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Key TakeawaysBinance Co-CEO Richard Teng says the Oct. 10 crypto liquidation event was driven by macro and geopolitical shocks, not BinanceAround $19 billion in crypto liquidations occurred across all centralized and decentralized exchangesNearly 75% of liquidations happened around 9:00 p.m. ET, coinciding with a stablecoin depegging and transfer slowdownsTeng says no evidence of mass withdrawals was found on Binance, which supported affected usersDespite muted retail demand, institutional and corporate participation remains strong, according to TengBinance Did Not Cause the Oct. 10 Crypto Crash, Richard Teng SaysRichard Teng, Co-CEO of Binance, said the sharp crypto market sell-off on Oct. 10—often referred to as the “10/10” event—was not caused by Binance, but by broader macroeconomic and geopolitical shocks that triggered liquidations across every major exchange.Speaking at Consensus Hong Kong, organized by CoinDesk, Teng said the event saw roughly $19 billion in crypto liquidations, compared with far larger losses in traditional markets the same day.“The U.S. equity market alone lost about $1.5 trillion in value, with roughly $150 billion in liquidations,” Teng said. “Crypto is a much smaller market, and liquidations happened across all exchanges, centralized and decentralized.”Liquidations Concentrated Around Stablecoin DepeggingAccording to Teng, around 75% of the crypto liquidations occurred at approximately 9:00 p.m. Eastern Time, coinciding with two unrelated and isolated issues: a temporary stablecoin depegging and slower-than-usual asset transfers.He stressed that these issues were not unique to Binance and did not reflect systemic problems with the exchange.Trading data from Binance showed no signs of mass withdrawals, Teng said, adding that the company actively supported users affected by the extreme market conditions—support that, he noted, was not uniformly provided across the industry.“The data speaks for itself,” Teng said.Macro Shocks, Not Exchange Failures, Drove the Sell-OffTeng attributed the Oct. 10 volatility to a combination of global macro pressures, including:New U.S. tariffs on ChinaChina’s announcement of rare earth metal export controlsBroader uncertainty around interest rate policy and geopoliticsThese factors also weighed heavily on traditional markets, reinforcing the link between crypto assets and global risk sentiment.“At the macro level, there is still uncertainty around interest rate movements,” Teng said. “Geopolitical tensions continue to weigh on risk assets, including crypto.”Institutional ‘Smart Money’ Still Entering CryptoDespite short-term volatility and weaker retail participation, Teng said institutional and corporate demand remains resilient.He noted that while retail demand has softened compared to last year, long-term industry participants understand that crypto markets move in cycles.“What matters is the underlying development,” Teng said. “Retail demand is more muted right now, but institutional and corporate deployment is still strong.”According to Teng, institutions continue to enter the sector even during downturns—evidence that “smart money is deploying” despite macro uncertainty.Binance Trading Activity Remains StrongTeng also highlighted Binance’s scale and liquidity, noting that the exchange facilitated approximately $34 trillion in trading volume last year and serves around 300 million users globally.He reiterated that Binance remains focused on market integrity, user protection, and long-term industry growth as crypto adoption continues to evolve.

On Feb 12, 2026, 08:28 AM(UTC). According to Binance Market Data, Bitcoin has dropped below 67,000 USDT and is now trading at 66,918.351563 USDT, with a narrowed narrowed 0.03% increase in 24 hours.

Key TakeawaysBinance Co-CEO Richard Teng says clear regulation is essential for crypto innovation and institutional adoptionU.S. legislative progress is accelerating stablecoin issuance and corporate treasury adoptionInstitutional investors added ~43,000 BTC in January, signaling continued “smart money” accumulationBinance is expanding tokenized real-world assets through partnerships with traditional financeHong Kong has all prerequisites to become a global crypto hub, Teng saysRichard Teng: Clear Regulation Is the Foundation of Crypto InnovationAt the Consensus Hong Kong on February 12, Richard Teng, Co-CEO of Binance, shared his views on crypto regulation, institutional demand, and the company’s long-term strategy in an interview with CoinDesk.Teng said the crypto industry has spent years operating under regulatory uncertainty, weak oversight, and inconsistent enforcement. According to him, clear and transparent regulation is now a prerequisite for sustainable innovation.He highlighted recent U.S. legislative developments, including the Genius Act, as a major confidence boost for the stablecoin sector. As a result, financial institutions and corporations are increasingly launching their own stablecoins or partnering with established issuers.Corporate treasuries worldwide are also shifting away from traditional fiat rails toward stablecoins and crypto assets, driven by lower costs and faster cross-border settlement. Teng stressed that regulatory clarity enables developers, exchanges, and innovators to build with confidence.Binance Expands Tokenization With Traditional Finance PartnersTeng revealed that Binance has recently deepened cooperation with Franklin Templeton, focusing on using tokenized money market funds as institutional collateral on the exchange.This move aims to reduce trading costs and improve capital efficiency for institutional investors. Teng noted that the boundaries between Web2 finance and Web3 are rapidly disappearing.He also pointed to Binance’s newly launched precious metals derivatives, which saw strong trading volume growth within a single month. The demand reflects growing interest in 24/7 global markets that allow institutions to manage risk continuously.Binance plans to continue supporting asset tokenization efforts, bringing more real-world assets on-chain to enable global, always-on trading.Institutional Bitcoin Demand Remains Strong Despite VolatilityAccording to Teng, Asia-Pacific and Latin America remain the fastest-growing regions for retail crypto users. However, retail participation has slowed amid market volatility.Institutional investors, by contrast, continue to accumulate aggressively. Teng said institutions added approximately 43,000 BTC in January alone, underscoring sustained confidence in Bitcoin.He expects retail investors to eventually return as new market narratives emerge and confidence improves.Hong Kong Has All the Conditions to Become a Global Crypto HubTeng expressed strong confidence in Hong Kong’s ambitions to become a global crypto center.He said he met with policymakers and regulators during the event and encouraged them to continue advancing clearer policies and stronger regulatory frameworks. As an established international financial center, Hong Kong already has the infrastructure, talent, and regulatory capacity needed to support large-scale crypto adoption.Teng added that progress in any jurisdiction benefits the entire global crypto ecosystem.Binance to Build Tailored Products for Different User SegmentsLooking ahead, Teng said Binance’s goal of onboarding the next billion users remains a long-term mission.To achieve this, the exchange will continue developing customized product offerings for different user groups, including VIP clients, institutional investors, and retail traders. User demand will remain the core principle guiding Binance’s product design and strategic expansion.

Meta has announced a significant investment of $10 billion to construct a data center in Indiana, aimed at providing 1 gigawatt of electrical capacity to bolster its AI initiatives. According to NS3.AI, this move aligns with the U.S. 'Make in America' policy, distinguishing Meta's strategy from that of Amazon and Microsoft, which are collectively investing $53 billion in data centers in India. While the project is expected to bring economic benefits and enhance the local power grid, it has drawn criticism from environmental activists who are concerned about the potential impact on local power supply and the environment.

Ether may be nearing another sharp rebound despite its recent sell-off, according to Tom Lee, who argues that historical patterns point to a familiar V-shaped recovery.Speaking at a conference in Hong Kong on Wednesday, Lee said Ethereum has repeatedly staged rapid rebounds after deep drawdowns. “Since 2018, Ethereum has fallen more than 50% eight times,” he said. “Eight out of eight times, Ethereum has had a V-shaped bottom.”Lee noted that in each case, Ether recovered at roughly the same speed as its decline. He added that last year alone, Ethereum dropped 64% between January and March, before rebounding.“Nothing has changed,” Lee said. “Ether will see another V-shaped bottom.”Analysts see signs of a near-term bottomLee said Ether appears close to a bottom similar to prior downturns in late 2018, late 2022, and April 2025, suggesting investors should focus on opportunity rather than capitulation.Market analyst Tom DeMark of BitMine flagged $1,890 as a potential downside target, describing a possible “undercut” scenario in which the level is briefly tested twice. Lee characterized such a pattern as a “perfected bottom.”“You don’t really have to worry about the bottom,” Lee said. “If you’ve already seen a decline, you should be thinking about opportunities here instead of selling.”Ether struggles below $2,000Ether has remained under pressure in recent weeks. Prices on Coinbase fell to about $1,760 on Feb. 6, just above the 2025 low near $1,400, according to TradingView.At the time of writing, Ether was trading around $1,970, having failed to reclaim the $2,000 level after a roughly 37% decline over the past 30 days.Staking demand reaches record levelsDespite weak price action, on-chain data points to strong long-term conviction. The wait time to stake Ether has climbed to a record 71 days, with roughly 4 million ETH in the validator entry queue, according to ValidatorQueue.The share of Ether supply staked has also reached an all-time high of 30.3%, or about 36.7 million ETH.“This is a massive supply restriction,” said crypto analyst Milk Road, noting that roughly one-third of Ether’s supply is now illiquid and earning around 2.83% APR. “When people lock up $74 billion during a price dip, they’re not speculating. They’re settling in.”The combination of historical rebound patterns and tightening liquid supply underpins Lee’s view that Ether may be approaching another rapid recovery phase, even as near-term volatility persists.

Binance has completed a $1 billion Bitcoin purchase for its Secure Asset Fund for Users (SAFU), acquiring a total of 15,000 BTC at an average price of approximately $70,000, according to on-chain analyst Yu Jian.The purchases were executed in multiple tranches, reflecting a staggered accumulation strategy amid market volatility. The breakdown disclosed by Yu Jian is as follows:1,315 BTC for $100 million at $76,0451,315 BTC for $100 million at $76,0453,600 BTC for $250 million at $69,4444,225 BTC for $300 million at $71,0064,545 BTC for $300 million at $66,006The final tranche was executed at the lowest price, pulling the blended average close to $70,000. 

Binance has completed the integration of Ripple USD on the XRP Ledger, enabling users to deposit the stablecoin on the network.Deposits for RLUSD are now open, while withdrawals will be enabled once sufficient on-chain liquidity is established, Binance said. Users can access their assigned deposit addresses through the platform, with the token’s contract details available on the XRP Ledger.The integration expands RLUSD’s accessibility within Binance’s ecosystem and adds to the growing range of stablecoin options supported across multiple blockchain networks.

Binance said it will convert AZTECUSDT pre-market perpetual futures into a standard USDⓈ-margined AZTECUSDT perpetual contract on Feb. 12, according to an exchange notice.The transition will begin at 07:00 UTC and may take up to three hours, depending on market volatility and the availability of a stable index price. Binance said trading will continue uninterrupted during the process, with open orders and positions remaining intact.Mark price transition detailsDuring the conversion period, the mark price will gradually converge from the pre-market calculation to the standard perpetual futures formula:Mark Price = Median (Price 1, Price 2, Contract Price)To limit excessive volatility, Binance will apply a ±1% per-second price cap on mark price changes throughout the pre-market phase and the transition period.Once pre-market trading fully ends, the standard mark price formula will apply immediately, based on Binance’s established USDⓈ-M futures index methodology.Funding rate normalizationAfter the transition, the premium index will become available and funding rates will shift to standard perpetual futures rules. Under this framework, funding rates may fluctuate between +2.00% and -2.00%, in line with other USDⓈ-margined perpetual contracts on Binance Futures.Binance noted that availability of products and services may vary by region, in accordance with local regulations.

Thailand has approved regulatory changes that will allow digital assets to serve as underlying instruments for regulated derivatives, marking a significant step toward integrating crypto into the country’s formal capital markets.Thailand’s Cabinet approved amendments to the Derivatives Act that enable cryptocurrencies to back derivatives products, according to the Thailand Securities and Exchange Commission. The move formally recognizes digital assets as eligible investment underlyings within Thailand’s regulated financial framework.“This development will help promote more inclusive market growth, facilitate diversification and more effective risk management, and expand investment opportunities for a broader range of investors,” said Pornanong Budsaratragoon, secretary-general of the SEC.Rules to follow, coordination with TFEXThe SEC said it will draft follow-up rules to update derivatives licenses, allowing digital asset operators to offer crypto-linked contracts. The regulator will also review supervisory requirements for exchanges and clearing houses and coordinate with Thailand Futures Exchange (TFEX) to set contract specifications aligned with the risk profile of digital assets.The reform aligns with the SEC’s previously announced three-year capital markets plan, which includes tokenization initiatives and the development of crypto exchange-traded funds, signaling a broader push to integrate digital assets into regulated investment channels.Industry reaction: overdue, but risks remainLocal market participants said the move is overdue but cautioned that safeguards will be critical. “Digital assets already function as financial instruments in practice,” said Pichapen Prateepavanich, policy strategist and founder of infrastructure firm Gather Beyond, adding that expanding the Derivatives Act aligns regulation with market reality by bringing activity into a clearer legal structure.She said properly structured crypto-linked derivatives could improve hedging, liquidity, and institutional participation. However, she warned that expanding scope “without simultaneously strengthening disclosure standards and capital requirements would increase systemic risk.”Evolving crypto policy frameworkThailand’s crypto regulatory regime dates back to 2018, when the Emergency Decree on Digital Asset Businesses granted the SEC licensing and enforcement authority over exchanges and token issuers. Oversight has since expanded to investor protection and market conduct, including restrictions on crypto payments, tighter operational rules for licensed firms, and new investment guidelines for funds.In recent years, the regulator has approved stablecoin trading on local exchanges and proposed measures to allow funds greater exposure to digital assets, alongside plans for tokenization and crypto ETFs.The latest decision underscores Thailand’s effort to balance innovation with regulation, positioning the country to deepen institutional participation in crypto—provided risk controls and disclosures keep pace, according to The Decrypt.

India's banking sector is experiencing a significant increase in liquidity, presenting an arbitrage opportunity for lenders. Bloomberg posted on X that this situation allows banks to borrow funds at lower costs and deposit them with the central bank at a higher interest rate. This development is a result of the current financial conditions in the country, which have led to an influx of liquidity in the banking system. As banks take advantage of this opportunity, it could have implications for the broader financial market and monetary policy in India. The central bank's role in managing this liquidity surge will be crucial in maintaining economic stability.

Polymarket has launched a new short-term trading feature, introducing a “5-minute BTC rise/fall” prediction event focused on Bitcoin price movements.The new event allows participants to predict whether Bitcoin will rise or fall over a five-minute interval, marking Polymarket’s move toward ultra-short-duration crypto prediction markets. At launch, the feature supports Bitcoin only, with no other cryptocurrencies currently available.

Fractal Bitcoin has activated its FIP-101 node upgrade at block height 1,500,000, completing the first phase of planned consensus changes and formally launching standardized index construction on the network.The upgrade has received backing from major Bitcoin mining pools, including Foundry, AntPool, ViaBTC, F2Pool, and Binance Pool. Together, these pools represent approximately 85% of Bitcoin’s total network hash rate, signaling broad miner alignment with the upgrade.Consensus changes and index integrationAccording to the Fractal Bitcoin team, FIP-101 marks a key milestone in the network’s evolution, finalizing initial consensus adjustments while introducing a standardized framework for index construction. As part of the upgrade, index nodes will be integrated into the core block production and incentive layer, rather than operating as a peripheral system.The network’s block production structure will also undergo a phased transition. Fractal Bitcoin said it will move from its current 1:2 ratio of merged mining to solo mining toward a ternary structure, balancing merged mining, solo mining, and index block production at a 1:1:1 ratio. 

U.S. spot Bitcoin exchange-traded funds recorded $276 million in net outflows on Feb. 11 (U.S. Eastern Time), as investor caution persisted amid ongoing market volatility, according to data from SoSoValue.Among the funds, WisdomTree’s spot Bitcoin ETF BTCW posted the largest single-day inflow, adding $6.78 million. BTCW’s historical cumulative net inflows now stand at $66.26 million.By contrast, Fidelity’s FBTC led the day’s redemptions, with $92.6 million in net outflows. Despite the pullback, FBTC has accumulated $11.07 billion in total historical net inflows, underscoring its position as one of the largest spot Bitcoin ETFs.ETF footprint remains substantialAs of the latest data, the total net asset value of U.S. spot Bitcoin ETFs is $85.77 billion, representing approximately 6.35% of Bitcoin’s total market capitalization. Cumulative net inflows across all spot Bitcoin ETFs have reached $54.72 billion, even after recent outflows.The mixed flows highlight a market in consolidation, with selective buying alongside broader risk reduction as investors continue to reassess exposure to Bitcoin-linked products. 

U.S. spot Ethereum exchange-traded funds recorded $129 million in net outflows on Feb. 11 (U.S. Eastern Time), extending pressure on ETH-linked investment products amid broader market weakness, according to data from SoSoValue.Fidelity’s spot Ethereum ETF, FETH, posted the largest single-day outflow, with $67.1 million redeemed. Despite the pullback, FETH’s historical cumulative net inflows stand at $2.52 billion, indicating that longer-term allocations remain substantial.BlackRock’s Ethereum ETF, ETHA, recorded the second-largest outflow, shedding $29.4 million on the day. ETHA has accumulated $12.02 billion in total historical net inflows, making it the largest spot Ethereum ETF by inflows to date.ETF footprint remains significantAs of the latest data, the total net asset value of U.S. spot Ethereum ETFs is $11.27 billion, representing approximately 4.78% of Ethereum’s total market capitalization. Cumulative net inflows across all Ethereum spot ETFs have reached $11.75 billion, despite recent redemptions.

Tether is on track to overtake Ethereum in market capitalization as Ether continues to weaken, reinforcing what some analysts describe as one of the most persistent structural trends in crypto markets: the steady rise of stablecoins.The market capitalization of Tether is approaching that of Ethereum, which remains the world’s second-largest cryptocurrency. The convergence comes as Ether trades near $1,500, a level analysts identify as the next major technical support after breaking decisively below the $2,500 pivot that had held since 2024.Market observers note that stablecoin growth—driven by trading, settlement, and capital preservation use cases—has consistently outpaced that of most volatile crypto assets. As a result, Tether has already surpassed the market capitalizations of numerous major tokens, leaving only Ethereum and Bitcoin ahead.Some analysts argue that the trend could extend further. On current trajectories, Tether would need Bitcoin to trade near $10,000 for USDT to surpass it in market capitalization, a scenario they view as structurally possible over the long term if stablecoin adoption continues to expand while risk assets remain cyclical.

Hong Kong's artificial intelligence stocks exhibited varied performance during afternoon trading. According to Jin10, Zhihu (02513.HK) surged over 37%, while MINIMAX-WP (00100.HK) increased by more than 17%. Additionally, Fubo Group (03738.HK) rose over 11%, and both Kingsoft Cloud (03896.HK) and SenseTime (00020.HK) climbed over 6%. Conversely, Cloud Music (09899.HK) fell by more than 10.5%, Lenovo Group (00992.HK) dropped over 5%, and both Kingdee International (00268.HK) and Meituan (03690.HK) declined by over 4.5%, with Meitu (01357.HK) nearing a 4% decrease.

Jack Kong, CEO of Nano Labs, posted on X. Dr. Kong Jianping, Chairman and CEO of Nano Labs and a member of the Board of Directors at Cyberport Hong Kong, has joined the Hong Kong Science and Technology Park. This move is expected to enhance collaboration and innovation within the technology sector in Hong Kong. Dr. Kong's involvement is anticipated to bring significant expertise and leadership to the park, fostering growth and development in the region's tech industry.

Nicholas Peach, Head of iShares for BlackRock Asia Pacific, stated at the Consensus Hong Kong conference that just a 1% allocation of Asian standard investment portfolios to cryptocurrencies could drive nearly $2 trillion in new capital into the market. According to TechFlow, Peach noted that total household wealth in Asia amounts to approximately $108 trillion, and a 1% allocation would inject new capital equivalent to roughly 60% of the current market capitalization. Peach also added that Asian investors have contributed significantly to flows into the U.S.-listed crypto ETFs.

Kyrgyzstan's cryptocurrency industry contributed over $22 million in tax revenue to the state last year. According to TechFlow, the cryptocurrency industry in Kyrgyzstan has become one of the country’s fastest-growing economic sectors, processing over $20.5 billion in transactions in 2025 and contributing $22.8 million in tax revenue to the state.Temir Kazybaev, Chairman of the Association of Virtual Asset Market Participants in Kyrgyzstan, revealed that this tax revenue exceeds the combined total of the country’s largest commodity trading center, the Dordoi Bazaar ($7.9 million), and all patent tax revenues ($13.6 million). Currently, over 200 cryptocurrency exchanges and 11 mining companies are registered and operating in Kyrgyzstan. 

Only one U.S. SOL Spot ETF recorded a single-day net inflow yesterday. According to Odaily,  SoSoValue data showed that on February 11, only the Invesco Galaxy Solana ETF (QSOL) saw a net inflow.  The SOL spot ETF recorded a single-day total net inflow of $478,900, bringing its historical total net inflow to $894,900. All other SOL ETFs saw no inflows.