1. Market Observation

Keywords: XRP, ETH, BTC

The current cryptocurrency market is in a turbulent period, with Bitcoin and Ethereum as the core of market development, showing particularly notable performance. The entire cryptocurrency market faced a downturn on Tuesday, with major currencies such as Bitcoin, Ethereum, XRP, and Dogecoin suffering significant losses, causing the total market capitalization to fall below the $3 trillion mark. It is expected that a consolidation period will occur before the next decline.

Regarding Bitcoin, the market is struggling under aggressive investor sentiment, leading to a recent price drop below the $90,000 mark. On the regulatory front, several states are cautious about Bitcoin: the Pennsylvania Attorney General issued a warning about increasingly complex Bitcoin ATM scams; meanwhile, South Dakota and Montana have rejected proposals for Bitcoin reserve bills due to concerns over Bitcoin's volatility and lack of practical applications. Although Bernstein analysts predict Bitcoin could reach $200,000, the realization of this target remains uncertain under the current market conditions.

The Ethereum ecosystem is also facing multiple challenges. On the governance front, Executive Director Aya Miyaguchi chose to resign due to criticism of her role in the Ethereum Foundation. On the technical side, the upgraded version of Ethereum, Pectra, experienced interruptions after developers failed to specify the correct smart contract address. However, it is worth noting that the cost basis distribution of Ethereum shows a positive downward trend, indicating rising investor sentiment and confidence in the currency.

In terms of market dynamics, the well-known trading platform Bybit, despite suffering a meticulously planned malware attack last week that resulted in losses exceeding $1.5 billion, still received a large amount of Ethereum deposits from Mirana Ventures' Arkham. This phenomenon occurs against a backdrop of tariff uncertainties and Bitcoin breaking through key support levels, highlighting the complexity of the market.

Looking ahead, the behavior of large holders (whales) will become a key indicator of market direction. Data shows that these large holders have transferred 26,430 BTC to known accumulation addresses. However, market signals indicate that Bitcoin's market structure is facing potential price adjustments and weakening support levels, necessitating continuous attention to future developments.

2. Key Data (as of February 26, 10:30 HKT)

• S&P 500: 5,955.25 points (year-to-date +1.25%)

• Nasdaq: 19,026.39 points (year-to-date -1.47%)

• 10-Year U.S. Treasury Yield: 4.324% (year-to-date -25.20 basis points)

• U.S. Dollar Index: 106.37 (year-to-date -1.95%)

• Bitcoin: $88,598 (year-to-date -5.16%), daily spot trading volume of $84.7 billion

• Ethereum: $2,485.23 (year-to-date -25.70%), daily spot trading volume of $39.25 billion

3. ETF Flows (February 25 EST)

• Bitcoin ETF: -$773.41 million

• Ethereum ETF: -$50.08 million

4. Important Dates (Hong Kong Time)

GDP Quarterly Growth Rate Second Estimate (February 28, 21:30)

• Actual: N/A / Previous: 3.1% / Expected: 2.3%

Core PCE Price Index Month-on-Month (February 28, 21:30)

• Actual: N/A / Previous: 0.2% / Expected: 0.3%

Personal Consumption Expenditures Month-on-Month (February 28, 09:30)

• Actual: N/A / Previous: 0.7% / Expected: 0.2%

5. Hot News

Hemi Mainnet to Launch on March 12, Integrating Bitcoin and Ethereum Ecosystems

Executive Director of the Ethereum Foundation Aya Miyaguchi to Transition to Chair

AI Company Anthropic Plans to Raise $3.5 Billion, Valuation Reaches $61.5 Billion

Aave Votes to Pause Lending on Polygon PoS Chain, Potentially Leading to Over $300 Million TVL Loss

SEC Ends Investigation into Uniswap Labs, No Enforcement Action Taken

SEC Confirms Receipt of Grayscale's Ethereum Spot ETF Staking Application

In the Past Hour, BlackRock Deposited 18,168.3 ETH and 1,800 BTC into Coinbase

Market News: Nasdaq Has Submitted 19b-4 Application Documents for Grayscale's DOT ETF

BTC Drops Below $87,000, Down 7.84% on the Day

Binance Pre Market Launches Upward Circuit Breaker Mechanism

Upbit to Launch COW Trading Pairs in KRW, BTC, and USDT

Matrixport: Bitcoin Has Broken Below Rising Expanding Wedge, Beware of Downside Risks with Low Trading Volume

Time.fun Founder: Will Consider Issuing Platform Tokens in the Future, but Currently Focused on Product-Market Fit

U.S. SEC Accepts Grayscale's Application for Cardano Spot ETF

Federal Reserve's Goolsbee: Need to Wait and See on Trump's Policies Before Resuming Rate Cuts

Trump Officially Announces: Will Proceed with Tariff Plans for Mexico and Canada as Scheduled

Most Tokens Have Declined Between 30% to 80% Since Mid-December Last Year, with SOL's Market Cap Shrinking by About $50 Billion in a Month

Today's Fear and Greed Index Drops to 25, Hitting a New Low Since September 2024, Market Turns to Extreme Fear State

Wall Street Major Market Maker Citadel Securities Plans to Enter Cryptocurrency Market Making

Arthur Hayes: Bitcoin Bearish to $70,000

Ethereum Pectra Upgrade Activated on Holesky Testnet but Ultimately Failed to Confirm, Developers Investigating

Supported by OSL - Hong Kong's largest over-the-counter trading platform, continuously providing regulated digital asset services to the market since 2018.

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