Crypto World
Why This Could be Good News for Bitcoin (BTC)?
“When gold cools, profits rotate. That’s when capital flows from gold into BTC,” one X user argued.
The prices of many precious metals, including gold, have declined recently, with some analysts viewing this trend as bullish for Bitcoin (BTC).
Other factors, such as recent whale accumulation, reinforce the theory that the primary cryptocurrency could be ready to take off soon.
Gold Leads, BTC Follows
The yellow metal experienced a major pump at the start of the year, reaching a new historical peak of around $5,600 in late January. Since then, though, it has declined by roughly 11%, and today (February 17) the price dipped once again below the psychological level of $5,000.
According to some industry participants, there is an interesting correlation between the performance of gold and that of BTC. Earlier this month, X user Merlijn The Trader noted that in recent years, pullbacks in the precious metal have often been followed by an upswing in the cryptocurrency.
“Gold always leads. Bitcoin follows. When gold cools, profits rotate. That’s when capital flows from gold into BTC,” he argued.
Ash Crypto spotted the same parallel. The X user revisited mid-2020, a period when gold went through a sharp correction, and shortly after, the leading digital asset kicked off a bull run.
Other market observers who believe that liquidity rotates into BTC after the precious metal loses momentum include Crypto Fergani and Gargoyle.
The latter presented a pattern in which the cryptocurrency tends to mirror gold’s movements, albeit with its own timing. In their view, both assets pass through three stages: base building, accumulation, and pump. According to the chart, gold has completed these phases, whereas BTC has yet to enter the last one.
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More Bullish Factors
Recent actions by large investors, known as whales, support an optimistic outlook for BTC, whose price has declined by almost 30% over the past month. As CryptoPotato recently reported, these market participants remain unfazed by the asset’s negative performance and continue to increase their exposure.
Whales are known as experienced players who may have insider information about forthcoming events. For that reason, some believe that their selling or buying efforts are neither random nor irrational.
Certain indicators and price formations are also worth observing. Bitcoin’s Market Value to Realized Value (MVRV), for instance, has been steadily declining recently and currently stands at approximately 1.25. It compares the current value of all BTC to the price at which people originally paid to acquire their holdings. According to CryptoQuant, ratios below 1 indicate bottoms, while anything above 3.7 signals that the top is in.
Meanwhile, the popular analyst Ali Martinez claimed that the asset might have formed an “Adan & Eve” pattern on its price chart, in which a break above $71,500 could fuel a jump to as high as $79,000.
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Bubblemaps found that Hayden Davis, who was involved with LIBRA and YZY tokens, has resumed on-chain trading, but recent Solana meme coin bets resulted in nearly $3 million losses.
A year after Bubblemaps first detailed the on-chain mechanics behind the LIBRA meme coin collapse, the blockchain analytics firm has released a new update tracking the renewed trading activity of the project creator Hayden Davis.
This time, it has highlighted significant trading losses rather than insider gains.
From Insider Wins to Meme Coin Losses
According to Bubblemaps’ latest findings, Davis has resumed on-chain activity after a period of wallet inactivity, but is now down roughly $3 million after trading multiple Solana-based meme coins, such as PUMP, TROVE, and PENGUIN.
The update stated that Davis had largely disappeared from on-chain trading following Bubblemaps’ August 2025 investigation, which showed he had made millions by sniping the hip-hop star Kanye West’s YZY token shortly after launch. After those profits, the wallets linked to him went dormant.
However, Bubblemaps reports that new wallets within the same cluster have become active again this year. In fact, over the past 30 days, the firm identified several large transfers into a deposit address linked to Davis, labeled CPGZ1i, which ultimately led to six active wallets under the same cluster.
Transaction analysis further indicated that Davis was trading as recently as five days ago and focused primarily on trending Solana meme coins. Unlike previous episodes, the majority of these trades were unprofitable. Bubblemaps estimated losses of approximately $2.5 million on PUMP, $100,000 on PENGUIN, $29,000 on KABUTO, and smaller losses on tokens such as LOUD and BAGWORK.
LIBRA Fallout Didn’t End It
The findings show Davis did not exit the market following the LIBRA collapse, which had previously been linked to over $100 million in insider profits, according to Bubblemaps’ report published exactly a year earlier. That earlier investigation mapped a network of wallets connected to LIBRA and MELANIA token launches, and demonstrated coordinated sniping activity, cross-chain fund transfers, and quick cash-outs tied to addresses associated with Davis and related entities.
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On Monday’s update, Bubblemaps observed that instead of disappearing, Davis’ financial position evolved in other ways. For instance, a judge unfroze $57 million of his assets, he continued to generate profits through opportunistic trades such as YZY, and he received a sizable MET airdrop. The latest data now shows Davis engaging in routine on-chain trading activity again.
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MicroStrategy, now known as Strategy (NASDAQ: MSTR), expanded its Bitcoin holdings last week amid continued market challenges. The company purchased 2,486 Bitcoin, bringing its holdings to over 717,000 coins. This purchase, valued at nearly $50 billion, reflects Strategy’s unwavering commitment to Bitcoin, despite bearish market conditions.
Last week, Strategy bought 2,486 Bitcoin, spending $168 million. With this latest acquisition, its Bitcoin stash now exceeds 717,000 coins. This purchase came as the company continued using its stock sales to fund the Bitcoin buys, causing shareholder dilution.
Strategy has acquired 2,486 BTC for ~$168.4 million at ~$67,710 per bitcoin. As of 2/16/2026, we hodl 717,131 $BTC acquired for ~$54.52 billion at ~$76,027 per bitcoin. $MSTR $STRC https://t.co/wvxRYZlQ3Y
— Michael Saylor (@saylor) February 17, 2026
The company has sold over $7.8 billion in shares and is set to sell more. In addition to the stock sales, Strategy holds over $20 billion in preferred STRK. The number of outstanding shares now surpasses 312 million, a significant rise from previous years. As the company’s Bitcoin strategy endures, Michael Saylor, the firm’s former CEO, pledged to keep purchasing Bitcoin indefinitely. He also mentioned plans to swap company debt for additional shares in the future.
Technical Indicators Point to Bitcoin’s Potential Decline
Bitcoin’s price continues to struggle, showing a bearish pattern in the charts. Analysts are concerned that Bitcoin may drop further before any potential rebound. The technical setup suggests a bearish pennant pattern, signaling a price drop.
Bitcoin’s price is moving toward a potential crash, with projections hinting at a fall to $60,000. The bearish pattern emerges from a confluence of a vertical line and a symmetrical triangle. If Bitcoin fails to rise above the $80,000 resistance, the negative outlook will remain intact.
In the past, Bitcoin’s behavior has shown vulnerability to market sentiment shifts. Standard Chartered recently adjusted its Bitcoin price forecast, lowering it from $150,000 to $100,000. The bearish sentiment comes as Bitcoin struggles to break above critical resistance levels, keeping the coin under pressure.
Geopolitical Risks Amplify Bitcoin’s Struggles
Bitcoin faces additional pressure from geopolitical concerns, which weigh heavily on its performance. Tensions in the Middle East, including rising conflict risks between the U.S. and Iran, could impact Bitcoin’s price. Despite negotiations between the U.S. and Iran, ongoing military movements create uncertainties for the market.
The ongoing geopolitical uncertainty has contributed to Bitcoin’s volatility, as the coin fails to establish itself as a safe-haven asset. Bitcoin’s price has been closely linked to broader market sentiment, especially during times of conflict. This ongoing instability is likely to exacerbate the challenges faced by Bitcoin in the short term.
As the Middle East crisis develops, it is unclear how Bitcoin will respond. While some might view it as a hedge against traditional markets, Bitcoin has proven to be vulnerable to large-scale geopolitical events. With global events continuing to influence cryptocurrency prices, Bitcoin’s future remains uncertain.
Bitcoin (BTC) analysts mapped out the key BTC price levels to watch as the market’s focus shifted to the $58,000 to $65,000 zone as the last line of defense.
Bitcoin price is wedged between two key levels
Bitcoin is currently wedged between the 200-week simple moving average (SMA) at $68,300 and the 200-week exponential moving average (EMA) at $58,400.
Generally, in Bitcoin’s trading history, major BTC bottoms have formed between the 200-week SMA and EMA, according to analyst Jelle. This suggests that Bitcoin is possibly forming a bottom between these trendlines.
Related: Bitcoin accumulation wave puts $80K back in play: Analyst
While Bitcoin has produced a weekly close above the 200-week EMA for the second week in a row, “this doesn’t mean it is now in the clear,” trader and analyst Rekt Capital said in a Monday X post, adding:
“The absence of any meaningful upside from here going forward, there is a risk that BTC loses the 200-week EMA in time, triggering additional downside.”
Crypto investor and entrepreneur Ted Pillows had an expanded view, focusing on $71,000 for a bullish breakout.
In a Tuesday post on X, Ted Pillows said that Bitcoin needs a daily close above the $71,000 level to increase the chances of an upside rally, adding:
“And if a breakdown happens below $66,000, BTC might revisit $60,000.”
Cointelegraph reported that the CME gap between $80,000 and $84,000 could act as a magnet, representing the upper price target for Bitcoin. With nine out of 10 CME gaps filled since August 2025, the $80,000–$84,000 range stands out as the key level to watch on the upside.
Bitcoin bulls must hold the price above $65,000
After turning away from $72,000 last week, Bitcoin found support at $65,000. Glassnode’s cost basis distribution heatmap reveals a significant support area recently established between $63,000 to $65,000, where long-term holders recently acquired approximately 372,240 BTC.
A decisive break below this level “would likely open the path toward the realized Price” around $55,000, Glassnode said in a Monday post on X.
Current analysis suggests that the bears may aim to hold BTC price below $65,000 to remain in control. If they succeed, the BTC/USDT pair may then retest the critical $60,000 level. If the $60,000 support cracks, the next stop is likely to be $52,500.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
Crypto World
Shiba Inu coin dies slowly as new rival Based Eggman reclaims memecoin momentum, GGs vs SHIB
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Based Eggman (GGs) challenges SHIB as investors shift toward utility-driven memecoins built on real ecosystem value.
Summary
- Shiba Inu’s momentum has slowed since 2021, while emerging utility memecoins like Based Eggman draw renewed investor attention.
- Analysts compare SHIB’s stalled growth with Based Eggman’s Base-linked utility, low fees, and governance-driven ecosystem model.
- Growing interest in scalable, utility-focused memecoins signals a shift from hype toward functional blockchain ecosystems in 2026.
The power structure of the memecoin world has changed a lot. Shiba Inu coin (SHIB), which used to be very popular as a “Dogecoin Killer,” is losing steam, which was a significant thing during the 2021 bull run. The prices have been hard to get back to where they were before, and the community’s joy has diminished because construction is going so slowly and in parts.
In this open arena, a new rival has arrived, not just to compete, but also to set a new standard for what a successful memecoin should be. Based Eggman (GGs) is swiftly capturing the attention — and money — of SHIB investors who are unhappy with their investments. This puts it in a good position to get back the explosive growth that used to define its opponent. This analysis looks at Based Eggman GGs and SHIB to figure out why one project is stuck, and the other is meant to explode out.
The stagnation of Shiba Inu coin: A record of broken promises
Shiba Inu made history with a huge surge, but its current route reveals how hard it is to keep a legacy memecoin running.
- The “Ghost Chain” Problem of Shibarium: Shibarium, SHIB’s Layer-2 solution, was expected to revolutionise the game by lowering fees and making new uses possible. But not many people have used it yet. The ecosystem hasn’t been able to get many significant, independent projects to join, which means that a lot of the use cases it promised haven’t happened. A lot of people are thinking of a “ghost chain,” which is infrastructure that doesn’t have a vibrant economy.
- Not being able to focus and being tired of the community: There are a lot of tokens (SHIB, BONE, LEASH, TREAT) and projects (ShibaSwap, Shiboshis) in the SHIB ecosystem. This dilution sometimes confuses new investors and makes it hard for the community to stay on track. Diversification can be wonderful, but it can also make people not care if there isn’t a clear, focused momentum. The SHIB price’s persistent attempts to break through crucial resistance levels reveal that it is exhausted.
- The Market Cap Anchor: SHIB’s high market cap is now its worst enemy, just like Dogecoin’s was before it. For new investors to obtain the same 100x or even 10x returns, they need to bring in a lot more money than a smaller, newer business does. The rule of decreasing returns is now firmly in force.
Because of this, a group of SHIB holders is trapped with their bags and is actively looking for the next project that can bring back the community-driven fun they had at the beginning. They are looking for Based Eggman.
The blueprint SHIB wanted Based Eggman to have a presale
Based Eggman (GGs) is not trying to kill SHIB. It is pursuing a better, more up-to-date plan that fixes the issues that have been holding SHIB back. It depicts what a memecoin for the next generation should be: useful first, lean, and focused.
1. The unbeatable launch strategy: The CEX listing catalyst
SHIB is slowly developing on DEXs and its own chain, but Based Eggman has made it easier for people to get into the market. The Based Eggman CEX Listing, which is coming up in the second quarter of 2026, is a scheduled event to add liquidity. This is the nicest thing that could happen to consumers who buy before the sale. Anyone can get in on the ground floor price of GGs tokens (CA: 0x7f23e5fc401bdfcdc9ad3970ff52f65de73ba8ed) now, before they go on sale on a big exchange. In the past, this has caused prices to go up a lot.
2. Lean, focused utility on superior infrastructure
Based Eggman doesn’t fall into the trap of dilution. The first thing it does is set a clear, singular goal: to be the gas and governance token for its ecosystem, which is based on Coinbase’s Layer-2, Base. This gives you perks right now that SHIB doesn’t have:
Low expenses and immediate scaling: Base offers institutional-level scalability and nearly no transaction costs right away. This is not like the slow and costly problems that early SHIB and even current Shibarium customers had to deal with.
The Based Eggman’s GGs dashboard is a great approach to get people involved because it interacts with the Shibarium blockchain. This makes it easier for SHIB holders to maintain track of their Shibarium assets in the Based Eggman ecosystem. It also makes it easier for new users to join and welcomes SHIB veterans.
Limited Supply: There are only 389 million GGs tokens available, therefore it’s a wonderful choice for people who desire something that’s hard to get. This is extremely different from SHIB’s approach, which has a quadrillion-supply and needs big burns all the time to keep prices up.
3. Bringing back the community spirit
Based Eggman’s Presale is bringing back the fierce, dedicated ethos that made early SHIB so great. The processes are clear: a presale, staking activation, a listing on a CEX, and expansion of the ecosystem. There is no confusion, and the tokenomics are not broken. This clarity is attracting SHIB holders who miss the days when everyone had the same goal, and it was easy to see how to attain it.
The memecoin decision: GGs vs. SHIB
It’s easy to tell the difference:
Shiba Inu (SHIB) is a well-known but old project that is having problems because it is too big, its ecology isn’t growing quickly enough, and there are too many things to do. It will grow slowly and be connected to the bigger market.
Based Eggman (GGs): A presale projectile with a timed ignition sequence (CEX listing), built on superior tech (Base), featuring smart integrations (Shibarium dashboard), and optimised for viral, focused growth.
The energy has shifted. SHIB isn’t “dead,” but the days of easy, large multiples are over. Capital and community energy are gravitating towards projects that show a clear, modern path to move forward.
In conclusion, the presale window is the new battlefield.
People who used to be in the SHIB army and want to know where the next 100x memecoin chance is should not wait for an old project to learn how to run again. It’s important to know what the planned benefit of a presale like Based Eggman is.
Based Eggman isn’t just a new memecoin; it’s a new way of doing things. It provides SHIB holders with what they’ve been asking for: a fresh start with professional execution, a large event that is sure to happen, and a community-focused vision based on better technology. The Based Eggman Presale is where the memecoin momentum that was lost is now centred. This is the best trade between GGs and SHIB for 2026.
For more information, visit the official website, blog, X, and Telegram.
Disclosure: This content is provided by a third party. Neither crypto.news nor the author of this article endorses any product mentioned on this page. Users should conduct their own research before taking any action related to the company.
Kraken has expanded its institutional reach by linking its over-the-counter (OTC) desk to ICE Chat, Intercontinental Exchange’s real-time messaging platform used by banks and trading desks. Announced February 17, 2026, the arrangement makes Kraken the first cryptocurrency platform to be approved for ICE Chat, enabling quote requests and negotiations to flow directly within a system that aggregates more than 120,000 market participants. The move positions Kraken’s liquidity alongside traditional assets across a familiar workflow, signaling a broader push to incorporate digital assets into mainstream financial-market infrastructure. The OTC desk at Kraken handles large block trades in crypto spot and options, and the partnership with ICE is expected to evolve as institutions look for deeper, more integrated access to crypto liquidity.
Key takeaways
- Kraken’s OTC desk is now integrated with ICE Chat, enabling institutional traders to access Kraken’s crypto liquidity directly through a widely used messaging platform.
- ICE Chat connects more than 120,000 market participants, including banks, brokers, and trading desks, allowing real-time deal negotiation within established workflows.
- Kraken is the first crypto platform approved to connect to ICE Chat, situating digital asset liquidity alongside traditional asset classes.
- The integration is expected to expand over time, reflecting broader efforts to embed digital asset trading into traditional financial-market infrastructure.
- ICE’s broader crypto initiatives include on-chain data collaborations, large-scale investments in crypto markets, and potential partnerships with wallet and payments providers, signaling a more integrated financial ecosystem.
Market context: Link the story to broader crypto conditions (liquidity, risk sentiment, regulation, ETF flows, macro, or sector trends) WITHOUT inventing facts.
Why it matters
The Kraken-ICE Chat linkage marks a notable step toward deeper institutional access to crypto liquidity. By enabling quote requests and negotiations to occur within ICE’s established messaging network, hedge funds, asset managers, and banks can integrate crypto trading into their existing workflows without resorting to separate channels or processes. The arrangement reduces friction for large crypto block trades, a key consideration for participants handling significant volumes in both spot and options markets. In practical terms, traders can coordinate, price, and settle trades within a single, familiar interface, potentially improving execution efficiency and speed while preserving governance and compliance controls.
The move also highlights ICE’s broader strategy to bring digital assets into mainstream capital-markets infrastructure. ICE operates ICE Chat, the New York Stock Exchange, and a suite of data, clearing, and technology services. Its push into crypto markets aligns with the industry-wide trend of bridging traditional finance with digital assets, leveraging established market infrastructure to widen participation and liquidity. In recent months, ICE has pursued a series of crypto-related initiatives, including a collaboration with Chainlink to pull FX and precious metals data on-chain, substantial investments in crypto-native ventures, and explorations into crypto payments capabilities. These steps underscore a broader ambition to weave crypto more deeply into the fabric of conventional trading and risk management.
The partnership comes amid a wider set of tokenization and on-ramp developments across major exchanges. Nasdaq has signaled a willingness to explore tokenized equities through regulatory channels, while the NYSE has discussed plans to operate a 24/7 trading platform for tokenized stocks and ETFs, integrating traditional post-trade settlement with blockchain-based processes. These efforts reflect a synchronous push from traditional venues toward digitized asset classes, where liquidity, transparency, and execution efficiency are often cited as critical advantages. The ecosystem is evolving rapidly, with market participants watching how these initiatives will interact with evolving regulatory standards and the pace of adoption by institutional users.
The timing of Kraken’s announcement overlaps with other notable industry moves. Earlier in the year, Kraken pledged to support a government-backed initiative to create “Trump Accounts,” a savings program for Americans under 18—an effort that reflects the broader intersection of crypto policy and retail-facing programs. This backdrop illustrates how crypto firms are navigating public policy while expanding their institutional capabilities, seeking to demonstrate value beyond consumer-focused products and toward core market infrastructure.
Why it matters (continued)
The integration could help amplify liquidity for large crypto trades by tapping into ICE’s global network, potentially reducing spreads and improving price discovery for institutional participants. It also signals to regulators and incumbents that crypto liquidity can be treated as part of the same market ecosystem that handles equities, bonds, and other traditional asset classes. For Kraken, the collaboration with ICE Chat may expand its reach among asset managers who prefer operating within standardized, risk-managed environments—furthering the normalization of digital assets within regulated financial marketplaces.
What to watch next
- Expansion updates: Follow announcements about extending ICE Chat access to additional Kraken clients and other Kraken desks or counterparties.
- Broader ICE crypto initiatives: Monitor developments tied to ICE’s data services, on-chain integrations, and potential partnerships in payments or custody.
- Tokenization momentum: Track regulatory progress and product launches related to tokenized stocks and ETFs at Nasdaq and NYSE, which could influence liquidity and settlement paradigms.
- Data and settlement enhancements: Look for updates on ICE’s Consolidated Feed and how it interoperates with on-chain data streams and DeFi-native pricing mechanisms.
Sources & verification
- Kraken Integrates with ICE Chat to Expand Institutional OTC Access — Business Wire press release (official announcement of the integration).
- ICE Chat and Market Participation — ICE corporate communications outlining the platform’s reach beyond traditional markets.
- Chainlink and ICE Forge On-Chain Data Collaboration — Cointelegraph coverage detailing ICE’s data-on-chain initiative.
- ICE Invests in Polymarket — Cointelegraph reporting on ICE’s $2 billion investment and the valuation context.
- Nasdaq and NYSE tokenization efforts — Cointelegraph coverage of Nasdaq’s tokenized-stocks push and NYSE’s plans for 24/7 tokenized-trading platform.
What the announcement changes
The Kraken-ICE Chat integration represents a concrete step in the ongoing evolution of institutional crypto access. By embedding Kraken’s liquidity within ICE’s established communications platform, the move lowers barriers for large-scale crypto trading and aligns digital asset execution with the workflows many institutions already use for other asset classes. The collaboration reinforces the idea that cryptos are not merely retail instruments but elements of a broader, interconnected market infrastructure that includes data, clearing, risk management, and settlement. As the ecosystem expands, institutions may increasingly rely on a combination of on-chain data, centralized exchanges, and OTC desks to manage exposure, price risk, and execution efficiency across diverse crypto products.
What to watch next
- Monitoring quarterly updates from Kraken and ICE for new client onboarding and expanded platform access.
- Regulatory developments affecting crypto-asset trading infrastructure and tokenized securities, including any policy shifts impacting tokenization and cross-market liquidity.
- Progress on ICE’s partnerships with data providers and on-chain data feeds, and how these integrations affect price discovery and risk management.
Crypto World
Bitcoin Stalls at a Critical Stress Zone as On-Chain Data Warns the Bottom May Not Be In Yet
Bitcoin’s price action is hovering near a level where weaker holders exit and stronger hands begin accumulating historically.
Bitcoin has remained rangebound between $60,000 and $70,000, as choppy trading continued to reflect fears of a further downside move. Fresh data highlights risk building near Short-Term Holder Realized Price bands.
These areas have historically witnessed the start of accumulation and emerging opportunities for global market participants.
High-Risk, High-Opportunity Zone
According to Alphractal, Bitcoin is currently trading within a tight range defined by the Short-Term Holder Realized Price, and its price action is trapped between key support and resistance levels. In recent weeks, BTC has closely respected the -1σ and -1.5σ deviation bands.
Previous instances reveal that when the crypto asset breaks below the lower blue deviation band, the market typically sees one of two outcomes. Either the formation of a local bottom or a deeper capitulation phase, followed by accumulation. These deviation bands have consistently acted as natural support and resistance across multiple market cycles. To top that, the -1.5σ level has repeatedly represented periods of maximum stress, where selling pressure from short-term holders intensifies, and longer-term participants begin accumulating.
Against this backdrop of high short-term holder stress, Alphractal founder Joao Wedson pointed to a longer-term metric that may indicate the market is not yet at a historical turning point. The Net Unrealized Profit/Loss (NUPL) metric for long-term holders, which tracks whether the most resilient investors are sitting on unrealized gains or losses, currently stands at 0.36, which means that long-term holders remain in profit despite recent volatility.
Upon looking at past cycles, Wedson found that the clearest late bear-market signal tends to emerge only when this metric turns negative, a condition associated with extreme pessimism and seller exhaustion. Such phases have marked the end of bear markets, rather than the start of a new bull cycle.
Miners Reduce Exchange Exposure
As Bitcoin trades near crucial stress levels, further on-chain data shows miners adjusting their positioning amid ongoing market pressure. Data shared by CryptoQuant depicts a significant change in miner behavior as more than 36,000 Bitcoin were withdrawn from exchanges since the beginning of February.
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The pace of withdrawals has accelerated compared to previous months, which points to changes in holding strategies or liquidity management. Of this total, over 12,000 BTC were withdrawn from Binance, while more than 24,000 BTC were spread across other exchanges, indicating that it’s not an isolated activity. Such movements are typically associated with transfers to long-term storage, as miners move assets off exchanges into cold wallets, and reduce immediate sell-side supply.
Daily withdrawals peaked above 6,000 BTC, the highest level since November, and significantly exceeded January levels. This means that miners may be repositioning against the backdrop of the current market uncertainty.
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Solana remains under sustained pressure as broader market conditions deteriorate. SOL has extended its downtrend for several weeks, reflecting reduced investor confidence.
Recent on-chain data reveals a surge in exchange-directed supply. Roughly $202 million worth of SOL has moved to trading platforms since the beginning of the month. This wave of selling has intensified bearish momentum and revived capitulation signals not observed since 2022.
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Solana Holders Are Selling
Active deposits on the Solana network have started declining after a sharp rise earlier this month. This metric tracks tokens transferred to exchanges, often signaling intent to sell.
Despite moderating deposit flows, exchange balances continue to reflect elevated supply. Over the past 17 days, exchange wallets have added 2.35 million SOL. At current prices, this increase equates to approximately $202 million in additional sell-side liquidity.
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Rising exchange reserves generally amplify downward pressure. Larger balances make it easier for traders to execute sell orders. However, this influx has also triggered a historical capitulation signal. Similar spikes in exchange supply previously aligned with late-stage bear market conditions.
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The MVRV Pricing Bands provide critical valuation context. Solana’s price is currently trading below the Extreme Lows deviation band. For this classification, the Market Value to Realized Value ratio must stay below 0.8 for roughly 5% of trading days.
SOL has remained beneath that threshold for 26% of recent sessions. This confirms a prolonged undervaluation phase. The only comparable event occurred in May 2022. Following that period, Solana remained depressed for 17 months before staging a meaningful recovery.
SOL Price Downtrend Continues
Solana is trading at $86 at the time of writing. The token remains capped below the $90 resistance while holding above the $81 support zone. A move above $90 would intersect the prevailing downtrend line, signaling potential technical improvement.
However, current data suggests downside risk persists. Continued exchange inflows and weak macro momentum could pressure SOL further. A decisive break below $81 may expose the next support near $67, extending the drawdown.
Alternatively, reclaiming $90 would shift short-term sentiment. A breakout above the descending trendline could attract renewed capital inflows. If momentum strengthens, SOL may rally toward $105 and potentially higher, invalidating the prevailing bearish thesis.
US-based crypto exchange Kraken has integrated its over-the-counter desk with Intercontinental Exchange’s ICE Chat, enabling institutional traders to access Kraken’s crypto liquidity directly through a messaging platform widely used across global financial markets.
ICE Chat connects more than 120,000 market participants, including banks, brokers and trading desks that use the system for real-time deal negotiation and execution. The integration allows those clients to communicate directly with Kraken’s OTC desk within their existing trading workflows.
Kraken said it is the first cryptocurrency platform approved to connect to ICE Chat, placing its crypto liquidity alongside traditional asset classes within established institutional communications infrastructure.
The companies added that they expect to expand the integration over time, reflecting broader efforts to embed digital asset trading into traditional financial market systems.
Kraken’s OTC desk facilitates large block trades in crypto spot and options markets. Intercontinental Exchange, which operates ICE Chat and owns the New York Stock Exchange, provides data, clearing and technology services to global financial markets.
The news follows Kraken’s pledge on Monday to support US President Donald Trump’s proposed “Trump Accounts,” a savings program for Americans under 18.
Related: Kraken parent Payward revenues jump 33% as crypto traders pile in
ICE expands deeper into crypto and tokenized markets
Intercontinental Exchange has stepped up its involvement in digital asset markets over the past year, expanding beyond traditional exchange infrastructure into blockchain data, prediction markets and crypto payments.
In August, ICE partnered with blockchain oracle provider Chainlink to bring foreign exchange and precious metals data onchain. The collaboration integrates ICE’s Consolidated Feed, which aggregates pricing data from more than 300 global exchanges and marketplaces, into Chainlink’s Data Streams.
In October, ICE invested $2 billion in crypto-based prediction market Polymarket, valuing the company at a reported $9 billion post-money. In December, ICE entered discussions to back crypto payments company MoonPay in its latest funding round, which is reportedly seeking a $5 billion valuation, though the size of ICE’s potential investment was not disclosed.
Both Nasdaq and the NYSE have also been making moves in crypto recently, particularly the tokenization of equities.
In September, Nasdaq filed a request with the US Securities and Exchange Commission seeking approval to list tokenized stocks through a proposed rule change.
In January, the NYSE announced plans to develop a 24/7 trading platform for tokenized stocks and ETFs, combining the exchange’s Pillar matching engine with blockchain-based post-trade settlement systems, subject to regulatory approval.
Magazine: Is China hoarding gold so yuan becomes global reserve instead of USD?
The shares dropped after the company reported large losses and announced leadership changes.
Shares of GEMI fell about 14% to around $6.50 on Tuesday after Gemini Space Station, a U.S.-based cryptocurrency exchange, said three top executives were leaving.
The company revealed in a new 8-K filing that Chief Operating Officer Marshall Beard, Chief Financial Officer Dan Chen and Chief Legal Officer Tyler Meade all stepped down effective immediately. Beard also resigned from the board, though his resignation “was not the result of any disagreement,” the filing reads.
Gemini currently ranks 19th among centralized exchanges (CEXs), with about $31.9 million in 24-hour trading volume, according to CoinGecko.
There are currently no plans to name a new COO as of now, and co-founder Cameron Winklevoss is expected to take on many of Beard’s duties alongside his current role. Meanwhile, Chief Accounting Officer Danijela Stojanovic will take over as interim CFO.
The leadership shake-up underscores how unexpected leadership changes can unsettle investors and sink stock prices. The filing also showed the company expects a net loss of roughly $587 million to $602 million for 2025, likely adding to investor concerns. Although, as of Dec. 31, 2025, the company recorded 600,000 monthly transacting users, up 17% from a year earlier.
Moreover, the leadership shake-ups come as the broader crypto markets remain weak, with Bitcoin trading at $67,000, down 25% over the past three months, per CoinGecko.
The changes follow Gemini’s announcement two weeks ago that it would cut up to 25% of its staff, as the Wall Street Journal reported.
The company, which went public in September 2025, has recorded a sharp downturn in recent months. Its total assets have also declined, falling to about $5.2 billion from $10.8 billion in October, according to DeFiLlama.
Gemini went public amid a broader rush of crypto firms seeking to IPO, driven by strong investor demand for industry stocks in 2025. The Defiant has reached out to Gemini for comment, but has not heard back at the time of publishing.
Pi Coin price has gone through a sharp roller-coaster-like move over the past month. Between Jan. 14 and Feb. 11, Pi Coin fell nearly 38% as sentiment collapsed and sellers dominated. But the trend reversed quickly. Since Feb. 11, Pi Coin surged as much as 58% before correcting again.
Now, sentiment is improving once more for the Pi Network’s native token, and charts show this correction may not be a reversal. Instead, it could be preparation for the next breakout. Momentum, money flow, and price structure now explain why a much larger 60% move may still be possible.
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Sentiment Collapse and Recovery Explain Pi Coin’s Roller-Coaster Move
Investor sentiment played a key role in Pi Coin’s recent volatility. Positive sentiment, which measures how optimistic investors feel based on social and market data, dropped sharply between December and early February. The sentiment score fell from 9.06 in early December to nearly zero by Feb. 4.
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This collapse aligned with Pi Coin’s earlier range-bound move and the 38% price decline post Jan.14.
However, sentiment began improving again after Feb. 4. By Feb. 17, the score recovered to 3.82, aligning with the sharp price surge between Feb. 11 and Feb. 15 (over 58%). While still below earlier highs, this sentiment rebound, both before and after the rally, shows confidence is slowly returning.
This shift helps explain why Pi Coin quickly reversed its downtrend and began recovering. But the recovery itself was not random. It followed a precise technical breakout.
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Breakout Pattern Completed, But Dip Buyers Still Active?
Pi Coin formed an inverse head-and-shoulders pattern, a bullish structure that signals a trend reversal after a decline. This pattern completed on Feb. 14 and pushed Pi Coin up roughly 26% toward its $0.206 level.
This level acted as the breakout target, and once reached, many traders took profits. This explains the large upper wick and the sharp pullback that followed. However, the Money Flow Index (MFI) tells a deeper story. The MFI measures buying and selling pressure by combining price and volume. When MFI forms higher lows, it possibly indicates that buyers continue to enter on dips.
Despite the correction, PI’s MFI stayed elevated, close enough to its recent local peak. This confirms dip buyers remained active and present even during the pullback.
This behavior often appears when investors position for another move higher. That raises the next question. Why are buyers still accumulating after the breakout target already completed? The answer appears in Pi Coin’s current price structure.
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Bull Flag and EMA Crossover Show Next Breakout Structure Forming
After completing its first breakout, Pi Coin entered consolidation, a 19% dip from $0.206. This consolidation is forming a bull flag pattern. A bull flag is a continuation pattern where price pauses briefly before starting another rally.
At the same time, Pi Coin’s Exponential Moving Averages (EMAs) are signaling growing strength. The 20-period EMA is now approaching a crossover above the 50-period EMA, a potential bullish crossover. The EMA measures the average price over time, and when shorter-term averages cross above longer-term averages, it signals strengthening momentum.
This alignment explains why dip buyers continue entering.
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However, timing is critical. If consolidation continues too long, the pattern could weaken. Bull flags require relatively quick breakouts to remain valid. This urgency also explains why buying pressure has remained steady. All of this now brings attention to Pi Coin’s key breakout levels.
Pi Coin Price Targets 60% Move if Key Breakout Level Clears
The immediate resistance level sits at $0.184. Pi Coin has tested this level multiple times but has not yet confirmed a breakout.
If Pi Coin closes above $0.184, the next targets are $0.204 and $0.242. The full bull flag projection points toward $0.290, representing a potential 60% rally from the breakout level. However, downside risk remains.
If Pi Coin falls below $0.158, the bull flag pattern would be invalidated. Extended sideways movement could also weaken the setup if consolidation becomes too large relative to the original breakout move. For now, the structure remains intact.
Pi Coin has already completed one breakout. Sentiment is improving. Money flow shows that dip buyers remain active, and the price structure is preparing for another potential breakout. The next confirmed move above resistance will determine whether Pi Coin can complete its larger 60% rally setup.
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