🧨 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 🤷

🧐 ZachXBT reports insider trading at Axiom

🔎 ZachXBT claims that several employees of Axiom, a non-custodial onchain trading terminal on Solana, abused internal access to profit from user data.

Key allegations:

• Since early 2025, a senior BD manager (Broox) allegedly leaked private user data from internal dashboards, including wallet addresses and registration details.
• Employees reportedly maintained Google Sheets with KOL wallet lists to monitor and trade against them.
• Another staff member (Ryan/Ryucio) is suspected of querying users through internal systems on behalf of third parties.
• In February 2026, a recorded call allegedly captured Broox explaining how to make ~$200k for a newly hired moderator by abusing internal platform access.

The case reignites concerns around data security, internal controls, and insider trading risks in onchain trading platforms.

🛍 How much BTC should be in your portfolio? Wall Street has an answer

Six of the largest global banks and asset managers broadly agree on one thing:

Bitcoin allocation should not exceed ~5% of a portfolio. 💼

Why so conservative?
• BTC is still classified as a high-risk asset
• Extreme volatility increases drawdown risk
• Institutions prioritize capital preservation over outsized upside

In their view, Bitcoin works best as a small asymmetric bet — enough to benefit if it wins big, but not enough to sink the portfolio if volatility hits.

Of course, retail investors often play by very different rules 😉

But it’s useful to remember how traditional finance thinks about risk.

🔍 Suspicious move from Jane Street

Crypto Twitter noticed a strange detail: all posts have been wiped from Jane Street’s official X (Twitter) account. 🧨

No explanations, no statements — just a completely clean profile. 🤔

Given the recent rumors and discussions around Jane Street’s trading activity in crypto markets, the timing looks… interesting 👀

Whether this is routine housekeeping, legal caution, or something more, the move is raising eyebrows across the community.

Silence sometimes speaks louder than words.

📊 In January, on-chain stablecoin transfers exceeded $10.5 trillion, the highest level since April 2022

• USDC dominated activity with $8.3T in volume, reinforcing the growing role of Circle’s flagship stablecoin (issuer: Circle).
• USDT followed with $1.7T in transfers.
• DAI ranked third at $138B.

Momentum remains strong: even before February ended, stablecoin transaction volume had already reached $7.8T. 💵

This surge highlights rising on-chain liquidity and growing reliance on stablecoins for trading, settlement, and capital movement — even amid broader market uncertainty. 🧐

🐳 Santiment: Whale accumulation is accelerating

According to Santiment, the number of wallets holding 100+ BTC is about to cross 20,000, a level often associated with accumulation phases.

📈 A wallet with 100 BTC is worth at least $6.8M, meaning these addresses mostly belong to high-net-worth individuals, funds, institutions, or long-term holders.

🐃 Importantly, this growth is happening during a price decline, which is historically considered a bullish signal.

📝 MARA reports a $1.7B loss — but the market cheers

🛠 The largest public US Bitcoin miner, MARA Holdings, posted a $1.7B loss in Q4 2025, a sharp reversal from a $528M profit a year earlier.

The hit came mainly from:
• Revaluation of its Bitcoin reserves amid falling prices
• Hashrate rising to 66.4 EH/s, while actual BTC production declined
• Power costs per BTC jumping to $48,611, squeezing margins even further

⚡️ Despite the weak mining fundamentals, MARA’s stock jumped +15% after the company announced a joint AI infrastructure project with Starwood Capital Group. The partnership aims to build data centers with capacity of up to 2.5 GW.

📌 Takeaway: mining profitability is under pressure, but the market is now valuing MARA more as an AI + data center play than a pure Bitcoin miner.

📉 Bitcoin dropped over 3%, falling below $64,000, after Donald Trump announced the start of a large-scale U.S. military operation against Iran 🇺🇸🇮🇷

Within the first hour following reports of the strikes, more than $200 million in long positions were liquidated across crypto exchanges, reflecting a sharp increase in volatility. 📊

Geopolitical speculation also surged: trading volume on Polymarket for bets related to a potential U.S. strike on Iran exceeded $500 million, signaling intense market focus on the conflict. 🧐

🌐 The situation highlights how geopolitical shocks can quickly pressure Bitcoin and amplify forced liquidations.

🇺🇸🇮🇷 U.S.–Iran War Escalates, Markets on Edge

⚔️ The U.S. military operation against Iran continues, with reports claiming the key outcome so far is the elimination of the country’s Supreme Leader. Tehran has responded with drone and missile strikes across the Middle East, while tensions around the Hormuz Strait intensify.

Washington denies major losses but has confirmed first casualties among U.S. soldiers. The United States and Israel remain engaged, and Donald Trump said potential successors to Iran’s leadership were also eliminated. The conflict could last up to four weeks.

Markets reacted fast: gold surged above $5,400, with some already eyeing $6,000. Brent oil spiked to $82 (+12%) before cooling to ~$80. 📊

Iran declared a state of “holy war,” but both sides appear to be looking for an exit they can’t yet take.

📉 Bitcoin dipped over the weekend and is now stabilizing near $66,000, with downside risks and volatility likely as U.S. stock trading resumes.

🫸 Bitcoin Community Rejects Code Rewrite Proposal

The crypto community quickly shut down a proposal by Mark Karpeles, the former CEO of Mt. Gox, to rewrite Bitcoin’s code in order to recover 79,956 BTC (worth over $5B at current prices). 💰

Karpeles suggested “moving” the coins to compensate creditors, but Bitcoin developers and even some Mt. Gox victims firmly opposed the idea.

The core argument was simple and uncompromising:
If the rules can be changed once for $5B, then the fundamental principle “your keys = your coins” stops being law.

⚖️ The reaction highlights Bitcoin’s core value — immutability over convenience, even at a massive financial cost.

😱 AI Enters the Battlefield: Anthropic Linked to U.S. Strikes on Iran

According to the The Wall Street Journal, the U.S. allegedly used AI from Anthropic during military operations against Iran — for intelligence gathering, target selection, and combat simulations. 🏹

This came as a shock, since Anthropic had previously refused cooperation with the U.S. Department of Defense, publicly distancing itself from military use of its models. 🤖

Following the reports, the Pentagon labeled Anthropic a “national security threat,” while Donald Trump urged all federal agencies to stop using Anthropic’s AI.

⚠️ Shortly after, Anthropic appeared to reverse course — suggesting that pressure from Washington may have forced compliance.

The episode highlights how quickly AI neutrality collapses when geopolitics and national security enter the equation. 🤔

😎 War or Not, Bitcoin Buying Stays on Schedule

While markets react to global turmoil, Strategy keeps sticking to its plan. 📝

The company has purchased 3,015 BTC at an average price of $67,700 per coin. Its total holdings now stand at 720,737 BTC, acquired for $54.77B at an average price of $75,985. 💰

🐋 Once again, Strategy shows zero hesitation — steady accumulation, regardless of headlines.

📈 Markets Rally as U.S. Trading Opens

Bitcoin jumped 6% after the opening of U.S. trading, as markets reacted positively to the first session following the escalation in the Middle East. 🚀

The rebound wasn’t limited to crypto. U.S. equities also opened strong, with S&P 500 and Nasdaq posting sharp gains, signaling a broad risk-on move across assets.

💡 Despite geopolitical tensions, investors appear willing to buy the dip — at least for now.

📉 Bitcoin Correction Still “Mild” by Historical Standards

🔎 According to CryptoQuant analyst Alex Adler, Bitcoin’s latest 47% correction looks relatively modest when compared to past cycles — where drawdowns exceeded 90%.

This observation supports the idea that Bitcoin market cycles are gradually smoothing out over time, with volatility decreasing as the asset matures.

Based on historical patterns, Adler suggests that a potential cycle bottom could form around 60–70% below the all-time high, rather than the extreme crashes seen in earlier years.

💡 In short: the current pullback may feel painful, but by Bitcoin’s own history, it’s far from catastrophic.

🦄 New York Court Dismisses Lawsuit Against Uniswap

🍏 A New York court has dismissed a class-action lawsuit against Uniswap, where plaintiffs tried to hold the platform responsible for scam tokens launched by third parties.

⚖️ The court ruled that the protocol itself is not liable for the quality, legitimacy, or intent of projects built on top of it. In other words, Uniswap provides infrastructure — not financial guarantees.

The case lasted four years, and the final decision is being seen as a major legal precedent for the crypto industry, reinforcing the idea that decentralized protocols are tools, not issuers.

👏 A win not just for Uniswap, but for DeFi as a whole.

🇹🇷 Turkey Proposes 10% Crypto Income Tax

Turkey’s ruling party AKP has submitted a bill to parliament introducing a tax on crypto income in Turkey. 👀

Under the proposal, regulated platforms would withhold 10% of users’ crypto profits quarterly, regardless of whether the user is an individual or company, resident or non-resident. The President would have the authority to adjust the rate from 0% to 20%, depending on token type, holding period, and wallet category.

Additionally, service providers would face a 0.03% tax per transaction.

⚖️ If passed, the law would significantly tighten crypto taxation in Turkey and expand state control over digital asset income.

🐃 CryptoQuant: Short-Term Bitcoin Holders Stay Calm

According to CryptoQuant, the escalation of the Middle East conflict has not triggered panic among short-term Bitcoin holders. 🧐

On February 5–6, this group sold around 89,000 BTC at a loss, but since then selling pressure has been steadily declining. 📉

Despite rising military tensions involving Iran, there was no major spike in BTC inflows to exchanges, which typically signals fear-driven capitulation.

📊 Markets tend to stabilize once weak hands finish selling — and on-chain data suggests that this phase may be almost over.

💡 Bottom line: headlines look scary, but short-term holders aren’t panicking — a potentially constructive sign for BTC.