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The core strategy is issuing Bitcoin-backed debt or debt-like instruments, such as convertible bonds and preferred stock (for example, convertible preferred stock with the ticker TRYK). Saylor points out that this is creating a new credit theory: lending based on actual assets held rather than expectations of future cash flows. Due to Bitcoin's high volatility and enormous appreciation potential, Strategy can offer yields above market average (paying junk bond rates), while its massive Bitcoin holdings provide de facto "investment-grade credit" (even though rating agencies may not see it that

# Translation
Well-known on-chain analyst Willy Woo recently pointed out that enhanced short-term fundamentals have indeed opened the door for Bitcoin to attack the "mid-$80,000 level" (which also aligns with the cost basis of short-term holders). However, he quickly poured cold water on the situation, emphasizing that this rally would be an extremely dangerous "bull trap."
Willy Woo stressed that the core force driving this potential rally is "futures contract traders" rather than true long-term spot investors. This type of price action driven by derivatives liquidity often produces violent w

Bernstein analysts emphasized in their report that the Bitcoin market is no longer the extremely retail-speculative-driven market it once was. With the maturation of spot Bitcoin ETF investor communities and substantial demand from large corporate treasury buyers, Bitcoin's investor base has undergone a fundamental transformation.
Data shows that approximately 14% of Bitcoin's total supply is now held through institutional instruments globally, including various ETFs, corporate treasuries, and national governments. Analysts point out that this structural shift not only strengthens Bitcoin's ca

Bitcoin broke through the $74,000 level today, reaching highs above $74,400. The market is experiencing volatile swings, and investors need to be aware of the risks.
Notably, $74,000 had previously served as a short-term resistance level for the market, having been rejected four times over the past two weeks. Whether this level can be effectively held this time remains a market focal point. From a technical perspective, if bulls maintain $74,000 and break through on elevated volume, the next target is between $78,000 and $80,000. If profit-taking pressure leads to a pullback, support will be f

Bitcoin has declined nearly half from its October high last year, when the price briefly exceeded $126,000, after which market sentiment weakened and crypto asset prices fell across the board. However, Monaster indicated that four indicators he tracks suggest the market may be gradually entering a potential "accumulation zone."
One of these indicators has already entered a historically low area, while the other two are concentrated around $54,000 to $58,000. Although Bitcoin's current price remains around $71,000, higher than the zones corresponding to these indicators, the price briefly touch

Cryptocurrency-related code commits collapsed from 850,000 per week to 210,000 per week, a 75% decline. Active developers dropped from over 10,000 to 4,600. This is not due to bear market contraction, because software developers worldwide are more active than ever. (Thanks to vibe coding)
Crypto developers got fewer, they went elsewhere.
GitHub's Latest Data: AI Dominates Everything
GitHub's Octoverse 2025 report shows explosive growth, with approximately 36 million new developers added across the platform in 2025, global total users surpassing 1.8 billion, and annual code commits increasing b

One of the most important supply milestones in Bitcoin mining history is happening! As of March 9, Bitcoin has surpassed 20 million coins mined, accounting for 95.24% of the 21 million hard cap; less than 1 million coins remain to be mined, and due to the halving mechanism that occurs every four years, the last Bitcoin is expected to be created around 2140. Bitcoin has officially entered a new era of "extreme scarcity."

Due to factors such as distrust in fiat currencies, the market for store-of-value assets is still growing. If the current growth momentum continues, the market size could reach approximately $121 trillion within 10 years. In this context, Hogen analyzes: "To reach a value of $1 million per Bitcoin, it would only need to occupy 17% of the market share."
However, risks also exist, and factors that could hinder this scenario include sudden regulatory tightening, critical technical flaws, or the emergence of new digital assets that surpass Bitcoin.

The study tested 36 models from six AI laboratories: Anthropic, OpenAI, Google, DeepSeek, xAI, and MiniMax. Among them, 22 models chose Bitcoin as their preferred currency tool when simulating decision-making, and none of the models listed fiat currency as the top choice.
In different usage scenarios, AI choices also showed significant differences. When the scenario leaned towards "long-term value storage," Bitcoin was chosen at a noticeably higher rate; however, in "payment" scenarios, stablecoins were used more frequently.

Ethereum Foundation AI Engineer Vitto Rivabella wrote that the most intense criticisms of blockchain almost all come from developed countries with well-functioning existing financial systems. However, in Nigeria, Argentina, and Venezuela, stablecoins have become a survival tool for hundreds of millions of people to resist inflation and avoid high remittance fees — in 2024, the global stablecoin transfer volume reached $27.6 trillion, surpassing the combined total of Visa and Mastercard.

The Wall Street Journal (WSJ) reported on Wednesday (4) that Kraken's banking division has been approved to access the Federal Reserve (Fed)'s core payment system, becoming the first cryptocurrency company to obtain a Fed "Master Account" (Master Account), enabling it to transfer funds through the same payment network as banks, symbolizing further integration of digital assets into the mainstream financial system.

S&P Global published a research report indicating that since October 2025, Bitcoin prices have fallen by nearly half. As institutional investment has increased, Bitcoin price volatility, while showing a long-term downward trend, remains significantly higher than that of traditional assets.
The report points out that compared to other financial assets, Bitcoin's trading structure—including the perpetual futures market and automated liquidations mechanism—has intensified price volatility. At the same time, innovative products such as tokenized Bitcoin, ETFs, and Digital Asset Trusts (DATs) intro

Tokenized US Treasurys ( The tokenization of U.S. government bonds ) The market is showing steady growth. According to Token Terminal statistics, the market size has increased 50-fold since 2024. One of the main drivers of this growth is asset management firm BlackRock's launch of the "Dollar Institutional Digital Liquidity Fund" (BUIDL) in March 2024. As of now, the fund's market value has exceeded $1.2 billion, demonstrating that the participation of traditional financial giants plays a key role in enhancing liquidity in the on-chain government bond market. Tokenized government bonds refer t

The US-Iran conflict has led to a rapid outflow of funds. According to a Reuters report, researchers stated that from last Saturday to Monday, Iranian cryptocurrency exchanges saw a total outflow of $10.3 million worth of cryptocurrencies (approximately NT$327 million). Researchers noted that it is currently unclear what the reasons behind these movements are.

The Middle East conflict has escalated, bringing with it an impact on "virtual currencies." Bitcoin plummeted more than 4.2% in a single day, briefly losing the $64,000 mark during trading; Ethereum also declined, breaking below the $1,844 support level, with a drop of over 4.6%. The market is filled with gloom, and the focus in the cryptocurrency circle, "Brother Maji" Huang Licheng, was also liquidated, with $245,000 evaporating to just $13,000.

Ethereum co-founder Vitalik Buterin recently posted a series of articles explaining two major core changes to Ethereum's execution layer—transforming the state tree into a binary tree through EIP-7864, and replacing the EVM with RISC-V in the long term. He pointed out that these two changes together account for over 80% of the proof efficiency bottleneck. What’s even more noteworthy is that Vitalik also stated that AI will significantly accelerate the entire roadmap, and suggested that half of the speed benefits brought by AI be invested in security enhancements.

Capital Flows to RWA, Who Still Buys Cryptocurrency?
The rise of tokenized government bonds has changed the traditional flow of funds, especially in terms of liquidity management needs on the institutional side. Since RWA allows investors to directly access fixed income from U.S. government bonds, it provides a safe haven supported by real assets during crypto market volatility. In the long run, the integration of such assets could open up new blue oceans in the financial market, injecting more stable liquidity into decentralized finance. However, as funds tilt toward low-risk tokenized govern

Bitcoin mining company Bitdeer announced the latest data: as of February 20, its own BTC holdings have dropped to 0. This week, it mined 189.8 coins and sold them all, resulting in a weekly net outflow of 943.1 coins.

Will Institutions Become the Largest Bitcoin Holders? Pricing Power Still in HODLer Hands
River's research report first pointed out that although Bitcoin prices have experienced significant corrections in recent years, the holding structure is changing. Individual investors currently hold about two-thirds of the circulating supply, but the proportions of funds, ETFs, corporations, and government sectors continue to rise.
By 2025, institutions will have accumulated approximately 829,000 Bitcoins, with buyers including corporations, government funds, and ETFs. They are indirectly holding Bitcoin

How to buy and lose money—Bitcoin's slow decline severely impacts investor psychology
Market data shows that nearly nine million Bitcoins (about 45% of the total supply) are held at a cost basis higher than the current price, and during recent lows, this amount even approached half of the supply. In the first twenty-two trading days of February, nineteen days showed "Net Realized Losses." This phenomenon indicates that the market has not experienced a quick clearing of the excess supply through a "capitulation" sell-off, but instead has fallen into a cycle of gradual decline. This has led inve