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17-18 июня в Москве состоится пятнадцатая конференция TECH WEEK
Gemini Loses Three Senior Leaders In Sudden Executive Departures
Crypto exchange Gemini (GEMI) is facing a period of significant upheaval, as three of its top executives exit the company just months after its New York initial public offering (IPO).
Gemini COO, CFO And CLO Leave The ExchangeOn Tuesday, the firm — founded and led by billionaire twins Tyler and Cameron Winklevoss — disclosed in a regulatory filing that Chief Operating Officer Marshall Beard, Chief Financial Officer Dan Chen, and Chief Legal Officer Tyler Meade are departing effective immediately.
Beard has also stepped down from Gemini’s board of directors. The company stated in the filing that Beard’s resignation was not the result of any disagreement with the firm.
In a research note reported by Bloomberg, Truist Securities analyst Matthew Coad warned that the departures “could result in more investors becoming concerned about Gemini’s solvency.”
Gemini indicated it does not plan to replace Beard at this time. Instead, President Cameron Winklevoss will take on several of the former COO’s responsibilities. The company named Chief Accounting Officer Danijela Stojanovic as interim chief financial officer, while Kate Freedman will step in as interim general counsel.
The executive shake-up follows another major announcement earlier this month, when Gemini revealed plans to reduce its workforce by as much as 25% and to wind down operations in the United Kingdom, European Union, and Australia.
Post-IPO Struggles DeepenFinancially, the company is also under pressure. Alongside the leadership news, Gemini released preliminary guidance for its 2025 results. It expects to report an adjusted pre-tax loss between $267 million and $257 million.
Net revenue is projected to come in between $165 million and $175 million, with approximately 600,000 monthly transacting users as of Dec. 31. Operating expenses are forecast to reach between $520 million and $530 million, a substantial increase from $308 million a year earlier.
Gemini attributed the rise largely to higher personnel-related costs and continued investments in technology, administrative functions, and marketing efforts. The company has not yet announced a definitive date for its full earnings release.
Gemini went public back in mid-September of last year, and its shares surged to a record high of $45.89 the day after trading began. However, the stock has fallen steadily since its debut, mirroring the broader crypto market decline led by Bitcoin (BTC).
The exchange’s shares trading under the ticker name GEMI fell sharply on Tuesday, dropping nearly 15% to a record intraday low. As of this writing, the stock was down as much as 14% at $6.64, marking its steepest one-day decline since November.
Featured image from OpenArt, chart from TradingView.com
Глава CryptoQuant назвал два сценария восстановления биткоина
Темная сторона ИИ: как технологии помогают мошенникам
Названа причина затишья на крипторынке
Steak ‘n Shake Reports ‘Dramatic’ Increase In Sales After Bitcoin Adoption
American fast food brand Steak ‘n Shake has said same-store sales have dramatically increased since the firm started accepting Bitcoin payments.
Steak ‘n Shake Has Seen A Boost In Sales After Accepting BitcoinIn a new post on X, Steak ‘n Shake has shared an update on how the burger joint’s Bitcoin strategy has been going. The firm first opened itself to the cryptocurrency back in May 2025, allowing customers to make payments in BTC at all its locations.
Monday marked exactly nine months since Steak ‘n Shake made the move, and according to the company’s official X handle, same-store sales rose “dramatically” during the period.
Steak ‘n Shake’s Bitcoin strategy doesn’t only include accepting BTC payments; the firm has also been maintaining a Strategic Bitcoin Reserve (SBR) using proceeds from BTC payments.
In January, the company also added to the reserve through purchases, increasing its holdings by a total of $15 million in notional value. In the same month, the firm announced a new scheme for its workers: bonus payments in Bitcoin.
Under the scheme, all hourly employees receive a $0.21 BTC bonus for every hour worked. “Bitcoin payments for Steak n Shake burgers go into our Strategic Bitcoin Reserve, which then funds Bitcoin bonus pay for our employees,” noted the firm.
Though, while all hourly employees receive the bonus, not everyone is immediately eligible to collect it. According to the firm, employees need to have cleared a two-year vesting period before they can redeem the BTC.
Overall, it would appear that the cryptocurrency’s adoption has turned out to be successful for Steak ‘n Shake. “We have combined a decentralized, cash-producing operating business with the transformative power of Bitcoin,” said the company.
A BTC reserve like Steak ‘n Shake’s is something that has gained traction among public firms in recent years, led by the aggressive conviction showcased by Michael Saylor’s Strategy (formerly MicroStrategy).
While Steak ‘n Shake’s buys from last month are sizeable on their own, they aren’t much compared to the purchases that treasury companies like Strategy tend to make. Last Monday alone Strategy acquired $90 million worth of the digital asset.
The accumulation from treasury companies as a whole has seen a slowdown recently, however, as Capriole Investments founder Charles Edwards has highlighted in an X post.
As displayed in the above chart, the percentage of BTC treasury company buyers has declined to 70% as the cryptocurrency’s price has gone through its bearish price action. “The last time we crossed under this threshold was 2022,” said Edwards. It now remains to be seen whether the trend will continue in the near future or if buying will make a return among these firms.
BTC PriceAt the time of writing, Bitcoin is trading around $68,000, down 1% over the last week.
Майкл Сейлор назвал три ключевых драйвера роста биткоина
Эксперт CryptoQuant предположил сроки окончания медвежьего цикла биткоина
Платформа Pump.fun изменит модель вознаграждений создателям мемкоинов
CFTC Chair Says Crypto Market Structure Bill Nears Final Approval
With the end of the month approaching and negotiations still ongoing, the long-debated crypto market structure legislation known as the CLARITY Act is facing a critical moment in Washington.
The bill, which aims to establish clear rules for digital asset markets in the United States, has encountered significant obstacles in recent weeks as lawmakers, regulators, banks and crypto industry representatives continue to debate key provisions.
Despite the hurdles, newly appointed Commodity Futures Trading Commission (CFTC) Chair Mike Selig has expressed strong confidence that the legislation is close to becoming law.
CFTC Chief Optimistic On CLARITY ActIn an interview with FOX Business on Tuesday, Selig said the bill is “about to” be signed, signaling optimism that Congress will ultimately push it across the finish line.
“We want to ensure that the legal framework for cryptocurrencies is adaptable to future developments. We cannot allow a second Gary Gensler to come in and destroy everything. We’re going to get this thing across the line,” he added.
Selig’s remarks build on statements he made earlier this month. On February 3, he argued that the market structure bill moving through Congress could position the United States as the “gold standard” for crypto regulation.
According to Selig, the industry has operated for too long without clear guidelines, causing businesses and innovation to migrate offshore. “The goal [of this legislation] is just to get some clarity.
It’s been too long with these markets just languishing, and they’ve fled offshore,” he said at the time. He also projected that a finalized bill could land on President Donald Trump’s desk “in the next couple of months,” praising the president’s leadership and support for the cryptocurrency sector.
However, as the White House’s end-of-month deadline looms, a major sticking point remains unresolved: whether stablecoins should be permitted to offer yield.
Crypto, Banks Remain Divided On Stablecoin RewardsJournalist Eleanor Terrett reported Monday for Crypto In America that discussions between the crypto and banking industries have yet to produce a compromise on the issue, which is widely seen as the linchpin for advancing the CLARITY Act.
Last Tuesday, policy staff from banks and crypto firms met at the White House. The meeting concluded without agreement after banking representatives circulated a one-page document titled “Yield and Interest Prohibition Principles,” which argued that stablecoins should not provide yield or rewards to holders.
In response, the Digital Chamber, a trade group representing more than 130 crypto firms and several traditional banks with digital asset exposure, released its own proposed framework on Friday.
The organization suggested principles that would allow payment stablecoins to generate yield within decentralized finance (DeFi) systems.
The group said its recommendations are intended to preserve stablecoins as payment tools, safeguard DeFi liquidity and reinforce US dollar dominance, while introducing a rigorous, data-driven method to assess potential impacts on bank deposits.
Banks have not formally responded to the Digital Chamber’s proposal. However, a source close to the Senate Banking Committee described the document to Crypto In America as “constructive,” though cautioning that some elements may be too broad to gain full support from financial institutions.
The next steps remain uncertain. Patrick Witt, executive director of the White House Crypto Council, told Yahoo Finance on Friday that another meeting could take place as early as this week, though no specific date was provided.
Featured image from Openart, chart from TradingView.com
Аналитик MUFG: Стейблкоины выполняют денежные функции лучше биткоина
Артур Хейс: Биткоин стал индикатором проблем с долларовой ликвидностью
Crypto Stablecoin Liquidity Shifts As Bear Market Deepens – What The Data Reveal
The crypto market continues to face intense selling pressure as both Bitcoin and Ethereum struggle to reclaim key psychological levels. Repeated rejection near resistance zones has reinforced cautious sentiment across the sector, with investors increasingly defensive after months of declining liquidity and volatile price action. While corrective phases are typical following strong bull market advances, the persistence of downside pressure suggests a more prolonged adjustment period may be unfolding.
On-chain data provides additional context for this shift in market dynamics. According to recent analysis, stablecoin reserve growth peaked shortly before the late-2025 price decline. In the 30 days leading up to November 5, reserves expanded by approximately $11.4 billion, reflecting strong liquidity availability and risk appetite at the time. However, this trend reversed quickly as market conditions deteriorated, with reserves falling roughly $8.4 billion by December 23 as the bear phase began to take shape.
More recently, the pace of outflows has moderated, with reserves declining by about $2 billion over the past month. This slowdown may indicate stabilization in liquidity conditions, though it does not yet confirm a sustained recovery. For now, the market remains sensitive to macro conditions, capital flows, and investor confidence.
Stablecoin Liquidity Concentration Highlights Binance’s Dominant Market Role The data further shows that stablecoin liquidity remains heavily concentrated on Binance, reinforcing its role as the primary hub for crypto market liquidity. Current figures indicate the exchange holds roughly $47.5 billion in combined USDT and USDC reserves, marking a 31% year-over-year increase from about $35.9 billion. This concentration is significant, as Binance alone accounts for approximately 65% of all USDT and USDC held across centralized exchanges, highlighting its dominant position in facilitating trading flows and liquidity provisioning.Other major exchanges lag considerably behind in stablecoin reserves. OKX holds around $9.5 billion, representing roughly a 13% share, while Coinbase maintains approximately $5.9 billion, or about 8%. Bybit follows with close to $4 billion, equivalent to roughly 6% of exchange stablecoin liquidity. These balances are distributed mainly across Ethereum and TRON networks, which continue to serve as the primary infrastructure layers for stablecoin settlement.
Within Binance itself, liquidity remains overwhelmingly USDT-driven. About $42.3 billion of its reserves are held in USDT, reflecting a 36% year-over-year increase from approximately $31 billion. In contrast, USDC reserves stand near $5.2 billion and have remained broadly flat over the same period, suggesting stable but limited growth compared with USDT dominance.
Total Crypto Market Cap Tests Key Structural SupportThe total crypto market capitalization chart shows a clear corrective phase following the late-2025 peak near the $4 trillion region. Since that high, the market has retraced significantly, with capitalization recently stabilizing around the $2.3 trillion level. This area appears to function as an interim support zone, although price action remains fragile and characterized by reduced upside momentum.
From a trend perspective, the market has broken below shorter-term moving averages and is now interacting with longer-term trend indicators. This shift typically signals a transition from expansion to consolidation or correction. The inability to sustain rebounds above the mid-range moving average suggests that buying pressure remains subdued, while sellers continue to dominate rallies.
Volume dynamics reinforce this interpretation. Elevated selling volume accompanied the most recent decline, indicating active distribution rather than passive drift. However, the subsequent moderation in volume hints that panic selling may be easing, even if conviction buying has yet to return decisively.
Structurally, the broader uptrend remains intact only while capitalization holds above the long-term trend support zone. A sustained breakdown below this level would likely confirm a deeper cyclical correction, whereas stabilization here could support a prolonged consolidation phase before any renewed expansion in the crypto market.
Featured image from ChatGPT, chart from TradingView.com
Криптопротокол Moonwell был взломан из-за ошибки ИИ
Bitcoin Didn’t ‘Fail’ Digital Gold: Markets Misread The Thesis, Galaxy’s Thorn Says
Galaxy Digital head of research Alex Thorn is pushing back on a growing critique that Bitcoin has “failed” its digital gold promise, arguing that the label was always about BTC’s monetary properties, not a guarantee it would trade like bullion in every macro regime.
In a post on X, Thorn said Bitcoin’s “failure to trade like gold as part of ‘the debasement trade’ since Sep. ‘25’ damaged its narrative with new entrants,” but framed that disappointment as a category error. “When bitcoiners said ‘digital gold’ they were describing its fundamental properties, not that it’s high beta to gold today,” he wrote, adding: “it comes from Satoshi.”
To make the point, Thorn shared a screenshot of a 2010 Bitcointalk exchange in which Satoshi Nakamoto offered a thought experiment about money emerging from scarcity plus transferability.
“Imagine there was a base metal as scarce as gold but with the following properties: boring grey in colour; not a good conductor of electricity; not particularly strong, but not ductile or easily malleable either; not useful for any practical or ornamental purpose,” Satoshi wrote. “And one special, magical property: can be transported over a communications channel. If it somehow acquired any value at all for whatever reason, then anyone wanting to transfer wealth over a long distance could buy some, transmit it, and have the recipient sell it.”
Thorn’s framing is that the “digital gold” analogy is rooted in that passage: Bitcoin resembles a scarce commodity in key monetary characteristics, while adding a feature that physical metals cannot match, native global portability over communications rails.
Bitcoin’s ‘Digital Gold’ Narrative As A Gap TradeThorn argued Satoshi’s point wasn’t that the market must price Bitcoin in tight relation to gold at all times, but that BTC’s structural attributes can support a gold-like monetary role if the market eventually converges on that valuation. In Thorn’s telling, the investment thesis is the spread between “fundamental gold-like properties” and the market’s willingness to price Bitcoin alongside gold and the probability of that spread narrowing.
He described Bitcoin’s underlying profile in terms commonly cited by long-term holders: scarcity and durability, with additional monetary traits such as divisibility and self-sovereignty, then pointed to transferability as the differentiator that makes the analogy more than branding. The “alpha,” in this framework, is not short-term co-movement with bullion, but the possibility that the market ultimately prices BTC more like a monetary metal.
The exchange drew agreement from 10T Holdings founder Dan Tapiero, who replied: “Well said.” Tapiero also suggested the current mood around Bitcoin feels like a familiar cycle reset: “So much fear out there on btc. Like the good ol days again.”
Not everyone accepted the premise. One user responded, “It never traded like gold. Just because people branded it like gold doesn’t mean it’s true.” Thorn replied: “that’s literally what i’m saying in the post,” underscoring that his argument is precisely that “digital gold” was never a promise of constant gold-like trading behavior.
Thorn also downplayed the idea that anything material has changed recently in Bitcoin itself. “Basically nothing has changed about bitcoin in the last 5 months,” he wrote, adding that “if anything the fundamentals are even more appealing.”
At press time, BTC traded at $68,048.
Bitcoin Distribution Ends: Mid-Cycle Pause Or Start Of A Longer Bear Market?
Bitcoin has faced persistent selling pressure since October, when the price reversed sharply after reaching an all-time high near $125,000. Within weeks, the market dropped toward the $60,000 region, triggering a broad shift in sentiment from late-cycle optimism to defensive positioning. While volatility is not unusual after strong rallies, the speed of this correction has reinforced concerns that the market may be transitioning into a deeper cyclical slowdown rather than a brief consolidation phase.
According to top analyst Axel Adler, on-chain data support this interpretation. The Entity-Adjusted Liveliness metric — which tracks long-term coin activity relative to holding behavior — peaked at approximately 0.02676 in December 2025, about two months after the price ATH. This lag is typical for cumulative on-chain indicators. Since then, the metric has begun trending downward, historically a signal that distribution phases are ending and accumulation periods are beginning.
Previous cycles show that similar reversals in liveliness often preceded extended accumulation phases lasting roughly 1.1 to 2.5 years. If the pattern holds, the current market environment may reflect an early-stage restructuring phase rather than an imminent recovery. Investors are therefore watching both price action and on-chain signals closely to assess whether stabilization or further downside risk lies ahead.
Liveliness Reversal Signals Potential Shift Toward Long-Term AccumulationAdler further notes that liveliness peaked shortly after Bitcoin’s all-time high and has since begun trending downward, a pattern historically associated with a transition from distribution toward accumulation. In this context, the central question is no longer whether a bear phase has begun, but rather its depth and duration. Entity-Adjusted Liveliness — which measures the ratio of coin days destroyed to coin days created while filtering internal entity transfers — provides insight into long-term holder behavior and capital rotation across the network.
Although Bitcoin reached roughly $125,000 in October 2025, liveliness continued rising for two additional months, peaking near 0.02676 in December, a typical lag for cumulative on-chain metrics. As of mid-February 2026, the indicator has eased to about 0.02669, already below both its 30-day and 90-day moving averages, which now act as overhead resistance. This configuration historically reflects declining spending activity among long-term holders.
Previous cycles show comparable structures. Accumulation phases beginning in 2020 lasted about 1.1 years, while the 2022–2024 period extended roughly 2.5 years. If this pattern repeats, accumulation could persist into late 2026 or even mid-2027. Confirmation would likely require the 90-day average to roll over decisively below the 365-day trend, signaling a fully established structural transition.
Bitcoin Weekly Structure Shows Persistent Downtrend PressureBitcoin’s weekly chart reflects a clear structural shift from late-cycle expansion into a corrective phase, with price currently consolidating near the $67,000 zone after a sharp decline from the ~$125,000 peak. The breakdown below the medium-term moving averages confirms weakening momentum, while repeated failures to reclaim the $90,000–$100,000 region reinforce the transition toward a bearish regime rather than a simple pullback.
Technically, the most notable development is the loss of the green mid-cycle moving average, which previously acted as dynamic support throughout the 2024–2025 uptrend. Bitcoin is now trading well below that level, while the longer-term red moving average near the mid-$50,000 area represents the next major structural support. Historically, sustained trading below intermediate averages often precedes extended consolidation or deeper corrections.
Volume dynamics also suggest caution. The spike accompanying the recent selloff indicates strong distribution rather than orderly profit-taking. However, subsequent volume moderation may imply that immediate panic selling has eased, at least temporarily.
If Bitcoin stabilizes above $60,000, range formation remains plausible. A decisive breakdown below that level would likely increase downside risk toward longer-term cost-basis supports. Conversely, reclaiming the $80,000–$90,000 zone would be required to materially improve the broader technical outlook.
Featured image from ChatGPT, chart from TradingView.com
XRP Emerges As Rotation Target As Investors Exit Bitcoin And Ethereum
XRP’s bearish price action extends, capping off brief upward attempts and keeping the token well below the $2 level. Even with ongoing waning price action, the altcoin continues to attract a notable wave of capital ahead of Bitcoin and Ethereum, the two leading cryptocurrency assets.
Investors Rotate Out Of Bitcoin And Ethereum Into XRPThe broader cryptocurrency market is still hindered by heightened volatility and selling pressure. However, a discernible change in the market positioning is taking place as investors seem to be decreasing their exposure to Bitcoin and Ethereum while allocations into XRP are increasing.
Current liquidity patterns and trading flows point to capital rotation, with the altcoin emerging as one of the main beneficiaries of this shift. Xaif Crypto, a market expert and investor, reveals that the altcoin has been quietly absorbing the rotation over the past few weeks.
As seen on CoinShares data shared by the expert, digital asset outflows continue for the fourth consecutive week, totaling $173 million in light of the United States weakness. During the period, leading digital assets such as Bitcoin and Ethereum experienced steady outflow while XRP saw bullish inflows.
In the 1-week time frame, Bitcoin recorded outflows of over $133 million, with Ethereum reaching about $85.1 million in outflows. Meanwhile, during the same period, capital flows into XRP were over $33.4 million despite its continued downside price performance. Notably, these shifts frequently occur when traders expect relative outperformance, which indicates a shift in the short-term narrative and momentum.
According to Xaif Crypto, the capital shift is happening in real time. The growing demand for XRP might change the short-term outlook for the altcoin and possibly push its price toward the upside trajectory once again.
More Trading Volume Than BTC And ETHSouth Korea continues to remain one of XRP’s most influential markets, with investors flooding into the altcoin. Trading activity in the region is drawing fresh attention as the altcoin surpasses Bitcoin and Ethereum in terms of trading volume.
XRP dominates flows on Upbit and Bithumb, surpassing BTC and ETH in local activity. In an X post from Coin Bureau, the expert reported that the altcoin secured $1.2 billion in trading volume within 24 hours across South Korea’s leading cryptocurrency exchanges.
As seen on the chart, the token led the market by a wide margin, with BTC pulling in $284.97 million and ETH recording $304.41 million in trading volume. Such a development points to a steady shift in regional demand, with traders demonstrating a definite preference for XRP in the face of shifting market conditions.
At the time of writing, the altcoin’s price was trading at $1.47 after a slight bounce of 0.17% in the last 24 hours. CoinMarketCap’s data shows weakening sentiment in trading activity, as its trading volume has fallen sharply by more than 47% over the past day.
Could A Bitcoin Price Crash Below $10,000 Wipe Out Strategy? Saylor Shares What To Expect
MicroStrategy, now operating as Strategy, has become synonymous with corporate Bitcoin accumulation. However, the company’s returns on BTC are currently negative, and there are concerns about how it would fare in a more severe downturn and when its Bitcoin position would be finally wiped out.
Michael Saylor has now responded directly, reposting a statement from Strategy claiming the company can withstand a drop in BTC to $8,000 and still fully cover its debt.
Strategy Says It Can Survive An 88% Bitcoin CrashMichael Saylor is still bullish on Bitcoin, and according to him, Strategy could continue meeting its obligations even if BTC’s price dropped to $8,000, with the plan being to equitize convertible debt over the next 3 to 6 years.
At the time of writing, Strategy is holding 714,644 BTC in its Bitcoin reserve. Based on the current Bitcoin price of around $69,000, those holdings are valued just under $49 billion. According to recent details shared by Strategy, the firm reports around $6.0 billion in net debt, giving it an 8.3x BTC asset coverage ratio under present conditions.
The interesting part of the disclosure is the downside scenario. The company modeled an 88% price decline in Bitcoin, which would push BTC down to around $8,000. Under that assumption, its Bitcoin reserve would fall to roughly $6.0 billion. That figure still matches or slightly exceeds its net debt position, resulting in a 1.0x coverage ratio.
This means that even if BTC’s price were to suffer an 88% collapse from current levels, Strategy’s Bitcoin holdings would theoretically still be sufficient to cover its outstanding debt obligations on paper.
No Immediate Liquidation Risks For StrategyStrategy’s borrowings are primarily low-interest convertible notes with staggered maturities and put dates stretching between 2027 and 2032. These are not margin loans secured by BTC that trigger automatic liquidations if BTC falls.
Since there are no margin calls associated directly with BTC price fluctuations, Strategy would not be forced to sell its BTC holdings in a sudden downturn. Instead, the company noted that it plans to equitize existing convertible debt over time. That means converting debt into company shares and avoiding issuing new senior secured debt.
Strategy is still in the business of purchasing huge amounts of Bitcoin, despite the recent price crash below $70,000. The most recent purchase was an additional 1,142 BTC for approximately $90 million in early February. Saylor even recently reiterated that Strategy plans to continue buying Bitcoin on a regular basis.
A BTC collapse to $10,000 would represent an extreme crash of 85% to 90% from recent levels. Although Strategy’s model suggests it could technically cover its net debt at $8,000 per BTC, such a scenario would dramatically shrink the value of its equity from $48.5 billion to less than $6 billion.
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