Editor’s note: In a milestone year for the company, eToro’s public results reflect a strategic pivot to a global, AI-enabled investing platform with a growing multi-asset offering. The press release below provides the official quarterly and full-year numbers, while this editorial note highlights the broader implications for users, investors, and the evolving financial landscape. As eToro expands access to markets, introduces AI-powered tools, and moves toward on-chain capabilities, readers can gauge how the platform aims to empower a new generation of investors across regions and asset classes.
Key points
Full-year 2025: Net Contribution up 10% to $868 million; GAAP Net Income up 12% to $216 million; Non-GAAP Adjusted Net Income up 10% to $251 million; Adjusted EBITDA up 4% to $317 million; Adjusted Diluted EPS of $2.64.
Q4 2025: Net Contribution down 10% to $227 million; GAAP Net Income up 16% to $69 million; Non-GAAP Adjusted Net Income up 6% to $70 million; Adjusted EBITDA down 19% to $87 million; Funded Accounts rose to 3.81 million; AUA grew to $18.5 billion; cash and equivalents at $1.3 billion.
January 2026 KPIs show continued activity across capital markets, crypto, and money transfers, signaling ongoing platform utilization and growth momentum.
Strategic focus areas include AI adoption, 24/7 access for select assets, and app ecosystem expansion ahead of the eToro App Store launch.
Why this matters
eToro’s results underscore a transition to a multi-asset, digital-first investing platform that leverages AI and on-chain capabilities to broaden access, personalization, and cross-border reach. With a stronger balance sheet, diversified revenue streams, and ongoing product innovation, eToro is positioned to capture long-term growth opportunities while expanding services for retail and professional users worldwide.
What to watch next
Rollout of 24/7 access to select assets with plans to expand across asset classes.
Launch of several apps ahead of the eToro App Store, enabling investor builders to publish and share tools.
Ongoing share repurchase activity and potential accelerated programs as part of capital allocation strategy.
Disclosure: The content below is a press release provided by the company/PR representative. It is published for informational purposes.
eToro Reports Fourth Quarter and Full Year 2025 Results
UAE, Abu Dhabi, February 17, 2026 – eToro Group Ltd. ( NASDAQ: ETOR ), the trading and investing platform, today announced financial results for the fourth quarter and full year 2025 which ended December 31, 2025.
Yoni Assia, CEO of eToro
“This was a milestone year for eToro,” said Yoni Assia, CEO of eToro. “We became a publicly traded company and significantly advanced the build-out of our global financial super-app. In 2025, we accelerated product innovation and AI adoption, expanded access to global markets, broadened and localized our offering, and strengthened eToro’s footprint around the world. We are operating at a pivotal moment for financial services. Artificial intelligence and progress towards on-chain market infrastructure are reshaping how people invest and interact with markets and eToro is uniquely positioned to capture this opportunity. Through our public APIs and suite of AI-powered tools, users and partners can build, share, and scale strategies and tools, as part of a growing ecosystem. We are launching a number of apps ahead of the roll out of the eToro App Store, bringing enhanced capabilities to our retail audience. In parallel, we are positioning eToro for a financial system that is increasingly moving on-chain. With our long-standing leadership in crypto and tokenization, we are well placed to help shape this transition. This quarter, we are introducing 24/7 access to select popular assets with plans to expand around-the-clock access across asset classes. Our focus remains on empowering users through a simple, transparent, and digital-first investing experience, while positioning eToro to serve the next generation of investors at every stage of their journey. We are uniquely positioned as both a natively crypto company and a global equities trading platform. We look forward to capturing the many long-term growth opportunities ahead for the benefit of our users, shareholders, and partners.”
Meron Shani, CFO of eToro, said: “Our fourth quarter results reflect the strength and resilience of our mult-asset business model. We delivered compelling financial performance through a combination of diversified revenue streams, healthy funded accounts growth, and disciplined financial management. Furthermore, we are off to a strong start to 2026 with our January capital markets KPIs demonstrating the ability of our platform to adapt and perform across all different market conditions, including the recent spike in commodities trading. With our strong balance sheet and a clear execution roadmap, we believe that we are well positioned to deliver accelerated growth in 2026.”
Full year 2025 Financial Highlights1
Net Contribution increased by 10% year over year to $868 million, compared to $788 million in 2024.
Net Income (GAAP) increased 12% year over year to $216 million, compared to $192 million in 2024.
Adjusted Net Income (Non-GAAP) increased 10% to $251 million, compared to $228 million in 2024.
Adjusted EBITDA (Non-GAAP) increased by 4% year over year to $317 million, compared to $304 million in 2024
Adjusted Diluted EPS (Non-GAAP) was $2.64, compared to $2.67 in 2024.
Fourth Quarter 2025 Financial Highlights2
Net Contribution decreased by 10% year over year to $227 million, compared to $253 million in the fourth quarter of 2024.
Net Income (GAAP) increased 16% year over year to $69 million, compared to $59 million in the fourth quarter of 2024.
Adjusted Net Income (Non-GAAP) increased 6% year over year to $70 million, compared to $67 million in the fourth quarter of 2024.
Adjusted EBITDA (Non-GAAP) decreased by 19% year over year to $87 million, compared to $108 million in the fourth quarter of 2024
Adjusted Diluted EPS (Non-GAAP) was $0.71, compared to $0.79 in the fourth quarter of 2024.
Funded Accounts increased 9% year over year to 3.81 million compared to 3.48 million in the fourth quarter of 2024.
Assets Under Administration (AUA) grew by 11% year over year to $18.5 billion, compared to $16.6 billion in the fourth quarter of 2024.
Cash, Cash Equivalents and Short-Term Investments were $1.3 billion as of December 31, 2025.
January KPI metrics3
eToro also reported the below selected monthly business metrics for January 2026:
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Assets under Administration (AUA) were $18.4 billion, up 2% year-over-year.
Funded accounts were 3.85 million, up 9% year-over-year.
Capital Markets/ECC Activity
Total number of trades for January was 74 million, up 55% year-over-year;
Invested amount per trade for January was $252, up 8% year-over-year;
Crypto Activity
Total number of trades for January was 4 million, down 50% year-over-year;
Invested amount per trade for January was $182, down 34% year-over-year;
Interest Earning Assets for January was $7.7 billion, up 17% year-over-year.
Total Money Transfers for January was $1.8 billion, up 68% year-over-year.
Business Highlights
eToro is demonstrating strong progress across its four product pillars driven by continued product innovation, localization, and strategic partnerships.
Trading: eToro expanded access to global markets while advancing toward always-on trading. With the addition of equities listed on the Abu Dhabi Securities Exchange, Hong Kong Stock Exchange, and across the Nordics, eToro now offers access to equities from 25 stock exchanges. The Company grew its crypto offering to more than 150 cryptoassets, including an expanded range of more than 100 cryptoassets for US users. eToro also broadened derivatives access, expanding its futures offering across Europe and launching futures and options in the UK. It has also begun the roll out of stock margin trading, where eligible users can access leveraged exposure to U.S. equities. In 2025, eToro expanded 24/5 trading to all S&P 500 and NASDAQ 100 stocks, and in Q1, the Company is introducing 24/7 access to a select number of popular assets with plans to expand this across asset classes.
Investing: eToro strengthened its investing proposition by expanding access to intelligent, long-term investment solutions. The Company launched Tori, its AI Analyst, and through its public APIs and suite of AI-powered tools, users and partners can build, share, and scale strategies and tools, creating a growing ecosystem. This quarter, eToro is introducing a number of apps ahead of the launch of the eToro App Store, where ‘investor builders’ and partners can publish and share their apps with millions of eToro users globally. eToro continued to expand its range of Smart Portfolios including launching portfolios with Franklin Templeton, WisdomTree, ARK Invest and Amundi. The launch of Alpha Portfolios provides retail investors with access to quantitative, data driven strategies leveraging eToro’s data for the benefit of our customers. Having pioneered social investing, users can follow, copy, and engage with over 5,000 members of eToro’s Pro Investor Program, with Copy Trading now also launched in the US. During 2025, eToro introduced securities lending in the UK, Europe and the UAE, as well as expanding its staking program to help users access passive yield generating opportunities. eToro launched the eToro Club Subscription providing access to premium investing tools, financial perks and dedicated support.
Wealth Management: eToro continued to scale its long-term savings solutions in 2025. The Company partnered with Generali to provide French users with access to long-term, tax advantaged retirement (PER) and life insurance products. eToro also expanded its ISA offering in the UK with the addition of a self-directed stocks and shares ISA and a cash ISA. The AuA in eToro’s UK ISA products grew by 7x from Q4 2024 to Q4 2025. Assets under administration in our Australian savings products grew 44% between 2023 and 2025, supported by strong momentum following the launch of our superannuation offering.
Neo-Banking: During 2025, eToro accelerated the localization of its money management experience. The expansion of local bank accounts to more countries and the continued roll out of the debit card across Europe resulted in eToro Money’s transaction volume increasing 6.5x year-over-year. eToro Money ended the year with 1.87 million accounts. eToro Money, including eToro’s crypto wallet, is now fully integrated into the eToro app and provides seamless crypto transfers including 1% stock-back rewards on eligible crypto transfers.
Partnerships: eToro announced a multi-year partnership with BWT Alpine Formula 1 extending the business’ global brand presence and engagement with a fast-growing, international audience. eToro also entered into a partnership with Gemini Space Station Inc to support the migration of their customers from the UK, Europe and Australia onto the eToro platform, reinforcing its position as a leading, global, multi-asset broker.
Share Repurchase Program eToro today announced that its Board of Directors has approved a $100 million increase to its existing share repurchase program. The program previously authorized $150 million, of which $100 million has already been used, leaving $50 million remaining. Following the increase, total remaining authorization is $150 million. Such repurchases may be made through a variety of methods, including through open market transactions (including through Rule 10b5-1 plans), privately negotiated transactions, block trades and by way of an accelerated share repurchase program. Additionally, subject to market and other conditions, the Company intends to enter into an Accelerated Share Repurchase (“ASR”) agreement to repurchase approximately $50 million of its common shares under the new authorization. This authorization reflects the Company’s confidence in its long-term strategy and growth prospects, financial strength, and commitment to deliver shareholder value. eToro believes that its current share price does not fully reflect the Company’s fundamental value, and that repurchasing shares represents a prudent allocation of capital. The program also provides additional flexibility to support potential future strategic initiatives, including mergers and acquisitions, where eToro shares could serve as an effective transaction currency. The actual timing, number, manner and value of any shares repurchased will depend on several factors, including the market price of our shares, general market and economic conditions, our liquidity requirements, applicable legal requirements and other business considerations. The authorization does not expire.
About eToro
eToro is the trading and investing platform that empowers you to invest, share and learn. We were founded in 2007 with the vision of a world where everyone can trade and invest in a simple and transparent way. Today we have 40 million registered users from 75 countries. We believe there is power in shared knowledge and that we can become more successful by investing together. So we’ve created a collaborative investment community designed to provide you with the tools you need to grow your knowledge and wealth. On eToro, you can hold a range of traditional and innovative assets and choose how you invest: trade directly, invest in a portfolio, or copy other investors. You can visit our media center here for our latest news.
Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure
European Central Bank (ECB) President Christine Lagarde is considering leaving before her eight-year term ends in October 2027, the Financial Times reported, citing a person “familiar with her thinking.”
Lagarde, who took office in November 2019, is said to be weighing an early exit ahead of France’s April 2027 presidential election so that outgoing President Emmanuel Macron and German Chancellor Friedrich Merz can agree on a successor, the FT reported Wednesday.
An ECB spokesperson pushed back on the report, telling Cointelegraph: “President Lagarde is totally focused on her mission and has not taken any decision regarding the end of her term.”
ECB navigates digital euro and MiCA-era stablecoins
Her potential departure would come at a sensitive moment for the ECB’s digital agenda.
Lagarde herself has been a vocal critic of Bitcoin (BTC) and other crypto assets, calling them “highly speculative,” and saying in a 2022 television interview that crypto is “worth nothing” and based on no underlying assets, repeating that sentiment even with BTC close to all-time highs in November 2025.
A change at the top of the ECB could impact how the institution communicates on, and prioritizes, issues such as the digital euro, stablecoin oversight and crypto-related payment arrangements, even if the overall regulatory direction is set at the EU level.
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Shortlist to replace Lagarde shares cautious line on crypto
Economists polled by the FT in December identified Spain’s former Central Bank Governor Pablo Hernández de Cos and his Dutch counterpart Klaas Knot as leading contenders to replace Lagarde, with ECB Executive Board Member Isabel Schnabel and Bundesbank President Joachim Nagel also seen as potential candidates.
All four have taken cautious stances on crypto. In past speeches, Hernández de Cos has framed crypto assets and stablecoins as a financial stability risk that demands strong regulation and supervision, while Knot has called for a robust global regulatory framework for crypto and stablecoins.
Nagel has linked the push for a digital euro to safeguarding European monetary and financial sovereignty, and has called Bitcoin a “digital tulip” that is “anything but transparent,” warning against treating Bitcoin as a reserve asset.
Schnabel previously described Bitcoin as a “speculative asset without any recognizable fundamental value.”
Digital euro timeline hinges on EU lawmakers
The digital euro project still needs the green light from EU lawmakers, while the ECB has moved into a technical preparation stage and is rolling out collaborations to ensure the digital euro is universally accessible to all.
Despite rumors of a possible early departure of Lagarde, ECB Executive Board Member Piero Cipollone confirmed in a speech on Wednesday that EU co‑legislators were expected to adopt the digital euro regulation in the course of 2026.
He said that would enable a 12‑month pilot in a controlled Eurosystem environment starting in the second half of 2027, with real‑world transactions and a limited group of payment service providers, merchants and Eurosystem staff.
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The Eurosystem aims to be ready for a potential first issuance of the digital euro during 2029, assuming the legislative process stays on track.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy https://cointelegraph.com/editorial-policy
Analyst warns Bitcoin nearing Phase 2 bear market as volatility and liquidity trends point to further downside risk across crypto markets.
Veteran on-chain analyst Willy Woo has warned that the Bitcoin (BTC) market is strengthening its bear trend and approaching the second phase of a multi-stage downturn.
The forecast challenges persistent bullish narratives, suggesting the worst may be ahead for the world’s largest cryptocurrency.
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Phase 1 Nears Its End as Volatility Spells Trouble
In a series of posts on X on February 18, Woo outlined a three-phase bear market framework, positioning Bitcoin at a crucial juncture. According to him, the first stage of the current bear market started in the third quarter of 2025 when liquidity first broke down, and the price started to follow.
He explained that the key signal comes from volatility metrics used by quantitative analysts, with Bitcoin entering a prolonged decline when volatility spiked upward. That volatility is still climbing, indicating the bear trend is gaining ground.
“In this phase, perma bulls will blindly say it’s a correction inside a broader bull market but will not give you any hard evidence of capital flowing in,” Woo wrote.
The analyst added that his internal liquidity models, released weekly to investors, currently match the volatility signals. In his opinion, the second part of the bear market will kick in when global equities begin to weaken.
He argued that the largest cryptocurrency often reacts faster than equities when capital exits markets because of its smaller size and higher sensitivity to liquidity shifts.
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“Under this bear market framework, BTC is presently in Phase 1 and close to Phase 2,” stated Woo.
He characterized the final episode as “the light at the end of the tunnel,” predicting a turnaround in liquidity, with capital outflows hitting a high point before stabilizing. However, he warned that there could be one more price capitulation just before or immediately after the peak outflows.
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Cycle Indicators Show Mixed Signals for Long-Term Outlook
Not all analysts are interpreting the data as outright bearish. In a recent post, Axel Adler Jr. wrote that Bitcoin’s Entity-Adjusted Liveliness metric peaked in December 2025 and has started declining, a pattern seen in past accumulation periods lasting between 1.1 and 2.5 years. The indicator tracks BTC movement relative to holding time and tends to fall after distribution periods end.
Another perspective from GugaOnChain focused on valuation. Using the MVRV Z-Score developed by Murad Mahmudov and David Puell, the analyst said the current reading near 0.48 places Bitcoin close to historical accumulation zones rather than overheated territory. That suggests some investors may see current prices as discounted compared with average acquisition costs.
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Editor’s note: This editorial perspective highlights a notable step in fintech inclusion. botim money’s expansion into digital silver underscores a growing trend toward accessible, regulated investing within popular UAE apps. By enabling fractional ownership from AED 10 and extending its Invest suite in partnership with OGold, botim aims to broaden asset diversification for millions of users. The move follows botim’s gold investment capability and reflects UAE’s push toward a digital-first, regulated financial ecosystem where everyday people can participate in precious metals markets with ease and security.
Key points
Digital silver investing is added to botim money’s Invest feature, enabling fractional access from AED 10.
The launch expands botim’s strategic partnership with OGold to broaden precious metals access in the UAE.
Gold investment performance (128,000 trades, over AED 100 million) signals strong user demand for expanded metals offerings.
Why this matters
With silver drawing renewed attention as a store of value and industrial metal, botim money’s in-app silver offering lowers entry barriers and provides a regulated, user-friendly path to diversification. The UAE-focused rollout aligns with market demand for digital-first financial tools and broadens access to precious metals for millions of users within a popular fintech ecosystem.
What to watch next
Uptake of digital silver within botim money’s Invest feature and its impact on user engagement.
Potential expansion of the precious metals suite to include additional metals or products with partners like OGold.
Continued alignment with UAE’s digital-first financial ecosystem and regulatory developments.
Disclosure: The content below is a press release provided by the company/PR representative. It is published for informational purposes.
Press release: botim money launches digital silver with fractional access from AED 10
Dubai, UAE – 18 February 2026 – botim money, the financial services arm of botim, today announced the launch of digital silver investing within its ‘Invest’ feature, enabling eligible users to buy, sell, and manage fractional silver holdings from AED 10. The launch follows the in-app gold investing capability introduced in partnership with OGold, expanding botim’s precious metals suite across the UAE.
The new capability is designed to lower traditional entry barriers tied to bulk purchases and offline handling, giving users a simpler way to access silver through a regulated, in-app experience. It forms part of botim’s broader build-out of practical financial tools across the platform, alongside existing payments and remittance use cases.
Since its launch in August 2025, botim money’s gold investment feature recorded 128,000 in-app gold trades with a total amount exceeding AED 100 million. This rapid adoption signals strong and sustained user demand to expand botim money’s ‘Invest’ offerings beyond gold into silver within the same suite.
We were the first fintech platform to announce plans for a digital gold investment portfolio within botim’s fintech ecosystem in 2023, in partnership with OGold. Since launch, fractional investing has removed traditional minimum investment thresholds that historically limited participation and driven notable growth in usage. Extended to silver and combined with botim’s ease of use and scale, this creates a seamless and inclusive pathway for users to begin investing with confidence.
Bandar Alothman, Chairman & Founder at OGold,
As an Emirati company, our goal at OGold is to make precious metal ownership simple, accessible, and secure for everyone. Partnering with a platform as widely used as botim allows us to extend these innovative silver-earning solutions to millions of users. This is a game-changer for democratizing access to timeless assets through Silver Wakalah, which ensures your silver is not a stagnant investment. Instead of just sitting in a vault, your silver is put to work to grow your wealth with just a few taps.
The launch comes as silver draws renewed attention globally both as a store-of-value asset and as an industrial metal with structural demand drivers. With the global silver market expected to record a sixth consecutive annual deficit in 2026, and a projected shortfall of around 67 million ounces, while retail investment demand is forecast to rise despite softer demand in some industrial and consumer categories.
By extending botim’s investment offering beyond gold into silver, botim is broadening access to asset diversification for everyday users while continuing to build toward the UAE’s ambition of a mature, digital-first financial ecosystem.
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The digital silver feature is now available to eligible users through the botim app.
About botim
botim, part of Astra Tech’s ecosystem, is the MENA region’s leading fintech company headquartered in Abu Dhabi. Botim is a fintech-first, AI-native platform offering inclusive, user-centric solutions for financial services. Built on the foundation of being the UAE’s first free VoIP provider, Botim has evolved into a multi-layered ecosystem serving over 150 million users across 155 countries.
Designed to meet the needs of MENA consumers, businesses, and communities, botim delivers integrated services with innovation, accessibility, and regulatory credibility at its core. botim is building the next generation of everyday finance and connectivity easier, smarter, and more inclusive for everyone.
Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure
The UK Consumer Price Index (CPI) report released today showed a slowdown in inflation. According to Forex Factory, the annual figure came in at 3.0%, compared with 3.4% the previous month.
Media reports note that: → this marks the lowest level since March 2025; → the easing in inflation was driven by lower prices for petrol, air fares, food and education.
As a result, optimism prevails in the equity market, with expectations of monetary policy easing gaining traction. According to Trading Economics, the bullish trend is particularly evident in defence and mining stocks.
The chart of the UK’s FTSE 100 index (UK 100 on FXOpen) shows the market in a clear uptrend, with a sequence of higher highs and higher lows allowing an ascending channel to be drawn.
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Technical Analysis of the FTSE 100 Chart
Bullish strength is highlighted by: → the price’s decisive break above the 10,600 level and its ability to hold above it this week; → the behaviour of the line dividing the upper half of the channel into two quarters. This line acted as resistance throughout February but was broken to the upside today — and may now serve as support.
The RSI indicator has moved into overbought territory. However, given the strength of the fundamental driver, any pullbacks are unlikely to be deep.
It is reasonable to assume that bullish sentiment will continue to dominate the FTSE 100, with 10,750 — near the upper boundary of the long-term channel — potentially serving as a target for profit-taking.
Trade global index CFDs with zero commission and tight spreads (additional fees may apply). Open your FXOpen account now or learn more about trading index CFDs with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Editor’s note: In an era of increasingly covert software supply chain threats, Kaspersky’s Keenadu discovery highlights how malware can slip into devices at multiple points—from preinstalled firmware to apps from official stores. This briefing breaks down what Keenadu is, how it operates, and what consumers and vendors should watch for as mobile devices become more integrated with smart ecosystems. While the study is technical, the takeaway is clear: routine device updates and robust security layers remain essential for staying ahead of evolving threats.
Key points
Keenadu is Android malware that can be preinstalled in firmware, embedded in system apps, or downloaded from official stores.
Used for ad fraud and can give attackers full control over the device in some variants.
As of February 2026, over 13,000 infected devices reported; Russia, Japan, Germany, Brazil and others affected.
Variants include firmware-integrated backdoors, system-app implants, and malicious apps on Google Play.
Some infected apps on Google Play have been removed; risk persists with other app stores and APKs.
Why this matters
Preinstalled malware threatens users at the earliest moment of device setup, bypassing typical defenses and elevating the risk profile for mobile ecosystems. The Keenadu case underscores the need for rigorous supply-chain verification and proactive security solutions that monitor firmware and app-level integrity.
What to watch next
Ongoing updates from Kaspersky on Keenadu variants and distribution vectors.
Monitoring for new devices affected via firmware supply chains or app stores.
User guidance to apply firmware updates and use reputable security software to detect such threats.
Disclosure: The content below is a press release provided by the company/PR representative. It is published for informational purposes.
Kaspersky finds Keenadu Android malware preinstalled on devices
Kaspersky has detected a new malware for Android devices that it dubbed Keenadu. This malware is distributed in multiple forms – it can be preinstalled directly into devices’ firmware, embedded within system apps, or even downloaded from official app stores such as Google Play. Currently Keenadu is used for ad fraud, with attackers using infected devices as bots to deliver link clicks on ads, but it can also be used for malicious purposes, with some variants even allowing full control of the victim’s device.
As of February 2026, Kaspersky mobile security solutions detected over 13,000 devices infected with Keenadu. The highest numbers of the attacked users have been observed in Russia, Japan, Germany, Brazil, the Netherlands, Turkiye, and other countries have been affected.
Integrated into device firmware
Similar to the Triada backdoor that Kaspersky detected in 2025, some versions of Keenadu are integrated into the firmware of several models of Android tablets at one of the supply chain stages. In this variant, Keenadu is a fully functional backdoor that provides the attackers with unlimited control over the victim’s device. It can infect every app installed on the device, install any apps from APK files and give them any available permissions. As a result, all information on the device, including media, messages, banking credentials, location, etc., can be compromised. The malware even monitors search queries that the user inputs into the Chrome browser in incognito mode.
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When integrated into the firmware, the malware behaves differently depending on several factors. It will not activate if the language set on the device is one of Chinese dialects, and the time is set to one of Chinese time zones. It will also not launch if the device doesn’t have Google Play Store and Google Play Services installed.
Embedded within system apps
In this variant, the functionality of Keenadu is limited – it cannot infect every app on the device, but since it exists within a system app (which has elevated privileges compared to usual apps), it can still install any side apps that the attackers choose without the user knowing. What’s more, Kaspersky discovered Keenadu embedded within a system application responsible for unlocking the device with the user’s face. The attackers could potentially acquire victim’s face data. In some cases, Keenadu was embedded within the home screen app which is responsible for the home screen interface.
Embedded within apps distributed through Android app stores
Kaspersky experts also discovered that several apps distributed on Google Play are infected with Keenadu. These are apps for smart home cameras, and they’ve been downloaded over 300,000 times. As of the time of publication, these apps have been removed from Google Play. When the apps are launched, attackers may launch invisible web browser tabs within the apps, that can be used to browse through different websites without the user knowing. Previous research from other cybersecurity researchers also showed similar infected apps being distributed via standalone APK files or through other app stores.
Infected apps on Google Play
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As our recent research showed, preinstalled malware is a pressing issue on multiple Android devices. Without any actions on the user side, a device can be infected right out of the box. It is important for users to understand this risk and use security solutions that can detect this type of malware. Vendors likely didn’t know about the supply chain compromise that resulted in Keenadu infiltrating devices, as the malware was imitating legitimate system components. It is important to check every stage of the production process to ensure that device firmware is not infected,” comments Dmitry Kalinin, security researcher at Kaspersky.
If you are using a device with infected firmware, check for firmware updates. After the update, run a scan of the device with a security solution.
If a system app is infected, we recommend that users stop using it and then disable it. If a launcher app is infected, we recommend disabling the default launcher and using third-party launchers.
About Kaspersky
Kaspersky is a global cybersecurity and digital privacy company founded in 1997. With over a billion devices protected to date from emerging cyberthreats and targeted attacks, Kaspersky’s deep threat intelligence and security expertise is constantly transforming into innovative solutions and services to protect individuals, businesses, critical infrastructure and governments around the globe. The company’s comprehensive security portfolio includes leading digital life protection for personal devices, specialized security products and services for companies, as well as Cyber Immune solutions to fight sophisticated and evolving digital threats. We help millions of individuals and nearly 200,000 corporate clients protect what matters most to them. Learn more at www.kaspersky.com.
Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure
US tax filers may see bigger refunds in 2026 compared with previous years, a development one Wall Street strategist said could lift risk appetite for tech stocks and digital assets favored by retail investors. In a note cited by CNBC, Wells Fargo analyst Ohsung Kwon estimated that a wave of larger refunds could revive the so‑called “YOLO” trade, with as much as $150 billion potentially flowing into equities and Bitcoin by the end of March. The extra cash could be most visible among higher-income consumers, according to the note.
Key takeaways
The Wells Fargo projection suggests up to $150 billion in fresh liquidity could reach equities and Bitcoin by the end of March, signaling a potential near‑term risk-on push if refunds materialize as expected.
Higher‑income households are identified as the primary beneficiaries of the refund wave, which could amplify appetite for volatile, high‑beta assets alongside traditional tech bets.
Liquidity may flow into Bitcoin and stocks popular with retail traders, including platforms like Robinhood and large cap names such as Boeing, depending on how sentiment evolves.
Crypto demand remains sentiment‑driven: positive momentum could attract new funds, while lack of enthusiasm may prompt investors to shift to assets with stronger near‑term momentum.
The macro backdrop includes policy changes tied to the One Big Beautiful Bill Act, signed in mid‑2025, which policymakers argued would trim federal spending and reshape tax refunds in 2025 and beyond.
Market context: In liquidity cycles, tax refunds frequently influence risk appetite, and 2026 could test how retail cash infusions translate into crypto and tech equity demand amid shifting policy signals and macro dynamics.
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Why it matters
The intersection of tax policy, consumer liquidity, and retail trading trends has long shaped short‑term risk sentiment in crypto markets. If the refund wave materializes as projected, Bitcoin and other digital assets could see fresh attention from buyers who previously favored high‑growth tech stocks. The timing is notable because refunds are expected to be most visible among higher‑income segments, a cohort historically more active in discretionary investing. This could amplify trading activity in early spring, with price action potentially moving in tandem with broader equity flows as investors rebalance portfolios around tax season liquidity.
On the policy side, the so‑called One Big Beautiful Bill Act, signed on July 4, 2025, is cited as a driver of larger refunds in 2025 and beyond. Proponents argued the measure would curb federal spending and reshape the fiscal landscape, creating a more favorable environment for household cash returns during tax filing periods. The exact allocation of this liquidity remains uncertain, but the implication is that macro signals could feed through to risk assets, including digital currencies, if investor confidence strengthens alongside improving sentiment in crypto markets.
From a market‑structure perspective, the narrative dovetails with ongoing activity from both retail traders and large holders. While some liquidity could tilt toward Bitcoin and equities, others may seek alternative assets with strong momentum or social traction. Observers note that the retail‑oriented ecosystem—platforms and apps that higher‑income consumers already use—could be pivotal in determining where the money lands. The dynamic is further complicated by divergent views on crypto’s near‑term trajectory, with “smart money” positioning painting a mixed picture of risk tolerance in the current cycle.
What to watch next
Monitor the February–March refund cycle for material evidence of inflows into Bitcoin and consumer tech equities, as highlighted in the Wells Fargo note reported by CNBC.
Track sentiment indicators across crypto markets; if retail sentiment turns positive, expect increased on‑ramps into digital assets and a potential uptick in on‑chain activity.
Watch whale and smart‑money behavior for Bitcoin and Ether to gauge whether larger players are dialing up or dialing back exposure as liquidity shifts emerge.
Observe policy developments and fiscal signals tied to the One Big Beautiful Bill Act to assess any shifts in tax refunds that could influence liquidity cycles.
Observe the performance of retail‑favorable names like Robinhood and Boeing, which were cited as potential beneficiaries of broader liquidity recovery in a risk‑on environment.
Sources & verification
CNBC coverage of Wells Fargo analyst Ohsung Kwon’s note on a potential $150 billion refund‑driven inflow into equities and Bitcoin by the end of March 2026.
Nansen data on “smart money” positioning, including Bitcoin net short exposure and Ether accumulation across multiple wallets.
The One Big Beautiful Bill Act, signed into law on July 4, 2025, which proponents say shaped tax refund dynamics in 2025 and onward.
Tax refunds, sentiment and the crypto liquidity swing in 2026
As 2026 unfolds, a wave of larger tax refunds could reshape the risk appetite that has underpinned a portion of the crypto market in recent years. Wells Fargo’s Ohsung Kwon, in a note highlighted by CNBC, argues that an acceleration in refunds could reignite a “YOLO” trading mindset among investors who are flush with tax cash. He estimates that as much as $150 billion could move into equities and Bitcoin by the end of March, with the strongest buoyancy likely concentrated among higher‑income households. The framing is important: this is not a guaranteed market impulse, but a liquidity signal that could steer behavior if consumer confidence remains intact and risk appetite returns after a period of uncertainty.
Bitcoin (BTC) demand, the analyst notes, could be highly sentiment dependent. If retail investors rally around crypto assets, new funds might flow into the space, potentially lifting demand for tokens across the sector. Conversely, if sentiment falters, investors may pivot toward assets with more immediate momentum and social traction. The study highlights a dynamic tension: crypto markets often ride the same liquidity waves as the broader stock market, but the timing and magnitude of inflows can diverge based on macro cues and the perceived staying power of the rally.
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Adding nuance, Nicolai Sondergaard, a research analyst at Nansen, emphasizes that sentiment acts as a gating factor. “If sentiment starts to come around and retail sees positive upwards momentum in crypto assets, I see that as increasing the likelihood of funds flowing in this direction,” he told Cointelegraph. The caveat is clear: a lack of enthusiasm could encourage retail traders to seek assets with stronger near‑term momentum, potentially dampening crypto inflows even if refunds are robust. The outcome hinges not just on the size of the refunds but on how widely the wind shifts from caution to confidence across the retail trading ecosystem.
The macro backdrop remains complex. The policy shift tied to the One Big Beautiful Bill Act, signed into law in 2025, is frequently cited as a contributor to the broader liquidity environment. While the bill’s supporters framed it as a measure to trim federal spending and reallocate resources, critics warned of unintended consequences for the pace and distribution of tax refunds. In practice, liquidity—in the form of refunds and discretionary cash—can influence trading dynamics across both traditional equities and digital assets. In this context, crypto developers and market participants are watching not only on‑chain data but also the evolving policy landscape that could redefine the cushion of available capital for speculative bets.
On the supply side, market participants have shown a bifurcated stance. While some whales continue to accumulate spot Ether across multiple wallets, the smart‑money cohort has been net short on Bitcoin for a sizable cumulative amount, according to Nansen’s metrics. The divergence underscores a market where large holders are positioning for different outcomes than the broader retail narrative. It also implies that any rebound in risk appetite could be tested by how quickly the composition of buyers shifts from traders favoring short‑term profits to investors willing to hold through volatility. In the near term, the liquidity landscape remains unsettled, and the pace of inflows will likely hinge on a confluence of sentiment, policy signals, and on‑chain activity.
What to watch next (summary)
Early‑spring refund data and corresponding flows into Bitcoin and select equities to confirm the magnitude of the YOLO bid.
Shifts in retail sentiment toward crypto assets, as evidenced by on‑chain activity and exchange flows.
Whale activity and smart‑money positioning for Bitcoin and Ether to gauge whether accumulation or unwind is prevailing.
Policy updates related to tax refunds and federal spending to assess how fiscal changes influence liquidity dynamics.
Market reactions in retail‑oriented platforms and names tied to high retail engagement, reflecting the broader risk‑on environment.
Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure
Raising capital is no longer the hardest part of building a blockchain project. Sustaining value after launch is. Today, many Web3 founders enter fundraising with strong technology, passionate teams, and promising roadmaps. Yet, within months of launching, their tokens lose momentum, investor confidence declines, and communities disengage. The problem is rarely the idea. It is usually the economic structure behind it.
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US tax filers may see bigger refunds in 2026 compared with previous years, a development one Wall Street strategist said may boost risk appetite for digital assets and tech stocks preferred among retail investors.
In a note cited by CNBC, Wells Fargo analyst Ohsung Kwon said the coming refund wave may help bring back the so-called “YOLO” trade, with as much as $150 billion potentially flowing into equities and Bitcoin (BTC) by the end of March. Kwon said the extra cash could be most visible among higher-income consumers.
“Speculation picks up with bigger savings…we expect YOLO to return,” wrote Wells Fargo analyst Ohsung Kwon in a Sunday note seen by news outlet CNBC. “Additional savings from tax returns, especially for the high-income consumer will flow back into equities, in our view,” he added.
Kwon said some of that liquidity could move into Bitcoin and into stocks popular with retail traders, including Robinhood and Boeing.
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Cointelegraph contacted Wells Fargo for details on the assumptions behind the $150 billion estimate and how much of that total the bank expects could go to digital assets, but had not received a response by publication time.
Bitcoin demand depends on sentiment
While some of the taxpayer funds may flow into Bitcoin and digital assets, it’s important to consider the higher inflation and consumer spending compared to the period during the COVID-19 pandemic, Nicolai Sondergaard, research analyst at crypto intelligence platform Nansen, told Cointelegraph:
“If sentiment starts to come around and retail sees positive upwards momentum in crypto assets, I see that as increasing the likelihood of funds flowing in this direction.”
Conversely, retail investors may opt for other assets with “higher momentum and social stickiness,” if digital asset sentiment doesn’t improve in the near term, he said.
The larger tax returns are due to the passage of US President Donald Trump’s One Big Beautiful Bill, which included numerous favorable provisions for 2025 tax filings.
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Trump signed the One Big Beautiful Bill Act into law on July 4, 2025, saying it would cut as much as $1.6 trillion in federal spending.
Smart money bets on crypto market downside as whales quietly accumulate
Meanwhile, the whales, or large investors, continue their quiet spot accumulation of the leading cryptocurrencies, while the most profitable traders by returns, tracked as “smart money,” are betting on more crypto market downside.
Smart money trader positions through the Hyperliquid exchange, top tokens. Source: Nansen
Smart money traders were net short on Bitcoin for a cumulative $107 million, along with most of the leading cryptocurrencies excluding Avalanche (AVAX), according to crypto intelligence platform Nansen.
Still, whales acquired over $41.9 million worth of spot Ether (ETH) tokens across 22 wallets during the past week, marking a 1.7-fold increase in the spot purchases of this cohort.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy https://cointelegraph.com/editorial-policy
· It dipped below a rising channel with support at $62.85 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price climbed above $5,000. The price even spiked above $5,100 before the bears appeared.
A high was formed near $5,115 before there was a fresh decline. The last swing high was near $5,052 before the price settled below $5,000 and the 50-hour simple moving average. It tested the $4,850 zone.
A low is formed near $4,842, and the price is now correcting losses. There was a minor move above the 23.6% Fib retracement level of the downward move from the $5,052 swing high to the $4,842 low.
Immediate barrier on the upside is $4,945, the 50-hour simple moving average, and the 50% Fib retracement. There is also a bearish trend line with resistance at $4,945. The first major hurdle for the bulls could be $4,970.
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A close above $4,970 could send the price above $5,000. The next sell zone sits at $5,050, above which the price could test the $5,115 region. Any more gains might call for a move toward $5,200.
An upside break above $5,200 could send Gold price toward $5,285. Initial support on the downside is $4,885. The next key level is $4,840. If there is a downside break below $4,840, the price might decline further. In the stated case, the price might drop toward $4,750.
WTI Crude Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price struggled to continue higher above $65.00 against the US Dollar. The price formed a short-term top and started a fresh decline below $64.20.
There was a steady drop below the $63.40 pivot level. The bears even pushed the price below $62.50, a rising channel, and the 50-hour simple moving average. Finally, the price tested $61.80. The recent swing low was formed near $61.80, and the price is now correcting losses.
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There was a move above the 23.6% Fib retracement level of the downward move from the $63.94 swing high to the $61.80 low. On the upside, immediate resistance is near the 50% Fib retracement at $62.85.
The main hurdle is $63.40. A clear move above $63.40 could send the price toward $63.95. The next stop for the bulls might be $64.85.
If the price climbs further, it could face sellers near $65.60. Immediate support is $61.80. The next major breakdown level on the WTI crude oil chartis $60.50. If there is a downside break, the price might decline toward $58.80. Any more losses may perhaps open the doors for a move toward $56.50.
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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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