTHs endured 30–40% losses, indicating further downside may be required for a full reset,” CryptoQuant added.

Magazine: Bitcoin difficulty plunges, Buterin sells off Ethereum: Hodler’s Digest, Feb. 1 – 7