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Negotiations over the long-debated crypto market structure bill, known as the CLARITY Act, appear to be moving forward after a third round of talks at the White House on Thursday, even though a final agreement has yet to be reached. 

White House Takes Lead In Crypto Talks

Patrick Witt, executive director of the President’s Council of Advisers on Digital Assets, described the meeting as “a big step forward” in a post on social media platform X (previously Twitter). “We’re close,” Witt wrote, adding that if both sides continue negotiating in good faith, he fully expects the deadline to be met.

Additional details about the latest session were reported by Crypto In America journalist Eleanor Terrett. According to sources present at the meeting, the gathering was smaller than the previous week’s session and included representatives from Coinbase and Ripple. 

No individual bank executives attended directly. Instead, the banking industry was represented through trade associations, including the American Bankers Association, the Bank Policy Institute, and the Independent Community Bankers of America.

Terrett indicated that, unlike earlier sessions where industry groups largely guided the discussion, the White House took a more assertive role this time. Witt reportedly introduced draft legislative language that became the centerpiece of the conversation.

The proposed text addressed concerns raised by banks in a document circulated last week titled “Yield and Interest Prohibition Principles.” While acknowledging those objections, the draft also made clear that any restrictions on rewards would be limited in scope. 

One key takeaway is that paying yield on idle stablecoin balances — a central objective for many crypto firms — is effectively off the table. The debate has narrowed to whether companies may provide rewards tied to specific activities rather than simple account balances.

Daily Penalties Proposed In Draft 

According to one crypto industry participant, banks’ resistance may be driven more by competitive pressures than by fears of large-scale deposit flight, which had previously been framed as the core concern. 

A source from the banking side said their camp is still advocating for the inclusion of a formal deposit outflow study in the bill. Such a study would analyze how the growth of payment-focused stablecoins might affect traditional bank deposits over time.

That banking source noted optimism about a new proposed anti-evasion provision in the draft. The language would grant authority to the Securities and Exchange Commission (SEC), the Treasury Department, and the Commodity Futures Trading Commission (CFTC) to ensure compliance with a ban on yield for idle balances. 

Civil penalties could reach $500,000 per violation, per day, underscoring the seriousness of the enforcement framework under consideration.

Terrett further disclosed in his coverage that the next phase will involve bank trade groups briefing their members on the latest developments to assess whether there is flexibility around permitting certain forms of stablecoin rewards. 

Talks are expected to continue in the coming days. One source familiar with the negotiations said that meeting the end-of-month deadline remains realistic, suggesting that, while differences persist, momentum toward a compromise is building.

Featured image from OpenArt, chart from TradingView.com 

По данным платформы CryptoQuant, совокупная капитализация крипторынка за три месяца уменьшилась более чем на $730 млрд. Наибольшие потери понес биткоин: его показатель снизился с $1,70 трлн в ноябре 2025 года до примерно $1,35 трлн к середине февраля.

Генеральный директор одного из крупнейших корпоративных держателей биткоина, японской компании Metaplanet Саймон Герович (Simon Gerovich) опроверг обвинения в том, что фирма тайно скупала биткоин.

The White House reportedly took the lead during the latest Crypto Council meeting, narrowing the stablecoin rewards dispute that has delayed progress in the long-awaited crypto market structure bill.

White House Steps In On CLARITY Act Dispute

On Thursday, the White House held another meeting between the crypto industry and the banking sector to negotiate the stablecoin yield dispute that has stalled the crypto market structure bill, known as the CLARITY Act, over the past month.

According to a report from journalist Eleanor Terret, the meeting was smaller than previous ones, with only a few representatives from each side. From the crypto sector, participants included representatives from Coinbase, Ripple, a16z, the Blockchain Association, and Crypto Council for Innovation (CCI).

Meanwhile, no individual bank representatives attended; bank voices were represented through trade associations, such as the American Bankers Association, the Banking Policy Institute (BPI), and the Independent Community Bankers of America (ICBA).

Terret sources affirmed that there was a notable difference in yesterday’s meeting as the White House “took the lead in driving the discussion, rather than letting crypto firms and bank trades steer the discussion, as in prior meetings.”

For context, banks have heavily criticized the landmark stablecoin legislation, the GENIUS Act, due to “loopholes” that could pose risks to the financial system. The framework prohibits interest payments on the holding or use of payment-purpose stablecoins, but it only addresses issuers.

The banking side argues that allowing issuers and platforms to offer interest payments on stablecoins could distort market dynamics and affect credit creation in the country, hurting small- and medium-sized financial institutions in the sector.

To address these concerns, banking associations across the US urged senators to include language in the CLARITY Act that also bans digital asset exchanges, brokers, dealers, and related entities from offering yield on stablecoins.

The Senate Banking Committee’s draft proposed that issuers offer rewards for specific actions, such as account openings and cashback. However, it also prohibited issuers from providing interest payments to passive token holders.

The crypto side criticized the proposed measures, with some industry leaders publicly opposing the draft and withdrawing their support. As a result, a markup session on the Senate Banking Committee’s portion of the bill has been delayed.

Stablecoin Yield Out Of The Picture

At the Thursday meeting, Patrick Witt, executive director of the US President’s Council of Advisors on Digital Assets, reportedly brought a draft text that served as the anchor for the discussion. Sources in the room told Terret that the draft’s language acknowledged banks’ concerns raised in last week’s “Yield and Interest Prohibitions Principles” document.

Based on this, “earning yield on idle balances (…) is effectively off the table,” the journalist affirmed. The draft also clarified that any future restrictions on rewards would be narrow in scope. Therefore, the debate has now narrowed to whether crypto firms can offer rewards linked to specific activities.

An attendee from the crypto industry side reportedly said that banks’ concerns “appear to stem more from competitive pressures than from deposit flight.” Meanwhile, someone from the banking industry told Terret that they are still pushing to include a study examining the growth of payment stablecoins and their potential impact on bank deposits in the draft.

They also noted that the White House proposed anti-evasion language. The measure would give the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Department of the Treasury authority to enforce a ban on paying yield on idle stablecoin balances, and penalties of up to $500,000 per violation, per day, against companies that breach the ban.

Now, the banking industry representatives “will brief their members on today’s discussions and gauge whether there’s room to compromise on allowing crypto firms to offer stablecoin rewards,” Terret noted, adding that some attendees believe an end-of-month deadline isn’t unrealistic as talks are set to continue in the coming days.

Стейблкоин USDT, выпускаемый компанией Tether, столкнулся со снижением предложения: с начала февраля объем токенов в обращении сократился на $1,5 млрд, сообщили аналитики Artemis Analytics.

Экономист и инвестиционный аналитик Лин Олден (Lyn Alden) заявила в подкасте Coin Stories, что одним из факторов роста биткоина может стать перегрев акций компаний, работающих в сфере искусственного интеллекта.

Sam Bankman-Fried has once again taken to social media from prison, laying out what he describes as “10 myths” surrounding the collapse of crypto exchange FTX and his subsequent conviction. 

The former chief executive used the statement to challenge prosecutors, the bankruptcy process, media coverage, and even the conduct of his trial.

Sam Bankman-Fried Denies FTX Insolvency

Bankman-Fried began by disputing the allegation that FTX was insolvent and that $8 billion in customer funds vanished. He contrasted statements made by prosecutors to jurors with representations made by bankruptcy debtors to the court, and that his claim of solvency was false and that he had lost billions in customer money. 

Media reports, he said, reinforced the message that the funds were gone. In his version of events, however, FTX was solvent and is now repaying customers between 119% and 143% of their claims. 

Bankman-Fried also rejected persistent rumors about a lavish corporate culture. Addressing allegations of “polycule orgies,” Bankman-Fried flatly denied that such conduct took place. 

He insisted he did not party or take vacations, noting that while FTX owned a penthouse, he personally rented only 10% of it for six months for $50,000. He maintained that his personal spending and political donations were funded from his earnings and were less than those earnings.

Secret ‘Backdoor’ For Alameda

On the events leading to FTX’s bankruptcy, Bankman-Fried pushed back against the narrative that he filed because he could not meet surging withdrawal demands. According to him, there were offers to cover the liquidity shortfall and stabilize the platform. 

He claimed that within three days, financing proposals were on the table and withdrawals had begun to resume, but that lawyers nonetheless proceeded with the bankruptcy filing.

The former FTX CEO also addressed the structure of the exchange’s trading platform, Alameda Research, saying it was unrealistic to expect a margin exchange to be fully liquid at all times. 

Margin trading, he explained, involves customers — including Alameda Research — opting into lending and borrowing through a shared collateral pool. He asserted that most assets on the exchange were part of this lending program and that FTX had sufficient liquidity to cover assets outside of it.

Another key accusation he disputed was that he created a secret “backdoor” in FTX’s systems to siphon funds to Alameda. Bankman-Fried denied that such a mechanism existed, saying the account features in question had legitimate purposes and were not used to allow Alameda to borrow more from customers than it had lent.

Pardon Hopes Fade

A significant portion of his statement focused on his trial. Bankman-Fried claimed he did not receive a fair hearing, arguing that once the Department of Justice (DOJ) under former President Joe Biden and the bankruptcy debtors took control of FTX, they controlled the narrative, access to documents, and the pool of witnesses. 

Bankman-Fried also accused Judge Lewis Kaplan of restricting his ability to defend himself, including imposing a gag order, revoking his bail before trial, excluding evidence related to FTX’s solvency, and advice of counsel.

Regarding the revocation of his bail, Bankman-Fried maintained that it stemmed from his exercise of First Amendment rights and attempts to assist the bankruptcy debtors, rather than from witness intimidation. 

The statement comes as Bankman-Fried continues to pursue a new trial in New York. Speculation that he might receive a presidential pardon from President Donald Trump — similar to the one granted to former Binance CEO Changpeng Zhao — has largely faded. 

Featured image from OpenArt, chart from TradingView.com 

Ветеран криптоиндустрии и гендиректор платежной компании Ballet Бобби Ли (Bobby Lee) предупредил, что существует высокая вероятность снижения курса биткоина ниже $50 000.

Черкесский городской суд вынес решение по делу о незаконном майнинге в Карачаево-Черкесии. Житель села Чапаевского Прикубанского района обязан выплатить компании «Россети Северный Кавказ» 97,7 млн рублей за безучетное потребление электроэнергии.

Strategy CEO Phong Le is calling for a rethink of how banks are required to capital-charge bitcoin exposure under Basel-style rules, arguing that current risk-weighting treatment materially shapes whether regulated institutions can engage with digital assets at all.

The catalyst was a chart shared on X that labels bitcoin “unsecured crypto exposure” with a “typical risk weight” of 1,250% under an “Illustrative Basel III-Style” standardized approach, alongside 0% weights for cash, physical gold, and US Treasuries.

A Capital Penalty For Bank Bitcoin Exposure

Le framed the issue as structural rather than political, pointing to the way global capital rules flow into national bank regulation. “The Basel Accords set global bank capital standards and risk-weighting rules for assets. These frameworks materially shape how banks engage with digital assets, including bitcoin,” he wrote. “They are developed by the Basel Committee of central banks and regulators across 28 jurisdictions — the US is just one.”

He tied that directly to Washington’s stated ambitions for crypto leadership. “If the US wants to be the Crypto Capital of the World, our implementation of Basel capital treatment deserves careful review,” Le said.

Jeff Walton, who posted the image Le quoted, summarized the contrast in blunt numbers: “Basel III Risk weights for assets: Gold: 0% Public equity: 300% Bitcoin: 1,250%,” adding that if the US wants to be a “crypto capitol,” “the banking regulations need to change,” because “Risk is mispriced.”

The chart itself presents a ladder of “typical” risk weights across asset classes. Cash and central bank reserves sit at 0%, physical gold at 0%, and sovereign debt such as US Treasuries (USD, U.S. bank) also at 0%. Investment-grade corporate debt is shown in a 20–75% range, unrated corporate debt at 100%, high-yield at 150%, public equity at 250–300%, and private equity at 400%+. Bitcoin is set apart at 1,250%.

Conner Brown, Head of Strategy at the Bitcoin Policy Institute, argued that the practical effect is to make bank intermediation of bitcoin prohibitively expensive. “It’s hard to overstate how bad of a policy error this is,” he wrote. “Banks are required to set aside capital based on how risky regulators think an asset is. The higher the ‘risk weight,’ the more expensive it is for a bank to hold.”

Brown described the 1,250% figure as translating into a one-for-one capital requirement relative to exposure. In his words, bitcoin’s treatment “means banks must hold $1 in capital for every $1 of Bitcoin exposure,” while gold is treated “the same as cash” with “essentially no capital cost.”

He also pushed back on the premise that bitcoin should be penalized relative to legacy assets, pointing to operational traits he sees as favorable for risk management and market functioning, including continuous trading, fast auditability of holdings, fixed supply, rapid global settlement, and transparent pricing. The result, he argued, is that regulators have effectively discouraged banks from offering custody and related services that corporates and individuals might prefer inside the regulated perimeter.

Brown said the knock-on effects extend beyond bank balance sheets to competitiveness. He argued the framework diverts activity toward “non-bank entities and offshore jurisdictions,” which he characterized as carrying higher risks, and warned that failing to adjust the approach could leave US institutions at a disadvantage globally.

At press time, Bitcoin traded at $67,857.

Analytics firm Glassnode has highlighted how the current Bitcoin market pain echoes May 2022 based on the trend in the Relative Unrealized Loss.

Bitcoin Relative Unrealized Loss Has Shot Up Recently

As explained by Glassnode in a new post on X, the current structure of the Bitcoin Relative Unrealized Loss could mirror May 2022. The “Relative Unrealized Loss” is an on-chain indicator that measures the amount of unrealized loss being held by BTC investors as a whole as a percentage of the asset’s market cap.

The metric works by going through the transaction history of each coin on the blockchain to determine the last price it was moved at. If this last selling price was less than the current spot price for any token, then the indicator considers that particular coin to be underwater right now.

The exact degree of loss carried by the token is equal to the difference between the two prices. The Relative Unrealized Loss sums up this value for all underwater coins and calculates what part of the market cap that it makes up for. Another indicator called the Relative Unrealized Profit tracks the tokens of the opposite type.

Now, here is the chart shared by the analytics firm that shows the trend in the Bitcoin Relative Unrealized Loss over the last several years:

As displayed in the above graph, the Bitcoin Relative Unrealized Loss has witnessed a rise as the cryptocurrency’s price has gone through a bearish shift in recent months. The latest crash to $60,000, in particular, induced a sharp surge in the indicator.

Currently, the Relative Unrealized Loss is sitting at a value of about 19% as the asset trades near $67,000. From the chart, it’s apparent that this is the highest level that the indicator has hit since 2023. But more importantly, the recent trajectory in the metric has looked reminiscent to that witnessed during the bear-market transition from the last cycle.

“Current market pain echoes a similar structure seen in May 2022,” noted Glassnode. The bear market of 2022 didn’t reach its bottom until the FTX crash put investors in an unrealized loss exceeding 60% of the market cap. It now remains to be seen when Bitcoin will reach a low this time around.

In some other news, the market downturn that has followed since the October all-time high (ATH) has resulted in the largest drawdown in history for the US spot exchange-traded funds (ETFs), as the analytics firm has pointed out in another X post.

At the moment, Bitcoin spot ETFs are down 100,300 BTC. “Institutional de-risking has added structural weight to the ongoing weakness, reinforcing the broader risk-off environment,” explained Glassnode.

BTC Price

Bitcoin has been stuck in consolidation recently as its price is floating around $66,700.

A clear sign of more than hobbyist use: monthly Lightning activity climbed past a big mark late last year. According to a report from River, November saw about $1.1 billion flow over the Bitcoin network.

That money, according to a report shared by River’s marketing chief Sam Wouters, moved through over 5 million transactions, which shows both volume and movement. It matters because money actually changed hands on Bitcoin’s second layer, not just price bets.

Adoption Driven By Bigger Players

Reports say many of the biggest gains were not from tiny tips or in-app experiments this time. Exchanges and merchant integrations are carrying a lot of the load.

Back in 2023, monthly transactions peaked at 6.6 million as apps tried out micropayments in gaming and chat. Now the shape of use looks different. Average payment sizes appear larger and the profile of users has shifted toward trading desks and businesses.

https://t.co/5Kmor1eA1n

— Sam Wouters (@SDWouters) February 19, 2026

Institutional Transfers Show Network Muscle

A striking example came when Secure Digital Markets routed a million-dollar Lightning Network transfer to Kraken. That move showed big sums can be shifted quickly without waiting for on-chain confirmation.

Network capacity, which measures BTC tied up to keep channels open, reached 5,606 BTC in December. That increased liquidity matters for larger deals because it lowers the chance a large payment will fail for lack of routed funds.

Bitcoin Price Action And Market Mood

Market conditions were mixed as the network grew. Bitcoin slid under key levels this week, and traders grew cautious as geopolitical headlines piled up.

Volume in spot markets has been muted at times, yet Lightning traffic rose despite that. Price swings still happen, and low trading days tend to amplify those moves, but the network’s payment activity did not simply mirror price spikes. In short, payments rose while BTC sometimes moved sideways.

Why Lightning Is Different

The Lightning Network moves payments off the main chain by opening channels between parties. Transactions inside a channel settle almost instantly and at a fraction of the cost of a typical on-chain transfer.

Only the channel’s net balance is posted to Bitcoin when it’s closed. That design makes small and frequent payments practical, and it removes the 10-minute wait that can ruin buying something at a store.

Reports say Lightning transactions could climb if AI systems begin making automatic micro-payments for data and computing, but that shift still needs better software and clearer business models.

For the time being, the network’s growth signals progress toward everyday Bitcoin payments, though broader exchange support, deeper liquidity, and stronger merchant use will decide whether it becomes a common payment rail or stays a niche tool.

Featured image from Unsplash, chart from TradingView

Ethereum continues to struggle below the $2,000 level as persistent selling pressure and elevated uncertainty weigh on broader crypto market sentiment. Despite occasional rebound attempts, price action remains fragile, with volatility still elevated after months of corrective momentum. The inability to decisively reclaim this psychological threshold has reinforced caution among traders, particularly as liquidity conditions tighten and macro uncertainty continues to influence risk appetite across digital assets.

Recent analysis from Darkfost adds further context to the current market structure. According to the data, the ongoing correction is now affecting all investor cohorts, including Ethereum’s largest holders. Notably, the unrealized profit ratio for whale groups has shifted into negative territory across the board. Wallets holding between 1,000 and 10,000 ETH show an unrealized profit ratio of approximately -0.21, while those with 10,000 to 100,000 ETH stand near -0.18. Even the largest cohort — addresses holding more than 100,000 ETH — has slipped into negative territory around -0.08.

This development is notable because Ethereum has not yet revisited its April lows, suggesting the depth of unrealized losses is expanding earlier than in some previous corrective phases. Such conditions can increase market sensitivity, as even traditionally resilient holders may reassess positioning amid prolonged volatility.

Whale Stress Raises Capitulation Risk While Bottom Formation Signals Emerge

Darkfost further notes that if Ethereum extends its decline, large holders could face increasing financial pressure. Sustained downside would deepen unrealized losses across whale cohorts, potentially forcing some participants to reduce exposure or liquidate portions of their holdings. Historically, such capitulation events among large investors tend to amplify short-term volatility, particularly when liquidity conditions are already fragile.

However, despite the negative profit ratios now visible across whale groups, Ethereum has so far managed to stabilize above recent local support zones. This relative resilience suggests that, while sentiment remains cautious, immediate large-scale distribution from whales has not yet materialized. The distinction is important because unrealized losses alone do not necessarily trigger selling unless accompanied by liquidity stress, leverage pressure, or broader market shocks.

Periods in which major holders experience stress have often coincided with medium-term bottom formation phases in previous cycles. As weaker hands exit and leverage unwinds, markets sometimes transition into accumulation regimes characterized by lower volatility and gradual stabilization.

Still, this interpretation should be approached cautiously. Whale positioning is only one element of market structure, and confirmation typically requires improving liquidity, stronger spot demand, and supportive macro conditions before a sustained recovery can take hold.

Ethereum Price Structure Remains Fragile Below Key Averages

Ethereum continues to trade under clear technical pressure, with the weekly chart showing a sustained inability to reclaim the $2,000 region decisively. Following the sharp rejection from the 2025 highs near the $4,800 zone, price action has transitioned into a sequence of lower highs and weakening rebounds, typically associated with corrective market phases rather than accumulation-led recoveries.

Technically, ETH is currently positioned below several major moving averages that previously acted as dynamic support. These levels now function as resistance, limiting upside attempts unless a strong reclaim occurs with expanding volume. The recent decline toward the $1,900 area reflects persistent selling pressure, while repeated failures near the mid-$2,000 range reinforce cautious market sentiment.

Volume activity has moderated compared with the impulsive rally phase, suggesting reduced speculative participation. While declining volume during corrections can sometimes signal seller exhaustion, confirmation of stabilization usually requires sustained buying interest rather than temporary rebounds.

From a structural perspective, immediate support appears concentrated near the recent local lows around the $1,800 region, while resistance remains clustered between roughly $2,200 and $2,600. Until Ethereum reclaims these levels convincingly, the broader technical outlook remains vulnerable, with consolidation or further downside still plausible.

Featured image from ChatGPT, chart from TradingView.com 

Ethereum saw a brief bounce on Thursday, but the $2,000 price level proved once again to be a formidable resistance zone, rendering the bullish move void as it pulls back toward $1,900. This brief bounce might be linked to renewed sentiment of investors toward accumulation, which appears to have reached key levels not seen in several years.

Falling Ethereum Prices, Rising Conviction

After weeks of selling pressure due to waning market conditions, buying activity and interest in Ethereum, the second largest cryptocurrency asset, have significantly picked up pace. On-chain data suggests that renewed buying pressure from investors has pushed toward historic levels.

As outlined in the data shared by Batman, a crypto analyst and investor, ETH is experiencing one of its strongest accumulation phases in years. ETH has managed to remake history even as its price continues to trend lower, making this a pivotal moment for the leading altcoin and its future outlook.

Rising buyer conviction and declining values divide, indicating that long-term participants are discreetly positioning amid weakness rather than withdrawing from turbulence. The constant flow of capital from investors demonstrates confidence in Ethereum’s longer-term plan in spite of immediate market pressure.

As selling pressure collides with steady accumulation, the current pattern could lay the foundation for the altcoin’s next short-term structural move. In another X post, Batman revealed that accumulation has also increased among newly created wallet addresses. Based on the flow data for Ethereum in a 24-hour period, over $490.9 million has been moved into a freshly created wallet address.

Interestingly, this notable fresh capital is 2.4x higher than average, pointing to significantly elevated activity today. During the period, whale wallet addresses also secured approximately $39.2 million inflow, indicating a 30.7x increase above average. 

Furthermore, top PnL wallets recorded $46.9 million inflow, rising by 12.2x above average, while exchange wallets saw $56.9 million outflow, which is still a bullish signal. Whale buildup, exchange outflows, and large inflows of new wallets all point to the presence of substantial accumulation activity.

Investors Are Stacking Up More ETH Than Bitcoin

While Ethereum is attracting a wave of aggressive accumulation from large holders, its net buying from these investors now significantly outpaces that of Bitcoin. High-net-worth investors increasing their positions in ETH hints at a robust condition in the altcoin compared to BTC. The disparity in accumulation patterns raises the possibility that capital rotation is taking place as key participants in the ETH ecosystem move ahead of possible catalysts.

According to CW, a verified author on CryptoQuant, whales are quietly buying massive amounts of ETH in a volatile market environment. Interestingly, the expert noted that the cohorts are particularly focused on positioning in the futures market.

At the time of writing, the price of ETH was trading at $1,957 after recording a more than 1% drop in the last 24 hours. Its trading volume has flipped bearish alongside its price, dropping by over 11% within the same time frame, according to CoinMarketCap’s data.

The crypto market is entering a critical phase as persistent selling pressure and rising fear continue to dominate sentiment across digital assets. Price action has remained fragile in recent weeks, with both major cryptocurrencies and altcoins struggling to regain sustained momentum. Investors are increasingly cautious as liquidity tightens, volatility persists, and macro uncertainty weighs on risk appetite. While corrective phases are not unusual after strong rallies, the current environment suggests the market is still searching for stability rather than transitioning into a clear recovery.

A recent CryptoQuant report highlights a significant regulatory development that could influence longer-term market structure. Ripple CEO Brad Garlinghouse recently indicated there is roughly a 90% probability that the CLARITY Act will pass by the end of April. The Digital Asset Market Clarity Act aims to define the regulatory boundary between the SEC and CFTC, establish clearer registration frameworks for exchanges and brokers, formalize custody and asset segregation rules, and codify AML and KYC requirements.

Progress has slowed primarily due to debate around stablecoin yield products. While some proposals restrict issuers from paying interest, banks argue that exchange-based rewards may function as indirect yield instruments. Meanwhile, on-chain data shows yield-bearing stablecoin supply expanding rapidly since late 2024, highlighting growing structural demand.

Regulatory Uncertainty And Stablecoin Policy Frictions Continue To Shape Market Sentiment

Regulatory developments are increasingly shaping sentiment across the crypto market, and recent analysis suggests that the rapid growth of yield-bearing stablecoins has intensified political and financial tensions. Crypto firms are attempting to draw a distinction between interest paid directly by issuers and rewards distributed through exchanges or platforms, arguing that these mechanisms serve different economic functions.

Traditional banks, however, are advocating for tighter restrictions, concerned that such products could accelerate deposit outflows from the conventional financial system. Until compromise language is formally codified in legislation, momentum within the Senate remains uncertain.

At the same time, legislative complexity continues to increase. The Senate Agriculture Committee has already advanced a separate text focused primarily on Commodity Futures Trading Commission oversight. This creates a scenario in which multiple legislative packages will eventually need to be reconciled. Bipartisan vote requirements, questions around federal versus state regulatory authority, and unresolved provisions related to decentralized finance further complicate the timeline. These factors suggest that even broadly supported frameworks may face procedural delays.

If enacted, the Digital Asset Market Clarity Act could reduce regulatory risk premiums in the short term while gradually reshaping market structure over the longer horizon. However, clarity is unlikely to emerge instantly. Historically, regulatory transitions unfold sequentially — first through political signaling, then formal rulemaking, and ultimately enforcement. Until that process matures, regulatory uncertainty will remain embedded in the market environment.

Total Crypto Market Cap Tests Structural Support

The total cryptocurrency market capitalization continues to face downward pressure, with the weekly chart showing a clear rejection from the multi-trillion-dollar peak reached during the 2025 rally. After topping near the $4 trillion region, the market has entered a sustained corrective phase, recently pulling back toward the $2.3 trillion area. This zone now functions as a key structural support level, reflecting the midpoint between the previous expansion phase and the ongoing consolidation.

Technically, price action remains below the shorter-term moving averages, which have begun to slope downward and act as dynamic resistance. The medium-term average is flattening, suggesting loss of bullish momentum, while the longer-term trend line still trends upward but with a lag typical of macro support indicators. Until capitalization reclaims these levels decisively, upside follow-through may remain limited.

Volume patterns also reflect caution. Participation has moderated compared with the peak rally phase, although occasional spikes suggest intermittent repositioning rather than uniform capitulation. Historically, such environments often precede extended consolidation periods as excess leverage unwinds.

If support near current levels holds, the market could enter a stabilization phase. A breakdown below this zone, however, would likely confirm continued corrective pressure across the broader crypto ecosystem.

Featured image from ChatGPT, chart from TradingView.com 

With the Bitcoin price steadily trading sideways over the past few weeks, determining a buying entry has become extremely difficult. However, a key on-chain metric is now in the spotlight, providing valuable insights into the matter and allowing investors to pinpoint when to re-enter the market.

Is Buying Bitcoin Now The Right Time?

The ongoing volatility across the broader cryptocurrency market has capped Bitcoin’s upside attempts, keeping it well below the $70,000 mark. In this unfavorable environment, investors and traders are watching closely for a definitive signal like a price bottom before they can reenter the market.

While investors ponder reentering the market, Joao Wedson, a market expert and founder of Alphractal, has published a chart that suggests that now is not the ideal time. After a period of bearish action, Bitcoin’s on-chain metrics are beginning to display signs of stabilization. However, a definitive buy signal has yet to emerge from the waning price performance.

The sole metric here is the Bitcoin Spent Output Profit Ratio (SOPR) Trend Signal. Currently, this metric is on a downward trend, indicating that market players are either taking lesser profits on their transactions or experiencing losses more frequently. However, for a confirmed bottom signal to occur, it must drop further below the lower dotted line on the chart, and a crossover between the metrics must take place.

Even with pockets of accumulation and recent price consolidation, the indicator that has historically signaled significant market bottoms has not been activated. Meanwhile, the expert claims that it is possible that a price bottom earlier than in past market cycles, when compared to the time often needed.

Furthermore, it is possible there may be multiple purchase signals, one for the upcoming months and another for a later stage of the cycle. In the meantime, Wedson has declared that the best strategy for reacting to the current market state is to continue monitoring the Alpha metrics.

BTC Latent Profits Are Fading

Following an analysis of the Bitcoin Net Unrealized Profit/Loss (NUPL), Darkfost discloses that latent profits are melting away as BTC’s correction expands. The metric is an effective measure for gauging the weight of profits and losses in the market and offers a clear view of the market when it reaches bearish levels. 

Currently, the metric has fallen to 0.18, and a drop into negative territory signals that latent losses dominate the market, typically marking the last phase of capitulation. This positioning implies that the average latest profit is 18%, nearing 0. Meanwhile, the six-month average is positioned at 0.42, which shows how fast these corrections have grown, pushing the NUPL down rapidly.

When the metric falls this quickly and reaches such levels, it is a sign that Bitcoin is still in a bear phase. With reduced latent profits, investors become unstable. Darkfost stated that a trend reversal under these circumstances seems difficult and will take some time to materialize.

Crypto analyst Hov has released a fresh analysis on the XRP price, highlighting its recent movements amid ongoing market volatility. The chart shows trading around $1.41 as of February 19, with a history of sharp declines and recoveries marked by Elliott Wave labels dating back to 2018. This update comes as the altcoin clings to key support levels, aiming to preserve the conditions for a larger bullish continuation despite this week’s pullback. 

The next directional move could determine whether the recent decline marks the end of XRP’s prolonged corrective phase or the beginning of further downside. 

Update On Recent XRP Price Movements 

In a post on X, Hov noted that since his last update, the XRP price had declined more than expected, nearly breaking a clean diagonal pattern he had been closely watching. Despite this, the analyst noted that the cryptocurrency has not closed below the critical high-timeframe on the chart, which means the pattern is still technically valid. However, he said that price is “barely hanging on,” indicating that one more drop could cause the setup to fail. 

The accompanying chart illustrates this with horizontal blue support bands at around $0.42 and $1.41, where the price has bounced several times since late 2024. Based on the token’s recent move and current structure, Hov has updated his wave count to a “sideways combo correction” within a larger degree fourth wave, as depicted on the chart with labels like (w), (x), (y), and (z), showing flattened price action. 

This adjusted wave structure accounts for the extended consolidation observed between 2022 and 2025, during which XRP oscillated without decisive breaks. According to Hov, XRP’s price reached a “perfect tag of the 50,” evident around the 0.618 Fibonacci level on the chart. 

The chart also reveals a series of impulsive upward waves, labeled I through V, followed by corrective phases that have repeatedly tested lower support. Hov emphasized the need for the price to develop in five waves off the recent low to signal strength. Unlike many altcoins, which display three-wave structures, the analyst said XRP shows a decent five-wave micro pattern, suggesting stronger momentum despite the ongoing downtrend. 

What’s Next For The Altcoin? 

According to Hov’s projection, the next step for XRP is to develop a full five-wave advance from the recent low into the $2 region. A push toward $2 would reinforce the view that the corrective phase has likely ended and a bottom is in place. The analyst also recommends watching for a three-wave retracement back into support for further confirmation of XRP’s bullish setup.

If this confirmation occurs, the chart outlines a larger continuation path beyond $2. The projected targets suggest that XRP could gradually climb toward $3.42, corresponding to the 0 Fibonacci extension. After this, the ascending blue line on the chart indicates the next price target of around $5.7. Once the altcoin reaches this level, Hov anticipates the onset of a larger wave 5, with a potential target at $8.

On-chain analytics firm Parsec is calling it quits after five years in the business — a sign that one slice of the crypto tool market no longer matched trader needs.

Its CEO, Will Sheehan, summed it up plainly: the firm had been building for a version of crypto that stopped showing up in the same way.

“Parsec is shutting down,” the company disclosed Thursday. “The market zigged while we zagged a few too many times,” Sheehan said. Shift In On-Chain Demand

Parsec’s focus on decentralized finance and collectibles left it exposed when user behavior shifted. NFT volumes dropped.

Reports say sales fell to about $5.63 billion in 2025, a 37% decline from close to $9 billion the year before, and average prices slid from $124 to $96, according to CryptoSlam.

That kind of pullback makes running a niche analytics product harder, especially when fewer people chase quick gains.

End of the road for parsec I’m afraid. The market zigged while we zagged a few too many times

A little parsec lore for posterity, In early 2020 I started charting uniswap *v1* charts as a side project, this spiraled into a full blown DeFi terminal during DeFi summer and into the… https://t.co/5gmHng5BIU

— Will Sheehan (@wilburforce_) February 19, 2026

Some Support, Not A Lifeline

The startup had serious backers at launch in early 2021. Investors included Uniswap, Polychain Capital, and Galaxy Digital. That credibility mattered, but it didn’t guarantee a steady market.

After the collapse of FTX, certain types of high-risk borrowing and margin activity never came back in the same way, and trading patterns changed.

Funding And Timing Didn’t Guarantee Survival

The space is crowded now. Large platforms offer analytics at scale while a handful of focused tools try to keep specialist users. Nansen’s leader, Alex Svanevik, said Parsec “had a great run,” which felt like more than a polite line; it was a recognition that building for boom times can leave you exposed when flows cool.

Around the same time, other startups have pulled back. Reports say Entropy is also winding down, and Tom Farley predicted a wave of consolidation as money and users concentrate in fewer places.

Crypto Price Action

Midway through this market pause, Bitcoin has been running a cautious pattern. It has slid under key levels and then found pockets of support.

Geopolitical headlines have nudged traders toward safety at times, leaving thin trading windows where prices can swing more than usual. The result is a quieter trading picture for speculative niches, which depend on bold bets and deep liquidity.

What Comes Next For The Sector

What happens now will be practical. Some niche tools will be bought, others will close, and a few will be retooled to serve large clients or different data needs.

The move is not an end for DeFi or collectibles; they are still active, but they are smaller and more particular in who uses them.

Capital is choosier. Products built around the loudest moments of the past cycle are being tested in a calmer market.

In short, this is a reset. A handful of firms will be absorbed, some ideas will be reworked, and many teams will have to prove their fit with the current set of users. Those who can match where the flows actually are will have the best chance to keep running.

Featured image from Unsplash, chart from TradingView

Charles Hoskinson said Cardano is tracking toward a hard fork “next month,” while the long-discussed Leios scalability work remains on schedule for “this year,” in a Feb. 19 livestream recorded after a trip through Japan and a stop at Consensus in Hong Kong.

Hoskinson framed the next few weeks as a convergence point for two parallel roadmaps: Cardano’s protocol and developer-stack upgrades on one side, and the Midnight network launch he expects “coming next month” on the other, an effort he described as unusually difficult to execute even for teams with prior experience shipping major chains.

Cardano Momentum: Midnight, LayerZero And USDCx

In the livestream, Hoskinson spent his opening stretch recapping what he characterized as a productive Consensus week, pointing to “a lot of great announcements” and relationships around the Midnight ecosystem, including infrastructure and distribution names he said were involved with the network. He argued that the ability to launch a large, exchange-listed project like Midnight is itself a signal about Cardano’s maturity as a platform for “tier one” efforts.

On the Cardano side, he highlighted a newly announced LayerZero integration that he said connects Cardano “to more than 80 blockchains,” positioning it as a step away from the perception that the network operates in isolation. In the same segment, Hoskinson pointed to USDCx as a stablecoin-like asset he said is designed for “these non-EVM systems,” and emphasized the user-experience work around exchange flows—“autoconvert,” as he described it, so users can move value “straight to the exchange, straight back from the exchange.”

He also drew a distinction between USDCx and “basically USDC,” saying the tradeoff for Cardano users is an asset that, in his telling, preserves “privacy” and “can’t be frozen.” Hoskinson positioned that as “the best compromise” available for a “tier one stablecoin of that nature” in the Cardano ecosystem, while arguing that the LayerZero integration could open the door to “eight major stablecoins” over time, depending on integration sequencing.

Hard Fork ‘Next Month,’ Leios ‘This Year’

The most concrete near-term timing signal came when Hoskinson addressed the protocol schedule directly, saying: “Cardano hard fork is happening I believe next month. But you know the community is kind of working its way through that and getting these things done.”

In the same breath, he reiterated that Leios, Cardano’s scalability initiative, remains on track, noting recent travel and discussions with product manager Michael Smolenski about progress. “All things considered we’re pretty happy with the rate of progress of Cardano,” Hoskinson said, while also pointing to a new Plutus version, continued development of Aiken, and “node diversity coming this year,” alongside Leios.

Hoskinson also flagged developer activity he expects in March, referencing a “Dev Builder Fest down in Argentina” and describing the “integration of Pyth” into the ecosystem, which he presented as the arrival of a “tier one Oracle” for Cardano.

Beyond shipping timelines, Hoskinson used the livestream to argue that the industry’s central fight is shifting from enforcement actions to culture and narrative, particularly around non-custodial wallets and permissionless settlement. He warned about what he called “factions” that want crypto transactions routed through “permission federated networks owned and operated by large financial institutions,” and singled out US policy debates as part of that backdrop.

“What’s not okay is to build a network that’s forever owned and operated by five or 10 or 20 banks and they basically lord and leverage that power and position over the users,” he said. “And once they have absolute control, they just simply flip a switch and you’re at their mercy and they own all your money. And unfortunately, the system is moving in that direction right now.”

At press time, ADA traded at $0.2748.

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