Gate Research: Vitalik Sold 10,700 ETH This Month | IBM Plunges 11% as AI Disrupts Traditional Business Models

Crypto Market Overview

• BTC (-2.53% | 63,165 USDT): Influenced by Trump’s proposed 15% global tariffs and weak ETF flows, Bitcoin briefly fell into the $64,200–$64,400 range over the past 24 hours. On Sunday night, BTC dropped more than 5% within just a few hours. The exchange whale ratio has climbed to around 0.64, the highest level since 2015, suggesting large holders may be transferring tokens to exchanges, potentially signaling increased sell-side pressure. As prices retreat back into the short-term structure, upside momentum appears limited. At this stage, Bitcoin may continue consolidating between the $60,000 support zone and the $75,000 resistance zone. A decisive breakout from either boundary would be required to establish the next sustained directional trend, while repeated rejection near $70,000 keeps the short-term outlook cautious.

• ETH (-1.54% | 1,832 USDT): Ethereum continues to consolidate near its 20-day low around $1,844, with multiple momentum indicators pointing to a weak market structure. RSI is hovering near 31.5, approaching the classic oversold territory, implying that short-term selling pressure has eased but without a confirmed reversal signal. ADX stands near 47, indicating a relatively strong trend environment, meaning price action still reflects a directional decline rather than a range-bound recovery. Meanwhile, MACD remains below the zero line, reinforcing the broader bearish bias. Recently, Vitalik Buterin sold approximately 1,869 ETH at an average price near $1,950, totaling about $3.7 million. Although modest relative to Ethereum’s daily trading volume, founder-related selling during fragile sentiment phases often amplifies market signaling effects, potentially contributing to short-term confidence volatility. Overall, despite the significant correction already seen, trend indicators have yet to confirm a structural reversal.

• Altcoins: Over the past 24 hours, certain speculative segments showed relative resilience, with TRUMP gaining 1.78%, possibly reflecting continued retail participation amid heightened volatility, while institutional flows appear more defensive. The Fear & Greed Index stands at 11, indicating the market remains in “extreme fear.” Broadly speaking, the market continues to be dominated by a downward trend, and any rebounds are more likely to represent technical corrections rather than a stable trend reversal.

• Macro: On February 23, the S&P 500 declined 1.04% to 6,837.75, the Dow Jones fell 1.66% to 48,804.06, and the Nasdaq dropped 1.13% to 22,627.27. As of February 24, 03:00 AM (UTC), spot gold is priced at $5,189 per ounce, down 0.74% over 24 hours.

Trending Tokens

PIPPIN Pippin (+16.62%, circulating market cap: $737 million)

According to Gate market data, PIPPIN is currently priced at $0.742831, up 16.62% over the past 24 hours. PIPPIN is a community-driven crypto token that originated from a unicorn SVG image generated by ChatGPT 4.0 and has gradually evolved into a cryptocurrency experiment combining AI autonomous agents with meme community culture. The project emphasizes open-source development, community participation, and ecosystem openness, aiming to enhance its cultural narrative and community engagement through AI-generated behaviors and interactive content mechanisms.

PIPPIN’s rally has been primarily driven by strong speculative buying and community momentum, reflected in a high turnover rate of 9.4% and trading volume of $68.4 million. If buying pressure remains above $0.70, the price may test the $0.80–$0.85 range. A break below $0.65 could trigger profit-taking, potentially pulling the price back toward $0.60.

STEEM Steem (+25.52%, circulating market cap: $30.81 million)

According to Gate market data, STEEM is currently trading at $0.5115, up 25.52% in the last 24 hours. Steem is a blockchain project focused on social media and content creation, designed to reward creators and user interactions through token-based incentive mechanisms. It utilizes a DPoS (Delegated Proof of Stake) consensus model and promotes decentralized content platforms through applications such as Steemit.

Steem’s sharp rise represents a technical breakout, with the token decisively breaking above key moving averages. Overbought momentum indicators have confirmed the move, while trading volume surged 303%, signaling significantly increased spot buying interest and capital inflows. If Steem holds the $0.055–$0.057 support zone, it may retest the $0.060 resistance level. A breakdown below this range, combined with an overbought RSI, could lead to a pullback toward the 7-day SMA near $0.049.

POWER Power Protocol (+12.05%, circulating market cap: $108 million)

According to Gate market data, POWER is currently priced at $109.68, up 12.05% over the past 24 hours. Power Protocol functions as an incentive layer connecting mainstream applications to Web3 by converting user behavior and application revenue into on-chain rewards. The protocol transforms participation into real economic value, providing millions of Web2 users with their first meaningful on-chain experiences through gaming, consumer apps, and creator platforms.

POWER’s recent gain has been largely driven by leveraged trading. Spot trading volume jumped 162% within 24 hours, reaching $38.6 million, while futures buying amplified spot price volatility. The price is currently facing resistance around $0.55–$0.56, a level previously tested during the rally. Key support lies near $0.50. Given the elevated volatility and turnover rate, the market may enter a consolidation phase. If Bitcoin remains weak, altcoins such as POWER could experience profit-taking pressure.

Alpha Insights

AI Disrupts Traditional Business Models, IBM Plunges 11%

On February 24, AI company Anthropic announced that its Claude Code platform can automate the modernization of COBOL systems. COBOL has long relied on human consulting and customized development; if automation efficiency improves significantly, it could compress the labor-intensive revenue streams of traditional IT consulting firms. The news sparked market concerns over potential disruptions to legacy IT consulting and software business models. As a result, IBM shares plunged as much as 11% intraday, becoming one of the latest assets hit by AI-driven repricing. Market risk appetite declined in tandem, with major U.S. equity indices broadly lower and crypto assets also coming under pressure.

The core concern is not COBOL itself, but AI’s potential substitution effect on high-value enterprise services such as system migration and architectural restructuring. If the technology matures, the industry structure may shift from “labor-driven” to “tool- and platform-driven,” forcing IT consulting firms to accelerate AI integration and business model transformation. AI’s impact on crypto is two-sided: on one hand, automation tools may lower blockchain development barriers and accelerate application-layer innovation; on the other, structural shifts in compute demand may reshape the mining landscape—helping explain why mining stocks such as IREN moved higher against the trend. From a broader perspective, the convergence of AI and crypto is transitioning from narrative speculation toward infrastructure build-out. AI needs blockchain for data ownership and value distribution, while crypto networks need AI to enhance interaction efficiency and intelligence—synergies that may not yet be fully priced by the market. Over the long term, high-performance public blockchains could become key rails for an AI agent economy, as their high throughput and low latency are well-suited for frequent on-chain AI interactions.

ZachXBT Teases Major Investigation, Fueling Speculation: Alleged Insider Trading, Prediction Markets and Trump-Linked Projects Under Scrutiny

On February 24, on-chain investigator ZachXBT reiterated that he will release a major investigation on February 26 involving one of the most profitable companies in crypto. Multiple employees are alleged to have abused internal data over an extended period for insider trading. The teaser triggered widespread discussion among crypto KOLs. If the target involves a prediction market platform, employees could theoretically access sensitive information including outcome adjudication criteria, market-maker positions, liquidity data, and user order flow. Combined with prior instances of “abnormally high win rates” and outsized profits on such platforms, prolonged information asymmetry has become a focal point. Media reports had previously highlighted suspected early positioning around geopolitical events on Polymarket, intensifying community debate over insider trading. The investigation also reportedly points toward Trump-related crypto projects, arguing that public statements and social media activity during the recent USD1 de-peg exacerbated market panic, while raising questions about potential internal manipulation and informational advantages in projects including WLFI.

These views remain market commentary, with no official findings to date. Participants are awaiting the detailed disclosure scheduled for February 26. ZachXBT’s probe underscores an uncomfortable possibility for the industry: the most profitable firms may also represent the most fragile nodes of trust, prompting renewed examination of data ethics, internal controls, and checks-and-balances. Regardless of the outcome, the investigation is likely to push the sector toward healthier governance standards.

Vitalik Sells 10,700 ETH This Month at an Average Price of $2,027

On February 24, OnchainLens reported that Ethereum founder Vitalik Buterin has continued selling ETH. Over the past three days, he sold a total of 3,765 ETH, realizing approximately $7.08 million. Since February 2, he has cumulatively sold 10,723 ETH for about $21.74 million, at an average price near $2,027. Previously, on January 30, Vitalik announced a donation initiative stating he would “personally allocate 16,384 ETH to support open-source, full-stack verifiable software and hardware development.” The tokens sold so far represent roughly 65.44% of that pledged amount.

In light of Vitalik Buterin’s publicly stated donation plan, the recent ETH sales can be viewed as a transparent and purpose-driven asset disposition. Operationally, the tokens were sold in batches via multisig addresses and CowSwap, with execution prices around $2,000, consistent with standard market practices. No signs of abnormal discount selling were observed, suggesting efforts to minimize direct market impact. As a central figure in Ethereum, Vitalik’s on-chain activity inevitably attracts attention and occasional over-interpretation. However, relative to ETH’s circulating supply and daily trading volumes, the scale appears modest, with effects likely more psychological than structural. Investors should continue monitoring address activity and the subsequent use of proceeds to verify alignment with the stated objectives.


References

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH\_USDT
• X, https://x.com/OnchainLens/status/2026094028568301653
• Polymarket, https://polymarket.com/event/which-crypto-company-will-zachxbt-expose-for-insider-trading
• CoinDesk, https://www.coindesk.com/markets/2026/02/23/crypto-suffers-deeper-declines-as-ai-fears-send-ibm-plunging-11

Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.

Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.