EM Insight

🧧Guidelines for automatic transaction refunds - lifetime for traders or trading on #Binance:

💵Don't underestimate small money, high-frequency trading can even result in refunds that exceed the initial capital many times over.

1/ Register through the link: Binance.com

2/ The words 'Link' will appear with your referral, just click ok to complete.

3/ When the link is successfully established, the words 'retrieve' will appear as shown in the successful image.

👉When trading, you will get cash back to your spot wallet and future wallet.

If successful, you can send the last 3 digits of your ID for me to check again.

📍SPY & QQQ recorded -$64B outflow in 3 months
📌 This is the largest outflow recorded over a 90-day period. Marking a strong reversal from +$50B inflow in November.
In terms of AUM, the 3-month outflow of -5% is the highest since Q1/2023. The peak outflow percentage in the decade was -8% in April 2018.
📌 This scale is nearly double the peak outflow of the decade (2018). Even COVID 2020 or the sell-off in 03-04/2025 has never witnessed such a large outflow.
📌$SPY is an ETF that mimics the S&P 500 index (the 500 largest companies in the U.S.), while $QQQ is an ETF that follows the Nasdaq 100, focusing on the technology and growth sectors.
Money is retreating to the sidelines; perhaps we will soon witness a significant wave of DXY as all asset classes decline and the Fed's hawkish stance in the recent FOMC.

📌 Bluesky raised $100M Series B (led by Bain Capital Crypto), bringing total funding to >$120M.
📌 Notably: this round was completed earlier but announced only after the CEO change
-> Founder stepped back to focus on the product, promoting an operator to scale.
📌 Bluesky has reached ~40M users, pursuing a decentralized social model (AT Protocol).
📌 Capital is still flowing into the narrative of "decentralized social", but the implementation is becoming more practical: optimizing operations, preparing to scale, and facing clear growth pressure from VCs.
📌 Bluesky is entering a phase where it must demonstrate operational capabilities and expansion, rather than just sticking to the technology narrative.$BNB

📌MLB officially partners with Polymarket -> bringing the prediction market into the "soft licensed" area. Polymarket uses official data and branding of the tournament to open markets around matches and seasons.
📌 MLB is also coordinating with the CFTC to enhance market oversight. Sensitive bets like each pitch, coach's decisions, or referee actions will be restricted -> to avoid the risk of match manipulation.
📌 The prediction market is shifting from the gray area -> moving closer to the mainstream financial system. But the price to pay is: Less freedom and more regulations to comply with. Prediction is becoming like $BTC during the phase of preparing for ETF approval. $BNB

📍The whale returns to accumulate ETH, while BTC is being sold off by old holders
A large wallet just spent $111.6M USDT to buy 50,706 ETH, at an average price of ~$2,201, after being inactive for nearly 7 months. Previously, this same wallet sold 28,683 ETH around ~$3,892 last year.
ETH is showing a tighter supply structure:
- The amount of ETH staking remains high
- Balances on exchanges continue to decrease
- ETF cash flow shows signs of returning
On the other hand, Bitcoin is under pressure from long-term holders:
- A wallet from 2013 has sold an additional 1,000 BTC
- The total amount sold since the end of 2024 exceeds 3,500 BTC
- Another address related to early investors has also sold an additional 650 BTC
Cash flow is not leaving the market. But the way it is distributed is changing, ETH is showing signs of accumulating again,
while BTC is still being distributed by the old holder class. $BTC $ETH

📍S&P 500 steps onto on-chain
S&P Dow Jones officially licenses the S&P 500 to go on blockchain through Trade[XYZ] - a platform in the Hyperliquid system. This is the first time a perpetual contract tracking the S&P 500 has been licensed, no longer a synthetic "homemade" version as before.
Index data is sourced directly from S&P Dow Jones -> standardizing the price source. Users can trade S&P 500 24/7, use leverage, settle in USDC, without going through traditional brokers or being limited by trading hours.
- The most powerful benchmark of Wall Street begins to appear on on-chain
- DeFi no longer simulates TradFi, but is being granted direct access
- Hyperliquid is expanding from perp crypto -> liquidity layer for global financial assets
- Stocks, commodities, indices… all are gradually being "packaged" and brought onto a never-sleep trading system. $HYPE

🟠 Aster launches its own layer-1, focusing on solving the "position exposure" problem of DeFi

Aster Chain has gone mainnet, with a highlight being default privacy: using ZK + stealth addresses to limit front-running and liquidation hunting.

Performance has been boosted (~50ms, up to 100k TPS, no gas fees) -> aiming to bring perp DEX closer to CEX experience.

The bigger story: the race for perp DEX is shifting from products to infrastructure. Aster is aligned with Hyperliquid: building its own chain to control the entire execution.

$ASTER

📍 The SEC has for the first time issued standards defining crypto
📌 The SEC and CFTC have released a framework for classifying digital assets, clarifying that only a small group of tokens are considered securities.
📌 The SEC and CFTC have begun to reach a consensus on transitioning to a unified framework. Digital assets are classified into 5 main groups:
- Digital commodities: decentralized assets, not dependent on the issuing entity (BTC, ETH…)
- Digital tools: tokens used within the ecosystem (fees, access rights…)
- Digital collectibles: NFTs, digital items, memecoins
- Stablecoins: depending on structure - may be considered securities if there are yield factors
- Digital securities: traditional financial assets that are tokenized (default considered securities)
📌 How the SEC views it: A token is only considered a security when sold as an investment, with an expectation of profit from the issuer. This status is not fixed and may change over time (legal lifecycle). Airdrops, staking, mining, and stablecoins will not be considered securities.
📌 The SEC has shifted from treating all tokens the same to classifying them based on their nature and issuance method. The legal lifecycle allows a token to be considered a security at first, but if it meets certain conditions, it can escape the "security" status.
📌 This classification is to clearly identify what fits within the system -> retain, while the rest serving speculative purposes will be filtered out. $BTC $ETH $BNB

📍 The SEC begins to “rewrite the rules” for crypto
📌 SEC + CFTC presents a framework for classifying 5 groups of digital assets
→ Key point: most crypto is no longer considered securities
📌 Main groups:
🔸 Commodities - BTC, ETH
🔸 Tools - tokens in the ecosystem
🔸 Collectibles - NFT, memecoin
🔸 Stablecoin - depending on structure
🔸 Securities - tokenized traditional assets
-> Only the last group is regulated as securities
📌 Important change: The SEC has shifted from “equating” to assessing based on nature + issuance method
📌 New concept: the legal lifecycle allows tokens to be securities at first. Once sufficiently decentralized, they can escape the “security” status.
📌 This is a standardization step to control cash flow, not a relaxation.
$BTC

📍Trump calls on the Fed to cut interest rates immediately

Trump spoke directly to reporters at the White House - stating that the Fed should hold a special meeting to cut interest rates right now. $BTC

📍 Messari changes CEO, lays off staff, and shifts focus to AI
Messari has just changed its CEO as Eric Turner stepped down from the leadership position, handing over the seat to CTO Diran Li. At the same time, the company is laying off part of its staff and shifting its strategic direction towards developing AI tools for on-chain data research.
📌 This seems to be a concerning event as the CEO of a major company has also shown instability in the bear market, but considering the history of the mature market, this is just a small ripple in the cycle.
📌 The departure of a CEO at a data company like Messari is actually quite normal compared to what the market has experienced:
- Terra (LUNA) wiped out tens of billions of USD in just a few days
- Three Arrows Capital collapsed, triggering a domino effect throughout the ecosystem
- The change of CEO or restructuring at Messari is not even a fraction of the previous systemic crashes.
📌 Messari has chosen AI over crypto. How will the crypto market change in the next season due to the AI frenzy? $BTC

📍 Bitcoin bounces back to $74K as ETF money flow returns

Bitcoin has recently experienced a strong rally, at one point exceeding $74,000, marking the first return to this price range after several weeks of being held below the $70K mark. The recovery comes amid a backdrop of money flow starting to return to spot Bitcoin ETFs, improving market sentiment and activating new buying power from institutional investors.

📌 The rise of BTC has also lifted the entire crypto market. Ethereum has recovered to the $2K+ range, while many altcoins and stocks related to the crypto industry have seen significant gains during the day.

📌 Previously, Bitcoin had undergone several weeks of correction, at one point dropping to around $63K as geopolitical tensions and risk-off sentiment caused money to flow away from risky assets.

The returning ETF capital is becoming an important supportive factor, helping Bitcoin quickly regain upward momentum after a prolonged correction. $BTC

🟠EF just sold 5,000 $ETH OTC to BitMine, at an average price of about $2,042/ETH, equivalent to over $10M.
This sale did not occur on an exchange, so it does not create direct selling pressure on the market. The money raised will be used by the Ethereum Foundation to fund protocol development, support projects, and grant funding for the ecosystem. $ETH

Although the development team has not officially released information, Pumpfun seems to have registered a series of subdomains for other blockchains such as Base, BSC, Monad, and Ethereum.

This is usually a technical preparation step before launching products on new chains.

$PUMP

🟠 Pump.fun has become the first protocol on Solana to achieve $1B in revenue
The memecoin launch platform Pump.fun has just surpassed the milestone of $1B in accumulated revenue, becoming the first application in the Solana ecosystem to reach this landmark.
Data shows that Pump.fun's growth rate is extremely fast:
- 2024: ~$321M in revenue
- 2025: ~$664M
- 2026 (to date): ~$98M
A total of approximately $1.08B in just over 2 years of operation.
Compared to other major protocols on Solana, Pump.fun currently far exceeds in cash flow generation. Platforms like Jupiter and Raydium are still quite far behind in total revenue.
One noteworthy point is the tokenomics model: The platform has used over $323M in revenue to buy back $PUMP tokens, equivalent to nearly 29% of the circulating supply.
The $1B milestone indicates a rather clear reality of the market: memecoins are the strongest revenue-generating machine in the Solana ecosystem, even surpassing traditional DeFi protocols. $PUMP

🚨 The CLARITY Act continues to be delayed in the U.S. Senate

The CLARITY Act - a legal framework aimed at shaping the structure of the crypto market in the U.S. - is unlikely to be passed before April. Senate Majority Leader John Thune stated that the Senate is currently prioritizing other political issues, particularly the SAVE America Act election reform bill, so the CLARITY Act is temporarily pushed down the agenda.

The CLARITY Act is expected to clarify the regulatory authority over the crypto market between the SEC and CFTC, while also establishing legal standards for digital assets in the U.S. However, many points remain controversial, such as the oversight mechanism for stablecoins, regulations for tokenized assets, and compliance standards for crypto businesses.

$BNB

🚨 CZ joins the "$100B club"

📌 According to new estimates from Forbes, Changpeng Zhao's net worth has surpassed $100B, primarily due to the strong increase in the value of the Binance empire during the new growth cycle of the crypto market.

📌 The majority of CZ's wealth comes from his stake in Binance. Binance is valued at around $100B and remains the platform with the largest trading volume in the crypto market.

📌 As a result, CZ officially joins the centibillionaire group – individuals with assets over $100B – and enters the ranks of the richest people in the world.

📌 Notably, this wealth jump comes shortly after Binance faced significant legal pressures, including a $4.3B settlement with U.S. authorities.
$BNB

🚨 Bithumb may be suspended for 6 months in South Korea
📌 The second largest crypto exchange in South Korea, Bithumb, is facing the risk of being partially suspended by the financial regulatory authority for up to 6 months.
📌 The reason stems from violations related to anti-money laundering (AML) regulations and user identity verification (KYC), including loose controls on some transactions with unregistered foreign crypto platforms.
📌 If the decision is passed, Bithumb may be restricted from certain services, especially those related to transferring assets to external wallets or activities with new users.
📌 This move shows that South Korea continues to tighten regulations in the crypto industry, especially concerning major domestic exchanges. $BNB

🚨 Trump: the Iran war may soon come to an end – Bitcoin surged to $70,500 $BTC
📌 President Donald Trump stated that the U.S. military campaign in Iran is progressing faster than expected and may conclude soon.
📌 This information immediately eased the tense sentiment in the market. Oil prices cooled down after a strong spike due to concerns over supply disruptions in the Middle East.
📌 Bitcoin reacted very quickly to the risk money:
- BTC increased by about 4% in 24 hours
- At one point, it exceeded $70,500
📌 Previously, when the U.S.–Israel–Iran conflict escalated, Bitcoin had a strong dump down to nearly $63K when the market shifted to a risk-off state.
📌 As geopolitical risks eased, money immediately flowed back into risk assets — and crypto was the fastest reacting group.

🚨 Kalshi and Polymarket target a valuation of $20B
Kalshi and Polymarket – the two largest prediction market platforms today – are reported to be preparing for new funding rounds with a target valuation of around $20B.
📌 If the deal goes through:
- Valuation nearly double compared to the end of 2025
- Kalshi previously reached about $11B after the last funding round
- Polymarket around $9B
📌 Just in February 2026, the total trading volume on the two platforms reached ~$18B as more users bet on real-world events such as elections, economics, wars, or asset prices. Prediction markets are gradually emerging as a new layer of financial infrastructure, where the market directly prices the probabilities of the real world. $BTC