Organized by: Cora, Techub News
**TinTinLand
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Fear and Greed Index: 5 (Extreme Greed)
Bitcoin Price: $64,198
BTC/ETH Spot ETF Fund Flow (2.5)
BTC Net Outflow: $133.71 M
ETH Net Outflow: $20.02 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (2.5)
BTC Net Subscription/Redemption: 0 BTC
ETH Net Subscription/Redemption: 0 ETH
Aptos Labs, BCG, and Hang Seng Bank Release White Paper on Tokenized Funds in Hong Kong
Aptos Labs, in collaboration with Boston Consulting Group (BCG) and Hang Seng Bank, has released a white paper titled "Digital Currency: Exponential Development Opportunities for Hong Kong's Fund Industry," summarizing the results of the Hong Kong Monetary Authority's "Digital Hong Kong Dollar+" second phase pilot. The white paper indicates that digital currencies and tokenized assets have matured to support institutional-level financial applications, with the next phase focusing on building underlying infrastructure with interoperability, programmability, on-chain compliance capabilities, and institutional standards, while promoting the large-scale adoption of tokenized funds and other scenarios. The market size for digital currencies and tokenized assets is expected to grow from approximately $0.6 trillion in 2025 to nearly $19 trillion by 2033.
The Hong Kong Securities and Futures Commission is considering allowing licensed virtual asset trading platforms to provide secondary trading services for tokenized securities to retail clients. The Deputy Director of the SFC's Intermediaries Division, Luo Haishi, stated that the authorities are studying the relevant requirements, operational risks, and control measures, and are drafting related circulars. Currently, Hong Kong retail investors can only subscribe and redeem tokenized funds in the primary market.
Consensus Hong Kong 2026 Surrounding Event Guide
Hosted by CoinDesk, Consensus Hong Kong 2026 will be held from February 10 to 12 at the Hong Kong Convention and Exhibition Centre.
Regulation/Macro
A criminal gang in Russia (five men and two women) has been charged with kidnapping a blogger and forcing him to transfer cryptocurrency worth approximately $42,000, facing up to 15 years in prison. Prosecutors also stated that the gang stole about $33,000 in cash and luxury watches during the crime and used violent threats to carry out their actions.
Butuo County has explicitly prohibited all forms of virtual currency "mining" activities, stating that such activities are deemed illegal financial activities and may face risks such as loan cuts, power cuts, internet cuts, and credit penalties, with relevant responsibilities pursued according to law. The announcement also states that civil legal actions related to investing in virtual currencies and their derivatives are invalid, and any resulting losses must be borne by the investors themselves, encouraging the public to report illegal "mining" activities.
The Ministry of Public Security has drafted the "Cybercrime Prevention Law" and is seeking public opinion. The draft states that no individual or organization may knowingly harbor, transfer, purchase, sell on behalf of others, or otherwise conceal or disguise funds, data, or virtual property obtained from cybercrime; nor may they provide fund flow services using virtual currencies or other network virtual properties with knowledge that the funds are obtained from illegal activities.
Project/Company Updates
The South Korean Fair Trade Commission is intensifying regulatory reviews of major local cryptocurrency exchanges, dispatching investigators to Bithumb's headquarters to examine whether it has violated "unfair trading behavior" regulations by exaggerating liquidity scale and other promotional activities. Meanwhile, the FTC is also investigating whether Dunamu, the operator of Upbit, has unfairly refused to allow competitors to trade its unlisted stocks.
The blockchain infrastructure project Espresso has released the token economics for the ESP token. The initial total supply of ESP is 3.59 billion tokens, and due to the introduction of a dynamic adjustment mechanism for staking rewards, there is no fixed maximum supply cap for the token. In terms of specific allocation, 27.36% is allocated to contributors, 14.32% to investors, both with a 1-year cliff and 4-year linear unlocking; 10% is for airdrops, fully unlocked at TGE; and 24.81% is for future incentives, with a 6-year linear unlocking.
Two Addresses Profit Approximately $158 Million by Shorting Ethereum, SOL, and Bitcoin
The address starting with 0x20c and the address starting with 0x35d have profited approximately $158 million through shorting. The address starting with 0x20c2 profited about $102.7 million by shorting Ethereum; the address starting with 0x35d1 profited about $55.5 million by shorting SOL, Bitcoin, and Ethereum.
Coinbase's Chief Legal Officer Paul Grewal tweeted that the Nevada Gaming Control Board attempted yesterday to unilaterally prohibit Coinbase from listing any event contracts (including sports-related) in the state through state court, without providing an opportunity for defense; the state court today rejected that request, stating that due process must at least provide a hearing opportunity. Coinbase has since filed a lawsuit in Nevada federal court, alleging that the state's actions violate federal law and claiming that such contracts fall under the exclusive jurisdiction of the U.S. CFTC, with a related hearing scheduled for next week.
TradingBase.AI Announces Strategic Partnership with London Stock Exchange Listed Company ZOYO
TradingBase.AI (TBAI) has announced a formal strategic partnership with London Stock Exchange-listed fintech group ZOYO. Through this collaboration, TradingBase.AI will add a new section related to trading in digitalized traditional financial markets to its existing AI quantitative trading system and digital asset services, marking the official launch of TBAI's layout in diverse global financial markets including stocks, forex, ETFs, futures, and digital assets. Both parties will support each other with fintech and compliance technology, solidifying service foundations around key aspects such as identity verification and anti-money laundering, while jointly launching financial products like U Cards to expand practical financial use cases for platform users.
The U.S. Securities and Exchange Commission (SEC) has accused three self-proclaimed market-making cryptocurrency companies, ZM Quant, Gotbit, and CLS Global, along with nine individuals, of executing "wash trades" and other economically meaningless transactions through algorithms to create false trading activity and volume, enticing retail investors to buy related crypto assets. The SEC also stated that ZM Quant and CLS Global were involved in manipulating a cryptocurrency created under the guidance of the FBI for use in federal investigations; the SEC has filed a lawsuit in federal court in Massachusetts seeking injunctions, recovery of illegal gains, and penalties.
Spain's second-largest bank, BBVA, has announced its participation in the stablecoin project Qivalis, formed by several EU banks, aiming to launch a regulated euro stablecoin. Qivalis has gathered 12 major EU banks, including BNP Paribas, ING, and UniCredit, and plans to apply for electronic money institution authorization from the Dutch central bank under the EU's Markets in Crypto-Assets Regulation (MiCA), targeting a launch of the euro stablecoin in the second half of 2026.
Digital Asset Market Infrastructure Provider Prometheum Completes $23 Million Additional Financing
Digital asset market infrastructure provider Prometheum has disclosed that it has completed an additional $23 million in financing, with investors including a group of high-net-worth individuals and institutions, the specific names of which have not been disclosed. The new funds will be used to drive the introduction of cryptocurrency, tokenized assets, and on-chain securities into mainstream financial markets.
In-Depth & Outlook
Bitcoin's Identity Anxiety in 2026: Four Paths to $150,000
Investors buying Bitcoin as an inflation hedge will be disappointed during inflation panic. Investors purchasing it as a diversification tool will be disappointed when it amplifies stock losses. Investors buying it as digital gold will be disappointed when it trades like tech stocks.
The continued growth of USDT relies not only on the cryptocurrency market but also on various application scenarios outside the market. Data clearly shows that users tend to use USDT as a stablecoin that can both store wealth and facilitate transactions.
Opinions
Trend Research's "self-rescue" actions reveal a key fact: in the high-leverage game of the crypto market, "survival" is more important than "faith." When price fluctuations exceed expectations, actively stopping losses, reducing leverage, and retaining core holdings is the underlying logic for navigating bull and bear markets.
Tokenized Stocks: Where is the Innovation?
I believe that in the future, we will see on-chain native brokers similar to Interactive Brokers (IBKR) or Alpaca, but specifically built for cryptocurrencies. Some platforms already support USDC deposits, but their activities have largely stopped there and have not truly expanded to on-chain. (Even Alpaca has already provided support for the existing traditional tokenized stock infrastructure.)
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