Point of View: The Federal Reserve Has Over-Eased, with a 65% Chance of Stagflation in the United States

On February 25, Coinglass data shows that if Bitcoin drops below $63,000, the total liquidation strength of long positions across major centralized exchanges (CEXs) will hit $1.054 billion. Conversely, if Bitcoin breaks above $67,000, the total liquidation strength of short positions on major CEXs will reach $686 million. BlockBeats Note: Liquidation charts do not display the exact number or value of contracts scheduled for liquidation. The bars on these charts represent the relative importance of each liquidation cluster compared to adjacent clusters — in other words, their "strength." Thus, the chart indicates the degree to which an asset’s price will be affected when it reaches a certain level. A higher "liquidation bar" signals that once the price hits that level, it will trigger a more intense reaction due to a liquidity cascade.

Hong Kong to Launch New Digital Asset Platform in 2026, Integrate Tokenized Bonds into Core Financial Infrastructure Hong Kong will establish a new digital asset platform this year (2026) to support the issuance and settlement of tokenized bonds, with plans to expand to other digital asset categories over time, according to Financial Secretary Paul Chan’s 2026–27 Budget speech delivered on February 25. The platform will be developed by CMU OmniClear Holdings, a subsidiary of the Hong Kong Monetary Authority (HKMA), and will connect with other tokenization platforms in the region—strengthening Hong Kong’s status as a digital asset hub. Hong Kong has already completed multiple government tokenized bond issuances. Secretary for Financial Services and the Treasury Christopher Hui noted that the third batch of tokenized government bonds, totaling 10 billion Hong Kong dollars (roughly $1.28 billion USD), was issued in Q4 2025, with regular issuances to continue going forward. This i

On February 25th, Marc Zeller—founder of Aave ecosystem contributor ACI—published a public report disclosing that Aave Labs has secured roughly $86 million in cumulative capital backing since 2017, including proceeds from its 2017 ICO, venture capital (VC) funding, and direct grants from the Aave DAO. The founding team set aside 23% of LEND tokens during the 2017 ICO; those tokens later migrated to AAVE at a 100:1 ratio. Prior to receiving DAO funding, Labs held approximately $48.7 million in capital. Since then, it has secured ~$37.4 million in DAO grants and is now seeking an additional $51 million via the “Aave Will Win” proposal. The report raises critical questions about Labs’ past product performance, noting that six independent products launched alongside the core Aave protocol have either failed outright or failed to become profitable. For the real-world asset (RWA) project Horizon: while it once claimed to have exceeded $1 billion in scale, its actual RWA collateral t

Binance Alpha officially announced on February 25th that users should prepare to claim its airdrop today at 6:00 PM UTC+8. Eligibility: Hold at least 256 Binance Alpha points. Distribution follows a first-come, first-served basis—tokens will be allocated until the airdrop pool is exhausted or the event concludes. Specific details will be announced separately.

February 25th — The forex market hit a turning point Tuesday, with the Australian Dollar (AUD), Norwegian Krone (NOK), and New Zealand Dollar (NZD) leading G10 currencies year-to-date—up roughly 6%, 5%, and 4% respectively. Traders are reassessing the global interest rate trajectory, betting major economies will either wrap up rate-cut cycles or refocus on taming inflation. The Reserve Bank of Australia (RBA) kicked off a new round of rate hikes this month, and its preferred trimmed-mean inflation gauge rose to 3.4%—reinforcing market bets on another hike in May. Norway’s markets are pricing in a first-half rate hike amid unexpectedly high inflation, while the Kiwi is also benefiting from wagers on upcoming rate increases. The three top “commodity currencies” strengthened in tandem, boosted by gains in key commodities like oil and copper. Strategists note that with Australian rates now above U.S. rates for the first time since 2017, plus a weaker greenback and growing demand for

**2026 State of the Union Address Breaks Record, Surpasses 100 Minutes** The U.S. State of the Union Address on February 25, 2026 officially exceeded 100 minutes, setting a new all-time record. The previous record was held by Bill Clinton’s 2000 address (89 minutes), while Donald Trump’s longest State of the Union clocked in at 82 minutes in 2019. Notably, on the prediction platform Polymarket, an account with an 86% win rate in political wagers had bet $9,000 on the outcome: “The 2026 State of the Union Address will reach or exceed 100 minutes.” Before the result was confirmed, the implied probability of this outcome was just 42%. With the address confirmed to have lasted over 100 minutes, the bet paid off. Account address: 0xcf19c420814435ffb1c459588208ed23a7ee6402