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Tokenized US Treasurys ( The tokenization of U.S. government bonds ) The market is showing steady growth. According to Token Terminal statistics, the market size has increased 50-fold since 2024. One of the main drivers of this growth is asset management firm BlackRock's launch of the "Dollar Institutional Digital Liquidity Fund" (BUIDL) in March 2024. As of now, the fund's market value has exceeded $1.2 billion, demonstrating that the participation of traditional financial giants plays a key role in enhancing liquidity in the on-chain government bond market. Tokenized government bonds refer t

The US-Iran conflict has led to a rapid outflow of funds. According to a Reuters report, researchers stated that from last Saturday to Monday, Iranian cryptocurrency exchanges saw a total outflow of $10.3 million worth of cryptocurrencies (approximately NT$327 million). Researchers noted that it is currently unclear what the reasons behind these movements are.

The Middle East conflict has escalated, bringing with it an impact on "virtual currencies." Bitcoin plummeted more than 4.2% in a single day, briefly losing the $64,000 mark during trading; Ethereum also declined, breaking below the $1,844 support level, with a drop of over 4.6%. The market is filled with gloom, and the focus in the cryptocurrency circle, "Brother Maji" Huang Licheng, was also liquidated, with $245,000 evaporating to just $13,000.

Ethereum co-founder Vitalik Buterin recently posted a series of articles explaining two major core changes to Ethereum's execution layer—transforming the state tree into a binary tree through EIP-7864, and replacing the EVM with RISC-V in the long term. He pointed out that these two changes together account for over 80% of the proof efficiency bottleneck. What’s even more noteworthy is that Vitalik also stated that AI will significantly accelerate the entire roadmap, and suggested that half of the speed benefits brought by AI be invested in security enhancements.

Capital Flows to RWA, Who Still Buys Cryptocurrency?
The rise of tokenized government bonds has changed the traditional flow of funds, especially in terms of liquidity management needs on the institutional side. Since RWA allows investors to directly access fixed income from U.S. government bonds, it provides a safe haven supported by real assets during crypto market volatility. In the long run, the integration of such assets could open up new blue oceans in the financial market, injecting more stable liquidity into decentralized finance. However, as funds tilt toward low-risk tokenized govern

Bitcoin mining company Bitdeer announced the latest data: as of February 20, its own BTC holdings have dropped to 0. This week, it mined 189.8 coins and sold them all, resulting in a weekly net outflow of 943.1 coins.

Will Institutions Become the Largest Bitcoin Holders? Pricing Power Still in HODLer Hands
River's research report first pointed out that although Bitcoin prices have experienced significant corrections in recent years, the holding structure is changing. Individual investors currently hold about two-thirds of the circulating supply, but the proportions of funds, ETFs, corporations, and government sectors continue to rise.
By 2025, institutions will have accumulated approximately 829,000 Bitcoins, with buyers including corporations, government funds, and ETFs. They are indirectly holding Bitcoin

How to buy and lose money—Bitcoin's slow decline severely impacts investor psychology
Market data shows that nearly nine million Bitcoins (about 45% of the total supply) are held at a cost basis higher than the current price, and during recent lows, this amount even approached half of the supply. In the first twenty-two trading days of February, nineteen days showed "Net Realized Losses." This phenomenon indicates that the market has not experienced a quick clearing of the excess supply through a "capitulation" sell-off, but instead has fallen into a cycle of gradual decline. This has led inve

Bitcoin reserve strategy pioneer MicroStrategy Strategy (, formerly MicroStrategy), has increased its holdings again by purchasing 592 Bitcoins, bringing the total to 717,722 Bitcoins, with an unrealized loss of $7.9 billion. Founder Michael Saylor stated that we may currently be in a crypto winter, but the current situation is better than previous cycles and conditions for recovery have already been met.

Robert Kiyosaki pointed out that as early as 2013, in his book "Rich Dad's Prophecy," he warned that the world would face the biggest stock market crash in history, and now this "massive collapse" is imminent. He stated that for those who are prepared in advance, this crisis will be a "great opportunity to get rich," but without any preparation, it could become "the most terrifying nightmare."
Talking about asset allocation, Kiyosaki emphasized that he owns "real gold, silver, Ethereum, and Bitcoin," and reiterated his strong bullish stance on Bitcoin. He pointed out that the total supply of B

Satoshi Nakamoto owns 1.09 million Bitcoins, making him the largest holder in the world today.
Currently, the biggest Bitcoin whale globally remains the mysterious founder Satoshi Nakamoto. He mined 22,000 blocks early on, estimated to hold about 1.096 million Bitcoins, with a total value of approximately $75 billion; although distributed across multiple addresses, all follow a specific Patoshi pattern (Patoshi Pattern) (Note: Bitcoins that appeared from the Genesis Block and have never been moved).
Who will own the most Bitcoins in 2026?
Following Satoshi Nakamoto are major institutions.

The largest Ethereum reserve company, BitMine, increased its Ethereum holdings again last week, adding 45,759 ETH, bringing its total holdings to 4,371,497 ETH. Based on the current total supply of approximately 120.7 million ETH, BitMine now controls 3.62% of the circulating supply, further solidifying its position as the world's largest Ethereum treasury company.
Asset Portfolio Expansion: Crypto Assets and Cash Total $9.6 Billion
According to BitMine's announcement, as of 5:00 PM Eastern Time on February 16, 2026, the total value of BitMine's crypto assets and cash reaches $9.6 billion. Its

Currently, the "Fear and Greed Index" has fallen to the "Extreme Fear" level, but historically, this situation usually signals the early stages of a "bottoming process" rather than the start of a new upward trend.
Author: MICA 2026-02-16 Reading time: approximately 1 minute
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Cryptocurrency Fear Index Plummets: Is it Time to Buy the Dip?
The "Fear and Greed Index" is a widely used sentiment indicator designed to quantify investor psychology in the cryptocurrency market. This index measures market sentiment centered around Bitcoin by integrating multiple factors, including volatility

The Bitcoin network completed its regular difficulty adjustment on the evening of February 7th at block height 935,424. Mining difficulty dropped from 141.84 T to 125.86 T, a decrease of 11.16%. This is the largest single adjustment decline since China’s全面禁止加密貨幣挖礦 in May 2021.
According to data, the current total network hash rate is approximately 948 EH/s, down about 14% from the all-time high of 1.1 ZH/s set in October last year. Analysis indicates that the next difficulty adjustment is expected to further decrease, reflecting a significant contraction in the mining industry.
Reasons for the

"Brother Maqi" has recently continued to experience losses in his operations on the decentralized contract trading platform Hyperliquid. On-chain data shows that since October last year, he has transferred approximately $13.16 million to Hyperliquid, but most of his positions ended in losses. His account assets have also shrunk significantly from a peak of about $50.39 million in September last year. Today, he added to his position again from a balance of over $50,000 yesterday, with a decline of over 99%, which has also earned him the nickname "Liquidation King" in the community.

Analysts point out that Bitcoin's downward trend has been further amplified by forced liquidations. When the price reaches a certain level, traders' long or short positions are automatically liquidated by the system, creating a chain reaction. According to Coinglass data, since last Thursday, the total amount of forced liquidations of Bitcoin long and short positions has exceeded $2 billion.
This type of liquidation mechanism is particularly prone to causing rapid price declines in the cryptocurrency market, as passive position clearing often triggers further selling pressure. Just last Saturd

Strategy only added to its holdings three times in January this year, purchasing a total of over 26,000 Bitcoins, maintaining an aggressive accumulation strategy despite the current lack of immediate "margin calls" or "forced liquidations" risks.
However, the continued decline in BTC prices still poses challenges to the company's operations. The company's stock price has fallen over 60% in the past six months. As the stock price becomes increasingly lower relative to its net asset value, it will become more difficult for the company to raise funds effectively through at-the-money (ATM) offerin

The US dollar has weakened, but it has not ignited Bitcoin's rally as it usually does. This "unusual trend" has attracted market attention. JPMorgan Private Bank believes that the key is not Bitcoin itself, but rather the "nature" of this dollar decline, which is very different from previous ones.
The US Dollar Index (DXY), which measures the dollar against major currencies, has fallen about 10% over the past year; however, Bitcoin, often seen as a "beneficiary of a weak dollar," has actually fallen 13% during the same period.
Yuxuan Tang, Head of Asia Macro Strategy at JPMorgan Private Bank,

On the 29th, Iran issued a strong alert of military readiness. Amid escalating geopolitical tensions in the Middle East, global financial markets experienced intense volatility, with precious metals, U.S. stocks, and cryptocurrencies all declining. Spot gold plummeted from nearly $5,530 per ounce, breaking below the $5,150 level. It initially rebounded in the past few hours but retested lows earlier at 8 o'clock, dropping as low as $5,110. However, it did not break below last night's low, so whether a short-term reversal has occurred still requires further observation.

Madman says…
Bitcoin has dropped to 86,000 in the past two days, and selling pressure has not continued to increase, so it can be basically considered a successful second test. There is a chance to once again break through the 100,000 USD mark. Coupled with the recent accelerated rise of gold and silver, a large amount of capital will realize profits and exit, leading to capital outflows. Currently, geopolitical risks and US debt risks have not been resolved, so the risk of capital flowing into USD and other base currencies remains high. At this time, Bitcoin can just absorb some of the capita