📉 Bitcoin déjà vu: echoes of 2022

BTC briefly dipped below $63K overnight — and the move doesn’t look finished yet. Sellers remain in control as consistent outflows from Bitcoin ETFs keep pressuring the market. 🧐

Adding to the heat, Strategy is now sitting on an unrealized loss of ~$9.5B, highlighting how deep the drawdown has become for even the strongest conviction holders.

For now, momentum favors the bears — and the market is starting to feel uncomfortably familiar. 🌡

🕵️‍♂️ Crypto community awaits a major insider trading exposé

Well-known on-chain investigator ZachXBT announced he will publish a major investigation on February 26, targeting what he calls “crypto’s most profitable businesses”. According to him, project insiders allegedly abused non-public information for long-term insider trading. 📊

Speculation is already heating up. On Polymarket, the leading candidate is Meteora, currently holding ~40% probability. 🤔

Other names in the betting pool include Pump.fun, Axiom, Jupiter, World Liberty Financial, as well as major exchanges like Binance and MEXC.

All eyes now on February 26 — the reveal could shake the industry. 👀

🔍 How deep can BTC correct?

Traders on Kalshi are betting that Bitcoin’s low for this year could land around $44,000.

This reflects growing caution in market expectations, with participants pricing in a deeper drawdown before any meaningful recovery. 📉👀

🇧🇹 Bhutan opens up to digital nomads

🆔 Bhutan has launched a digital nomad visa priced at $2,800 per year, allowing foreigners to live and travel across the country for 12 months.

A key condition: applicants must also invest $10,000 into Bhutan’s sovereign financial infrastructure by purchasing TER, a new gold-backed crypto asset. 💰

This marks a major shift for a country that, for decades, tightly restricted tourism with mandatory guides and daily fees of $100–250. The new visa signals Bhutan’s move toward a more open, innovation-friendly model — blending controlled openness with crypto and long-term visitors. ✈️

📆 26 years ago, Michael Saylor lost $6B in a single day

Back in 2000, during the dot-com bubble collapse, Michael Saylor saw his net worth shrink by roughly $6 billion in one day as tech stocks imploded. 📉

The takeaway? He’s been through far worse than today’s unrealized losses.

History suggests Saylor knows exactly what volatility feels like. 🧐

🎉 Another anniversary, 10 years apart

Today marks 16 years since Satoshi Nakamoto introduced an updated Bitcoin logo, placing the ₿ symbol on a golden coin.

A quick throwback:

▪️2009: The very first logo featured “BC” on a gold coin. Discussions on BitcoinTalk even led to the birth of the BTC ticker.
▪️Feb 24, 2010: Satoshi refined the design, leaving only the “B” and adding two vertical strokes. Some users worried it looked too similar to the Thai baht.
▪️Nov 1, 2010: An anonymous user, bitboy, finalized history — transforming Satoshi’s idea into the iconic orange ₿ logo we all know today.

From a simple gold coin to a global symbol of financial freedom — happy birthday to the Bitcoin logo 🟠

🏦 Binance Releases Its 39th Proof of Reserves Report

Binance has published its latest Proof of Reserves snapshot, showing mixed dynamics across major assets:

BTC holdings: ~639,000 BTC
➕ +2,614 BTC (+0.41%) vs the January 1 report

ETH holdings: ~4.18M ETH
➖ −162,469 ETH (−3.74%)

USDT holdings: ~36.8B USDT
➖ −$1.16B (−3.07%)

📊 Takeaway: Bitcoin balances on Binance continue to grow slightly, while ETH and USDT reserves are declining, reflecting reduced stablecoin liquidity and lower ETH exposure from users. This likely mirrors broader market caution rather than platform-specific stress.

📊 Retail hands over Bitcoin to institutions

Under growing pressure, individual Bitcoin holders are gradually giving way to businesses and institutional investors. What started as a retail-driven asset is increasingly consolidating in stronger hands with longer time horizons. 💵

If institutions end up winning this race, history may look back differently: those who manage to hold their coins through today’s volatility could be remembered as the “legends” of this cycle. 💪

💭 Sometimes the hardest strategy isn’t buying — it’s simply not selling.

👀 Strategy moves 1,300 BTC — market watching closely

🔎 According to data from Arkham, Strategy transferred 1,300 BTC (~$83M) to new wallets.

In the past, similar on-chain moves triggered panic on Crypto Twitter, with rumors that Michael Saylor was selling Bitcoin.

This time, however, the market is staying calm — just watching very closely 👀

So far, there’s no indication of coins moving to exchanges, suggesting this is likely another internal wallet reshuffle rather than a sell-off.

📉 Altcoins: brutal drawdowns from ATH

A snapshot of how deep the current cycle has cut into major altcoins:

• DOT: -97.7% ($54.84 → $1.24)
• AVAX: -94.3% ($145.85 → $8.28)
• ADA: -91.7% ($3.08 → $0.257)
• LTC: -87.7% ($415.06 → $50.92)
• LINK: -84.5% ($52.82 → $8.17)
• SOL: -73.9% ($293.65 → $76.54)
• XRP: -65.3% ($3.84 → $1.33)
• ETH: -63.1% ($4,948 → $1,826)
• BNB: -57.0% ($1,369 → $588.54)
• TRX: -35.3% ($0.434 → $0.281)

Cycles change, narratives die, and only a few projects historically reclaim their ATHs.

The real question: which of these are survivors, and which are just relics of the last bull run? 🧐

🏋️ Record shorts on Strategy stock

🗒 Shares of Strategy have become the most shorted security in the world, with open interest on shorts hitting record highs. Investor sentiment has резко shifted as the company faces roughly $7B in unrealized losses tied to its massive Bitcoin exposure.

The market is increasingly betting against Michael Saylor’s high-conviction BTC strategy, turning MSTR into a battleground between long-term believers and aggressive short sellers. 🤺

📉 High risk, high conviction — and now, historic levels of skepticism.

Crypto bros on Twitter are still holding onto hope believing that altseason is just around the corner (but not guaranteed).😁

🚀 Bitcoin sparks a relief rally — but sentiment remains fragile

Bitcoin made a strong push yesterday, nearly touching $70,000 ($69,953 for CMC), lifting the entire crypto market along with it. 📈

• Ethereum jumped ~10% in 24 hours, reclaiming the $2,000 level
• Several large-cap altcoins gained 10–20% in a single day
• Among the top-100 assets, Polkadot (DOT) led the rally with a +24% surge

📊This move instantly affected market sentiment. Even though the Crypto Fear & Greed Index is still stuck in “Extreme Fear” at 11, global Google searches for “Buy Bitcoin” have surged to a 5-year high, according to Google. 🙀

Investors are clearly hoping this bounce turns into a sustained uptrend.
But historically, rising FOMO during weak market structure can be dangerous — after a short recovery, the market may still roll over and push even lower.

Relief rally or bull trap? The next moves will matter. 👀

⏳ The BTC dump timer broke…

🔎 Crypto Twitter noticed a strange pattern: Bitcoin was being sold off almost every day at exactly 10:00 AM US time — month after month, starting in October 2025.

According to co-founders of Glassnode, the consistent sell pressure right before the US stock market open likely came from Jane Street. 🧐

Here’s the interesting part 👀
As soon as a lawsuit by the bankrupt Terraform Labs against Jane Street became public, those “random” daily dumps suddenly stopped.

Almost immediately after, BTC surged and nearly touched $70,000, posting an impressive daily rally. 🚀

While the court case is ongoing, Jane Street may be forced to pause its trading strategy — which many believe was systematically unloading BTC.

Jane Street’s official response:
“All accusations against Jane Street are baseless and opportunistic.”

Coincidence… or just perfect timing? 🕰

😳 BTC briefly “crashed” on Lighter

While Bitcoin was pushing toward $70k yesterday, an odd print appeared on Lighter — BTC dipped all the way to $47,000 on the chart. 📉

Before panic sets in 👇
Nothing critical actually happened.

⚙️ A single 1,000 BTC sell order wiped through all available limit orders, causing a temporary price spike down. Liquidity was thin, the order went straight through the book, and the price quickly snapped back to normal levels.

❌ No mass liquidations
❌ No real market impact
✅ Just a classic low-liquidity glitch

📊 CryptoQuant: Spot demand for BTC is waking up

For the first time since late November 2025, Bitcoin demand on the spot market has started to increase.

This suggests:
• Buyers are slowly returning after months of weak demand
• Selling pressure on spot exchanges may be easing
• The market could be transitioning from pure distribution to early accumulation

It’s not a full trend reversal yet — but historically, rising spot demand is one of the first signals that the worst phase of a correction may be behind us 👀

Early shift or just a pause? The next weeks will tell.

🐻 76% expect BTC to drop below $60k

🕵️‍♂️ Bitcoin analyst PlanB ran a poll on where the market bottom might be — and the majority is clearly bearish:

• $60k — 23.9%
• $50k — 32.3%
• $40k — 23.0%
• $30k — 20.8%

In total, 76% expect Bitcoin to fall below $60k, so the risk of deeper downside is real.

However, after yesterday’s sharp rally, many traders may have already believed in a new bull run — and some likely bought BTC near $70k using leverage.

That’s how markets usually trap late optimism: strong bounce, bullish hope… and then reality checks. 👀

🧨 ETHZilla’s Ethereum treasury experiment has failed

The company that once aimed to become a “public proxy for Ethereum” has officially abandoned its ETH treasury strategy and announced a full rebrand.

What changed:

• ETHZilla rebrands to Forum Markets
• New Nasdaq ticker: FRMM
• ETH treasury model scrapped
• New focus: real-world asset tokenization (RWA)

Back in August 2025, ETHZilla shares spiked to $107 after announcing a $425M Ethereum treasury, positioning itself as an ETH play for public markets.
Since then, the stock has collapsed by ~96% from its peak. 📉

The takeaway: The “crypto-on-the-balance-sheet” narrative isn’t guaranteed to work outside of Bitcoin — especially for Ethereum. Now ETHZilla is pivoting to a more traditional Web3 narrative:tokenizing real-world assets.

Another reminder that markets don’t buy stories forever 🤷