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Crypto Funds Experience Four-Week Blood Loss: $3.7 Billion in Outflows
The outflow from cryptocurrency investment products has continued for a fourth week. According to CoinShares' weekly report, there was a net outflow of $173 million from digital asset funds last week. This brings the total outflow over the past four weeks to $3.74 billion. Although the pace has slowed after the sharp sell-off seen at the beginning of the month, the weakness in fund flows has not yet ended. The picture was more optimistic in the early days of the week. A total of $575 million in inflows was recorded on Monday and Tuesday. However, a strong outflow of $853 million followed. This wave is considered to be influenced by the weakness in prices. On the last trading day of the week, a limited recovery of $105 million was seen after the lower-than-expected US inflation data. Nevertheless, the overall weekly picture remained negative. There is also a noticeable decrease in trading volumes. The total volume in exchange-traded products (ETPs) fell to $27 billion. The previous week, a record high of $63 billion was reached. This sharp drop in volume indicates that speculative appetite has weakened and investors have adopted a cautious stance. Sharp Outflow in the US, Selective Buying Wave in EuropeThe regional distribution points to a significant divergence. US-based products saw a weekly outflow of $403 million. In contrast, Europe and Canada experienced a net inflow of $230 million. Germany led with an inflow of $114.8 million, followed by Canada with $46.3 million and Switzerland with $36.8 million. While risk aversion continues in the US, a selective buying appetite is noticeable in Europe.Looking at assets, the largest outflow was seen in Bitcoin funds. $133.3 million was withdrawn from Bitcoin investment products. Interestingly, there was also a total outflow of $15.4 million in short-Bitcoin products in the last two weeks. CoinShares notes that such simultaneous outflows have historically been seen near market lows. The picture is also weak on the Ethereum side. There was a weekly outflow of $85.1 million from Ethereum funds. Thus, the total outflow from Ethereum products since the beginning of the year has reached $458 million. Multi-asset funds also experienced a limited withdrawal of $14.6 million. However, some altcoins continue to outperform. XRP funds attracted $33.4 million in inflows last week. Solana funds recorded a net inflow of $31 million. Chainlink also showed a positive inflow of $1.1 million. This picture shows that investors are avoiding widespread risk-taking while preferring to increase positions in specific projects.The total assets under management is at $132.9 billion. Bitcoin products are clearly leading with $105.5 billion in AUM. Ethereum products have approximately $15.8 billion in size. In summary, while selling pressure in crypto fund flows has slowed, it has not completely disappeared. While outflows from the US are dragging down the global picture, inflows from Europe and Canada are playing a balancing role. While a cautious atmosphere persists in Bitcoin and Ethereum, the relatively strong flows in altcoins like XRP and Solana reveal the presence of selective risk appetite in the market. Macroeconomic data and price movements in the coming weeks will determine the direction these balances will take.
Russia Raises $130 Billion in Annual Crypto Traffic: Official Reveals
Remarkable data regarding the size of the cryptocurrency market in Russia has been made public. It was announced that the country's daily cryptocurrency transaction volume has reached 50 billion rubles, or approximately $650 million; and the total annual volume exceeds 10 trillion rubles. This represents a massive economic activity of roughly $130.5 billion. Attention is now focused on the spring periodThese figures were presented by Russian Deputy Finance Minister Ivan Chebeskov at the Alfa Talk conference. Chebeskov pointed out that transactions of this magnitude largely take place outside the regulation sphere, emphasizing that the current situation remains outside the direct oversight of public authorities. According to officials, this volume, exceeding 10 trillion rubles annually, operates outside the framework of official regulation. This situation has prompted the government and the Central Bank of Russia to prepare comprehensive regulations to legalize the cryptocurrency market. The goal is to pass a new cryptocurrency law through the State Duma in the spring.Central Bank Deputy Governor Vladimir Chistyukhin stated that both the government and the Central Bank expect the draft law on the cryptocurrency market to be adopted during the spring session. The prepared framework will open the door for licensed financial infrastructure to enter the crypto asset space.In this context, exchanges and brokerage firms that are already operating with licenses will be able to offer crypto services. Crypto trading, including spot transactions, will be brought to a legal basis. A special licensing requirement will be introduced, especially for cryptocurrency exchanges; sanctions are planned for unlicensed intermediaries.Moscow Exchange (MOEX), one of Russia's largest financial infrastructure institutions, has already started offering crypto-related products. The exchange lists cash-settled futures contracts for Bitcoin and Ethereum. It is planned to add Solana, XRP, and TRX futures in the coming period. If the new regulation comes into force, MOEX and brokerage firms will be able to operate directly in the spot crypto market.According to the draft regulation, both qualified and unqualified investors will be able to participate in crypto transactions; however, certain limitations are foreseen for unqualified investors. This approach aims to offer a balanced model that increases investor protection while not completely closing the market. According to the Russian Central Bank's financial stability report, by mid-2025, the total assets held by Russian users on global cryptocurrency exchanges reached 933 billion rubles, or approximately $11.9 billion. The majority of these platforms are not regulated within Russia. Sergey Shvetsov, head of the MOEX Supervisory Board, states that Russian investors pay approximately $15 billion in commissions annually to global cryptocurrency platforms. It is estimated that the total annual commission revenue from cryptocurrency transactions by cryptocurrency exchanges and traditional exchanges globally is around $50 billion, with approximately one-third of this potentially originating from Russia. Data from the international blockchain analytics company Chainalysis also reveals that Russia is the largest cryptocurrency market in Europe. Between July 2024 and June 2025, $376.3 billion in cryptocurrency flowed into Russia. During the same period, the United Kingdom ranked second with a volume of $273.2 billion. Germany and Ukraine were other European countries that received over $200 billion in cryptocurrency inflows. All this data shows that the cryptocurrency market in Russia has reached a size that can no longer be ignored. The government's goal is to bring this massive volume of transactions operating in the grey area under control, broaden the tax base, and make local financial institutions competitive with global platforms. The law, expected to be enacted in the spring, could mark the beginning of a new era in Russia's crypto policy.
Harvard Reduced Its Bitcoin Holdings, Opened an Ethereum Position
Harvard Management Company (HMC), which manages Harvard University's endowment fund exceeding $50 billion, revealed a significant change in its crypto asset strategy in its fourth-quarter 2025 SEC filing. The institution significantly reduced its Bitcoin ETF position while investing in an Ethereum ETF for the first time.Bitcoin ETF Position Decreased by 21%According to the 13F report submitted to the SEC, HMC reduced its stake in the iShares Bitcoin Trust (IBIT) fund, issued by BlackRock, by more than 21% compared to the previous quarter. The fund, which held 6.81 million shares at the end of the third quarter, reduced this amount to 5.35 million shares at the end of the fourth quarter. The market value of this position as of December 31 was recorded as $265.8 million. In the previous quarter, the value of the IBIT position was $442.8 million. Both the decrease in the number of shares and the pullback in Bitcoin price contributed to the overall decrease in value. Despite this, Bitcoin remained Harvard's largest publicly declared single investment. A new chapter opened on the Ethereum side. HMC purchased 3.87 million shares of the iShares Ethereum Trust (IETH) fund, also issued by BlackRock. The amount paid for this investment was announced as $86.8 million. Thus, the Harvard foundation fund took a position in an Ethereum-based exchange-traded fund for the first time. As a result of these transactions, Harvard's total cryptocurrency exposure through Bitcoin and Ethereum ETFs reached $352.6 million. This shows that the university has not completely abandoned digital assets, but has adjusted its portfolio allocation. The quarter in question was quite volatile for the crypto markets. After peaking at approximately $126,000 in October 2025, Bitcoin experienced a sharp pullback towards the end of the year, falling to $88,429 on December 31st. Ethereum, meanwhile, lost approximately 28% of its value during the same period. Currently, Bitcoin is trading around $68,600 and Ethereum around $1,900.Despite the reduction in Bitcoin positions, Harvard's $265.8 million investment in IBIT still surpasses its holdings in tech giants like Alphabet, Microsoft, and Amazon. This indicates that the university's appetite for digital assets remains strong.On the other hand, Harvard's crypto strategy has sparked debate in academic circles. Andrew F. Siegel, a retired finance professor from the University of Washington, described the Bitcoin investment as "risky," pointing to its approximately 22.8% decline in value since the beginning of the year. Siegel argued that Bitcoin's risk profile stems partly from its "lack of intrinsic value."Avanidhar Subrahmanyam, a finance professor from UCLA, stated that the addition of an Ethereum position has increased his reservations about digital assets. Subrahmanyam stated that he views cryptocurrencies as an unproven asset class with an as-yet-unclear valuation methodology, and that his doubts about Harvard's previous Bitcoin investment have been strengthened by recent performance.
Bitcoin Fell Below $70,000, Selling Pressure Increased in Altcoins
Cryptocurrency markets started the week with sharp sell-offs. As investors avoided risk ahead of a busy macroeconomic data calendar later in the week, widespread declines were observed, particularly in the leading cryptocurrency, Bitcoin.At the time of writing, Bitcoin was trading around $68,400, having lost approximately 3% of its value in the last 24 hours. The overall market picture was even weaker. Losses in large-volume altcoins like XRP, Ethereum, and Dogecoin were even greater than Bitcoin's. 85 of the top 100 cryptocurrencies by market capitalization experienced declines, with privacy-focused projects Monero and Zcash falling by 10% and 8% respectively. The US Consumer Price Index (CPI) fell from 2.7% in January to 2.4% year-on-year. This data, indicating a gradual slowdown in inflation, strengthened expectations that the Fed could make at least two 25 basis point interest rate cuts this year. Indeed, the US 10-year Treasury yield fell to 4.05%, its lowest level since early December.Following the inflation data, Bitcoin rose from $66,800 to over $70,000 over the weekend. However, this level could not be sustained, and the price retreated back to the $68,000 range. This shows that the attempts at upward movement in the market have not yet found strong demand support.What do the experts say?According to Vikram Subburaj, CEO of the India-based cryptocurrency exchange Giottus, selective demand is emerging in the market. Subburaj stated that risk appetite remains limited and macroeconomic uncertainties are pushing investors to be cautious. He noted that the trend of reducing leverage continues in derivative markets, with investors first shrinking their positions and then searching for direction. The inability of rallies to be sustainable and the fact that declines are only met with limited buying at significant support levels supports this cautious atmosphere.The weak market outlook is not limited to short-term price movements. Analysis companies point out that Bitcoin has lost momentum since mid-2025 and that the bearish trend is gaining strength in technical indicators. In particular, the weakening momentum and decrease in volume make it difficult for upward attempts to be sustainable.A more cautious picture was painted in the latest assessment shared by Matrixport. The company stated that on-chain data shows that short-term investors are significantly in losses, which could create additional selling pressure in the market. It also noted an increase in large wallet activity, with some whales positioning themselves on the short side for profit realization or risk reduction.The decline in trading volumes is also noteworthy. According to analysts, the price pressure concentrated around the $68,000 range is raising concerns that a strong bottom has not yet formed. It is emphasized that downward breaks could be sharper in an environment of weak liquidity, therefore investors continue to position themselves cautiously.In the coming days, eyes will be on the Fed's January meeting minutes and the core Personal Consumption Expenditures (PCE) price index, which the Fed closely monitors as an indicator of inflation. Nexo analyst Dessislava Laneva emphasized that the PCE data, in particular, will be decisive in determining whether price pressures are truly weakening. Monthly momentum and annual trend could provide new signals regarding the direction of monetary policy.Yen movement could give a critical signal for BitcoinThere are also noteworthy developments in traditional markets. Mark Nash from Jupiter Asset Management, who has long been known to hold a negative position against the Japanese yen, recently changed his view and predicted that the yen could strengthen. Nash expects a strengthening of around 8-9 percent, especially against the Swiss franc. The record-high positive correlation between the Japanese yen and BTC in recent months makes a potential strengthening of the yen a significant catalyst for the cryptocurrency market. Therefore, not only US data but also movements in currency markets could be decisive in determining Bitcoin's direction. In short, despite the slowdown in inflation and expectations of interest rate cuts, a cautious atmosphere persists in the cryptocurrency market.
US Inflation Data Released: How Bitcoin React?
While global markets continue to search for direction, macroeconomic data is further complicating the process. The latest inflation data released in the US added to this uncertain picture, reshaping pricing across a wide range of markets, from stocks and bonds to commodities and cryptocurrencies.US Inflation Data ReleasedUS Consumer Price Index (CPI) data for January came in slightly below expectations. Annual CPI was 2.4%, slightly below the expected 2.5%, while the monthly increase was 0.2%. On the core CPI side, the annual rate came in at 2.5%, in line with expectations, while the monthly increase was 0.3%. In particular, the fact that core inflation fell to its lowest level since March 2021 brought the possibility of interest rate cuts back to the forefront in the markets.On the other hand, the previously released non-farm payroll data in the US came in above expectations, indicating that the labor market remains resilient. The concentration of job growth primarily in the healthcare sector and the limited recovery in manufacturing have not completely eliminated questions about the quality of economic growth. This situation has led to a cautious stance regarding expectations for the US Federal Reserve's (Fed) interest rate path.Looking at pricing in money markets, the expectation that the Fed will keep its policy rate unchanged in March remains strong. The probability of a possible rate cut in June has decreased somewhat compared to previous weeks. Analysts state that despite the slowdown in inflation data, the Fed may not act hastily, and that developments in the labor market will be closely monitored.As a result of these developments, the US 10-year Treasury yield fell to 4.09%, testing its lowest level in recent weeks. The dollar index remained relatively stable around 96.9. Driven by safe-haven demand, the price of gold recovered from the previous day's sharp drop to $4,965 per ounce, while silver also recouped some of its losses. On the technology stock side, fragility was noticeable. The reported delay in Apple's Siri update and accounting allegations concerning Meta increased selling pressure in the technology sector, already overshadowed by "high valuation" discussions. Apple shares closed the day down nearly 5%, while leading companies such as Meta, Nvidia, and Palantir also saw losses. These developments led to significant declines in the S&P 500 and Nasdaq indices.How did the cryptocurrency markets react?The cryptocurrency market also felt the effects of this global volatility. Bitcoin (BTC), which had stabilized around $67,000, rose to $67,700 shortly before the data release. Immediately after the data was released, it fell back to $66,000. While the lower-than-expected inflation data supported risk appetite in the short term, investors' cautious stance caused volatility to continue.
$3 Billion Worth of BTC and ETH Options Expiration Completed: What's Next?
Attention in the crypto derivatives markets is focused today on the large options expiry on Deribit. Approximately $3 billion worth of Bitcoin and Ethereum options contracts expire at 11:00 AM Turkish time (08:00 UTC), raising expectations of short-term volatility in the market.Critical Threshold After ExpirationAccording to data, approximately $2.5 billion worth of Bitcoin and over $400 million worth of Ethereum options are expiring today. Closings of this magnitude can create short-term fluctuations in the spot market, especially when prices are near certain strike levels. At the time of writing, Bitcoin is trading at $66,372, with its maximum pain point around $74,000. The total open interest exceeds $2.53 billion. On the Ethereum side, the price is near $1,950; with approximately $425 million in open interest, the maximum pain level is $2,100. The maximum pain level refers to the price point where the greatest number of option contracts expire worthless. Theoretically, this level represents the area where option sellers gain the most advantage. The market doesn't always have to go to this point; however, due to dense clustering of open positions, hedging transactions, and market makers' gamma positions, prices may be "pulled" towards these areas.The sharp sell-off in the last week and the rapid drop below $70,000 led to significant liquidations in the derivatives market. This movement sharply increased demand, especially for put options. Risk reversal (RR) indicators are still significantly in negative territory. The fact that the 1-week and 1-month 25-delta risk reversal values remain at negative levels shows that investors' demand for downside protection continues.The risk reversal metric sheds light on market sentiment by measuring the premium difference between call and put options. Negative values indicate that investors are paying higher premiums to protect against declines and are pricing in downside risks. According to Greeks.live analysts, over $1 billion worth of put options were traded on Bitcoin today, representing 37% of the total volume. It's noteworthy that a large portion of these positions are concentrated in the out-of-the-money range of $60,000-$65,000. This suggests that institutional players, in particular, remain cautious regarding the medium term. However, with volatility receding from panic levels in recent days, some investors are starting to turn to call options again. This indicates a fragile balance in the market. On one hand, there is continued demand for downward hedging, while on the other, expectations of a short-term recovery are gaining strength.Large option expiry dates generally open the door to two different scenarios. In the first scenario, hedging pressure decreases with the closing of contracts, and the market may experience temporary relief. In the second scenario, due to the clustering of large open positions, prices may exhibit sharp movements towards critical levels.The current prices of Bitcoin and Ethereum are relatively close to their maximum pain levels. This increases the likelihood of intraday price “pinning,” sudden increases in volatility, and liquidity-driven movements. However, macroeconomic flows, spot demand, and overall risk appetite will continue to be decisive in determining the post-expiration direction.In conclusion, today’s approximately $3 billion in options expiring represents a short-term stress test in the market. Derivative investors, still remaining defensive after the liquidation shock, have not yet reached a clear consensus on the direction. Therefore, it will not be surprising to see sharp and rapid fluctuations in intraday price movements.
JPMorgan and Standard Chartered Make Critical Bitcoin and ETH Predictions
Assessments from two global banks in the cryptocurrency market indicate a cautious outlook in the short term, while optimism remains in the long term. US financial giant JPMorgan lowered its estimate for Bitcoin's production cost, while British banking group Standard Chartered revised its price expectations. According to JPMorgan analysts, the production cost, which historically served as a "soft support level" for Bitcoin, has fallen from $90,000 at the beginning of 2026 to $77,000. This decline was influenced by a decrease in hashrate, which represents the network's total processing power, and a drop in mining difficulty. The bank emphasized that the recent decline is the sharpest difficulty drop since China's mining ban in 2021. The cumulative decrease in mining difficulty since the beginning of the year has reached approximately 15 percent. Mining difficulty on the Bitcoin network is adjusted approximately every two weeks, aiming to keep the block time stable at an average of 10 minutes. When the hashrate drops, the system automatically lowers the difficulty. According to JPMorgan, this situation is leading to the exit of high-cost miners from the market and allowing more efficient players to gain market share.Bank analysts pointed out that there are two main reasons for the decrease in production costs. First, the decline in Bitcoin price made operations unprofitable for miners with high energy costs or those using outdated equipment. Some of these companies were forced to shut down their machines. Second, severe winter storms in the US, particularly in Texas, caused large mining facilities to temporarily cease operations.JPMorgan notes that historically, sharp drops in mining difficulty signal a "capture" period. During such periods, high-cost miners may sell their Bitcoins to cover operating expenses, reduce debt, or shift to different areas such as artificial intelligence. This selling pressure has increased the downward pressure on prices since the beginning of the year. However, the bank believes that the picture has become more balanced after inefficient players exited the market. Indeed, analysts state that signs of a recovery in hashrate are being seen, and this could push production costs up again in the next difficulty adjustment. JPMorgan maintains its positive outlook for the crypto markets for the whole of 2026. The bank cites increased institutional investor inflows and clarification of the regulatory framework in the US as potential catalysts. It also reiterated its long-term target of $266,000 for Bitcoin. Standard Chartered also shared its Bitcoin and Ethereum forecastOn the other hand, a more cautious short-term outlook emerges from Standard Chartered. The bank's head of crypto assets, Geoff Kendrick, stated that "captivation selling" may continue in the coming months. According to Kendrick, Bitcoin could fall to $50,000 and Ethereum to $1,400. The analyst also drew attention to outflows from spot Bitcoin ETFs. Kendrick emphasized that the amount of assets held in ETFs has decreased by approximately 100,000 BTC since the peak in October, noting that the average purchase price was around $90,000, meaning many investors have incurred significant losses on paper. On the macroeconomic front, the postponement of interest rate cut expectations to June is limiting risk appetite. Despite this, Standard Chartered remains optimistic in the long term. The bank expects a recovery towards the end of 2026 and predicts that Bitcoin could reach $100,000 again. The $4,000 target for Ethereum remains unchanged, although a downward revision has been made compared to previous estimates. At the time of writing, the Bitcoin price is trading around $67,000.
Coinbase Reported a Loss, But Continued Accumulating Bitcoin
US-based cryptocurrency exchange Coinbase announced a net loss of $667 million in the fourth quarter of 2025. This ended the company's eight-quarter winning streak. The financial results coincided with a period of sharp price fluctuations in the crypto market.Coinbase Releases Financial ResultsAccording to the financial results released by the company on Thursday, earnings per share were 66 cents. Analyst expectations were at 92 cents, meaning Coinbase fell 26 cents short of expectations. A similar picture emerged in terms of net income. The company's total net income decreased by 21.5 percent year-on-year to $1.78 billion. Market expectations were at $1.85 billion.Looking at revenue items, the sharp decline in transaction revenue was noteworthy. Transaction-based revenue decreased by approximately 37 percent year-on-year to $982.7 million. In contrast, subscription and service revenue increased by over 13 percent to $727.4 million. Coinbase is known to have last reported a loss in the third quarter of 2023. The loss in the last quarter of 2025 mirrored the general decline in the cryptocurrency market. After rising above $126,000 at the beginning of October, Bitcoin lost approximately 30% of its value by the end of the year, falling below $88,500. The decline continued in the first weeks of 2026; Bitcoin fell by over 25% since the beginning of the year, dropping to the $65,000 range. Despite this, the market reaction remained limited. Coinbase shares (COIN) rose 2.9% to $145.18 in post-earnings trading. The stock had closed the regular session down 7.9% at $141.10. The company also shared its expectations for the first quarter of 2026. It was announced that as of February 10th, transaction revenue reached $420 million. However, subscription and service revenues are projected to decline from $727.4 million to a range of $550 to $630 million.Coinbase stated that it demonstrated a “strong” operational and financial performance throughout 2025. The company’s full-year revenue increased by 9.4 percent compared to 2024, reaching $6.88 billion. It was also stated that more than 12 percent of the world’s crypto assets were held on Coinbase in 2025.Bitcoin purchases continueIn addition to the financial results, the company’s crypto asset position on its balance sheet also attracted attention. In its 8-K report submitted to the US Securities and Exchange Commission, Coinbase announced that it increased its Bitcoin position by $39 million in the last quarter of 2025 through regular weekly purchases. These purchases show that Bitcoin continues to be seen as a long-term balance sheet asset despite market fluctuations. As of December 31, 2025, the fair market value of crypto assets held by the company for its own investments was recorded at $2 billion. The fair value of crypto assets held as collateral was announced as $823 million.The weekly regular purchase strategy is based on a method known in the markets as the "average cost" approach. This method aims to reduce the impact of price volatility and to create a long-term position at a more balanced cost.Coinbase management plans to keep technology, sales, and marketing expenses relatively stable throughout the year compared to the fourth quarter. The company's chief financial officer, Aleshia Haas, stated that they will be flexible according to opportunities throughout the year and will remain cautious in expense management.
Binance Ranks in Top 10 for Bitcoin Treasuries: SAFU Fund Reaches 15,000 BTC
Cryptocurrency exchange Binance has surpassed the $1 billion mark in its Secure Asset Fund for Users (SAFU), created to protect user assets. With its latest purchase of 4,545 BTC, the exchange has increased its total Bitcoin holdings to 15,000 BTC. This places Binance in the top 10 among institutional Bitcoin holders, surpassing Coinbase, which holds 14,548 BTC. According to Arkham data, the latest SAFU purchase was worth approximately $304 million. With this move, Binance completed its previously announced plan to convert its $1 billion stablecoin reserve to Bitcoin in less than two weeks. The average cost per coin was approximately $67,000.Rapid Transition from Stablecoin to BitcoinThe exchange announced on January 30, 2026, that it would convert its $1 billion stablecoin reserve in the user protection fund to Bitcoin within a 30-day timeframe. However, Binance, acting much faster than planned, completed the purchases in less than two weeks. In a statement, the company emphasized that with the complete conversion of the SAFU fund to Bitcoin, BTC is now seen as a long-term reserve asset. It was also stated that if the fund's value falls below $800 million in case of high volatility, a rebalancing operation will be carried out.The phased purchase strategy attracted attentionBinance's purchase process was not carried out all at once, but in different tranches. In the first stage, approximately $100 million was spent on 1,315 BTC; this was followed by a second purchase of similar size. During the process, transactions of $250 million for 3,600 BTC, $300 million for 4,225 BTC, and finally approximately $300 million for 4,545 BTC were made.The final purchase, at $66,006, was recorded as the lowest price among the transactions. This shows that the exchange is taking advantage of market pullbacks. Indeed, when the plan was announced, Bitcoin was trading around $77,000; despite the decline in the following weeks, Binance continued its purchases. The move came amidst market fearBitcoin's brief drop below $60,000 severely impacted investor sentiment. According to market data, the fear and greed index hit historical lows. It was reported that large investors, described as "smart money," also took net short positions in futures, exhibiting a cautious outlook, particularly on the Bitcoin side. In contrast, Binance's conversion of its SAFU fund entirely into Bitcoin is interpreted as a long-term message of confidence. The on-chain analytics platform Glassnode stated that approximately 16% of the supply, equivalent to the market capitalization, was at a loss during the recent correction, the highest "pain threshold" seen since the Terra crash in 2022. However, some analysts argue that the neutral or slightly negative trajectory of funding rates in derivative markets indicates a search for equilibrium rather than excessively leveraged expansion. With 15,000 BTC in assets, Binance has climbed to the top ranks in the institutional Bitcoin treasury league, surpassing not only Coinbase but also industry players like Hut 8 and CleanSpark.
Binance Joins Forces with $1.6 Trillion Asset Management Giant Franklin Templeton
Franklin Templeton, which manages approximately $1.6 trillion in assets, and Binance, the world's largest cryptocurrency exchange by daily trading volume, have launched a new program of great interest to institutional investors. The program allows large-scale investors to trade in cryptocurrency markets without transferring their assets to the exchange. Under the new structure, tokenized money market fund (MMF) shares issued through Franklin Templeton's Benji Technology Platform can be used as collateral on Binance. However, there's a critical detail: these assets are not directly sent to the exchange. Instead, they remain held in regulated custodians.The system works as follows: The institutional client uses the tokenized fund shares held in the custodian as collateral. Binance then "reflects" the value of this collateral in its own trading infrastructure. Thus, the investor can carry out buy and sell transactions; however, the underlying assets remain outside the exchange, within a regulated custodial structure.This model addresses concerns about increased counterparty risk, particularly following past exchange failures and custody crises. One of the biggest question marks for institutions was the risks that holding high-value assets on centralized platforms could create.The new structure aims to mitigate this risk. While assets remain under regulated custody, investors can still actively trade in crypto markets. Moreover, money market fund shares held as collateral continue to generate returns. Thus, capital efficiency increases compared to balances sitting idle on the exchange.Custody and settlement processes are handled by Ceffu, Binance's institutional custody partner. Tokenized fund shares are held there; only the collateral value is integrated into the trading environment on the Binance system.Traditional products are being brought to the blockchainThis step is seen as part of a trend among asset management companies and banks to adapt existing cash and liquidity tools to blockchain infrastructure by tokenizing them, rather than launching entirely "crypto-specific" new products. Franklin Templeton has recently made several updates to make its money market funds compatible with blockchain-based consensus systems. The company also modified two of its institutional funds to develop structures compliant with stablecoin reserve requirements in the US. The Benji platform is also expanding by opening up to different networks. Launched on BNB Chain in September 2025, the platform currently operates on Ethereum, Arbitrum, Solana, and Stellar networks. This expansion paves the way for the use of tokenized traditional finance products across multiple blockchain ecosystems. Franklin Templeton Head of Digital Assets Roger Bayston stated that the focus of the collaboration with Binance since 2025 has been to develop scalable solutions tailored to institutional needs. According to Bayston, the over-the-counter collateral model offers the possibility of secure trading in crypto markets with assets that continue to generate returns under regulated custody. A more constructive tone is also noticeable on the regulatory front in the US. SEC Commissioner Mark Uyeda recently stated that unnecessary obstacles should not be created at a time when tokenization is moving from theory to practice.
Goldman Sachs Has Taken Positions in Bitcoin, Ethereum, SOL, and XRP
Goldman Sachs revealed a remarkable position in crypto assets in its 13F filing for the fourth quarter of 2025. According to the filing submitted to the US Securities and Exchange Commission (SEC), the bank holds a total of over $2.36 billion in digital asset-linked ETF positions.What's in the Wall Street giant's portfolio?Looking at the portfolio breakdown, approximately $1.1 billion in Bitcoin ETFs, $1 billion in Ethereum ETFs, $153 million in XRP ETFs, and $108 million in Solana ETFs stand out. These items represent approximately 0.33% of the bank's reported investment portfolio. While seemingly small in proportion, in terms of nominal size, it makes Goldman Sachs one of the major US banks with the highest exposure to crypto-linked assets.The detail regarding XRP is particularly noteworthy. The bank's approximately $152–153 million XRP position is held not through direct token custody, but through exchange-traded funds (ETFs). The total net asset value of spot XRP ETFs traded in the US has exceeded $1 billion, and the products have only recorded net outflows for a few days so far. This indicates that institutional demand for XRP through regulated instruments remains stable.Goldman Sachs, managing approximately $3.2-3.6 trillion in assets, is a leading global player in mergers and acquisitions, capital markets, and asset management. Therefore, the bank's portfolio statements are often read as a leading indicator of broader institutional trends.Goldman's approach to Bitcoin has undergone a significant transformation over the years. Before 2020, bank executives and research teams described Bitcoin as a highly volatile, non-cash-flow generating speculative asset. It was frequently emphasized that crypto assets were not suitable for conservative portfolios and that regulatory risks outweighed other considerations.However, after 2020, increased institutional demand and market depth softened this rhetoric. The bank reactivated its crypto trading desk, expanded access to derivatives, and published research acknowledging Bitcoin's potential as a hedge against inflation. Despite this, it avoided positioning crypto as a primary asset class.During the crypto winter of 2022, attention was drawn again to infrastructure and counterparty risks. The recent strategy offers a more cautious participation model; instead of directly holding spot assets, it proceeds through ETFs, structured products, and tokenization projects.ETFs play a critical role here. For traditional financial institutions, ETFs offer a liquid and transparent access channel that is compliant with existing regulatory and risk management frameworks. Banks can thus be exposed to crypto price movements without directly undertaking custody, technical infrastructure, or operational risks.
Institutional Appetite Continues: Binance and Strategy Are Accumulating Bitcoin
Despite the ongoing volatility in the cryptocurrency market, institutional Bitcoin purchases continue unabated. In recent days, both Strategy and Binance, the world's largest cryptocurrency exchange, have increased their Bitcoin positions despite the weak market performance. These moves are interpreted as a message of long-term confidence while price pressure persists in the short term.According to an 8-K filing submitted to the US Securities and Exchange Commission (SEC), Strategy purchased 1,142 BTC between February 2nd and 8th for approximately $90 million. The average cost per Bitcoin was $78,815. This brings the company's total Bitcoin holdings to 714,644 BTC. This portfolio, worth approximately $49 billion at current prices, makes Strategy by far the world's largest institutional Bitcoin holder. Michael Saylor, co-founder and chairman of Strategy, notes that the average cost of the company's Bitcoin purchases to date has been $76,056. This portfolio, created with a total expenditure of approximately $54.4 billion, represents more than 3.4% of Bitcoin's total supply of 21 million. Although a nominal loss of approximately $5.2 billion has been incurred due to recent price drops, company management views this as a strategic risk. These purchases were financed by the sale of Strategy's Class A MSTR shares from the market. Last week alone, the company sold 616,715 MSTR shares, generating approximately $89.5 million in revenue. According to the current program, Strategy has approximately $7.97 billion worth of shares available to issue in the coming period. On the other hand, Strategy has clearly demonstrated the impact of the Bitcoin price pullback on its balance sheet. At the last earnings meeting, CEO Phong Le stated that if Bitcoin were to fall to the $8,000 level and remain there for 5-6 years, there could be serious problems in rolling over debt. It was emphasized that if this scenario occurs, the company may consider options such as an additional share issuance, new borrowing, or restructuring.Binance accelerates Bitcoin accumulation for SAFU fundSimilarly, Binance continues its Bitcoin purchases despite market pressure. The exchange purchased approximately $300 million worth of 4,225 BTC for its SAFU (Secure Asset Fund for Users) fund, which it created to protect user assets. According to data from the blockchain analytics platform Arkham, this move increased the fund's Bitcoin holdings to over $720 million.At the end of January, Binance announced a plan to gradually convert its total $1 billion user protection fund into Bitcoin. The company also commits to rebalancing if the fund's value falls below $800 million due to market volatility. While this strategy reflects long-term confidence in Bitcoin, it is noteworthy that the fund has become more vulnerable to short-term price volatility.
Crypto Funding Slows Down; Demand for XRP, SOL, and ETH Increases
According to CoinShares' weekly report, the sharp outflow from cryptocurrency investment products has slowed significantly. In the last week, a total net outflow of $187 million occurred from digital asset-based investment products. This figure represents a sharp slowdown compared to the approximately $1.7 billion in outflows seen consecutively in the previous two weeks. While the market is still under price pressure, this loss of momentum in fund movements is interpreted as approaching a potential breaking point in investor sentiment.What does the CoinShares report show this week?According to the report, CoinShares Research Director James Butterfill emphasizes that changes in the rate of flows, rather than absolute inflow/outflow figures, have historically provided more meaningful signals. According to Butterfill, the fact that outflows haven't completely stopped doesn't automatically mean a negative picture; what's important is the slowdown in the momentum of these outflows. In past cycles, similar slowdowns have coincided with periods when local lows were formed in the markets.On the cryptocurrency price side, the picture remains challenging. Although Bitcoin has lost approximately 9% of its value in the last week, its attempt to recover towards the $70,000 level is noteworthy. Despite this, total assets under management (AUM) fell to its lowest level since March 2025, reaching $129.8 billion. At that time, US tariff announcements caused a sharp market volatility.On the other hand, trading volumes are showing a strong increase. Weekly trading volume in cryptocurrency exchange-traded products (ETPs) reached an all-time high of $63.1 billion, surpassing the previous record set in October.Looking at the regional distribution, flows are not homogeneous. European markets stand out, with Germany leading the way with $87.1 million in inflows. Switzerland, Canada, and Brazil were also among the countries that recorded positive inflows. In contrast, outflows were noticeable in the US.What is the latest situation with Bitcoin and altcoins?When examined on an asset basis, Bitcoin showed the weakest performance of the week. With a total net outflow of $264 million, Bitcoin stood out alone on the negative side. However, some altcoins managed to attract investor interest again. XRP saw net inflows of $63.1 million, Solana $8.2 million, and Ethereum $5.3 million. XRP, in particular, has been the strongest performer since the beginning of the year, with total inflows of $109 million. Smaller-cap altcoins also saw noteworthy movements. Chainlink experienced quiet but steady demand with a weekly inflow of $1.5 million, while Litecoin flows remained almost balanced. While Sui saw very limited weekly outflows, the fact that total inflows since the beginning of the year remain positive is noteworthy. The $9.3 million inflow seen in multi-asset products suggests investors are shifting towards more balanced portfolios rather than focusing on a single asset. Conversely, the $11.6 million outflow from Bitcoin-indexed short positions (Short Bitcoin) is interpreted as a weakening of expectations for a sharp decline. In other words, investors are preferring to readjust their risk at current levels rather than aggressively seeking profits from a decline.
BTC Commentary and Price Analysis - February 9, 2026
BTC Technical Analysis Important Levels of BTC On the BTC side, the $69,000 – $70,000 range is clearly a critical support zone. The fact that this area has previously acted as a horizontal level and that the rebound after the recent decline has held above this zone helps preserve the short-term structure.As long as price remains above this band, an initial test of the $73,700 – $75,000 range is expected, followed by a continuation toward the $77,000 – $78,000 area. Especially the $77,000 – $78,000 zone is a likely area for profit-taking, as it represents both a previous breakout region and a strong supply zone.In the downside scenario, closes below $69,000 weaken the structure. In this case, $65,400 and then the main trend support at $60,000 come into focus, respectively.In summary:Above $69,000 – $70,000 → structure remains intactTargets: $73,700 → $77,000 – $78,000$77,000 – $78,000 → profit-taking zoneBelow $69,000 → risk toward $65,400 / $60,000These analyses do not provide investment advice and focus on support and resistance levels that are considered to offer short- and medium-term trading opportunities depending on market conditions. However, responsibility for execution and risk management lies entirely with the user. In addition, the use of stop loss is strongly recommended for all shared trades.
Sberbank Officially Launches Crypto-Backed Loans
Russia's largest bank, Sberbank, is preparing to officially launch loans to companies using cryptocurrency assets as collateral. In a statement to Reuters, the bank announced that it is developing this product and aims to serve cryptocurrency mining companies and other institutional clients holding digital assets.From pilot success to commercial productIn fact, the foundations for Sberbank's move were laid last year. In a pilot transaction conducted with mining company AO Intelion Data in December 2025, the bank provided loans with cryptocurrency collateral for the first time. Intelion Data provided its own digital currency as collateral, while Sberbank secured the collateral using its own blockchain infrastructure and Rutoken hardware solution. Anatoly Popov, Sberbank's deputy chairman of the board, stated that this pilot application tested digital collateral mechanisms and would shape future regulations.The bank emphasized its readiness to cooperate with the central bank in developing the regulatory framework. Sberbank's move parallels similar products being explored by global financial institutions such as JPMorgan and Wells Fargo. Second in the competition, but strongIn Russia, the first step in the field of crypto-backed loans was taken by rival Sovkombank. However, Sberbank's entry into this market is significant because, as the central institution of the country's financial system, Sberbank's decisions are trendsetting.Sberbank's crypto initiative is an extension of its years-long strategy to build digital asset infrastructure. The bank, which announced in 2020 that it would create a digital financial assets platform, received approval from the central bank as a DFA (Digital Financial Assets) issuer in March 2022.Today, this platform is showing tremendous growth. According to Sberbank's announcement on February 2, the total value of digital financial assets issued on the platform reached 408 billion rubles ($5.3 billion) in 2025. This figure is 5.6 times the 73 billion rubles ($948 million) in 2024 and 204 times the 2 billion rubles in 2023.In early February, Sberbank announced that only 231 billion rubles ($3 billion) of new DFAs would be issued in January 2026, an amount comparable to the previous year's six-month period. The volume of digital assets held on the platform increased sevenfold in six months, rising from 25 billion rubles to 185 billion rubles ($2.4 billion). Regulatory roadmapThe Central Bank of Russia currently defines cryptocurrencies as foreign trade assets, allowing for their purchase and sale while prohibiting their use in domestic payments. The regulator has set July 1, 2026, as the deadline for finalizing a more comprehensive legal framework for crypto assets.
