Whales, Tariffs, and a Nervous Market

DAILY MARKET OVERVIEW

Crypto Caught in Global Pressure

👋 Hey, Crypto Enthusiasts! Uncertainty in the market continues to linger, so let’s dive right in!

The action in crypto never stops. Last week ended with a bang when the U.S. Supreme Court struck down President Trump’s broad tariff regime, removing his authority to impose sweeping global tariffs. Bitcoin jumped slightly on the news.

The Trump administration quickly moved to a different legal tool, which allows a temporary global tariff of up to 15% without direct approval from Congress for up to 150 days. Trump first set a 10% worldwide tariff under this law and has now raised it to the full 15%.

With tariff uncertainty, geopolitical tensions, and slowing U.S. GDP growth, the risk for risk assets is rising, and crypto is no exception.

CryptoQuant, an onchain data and analytics firm, says bitcoin selling is increasingly being driven by large holders.

• Its exchange whale ratio has risen to 0.64, the highest since 2015, meaning most exchange inflows now come from top wallets.

• That includes wallets like large whale Garret Jin, who has been unloading billions of BTC and ETH to exchanges over the past few months.

😰 Stepping back, this also fits a broader stress building in the global economy.

A recent research note from Investment Researcher Citrini argues that rapid advances in AI are starting to hit jobs, wages, and consumer spending, creating a negative feedback loop for growth and financial markets. In that kind of environment, liquidity tightens, risk appetite fades, and even long-term crypto holders are more likely to de-risk.

Crypto is not trading in a vacuum. Macro uncertainty, policy risk, and deeper economic shifts are starting to matter more, and the current whale-led selling suggests investors are positioning for a more volatile stretch ahead.

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SOCIAL SENTIMENT

Why Big Finance Is Buying DeFi Tokens

Big traditional finance firms are starting to buy DeFi governance tokens, not just invest in crypto companies.

Earlier this month, BlackRock, Citadel Securities, and Apollo Global Management disclosed token purchases or plans to acquire them. BlackRock bought UNI after bringing its tokenized Treasury fund onchain. Citadel backed LayerZero and acquired its token. Apollo agreed to build a large position in Morpho’s token over time.

For years, large financial firms avoided owning tokens directly, sticking instead to stocks, venture deals, and pilots.

Investors say this shift is about infrastructure, not speculation. These firms are tokenizing products and distributing them onchain, and they are buying tokens in the protocols they plan to use.

The backdrop has also changed. Custody and operational tools have improved, and U.S. regulation looks more predictable. The end of some SEC investigations, new stablecoin rules, and the likely passage of the CLARITY Act have made institutions more comfortable holding tokens.

Even so, token prices barely moved. Investors say that is because most governance tokens still do not clearly capture protocol revenue. Until that changes, big price reactions are unlikely.

For now, the buying looks selective and strategic. But if tokens gain clearer economic rights, it could signal a deeper shift in how Wall Street uses crypto.

NEWS OVERVIEW

The Latest Crypto Headlines 📰 

Missouri Revives Bitcoin Reserve Plan With New Treasury Bill
Missouri advanced HB 2080 to create a state Bitcoin Strategic Reserve Fund, allowing the Treasurer to hold, invest, and accept bitcoin for taxes and public payments.

AI Trading Bot Accidentally Sends $250K Memecoin Stash
An AI agent mistakenly transferred its entire memecoin treasury to an X user, sparking debate about automation risks, transparency, and fraud in AI-driven crypto projects.

Elliptic Flags Five Exchanges in Russian Sanctions Evasion
Elliptic identified five Russia-linked exchanges allegedly facilitating billions in crypto transactions tied to sanctions evasion, highlighting gaps in enforcement after Garantex’s shutdown.

Ethereum Builders Admit Web3 Still Lacks Mass-Market Apps
At ETH Denver, leading Ethereum developers conceded that crypto has built strong infrastructure but failed to deliver consumer apps that outperform Web2 in usability.

YOUTUBE INFLUENCER SUMMARY

Summary From The Top Influencers 📷️ 

Benjamin Cowen – Visualizing the Business Cycle (23.02.2026 Summary)

Benjamin Cowen explains the business cycle in simple terms: markets go through long periods of growth, then eventually slow down and reset. His main point is that we may be in the later stages of this cycle, and crypto usually feels that pressure first.

Key Points

• Crypto is one of the riskiest asset classes. When money gets tighter, investors move from risky assets to safer ones. First altcoins drop. Then Bitcoin slows down. Later, stocks can weaken too.

• Bitcoin going sideways for months can be a warning sign. In past cycles, markets often stall before a bigger move down.

• The job market is starting to weaken. Hiring is slowing and job openings are falling. If stocks drop hard, companies may lay off workers, which can hurt the economy and put more pressure on crypto.

• Not every cycle ends in a crash. Some end with big drops like 2008. Others are milder. But risk assets like crypto usually move more than stocks either way.

• Interest rates matter most. If the Fed lowers rates in a controlled way, crypto could benefit. If rates are cut because the economy is in trouble, markets may fall first before recovering.

• Defensive assets like gold and energy often stay strong late in a cycle. That can be a sign that investors are becoming more cautious.

Final Takeaway
Cowen’s message is not panic, but preparation. If we are late in the business cycle, crypto could stay volatile and under pressure. The key is to understand the bigger economic picture and avoid taking excessive risk if conditions continue to weaken.

CoinBureau – Bitcoin's Corporate Time Bomb (23.02.2026 Summary)

Coin Bureau breaks down the growing risk around companies that borrowed money to buy Bitcoin. With many of them now underwater, the concern is whether this could trigger forced selling and drag the market lower, or whether the fears are overstated.

Key Points

• The corporate treasury model is under pressure. Companies like Strategy bought massive amounts of Bitcoin at high prices. With BTC trading below their average cost, they are sitting on large unrealized losses.

• The $8,000 “failure level” is not a liquidation price. Strategy’s debt is mostly convertible notes, not margin loans. That means they cannot be automatically forced to sell Bitcoin just because price drops.

• The real risk is refinancing, not price alone. Major debt obligations begin in 2027. If Bitcoin stays weak and stock prices fall, some companies may need to raise cash, which could mean selling Bitcoin.

• Smaller copycat firms are more fragile. Unlike Strategy, many do not have strong cash flow businesses backing them. If prices fall further, they could become forced sellers.

• A feedback loop is the main danger. If companies stop buying Bitcoin, demand falls. If some are forced to sell, supply rises. That combination can push prices lower and trigger more stress.

• However, extreme crash scenarios are unlikely. Bitcoin at $8,000 would be far below mining costs and would likely attract strong institutional buying from ETFs and long-term investors.

Final Takeaway
Coin Bureau’s view is that this is more of a stress test than an apocalypse. Overleveraged companies may fail, but that does not automatically mean Bitcoin collapses. A shakeout could cause volatility, but it may ultimately leave the market stronger by removing weak hands.

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