investors

According to Bloomberg, Strategy CEO Phong Le stated in an interview that the company will issue more perpetual preferred shares to alleviate investor concerns about the volatility of its stock price. Le mentioned that the company provides investors with a tool through the issuance of perpetual preferred shares (product name "Stretch") that offers "exposure to digital capital while avoiding volatility risk."The product has a monthly reset dividend yield, currently at 11.25%, aimed at stabilizing its trading price around the $100 par value. So far, preferred shares have made up a small portion of Strategy's financing. The company has sold approximately $370 million in common stock and $7 million in perpetual preferred shares to fund its recent Bitcoin purchases over the past three weeks.Le's statement aligns with the previous public remarks of Executive Chairman Michael Saylor. Saylor stated in an interview with CNBC on Tuesday that concerns about the market forcing the company to sell its holdings due to Bitcoin's decline are "unfounded," and reiterated the company's plan to "continue buying Bitcoin every quarter."

As Bitcoin and other crypto assets decline, investors are turning cautious ahead of the release of key employment and inflation data in the U.S.Analysts say the market is in a consolidation phase, waiting for clarity on interest rate policy, while the demand for downside protection in crypto-related stocks like Coinbase and MicroStrategy is rising, reflecting institutions' vigilance towards short-term risks.

According to Decrypt, Denmark's largest bank, Danske Bank, is offering Bitcoin and Ethereum ETPs to investors, ending an eight-year ban on cryptocurrencies. Danske Bank's stance has shifted, stating it is in response to the growing demand from customers.Previously, the bank had explicitly stated that it would not provide any type of cryptocurrency services. While it acknowledges that the cryptocurrency market has matured in recent years, it still emphasizes that it does not recommend cryptocurrencies as an asset class.

According to CoinDesk, UK asset management firm Aviva Investors has announced a partnership with Ripple to issue and manage tokenized fund products on the XRP Ledger (XRPL).It is reported that this is Aviva Investors' first foray into tokenized funds, aiming to incorporate blockchain products into its traditional asset management business system. Ripple will provide technical support to assist Aviva Investors in building the tokenized fund structure on the XRPL.

The Chief Executive Officer of the Hong Kong Securities and Futures Commission (SFC), Ashley Alder, stated at the Consensus Hong Kong conference that the regulatory body will release a "high-level framework" allowing licensed trading platforms to offer perpetual contract products. Alder pointed out that these products will initially be open only to institutional investors and not to retail customers.The relevant framework will focus on risk management, requiring platforms to have robust risk control capabilities and ensuring that trading mechanisms are fair to clients. In addition, the Hong Kong SFC will also allow brokers to provide financing services to clients with good credit standing, with collateral including securities and virtual assets. Given the high volatility of virtual assets, initially only Bitcoin (BTC) and Ethereum (ETH) will be eligible as collateral.In terms of market-making activities, if platforms engage in related services, they must establish independent market-making departments and implement strict conflict of interest management mechanisms. Alder stated that these measures continue the SFC's roadmap to promote the development of the local crypto market by 2025, aiming to allow compliant institutions to offer a wider range of products and services.

At the recent "Build and Scale in 2026" themed forum held in Hong Kong, Eric Chong, Deputy Director of the Chief Trade Research Department, delivered a speech on the topic "Connecting Finance and Web3: Building the Next Era of Investor Confidence." He stated that based on Chief Trade's 46 years of experience in financial services, there is a strong demand from high-net-worth investors for secure and compliant channels for cryptocurrency, which is the core driving force for traditional financial institutions to enter the Web3 space.Eric Chong pointed out that Hong Kong's comprehensive regulatory framework provides a safe environment for institutional participation in the crypto market, but investors are more concerned about how to engage in this emerging asset class through regulated and compliant means. To this end, Chief Trade will focus on three main directions: providing regulated crypto trading services, expanding the digital asset product line, and enhancing investor education.He believes that the advantages of traditional financial institutions in financial credibility, compliance frameworks, and ecological connections will help guide investors to enter the digital asset space steadily, while the integration of Web3 and traditional finance has become an irreversible structural trend.

Cobo co-founder and CEO Shen Yu shared investment insights on platform X: "The biggest structural advantage of individual investors over institutions is not information or capital, but rather 'no one needs to be accountable.'Funds are often constrained by institutional requirements from LPs, drawdown limits, and quarterly assessments, which can force them to cut losses at the worst possible times; whereas individual investors can take advantage of volatility and extend their time horizons to acquire chips that are passively sold off due to institutional constraints at market bottoms, thus generating profits."

According to Cointelegraph, the Bitcoin market sentiment index has fallen to an all-time low, with some contrarian investors believing that $60,000 may have become the bottom of this cycle.Data shows that the cryptocurrency fear and greed index dropped to a historical low of 7 over the weekend, indicating that the market is in a state of "extreme fear." Michaël van de Poppe, founder of MN Capital, pointed out that this indicator, along with the relative strength index, shows that the market is deeply oversold, a similar situation occurred during the 2018 bear market and the pandemic crash in March 2020, which may create conditions for a rebound.CoinGlass's liquidation heatmap shows that if the Bitcoin price rises by about $10,000, it could trigger the liquidation of over $5.45 billion in short positions, while a drop to $60,000 would only trigger $2.4 billion in liquidations. This imbalance may drive a short covering rally. However, structural risks in the market still exist.CryptoQuant data shows that Bitcoin is still far below its 50-day and 200-day moving averages, with a price Z-score of -1.6, indicating that it remains in a phase dominated by selling pressure. The net buying volume in the derivatives market has turned negative, and the Binance buy-sell ratio has also fallen below 1, showing strong selling pressure in the futures market.Analysts point out that stronger spot demand is needed to trigger a sustained rebound. From a longer-term perspective, historical data shows that Bitcoin bear market bottoms typically form below the 0.618 Fibonacci retracement level, which is currently around $57,000. If history repeats itself, the downside scenario could extend to $42,000.

Bitwise CEO Hunter Horsley stated in an interview with CNBC, "Bitcoin has seen a double-digit drop in a single day and is currently in a bear market, down nearly 30% year-to-date. As for the reasons, I believe the current crypto market is being swept up by the overall macro environment, with investors selling off all liquid assets. Gold is down, the Nasdaq 100 is down, and Amazon is also being sold off. Over the past few months, there have indeed been some internal factors in the crypto space, such as operational disruptions at certain offshore trading platforms, but at this moment, crypto assets are trading more in sync with other highly liquid assets. I feel that long-term holders are experiencing uncertainty; meanwhile, newly entering institutional investors feel they are encountering a 'second chance,' seeing prices they once thought they had missed forever. I believe we are currently in a transitional phase. Ultimately, crypto assets remain a relatively small asset class, and most investors have not truly allocated to them yet. Therefore, the overall long-term outlook is very solid; it is just currently experiencing fluctuations and reversals during this transitional period."

The Deputy Director of the Intermediaries Division of the Hong Kong Securities and Futures Commission, Luo Haishi, revealed that they are considering allowing licensed virtual asset trading platforms (VATPs) to provide secondary trading of tokenized securities for retail clients, with a focus on local tokenized money market funds and hoping to allow trading on licensed VATP platforms. Currently, the regulatory body is studying the relevant requirements, operational risks, and control measures, and is drafting a related circular.Luo Haishi stated that, from the perspective of the Hong Kong Securities and Futures Commission, tokenized securities are essentially the same as ordinary securities, just with a technological layer added, applicable to "the same business, the same risks, and the same rules."

According to the Hong Kong Economic Journal, the Hong Kong Securities and Futures Commission (SFC) is considering allowing licensed virtual asset trading platforms (VATPs) to provide secondary trading services for tokenized securities to retail clients. The Deputy Director of the Intermediaries Division, Lo Hoi-sze, stated that the authorities are studying the relevant requirements, operational risks, and control measures, and are drafting a related circular.Currently, Hong Kong retail investors can only subscribe to and redeem tokenized funds in the primary market. Lo Hoi-sze specifically mentioned that the authorities are concerned about local tokenized money market funds and hope to allow trading on licensed VATP platforms, having conducted preliminary consultations with the industry regarding the relevant requirements.Lo Hoi-sze emphasized that from the SFC's perspective, tokenized securities are essentially the same as ordinary securities, with only a technological layer added, and therefore the regulatory principle of "same business, same risks, same rules" will apply.

According to market news, CoinDCX CEO Sumit Gupta revealed that Indian crypto investors are buying Bitcoin and other L1 project tokens (such as Ethereum, Solana, and XRP) on dips and maintaining a diversified portfolio.Unlike the speculative behavior in 2021 that chased high returns, current investors are more focused on fundamentals and long-term value, making more rational investments through systematic investment plans and limit orders. The Indian government takes a cautious regulatory approach to crypto assets, viewing them as taxable virtual digital assets (VDA). The 2026 budget continues to maintain a 30% tax on crypto gains and a 1% transaction source tax, while strengthening compliance requirements for transaction disclosures.

Bloomberg senior ETF analyst Eric Balchunas posted on the X platform that despite Bitcoin's price experiencing a 40% drop, leading to many investors showing paper losses, only about 6% of assets have actually flowed out of Bitcoin ETFs, with 94% still holding their positions.In contrast, the behavior of veteran Bitcoin investors (OGs) under similar market conditions may differ, indicating that the new generation of ETF investors is more committed to a long-term holding strategy.

According to The Block, Fidelity Investments announced the official launch of the dollar-pegged stablecoin Fidelity Digital Dollar (FIDD), which is available for retail and institutional investors. Investors can directly purchase or redeem it for $1 through the Fidelity Digital Assets, Fidelity Crypto, and Wealth Manager platforms.FIDD is issued on the Ethereum blockchain and will also be listed on external exchanges, allowing transfers to any Ethereum mainnet address. The backing assets are managed by Fidelity Management & Research.Fidelity stated that the launch of FIDD is made possible by the gradual clarification of stablecoin regulations in the U.S., including the GENIUS Act passed last summer, which provides a federal regulatory framework for stablecoins and reduces legal uncertainties for traditional financial institutions issuing them.

Germany's major retail bank ING Deutschland has opened up investment channels for cryptocurrency-related exchange-traded notes (ETN/ETP) to retail customers, allowing investments in crypto assets such as Bitcoin, Ethereum, and Solana through its Direct Depot platform.ING stated that the aforementioned products are physically-backed instruments issued by institutions such as 21Shares, Bitwise, and VanEck, traded on regulated exchanges, allowing customers to gain exposure to crypto assets without having to manage wallets or private keys themselves. ING also cautioned that these products still face factors such as price volatility, issuer risk, liquidity, and regulatory uncertainty. The bank pointed out that in Germany, the tax treatment of these ETNs is similar to that of directly holding crypto assets, with potential capital gains tax exemptions after holding for more than a year.

According to market news, the largest short whale of on-chain gold, "On-chain Stock Investor" (0xfc66...), has concentrated on shorting various commodities with $80 million, and the weekly profit has reached $9.4 million. This address has been continuously closing positions to take profits, primarily focusing on short positions in on-chain U.S. stocks related to XYZ 100 (Nasdaq 100 Index), with the relevant holdings decreasing from about $19.6 million to less than $300,000 over the past few days.Subsequently, the released funds will be reinvested into short positions in precious metals, with the total scale of related short positions reaching $47 million. Among them, the largest short position is in PAXG (on-chain gold), amounting to $24.9 million. Meanwhile, the overall holding structure of the account has undergone significant changes. The total holding scale has increased to $115 million, retaining about $57 million in commodity shorts, while some focus has been shifted back to the crypto market, with nearly $59 million in new long positions established, heavily buying dips in XRP, SOL, ETH, and other cryptocurrencies. The related holdings in on-chain stocks have been significantly reduced.The current main holdings in commodities compared to last Friday are as follows: 5x PAXG (on-chain gold): the holding scale increased from $12 million to $24.9 million, average price decreased from $5,250 to $4,991, with an unrealized profit of about $980,000; 5x xyz:GOLD (gold mirrored contract): the holding scale increased to $12.8 million, average price decreased from $5,320 to $4,814, with an unrealized loss of about $83,000; 2x xyz:SILVER (silver mirrored contract): the holding scale increased to $9.49 million, average price decreased from $108 to $81, with an unrealized loss of about $170,000.It is reported that this address has previously focused on on-chain contract operations for crypto assets, continuously reducing high-leverage ETH, BTC, and SOL short positions since January 8 of this year; gradually increasing holdings in on-chain stocks, with current on-chain stock positions cumulatively increasing by nearly $80 million within a month, recently returning to the crypto market.

According to Bloomberg, the core issue of this "slow" sell-off of Bitcoin is that the group of investors who were originally highly anticipated to become the most stable buyers in this new round did not continue to enter the market. Glassnode data shows that investors entering through the U.S. spot Bitcoin ETF have an average purchase cost of about $84,100. With Bitcoin currently hovering around $78,500, this group is facing an unrealized loss of about 8% to 9%.This is not the first time ETF investors have found themselves in a loss. As early as last November, when Bitcoin briefly fell below $89,600 (which was the average cost range for ETF investors at the time), analysts pointed out that this would be a key test of the "conviction strength" of new mainstream investors. Subsequently, as capital inflows at the beginning of 2024 remained profitable, the overall average cost of the ETF decreased, but the funds that entered later have all fallen into losses. From the peak decline, Bitcoin has dropped over 35% from its 2025 high and briefly fell below $77,000 in a low liquidity trading environment over the weekend.Analysts believe this is the result of multiple factors: exhaustion of capital inflows, declining market liquidity, and an overall weakening of macro attractiveness. Bitcoin's failure to respond to traditional bullish factors such as a weakening dollar or geopolitical risks, along with its "decoupling" from other assets, has made its trend increasingly lack direction. The biggest difference between the sharp drop in October and the current downturn is market sentiment: there is no panic now, only "absence."The rally that pushed Bitcoin above $125,000 in 2025 was driven by the market's heightened excitement over regulatory prospects, institutional entry, and a bullish retail base. However, since the October crash liquidated billions of dollars in leveraged positions, it is these buyers who once drove the market who have chosen to remain inactive and temporarily step back to observe.