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Citigroup, one of the world's most established financial institutions with approximately $2.5 trillion in assets, has officially announced plans to integrate Bitcoin into its traditional banking infrastructure. The bank aims to launch Bitcoin services for institutional clients in 2026; it is reportedly close to completing internal development and testing that has been ongoing for 2 to 3 years.A $30 Trillion BridgeThe vision behind the project was most clearly articulated by Nisha Surendran, Citi's Head of Digital Asset Custody Development. Speaking at the Strategy World conference organized by Bitcoin treasury company Strategy, Surendran emphasized that the initiative is part of a strategy to "bank" Bitcoin. Considering that Citi currently manages $30 trillion in customer assets, the significance of extending this infrastructure to digital assets becomes clearer. Planned services include secure Bitcoin custody solutions, institutional-level wallet management, private key operations, and transaction address management. In addition, reporting and compliance systems will be implemented, allowing Bitcoin positions to be tracked on the same platform as stocks, bonds, and money market instruments. This will enable institutional investors to seamlessly integrate their crypto assets into existing portfolio management and tax compliance processes.Institutional demand and ETF flows accelerated the processCiti's move is not coincidental. The increasing interest of institutional investors in Bitcoin, and especially the acceleration of capital flows to spot Bitcoin ETFs, is forcing large banks to establish infrastructure in this area. In its predictions published last December, the bank foresaw that Bitcoin could reach $143,000 in 2026; in the bull scenario, this figure rose above $189,000, while in the bear scenario, the level of $78,500 was indicated. When it is remembered that Bitcoin was trading around $88,000 at the time these predictions were made, it is better understood how volatile the market is and how critical institutional infrastructure is in managing this volatility. Morgan Stanley is also entering the arenaThis transformation in the corporate finance world is not limited to Citi. Morgan Stanley also announced at the same conference that it will establish a cryptocurrency custody and exchange platform. Initially, E-Trade clients will be able to conduct spot crypto transactions through a partnership; the fully integrated platform is expected to be launched within the next year. Morgan Stanley, which has an asset base of $8 trillion, is also working on crypto yield and loan products; the integration of assets outside the platform into the system is also on the agenda. As a result, these initiatives, shaped by the triangle of secure custody, regulatory compliance, and facilitated access, are paving the way for investors to confidently step into this asset class by bringing Bitcoin's operational risks to institutional standards. This could herald a period in which the cryptocurrency market has matured and Wall Street is choosing to enter the arena instead of remaining a spectator.
The biggest derivatives market event of February has arrived: a total of $8.72 billion worth of Bitcoin and Ethereum option contracts have expired. While the crypto markets are hovering at a delicate balance point with this critical development, both technical indicators and investor sentiment paint an interesting picture. Bitcoin accounts for the majority of this figure. With 114,705 contracts and a value of approximately $7.74 billion, BTC leads by a wide margin, while Ethereum has 478,992 contracts and a share of $975 million. This combined volume of the two assets represents approximately twenty percent of the total open positions; this makes the potential impact of the expiration on the market significant. Maximum pain levels are creating pressureBoth assets are trading significantly below their "maximum pain" thresholds. This concept refers to the price level at which the greatest number of options become worthless. Bitcoin is trading at $68,052, approximately $7,000 below the $75,000 threshold, while Ethereum is hovering around $2,035, below the $2,200 threshold. Historical patterns suggest that spot prices tend to approach these levels before expiration; this could create upward pressure in the short term. In the options structure, call contracts outweigh put contracts. The buy/sell ratio is 0.73 for Bitcoin and 0.78 for Ethereum. While this theoretically presents an optimistic picture, it takes on a different form in terms of volatility indicators. According to Deribit data, Bitcoin's implied volatility index is at 87.7% of its historical range, while Ethereum's volatility is approximately 15-20 points higher than Bitcoin's throughout the entire expiration curve.Anxiety persists in derivatives marketsBitcoin managed to retest the $70,000 level in recent days; however, this recovery was not enough to alleviate the deep anxiety in the market. There was a net inflow of $764 million into licensed Bitcoin ETFs in the US in the last two days. While this figure partially offset the $1.2 billion outflow in the previous eight trading days, it did not revive the appetite for leveraged buying in the futures market. The fact that the Bitcoin futures premium is hovering well below the neutral threshold of 5%, at only 2%, confirms this picture.What's behind the decline?Questions remain unanswered regarding the main factor that caused Bitcoin to fall by 32% in eight weeks. It is known that the major crash in October led to a $19 billion forced liquidation, coinciding with the US tariff increases on Chinese goods. Binance's payment of $283 million in compensation to users, citing internal pricing errors, was also among the notable developments. On the other hand, the controversy deepened when an analyst from Jefferies removed Bitcoin from their model portfolio, citing the risks of quantum computing. In response, the developer community prepared the BIP-360 proposal, which aims for a transition to post-quantum cryptography, while some market participants viewed Jane Street's large positions in Bitcoin ETFs with curiosity and suspicion. With all these developments in mind, Bitcoin's monthly price movement was as follows:
Telegram's crypto wallet is moving beyond being just a tool for sending and receiving assets. Wallet in Telegram has launched on-chain yield vaults built on the TON Wallet infrastructure, which is based on self-custody. With this new structure, Bitcoin, Ethereum, and USDT holders can invest directly in decentralized finance protocols without leaving the application.Promised yields of up to 18%The most striking aspect of the service is the strategy offered for USDT. Supported by Re7's DeFi strategy, this option offers a compound annual yield of up to 18%. ETH and BTC vaults are also active, but a variable yield structure has been adopted for these two assets; a fixed rate has not been announced.Three separate protocols are running in the background. Morpho, a large lending network with deposits exceeding ten billion dollars, provides the infrastructure. The EVM-compatible execution layer TAC is transporting wrapped Ethereum (wETH) and Coinbase's wrapped Bitcoin (cbBTC) to the TON network. Re7 is responsible for curating the yield strategies and managing risk.From "Tap-to-Earn" Craze to Real FinanceThe timing of this move is highly significant for the TON ecosystem. The "tap-to-earn" game craze that swept Telegram in 2024 led to the rapid spread of mini-applications. However, as soon as this hype based on token rewards subsided, user interest quickly dropped. The TON ecosystem began searching for a tangible and sustainable reason to keep people on the platform. Just two weeks before the launch of the vaults, Wallet in Telegram, in partnership with MoonPay, also launched cross-chain deposit functionality. This feature, which allows funds to be transferred to TON Wallet from Ethereum, Solana, Tron, and other major networks, is followed by the vaults, offering users the opportunity to utilize this capital. Therefore, these two consecutive steps stand out as a complementary strategy. Andrew Rogozov, founder and CEO of The Open Platform and Wallet in Telegram, stated: "With Vaults in TON Wallet, we are bridging the gap between advanced DeFi protocols and hundreds of millions of users. Direct access to self-custodial vault strategies for ETH, BTC, and USDT from within the TON ecosystem is a huge step toward making decentralized finance truly universal."Vaults are based on a self-custodial model; meaning users do not lose control over their assets. However, the announced 18% APY for USDT is not a guarantee; it is a compound rate derived from Re7's strategy. This figure may vary depending on market conditions and strategy performance. The same variable structure applies to BTC and ETH vaults, and no fixed rate has been announced for these assets.What's on the roadmap?Wallet in Telegram plans to allow users to deposit native BTC and ETH directly into the platform in the future. These deposited assets will be automatically converted to cbBTC and wETH upon migration to TON Wallet. With over 150 million registered users, the platform is arguably one of the biggest names among cryptocurrency wallets integrated into messaging applications.
Cryptocurrency markets have begun to breathe after weeks of collapse. On Wednesday, US spot Bitcoin ETFs recorded their highest daily net inflow in three weeks, attracting $506.5 million in capital. This figure indicates that investor confidence, albeit fragile, is blossoming again. Relief after weeksAccording to market data, BlackRock's IBIT fund led this inflow, attracting $297.4 million alone, making it the undisputed leader of the day. The fact that six other funds, including Fidelity and Grayscale, also recorded positive flows and that no ETF experienced net outflows reveals the breadth of the picture. This is significant because since the beginning of the year, outflows from Bitcoin ETFs have outpaced inflows. In just the five weeks leading up to February 20, capital flowing out of the funds exceeded $3.8 billion. In this context, the picture is not just a one-day data point, but is read as a harbinger of a potential breaking point. Vincent Liu, Investment Director at Kronos Research, commented on the matter: "The inflows indicate that institutional investor sentiment has shifted towards cautious accumulation after a prolonged period of risk aversion. However, positions are still measured; this suggests that sentiment is still in the stabilization phase." Ethereum and Solana also on the sceneThe positive picture was not limited to Bitcoin alone. On Wednesday, Ethereum ETFs recorded a total net inflow of $157.1 million, while Solana ETFs saw $30.9 million inflows, the highest daily figure since December 15, 2025. XRP ETFs were also among the funds that recorded positive flows. This interest, spreading across the crypto market, strengthens recovery hopes for the sector as a whole. Optimism in prices as wellIn addition to fund flows, there was also significant movement in market prices. While Bitcoin fell below $63,000 at the beginning of the week, it gained 4.4 percent in the last 24 hours, approaching $68,300. Ether, meanwhile, surged 7.6%, surpassing the $2,000 mark again.Nvidia's strong earnings report on Wednesday also contributed to this movement. The semiconductor giant reported quarterly revenue of $68.1 billion, a 73% increase year-on-year, exceeding Wall Street expectations in all key indicators. This news boosted the crypto market along with technology stocks; the total crypto market capitalization rose 4.4% to $2.43 trillion.The Fear and Greed Index, however, rose from 5 at the beginning of the week to 11. Despite a slight recovery, the index is still in the "extreme fear" zone, indicating that the market has not fully calmed down.What do on-chain data say?According to CryptoQuant data, spot demand for Bitcoin has increased for the first time since the end of November 2024. Its founder, Ki Young Ju, specifically highlighted that selling pressure on Coinbase has eased. The Coinbase premium index (an indicator used as a proxy for US institutional demand by measuring the price difference between Coinbase and Binance) has risen to 0.05 this week, emerging from deep negative territory on February 12th.Market analyst Lacie Zhang from Bitget Wallet noted this development, stating, "The 25% drop seen in on-chain exits and the apparent increase in demand since the end of November suggest the market may be approaching a bottom." According to Zhang, this picture presents an entry opportunity for long-term investors with an improved risk-return ratio.Caution is neededHowever, not every analyst shares this optimism. Illia Otychenko from CEX.IO attributed the decrease in selling pressure to a cooling of speculative activity rather than a fundamental change in demand. "Since the beginning of February, futures volume has fallen by about 44%, and spot volume by about 50% from its recent peaks. When leverage decreases and trading slows down, forced selling naturally decreases as well," she explained. According to Otychenko, the current structure is not yet sufficient to confirm a trend reversal; the market structure remains fragile, and demand has not yet truly revived. Nick Ruck, Director of LVRG Research, echoed this sentiment, stating: "While this rally seems to be fueled by news of reduced selling pressure attributed to Jane Street, it resembles a short-term relief rather than a fundamental change in direction. A true recovery in the crypto market depends on macroeconomic conditions stabilizing and ETF inflows transforming into sustained, structural institutional buying." Users on the prediction platform Myriad, however, remain optimistic: they have increased the probability of Bitcoin's next move taking the price to $84,000 from 31% to 46%. While this figure doesn't reflect the market's pulse, it clearly indicates the changing sentiment.
Bitcoin started the week weakly, falling below $63,000. Increased anxiety in global markets accelerated the flight from risky assets, and the cryptocurrency market also felt the effects.The leading cryptocurrency was trading at around $63,073 at the time of writing. Having lost approximately 8% of its value in the last week, Bitcoin is once again approaching the $60,000 region it tested in early February. The monthly decline is approaching 30%. This suggests that the selling pressure may not be limited to short-term fluctuations. The market deterioration is not limited to the charts. The Crypto Fear and Greed Index, which measures investor sentiment, fell to 8, entering the "extreme fear" zone. This level indicates a significant weakening of risk appetite in the market.On the macro front, trade tensions are back on the agenda. US President Donald Trump's increase of temporary import tariffs from 10% to 15% has suppressed global risk appetite. This move, following the Supreme Court's annulment of the previous tariff framework, has increased uncertainty. The sell-off seen in stocks has also been reflected in crypto assets. Experts note that Bitcoin's current pullback is progressing in parallel with the weakness in stock markets. Rising geopolitical tensions and tariff uncertainty are causing investors to take cautious positions. In this environment, the $60,000 level stands out as a critical threshold for Bitcoin.What other developments are affecting the Bitcoin price?There is also a noteworthy picture on the miners' side. On-chain data shows that miners are experiencing one of the longest selling periods of the year. Since the beginning of January, the net position change of miners has been negative. This reveals that miners are selling reserves instead of accumulating.The decline in revenue supports this trend. Monthly revenue from transaction fees on the network fell from 194 BTC in May last year to 65 BTC as of February. This decrease of approximately two-thirds shows that miners are facing cash flow pressure. As prices fall, declining revenues are becoming a factor that increases selling pressure.Weakness is also noticeable on the institutional investor front. Spot Bitcoin ETFs have experienced uninterrupted outflows for six weeks. This is the longest weekly outflow streak since the launch of ETFs. The reduction of positions by large investors is increasing the fragility of the market.In the derivatives markets, the liquidation of leveraged transactions has accelerated. A total of $381.89 million worth of positions were liquidated in the last 24 hours. Approximately $289 million of this consisted of long positions. In other words, transactions opened with the expectation of a rise were the most affected by the selling wave.In Bitcoin, the $63,300 and $65,400 levels are being watched as important resistance levels in the short term. If these levels are regained, the possibility of a recovery may strengthen. However, a loss of $60,000 could accelerate sales and pave the way for a new wave towards the $54,000-$50,000 range.The market is currently in a delicate balance. Miner sell-offs, ETF outflows, and macroeconomic uncertainty have all come together. The $60,000 level stands out as the boundary between stability and a deeper correction in this cycle. For investors, the price reaction around this region in the coming days will be crucial.
The outflow from digital asset investment products has entered its fifth week. According to CoinShares' weekly report dated February 23, 2026, a total net outflow of $288 million was recorded last week. This brings the total outflow over the past five weeks to $4 billion. While this figure is lower than the $6 billion outflow in the same period last year, it indicates a continued weakness in the market. Another notable element was the sharp decline in trading volume. ETP volumes, which approached record levels a few weeks ago, fell to $17 billion. This level is the lowest recorded since July 2025. The contraction in volume suggests weakening investor appetite and a noticeable wait-and-see attitude in the market. A clear divergence is evident in the regional distribution. While $347 million in outflows were recorded from US-based funds, a total inflow of $59 million was seen in Europe and Canada. Switzerland stood out with $19.5 million, followed by Canada with $16.8 million and Germany with $16.2 million in inflows. In the US, total outflows since the beginning of the year have reached $2.19 billion. In contrast, countries like Germany and Switzerland have maintained a strong inflow trend since the start of the year. Looking at assets individually, Bitcoin has been the main source of weakness. Bitcoin funds saw weekly outflows of $215.3 million. Outflows since the beginning of the month reached $579 million, and year-to-date outflows reached $1.29 billion. However, short-bitcoin products saw inflows of $5.5 million. This indicates an increased tendency among investors to hedge against price declines or take short positions.What about altcoins?Ethereum also saw weekly outflows of $36.5 million. Total outflows from Ethereum funds since the beginning of the year have reached $494 million. Multi-asset products experienced outflows of $32.5 million, while the "other" category recorded a net outflow of $17.2 million. The altcoin market, however, shows a more balanced and selective picture. XRP funds saw a weekly inflow of $3.5 million, bringing their total inflow performance since the beginning of the month to $105 million. Solana recorded weekly inflows of $3.3 million and year-to-date inflows of $41.6 million. Chainlink saw a positive inflow of $1.2 million, Litecoin $0.2 million, and Sui $0.1 million, showing limited inflows. This picture shows that investors continue to increase their positions in certain altcoins while exiting large assets. On the other hand, Sweden saw outflows of $129.7 million since the beginning of the month and a negative flow of $154.1 million year-to-date. In addition to the sharp outflows in the US, the unwinding in Sweden reveals that risk appetite remains weak in some developed markets. Total assets under management (AUM) stands at $130.4 billion. Of this, $103.6 billion is concentrated in Bitcoin products. Ethereum ranks second with $15.1 billion, while multi-asset products account for $5.6 billion.
Bitdeer Technologies, traded on Nasdaq under the ticker symbol BTDR, announced that as of February 20th, it had zeroed out all its Bitcoin reserves. According to the company's weekly production update, it no longer holds a single BTC. Sales did not parallel production.Bitdeer not only depleted its reserves but also completed an aggressive liquidation process by selling the 189.8 BTC it produced in the last week. In addition, the company sold off its remaining 943.1 BTC reserves within the same week. Thus, the company's treasury, which was around 2,000 BTC at the end of the year, was completely emptied after eight weeks of staggered sales. At the end of January, Bitdeer held approximately 1,530 BTC, and as of February 13th, it had reduced its reserves to 943.1 BTC. At that time, the company had produced 183.4 BTC and sold 179.9 BTC. In other words, it was following a sales policy almost parallel to its production. However, the move in the last week indicated a much sharper shift compared to the previous period. This development made Bitdeer the first major player to hold zero BTC on its balance sheet, while it is the largest publicly traded Bitcoin miner in terms of self-mining hashrate. In contrast, other giants in the sector stand out with strong reserve strategies. For example, MARA Holdings holds approximately 53,250 BTC, while Riot Platforms has approximately 18,000 BTC. On the institutional side, Strategy holds the largest corporate treasury with assets exceeding 717,000 BTC. Bitdeer's choice coincided with a period of increasing market tightness. In the last difficulty adjustment, the Bitcoin network difficulty increased by 14.7 percent. Hashprice fell below $30/PH/s/day. The company's gross profit margin also decreased from 7.4 percent in the fourth quarter of 2024 to 4.7 percent. Increased competition, rising energy costs, and shorter hardware cycles are forcing miners to make tougher decisions about where to direct every dollar.Bitdeer management has not made a clear statement on whether the reserve sale is a permanent shift in treasury strategy or a result of a temporary cash shortage. However, the timing is noteworthy. The company recently announced a plan to issue $325 million in convertible bonds and sell $43.5 million in shares. These resources were stated to be used for data center expansion and AI-focused cloud infrastructure investments.This shows that mining companies are evolving from structures that only accumulate Bitcoin to technology companies focused on infrastructure and computing power. Bitdeer chose to focus on active capacity expansion instead of holding passive assets. Data centers provide both a scale advantage in Bitcoin mining and can create different revenue streams by serving AI workloads. While many companies in the sector still see BTC as a strategic reserve or macro-risk hedging tool, Bitdeer's move has reignited the capital efficiency debate. For miners looking to reduce their dependence on crypto price cycles and increase their cash flow generation capacity, this model could offer a new roadmap. Whether the company will resume accumulating Bitcoin in the coming weeks will be closely watched.
Bitcoin struggled to hold above $65,000, but the sharp drop in the early hours of the week increased market volatility. Selling pressure seen as Asian trading began on Monday pushed the price down to below $64,000 overnight; however, a recovery above $65,000 was seen again by morning. Sharp selling overnight, rebound buying in the morningBitcoin rapidly fell from $67,600 on Sunday night to around $64,300 in a short time. Losing over 4% in approximately two hours, the decline triggered chain liquidations, particularly in leveraged trades. According to market data, approximately $360 million worth of long positions were liquidated in just one hour. Daily total liquidations exceeded $240 million.In the latest price, Bitcoin is trading in the $65,900 range. The intraday low was recorded around $64,400, while the $66,000 region is being watched as a short-term resistance. Following the sharp sell-off overnight, subsequent buying activity indicates that the market has not completely lost control.Ethereum followed a similar trend. The ETH price fell by over 5%, dropping to the $1,850 range. XRP fell by approximately 6% to $1.33, while Solana's losses exceeded 8%. The weakness in major altcoins clearly revealed the narrowing of risk appetite.The total cryptocurrency market capitalization fell by over 4% in 24 hours, dropping to around $2.2 trillion. This level is close to the lows tested during the year. Analysts emphasize that the $2 trillion threshold is psychologically critical.What is behind the sell-off?Macroeconomic developments stood out as the driving force behind the selling pressure. The 0.8% decline in US January pending home sales, the lowest level since data collection began in 2001, raised questions about the economic outlook. Weak data reinforced a cautious stance in risky assets. In addition, US President Donald Trump's announcement that he would raise the general tariff on all imports from 10% to 15% increased uncertainty in global markets. While the decision is said to take effect on February 24th, the fact that the new legal framework is controversial following the US Supreme Court's annulment of previous tariffs has made investors cautious. The sharp appreciation of the Japanese yen also affected global fund flows. The expectation that the Bank of Japan might move towards a tighter monetary policy led to a reduction in leveraged positions. This deepened selling pressure on risky assets, including cryptocurrencies. On the other hand, a five-week streak of net outflows from spot Bitcoin ETFs traded in the US is noteworthy. A total of $3.8 billion in outflows occurred in the last five weeks, while net outflows since the beginning of the year reached $4.5 billion. This weakening in institutional demand is seen as one of the factors increasing pressure on prices. However, some indicators do not point to an entirely pessimistic picture. It is reported that large investors have accumulated approximately 200,000 BTC in the last month. Furthermore, the decline of short-term risk indicators to levels similar to past cycle lows points to a possible search for equilibrium from a technical perspective.In the short term, the $60,000 level stands out as strong support, while sustained levels above the $65-66,000 band could strengthen the market's recovery momentum. The re-emergence of $70,000 largely depends on a decrease in macroeconomic uncertainty and the resumption of inflows from the ETF market.
In the US, Personal Consumption Expenditures (PCE) inflation data, which is critical for the Fed's monetary policy, came in above expectations. The significant slowdown in growth during the same period triggered a complex pricing process in the markets. According to the December data, core PCE inflation increased by 0.4% on a monthly basis. Market expectations were at 0.3%. The previous month's monthly increase was recorded at 0.2%. Annual core PCE rose to 3.0%, compared to an expected 2.9%. The previous data was 2.8%. A similar picture emerged in headline PCE. Annual PCE came in slightly above expectations at 2.9%, while the monthly increase was 0.4%. Thus, the gradual slowdown trend observed in recent months was interrupted. The continued price pressure, especially in services, indicates that inflation has not yet settled on a path consistent with the Fed's 2% target. According to the Kobeissi Letter, core PCE inflation has reached its highest level since November 2023. This development reveals that the disinflation process is not linear and that price pressures can occasionally regain strength.The growth data released on the same day as the upward surprise in inflation indicated a loss of momentum in the economy. The US economy grew by only 1.4% in the fourth quarter, compared to an expected growth of 2.8%. This sharp slowdown, following the strong 4.4% performance recorded in the previous quarter, reflects the impact of weakening domestic demand and government spending.While the resulting picture does not present a classic stagflation scenario, it points to a difficult balance for policymakers. Growth is slowing, but inflation is accelerating again. This situation represents a combination that could weaken the Fed's hand regarding interest rate cuts.The market has recently been pricing in expectations of two interest rate cuts within 2026. The expectation of a June easing was particularly prominent. However, the monthly PCE increase of 0.4% and the annual level of 3.0% indicate that the "wait-and-see" period may be extended. An early interest rate cut may become more difficult without a sustained and strong decline in inflation.Geopolitical risks are also affecting pricing in global markets. The escalation of tensions between the US and Iran is suppressing risk appetite, while US President Donald Trump stated that the process could be clarified within 10 days. These statements have made the already fragile market psychology even more sensitive.How was the Bitcoin price affected?The cryptocurrency market is also exhibiting a volatile appearance due to the influence of both macroeconomic data and geopolitical developments. Following the release of the PCE data, Bitcoin saw sharp movements and a search for direction.In the initial price movements after the data, Bitcoin retreated from above the $68,000 level. As of the time of the news, the BTC price is trading at $66,554. During the day, the lowest level tested was $65,734 and the highest was $68,226. There has been a decline of approximately 0.67% in value over the last 24 hours. The higher-than-expected inflation data paved the way for a short-term strengthening of the dollar while putting pressure on risky assets. The pullback in Bitcoin reflected this macroeconomic pressure. On the other hand, the sharp slowdown in growth has not completely eliminated the pressure on the Fed to ease monetary policy in the medium term.
CME Group, one of the world's largest derivatives markets, has announced it will open regulated cryptocurrency futures and options contracts for trading 24/7. According to a statement shared via PR Newswire, the new system will go live on May 29th, following regulatory approval. Tim McCourt, Global Head of Equities, Foreign Exchange and Alternative Products at CME, stated that demand for risk management in the digital asset market has reached historic levels. McCourt noted that the total nominal volume of cryptocurrency futures and options products on CME will reach $3 trillion by 2025. This figure demonstrates the strengthening trend of institutional investors towards regulated and transparent products. CME management acknowledges that not every market is suitable for 24/7 trading; however, they emphasize that crypto assets, by their nature, are traded continuously. Therefore, continuous access will be provided to allow investors to manage their exposure in real-time and take positions against price movements that may occur over the weekend. Starting May 29thAccording to the new arrangement, CME Group's crypto futures and options contracts will be traded continuously on the CME Globex platform from 4:00 PM CT on Friday, May 29th. The system will remain open throughout the weekend, except for a minimum two-hour maintenance break. Transactions from Friday evening to Sunday evening will be recorded with the next business day's trading date. Clearing, settlement, and regulatory reporting will also be carried out on the following business day. This structure aims to maintain the regulatory and operational framework while offering continuous trading opportunities. Record Increase in VolumesCME's crypto products have also gained strong momentum in 2026. The average daily trading volume since the beginning of the year has reached 407,200 contracts; this represents a 46 percent increase compared to the same period last year. The average daily open interest has increased by 7 percent year-on-year to 335,400 contracts. In the futures market alone, the average daily volume reached 403,900 contracts, with a 47% year-on-year increase. The figures show that institutional participation is steadily increasing and the crypto derivatives market is evolving into a more mature structure. Institutional interest is deepeningCME Group offers global benchmark products across many asset classes, including interest rates, equity indices, currencies, commodities, and crypto assets. The company conducts futures and options trading through CME Globex; operates BrokerTec for fixed income products and EBS for currencies. It also houses CME Clearing, one of the world's leading central clearing houses.The high volatility of crypto markets, even on weekends, poses a significant risk, especially for institutional investors. While the spot market is open 24/7, the fact that regulated derivative products are limited to certain hours can make risk management difficult. CME's move aims to eliminate the time gap between the traditional financial infrastructure and the trading dynamics of the crypto market. The 24/7 trading model, which will become operational on May 29th if regulatory approval is finalized, is seen as the beginning of a new era in the crypto derivatives market. This step, which facilitates institutional investors' access to digital assets, could also contribute to further deepening liquidity in regulated markets.
The United Arab Emirates (UAE) has generated approximately $455 million worth of Bitcoin through state-backed mining operations. According to data shared by the on-chain analytics platform Arkham, these operations, conducted through entities linked to the Abu Dhabi royal family, have made the country a prominent player in state-sponsored Bitcoin mining. Arkham's data, published on Thursday, shows that the UAE Royal Group holds a total of $453.6 million worth of Bitcoin in wallets linked to Citadel Mining. Unrealized profit from these assets, excluding energy costs, is approximately $344 million. In other words, the UAE has largely chosen to hold onto the Bitcoin it has generated to date, benefiting significantly from price increases. Data indicates that the country has generated an average of 4.2 BTC per day over the past seven days. According to on-chain records, the last fund outflow from these wallets occurred four months ago, suggesting that the UAE has adopted an accumulation-focused approach rather than a short-term selling strategy. The UAE's mining drive dates back to 2022. Citadel Mining, linked to the Abu Dhabi royal family, initiated the process by establishing large-scale operations on Al Reem Island. In 2023, US-based mining company Marathon Digital Holdings announced a joint venture with Abu Dhabi-based Zero Two to develop a 250-megawatt immersion-cooled mining facility. This step was recorded as one of the largest industrial crypto mining investments in the Middle East. Total value declined with price dropArkham had previously stated that the total amount of mining attributed to the UAE in August 2025 was around $700 million. At that time, the total value appeared to be on the rise due to higher Bitcoin prices. The platform reported that the UAE had produced approximately 9,300 BTC at that time and held 6,300 BTC. According to current data, the UAE Royal Group holds approximately 6,782 BTC. This amount corresponds to 0.03% of Bitcoin's total supply. The UAE is not the only sovereign actor mining Bitcoin. The Royal Government of Bhutan has also been mining Bitcoin since 2019 using its hydroelectric resources through its investment arm, Druk Holding & Investments. Having peaked at over 13,000 BTC, Bhutan began selling in early 2026. According to Arkham data, the country has sold approximately $29 million worth of Bitcoin in the last three weeks; total sales over the last five months have exceeded $100 million. Bhutan currently holds approximately 5,600 BTC. On the other hand, some countries have accumulated Bitcoin holdings through confiscation rather than mining. The US government ranks first among sovereign actors with 328,000 BTC. A significant portion of these assets were seized by the FBI in connection with the Bitfinex hack, the Silk Road operation, and the James Zhong case. The UK is second with approximately 61,000 BTC.
Crypto lending platform Ledn has made a notable financial move by issuing $188 million worth of Bitcoin-backed securities. According to Bloomberg, the transaction is seen as a significant milestone in the Bitcoin-backed asset-backed securities (ABS) space. The investment-grade tranche was priced 335 basis points above the benchmark interest rate.$188 Million Sale with Bitcoin-Backed BondsLedn's issuance is based directly on a pool of Bitcoin-backed consumer loans. According to the company, these bonds cover more than 5,400 individual loans, each secured by borrowers' Bitcoin assets. The weighted average interest rate on these loans is 11.8 percent.Asset-backed securities are fundamentally based on the principle of transferring cash flows from a loan pool to investors. This model has long been used in traditional financial markets. Ledn's transaction is considered a first in terms of applying this structure with Bitcoin-backed loans. The development also caught the attention of Matthew Sigel, head of VanEck's digital assets division. According to Bloomberg, the issuance consists of two different bond tranches. One is positioned at investment grade, while credit rating agency S&P Global gave the majority of the bonds a BBB- rating. The BBB- level indicates the lowest rung of the investment grade category. This shows that the product's risk profile has not completely disappeared, but it remains within a certain acceptance threshold for institutional investors. Approximately 4,078.87 Bitcoins were pledged as collateral for the bonds. This amount is estimated to have a market value of approximately $356.9 million. The fact that the collateral value is significantly higher than the issuance amount stands out as an element aimed at increasing investor security. Another noteworthy aspect of the transaction is the automatic liquidation mechanism. If the Bitcoin price experiences sharp declines and falls below the determined threshold levels, the Bitcoins pledged as collateral are automatically liquidated. This structure aims to protect bond investors, especially during periods of high volatility. The volatility in Bitcoin's price in recent months has made the resilience of such structures more apparent. Bitcoin has fallen by as much as 50% in the last four months, dropping to levels around $60,000. At the time of publication, it was trading around $66,329. This price volatility makes risk management of Bitcoin-backed loan models even more critical. Ledn is known as a platform that offers its users the opportunity to borrow without selling their Bitcoins. Since its establishment, the company has reached billions of dollars in loan volume. The investment of stablecoin giant Tether in Ledn in November was also among the developments indicating an increase in demand for Bitcoin-backed loans in the sector. Jefferies Financial Group acted as the sole structuring agent and bookmaker during the bond issuance.
Arizona has taken a significant step towards integrating digital assets into the public treasury. The Arizona Senate Finance Committee approved Bill SB1649, known as the "Digital Asset Reserve Fund Bill," by a 4-2 vote, moving it to the next stage. The bill will now go to the Senate Rules Committee and continue its legislative process.SB1649 envisions the establishment of a "Digital Asset Strategic Reserve Fund" to be managed by the state. This fund aims to hold certain crypto assets that come into the possession of Arizona authorities under a structured reserve system. Specifically, it is planned that digital assets that are seized, confiscated, or voluntarily transferred to the state will be collected under this new fund.The bill provides a clear framework for how digital assets will be stored and managed under state control. In this respect, Arizona is working on a model that shows that crypto assets can be addressed not only from the perspective of the private sector or individual investors, but also from a public finance perspective. XRP Explicitly Defined as a Reserve AssetOne of the most striking elements of SB1649 is the explicit inclusion of XRP among the eligible assets for the reserve. The bill clearly states that XRP and other eligible digital instruments can be held within the reserve in cases of state seizure or voluntary takeover.This explicit reference has symbolic significance in the crypto market, particularly for XRP. The mention of a specific token by name in a state-level legal document is considered a significant sign of institutional and public acceptance of digital assets.However, the bill focuses on how to manage assets already under state control, rather than initiating a new investment program. In other words, it aims not for Arizona to directly purchase crypto from the market, but rather to hold existing and future digital assets within an institutional framework.Custody and Management Framework DefinedAccording to the bill, the management of the reserve fund will be given to the Arizona State Treasurer. The Treasurer will be responsible for the secure custody of digital assets and the management of the portfolio. However, this authority is not unlimited; There is a requirement to comply with a defined custody plan and regulated oversight solutions. The text states that tools such as regulated custody services and exchange-traded products can be used. Thus, the aim is to ensure the security of digital assets through regulated solutions. Not leaving control entirely to private platforms is a key element in terms of protecting public oversight.The bill does not directly replace Arizona's existing "Revised Uniform Fiduciary Access to Digital Assets Act." Instead, it establishes a complementary structure for how digital assets held by public institutions will be stored.The process will continue in the Senate and the House of RepresentativesSB1649, which passed the Finance Committee with a 4-2 vote, will now be considered in the Senate plenary session. If it receives majority support there, it will be sent to the Arizona House of Representatives. Amendments to the bill may be proposed during the House stage.If the bill is enacted in its current form, Arizona could become one of the first US states to create a special reserve structure for seized or acquired crypto assets. The explicit designation of XRP as a reserve asset is seen as a development that could open this model up to debate on a national scale.
Owning a home without selling crypto assets is no longer just a theoretical idea. Milo, a US-based crypto-backed mortgage company, announced it has disbursed over $100 million in home loans to date, with its largest transaction being a single $12 million crypto mortgage agreement. The company's model is simple but unconventional. Investors who own Bitcoin or Ethereum can obtain loans of up to $25 million by using their digital assets as collateral without selling them. This eliminates the need for a down payment and avoids the tax burden that could arise from selling assets. According to Milo's founder, Josip Rupena, the target audience is quite clear. These are individuals who bought Bitcoin about 10 years ago on a friend's recommendation and held onto their assets despite sharp fluctuations; today, they hold a significant portion of their net worth in crypto assets. These individuals are typically between 30 and 55 years old, have a regular income and a retirement account, but their annual income is not sufficient to purchase their desired home. Rupena notes that a typical transaction is for a home worth approximately $1.5 million. For example, consider an investor who earns $100,000 annually but has between $3 and $7 million in crypto assets. If this investor's portfolio consisted of Apple shares, it might be easier for them to obtain a loan by using collateral within the traditional financial system. However, the lack of widespread acceptance of crypto assets and concerns about volatility make these kinds of specialized financing solutions necessary.Milo requires crypto collateral up to 100% of the property's value. This collateral can be held in qualified custodians such as Coinbase or BitGo. A self-custody option is also available for users who wish; that is, investors can keep complete control of their assets.Interest rates start at 8.25%, and it can be used for purposes other than housingLoans are offered with interest rates starting at 8.25%. Moreover, its use is not limited only to housing purchases. Financing can also be provided for land acquisition, home renovations, or business investments using the same model.One of the biggest risks in the crypto loan market is the "margin call" mechanism. In traditional crypto-backed loans, additional collateral can be called when the asset price falls by 20–25%. Milo, however, says he has designed a more conservative structure. The product is designed to tolerate value losses of up to 65%. According to Rupena, in a sharp decline scenario, instead of completely liquidating the loan, the company restructures the loan amount by reducing the risk level. The collateral ratio is reduced from 100% to the 65–70% range, and the customer does not lose their home as long as they continue making payments. This approach is based on the claim, "You don't lose your house just because Bitcoin falls." The company has completed many transactions so far, particularly in Miami and throughout Florida. It is also active in Texas, California, Colorado, Connecticut, and Arizona. The record-breaking $12 million transaction mentioned in the press release was completed in Tennessee. Milo's product is also supported by leading figures in the industry. Adam Back, a Bitcoin pioneer and CEO of Blockstream, describes this model as "a game-changer in the Bitcoin-based lending space." According to Back, investors have the opportunity to accumulate equity in real estate without liquidating their long-term Bitcoin positions. Given the volatile nature of the crypto market, this model continues to carry risks.
Strategy, which has placed Bitcoin at the center of its balance sheet, continues its purchases without slowing down. Between February 9th and 16th, the company bought another 2,486 BTC at an average price of $67,710, spending approximately $168.4 million on this transaction. This brings its total Bitcoin holdings to 717,131 BTC.With this latest purchase, the total value of the Bitcoins held by the company has reached approximately $48.8 billion. According to data shared by Strategy's co-founder and chairman of the board, Michael Saylor, the company has built this position by spending a total of $54.5 billion to date at an average cost of $76,027. Considering current prices, there is an unrealized loss of approximately $5.7 billion on the balance sheet.The more than 717,000 BTC held by Strategy represents more than 3.4% of Bitcoin's 21 million supply limit. This makes the company one of the largest institutional Bitcoin investors globally. The company's strategy is clear: to grow its position through regular and scalable purchases despite market fluctuations. Financing through the sale of shares and preferred sharesRecent purchases were financed through sales of the company's Class A common stock, MSTR, and various preferred share programs. Approximately 660,000 MSTR shares were sold during the relevant period, generating $90.5 million in revenue. Additionally, 785,354 STRC preferred shares were sold, raising approximately $78.4 million. The company has the capacity to issue billions of dollars in additional shares under its ongoing "at-the-market" programs. In addition to preferred share programs with different characteristics such as STRK, STRC, STRF, and STRD, the company aims for a total capital increase and convertible debt of $84 billion by 2027 under the "42/42" plan. This structure aims to continue Bitcoin purchases in a long-term and gradual manner.STRD stands out as the product with the highest risk-return profile, offering a 10% non-cumulative dividend. STRK, with its convertible structure, allows for conversion to shares while providing an 8% dividend. STRF offers a more conservative option with cumulative dividends. STRC, on the other hand, appeals to a different investor base with its variable rate and monthly dividend payments. “99>98” message and new buy signalMichael Saylor, before the latest purchase, shared “99>98” on his social media account, indicating that the new purchase would be larger than the previous one. Indeed, the company had purchased 1,142 BTC a week earlier at an average price of $78,815. Thus, Strategy significantly increased its total position with two separate transactions in a short period. The company management reiterated its statement from the last balance sheet meeting, arguing that they have the asset structure to cover their debts even if the Bitcoin price falls to $8,000. Saylor stated that they plan to convert convertible debt into equity within the next three to six years.Analyst Commentary and Market PerformanceBernstein analysts emphasize that despite the company's use of leverage, it has structured its debt in a long-term and cautious manner. The absence of a large debt maturity until 2028 and the existence of cash reserves to cover dividend payments are cited as factors limiting risks. TD Cowen analysts, on the other hand, state that Strategy is strongly positioned to participate in a possible market recovery.On the other hand, there has been a significant pullback in the company's shares compared to the peaks in the summer of 2025. Strategy's market value/net asset value ratio is at 0.91; this shows that the company's market value is trading below the total value of its Bitcoin holdings. Despite this, the stock rose 16.5 percent last week, closing at $133.88. The increase in Bitcoin price during the same period was limited to 0.5 percent.
