coin

Quantoz holds an electronic money institution license issued by the Dutch central bank. The three electronic money tokens it issues, USDQ, EURQ, and EURD, are all subject to the electronic money regulations of the European Economic Area. The reserves are stored in a dedicated account under a bankruptcy-remote fund structure at a 1:1 ratio and must additionally maintain at least a 2% reserve buffer on the balance sheet.

According to market news, research and brokerage firm K33 stated that the current Bitcoin market structure, derivative positions, and ETF fund flows are highly similar to the late stages of the 2022 bear market, indicating a potential long-term consolidation rather than a rapid rebound.K33's research director Vetle Lunde noted that their proprietary indicators show a "striking similarity" between the current situation and September and November 2022 (close to the bear market bottom). However, historical experience suggests that market bottoms are often accompanied by prolonged consolidation, with an average 90-day return of only about 3% in similar environments. Data shows that Bitcoin has dropped nearly 28% since January, with the funding rate being negative for 11 consecutive days, and open interest falling below 260,000 BTC, as long positions are being liquidated.Spot trading volume decreased by 59% week-over-week, and futures open interest has fallen to a four-month low. On the institutional side, CME traders are relatively inactive, with Bitcoin ETP holdings decreasing by 103,113 BTC from last October's peak, but 93% of peak exposure remains, indicating that institutions are primarily reducing exposure rather than completely exiting.The Fear and Greed Index recently hit a historical low of 5, but Lunde pointed out that the average 90-day return from buying during extreme fear periods is only 2.4%, far lower than the 95% during extreme greed periods, suggesting that fear does not reliably predict a strong rebound. He expects Bitcoin to consolidate in the range of $60,000 to $75,000 for an extended period, noting that the current entry point is attractive but requires patience.

CryptoQuant analyst Darkfost stated that after a significant pullback, Bitcoin is currently consolidating in the range of $72,000 to $65,000. This range is active with a large number of whales, long-term holders, and even institutional investors. During deep pullbacks or the later stages of a bear market, investors typically rotate funds back into Bitcoin while reducing their allocation to altcoins. In this round of pullback, the impact on altcoin trading volume has been the most pronounced. Compared to the high of 59.2% of Binance's total trading volume in November, its share has dropped to 33.6% on February 13, with trading activity nearly reduced by 50%. This pattern has also appeared in previous pullback phases, including around April 2025, August 2024, and near the end of the bear market in October 2022. During periods of market uncertainty and rising pressure, Bitcoin's trading volume share tends to increase. In such an environment, investors naturally tend to flow back into BTC, further reinforcing its position as a safe haven for funds and the core benchmark asset of the market.

Coinbase CEO Brian Armstrong responded on social media to the question "Why is Coinbase always misunderstood or underestimated by Wall Street," stating: "I do believe Coinbase is a misunderstood company. This is a classic 'innovator's dilemma.' On one hand, the smartest traditional financial institutions are fully embracing the crypto industry. Five globally systemically important banks (GSIB) have begun collaborating with Coinbase. Many large financial institutions are also hiring crypto talent. As regulations become clearer, we see that about 50% of large financial institutions are actively embracing this trend. On the other hand, the other half is still lagging behind and resistant. The most disruptive innovations in the world almost always follow a similar pattern. Whether it's Uber, Airbnb, autonomous driving, AI applications, or SpaceX's impact on NASA. The crypto industry is directly disrupting Wall Street, so it's not surprising that some Wall Street people misunderstand crypto and Coinbase. The smart ones will embrace it, while the laggards will be eliminated. Coinbase and the crypto industry have never been in a stronger position than now. For investors to achieve excess returns, they must be 'both early and right.' Coinbase is still undervalued, and this is not yet a consensus among traditional analysts. I suggest focusing on what the company commits to do and whether it delivers, rather than just looking at whether analysts' models predict 'beats' or 'misses.' Additionally, our GAAP net profit includes unrealized gains and losses on held crypto assets, so adjusted net profit should also be considered (even in a down market, we were still profitable last quarter, and there has been some misunderstanding about this in the media)."

According to market news, Abu Dhabi's sovereign wealth fund Mubadala disclosed in its 13F filing with the U.S. Securities and Exchange Commission that it held 12,702,323 shares of the BlackRock iShares Bitcoin Trust (IBIT) as of the end of the fourth quarter of 2025, valued at approximately $630.6 million. This position increased by 46% from 8.7 million shares at the end of the third quarter.

According to market news, BitMEX co-founder Arthur Hayes stated in a recent article that the continuous decline in Bitcoin prices while the Nasdaq 100 index remains relatively stable may be signaling an early warning of tightening credit in the dollar economy, indicating that a broader credit crisis is on the horizon.He described Bitcoin as a "fiat liquidity fire alarm," reacting faster than traditional indicators like stocks. Hayes pointed out that Bitcoin is highly sensitive to changes in the financial system, and its price decline while the Nasdaq remains stable usually means that financial system issues not yet reflected in stocks are about to impact the broader market. He also warned that the impact of AI on white-collar jobs could lead to a large number of people losing income, making it difficult to repay credit cards, auto loans, and mortgages.An increase in default rates will prompt banks to tighten credit, further slowing the flow of funds in the economy, and the most vulnerable banks may go bankrupt due to a lack of funds to meet obligations. Hayes believes that the Federal Reserve may ultimately be forced to intervene on a large scale to prevent a full-blown crisis, and government intervention could make scarce digital assets like Bitcoin more attractive by undermining trust in the traditional monetary system.Hayes proposed two possible paths: one is that Bitcoin's drop from $126,000 to $60,000 has already priced in an economic slowdown, with stocks following suit; the other is that Bitcoin's decline continues, with stocks subsequently accounting for credit risks as well. Regardless of the path, the ultimate outcome will be a significant injection of funds into the system to prevent a banking crisis, and this response may offset Bitcoin's decline and drive it to new highs once the system stabilizes.

According to Coinglass data, the Coinbase Bitcoin Premium Index has been in negative premium for 34 consecutive days, currently reported at -0.0545%, exceeding the approximately 30 days of consecutive negative premium during the "1011 crash."The Coinbase Bitcoin Premium Index is used to measure the difference between the Bitcoin price on Coinbase and the global market average price. A negative premium typically reflects significant selling pressure in the U.S. market, a decrease in investor risk appetite, heightened market risk aversion, or capital outflows.

According to Onchain Lens monitoring, BlackRock deposited 2,494.6 BTC into Coinbase, worth $168.39 million, and may continue to deposit further.

According to The Block, the latest disclosed documents show that Ark Invest, led by Cathie Wood, purchased 41,453 shares of Coinbase (COIN) stock on Tuesday, totaling approximately $6.9 million, reversing a trend of selling earlier this month.Specifically, three ETFs under Ark made the following purchases:ARKK bought 29,689 shares (approximately $4.9 million);ARKW bought 7,525 shares (approximately $1.2 million);ARKF bought 4,239 shares (approximately $704,000).Previously, from February 5 to 6, Ark had sold a total of 119,236 shares of Coinbase stock, valued at approximately $17.4 million, during a general pullback in crypto-related stocks. During this period, Ark reallocated some funds to the crypto trading platform Bullish and increased its position for more than ten consecutive trading days.According to the disclosures, as of February 18, Coinbase was the seventh largest holding in ARKK and ARKW, with weights of 4% and 3.7%, respectively; it was also the third largest holding in ARKF, with a weight of 5.6%.On the fundamentals, Coinbase's revenue for the fourth quarter of 2025 is projected to be $1.8 billion, a decrease of 5% quarter-over-quarter, with a net loss of $667 million, primarily due to an unrealized loss of $718 million from its crypto asset portfolio and a strategic investment loss of $395 million.In terms of stock price, Coinbase closed up 1% on Tuesday at $166.02, with a cumulative increase of 8.4% over the past five trading days, but it is still down 28% year-to-date, having retraced about 56% from its historical peak.

According to Coinglass data, if Bitcoin falls below $66,000, the cumulative long liquidation intensity on major CEXs will reach $957 million. Conversely, if Bitcoin breaks above $70,000, the cumulative short liquidation intensity on major CEXs will reach $989 million.Note: The liquidation chart does not display the exact number of contracts to be liquidated or the exact value of contracts being liquidated. The bars on the liquidation chart actually represent the importance of each liquidation cluster relative to nearby liquidation clusters, i.e., intensity. Therefore, the liquidation chart shows the extent to which the underlying price reaching a certain level will be affected. A higher "liquidation bar" indicates that once the price reaches that point, there will be a stronger reaction due to liquidity waves.

According to Crowdfund Insider, Nimbus Capital announced a strategic partnership with the non-custodial wallet Chimera Wallet, built on Bitcoin's VTXO technology, worth $15 million. The aim is to expand decentralized finance (DeFi) capabilities within the Bitcoin ecosystem and promote the development of programmable financial tools on the Bitcoin network.Both parties stated that this collaboration will integrate the underlying security of Bitcoin with the programmable capabilities of the Arkade layer built on Bitcoin, providing users with DeFi-related services including asset exchange, lending mechanisms, liquidity features, fiat deposit channels, and payment integration, while maintaining control over self-custodied assets.Claudio Levrini, founder and director of Chimera, stated that this partnership combines financial expertise with the construction of Bitcoin infrastructure, aiming to enhance the practical application scenarios of Bitcoin while ensuring self-custody. Robert Baker, managing partner of Nimbus Capital, mentioned that this move will help further integrate Bitcoin in institutional and decentralized scenarios.It was introduced that Chimera plans to leverage this collaboration to accelerate product development, including the global promotion of the Chimera Visa card to support BTC and fiat conversion, integration of digital gift cards and merchant gateway systems, enhancement of liquidity and cross-chain interoperability, as well as the development of user-facing features including Swap, yield products, and portfolio management.

The cryptocurrency research institution 10X Research points out that although the price of Bitcoin has fallen by 46% from its peak, Bitcoin ETFs have only recorded a net outflow of $8.5 billion, which is a relatively moderate decrease compared to the total assets of the ETFs.The structural characteristics of ETF ownership show that the dominant players are market makers and hedge funds focused on arbitrage, whose positions are mostly hedged or market-neutral rather than directional bets on Bitcoin. Additionally, there is a significant proportion of long-term institutional investors, who have a low turnover rate and longer investment horizons.According to the latest 13F filings for the fourth quarter of 2025, it is estimated that 55-75% of the $61 billion assets of BlackRock's IBIT are still held by market makers and hedge funds focused on arbitrage. During the consolidation period of Bitcoin prices around $88,000 in the fourth quarter of 2025, market makers reduced their exposure by approximately $1.6-2.4 billion, reflecting a decline in speculative demand and a decrease in arbitrage demand.

Analyst Willy Woo states that I have bad news for those who are perpetually bullish: the bear market trend for Bitcoin is still ongoing and should be divided into three phases:Phase One ------ The Beginning. At this point, Bitcoin's liquidity has collapsed, a situation that occurred in the third quarter of 2025, and prices began to fall. Bitcoin, as a small-scale asset, is extremely sensitive to liquidity. Because of this, it often leads the global macroeconomy into a bear market, typically several months in advance. In other words, when smart money exits, Bitcoin reacts swiftly. During this phase, die-hard bulls will blindly claim that this is just a pullback within the bull market, but they cannot provide any solid evidence of capital inflows, only fabricating stories.Phase Two ------ The Global Stock Market Turns Bearish. This is a behemoth with a scale of up to $100 trillion, akin to a giant supertanker—moving slowly. This is the mid-phase of the Bitcoin bear market, where all risk assets are declining, and there is no doubt that we are in a bear market.Phase Three ------ Signs of Dawn. In this phase, liquidity begins to improve, capital outflows peak and stabilize. Investors are returning. The final price crash usually occurs during this phase, possibly shortly before or after the peak of capital outflows.Within the current bear market framework, Bitcoin is currently in Phase One, about to enter Phase Two.

According to SoSoValue data, yesterday (Eastern Time, February 17) saw a total net outflow of $105 million from Bitcoin spot ETFs.The Bitcoin spot ETF with the highest net inflow yesterday was the Grayscale Bitcoin Trust ETF BTC, with a net inflow of $35.9735 million. The historical total net inflow for BTC now stands at $2.086 billion.Following that is the Fidelity ETF FBTC, with a net inflow of $5.8937 million. The historical total net inflow for FBTC has reached $10.988 billion.The Bitcoin spot ETF with the highest net outflow yesterday was the Blackrock ETF IBIT, with a net outflow of $120 million. The historical total net inflow for IBIT currently stands at $61.487 billion.As of the time of writing, the total net asset value of Bitcoin spot ETFs is $85.52 billion, with an ETF net asset ratio (market value as a percentage of total Bitcoin market value) of 6.31%. The historical cumulative net inflow has reached $54.224 billion.

According to a post by ProCap's Chief Investment Officer Jeff Park on the X platform, the latest 13F filing from BlackRock's iShares Bitcoin Trust (IBIT) reveals that Laurore Ltd is the largest new holder, with a position size of approximately $436 million, and it holds only one asset, IBIT. Jane Street is the second largest holder of IBIT for Q4 2025.It is worth noting that Laurore Ltd currently has no official website or publicly disclosed background, nor does it have a historical investment portfolio, and its corporate structure is listed as a Ltd entity.

According to CoinDesk, Bridge, a stablecoin infrastructure company under Stripe, announced on Tuesday that it has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank.This means that Bridge's national trust bank will be able to issue stablecoins, custody digital assets, and manage reserve assets under federal direct supervision. This marks a key step in Stripe's blockchain payment strategy since its acquisition of Bridge for $1.1 billion in 2024.Bridge stated that this approval establishes its capability to build digital dollar products for businesses, fintech companies, crypto institutions, and traditional financial institutions within the federal framework. Bridge claims that its system complies with the regulatory standards set by the GENIUS Act passed last year. Although the OCC, the Federal Reserve, and the FDIC have not yet finalized the specific implementation regulations for the act, the related processes are underway. Bridge is one of the growing number of companies seeking to build stablecoin products within the federal regulatory framework.In December last year, Circle, Ripple, Paxos, Fidelity Digital Assets, and BitGo all received similar conditional approvals from the OCC; Erebor Bank also received a conditional national bank charter in October last year. Bridge submitted its application in October last year, and OCC records show it was approved last week.Currently, Bridge provides stablecoin issuance technical support for products such as Phantom's CASH and MetaMask's mUSD through Stripe's Open Issuance platform. The OCC has not yet announced a timeline for final approval.

According to Cointelegraph, analyst Yashu Gola stated that the current technical indicators and on-chain data both point to short-term downside risks for Bitcoin.A typical "bear flag" pattern is forming on the Bitcoin daily chart. This structure began with a "flagpole" that dropped sharply to the $60,000 area, followed by price consolidation within a converging trend line, consistently pressured by key moving averages, with weak momentum.If the price clearly breaks below the lower boundary of the flag, it could further test the $56,000 level within two months, representing a decline of about 20% from the current level. Conversely, if it breaks above the upper boundary around $72,700 (coinciding with the 20-day moving average), it could invalidate this bearish structure.On-chain data platform CryptoQuant shows that the Bitcoin "whale inflow ratio" (7-day average) has surged to a historic high of 0.619, well above the 0.40 at the beginning of the month. This indicator tracks the total inflow of the top ten transactions, and its rise is typically interpreted as increased selling pressure from whales.Meanwhile, the Greed and Fear Index is signaling a potential "bottoming signal": the 21-day moving average has crossed below the zero line and is now turning upwards. Historically, this combination often appears alongside a "sustained bottom," and while a brief downturn cannot be ruled out, the possibility of a rebound is accumulating.

According to CNBC, Wells Fargo stated that some taxpayers may receive larger refunds this year compared to previous years, which could drive funds into risk assets such as stocks and Bitcoin. This is due to provisions in the Inflation Reduction Act passed last summer that are favorable to taxpayers in 2025.Additionally, the IRS did not update its withholding tax tables last year, so wage earners are less likely to face surprises from adjustments to taxes already withheld.Wells Fargo noted in its latest analyst report that these factors could lead to as much as $150 billion flowing into the market by the end of March, as over 60% of refunds are issued.The bank's analysts added that the expected liquidity injection could boost Bitcoin as well as stocks favored by retail investors, such as Boeing and Robinhood. Wells Fargo analyst Ohsung Kwon stated in a report on Sunday, "We believe the additional savings from tax refunds—especially for high-income consumers—will flow back into the stock market.""Increased savings will drive speculative sentiment... We expect the 'YOLO' mentality to return." The analysts pointed out that Bitcoin could serve as a proxy indicator for liquidity, signaling a shift in investment patterns. According to Wells Fargo data, domestic liquidity has decreased by $105 billion over the past four weeks, while Bitcoin has retraced about 29% in the past month.

According to The Block, as reported in regulatory filings submitted on Tuesday, two Abu Dhabi-based funds held over $1 billion in BlackRock's flagship spot Bitcoin ETF as of the end of last year.The sovereign wealth fund Mubadala Investment Company disclosed that it holds 12,702,323 shares of the BlackRock fund (ticker: IBIT), valued at approximately $631 million. Additionally, according to two separate 13F filings submitted to the U.S. Securities and Exchange Commission, the government-affiliated investment firm Al Warda Investments reported holding 8,218,712 shares, valued at $408 million.In the case of Mubadala, its 13F filing shows that the number of IBIT shares held by the fund increased by 46% compared to the filings submitted to the SEC in the third quarter. For most of last year, this Abu Dhabi fund held over 8 million shares of IBIT. BlackRock's spot BTC fund is the largest of its kind, managing approximately $58 billion in assets.Due to the decline in Bitcoin prices in recent months, the fund's value has significantly shrunk. 13F filings are submitted quarterly to the SEC by institutional investment managers with assets under management of at least $100 million, disclosing their stock holdings at the end of each fiscal period. Since 13F reports only require the disclosure of long positions in U.S. stocks and stock options, they can only partially reflect the overall investment strategy of the investment managers.