1. Bitcoin spot ETF has encountered historic sell-offs, with a weekly outflow of $1.33 billion
Summary: According to data from The Block, the total net outflow of Bitcoin spot ETFs in the past week reached $1.33 billion, marking the worst weekly performance since February 2025.
Market Interpretation: The significant withdrawal of institutional funds has directly suppressed the BTC price (currently around $87,500). This indicates that the macro environment may be tightening, or institutional investors are engaging in large-scale profit-taking/reallocation of assets. Short-term market sentiment has shifted to extremely cautious.
2. JPMorgan: The surge in activity after Ethereum's 'Fusaka' upgrade may be 'unsustainable'
Summary: JPMorgan analysts released a report expressing skepticism about the surge in activity on the Ethereum network after the 'Fusaka' upgrade. The report points out that Layer 2 (especially Base) has absorbed most of the income, and the long-term value capture ability of the Ethereum mainnet remains challenged.
Market Interpretation: The 'Fusaka' upgrade was initially seen as a key catalyst for ETH, but institutional bearish comments may suppress ETH's rebound momentum. Investors should pay attention to the actual feedback effect of the L2 ecosystem on ETH prices; if the deflationary mechanism fails to offset the increase in supply, the ETH/BTC exchange rate may continue to be under pressure.
3. Gemini's regulatory marathon ends: SEC will dismiss the Earn lawsuit, but Nifty Gateway announces closure
Summary: The SEC will officially dismiss the lawsuit against Gemini Earn (previously, investors have been fully compensated), ending this three-year legal battle. However, Gemini also announced that its NFT platform Nifty Gateway will permanently close on February 26, 2026.
Market Interpretation: The end of the lawsuit eliminates regulatory tail risks for Gemini, which is a positive for platform tokens and compliant sectors. However, the closure of Nifty Gateway marks the complete end of the 'early NFT era', as the NFT market undergoes painful restructuring and infrastructure consolidation.
4. Infrastructure Consolidation Wave: a16z-backed custody company Entropy announces shutdown
Summary: The decentralized custody startup Entropy, backed by a16z, has announced its shutdown and will return funds to investors.
Market Interpretation: This is a microcosm of the consolidation in the crypto infrastructure space in 2026. During bear markets or adjustment periods, middleware protocols lacking blood generation capacity or insufficient product-market fit (PMF) are facing elimination, and funds will concentrate on leading protocols.
5. Ethereum Foundation establishes 'Post-Quantum Security' team, sets up $1 million bounty
Summary: In response to potential threats from quantum computing, the Ethereum Foundation has officially formed a dedicated team to research Post-Quantum Cryptography and is offering a $1 million bounty for secure solutions.
Market Interpretation: This is a long-term technical positive, indicating that Ethereum is preparing for the security architecture of the next 5-10 years, helping to solidify its position as the 'decentralized internet settlement layer.'
📊 Market Data and Token Focus
💰 BTC Real-time Price
Current Price: $87,535 USD
24h Trend: Weak fluctuations, suppressed by ETF outflow data, key support level to watch $85,000.
🔓 Key Tokens/Events Outlook
Key Event: Nifty Gateway closes (NFT segment)
Impact: With the closure of established NFT platforms, market liquidity may further withdraw from traditional PFP (profile picture) NFTs and shift towards gamified (GameFi) or utility NFTs.
Technical Analysis: It's advisable to avoid short-term investments in older generation NFT project tokens that lack empowerment. Funds may flow back to leading aggregator platform tokens such as BLUR or Magic Eden (ME), or towards NFT infrastructure in the Solana ecosystem.
