The Bitcoin network’s structural growth has entered a contraction phase.

Bitcoin stabilized above $66,000 on Friday, though the asset has fallen about 30% over the past month. According to analysis by Alphractal, Bitcoin’s Realized Cap Impulse (Long-Term) has turned negative for the first time in three years.

When this signal turned negative in past cycles, the crypto asset entered extended downturns as long-term capital inflows weakened.

Bitcoin’s Capital Structure

Bitcoin’s long-term Realized Cap Impulse tracks changes in realized capitalization over extended periods and is used to assess whether new capital is entering the network or whether inflows are slowing or reversing.

A negative reading indicates that new capital inflows have weakened or stalled, demand is no longer absorbing supply at the same pace, and the network’s structural growth has moved into a contraction phase. Alphractal explained that in previous market cycles, every instance in which the Realized Cap Impulse (Long-Term) turned negative was followed by significant price corrections or prolonged bear markets.

The firm linked this pattern to Bitcoin’s supply-demand dynamics and said that when supply remains available while new capital inflows decline, downward pressure on price typically emerges. Unlike traditional market capitalization, realized capitalization values BTC at the price it last moved on-chain, which allows the metric to reflect actual capital committed to the network rather than price-driven fluctuations.

By filtering out short-term market noise, the indicator focuses on long-term capital behavior over months and years. With the signal now negative again after three years, Alphractal said the current cycle is potentially entering a phase of structural weakening in capital inflows.

Meanwhile, Alphractal founder Joao Wedson also said that “even with ETFs accumulating and large institutions like Strategy increasing their positions, it is still not enough to offset the period when supply exceeds demand.”

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Global Uncertainty

The latest on-chain capital trends appear to be unfolding against a macro backdrop of unusually high uncertainty. As per CryptoQuant, the Global Uncertainty Index has reached an all-time high, after exceeding levels seen during the 9/11 attacks, the Iraq War, the 2008 financial crisis, the Eurozone debt crisis, as well as the Covid-19 pandemic.

CryptoQuant stated that the current reading demonstrates an environment where markets are struggling to find direction, capital is moving with greater caution, and risk is being priced more aggressively. The data also indicates that geopolitical, economic, and political pressures are all active at the same time. This environment has created conditions in which high volatility may become a feature rather than a temporary disruption.

Periods of extreme uncertainty have coincided with significant changes in market positioning, as participants reassess exposure amid unstable conditions. While uncertainty often triggers defensive behavior, the firm added that such phases have also seen periods of large-scale repositioning.

TLDR:

• Aave Labs plans to send 100% product revenue directly to the DAO treasury
• Proposal seeks $25M stablecoins and 75K AAVE tokens for V4 development
• V4 will add fixed-rate lending and real-world asset support
• Community reaction shows strong support for better token value alignment
  

Aave Labs introduced the “Aave Will Win” framework to align product revenues with DAO value. Under the proposal, all revenue from Aave-branded products will flow to the DAO treasury.

In return, Aave Labs seeks funding to develop V4 with new features like fixed-rate lending and real-world assets. The move aims to strengthen the $AAVE token utility and long-term ecosystem growth.

Aave Introduces Token-Centric Revenue Framework

Aave shared the proposal through its official X account, presenting the “Aave Will Win” framework. The model directs 100% of gross revenue from Aave-branded tools to the DAO treasury. These tools include aave.com swaps, the mobile app, and Aave Card.

The proposal builds on existing protocol fees from Aave V3, which generate around $100 million per year. Product revenue is expected to add about $10 million annually. The plan follows earlier community debates about revenue sharing and intellectual property ownership.

Aave founder Stani Kulechov described the framework as a step toward routing all value to the AAVE token. Early community responses on X showed support for stronger alignment between products and token value.

The proposal requests $25 million in stablecoins and 75,000 AAVE tokens for Aave Labs. It also seeks growth grants to expand the ecosystem and develop new features.

Funding Request and Aave V4 Development Plans

The funding request focuses on building Aave V4, which aims to add fixed-rate lending and real-world asset support. The proposal outlines plans for broader product expansion while maintaining DAO ownership of revenue streams.

Aave Labs stated that the framework would allow the DAO to capture value from all Aave-branded products. The team would continue to build tools while contributing revenue directly to the treasury.

Community members had raised concerns in December 2025 about how product revenue should be shared. The new model addresses those concerns by aligning product monetization with DAO governance.

The proposal is now subject to community review and governance processes. Further steps depend on DAO voting and final agreement on funding terms and product development milestones.

ETHZilla, a crypto treasury firm that began life as a biotech venture, is pressing further into tokenized real-world assets. In January it pivoted to build a portfolio around on-chain representations of non-digital assets, and this week it unveiled Eurus Aero Token I, a tradable stake secured by two jet engines leased to a major U.S. airline. The tokenization initiative is being launched under ETHZilla Aerospace, the company’s new subsidiary. Each token is priced at $100 with a minimum purchase of 10 tokens, and the issuer targets an 11% return over the life of the leases, which extend into 2028. Ether (CRYPTO: ETH) has been a central part of its treasury strategy in recent years.

Key takeaways

• ETHZilla launches Eurus Aero Token I via ETHZilla Aerospace, with the asset backing provided by two commercial jet engines leased to a leading U.S. carrier.
• The offering sets a $100 price per token and requires a minimum purchase of 10 tokens, aiming for an 11% return through the end of the current engine leases in 2028.
• The move marks a formal shift from a pure crypto treasury model toward tokenizing real-world assets that generate contractual cash flows.
• ETHZilla acquired the two jet engines for a combined $12.2 million in January, following the sale of part of its Ether treasury the prior year.
• Executives say the program broadens access to fractional ownership and demonstrates how blockchain can convert traditional asset classes into on-chain, tradable securities.

Tickers mentioned: $ETH

Market context: On-chain tokenization of real-world assets (RWAs) has been gaining traction as crypto firms seek yield opportunities beyond token prices and volatility. The ETHZilla initiative arrives as RWAs continue to attract institutional interest and as the broader market observes how regulated, cash-flow–backed tokens perform relative to traditional securities and crypto-native instruments.

Why it matters

The ETHZilla pivot illustrates a broader industry trend: crypto treasury firms expanding beyond pure digital assets toward structured products that deliver visible, contractually backed revenue. By tying ownership of physical engines to a blockchain-based token, ETHZilla is testing whether on-chain instruments can offer predictable cash flows while preserving liquidity and transparency for investors. For a subset of crypto enthusiasts and accredited investors, this approach promises a familiar risk/return profile—income from lease payments—wrapped in a tokenized wrapper that can be traded or held alongside other digital assets.

Observers note that tokenized aviation assets combine visible, contractual cash flows with the efficiency and programmability of blockchain. The two jet engines underpin a stream of lease income that, in theory, may appeal to investors seeking exposure to high-value industrial assets without owning the aircraft outright. ETHZilla chairman and CEO McAndrew Rudisill framed the offering as a way to “expand investment access and modernize fractional asset ownership in markets that have historically been available only to institutional credit and private equity.” In his view, the use of a token backed by engines leased to a major airline serves as a compelling proof point for applying blockchain infrastructure to asset classes with global demand and predictable revenue streams.

The enterprise has a history that underscores its strategy: ETHZilla began life as a biotech venture before pivoting to Ether accumulation and tokenized assets. The company disclosed a substantial Ether stake in a Securities and Exchange Commission filing, reporting hundreds of millions of dollars in value at the time, and then redirected capital toward physical assets and on-chain structures. This history highlights both the volatility of crypto treasuries and the growing experimentation across the sector to convert traditional assets into liquid, traceable, on-chain instruments.

At the same time, the broader market environment remains a mixed backdrop for RWAs. Industry observers point to a rising footprint of tokenized assets on blockchain networks, alongside ongoing regulatory scrutiny and evolving frameworks that could shape who can issue such tokens and under what conditions. The RWA market, including tokenized debt, receivables, and asset-backed securities, has seen a surge of interest as institutions seek yield opportunities outside equity and crypto price movements. Data aggregators show that hundreds of thousands of holders participate in on-chain RWAs, with billions of dollars reportedly on-chain, underscoring the potential reach of asset-backed tokens beyond traditional finance.

ETHZilla’s execution also highlights the practical dynamics of tokenized asset bring-to-market: the engines were acquired for $12.2 million in January as part of the company’s broader shift away from a pure ETH-hold approach toward asset-backed, on-chain offerings. The venture has signaled that future token offerings could include other asset classes, such as home and car loans, suggesting a pipeline that blends tangible collateral with transparent, blockchain-native distribution mechanisms. Industry commentary has suggested that tokenized RWAs could gain momentum in 2026 as emerging markets adopt formalized structures for capital formation and foreign investment, though execution risks—valuation sensitivity, lease covenants, custody, and regulatory constraints—remain salient considerations for investors.

As the project unfolds, ETHZilla’s own treasury position provides context for the risk/reward calculus of tokenized assets. The company’s strategic reserve data and public disclosures show a balancing act between on-chain liquidity and the need to preserve exposure to Ether as a potential long-term stabilizer or growth asset. The tension between holding Ether and deploying capital into tokenized assets reflects a broader question in crypto governance: how to optimize treasury strategy when tokenized opportunities promise both diversification and yield, but hinge on real-world performance and contractual enforcement.

What to watch next

• Progress reports on Eurus Aero Token I performance, including lease cash flows and any collateralization updates.
• Additional asset classes targeted for tokenization by ETHZilla, particularly home and car loans, and the regulatory steps required for those offerings.
• Updates on ETHZilla Aerospace’s corporate structure, future engine acquisitions, and potential partnerships with other airlines or service providers.
• Regulatory developments affecting tokenized RWAs, including disclosures, custody standards, and compliance requirements for on-chain asset-backed instruments.

Sources & verification

• ETHZilla announces first-ever tradable tokenized aviation assets on Ethereum network secured by jet engines on lease with a leading US air carrier — PR Newswire (link in original text).
• ETHZilla disclosed its Ether holdings in an SEC filing, including the size and average acquisition price of its ETH stash.
• ETHZilla’s jet engine acquisition: two engines purchased for a combined $12.2 million in January, per the article corpus.
• Tokenization push and broader RWAs context: RWA.xyz data indicating billions on-chain and hundreds of thousands of holders.
• Related coverage and background on ETHZilla’s pivot and industry expectations for 2026–2028, including on-chain RWA trends and associated market commentary.

Market reaction and key details

The Eurus Aero Token I offering marks a notable step in the gradual convergence of aviation assets and blockchain technology. By attaching a direct business asset—two jet engines—to a tradable on-chain instrument, ETHZilla is testing whether the promise of liquidity, fractional ownership, and transparent revenue streams can coexist with the complexities of lease contracts, depreciation, maintenance reserves, and counterparties. If the structure proves resilient, it could pave the way for a broader ecosystem of asset-backed tokens tied to physical capital across sectors with robust cash flows and global demand.

Key figures and next steps

ETHZilla’s strategy hinges on converting contractual cash flows into liquid, on-chain instruments that investors can access with relative ease. The initial offering, priced at $100 per token and requiring a minimum purchase of 10 tokens, presents an explicit yield target of 11% over the lease horizon through 2028. The engines’ lease arrangement, the counterparty credit quality, and the ongoing maintenance and insurance terms will be critical inputs to the project’s actual performance and the token’s market acceptance. As the industry watches, ETHZilla’s next moves—whether it expands into additional asset classes or scales the aviation example—will be a bellwether for the broader viability of tokenized RWAs in a diversified crypto treasury framework.

What to verify

Readers can corroborate details in ETHZilla’s official disclosures and the referenced press materials, including the terms of the Eurus Aero Token I offering, the January engine purchase, and the SEC filing documenting the company’s Ether holdings. Market data from RWA.xyz and CoinGecko provides a snapshot of on-chain asset trends and the scale of the RWAs ecosystem. Additionally, primary sources such as the PR Newswire release and ETHZilla’s public statements offer direct insights into strategy and execution milestones.

This Friday, we examine Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid in greater detail.

Ethereum (ETH)

Ethereum closed the week up 2%, but the trend remains bearish, with $1,800 acting as a key support level for this downtrend.

If buyers hope for a reversal in the future, then ETH needs to bounce and hold above that level. Any weakness there would basically erase all the progress made since early 2025.

Looking ahead, this cryptocurrency has strong resistance around $2,400, and that price point will be decisive if tested later. A rejection there could lead to lower lows, while a breakout can sustain a rally towards $3,000.

Ripple (XRP)

XRP bounced after a sharp drop and closed this week with a 6% gain. However, this bounce will likely be short-lived, as the downtrend remains intact and new lows are likely.

The most important support levels are found at $1.4, which is currently being contested, and $1, where XRP may eventually fall if the overall market remains bearish in the coming months.

Looking ahead, this correction has accelerated in 2026, with the price accelerating as it declines. This is quite bearish, but it may also help identify a bottom more quickly. Hopefully, buyers will stop the downtrend around $1.

Cardano (ADA)

ADA has been struggling in the past 30 days and has booked a 38% loss. Nevertheless, it closed this week in the green with a modest 4% gain. The price also bounced on the 24-cent support.

Ideally, Cardano will begin forming a bottom around these price levels, as it has in the past. The alternative would be new lows not seen since 2020. Reclaiming a price above 30 cents is critical if bulls want to regain control.

Looking ahead, the outlook is grim for this cryptocurrency, especially if Bitcoin and Ethereum continue to underperform. That will likely pull it even lower. A price under 20 cents would make this one of the worst bear markets for ADA.

Binance Coin (BNB)

Unsurprisingly, BNB finally touched the support at $580. This level has long been a key target for sellers, and it has now been reached. The question is whether it will hold.

Ideally, the market should bounce after months of bearish price action. This also applies to Binance Coin, which has been in a downtrend since October 2025. If $580 fails to hold, conditions become more challenging, as the next key support levels are at $500 and $380.

Looking ahead, this cryptocurrency has lost nearly 60% of its valuation since its all-time high of approximately $1,375. If the past is to serve as a guide, this bear market may take BNB to -70% before a bottom is found.

Hype (HYPE)

HYPE closed the week in red with a 11% loss. That’s because buyers were unable to break above $36 and turn it into a key support level. For this reason, the current price action could be interpreted as a lower high. That is bearish.

Nevertheless, at the time of this post, buyers appear to be defending the support at $30 quite well. As long as this holds, buyers have another shot at making new highs.

Looking ahead, the rally that started at $20 appears to have reached its peak this week when buyers were unable to book new highs. For this reason, a bearish reversal is likely if $30 is lost again.

Cryptocurrency use for transactions involving human trafficking surged 85% in 2025.

According to a Feb. 13 Chainalysis report, which tracked cryptocurrency-facilitated human trafficking payments tied to escort services, labor recruiters connected to Southeast Asian scam compounds, and child sexual abuse material, among other categories, the networks comprised cryptocurrency transactions valued at “hundreds of millions of dollars across identified services.”

Chainalysis said that the various payment methods involved ranged from Bitcoin and alternative Layer 1 tokens to stablecoins. Meanwhile, platforms involved with facilitating these transactions included Chinese-language money laundering networks and various Telegram-based services that operated guarantee and escrow mechanisms to coordinate and confirm payments.

Large transactions were primarily centered around Telegram-based international escort networks, with 48.8% of each transaction exceeding $10,000. These platforms were mostly reliant on stablecoin payments, per the report.

Transactions in connection with CSAM were smaller in size, with an average value under $100. However, one platform tracked by Chainalysis had reportedly used over 5,800 cryptocurrency addresses and accumulated over $530,000 since July 2022. These platforms, which previously operated primarily using Bitcoin (BTC), were found to be using privacy-focused Monero (XMR) to launder the proceeds.

“Instant exchangers, which provide rapid and anonymous cryptocurrency swapping without KYC requirements, play a crucial role in this process,” Chainalysis said.

Meanwhile, Scam compounds use a combination of Telegram-based recruitment channels, guarantee platforms like Tudou and Xinbi, and stablecoin payment rails to coordinate and process payments.

As previously reported by crypto.news, these organizations lure in victims through fake job offers before forcing them to operate various crypto-linked scams under inhumane conditions.

Chainalysis was able to trace the flow of funds from several different countries like the United States, United Kingdom, Brazil, Spain, and Australia, to Chinese-language services that processed large-scale stablecoin transactions and facilitated laundering through Southeast Asian trafficking networks.

“While traditional trafficking routes and patterns persist, these Southeast Asian services exemplify how cryptocurrency technology enables trafficking operations to facilitate payments and obscure money flows across borders more efficiently than ever before,” Chanalysis said.

Cryptocurrency technology has long been criticized for supporting criminal activity by helping bad actors circumvent traditional financial controls and oversight. Recently, there has been renewed scrutiny over its role in ransom demands and alleged links to early crypto investments associated with Jeffrey Epstein.

However, Chainalysis notes that the underlying blockchain technology can be leveraged to detect and disrupt trafficking operations, as it offers visibility that is not possible with cash transactions. 

It urged compliance teams and law enforcement to adopt proactive monitoring strategies and track key risk indicators.