Binance is demanding that the Wall Street Journal (WSJ) remove an article about the crypto exchange firing investigators who discovered $1 billion worth of crypto being sent to Iran-linked wallets. 

Binance CEO Richard Teng shared a letter addressed to the WSJ’s Editor-in-Chief, Emma Tucker, and Dow Jones Vice President, Jason Conti, on X today that accuses the WSJ of publishing “defamatory claims” in Monday’s article.

It claims that the article contains “false information” which “should be corrected immediately,” and that any defamatory imputations should be retracted.

Binance says it wants the WSJ to take down the article until the requested corrections are made.

The letter doesn’t explicitly suggest Binance will pursue legal action, but says it must update the piece, “thus potentially avoiding the need for any further action.”

Read more: Is Binance sending cease-and-desist letters?

Binance claims that its client, which remains nameless, “reasonably, cooperatively, and promptly” responded to a series of questions put forward by a WSJ journalist. 

However, it claims the piece “fails to reflect” their responses and “falsely asserts to readers that Binance engaged in illegal conduct by breaching Iranian sanctions.”

“While you solicited our client’s position, your failure to reflect our client’s responses is inconsistent with your ethical obligations to ‘remain fair, accurate and impartial’, and suggests an agenda already set, which does not amount to responsible journalism,” Binance claimed.

WSJ says Binance sleuths found sanction-breaking transactions

The WSJ published the article yesterday with the headline “Binance Fired Staff Who Flagged $1 Billion Moving to Sanctioned Iran Entities.”

It claimed that, based on company documents and unnamed sources familiar with Binance, the investigators were fired after uncovering a suspicious account owned by the Hong Kong company Blessed Trust.

The firm converts fiat currency into crypto, and the investigators found it had sent more than $1 billion worth of tether (USDT) to a series of wallets, known as “Entity A.” 

US law enforcement claims Entity A is a shadow banking network run by Iran’s Islamic Revolutionary Guard Corps that allows Chinese companies to pay for Iran’s oil. 

The account raised numerous internal alerts of suspicious activity throughout 2025. By the time the investigation was raised to Binance’s top execs, the lead investigator and the head of sanctions and counterterrorist financing investigations were suspended, and fired weeks later. 

Key Takeaways

• The lawsuit alleges Jane Street exploited private liquidity data to profit from the TerraUSD depeg before the public was aware.
• Terraform’s estate claims the trading firm netted millions by front-running a critical $150 million liquidity withdrawal from Curve.
• Jane Street has dismissed the suit as a “desperate” attempt to extract money from legitimate market activities.

Bitwise Investments has announced the acquisition of Chorus One, a leading provider of institutional staking services, marking an expansion in Bitwise’s staking capabilities and onchain offerings.

With more $15 billion in assets under management (AUM), Bitwise is known for its crypto index funds and has been broadening its offerings through its Bitwise Onchain Solutions (BOS) division. The acquisition of Chorus One, renowned for its cross-chain staking infrastructure, significantly boosts BOS’ capabilities in the staking domain. The move enhances Bitwise’s reach across over 30 proof-of-stake networks, according to a press release from Bitwise.

Chorus One’s expertise in providing staking services to institutions complements Bitwise’s existing offerings, allowing for a seamless integration that is set to enhance the overall service quality.

The institutional staking market has been experiencing rapid growth, with more institutions looking to participate in proof-of-stake networks. This trend is driven by the dual benefits of yield generation and contribution to network security, which are increasingly attractive to institutional investors seeking diversified returns.

“For our thousands of clients who hold spot crypto assets, staking is one of the most compelling growth opportunities. I’m thrilled about this acquisition and grateful to the Chorus One team for the trust placed in us. Chorus One is best-in-class across technology and research, with an eight-year track record of doing things the right way.” said Bitwise CEO Hunter Horsely.

This article was generated with the assistance of AI workflows.

Shares of major credit card companies fell on Monday, Feb. 23, after a thought experiment report from Citrini Research raised concerns about how artificial intelligence (AI) could change the payments industry – however, a separate note from The Kobeissi Letter pushed back, saying the disruption risks are overstated.

According to market data shared by Bearly AI in a post on X, Visa dropped about 4.4%, Mastercard fell 6.3%, American Express slid 7.9%, and Capital One declined roughly 8% on Feb. 23 after Citrini’s note was published on Feb. 22.

Notably, by Tuesday afternoon, shares were mostly steady or slightly higher. Visa was around $306, flat on the day, while Mastercard traded near $497, up about 0.5%. American Express was also little changed at $321, and Capital One rose about 4% to around $197.

The situation underscores how quickly viral narratives can move markets and how sensitive both stocks and crypto are to FUD (fear, uncertainty, and doubt). It also shows investors are still unsure how much AI will disrupt the industry.

AI Agent Payments

Citrini Research described a scenario in which AI programs make purchases on their own and seek the cheapest way to send money. In that case, stablecoins could replace credit cards for some transactions.

“What follows is a scenario, not a prediction,” the note emphasized. “This isn’t bear porn or AI doomer fan-fiction. The sole intent of this piece is modeling a scenario that’s been relatively underexplored.”

Meanwhile, in a separate note published last night, The Kobeissi Letter said the negative view assumes demand will not change. It argued that when technology makes things cheaper, people usually spend more. Lower-cost AI services could give consumers more buying power and help new businesses start.

“The doomsday scenario went viral because it captured something visceral,” The Kobeissi Letter note reads. “It framed AI not as a productivity tool, but as a macroeconomic destabilizer capable of triggering a negative feedback loop: layoffs lead to weaker consumption, weaker consumption leads to more automation, and automation accelerates layoffs.”

The memo said AI could also have a positive impact. While some companies may face pressure, lower costs could improve productivity and support economic growth over time. “AI amplifies outcomes. It can amplify fragility if institutions fail to adapt, and it can also amplify prosperity if productivity outpaces disruption,” the note reads.

The back-and-forth comes amid declines in some software and tech stocks following major AI announcements. For instance, shares of IBM plummeted about 13% on Monday, the stock’s steepest drop in more than 25 years.

TLDR

• Smarter Web secured a $30 million Bitcoin-backed credit facility from Coinbase Credit.
• The company stated that the facility will help it execute Bitcoin purchases faster after equity raises.
• Smarter Web confirmed that it will not use the credit line as long-term debt for Bitcoin accumulation.
• The firm reported holding 2,689 BTC, which is valued at about $170 million at current market prices.
• Tracker data shows that Smarter Web continued to increase its Bitcoin holdings after its 2025 disclosure.

Smarter Web opened a new phase in its treasury plan as it secured a $30 million Bitcoin-backed credit line, and the firm said the move will speed purchase timing after fundraises, and the structure will support rapid deployment during volatile sessions.

Credit Facility Details and Early 2026 Treasury Activity

The Smarter Web Company confirmed the new facility with Coinbase Credit and stated that the credit line is secured against Bitcoin held in custody with Coinbase. The firm said the facility helps it act quickly after equity raises and cuts timing risk during fast markets. The company stressed that it does not plan to use the structure as ongoing debt and intends to repay it once the funds clear.

Smarter Web trades on the London Stock Exchange Main Market and also trades on the OTCQB Venture Market in the United States. The firm describes Bitcoin as core to its treasury plan and continues to expand digital asset holdings. Data shows digital asset treasuries recorded billions in inflows from late 2025 through early 2026 before slowing in February.

DefiLlama data shows treasuries reached $4 billion in inflows during December and $3.7 billion in January. The figure reached $363 million through February 24 and stayed positive but below earlier peaks. The company cited these flows when noting its need for faster execution during market shifts.

Smarter Web Treasury Position and Sector Activity

Smarter Web reported holdings of 2,689 BTC with an average cost of $112,865 per coin. At current prices near $64,472, the position is valued at about $170 million. The firm said the book reflects an unrealized loss based on its reported cost basis and continues to track long-term plans.

The company reported 2,470 BTC on September 12, 2025, and called itself the largest corporate holder in the United Kingdom. It also mentioned interest in acquiring competitors and referenced future index ambitions. Tracker data indicates the company continued steady accumulation after that point.

The new credit line allows the firm to borrow against existing Bitcoin and act quickly after equity raises. The structure then allows repayment once fundraising proceeds settle.
The company said this approach helps reduce timing gaps during active sessions.

Strategy added 592 BTC on Monday and raised its total to 717,722 BTC. The company marked its 100th purchase since 2020 and maintained its accumulation pattern. Meanwhile, Bitdeer reported selling its entire treasury and shifted to a convertible debt raise while removing all corporate Bitcoin.

Bitcoin’s on-chain signals have cooled after a run of elevated profitability and aggressive selling, suggesting a potential valuation reset rather than a definitive bottom. In the latest data reads, investor profitability has drifted back toward the long-run mean, while spot order flow shows signs of calmer unloading even as trading activity remains subdued. The interplay between valuation metrics and liquidity conditions is shaping expectations for when genuine spot demand could re-emerge and whether that would accompany a sustained trend reversal. Across the metrics, there is a defensively postured market rather than a clear pivot higher, at least for now.

Key takeaways

• Bitcoin’s market value to realized value (MVRV) has normalized after previously trading at extremes, signaling a shift back toward historical baselines rather than an overt undervaluation.
• Realized capitalization declined to about $1.09 trillion from a peak near $1.12 trillion in November 2025, reflecting roughly $33 billion in on-chain value leaving the network.
• Coins aged three to six months now represent 25.9% of the supply, the largest cohort in the dataset, indicating a substantial portion of holders purchased higher and are underwater on many positions.
• Spot cumulative volume delta (CVD) improved to -$161.5 million from -$177.1 million, while spot trading volume slipped to $6 billion from $7.6 billion, pointing to thinner participation and a more cautious posture among traders.
• Bitcoin has remained range-bound around $62,000–$64,000, suggesting supply absorption could pick up pace only if spot participation and risk appetite recover from current levels.

Tickers mentioned: $BTC

Sentiment: Neutral

Price impact: Neutral. On-chain signals suggest a balanced view rather than a clear, imminent move higher or lower.

Trading idea (Not Financial Advice): Hold. The combination of a mean-reverting valuation backdrop and thinner spot activity argues for patience until clearer demand signals emerge.

Market context: The data aligns with a broader phase of cautious liquidity in crypto markets, where on-chain metrics and macro- and risk-off sentiment influence how quickly fresh spot demand can materialize. While some coins’ outflows have stabilized, the absence of a decisive upshift in participation keeps near-term catalysts subdued.

Why it matters

The evolving on-chain picture matters because it reframes the risk-reward calculus for Bitcoin holders and potential entrants. A move back toward the long-run mean in MVRV implies that the market is not yet deeply undervalued, even as some segments of investors have capitulated in the sense of exiting positions near peak prices. The retrace in realized capitalization reinforces the notion that capital has been reallocated away from high-cost entrants, a behavior consistent with risk-off dynamics rather than aggressive accumulation.

From a supply-demand perspective, the aging cohort — coins held for three to six months — being the largest on record signals that much of the newly minted supply may be sitting underwater. That concentration creates a potential for a more pronounced impact if macro conditions or on-chain signals improve, but it also poses a risk: a wave of unprofitable sellers could re-emerge if price pressure intensifies. The literature around realized cap and MVRV suggests caution, as movements toward positive momentum have historically required renewed, broad-based demand rather than a few strong rallies.

On the liquidity side, the improvement in spot CVD alongside a drop in trading volume paints a portrait of restrained selling pressure rather than a sudden flood of buy orders. In prior cycles, periods where CVD tightened and price action stabilized often foreshadow a bottom, but only when participation recovers meaningfully. In this cycle, BTC has held within a relatively narrow corridor, which implies the market is digesting recent action rather than signaling an imminent breakout.

Analysts have pointed to a neutral-to-defensive posture in the current regime. The data does not indicate a forced capitulation, but it also stops short of confirming the onset of a sustainable upturn. The resulting stance mirrors a broader crypto market landscape where liquidity remains episodic, and traders await clearer macro cues and on-chain signals before reestablishing aggressive exposure.

In related analyses, researchers have flagged similar themes in other data points. For instance, discussions around excessive loss realization have highlighted potential pressure points that could push BTC below certain thresholds, while other research has underscored the possibility of a fair-value gap guiding price targets in different market environments. Taken together, these threads reinforce a cautious approach to near-term positioning until volatility and participation trends tilt decisively in favor of bulls.

What to watch next

• BTC price stability within the $62k–$64k range and any sustained breakout above or below these levels.
• Momentum in realized capitalization — whether the roughly $33 billion drawdown since November 2025 begins to reverse as new capital re-enters the market.
• The share of the supply held by the 3–6 month cohort and any shifts toward older or younger age bands, which could signal changing holder behavior.
• On-chain liquidity signals, particularly if spot volume begins to rebound from current lows and CVD moves toward positive territory.
• Any regulatory or institutional developments that could influence risk sentiment and bid/offer dynamics in spot markets.

Sources & verification

• On-chain profitability and MVRV normalization observations attributed to expert commentary on X, including excerpts from Chris Beamish.
• Realized capitalization levels and monthly change data tracked by on-chain analytics datasets (noting the $1.09 trillion level and the $33 billion decline from the November 2025 peak).
• Spot CVD and trading volume figures, including the move from -$177.1 million to -$161.5 million and the drop in spot volume from $7.6 billion to $6.0 billion.
• Analyses describing the distribution of coins by age, with the 3–6 month cohort comprising 25.9% of supply.
• Related studies and articles cited in the original material for context on potential price implications and fair-value considerations.

Bitcoin valuation indicators in focus

Bitcoin (CRYPTO: BTC) has been navigating a delicate balance between on-chain fundamentals and the psychology of risk markets. The normalization of MVRV away from extreme deviations suggests that investors are no longer chasing outsized upside with the same intensity as earlier in the cycle, while realized cap has cooled after peaking in late 2025. The 30-day realized cap is down about 2.26%, signaling that capital outflows have persisted, even as some long-term holders remain reluctant to surrender positions wholesale.

The market’s price behavior in the $62,000 to $64,000 zone has become a focal point. In many periods when CVD trends toward stability and the bid-ask dynamics thin out, price action tends to consolidate before the next leg — if there is one — depends on the injection of fresh demand. The current mix of data implies a neutral stance on near-term direction, with the potential for a more decisive move only if spot participation and new inflows pick up meaningfully.

These dynamics illuminate how market participants are weighing risk, returns, and capital preservation in an environment where on-chain signals can diverge from short-term price action. While the trajectory remains uncertain, the analytical framework suggests that bulls will need a sustained improvement in on-chain demand and liquidity to push BTC beyond a fresh milestone, beyond the immediate range that has defined recent trading sessions.

Terraform Labs’ estate has filed a lawsuit against quantitative trading firm Jane Street, alleging that the firm abused insider knowledge to profit from Terra and that it inadvertently contributed to the downfall of the ecosystem.

“In this case, however, Jane Street Capital and its traders exploited the public’s participation in crypto markets and contributed to the collapse of Terraform’s cryptocurrency ecosystem. They did so by misappropriating confidential information and manipulating market prices,” the suit reads.

The filing is heavily redacted, but focuses on a move related to the UST Curve 3pool. Per Snyder, Terraform withdrew $150 million of UST from the pool, a move that “was not publicly announced,” to deploy it to 4pool in the coming week.

Nine minutes later, Jane Street allegedly made its “first and only sale of UST in that pool,” selling $85 million of UST in a single transaction.

Snyder says that the swap directly led to a steep selloff in UST that resulted in Terra’s subsequent death spiral, and accuses Jane Street of using its connections with Terraform Labs to “maximize its own profits and avoid losses suffered by other investors who did not have this confidential information.”

Following the UST depeg, LUNA, now LUNC, plummeted from a $29 billion market capitalization to nearly zero in a matter of days, after reaching as high as $41 billion in April 2022.

In December, Terra founder Do Kwon was sentenced to 15 years in prison, a sentence that exceeded the Department of Justice’s 12-year target, after Kwon pleaded guilty to fraud charges in August 2025.

Jane Street is one of the largest quantitative firms in traditional finance and crypto, with more than $650 billion in assets under management (AUM).

• SEC hires ex-Chainlink lawyer Taylor Lindman to head Crypto Task Force counsel.
• LINK rebounds near $8 but is still down about 51% over the past year.
• Chainlink (LINK) price analysis shows support at $6.80 and resistance near $8.19.

Chainlink (LINK) has rebounded slightly, though it is still in the red as the US SEC taps Chainlink’s veteran Taylor Lindman to head the Crypto Task Force counsel.

At press time, LINK was currently trading at around $8.18, recovering slightly from a low of $8.13. This rebound comes amid broader market volatility that has seen LINK fall roughly 51% over the past year.

SEC taps Chainlink veteran for crypto regulation

The US Securities and Exchange Commission (SEC) has appointed Taylor Lindman, formerly a senior legal officer at Chainlink Labs, as chief counsel for its Crypto Task Force.

Lindman brings over five years of experience in blockchain and regulatory compliance.

He played a key role in advising Chainlink on legal matters and navigating complex digital asset regulations before his departure in February 2023.

Lindman’s move to the SEC signals that regulators are increasingly interested in professionals with hands-on experience in decentralised finance (DeFi) and smart contract ecosystems.

SEC Commissioner Hester Peirce, who leads the Crypto Task Force, welcomed Lindman’s appointment.

Analysts suggest that Lindman’s expertise could influence future guidance and enforcement actions around digital assets.

LINK price performance

The market appeared to respond positively with institutional investors, including firms like Grayscale, steadily accumulating LINK tokens.

The continued institutional interest, combined with Lindman’s transition to the SEC, has reignited confidence in Chainlink’s long-term positioning.

Short-term technical indicators show that LINK recently found support at around $6.80, while the resistance at $8.19 has limited upward movement in the past.

The rebound above $8 could open the door for higher price action, while a fall below $6.80 might signal further downside risk.

Short-term LINK price prediction

With regulatory developments and institutional interest converging, LINK is drawing attention from both traders and long-term investors.

Its price movement over the next few weeks will likely reflect a mix of market sentiment, technical pressure, and evolving regulatory signals.

For short-term traders, analysts have highligted $6.80 as the immediate key short-term support level to watch. Holding above this level would suggest that the market is stabilising after recent volatility.

If LINK can break through the $8.19 resistance, the next target would be $9.51.

A sustained move above $10.80 could indicate stronger bullish momentum, attracting further buying interest.

On the downside, if the $6.80 support fails, traders should monitor the $5.38 zone as a potential safety net.

Price action around these levels will be critical in defining LINK’s short-term trend.

Bitcoin price is holding above $62,000 support, but weak volume participation raises concerns that the current bounce lacks strength and downside risk remains.

Bitcoin (BTC) price action has entered a consolidative phase after weeks of corrective movement, with the market recently testing daily support near the $62,900 region. This level has so far held firm, preventing an immediate breakdown and allowing price to stabilize within the broader trading range. While the defense of support may appear constructive on the surface, underlying market signals suggest caution remains warranted.

The recent bounce from support lacks convincing momentum, particularly when analyzing volume behavior. In healthy reversals or sustained rallies, price expansion is typically accompanied by strong bullish participation. However, current market conditions reveal subdued trading activity, raising questions about whether the move represents genuine accumulation or merely a temporary oversold reaction.

As long as volume remains weak, Bitcoin may struggle to transition into a sustained bullish trend, leaving the market vulnerable to further downside rotation.

Bitcoin price key technical points

• $62,900 daily support defended: Buyers preventing immediate breakdown
• Low volume weakens recovery: Lack of strong bullish participation
• $60,000 range low remains magnet: Continued rotation within broader range likely

Bitcoin’s recent reaction at the $62,900 support level demonstrates that buyers are still active within this region. The market has shown resilience by holding above support, preventing a rapid continuation lower. From a structural standpoint, this defense keeps Bitcoin trading within its established high-timeframe range rather than confirming a trend collapse.

However, price stability alone does not confirm strength. The bounce from support has occurred with noticeably low volume participation across the volume profile. Strong reversals typically require an influx of directional buying pressure capable of shifting market sentiment.

Without this participation, rebounds often fail to sustain momentum, even as broader institutional and regulatory developments, such as Arizona lawmakers advancing a digital assets reserve fund bill, continue to highlight growing adoption narratives.

This dynamic suggests that the current move may represent an oversold reaction rather than the beginning of a broader bullish recovery.

Volume profile reveals lack of conviction

Volume remains one of the most critical indicators in assessing market intent. In Bitcoin’s current structure, volume profile nodes reveal limited bullish conviction during the recovery phase. Despite holding support, buyers have not entered the market aggressively enough to drive expansion toward higher resistance levels.

When price rises on declining or weak volume, it often indicates short covering or temporary relief rather than genuine demand. These conditions frequently lead to renewed selling pressure once the initial bounce loses momentum.

The absence of strong bullish influx increases the probability that Bitcoin continues rotating within its broader range rather than initiating a breakout. Until volume expands meaningfully, the market remains susceptible to further corrective movement.

Range structure keeps $60,000 in focus

Bitcoin continues to trade within a clearly defined high-timeframe range between resistance near $72,000 and range-low support around $60,000. Markets operating within ranges often rotate between extremes when neither buyers nor sellers establish dominance.

Given the weak nature of the current bounce, the $60,000 range low becomes an increasingly likely destination. This level represents a significant liquidity zone and has historically attracted strong market reactions.

A move toward $60,000 would not necessarily invalidate the broader market structure but instead reinforce the ongoing consolidation phase. Range environments commonly feature multiple tests of support and resistance before a decisive directional move emerges.

This type of price behavior has recently been amplified by macro-driven volatility, with Bitcoin swinging sharply as tariff-related headlines triggered heightened discussion across crypto social media.

What to expect in the coming price action

From a technical, price action, and market structure perspective, Bitcoin’s defense of $62,000 support remains constructive but fragile. Without a clear expansion in bullish volume, the current bounce risks fading into continued downside rotation.

If low participation persists, price is likely to revisit the $60,000 range-low support while continuing to trade within the broader $72,000 to $60,000 high-timeframe range.