According to data from on-chain analytics platform CryptoQuant, the Bitcoin balance linked to Binance exchange wallets rose to 676,834.84 coins (approximately $44.53 billion) on Sunday, the highest level since November 2024, representing a roughly 9.3% increase from the multi-month low of 618,782 coins in November last year. It is unclear whether this asset has been sold off, but the market initially retreated in early Asian trading on Monday, with Bitcoin falling from $67,600 to $64,400 before rebounding slightly to around $65,850. Analysts point out that a rise in Bitcoin balances on exchanges is often seen as a potential signal of selling pressure, meaning investors may be preparing to sell the asset or use it as margin for derivatives trading, both of which typically exacerbate price volatility. (CoinDesk)

Odaily Planet Daily reports that Hanwha Asset Management, a major South Korean asset management company, has partnered with Jito to develop an ETP facility based on JitoSOL liquidity collateral. (SolanaFloor)

According to Odaily Planet Daily, currently, listed companies need to hold more than 1,000 BTC to be among the top 50 BTC holders. This threshold continues to rise. (BitcoinTreasuries.NET)

Huoxun Finance reported on February 23 that crypto research firm 10xResearch published an article on the X platform stating that Ethereum treasury company Bitmine is currently suffering approximately $8.8 billion in paper losses, exceeding the approximately $8 billion in losses suffered by clients at the beginning of the FTX crash. Bitmine's large-scale ETH purchases at a time of weakening demand and ETH prices approaching April 2021 levels have further exacerbated market controversy. This comparison highlights the potentially huge divergence in capital allocation outcomes and how timing and governance decisions ultimately determine the long-term value creation. Currently, Ethereum is at a critical juncture, facing both valuation and fundamental challenges. The market needs to determine whether its current downturn is a cyclical bottom or a deeper structural damage. Ethereum's current trading price is approaching a key valuation and cost range, and its core value proposition is undergoing a structural test. Investors need to carefully assess whether Ethereum is in a cyclical trough or entering a deeper phase of structural damage.

According to a recent analysis by QCP Group, Bitcoin fell below $65,000 in early trading today, triggering approximately $230 million in long liquidations. The market is under pressure as it digests new tariff risks and broader geopolitical uncertainty. US President Trump's move to raise global tariffs from 10% to 15% further exacerbated the cooling of macro risk appetite. With Bitcoin prices still significantly below average mining costs, mining companies are facing pressure, prioritizing liquidity over hoarding strategies. Bitdeer has liquidated its Bitcoin reserves, becoming the latest signal of miners diversifying their risk appetite and partially shifting towards AI. However, the market is not entirely bearish. This round of liquidations is significantly milder than earlier this year, with the market reacting more restrainedly to news. While the options market is still pricing in downside risk, showing a cleaner position structure, ETF fund flows appear more like basis trading liquidations rather than a complete withdrawal, reflecting an adjustment in the funding structure rather than a complete market exit.