Crypto World
Could a 220% BTC Rally Follow?
Bitcoin has paused near recent highs, trading south of $69,000 as markets digest a period of consolidation after a volatile move that saw a dip to $60,000 followed by a rally to $72,000. Analysts note that price indicators have shifted into what some describe as a deep-value zone, prompting renewed debate about whether buyers will step in at these levels. Behind the scenes, researchers rely on two long-running metrics—realized price bands and a power-law quantile framework—that together frame the asset’s potential next leg. Taken together, these measures point to a broad, data-driven picture of accumulation forming at multiple support bands.
Key takeaways
- Bitcoin’s realized price bands align with a long-term accumulation zone that has preceded major price advances in prior cycles.
- The shifted realized price sits near $42,000 while the current realized price hovers around $55,000, signaling a structural support window roughly between $40,000 and $55,000 with potential upside if the pattern repeats.
- The power-law quantile model places BTC near the 14th percentile of its long-term log–log price corridor, suggesting a period of relative undervaluation after a cycle peak that could reach toward $210,000 in 2025 per the model.
- History shows rallies often follow a re-test of these bands, implying meaningful upside potential—roughly 170%–220%—in the next bullish phase and targets above $150,000.
- Consolidation after testing these zones has typically stretched six to eight months before the market resumes its upward trajectory toward new highs.
Tickers mentioned: $BTC
Sentiment: Neutral
Market context: The current price dynamics unfold within a broader crypto environment where on-chain signals and valuation models increasingly inform timing. As liquidity ebbs and flows, accumulation zones identified by realized price bands and corroborated by long-term percentile analyses offer a framework for understanding potential inflection points, even as near-term moves remain uncertain.
Why it matters
For long-term holders and traders alike, the convergence of realized price bands with a low percentile reading from the power-law framework adds nuance to market timing. The near-term picture depicts a tug-of-war between downside risk—as implied by lower-bound scenarios in the $40k–$50k range—and the prospect of a broader upcycle should accumulation hold and demand re-emerge. This dynamic matters because it shapes risk budgeting and entry points during periods of sector-wide caution.
Beyond price, the implications ripple through market infrastructure and product design. If these bands function as gravity wells, participants in mining, staking, and decentralized finance may recalibrate risk models and deployment schedules in anticipation of a sustained rebound. The research also underscores the value of on-chain metrics that anchor sentiment, especially when macro conditions remain uncertain and with the possibility of regime shifts in liquidity and risk appetite.
Analysts emphasize that the synthesis of historical patterns with current readings still requires prudence. While the path to new highs has historically followed a phase of accumulation, each cycle contains unique catalysts and macro-tempo changes that can alter outcomes. The narrative around realized price bands and percentile positioning should therefore be viewed as one tool among many in assessing future trajectories, rather than as a guaranteed roadmap.
What to watch next
- Watch for Bitcoin price testing and holding the $55,000 area as a critical inflection point over the next several weeks.
- Monitor how often the price re-tests the realized price bands; a sustained move above the mid-$50ks would bolster the case for continued accumulation.
- Pay attention to the alignment with the power-law percentile, particularly if readings settle within the $50,000–$62,000 corridor, described as a long-term support floor in prior cycles.
- Observe any shifts in the BTC/Gold ratio or related macro indicators that could signal a risk-off or risk-on tilt, which would influence the timing of any durable bottom and subsequent rally.
Sources & verification
- On-chain realized price and shifted realized price concepts used to identify long-term accumulation zones and their historical relevance.
- The visual mapping of monthly price zones based on realized price bands, with sources cited to TradingView.
- The power-law quantile model’s positioning of BTC around the 14th percentile and its implied target near $210,000 in 2025, as discussed by the model’s proponents.
- Related discussion referencing large BTC holders and macro conditions as part of the broader context of market bottoms and pullbacks.
Market reaction and key details
Bitcoin (CRYPTO: BTC) has cooled after a volatile stretch, trading just below the $69,000 mark as market participants digest the move from a dip to $60,000 and a subsequent push back toward the $70,000 level. The retreat comes as analysts revisit two on-chain gauges that have historically framed long-run value zones. Realized price, which tracks the average cost basis of BTC the last time it moved on-chain, and its shifted counterpart, which smooths this signal forward in time, are currently signaling a broad accumulation range. In practical terms, this means that the market is tracking a price floor around the mid-$40,000s to mid-$50,000s, with the potential for outsized upside if history repeats itself and buyers re-enter the market en masse.
The current readings place realized price near $55,000 and the shifted realized price around $42,000, reinforcing the idea that a robust support base is forming amid a broader pattern of value-driven accumulation. A chart illustrating these zones, which connects monthly price action to realized-price bands, is available via the linked visualization (Cointelegraph/TradingView) and provides a historical lens on how retests of these bands have historically preceded meaningful rallies. For readers curious about the visual, the chart references BTCUSDT on TradingView.
Beyond the realized-price framework, another analytic approach gaining attention is a power-law quantile model popularized by BTC researcher Giovanni Santostasi. The latest update places BTC near the 14th percentile of a long-term log–log price corridor, suggesting a phase of relative undervaluation after a cycle peak that the model projected could reach as high as $210,000 in 2025. This confluence—price trading near realized bands and a low percentile reading on the long-term corridor—has historically coincided with recoveries, even as the structure permits the possibility of further drawdowns in the near term. The model’s $210,000 target underscores the scale of potential upside that such a framework envisions, even as the timing remains uncertain.
The discourse is not without caution. Observers such as Jelle (CryptoJelleNL) have pointed to periods where the BTC price has fallen around 31% from a prior RSI-based breakout, warning that a retracement toward the $52,000s could occur before a durable bottom takes hold. Another analyst, Sherlock, has flagged a breakdown in the BTC/Gold ratio below recent support, a condition that has previously coincided with transitions into bearish phases. In light of these signals, some analysts argue that a deeper retest—potentially into the $38,000–$40,000 region—remains plausible if historical patterns repeat. Still, the broader narrative remains that a test of the realized bands could, if met with a sustained bid, propel BTC into the next leg of its cycle.
As markets weigh these views, traders will be watching for alignment between on-chain signals and price action. The convergence of the realized-price framework with percentile positioning offers a structured lens through which to assess risk and potential catalysts, even as external factors continue to influence risk sentiment across the crypto space. The discussion around Bitcoin’s long-term value, and how that value translates into price, remains highly dependent on a delicate balance of on-chain activity, macro conditions, and investor appetite for risk.
Related: Bitcoin holders sell 245K BTC in tight macro conditions: Did the market bottom?
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Crypto’s $193 million campaign-finance force, the Fairshake political action committee, is launching into congressional midterm season with a massive $5 million injection into the Republican primary campaign of Barry Moore, a U.S. congressman now running for Senate.
One of Fairshake’s affiliates, Defend American Jobs, is committing that spending to support Moore, even though the general election remains almost nine months away. That marks one of the group’s first major forays into what promises to be a high-stakes, high-spending election season.”We are proud to stand with Barry Moore, a leader who will fight for economic growth and make America the crypto capital,” Fairshake said in a Tuesday statement.
Fairshake had also recently devoted funds to Representative French Hill, the chairman of the House Financial Services Committee who has led the charge on crypto legislation in the U.S., according to a representative of the PAC. Hill and his allies already managed to get a crypto market structure bill through the House of Representatives last year and are now awaiting a matching effort in the U.S. Senate.
Such crypto legislation is the central purpose of Fairshake’s giving — promoting pro-crypto candidates ready to pass friendly bills and opposing those who stand against such legislation.
As with all the super PAC’s giving, the money for Moore will be through “independent expenditures” under federal election law, meaning the cash can buy ads for the candidate, but they can’t deal directly with the campaign. Fairshake-backed ads in the 2024 election didn’t mention crypto at all, and this broadcast ad for Moore intends to feature the candidate’s endorsement from President Donald Trump.
Moore has served five years in the House, and he’s now campaigning to replace Senator Tommy Tuberville, a Republican who is aiming for the governor’s mansion this year. The Alabama congressman has so far served in the House’s Agriculture Committee, where crypto legislation was on the agenda last year.
“Crypto is not a fad,” Moore wrote in a December post on social media site X. “It is part of our future. It is part of Alabama’s future.”
Moore is one of five Republican candidates who announced their participation in that primary. Early polling has so far seen Moore generally in second place behind state Attorney General Steve Marshall. Both have “A” crypto ratings from Stand With Crypto, a group that reviews the digital assets views of political figures.
Read More: Industry’s PAC Keeps Seeking to Add Allies as Congress Hashes Out Crypto Legislation
Global brokerage IBKR now offers traditional and perpetual-style BTC and ETH futures trading to its clients.
Interactive Brokers (IBKR), a leading global brokerage with more than 4.5 million clients, rolled out small-sized nano BTC and ETH futures contracts today.
The contracts leverage Coinbase Derivatives’ traditional futures offerings, which have monthly expirations, and its “perpetual-style futures,” making IBKR the latest traditional brokerage to offer perpetuals.
The move is IBKR’s latest into crypto, after enabling stablecoin deposits in December.
Perpetual derivatives exploded in 2025, driven by the success of platforms such as Hyperliquid, Lighter and Aster. Nearly $8 trillion in decentralized perpetuals trading occurred in 2025, according to DeFiLlama, compared with $2.55 trillion in 2024 and just $690 billion in 2023.
Traditional financial institutions continue to expand their crypto trading offerings, as evidenced by the CME Group adding new altcoin futures yesterday and even teasing its own native tokenized cash during its latest earnings call.
Unlike in previous crypto cycles, when traditional players slowly stepped away as prices dropped, leading institutions such as CME and IBKR continue to dive headfirst into the space, despite Bitcoin falling more than 50% from its October peak. However, it remains unclear whether TradFi’s focus on broadening trading access will meaningfully affect crypto prices.
Sundar Pichai, chief executive officer of Alphabet Inc., during the Bloomberg Tech conference in San Francisco, California, US, on Wednesday, June 4, 2025.
David Paul Morris | Bloomberg | Getty Images
Alphabet’s debt sale keeps getting bigger.
The company is close to finalizing a global bond issuance in excess of $30 billion, according to two people familiar with the deal, an increase from the $20 billion it raised on Monday.
On Tuesday morning, Alphabet went to the European market to raise roughly $11 billion in sterling and Swiss francs, said the people, who asked not to be named because the details are private. Bloomberg reported earlier that Alphabet raised almost $32 billion.
Investors are showing heightened demand for high-quality paper from tech heavyweights that are leading the charge in artificial intelligence, one source said.
In its earnings report last week, Alphabet said it expects to shell out up to $185 billion in capital expenditures this year, more than double its 2025 capex. The group of hyperscalers, which also includes Amazon, Meta and Microsoft, are projected to collectively spend close to $700 billion in 2026. With tech companies pouring money into high-priced chips, large facilities and networking technology, analysts expect free cash flow to plummet this year.
Oracle was the first large tech company to test the debt market in 2026, with its $25 billion dollar offering last week. Meta is preparing a large debt offering in first part of this year, as it looks to accelerate its data center push across the U.S., the sources said.
Alphabet held a $25 billion bond sale in November. Its long-term debt quadrupled in 2025 to $46.5 billion. CFO Anat Ashkenazi said on last week’s earnings call that as the company considers its total investment, “we want to make sure we do it in a fiscally responsible way, and that we invest appropriately, but we do it in a way that maintains a very healthy financial position for the organization.”
Alphabet didn’t respond to a request for comment.
— CNBC’s Jennifer Elias contributed to this report.
WATCH: Alphabet’s bond sale
Crypto World
Vatican Bank makes first foray into equity indexes, setting stage for potential ETF launches
Gabriel Bouys | AFP | Getty Images
The Vatican Bank Tuesday launched two equity indexes tracking stocks that align with Catholic values. Its first foray into thematic investment products sets the bank up to potentially roll out other financial products, including ETFs in the future.
The bank, which reports to the Committee of Cardinals and the Pope, said Tuesday in a statement that the Morningstar IOR Eurozone Catholic Principles Index and the Morningstar IOR U.S. Catholic Principles Index include 50 medium and large-cap firms deemed to be consistent with Catholic ethical criteria, including prioritizing human bonds and social justice.
“Having benchmarks built in accordance with recognized Catholic ethical criteria allows us to make our performance assessment and reporting processes even more rigorous and transparent,” Giovanni Boscia, Vatican Bank deputy director general and CFO, said in the statement. “This initiative reaffirms our commitment as a financial institution serving the Church, further strengthening the role of the [Vatican Bank] as a reference point for the Catholic world.”
The Eurozone fund counts semiconductor supplier ASML Holding and telecommunications company Deutsche Telekom among its top holdings, while the US-based index’s largest holdings include Meta Platforms and Amazon.
Their rollouts also open up the possiblity the indexes could be licensed for use in an exchange traded fund.
The debut comes as investors’ appetite for ETFs and other thematic investment products grows. The global ETF market increased nearly 30% to top $14 trillion in 2024, per PricewaterhouseCoopers. And, the combined value of those funds could hit as much as $30 trillion by 2029, according to a PwC report dated March 2025.
Meanwhile, investment products rooted in social responsibility and other themes are appealing to certain slice of investors. The Ave Maria Mutual Funds, a fund family that allocates capital in accordance with Catholic teachings, said it had $3.8 billion in assets under management as of last year, per its website.
The Vatican Bank has been working to reform its image after a series of scandals. The Holy See-linked financial institution has faced several allegations of money laundering and ties with organized crime, particularly after the collapse of Milan-based Banco Ambrosiano in 1982. In 2021, former Vatican Bank president Angelo Caloia was found guilty of money laundering and embezzling millions of euros in connection with his role at the institution.
Bitcoin mining stress deepened as difficulty fell 14% and Puell dipped below 0.8, even as Cango sold $305M in BTC.
Bitcoin mining conditions tightened sharply in late January and early February after network difficulty fell 14% over three weeks and publicly traded miner Cango disclosed a $305 million BTC sale over the weekend.
The combination of falling profitability metrics and selective balance sheet sales shows pressure spreading across the mining sector, even as broader on-chain data shows no signs of disorderly selling.
Difficulty Drops as Miners Cut Capacity
According to a February 10 brief published by on-chain analyst Axel Adler Jr., Bitcoin’s network difficulty dropped by a combined 14.1% between January 22 and February 6, following two consecutive downward adjustments of 3.3% and 11.2%. Such back-to-back cuts usually occur when less efficient mining equipment is taken offline, often during periods of weak price action.
During the same window, the price of BTC fell about 25%, briefly touching $60,000 before rebounding toward $70,000. At the time of writing, the flagship cryptocurrency was trading at around $69,000, down nearly 1% in the last 24 hours and more than 12% over the past week, based on CoinGecko data.
The asset has also lost 24% of its value over the past month and about 29% year over year, underperforming earlier-cycle expectations and keeping mining margins tight.
Against this backdrop, Cango confirmed it sold 4,451 BTC for approximately $305 million, citing balance sheet strengthening. The sale, approved by the company’s board, drew an immediate reaction from equity investors, with Cango shares closing 8% lower on the first trading day after the disclosure.
Adler described the transaction as a point event rather than evidence of widespread forced liquidation, noting that aggregate miner flows to exchanges are still holding steady.
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Data from miner exchange inflows supports that view, with the 30-day moving average of daily miner transfers hovering near 82 BTC, only slightly lower than mid-January levels and well within recent norms, according to the market watcher. Furthermore, he reported that there have been no sustained spikes that would suggest broad reserve dumping.
Profitability Pressure and What Comes Next
Profitability metrics still point to strain. For instance, Adler pointed out in his brief that the Puell Multiple, which compares daily miner revenue to its annual average, slipped to a 30-day average of 0.77 in early February, down from 0.86 in mid-January. He added that spot readings briefly fell to around 0.61, levels historically associated with miner stress and capacity exits.
The analyst noted that miners earning below their annual average tend to prioritize liquidity, increasing the chance of selective reserve sales rather than aggressive expansion. According to him, completion of this stress phase typically requires a reversal in difficulty adjustments and a recovery in the Puell Multiple toward the 0.85 to 0.90 range.
For now, the data suggests the adjustment is playing out mainly through hashrate reductions instead of heavy selling. The risk, in Adler’s opinion, is a renewed price drop below $60,000, which could push profitability metrics lower and prompt similar sales from other public miners.
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Crypto miner and manufacturer Canaan fell 6.9% on the Nasdaq on Tuesday despite reporting a 121.1% year-on-year increase in revenue to $196.3 million in the fourth quarter, driven by an increase in hardware sales and stronger mining performance.
Canaan reported that its Bitcoin (BTC) mining revenue rose 98.5% year-on-year to $30.4 million, helping boost its Bitcoin treasury to a record 1,750 BTC, valued at nearly $120 million, while the company also increased its Ether (ETH) holdings to 3,950 ETH, worth $7.9 million.
The revenue figure is Canaan’s highest quarterly posting in three years, and was also driven by Bitcoin mining machine sales, with the company shipping a record 14.6 exahashes per second (EH/s) of computing power during the quarter.
Canaan said computing power sales were supported by a “milestone order” from a US-based institutional miner, helping it set a new quarterly record for computing power sales and achieve a 60% year-on-year increase.
On the mining front, the Singapore-based company said it expanded its installed hashrate to 9.91 EH/s, with 7.65 EH/s operational during the quarter.
Bitcoin network hashrate has fallen from a record 1,150 EH/s in mid-October to 980 EH/s as miners continue to unplug unprofitable machines and pivot to AI and high-performance computing.
Despite the strong Q4 performance, Canaan (CAN) shares tanked another 6.87% to $0.56, Google Finance data shows, making it one of the lowest performers among the 15 largest Bitcoin miners by market cap.
Canaan’s risk of Nasdaq delisting worsens
At its current price of $0.56, the company is now down 18.1% year-to-date and 70.2% over the last 12 months.
On Jan. 16, Canaan said it received a letter from the Nasdaq warning that it must increase its share price to above $1 to meet the stock exchange’s minimum bid rule or risk being delisted.
Related: Bitcoin ETFs extend rebound as $145M in fresh inflows hit market
The Nasdaq gave the Singapore company 180 days, until July 13, to regain compliance with the rule, which requires its closing bid price to hit at least $1 for a minimum of 10 consecutive trading days. Canaan last closed above $1 on Nov. 28, 2025.
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Ethereum remains in a cyclical downswing after the recent capitulation leg that drove the price from the mid-$2,000s into the $1,800 demand region. The structure across higher timeframes is still dominated by a well-defined descending channel, with lower highs since late 2025 and momentum readings in oversold territory now attempting to stabilize.
Current conditions, therefore, reflect a market in the process of digesting a sharp repricing, where the next impulse will likely be defined by how the price reacts to the nearest resistance band around $2,700 and the reclaimed support zone near $1,800–$2,000.
Ethereum Price Analysis: The Daily Chart
The daily chart shows Ethereum trending within a broad downward channel, with the latest sell-off driving the asset into the lower boundary and the horizontal demand region between roughly $1,800 and $1,700. This zone has produced an initial reaction, but the sequence of lower highs and lower lows remains intact, and the bearish fair value gap around $2,300–$2,400 now acts as the first short-term resistance cluster.
Daily RSI has also bounced from deeply oversold readings but still resides in a bearish regime, indicating that any recovery for now is best classified as a corrective rebound within a dominant downtrend. Yet, a sustained move back above $2,400–$2,500 and the channel midline would be required to argue for a more durable trend change.
ETH/USDT 4-Hour Chart
On the 4-hour timeframe, the market displays a short-term basing attempt after the steep decline. The price carved out a descending leg that terminated near the $1,800 demand zone while the 4-hour RSI formed a clear bullish divergence, signalling seller exhaustion and prompting the current consolidation above the support zone at $1,800 and below the resistance level at $2,100.
This range now defines the tactical battlefield: holding above $1,800 would keep the developing recovery structure valid and open the door for a retest of the $2,200 short-term resistance level, whereas a decisive breakdown below $1,800 would indicate that the relief phase has failed and expose the lower daily supports closer to $1,600.
On-Chain Analysis
The Exchange Supply Ratio for Ethereum has continued to trend lower and currently sits near the lowest levels of the displayed series, around 0.135, implying that an increasingly smaller fraction of the total ETH supply is held on centralized exchanges. This persistent decline, even as prices have sold off toward the $2,000 area, suggests that a significant portion of the supply has migrated to self-custody or staking and is less immediately available for sale, reducing structural spot sell-side liquidity.
In the short term, this configuration can amplify volatility, with sharp downtrends driven by derivatives and forced selling facing relatively thin spot order books. But from a medium-term perspective, a depressed exchange supply ratio combined with already realized downside often characterizes late-stage phases of a corrective cycle, where additional marginal supply becomes progressively harder to source if demand begins to recover.
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Justin Tallis | Afp | Getty Images
Throughout its history, bitcoin and other cryptocurrencies have been subject to significant price fluctuations, whether that’s due to larger macro factors impacting all asset classes or during “crypto winters” tied to industry concerns.
But with a crypto-friendly Trump administration and expectations for passage of a cryptocurrency market structure bill, many onlookers expected another bull run in digital assets to start 2026. However, it’s been the exact opposite. Bitcoin is down more than 21% so far this year, and it fell to $60,062.00 last week — its lowest level in roughly 16 months. That marked a drop of nearly 50% from its record back in October 2025.
What is driving this latest decline? Rather than a single event, Galaxy founder and CEO Mike Novogratz said at the CNBC Digital Finance Forum on Tuesday in New York City that it’s a reflection of a larger industry shift. When bitcoin fell 22% in less than a day back in November 2022 following the collapse of FTX, there was a “breakdown in trust,” Novogratz told CNBC’s MacKenzie Sigalos at the event. “This time, there’s no smoking gun,” he said. “You look around like, what happened?”
Bitcoin price since the start of 2026
Novogratz did note the wipeout that occurred in October 2025 as a significant event, when more than 1.6 million traders suffered a combined $19.37 billion erasure of leveraged positions over a 24-hour period, a situation that he said, “wiped out a lot of retail and market makers” and put plenty of pressure on prices.
“Crypto is all about narratives, it’s about stories,” he said. “Those stories take a while to build and you’re pulling people in … so when you wipe out a lot of those people, Humpty Dumpty doesn’t get put back together right away,” he said.
But Novogratz also sees something more lasting he expects to come out of the current downturn, saying the recent era of crypto investing, “the age of speculation,” will be phased out going forward as the crypto industry has brought in “institutions where people have a different risk tolerance.”
“Retail people don’t get into crypto because they want to make 11% annualized,” he said. “They get in because they want to make 30 to one, eight to one, 10 to one.”
Some traders will always speculate, Novogratz says, but overall, “it’s going to be transposed or replaced by us using these same rails, these crypto rails, to bring banking [and] financial services to the whole world. And so, it’s going to be real world assets with much lower returns.”
He also pointed to tokenized stocks as assets that will have “a different return profile.”
Sigalos asked Novogratz if the eventual passage of the CLARITY Act could be a catalyst for the industry, with the stall in the crypto market structure bill’s momentum on Capitol Hill at least a short-term headwind. He is confident a crypto market structure bill will eventually become law.
“I talked to [Senate Minority Leader] Chuck Schumer two nights ago and he said ‘We’re going to pass the goddamn CLARITY Act,’” Novogratz said. “The Democrats want to pass the act, and the Republicans want to.”
Novogratz said the crypto industry needs the bill for “a lot of reasons,” but notably, “We need it for spirit back in the crypto market.”
At the World Economic Forum 2026 in Davos, crypto was no longer framed as a parallel financial system. Instead, it appeared as emerging institutional infrastructure—regulated, operational, and increasingly shaped by legislation, market structure, and real deployment timelines.
Across CNBC House and Bloomberg House, the conversation shifted decisively away from hype. The focus was execution: what can realistically ship in 2026, under which rules, and with what return on capital.
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Why Davos Matters for Crypto in 2026
Davos is less about announcements and more about institutional alignment. This year’s theme, “A Spirit of Dialogue,” reflected crypto’s transition from ideology to negotiation—between regulators, market operators, and incumbents.
Crypto repeatedly surfaced in discussions around financial infrastructure modernization, settlement efficiency, tokenization of regulated assets, and market resilience. The signal was clear: crypto is now being judged on compliance, governance, and measurable outcomes, not narratives.
CNBC House: Stablecoins and Tokenization, Narrowed
CNBC House debuted in 2026 as a curated venue for C-suite and policy-level discussions. Its tone was pragmatic. Conversations with Binance Co-CEO Richard Teng and Ripple CEO Brad Garlinghouse positioned 2026 as an execution year, not a speculative cycle.
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Stablecoins emerged as the most deployable use case—where institutional demand, technical readiness, and regulatory attention already overlap. Tokenization, meanwhile, was framed less as a sweeping transformation and more as a targeted efficiency upgrade: faster settlement, improved collateral mobility, lower operational risk, and better auditability.
Crypto’s challenge at Davos was attention. It now competes directly with AI, cybersecurity, and operational resilience for executive capital. The bar in 2026 is ROI.
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Bloomberg House: Legislation as the Bottleneck
If CNBC House captured intent, Bloomberg House captured constraints.
Coinbase CEO Brian Armstrong focused on US legislation, particularly the stalled Clarity Act. In early 2026, Coinbase withdrew support for the Senate market structure bill, arguing its latest draft could restrict tokenized equities, DeFi, and stablecoin rewards—putting crypto firms at a disadvantage to banks.
His opposition delayed the bill’s markup and highlighted a key reality: policy details, not technology, are pacing adoption. Stablecoins sit at the center of that debate, with yield, consumer protection, and financial stability now active fault lines.
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Tokenization at Bloomberg House was framed as market structure competition. Moves toward 24/7 trading and blockchain-based rails suggest the battle is no longer about feasibility, but about who controls standards, fees, and distribution.
What Davos Made Clear
Crypto’s next phase is defined by integration, not disruption. Stablecoins are the leading institutional wedge. US legislation sets the tempo. Tokenization is becoming incremental, regulated, and competitive.
Davos sent a clear message: crypto’s future will be decided less by narratives—and more by who can deliver institution-grade infrastructure under real-world rules.
This article was contributed by Ionut Gaucan, an independent industry expert reporting from Davos. The views expressed are the author’s own and do not necessarily reflect those of BeInCrypto.
Coinbase is being quietly eclipsed by Hyperliquid, whose trading volume is nearly double that of Coinbase.
The prominent decentralized perpetual futures exchange, Hyperliquid, has surpassed Coinbase in terms of trading volume, according to Artemis. The data revealed that Hyperliquid recorded $2.6 trillion in trading volume, compared with Coinbase’s $1.4 trillion within the same timeframe.
This represents nearly double the notional volume of Coinbase.
Hyperliquid vs. Coinbase
Findings shared by Artemis also disclosed that the year-to-date price performance highlights a stark contrast between the two platforms. Hyperliquid has gained 31.7% so far in 2026, while Coinbase has declined by 27.0%. This resulted in a divergence of 58.7% over just a few weeks.
Coinbase is one of the most established centralized exchanges in the world, while Hyperliquid is still an emerging decentralized player in the space. Following the significant gap in both trading activity and asset performance, Artemis described it as a sign that the market is paying attention to the decentralized perpetuals exchange’s rapid growth.
Throughout 2025, the platform generated $822 million in revenues. So far this year alone, it recorded $79.1 million in revenues.
Meanwhile, open interest on Hyperliquid, over the past 24 hours, stood at $4.1 million.
Amid rapid growth, Ripple announced that its Ripple Prime brokerage platform will now support Hyperliquid. This would allow institutional clients to access Hyperliquid’s on-chain derivatives while cross-margining exposure across other assets, including cleared derivatives, OTC swaps, fixed income, forex, and digital assets, under a single counterparty.
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Michael Higgins, international CEO of Ripple Prime, said the integration merges decentralized finance with traditional prime brokerage, improving liquidity access and trading efficiency. The move comes as Hyperliquid continues to see billions in daily volumes, as the platform sees growing influence in the decentralized perpetual futures market.
HYPE Shorting Controversy
Hyperliquid’s popularity has not been without controversy. In December, the exchange confirmed that a former employee, dismissed in early 2024 for insider trading, was behind large short positions in its native HYPE token. On-chain analysis verified that the wallet responsible executed leveraged shorts totaling over $223,000, including $180,000 in HYPE at 10x leverage.
The platform reiterated its zero-tolerance policy for insider trading and said employees and contractors are prohibited from trading HYPE derivatives.
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