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When the tags "Trump Family" and "Bitcoin Mining Company" are combined, market attention often focuses on the resonance between political halo and crypto narratives. However, the first full fiscal year report released by American Bitcoin in early 2026 presents a more complex business picture: against the backdrop of volatile Bitcoin prices in 2025, this highly scrutinized company recorded a net loss of $152.3 million. Is this figure a sign of deteriorating fundamentals or a financial measurement game of digital assets? This article will analyze American Bitcoin's 2025 financial report, dissecting its data composition, market controversies, and industry deep impacts.
Overview of the Massive Loss Event
On February 26, 2026, the Bitcoin mining company Amer

By 2026, the crypto market has shifted from large-scale protocol financing to new capital deployment centered around artificial intelligence, reflecting investors' increased focus on AI projects that address real-world problems. This change is driven by the weakness in traditional infrastructure financing, with AI-related projects attracting significant investment, especially in niche areas such as embodied intelligence and prediction markets. At the same time, market opinions on the AI narrative vary—some are optimistic, believing AI will usher in a new era, while others are cautious, thinking project valuations are already inflated. Overall, the rise of the AI narrative is reshaping the supply and trading dynamics of the crypto market.

Trade.xyz recently launched cross-margin functionality on the mainnet for the seven major U.S. tech giants, allowing users to share margin across different positions. This feature improves capital efficiency, reduces funding pressure, and attracts professional traders. Although it offers capital efficiency advantages, it increases user management complexity and requires caution regarding risks in extreme market conditions. This move changes the competitive landscape between CeFi and DeFi and may enhance market liquidity or face regulatory challenges.

On February 18, 2026, leading decentralized prediction market platform Polymarket implemented two major technical adjustments without prior announcement: removing the long-standing 500-millisecond Taker quote delay in crypto markets and fully adopting a dynamic fee mechanism. This update, dubbed a "silent coup" by the community, caused more than half of the existing trading bots on the platform to become invalid overnight. The delay arbitrage strategy that once created the myth of earning $515,000 in a month with a 99% win rate was also rendered obsolete due to higher fees than the spread. This adjustment is not only a change in technical parameters but also marks a shift in the underlying logic of prediction markets—advantages are moving from Taker (market taker) predatory arbitrage to Maker (order placer) market making and liquidity provision.
Policy Background and Timeline
Understanding this new regulation

February 26, 2026, Ripple officially announced a historic turning point in the XRP Ledger ecosystem support model: shifting from a funding system dominated by a single enterprise for the past nine years to a distributed financing network driven by community DAOs, venture capital, regional entities, and academic institutions. This strategic adjustment is not merely a transfer of funding allocation rights but a reconstruction of the underlying logic of XRPL governance. Although XRP's price fell back to $1.41 following the announcement, the market's real concern is whether this institutional reform can, in the medium to long term, foster genuine on-chain activity and institutional adoption. This article will deeply analyze the industry implications of this upgrade from perspectives such as funding flow, governance structure, market disagreements, and multi-scenario simulations.
Ripple Reshapes Ecosystem Financing: From Centralized to Distributed Governance

On February 27, 2026, the crypto derivatives market experienced the largest settlement event of the month. According to data from mainstream options exchanges, Bitcoin and Ethereum options contracts with a notional value exceeding $8.72 billion are set to expire today. This massive settlement accounts for approximately 20% of the current market open interest, and its scale and structure have sparked widespread concern about short-term fluctuations in the spot price.
Currently, according to Gate Market data, as of February 27, 2026, Bitcoin is priced at $67,700.8 USD, and Ethereum at $2,036.79 USD, both significantly below their respective maximum pain prices. This article will analyze the background of this expiration event based on objective data, dissect the mainstream market narratives, and explore potential multi-scenario evolution paths.
Monthly close of nearly $90 billion

In late February 2026, the world's leading quantitative trading firm Jane Street suddenly found itself in the spotlight of the crypto market. First, on February 24, the bankruptcy trustee of Terraform Labs filed an insider trading lawsuit against them in the U.S. Federal Court in New York, accusing them of using non-public information to front-run during the Terra collapse in 2022. Subsequently, a theory circulating in the crypto community for months—"Bitcoin daily 10 o'clock dump"—rapidly gained traction due to the exposure of this lawsuit. Market participants observed that since the lawsuit news broke, this long-standing pattern of selling pressure during a specific time period mysteriously disappeared, and Bitcoin's price subsequently experienced a significant rebound. This chain of events pushed this mysterious quantitative giant into the center of market manipulation allegations.
Aftermath of the Terra Collapse: Timeline of the Lawsuit and Key Allegations

On February 26, 2026, pseudonymous on-chain investigator ZachXBT released a timely investigative report on the cryptocurrency trading platform Axiom, accusing multiple employees of abusing internal tools to track user wallets and profit from it. The release of this report put an end to the speculation frenzy that had swept the crypto community over the past 72 hours. However, what truly shook the industry was not only the investigation itself but also a prediction market game involving over $27 million centered around the "investigation preview."
From preview to revelation, ZachXBT's "move" was no longer just about on-chain crime tracking but evolved into a key indicator for observing market sentiment, information dissemination, and new gaming structures.
Axiom Investigation Overview
On February 26, ZachXBT published the investigation report, officially accusing the cryptocurrency exchange platform

By the end of February 2026, the stock price of Circle Internet Group (CRCL) remained at $83. Nine months earlier, this figure was $298.
On the surface, Circle's fundamentals are not bad: during the 270 days after its IPO, USDC circulation exceeded 75 billion, and its total revenue in Q4 2025 reached $770 million, a 77% year-over-year increase. These numbers are still impressive in the traditional financial sector, but the capital market's valuation shows a clear divergence from the fundamentals.
The market's hesitation towards Circle essentially stems from confusion about its "identity"—is it a "treasury bond fund" relying on Federal Reserve interest rates, or a tech company capable of reshaping global financial infrastructure? The answer to this question determines whether the valuation is between $300 and $80.

In February 2026, the annual open letter released by Stripe co-founder John and Patrick Collison, a payments giant, provided a highly significant reference point for the crypto industry. Against the backdrop of the overall crypto market experiencing a deep correction and Bitcoin prices nearly halving from their all-time highs—a so-called "Crypto Winter"—Stripe described the development of the stablecoin sector as a "Stablecoin Summer." This paradoxical statement is not a rhetorical device but a structural judgment based on solid business data: stablecoins are increasingly decoupling from the strong correlation with crypto asset prices and are emerging as an independent payment infrastructure, entering their own moment of prominence.
Event Background and Timeline: From Infrastructure Pain Points to Strategic Depth
Stripe's understanding of payment pain points stems from the founders' early

Bitcoin, after experiencing a significant pullback, is currently priced at approximately $66,250. The market is divided on whether a bottom has been reached. Analysis suggests that deleveraging reduces risk but lacks new capital narratives, which may lead to continued consolidation or a bottoming process. The current market structure is shifting towards institutional funding, with short-term volatility decreasing and long-term trends remaining uncertain. In the future, the market may face three scenarios: oscillating to build a base, a second bottom, or prolonged consolidation.

Recently, there has been speculation in the crypto community that Jane Street is suppressing Bitcoin prices through systematic selling to accumulate ETF shares. However, industry data shows that this claim lacks evidence. Analysts believe that Bitcoin price fluctuations are more driven by natural market mechanisms and risk management rather than manipulation by a single institution. At the same time, the market is undergoing a shift in price discovery power from on-chain spot markets to derivatives markets. This event reflects the increasing understanding of complex structures and the demand for transparency in the crypto market.

As of February 27, 2026, the crypto market is in a delicate phase dominated by technical analysis (TA) rather than fundamental narratives. According to Gate market data, Bitcoin (BTC) is currently trading within a narrow range of $68,200 to $68,500, down more than 45% from its all-time high of $126,000 in October 2025. Market sentiment indicators, such as the Fear and Greed Index, have been lingering in the "Extreme Fear" zone between 11 and 16 for an extended period, which historically often coincides with market bottoms.
Recently, AllianceDAO co-founder Qiao Wang's views have sparked widespread discussion in the industry: Bitcoin, as an asset without cash flow backing, is not primarily driven by external macro events in a linear fashion,

In February 2026, after Bitcoin's price reached a historic high of $126,000, it experienced a significant correction and is now fluctuating between $62,000 and $70,000. However, in stark contrast to the weak price performance, spot Bitcoin ETFs continue to see strong capital inflows, with assets under management for BlackRock's IBIT once surpassing $54 billion. This disconnect between "hot capital and cold prices" has brought a group of key behind-the-scenes players—ETF authorized participants—into the spotlight. An intense debate over whether "they are deliberately suppressing Bitcoin's price" is brewing both inside and outside the crypto industry.
Market Controversy Overview: Who is Suppressing Bitcoin's Price?
Recently, speculation about market manipulation by the quantitative trading giant Jane Street has spread rapidly on social media. Some believe that, as BlackRock's IBIT

Retail investors' behavior in the crypto market has undergone significant changes. Starting from Q4 2024, the capital flow between the US stock market and the crypto market shifted from positive correlation to negative correlation. Retail funds have begun to selectively flow into US stocks, leading to decreased participation in the crypto market. This change has affected the investment structure of risk assets, and in the future, the crypto market will need to monitor US stock market trends to gauge the timing of capital reflows.

The threat of quantum computing to existing public key encryption systems is rapidly approaching from theoretical speculation to reality. On February 26, 2026, Ethereum co-founder Vitalik Buterin officially announced a quantum resistance roadmap, explicitly proposing to upgrade cryptographic components across four core layers: consensus, data availability, user accounts, and zero-knowledge proofs. This is not just an update to technical documentation but also marks a critical turning point for the second-largest public blockchain by market capitalization, as it moves from researching quantum threats to actively initiating engineering defenses.
This article will objectively analyze the technical details, evolutionary logic, and potential impact of this roadmap, based on Gate market data and the latest Strawmap plan. As of February 27, 2026, Ethereum (ETH) is priced at $2,037.58, with a 24-hour trading volume of $45

A clarification of a rumor has unveiled a potential power struggle within the global payments industry. On February 26, 2026, with a report from American financial media Semafor, the previously rampant rumor of “Stripe acquiring PayPal” was officially debunked. The report cited sources familiar with the matter stating that PayPal is not currently in negotiations with Stripe or any other potential buyers regarding a sale.
However, this clarification did not calm market sentiment; instead, it exposed deeper anxieties within the former payments giant: PayPal has been working with investment banks for several months to prepare for possible aggressive investor actions or hostile takeovers. This news intertwines management changes, drastic fluctuations in market value, and the rise of new industry leaders, reflecting not only a contest between two companies but also a paradigm shift in global payment infrastructure.

Bitcoin rose to nearly $70,000 in February 2026, but signals from the derivatives market indicate a cautious sentiment. Futures premium is below neutral levels, and demand for hedging in the options market is high, suggesting that professional traders lack confidence in the upward movement. Macro factors of concern and technical risks have affected investor sentiment, and future price trends face multiple possible scenarios.

In late February 2026, the crypto market experienced a set of noteworthy data points. Google Trends shows that worldwide searches for "buy bitcoin" surged to the highest level in nearly five years. This peak occurred against the backdrop of Bitcoin's price, which had retreated from its all-time high of $126,080 in October 2025 and was oscillating around the $60,000 mark in a weak trend. The significant divergence between search popularity and price movement has become a central topic of discussion in the current market. This article will systematically analyze the multiple structural factors behind this phenomenon based on objective data and event chains.
Divergence Between Search Peak and Price Correction
According to Google Trends data, the global search volume for buying Bitcoin peaked in late February 2026, reaching a new high in 2021

Traditional financial market analysts are rewriting valuation models for the largest stablecoin issuer in the crypto world. On February 26, 2026, Circle's stock briefly surged past $90, reaching its highest point since November last year. Behind this rally was not Bitcoin's sharp price volatility, but Wall Street's re-pricing of a fundamental change in Circle's business structure. Bernstein asserted that it has significantly decoupled from cryptocurrency market trends, while Mizuho Bank pointed out substantial trading revenue generated from the prediction market Polymarket. This article will objectively trace the causal chain of this event, dissect mainstream market views, and examine the authenticity and potential risks of the decoupling narrative.
Event Overview: Valuation Reassessment Triggered by Better-than-Expected Performance
On February 26, Eastern Time, Circle's stock price temporarily climbed to 90 during intraday trading.