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David Duong Coinbase best video (3:40)

Coinbase Global (Nasdaq: COIN), the largest cryptocurrency trading exchange in the United States, reported the financial results for the fourth quarter of 2025 on Feb. 12.

It was during early October last year that Bitcoin (BTC) hit the record high price of $126,080 but has since only plummeted during Q4 and onwards. BTC is trading above $65,000 currently.

The COIN stock has crashed 65% since early October and fell around 8% at close at $141.09 today.

Only recently, JPMorgan Chase analyst Kenneth Worthington lowered the stock's price target from $399 to $290 and reiterated an "Overweight" rating.

FactSet expects Coinbase to report earnings share of $1 per for Q4, down from $4.66 per share a year earlier. Analysts predict revenue will fall 20% to $1.8 billion.

The earnings couldn't come at a worse time for Coinbase which suffered a trading disruption for more than an hour today.

Related: JPMorgan cuts Coinbase's price target ahead of earnings

Coinbase aims to become 'Everything Exchange'

Brian Armstrong and Fred Ehrsam founded Coinbase in 2012 and took it public in 2021. In May last year, the company's stock earned a spot on the S&P 500 index.

It also acquired the world's largest crypto derivatives trading exchange, Deribit the last year.

The acquisition was part of the broader goal to turn Coinbase into an "Everything Exchange" where every assets, including stocks, cryptocurrencies, tokenized assets, and prediction markets, are available to traders on a single exchange.

Coinbase has also emerged as a major player in the political circles in Washington, D.C. It first supported the Clarity Act but then withdrew support from the Senate draft over the restriction on stablecoin rewards.

Tyler Winklevoss, co-founder and chief executive officer of Gemini Trust Co., from left, Cameron Winklevoss, co-founder and president of Gemini Trust Co., Brian Armstrong, chief executive officer of Coinbase Global Inc., and Paolo Ardoino, chief executive officer of Tether Holdings Ltd., speak with Howard Lutnick, US commerce secretary, during a signing ceremony for the GENIUS Act in the East Room of the White House in Washington, DC, US, on Friday, July 18, 2025.

"We’d rather have no bill than a bad bill," Armstrong remarked. The remark was met with sharp criticism from top figures of the Donald Trump administration such as Treasury Secretary Scott Bessent.

Coinbase is still engaged in negotiations regarding the legislation.

Meanwhile, Armstrong has sold about $545.7 million worth of company stock over the past nine months.

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Coinbase secures major legal win in banking lawsuit

Analyst trims Coinbase price target after market wipeout

Coinbase suffers trading disruption on earnings day

Coinbase reports Q4 2025 financial results

Coinbase reported a net loss of $666.7 million in Q4 2025. The company posted $1.78 billion in total revenue, down 5% from the previous quarter.

The loss was largely driven by non-cash investment impacts, including a $718 million hit on its crypto investment portfolio and a $395 million loss tied to strategic investments such as its stake in Circle.

Despite the headline loss, core operations remained profitable. 

Coinbase generated $983 million in transaction revenue, down 6% quarter over quarter, with $734 million from retail trading and $185 million from institutional activity. Subscription and services revenue came in at $727 million, including $364 million from stablecoins and $152 million from blockchain rewards.

Key financial highlights:

Adjusted net income: $178 million

Adjusted EBITDA: $566 million

Operating expenses: $1.5 billion, up 9% quarter over quarter

Cash and cash equivalents: $11.3 billion at year-end

Paid Coinbase One subscribers: Nearly 1 million

Full-year 2025 net income: $1.26 billion

Coinbase had a strong Q3 2025

Coinbase posted strong results in the third quarter of 2025, even as broader crypto volatility returned later in the year.

The exchange reported $1.87 billion in revenue, up 25% from the previous quarter, with net income of $433 million and adjusted EBITDA of $801 million. Transaction revenue rose 37% to $1 billion as trading volumes reached $295 billion. Assets on the platform climbed to $516 billion, including a record $300 billion under custody.

Anthropic has successfully completed a $30 billion funding round, elevating its valuation to $380 billion, including the latest capital infusion. According to Jin10, this development provides further support for the artificial intelligence company as it continues to make progress in its competition with OpenAI. The funding round was led by Singapore's sovereign wealth fund GIC and Coatue Management, with participation from major tech companies such as Nvidia and Microsoft. This latest funding nearly doubles Anthropic's previous valuation, positioning it as one of the world's most valuable private companies. Anthropic also confirmed that employees will be allowed to sell company shares at the same valuation as this funding round.

BlockBeats News, February 11th, asset management giant BlackRock announced that after deploying BUIDL on the DeFi platform Uniswap, it will purchase Uniswap's UNI token, but did not disclose the specific purchase amount. Analysis pointed out that the actual impact of Uniswap adding BUIDL to its platform may not be significant in the early stage, as the protocol involves Securitize creating a qualified institutional whitelist to allow them to participate in DeFi transactions. The company will also include some liquidity providers, such as Wintermute, in the whitelist to facilitate trading. Meanwhile, BUIDL's access is limited to eligible purchasers, individuals or entities with assets of $5 million or more.

BlockBeats News, February 13th, Robert Mitchnick, Global Head of Digital Assets at BlackRock, stated yesterday at the Bitcoin Investor Week 2026 event that institutional investors, sovereign nations, and banks are buying Bitcoin on the dip.Furthermore, Mitchnick also clarified speculation about the "IBIT Hedge Fund's default causing a Bitcoin crash," stating that there is a misunderstanding that the hedge fund was creating turmoil in the ETF, causing Bitcoin's volatility and selloff. "But what we see is not the case. Last week, the Bitcoin market was clearly turbulent, and we looked at the data for IBIT (BlackRock Bitcoin ETF), and the entire fund's redemption volume was only 0.2%. If there were indeed many hedge funds aggressively unwinding their arbitrage trades in the ETF, you should see billions of dollars flowing out. Instead, we did see billions of dollars in liquidation on these leveraged perpetual swap platforms. On the ETF side, however, it was very stable, and the investor base looked more like the type that buys and holds long term."

A bill proposing the acquisition of up to 1 million BTC has been introduced to the Brazilian Congress, significantly expanding a previous national strategic bitcoin reserve. The draft, which will need to be greenlit, would put Brazil among the countries holding the most bitcoin. New 1 Million BTC Strategic Bitcoin Reserve Bill Presented in Brazilian […]

The crypto venture backed by President Donald Trump’s family plans to launch a foreign exchange and remittance platform targeting lower fees in the $7 trillion global currency market. World Liberty Financial said Thursday it will soon roll out “World Swap,” a platform designed to simplify cross-border foreign exchange and remittance services, according to reporting by […]

BlockBeats News, February 13th. According to the Financial Times, Tether made a net purchase of $28.2 billion in U.S. Treasury bonds in 2025, becoming the seventh largest foreign buyer. Its U.S. bond holdings, along with Circle's, now exceed those of countries like South Korea and Saudi Arabia. U.S. Treasury Secretary Scott Bessent believes stablecoins are a tool to promote the U.S. dollar and absorb U.S. debt, with the industry expected to grow from the current $300 billion to $30 trillion.Currently, the banking sector is competing with the cryptocurrency industry over stablecoin regulation. JPMorgan Chase CEO Jamie Dimon and Coinbase CEO Brian Armstrong disagree on related terms. Banks are concerned that allowing third parties to pay interest on stablecoins will divert retail deposits to stablecoins, increasing financial risks. This game has led to divisions among Trump's supporters, involving conflicts of interest between Wall Street banks and crypto industry donors.

Binance has officially completed the conversion of its SAFU fund into 15,000 BTC, finalizing the $1 billion transition within 30 days of its initial announcement.

The final tranche included 4,545 BTC, bringing total holdings to 15,000 BTC. At a Bitcoin price of $67,000, the fund is now valued at approximately $1.005 billion.

If BTC volatility pushes the fund below $800 million, Binance has committed to rebalancing it back to $1 billion. This move positions Bitcoin as the exchange’s primary long-term reserve asset and reinforces institutional confidence in BTC as collateral.

Written by maartunn

Siddarth Bharwani - Bitcoin cycle (3:00)

February has been a difficult month for Bitcoin (BTC). 

In the past 30 days, it has dropped by 29.9%. At press time, it was trading at $65,189.77, well below its October 2025 peak of $124,000. 

Meanwhile, the Crypto Fear & Greed Index stood at just 5 as of Feb. 13, signaling “Extreme Fear.”

But investment bank Standard Chartered says crypto markets may not be done correcting just yet, according to CoinDesk.

The firm has lowered its short-term and full-year price forecasts for major cryptocurrencies.

Related: Standard Chartered apologises on bullish Bitcoin prediction

ETF investors under pressure

Geoff Kendrick, the bank’s head of digital assets research, said in a research note that ETF dynamics are a key driver of the ongoing weakness.

According to Kendrick, ETF holders, many of whom bought at higher levels, are more likely to reduce exposure than “buy the dip.”

Holdings of Bitcoin ETFs have declined by nearly 100,000 BTC from their October 2025 peak. The average ETF purchase price sits around $90,000, leaving many investors with unrealized losses of roughly 25%.

That positioning creates what Kendrick sees as additional downside risk if redemptions accelerate.

The crypto market has already weakened sharply in early 2026. Bitcoin has dropped almost 23% since the start of the year, and the total market capitalization has contracted significantly amid large liquidations and heightened volatility.

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Macro headwinds intensify

Crypto is also moving in closer correlation with equity markets as risk appetite fades.

Concerns over global growth and uncertainty around the interest-rate outlook have pushed capital toward traditional safe havens like gold. 

Markets are not expecting rate cuts before Kevin Warsh’s first Federal Open Market Committee meeting as Federal Reserve chair in mid-June, limiting near-term support for risk assets.

At the same time, stalled regulatory clarity in the United States and liquidity strains at certain institutions have weighed on confidence and trading volumes.

A painful but milder cycle

Despite the bearish near-term outlook, Standard Chartered does not view the current drawdown as catastrophic.

At its worst in early February, Bitcoin was down about 50% from its October 2025 high, with roughly half of the circulating supply still in profit. That decline is sharp, but less severe than previous cycles.

Crucially, this downturn has not been accompanied by the collapse of major crypto platforms, unlike 2022’s failures of Terra/Luna and FTX.

Kendrick argues this signals a maturing asset class with stronger structural underpinnings. 

Standard Chartered now expects Bitcoin to fall toward $50,000 in the coming months, with Ether potentially bottoming near $1,400.

Kendrick has also reduced his year-end 2026 targets from $150,000 to $100,000 for Bitcoin, $4,000 for Ether (ETH) from $7,500, and $135 from $250 for Solana (SOL).

The bank left its long-term targets unchanged, maintaining end-2030 projections of $500,000 for Bitcoin and $40,000 for Ether.

Related: BlackRock shares 2026 shocking crypto outlook

Russia is considering rejoining the US dollar settlement system.

The move could reshape global trade and currency dynamics.

Crypto markets may react to changes in dollar dominance.

A Possible Shift in Global Finance

Russia is reportedly exploring a return to the Russia US Dollar Settlement System, a move that could mark a significant shift in global financial dynamics. After facing restrictions and relying on alternative payment mechanisms in recent years, Moscow now appears to be reassessing its position in the international monetary landscape.

The US dollar has long been the backbone of global trade. Even amid geopolitical tensions, it remains the most widely used currency for international settlements. If Russia moves forward with reconnecting to the Russia US Dollar Settlement System, it may signal a strategic recalibration rather than a complete policy reversal.

This development comes at a time when many countries are exploring de-dollarization strategies. However, practical realities often favor liquidity, stability, and global acceptance — areas where the dollar still dominates.

What This Could Mean for Trade

A return to the Russia US Dollar Settlement System would make cross-border trade easier for Russian businesses. Settling transactions in dollars reduces friction in energy exports, commodity trading, and global supply chain operations.

For international markets, the move could ease certain financial bottlenecks. It may also improve access to foreign banking networks and restore smoother capital flows. Investors typically view dollar-based settlements as more predictable and transparent compared to regional alternatives.

Still, this consideration does not automatically mean a full reintegration. Political negotiations and regulatory approvals would play a crucial role before any official shift happens.

JUST IN: RUSSIA IS CONSIDERING REJOINING THE US DOLLAR SETTLEMENT SYSTEM. pic.twitter.com/fWlsj1IdEc

— MSB Intel (@MSBIntel) February 12, 2026

Impact on Crypto and Global Markets

The Russia US Dollar Settlement System discussion could also influence crypto markets. Bitcoin and other digital assets have often been viewed as alternatives during financial uncertainty. If Russia strengthens ties with the dollar system, short-term volatility may emerge in crypto trading as investors reassess risk.

At the same time, the broader narrative around financial independence and diversified settlement systems remains intact. Even if Russia reconnects with dollar-based systems, global momentum toward alternative payment rails and digital currencies is unlikely to disappear.

Markets will now closely watch how this situation unfolds. A confirmed move could reshape currency flows and affect everything from commodities to crypto valuations.

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The post Moscow Eyes Return to Global Payments Network appeared first on CoinoMedia.

The European Union is weighing a blanket ban on all cryptocurrency transactions with Russia, arguing it would be more effective than targeting individual platforms used to bypass sanctions. Shift Toward a Comprehensive Crypto Ban The European Union (EU) is considering a sweeping ban on all cryptocurrency transactions with Russia as part of new sanctions designed […]

In congressional testimony, the SEC detailed plans to align with Congress on a federal crypto framework aimed at clarifying digital asset rules, easing compliance burdens and modernizing oversight to unlock broader market growth. SEC Targets Structured Crypto Oversight in Shift That Could Unlock Massive Market Growth U.S. Securities and Exchange Commission (SEC) Chairman Paul S. […]

The world is currently facing a higher level of uncertainty than during 9/11, the Iraq War, and Covid — combined.

This isn’t just a headline. It’s data-driven reality: the Global Uncertainty Index has reached an all-time high.

It has surpassed the 2008 financial crash, the Euro debt crisis, and the pandemic.

So what does this actually mean?

It means markets are struggling to find direction, capital is moving more cautiously, and risk is being priced more aggressively.

It means geopolitical, economic, and political fragilities are all active at the same time. And most importantly, it suggests that what we once considered “normal” volatility may now be the new baseline.

When uncertainty rises, two types of people emerge: those who panic — and those who position.

History shows that periods of extreme uncertainty are also periods of major repositioning.

The real question is:

Will we see this era as a threat — or as a strategic opportunity?

Written by İbrahim COŞAR

Aave Labs has asked tokenholders to approve a funding package worth roughly $50 million in exchange for redirecting all revenue from Aave-branded products to the Aave DAO treasury.

The proposal includes up to $42.5 million in stablecoins — $25 million as a primary grant and $17.5 million tied to product milestones. It also includes 75,000 Aave (AAVE) tokens, worth about $8 million at the time of writing. The stablecoin grants, if approved, will be streamed over time, and milestone payments will be released upon product launches. 

In return, Aave Labs would route 100% of product-level revenue to the DAO. That includes fees generated by aave.com, the planned Aave App and Aave Card, Aave Pro, Aave Kit and Aave Horizon. The framework also asks tokenholders to ratify Aave V4 as the protocol’s long-term technical foundation and outlines plans to create a foundation to hold and steward the Aave brand. 

The proposal marks a shift in how Aave captures and distributes value. It would consolidate protocol and product revenue at the DAO level while shifting Aave Labs to a DAO-funded operating model after months of governance tension. 

Source: Aave

Governance concerns over voting power

The funding request drew scrutiny from some community members. Marc Zeller, founder of the Aave Chan Initiative, wrote that the package of roughly $50 million represents a significant portion of the DAO treasury. 

He called for unbundling the vote into separate proposals covering revenue alignment, V4 ratification, foundation creation and funding. 

Zeller also called for clearer definitions of “revenue” and independent verification of product income flowing to the DAO. He raised concerns over the 75,000 Aave token grant, noting that governance tokens carry voting power. He said entities receiving DAO tokens should disclose their wallet holdings. 

Meanwhile, crypto commentator DefiIgnas described the proposal as a “big compromise” that AAVE holders “should like,” though he also said clearer disclosures around governance voting power tied to the 75,000 AAVE grant would be appropriate.

Aave Labs framed the proposal as a move toward a “token-centric” model that aligns value accrual with the DAO. Aave founder Stani Kulechov said on X that directing product revenue to the DAO would expand its capacity to fund growth and other initiatives. 

“This would position the DAO to fund growth, increase buybacks, and pursue other opportunities as it sees fit,” Kulechov wrote. 

Related: Vitalik draws line between ‘real DeFi’ and centralized yield stablecoins

Proposal follows rejected IP vote

The proposal follows another contentious governance episode recently. On Dec. 26, Aave tokenholders rejected a proposal to transfer control of the protocol’s brand assets to an entity under the DAO, with a majority voting against the measure. 

On Jan. 3, Kulechov outlined a broader strategy to expand beyond decentralized finance (DeFi) lending and revisit how non-protocol revenue flows to token holders.

The current proposal formalizes elements of that vision, combining revenue consolidation, V4 ratification and a new foundation structure in a single strategic pitch. 

The Temp Check is intended to gauge community support before proceeding to a binding vote. If it advances, the proposal would move through additional governance stages before any funds are distributed.

Magazine: Hong Kong stablecoins in Q1, BitConnect kidnapping arrests: Asia Express

An Israel Defense Forces reservist and a civilian have been formally charged with utilizing classified intelligence to place bets on military operations via the online platform Polymarket. According to NS3.AI, the investigation was conducted by the Ministry of Defense, Shin Bet, and Israel Police, revealing serious security breaches. The individuals face charges of bribery and obstruction of justice, highlighting significant concerns over the misuse of sensitive information.

SoftBank's digital payments provider, PayPay, has officially filed for an initial public offering (IPO) in the United States. Bloomberg posted on X, highlighting that this move could mark the largest listing by a Japanese company on a U.S. stock exchange. The IPO is anticipated to attract significant attention due to PayPay's prominence in the digital payments sector.

PayPay, which has rapidly expanded its user base, aims to leverage the U.S. market to further its growth and development. The company has not yet disclosed the number of shares it plans to offer or the expected price range. However, the filing indicates a strategic step towards increasing its global footprint.

The decision to list in the U.S. aligns with SoftBank's broader strategy to capitalize on international markets and enhance its portfolio's value. This IPO could set a precedent for other Japanese firms considering similar moves, reflecting a growing trend of globalization in the financial sector.

As the process unfolds, market analysts will be closely monitoring PayPay's performance and investor interest, which could influence future listings by Japanese companies on U.S. exchanges.

来源：金十数据

北京时间周五晚 9:30，美国劳工统计局将公布 1 月消费者价格指数（CPI）报告，预计服务价格涨幅放缓大概率将推动 1 月通胀有所降温。但即便如此，现在就期待这会改变美联储的政策思路仍为时过早。

经济学家共识预测显示，衡量美国全经济商品与服务成本的 1 月消费者价格指数（CPI）预计同比上涨 2.5%，较前一月的 2.7% 有所放缓，环比增速则维持在 0.3%；剔除食品与能源的核心 CPI 预计同比上涨 2.5%，同样低于前值 2.6%，环比增速或从 0.2% 小幅上升至 0.3%。

若数据符合预期，美国整体 CPI 将回落至 2025 年 5 月（特朗普政府实施「解放日」关税政策后的一个月）以来的低位水平，显示通胀自去年 9 月略高于 3% 的峰值后持续下行。

值得注意的是，CPI 已连续三个月低于华尔街预期。若 1 月数据继续温和，将为美联储决策者提供更多信心，相信其能在避免通胀复燃的同时下调基准利率。

华尔街预期：通胀数据只是短暂回落？

花旗经济学家维罗妮卡・克拉克（Veronica Clark）指出，住房成本（被归类为服务）涨幅放缓，预计将压制整体服务价格；但商品价格可能偏强，反映「新年企业提价中关税成本的传导」。

高盛预计，关税将为核心通胀贡献 0.07 个百分点，可能对服装、娱乐、家居用品、教育与个人护理等品类构成上行压力。不过，高盛预测 1 月整体 CPI 同比仅为 2.4%，略低于市场预期，这可能进一步增强通胀放缓的预期。

不过，高盛经济学家指出，企业年初小幅提价可能给周五的 CPI 数据带来一定压力；尽管整体服务价格涨幅放缓，但航空票价、酒店房价等旅行相关分项可能成为例外。

一些经济学家并不认为通胀回落具有持续性，部分人士甚至认为 1 月数据可能强于预期。

加拿大皇家银行（RBC）经济学家预计：1 月核心 CPI 将环比上涨 0.4%，同比增速维持 2.6% 不变，高于市场预期的 0.3% 和 2.5%

「2021 年以来，1 月通常会因企业年初涨价与滞后季节因素而通胀偏高。」RBC 美国经济主管迈克・里德（Mike Reid）写道。他同时预计，批发商开始将关税相关成本转嫁给消费者的早期迹象将显现。

此前，供应管理协会（ISM）制造业与服务业 PMI 均显示持续的价格压力；Adobe 数字价格指数也显示上月在线商品价格大幅上涨。

通胀洞察公司（Inflation Insights）创始人奥迈尔・谢里夫（Omair Sharif）还提醒，由于劳工统计局重新调整了季节性因子，1 月数据会比往常更难解读，投资者不应轻视任何意外结果。他指出，2024 年、2025 年 1 月核心通胀大涨，当时被归咎于「残留季节性」，但真正原因是超常规涨价。

部分预测者认为，1 月通胀回落可能是未来一段时间内的最后一波好消息。此后，特朗普「大而美法案」的减税政策逐步生效，叠加去年美联储三次降息的额外刺激，将为经济注入更多资金。

富国银行证券经济学家在评论中写道：「尽管 1 月整体与核心 CPI 同比料将小幅回落，但我们预计 2026 年全年通胀不会进一步大幅降温，因为宽松的财政与货币政策将为需求提供支撑。」

对美联储政策前景影响几何？

美联储决策者将密切关注即将公布的通胀数据。官员们的内部辩论毫无疑问已经公开化。尽管特朗普持续施压美联储大幅降息，但政策制定者仍难达成共识：是像去年年底那样重启降息以支撑就业市场，还是维持高利率更久，将通胀压回 2% 目标。

芝商所（CME Group）的美联储观察工具显示，市场预计美联储至少在 7 月前将维持「观望」模式。这一预期很难因 CPI 实际数据而大幅改变。

美银证券美国经济学家斯蒂芬・朱诺（Stephen Juneau）指出，即便数据表现良好，眼下对美联储的影响也可能有限。联邦公开市场委员会（FOMC）下一次会议将在 3 月 17—18 日举行。

「尽管通胀已连续近五年高于美联储 2% 的目标，但就业数据已盖过通胀，成为政策重心。」朱诺写道，「除非需求驱动的通胀出现明确的重新加速迹象，或通胀预期失控上行，否则美联储将更关注劳动力市场动态。」周三公布的强劲就业数据（1 月非农新增 13 万人，失业率降至 4.3%）引发市场小幅回调，因市场猜测稳健的劳动力市场可能阻碍美联储降息。

Fundstrat 全球顾问公司研究主管汤姆・李（Tom Lee）则认为，通胀回落至 2.5% 将符合疫情前水平，与 2017-2019 年的平均水平相当。

「即便关税影响仍在数据中显现，这也属于『正常』通胀环境，」李在报告中称。当前联邦基金利率目标区间为 3.5%-3.75%，远高于疫情前水平，「美联储有充足的降息空间」。

BlockBeats 消息，2 月 13 日，Coinbase 开发者平台（CDP）宣布推出支持 x402 支付的 SQL API，支持 AI 智能体在无需 API 密钥、账户注册或人工干预的情况下，访问 Base 的区块、交易、代币转移及解码事件等索引数据并按需支付。

每条 SQL 查询费用固定为 0.1 美元，通过 USDC 在链上即时结算。x402 协议简化了支付流程：智能体接收 402 错误响应获取支付需求，签署 USDC 支付证明后即可直接获取查询结果。

ME News 消息，2 月 13 日（UTC+8），在美联储主席人选临近落定之际，摩根大通建议将“卖出 2 年期美国国债”作为一项战术性交易。该行预计，尽管沃什（Kevin Warsh）若获任命将接掌美联储，但在经济基本面稳固背景下，其推动大幅降息的空间有限。 摩根大通预测，1 月核心 CPI 环比或升至 0.39%，高于市场普遍预期的 0.31%，反映年初调价与价格压力仍存。策略师指出，强劲的经济增长与通胀黏性将限制前端利率下行空间，“前端利率难以从当前水平显著回落”。 当前市场预计美联储最早于 7 月降息 25 个基点，并在年底前再降一次。2 年期美债收益率在 CPI 数据公布前小幅回升至 3.47%。 不过，亦有分歧声音。绿光资本创始人爱因霍恩押注沃什时代降息幅度将超出市场预期，并已买入 SOFR 期货布局更宽松的政策路径。（来源：ME）

Crypto analyst “Austin” says XRP could surge as much as 1,500% to $24 if an Elliott Wave setup plays out — and he’s urging traders to be ready for a rapid move once the current correction ends. What Austin is seeing - In an X post accompanied by a chart, Austin mapped XRP’s next moves using Elliott Wave theory. He expects the token to complete a bullish Wave 3 into a price band between roughly $8 and $14, followed by a Wave 5 that could extend toward $24 — a roughly 1,500% gain from current levels. - Austin warned the rally could be swift and “violent,” similar to the initial Wave 1 impulse, so investors should be prepared when the ongoing correction resolves. Key technical targets cited - 2.618 Fibonacci extension: $8.47 - 4.236 extension: $13.64 Austin called both levels “good targets,” but said longer-term upside could be larger given how long XRP has been consolidating. The macro case for a breakout - Austin argues XRP is primed to enter a new price-discovery phase after a long accumulation period. He points to a seven-year contracting triangle followed by an explosive five-wave breakout that tested all-time highs (Macro Wave 1). - He views the past year’s ABC correction/reaccumulation — which retraced roughly .702 to .786 — as a macro Wave 2 that could now set the stage for a powerful Wave 3. Fundamentals and adoption narrative - Austin also highlighted XRP’s improved regulatory position in the U.S. following the SEC settlement, noting XRP is now the only crypto with “complete regulatory clarity” stateside. - He said Ripple has been quietly expanding infrastructure for global and institutional adoption, including a recently unveiled roadmap for institutional DeFi on the XRP Ledger (XRPL) and new compliance-focused features aimed at attracting institutions. Current market snapshot - At the time of Austin’s post, XRP traded near $1.44 and was up on the day, according to CoinMarketCap. Bottom line Austin’s outlook is bullish and based on a textbook Elliott Wave count; he stresses timing is uncertain but believes a rapid upside move could follow the end of the current corrective phase. As always, Elliott Wave is a probabilistic framework — traders should weigh technical scenarios alongside risk management and broader market conditions. Read more AI-generated news on: undefined/news

📰 Daily Market Update:

On-chain flows and liquidity metrics often reveal what large players are doing before the market reacts.

📊 [BTC] - Binance Whale to Exchange Flow

The chart tracks the cumulative 30-day inflow of Bitcoin into Binance.

🔬 Key Observation

📈 Recently, the chart shows a sharp rise in whale inflows exceeding $7.5 billion.

📈 This marks the second time whale inflows have surpassed this threshold.

📉 The last time was in late November, This was followed by a drop in Bitcoin’s price from approximately $92k to current levels below $70k.

📊 Tether USD(ERC20): Total Supply

This chart tracks the total supply of USDT on Ethereum (ERC20).

🔬 Key Observation

📉 Since January 18, total USDT supply on Ethereum has declined from over $103 billion to around $96 billion by February 12, representing a $7 billion contraction in less than one month.

📉 The last time we saw a comparable setup was in mid-May 2022, when USDT supply on Ethereum fell by roughly $3 billion, from $39B to $36B.

📉 What followed was a sharp Bitcoin decline from above $30k to below $20k, a loss exceeding 40%.

📅 Note: I previously highlighted the one-time burn of $3.5 billion in USDT on the Ethereum network in our last update.

🧠 Final Conclusion

⏲️ The continued inflow of Bitcoin from whale wallets into spot exchanges, alongside a declining stablecoin supply, historically contributed to lower crypto asset prices due to reduced liquidity.

⏲️ This does not guarantee an immediate crash, but it raises caution flags for aggressive long positioning and suggests that upside may remain limited unless liquidity conditions improve.

Written by Amr Taha

Peer‑to‑peer cryptocurrency trading platform Paxful was sentenced to pay a $4 million criminal penalty after pleading guilty to conspiring in schemes that promoted illegal prostitution and violated the Bank Secrecy Act. Prioritizing Profit Over Compliance Paxful Holdings, a peer-to-peer cryptocurrency trading platform, has been sentenced to pay a $4 million criminal penalty after admitting to […]

Bitcoin just posted $2.3B in realized losses.

This is one of the largest capitulation events in BTC history, rivaling the 2021 crash, 2022 Luna/FTX collapse, and mid-2024 correction.

📊 What is Net Realized Profit/Loss?

It measures the dollar value of profit or loss locked in when Bitcoin moves on-chain. Red bars show coins sold or transferred at a loss relative to their purchase price.

The bigger the bar, the more pain.

🔴 Current reading: $2.3B (7-day average)

This puts us in the top 3-5 loss events ever recorded. Only a handful of moments in Bitcoin's history have seen this level of capitulation.

👥 Who is selling?

Short-Term Holders (coins held <155 days) who bought between $80K-$110K are capitulating. Weak hands and overleveraged retail are locking in steep losses.

Long-Term Holders are not the source of this spike. They hold through drawdowns.

📍 Historical Context:

In the past, extreme loss spikes like this triggered rebounds. We're seeing it now: BTC bounced from $60K to $71K after the capitulation.

But this could still be the beginning of a deep and slow bleed-out. Relief rallies happen even in prolonged bear markets.

Takeaway: $2.3B in realized losses triggered a bounce from $60K to $71K, consistent with historical capitulation patterns. But the risk remains that this is relief within a longer distribution phase, not a trend reversal. Watch for sustained strength or further deterioration.

Written by IT Tech

Robinhood has launched a public testnet for its Ethereum layer-2 network, inviting developers and institutions to experiment with tokenized assets. Ethereum L2 Testnet to Expand DeFi Push for Robinhood Robinhood is taking its blockchain ambitions a step further. The retail brokerage announced that Robinhood Chain, its Ethereum layer-2 network, has entered a public testnet phase. […]

A new report from Grayscale argues that while bitcoin retains the design features of a long-term store of value, its recent price action has looked far more like a growth stock than digital gold. Grayscale Report Says Bitcoin Moves in Lockstep With High-EV Software Stocks Bitcoin’s price slid to roughly $60,000 on Feb. 5, marking […]

The Bhutan government has reportedly sold Bitcoin valued at $6.7 million. According to Odaily, the government still retains Bitcoin worth $372 million in identified wallets.

BlockBeats News, February 13th, according to Kalshi CEO Tarek Mansour, the prediction trading platform Kalshi has entered the institutional sports risk hedging field, partnering with brokerage firm Game Point Capital to help teams hedge performance bonus payouts.Game Point Capital issues billions of dollars in sports insurance annually, with its main business being providing performance bonus insurance for teams and players. These policies can help sports clubs mitigate the financial pressure brought on by large contract bonus payouts triggered by reaching milestones such as qualifying for the playoffs or winning a championship.

Alameda Research has converted 129 million STG tokens, valued at approximately $26 million, into about 11.14 million ZRO tokens. According to NS3.AI, these ZRO tokens, worth around $25.96 million, were subsequently transferred to the crypto trading firm Wintermute. This transaction highlights a notable asset reallocation from Alameda's holdings to Wintermute during the ongoing bankruptcy proceedings.

ME News 消息，2 月 13 日（UTC+8），Strategy 承销商 Clear Street 宣布推迟原定于周五进行的美国 IPO，理由是「市场条件」不佳。此外，该公司已将其纳斯达克 IPO 募资规模从最初目标的 10.5 亿美元大幅缩减至 3.64 亿美元。缩减后，Clear Street 的估值约为 72 亿美元，此前目标估值为 118 亿美元。 Clear Street 近年来已成为加密货币相关股票发行的主要承销商之一，曾为多家加密财库公司提供承销服务，包括为 Strategy 多次担任股票发行承销，还曾担任特朗普媒体与科技集团的承销商。（来源：ME）

Inside U.S. Treasury Secretary Bessant's plan to tackle soaring debt (1:48)

When I dialed up a longtime financial adviser in New York this week and asked whether the latest household debt numbers worried him, he paused.

“Back in 2015, nobody was worried,” he said. “Delinquencies were low. Housing felt stable. Credit was expanding, but it didn’t feel dangerous.”

The Federal Reserve Bank of New York’s latest Quarterly Report on Household Debt and Credit shows US household debt climbing to $18.8 trillion in the fourth quarter of 2025, up $191 billion from the previous quarter and $740 billion over the full year.

Since the end of 2019, total household debt has increased by $4.6 trillion.

Mortgage balances rose to approximately $13.17 trillion. 

Credit card balances climbed to $1.3 trillion. Auto loans reached $1.7 trillion, while student loans also stood at $1.7 trillion.

Related: Treasury Secretary Bessent reveals plan to tackle soaring $38T debt

What rising delinquencies mean

A loan becomes “delinquent” when a borrower misses a scheduled payment. 

Loans that are 90 days or more overdue are considered “seriously delinquent,” a key measure of financial stress because they signal deeper repayment trouble.

In the fourth quarter of 2025, the share of total household debt in some stage of delinquency rose to 4.8%, up from 4.5% in the prior quarter, the highest level since 2017.

Mortgage performance remains stable at the national level, but stress is beginning to build in certain areas.

“Overall, mortgages continue to perform well by historical standards and have risen recently only after having reached artificially low levels during the (COVID-19) pandemic,” economists at the regional Fed bank said in a blog post accompanying the report.

On average, 1.3% of mortgages became seriously troubled last year, a level comparable to pre-pandemic norms. 

However, the share of mortgages newly entering serious delinquency rose to 1.4% in Q4, up from 1.09% in the previous quarter.

Popular on TheStreet Roundtable:

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The deterioration is concentrated.

“In lower-income areas and in areas experiencing worsening labor markets or housing market conditions, we are seeing mortgage delinquencies grow at a fast pace,” the economists wrote.

Multifamily housing is also showing strain. Seriously delinquent multifamily loans at Freddie Mac have climbed to 0.48%, the highest in at least 21 years. Fannie Mae’s comparable rate has reached 0.75%, approaching levels seen during the 2008 financial crisis.

Student loans remain the most pressured segment

Student debt continues to represent the weakest part of household credit.

The New York Fed reported that 9.6% of student loans are at least 90 days delinquent, “reflecting continued effects from the resumption of payment reporting following the extended pandemic forbearance period.” 

The share of student loans flowing into serious delinquency surged to 16.2%, up sharply from 0.7% in the previous quarter.

Credit card and auto loan balances also increased during the quarter. While non-mortgage delinquency rates remain elevated, Fed researchers suggested they may be stabilizing.

“We would characterize overall that delinquency rates have, especially for non-mortgage debt, that they've really stabilized or leveled off,” a New York Fed researcher said during a conference call.

More News:

Moody’s warns of hidden risks behind $300B stablecoin boom

Franklin Templeton executive says stablecoins will take over Bitcoin's utility

Stablecoins make dollar transfers as easy as sending email, says Circle president

What it means for crypto

Rising delinquencies mean that tightening financial conditions.

When more households fall behind on payments, it often reflects thinner savings cushions and reduced flexibility in spending.

That matters for risk assets.

Crypto markets are closely tied to retail liquidity and speculative participation. 

Higher debt burdens combined with slower labor momentum can reduce disposable income, limiting trading activity. Exchanges have already reported softer transaction volumes in recent months, reflecting weaker retail engagement.

Related: Gold, silver, S&P 500, crypto crash again amid extreme fear

撰文：马赫，Foresight News

 

2 月 13 日，美股市场遭遇一场突如其来的暴跌，道琼斯指数收跌 1.34%，纳斯达克指数大跌 2.03%，标普 500 指数收跌 1.57%，黄金一度大跌超 4%，白银暴跌 11%。比特币价格跌至 6.6 万美元，以太坊跌至 1900 美元。

 

美国最大加密交易平台 Coinbase 在公布 2025 年第四季度及全年财报后，股价大跌至 140 美元附近。尽管全年业绩强劲，但 Q4 的净亏损和交易量放缓成为投资者抛售的直接诱因。

 

2025 年全年，Coinbase 的收入 71.81 亿美元，较 2024 年的 65.64 亿美元增长了约 9%，净收入为 68.83 亿美元 。尽管 Q4 因加密资产投资组合产生账面亏损导致净亏损 6.67 亿美元，但全年仍实现了 12.6 亿美元的净利润 。

 

Coinbase 自 2022 年 Q4 起停止在财报中直接披露「总验证用户数」（当时为 1.1 亿）。根据 DemandSage 最新数据，截至 2025 年底，Coinbase 的全球验证用户总数预计已达到 1.2 亿 左右。

 

 

此外，其股价表现也备受批评。目前 COIN 股价已跌至 2024 年 3 月以来新低。

 

同时，VanEck 数字资产研究主管 Matthew Sigel 表示，Coinbase 首席执行官 Brian Armstrong 于 1 月 5 日再次出售 4 万股 COIN，按当时股价计算约为 1016 万美元。VanEck 图表补充表示，Brian Armstrong 在 2025 年 4 月至 2026 年 1 月期间出售了超过 150 万股 Coinbase 股票，套现约 5.5 亿美元。

 

 

2025 年 Q4 成交量 18 亿，但已放缓

 

2 月 13 日，Coinbase 财报详细披露了 2025 年全年及 Q4 财务数据，整体呈现出增长与隐忧并存的格局。

 

全年来看，Coinbase 总交易量（包括现货和衍生品）同比增长 156%，达到 5.2 万亿美元，加密交易量市场份额翻倍至 6.4%（从 2024 年的 3.2% 和 2023 年的 1.8% 上升）。

 

 

订阅及服务收入也创下新高，全年达 23.28 亿美元，较 2024 年的 14.07 亿美元增长 65%。

 

其中，稳定币业务亮眼，USDC 市值升至 760 亿美元（较 2024 年的 380 亿美元和 2023 年的 250 亿美元大幅提升），Coinbase 产品内平均 USDC 持有量在 Q4 达 80 亿美元（全年趋势从 Q4'23 的 30 亿美元升至 Q4'24 的 180 亿美元，再到 Q4'25 的 80 亿美元，显示波动但总体向上）。

 

付费 Coinbase One 订阅用户数达 97.1 万，较 2024 年的 73.3 万和 2023 年的 26.6 万增长显著，通过新层级和 Coinbase One Card 等产品提升价值。

 

Q4 总收入 18 亿，6.67 亿亏损引股价大跌

 

公司在财报中透露已有 12 款产品年化收入超过 1 亿美元，其中一半超过 2.5 亿美元，两款超过 10 亿美元。

 

Coinbase 从单纯交易所向「Everything Exchange」的转型，覆盖加密、衍生品、股票、预测市场等领域。然而，Q4 具体数据暴露了短期压力，成为股价暴跌的核心推手。

 

Q4 总收入为 18 亿美元，同比和环比均有增长，但未能达到华尔街预期的 19.5 亿美元。

 

更刺眼的是净收入：录得 6.67 亿美元亏损，较上年同期和 Q3 的盈利转为赤字。这一亏损主要源于战略投资的未实现损失、加密资产价格波动（比特币等资产在 Q4 末回撤）和运营费用上升，包括收购整合成本和监管合规支出。

 

如果剔除这些非核心因素，调整后净收入为 1.78 亿美元，调整后 EBITDA 为 5.66 亿美元，虽为正值但环比 Q3 下降 12%，显示核心盈利能力承压。

 

交易费收入 10.5 亿美元，公司现金以及等价物 113 亿美元

 

交易收入作为传统支柱，Q4 贡献约 10.5 亿美元（全年占比约 55%），但交易量环比放缓：总交易量虽全年 5.2 万亿美元，但 Q4 仅约 1.2 万亿美元，散户和机构交易均受市场波动影响，人均交易规模下降 15%。现货交易量同比下滑 10%，衍生品虽通过 Deribit 收购提振，但整体未能弥补熊市情绪导致的用户流失——月活跃交易用户环比减少 80 万，至 950 万。

 

 

订阅及服务收入在 Q4 为 7.3 亿美元，同比增长 18%，但环比微降 2%。细分来看，受益于 Base 链整合和开发者工具，稳定币收入（主要 USDC）为 3.8 亿美元，但质押奖励降至 1.2 亿美元，因网络收益率降低环比下滑 18%；利息及金融收入为 0.65 亿美元，其他服务收入为 1.65 亿美元。

 

资产负债表显示，公司现金及现金等价物达 113 亿美元，较 Q3 增加 8 亿美元，得益于全年盈利积累，但 Q4 的贷款发放和加密投资（如比特币持仓）导致美元资源净减少 3 亿美元。

 

公司比特币持仓未在 Q4 更新，但全年趋势显示总持仓超 1.2 万枚，总成本约 8 亿美元，平均每枚价格 6.6 万美元，现值随比特币价格波动至约 11 亿美元（按照财报统计时的比特币 9 万美元价格计算）。若按照 2 月 13 日的比特币价格计算，则略微浮亏。

 

SEC 监管虽趋缓，但新一轮衍生品竞争加剧，币安全球扩张、Robinhood 加密产品蚕食份额。

 

财报显示，Coinbase 的 2026 优先级包括扩展 Everything Exchange、扩展稳定币支付、构建链上金融。Base 链活跃地址超 Optimism 和 Arbitrum，TVL 达 35 亿美元。

 

据 token terminal 最新数据显示，Base 周活现已仅次于 opBNB。

 

 

DefiLlama 的最新数据则显示，Base 的 TVL 已升至 39.05 亿美元。

 

 

总体而言，Coinbase 财报揭示了加密巨头的双面性：全年创新驱动多元化，但 Q4 亏损和交易疲软暴露对资产价格依赖。股价大跌不仅是情绪反应，更是市场对可持续性的拷问。若 2026 无强力复苏或监管利好，Coinbase 将面临更严峻考验。

Following its all-time high in October 2025, Bitcoin has been in a downtrend for approximately four months and is now approaching what can be considered an undervalued zone.

Generally, when the MVRV ratio falls below 1, Bitcoin is regarded as undervalued. At present, the indicator stands at around 1.1, suggesting that price levels are nearing the undervaluation range.

However, unlike previous cycles, Bitcoin did not experience a sharp rise into a clearly overvalued zone during the recent bull cycle. This distinction is important to recognize.

As a result, the current decline may also differ from past market bottoms, and it appears necessary to respond with this possibility in mind.

Based on experience, I believe that for most investment assets with a long-term upward trajectory, effective preparation tends to begin during downturns, increasing the likelihood of favorable outcomes.

Written by Crypto Dan

Recent data from Binance indicates that the 14-day Simple Moving Average (SMA-14) of Bitcoin Funding Rates has dropped to a critical level of −0.002. This marks the lowest value this metric has recorded since September 2024 (surpassing even the lows observed in May 2025). Concurrently, Bitcoin’s price has been in a grinding downtrend, currently trading around the $66.4K range.

Data Interpretation:

Bearish Dominance: A deeply negative funding rate, especially when sustained over a 14-day average, signals that short traders are aggressively betting on further price declines. These traders are willing to pay a premium to long position holders just to keep their bearish positions open.

Capitulation Signs: Such extreme negative values typically manifest at the tail end of severe downtrends, often coinciding with peak market fear and capitulation.

Market Outlook:

From an on-chain and market psychology perspective, deeply negative funding rates often serve as a strong Contrarian Signal. The market currently appears to be heavily “overcrowded” on the short side.

This setup provides the necessary fuel for a potent Short Squeeze. Even a minor price rebound or a piece of positive news could trigger a cascade of liquidations among these accumulated short positions, propelling the price upward rapidly. While the prevailing price trend remains bearish, the risk-to-reward ratio for opening new short positions is unfavorable at these funding levels.

Conclusion:

Historical patterns suggest that when the Funding Rate SMA-14 dips into negative territory (similar to the instances in May 2025 and November 2024), it often precedes the formation of a local price bottom. Traders should exercise caution, as the market holds high potential for a corrective bullish move.

Written by CryptoOnchain

While Bitcoin’s price bled from $124K to $67K, the Binance Futures‑to‑Spot ratio quietly painted a different picture – especially for altcoins.

By late January, the ratio for ETH, XRP, and Solana had collapsed to multi‑month lows, reflecting fear and spot‑driven selling. But since February began, something shifted. ETH’s ratio climbed from 3.7 to 7.5, breaking decisively above its 7‑day moving average. XRP followed, surging from 2.6 to 4.6. Solana nearly doubled. Even Bitcoin’s ratio recovered, yet altcoins led the charge – their upside momentum in futures activity now outrunning BTC’s.

This isn’t random noise. A rising futures/spot ratio from depressed levels signals returning speculative appetite. Traders aren’t just hedging; they’re positioning. The fact that altcoins are showing stronger relative recovery in this metric suggests capital is rotating back into risk assets before price confirms it.

History echoes: similar bottoms in this ratio preceded the Q1 2024 and Q4 2025 rallies. Today’s setup isn’t euphoria – it’s quiet accumulation in derivatives markets. Short‑term pain is visible, but the futures tape is already discounting a turnaround.

Written by Crazzyblockk

Data on net open interest (OI Change 30D) across major trading platforms indicates that the derivatives market is undergoing a clear phase of deleveraging and risk readjustment. The data shows that the downward trend is concentrated on several key platforms, most notably Binance, Gate.io, OKX, and Bybit, reflecting a widespread outflow of capital from futures positions.

Based on the displayed figures, Binance recorded a decline of approximately 40 million ETH over the last 30 days, while Gate.io’s open interest fell by more than 20 million ETH, OKX declined by about 6.8 million ETH, and Bybit by an additional 8.5 million ETH. This brings the total decline across these four platforms alone to approximately 75 million ETH.

When other platforms showing negative readings, albeit with smaller volumes, are included, the total contraction in open interest across all platforms exceeds 80 million ETH over the past 30 days, confirming that the phenomenon is widespread and not limited to a single platform.

This pattern suggests that traders, particularly those using high leverage, are reducing their exposure rather than opening new positions, whether out of caution or due to pressure from volatile price movements. Such periods typically coincide with market transitions, where short-term speculation gives way to a more conservative approach.

From a structural perspective, this significant drop in open interest can be viewed as a “clean-up” of weaker positions, thereby reducing the likelihood of sharp forced liquidations later on. This environment may pave the way for a period of relative stability or the formation of a more solid price base for Ethereum in the near future.

Written by Arab Chain

Scott Melker, host of The Wolf Of All Streets Podcast, posted on X that Standard Chartered has revised its Ethereum price target for the end of 2026. The bank reduced its forecast from $7,500 to $4,000, indicating a more conservative outlook for Ethereum's future value.

DeFiance Capital CEO Arthur has highlighted a significant transition in the cryptocurrency market, moving away from venture capital-driven growth towards investments focused on short-term cash flow. According to NS3.AI, Arthur stressed that future crypto projects should prioritize being pure cash flow businesses, aiming to recover invested capital within 6 to 12 months and achieve returns of 3x to 5x. He cautioned that persisting with investments in hype-driven growth projects could result in capital depletion.