The popular AI framework Virtuals Protocol will host an in-person meet-up in Hong Kong on Friday, January 17.

On February 20th, Sean Farrell—Digital Asset Strategist at Fundstrat, operating under Tom Lee’s supervision—released the latest analysis on Ethereum (ETH). Key insights from the report: - ETH’s current average cost basis is $2,241, while its spot price is $1,934, leaving investors with an average unrealized loss of 22%. - Comparing this drawdown to historical lows: In 2022, investors’ average maximum unrealized loss reached 39%; in 2025, that figure was 21%. Applying these two metrics to the current $2,241 average cost basis implies potential downside targets of $1,367 or $1,770 for ETH. Further analysis of realized loss percentiles since 2017 shows the current average loss stands at a historically high 9%, indicating elevated market stress. The implied 12-month forward return from this level is +81%, suggesting ETH prices are nearing a bottom. Long-term, Ethereum’s risk-reward ratio appears favorable. Tom Lee retweeted the analysis, noting it helps contextualize investor

On February 20th, cryptocurrency investment firm DBA raised $68 million for its second venture capital fund. Co-founded by Michael Jordan (former co-head of investment at Galaxy Digital) and Jon Charbonneau (a notable Ethereum commentator), DBA has previously backed Layer 1 infrastructure projects DoubleZero and Monad, stablecoin app Payy, ICO funding platform MetaDAO, and a Bitcoin scaling solution.

On February 19, Bubblemaps uncovered that Hayden Davis—a key figure in the LIBRA token scam—was actually the second-largest investor in Pump.fun’s private sale round. Davis put up 50 million USDC and dumped the tokens for $65 million on listing day. While most recall Pump.fun’s $500 million public token sale in July 2025, few remember its private round included several undisclosed investors. After investing $50 million, Davis’ active on-chain address received 12.5 billion PUMP tokens at launch, valued at $73 million with a projected $15 million profit. The address was previously identified, but Davis’ ownership was only now confirmed. It remains unclear if the Pump.fun team is aware of this, but the address has clear, multiple on-chain ties to Davis.

On February 19, privacy-focused cryptocurrency Dash officially announced plans to integrate transaction shielding into its Evolution chain, leveraging Zcash’s Orchard technology to safeguard user transaction confidentiality with top-tier security and fast finality. Following the launch of its Protected Credit Pool, Dash will move forward with developing shielded tokens and adding secure protection features for token transfers. This aligns with Zcash’s Shielded Assets concept but offers more comprehensive token functionality, as Dash will use a dedicated token security protection pool. Additionally, shielded transfers are expected to roll out soon, with shielded pools for token transfers to follow.

On February 19th, Bitcoin mining firm Bitdeer (BTDR) saw its shares open sharply lower, dropping 19.5%. The stock currently trades at $8.36, with a market capitalization of $1.922 billion. Market analysts attribute the decline to concerns over equity dilution tied to Bitdeer’s newly announced $300 million convertible bond offering. Earlier that day, Bitdeer said it plans to privately place $300 million in principal of 2032 convertible preferred notes, with up to an additional $45 million in purchase options for initial buyers. Net proceeds will partially cover capped call transaction costs and repurchases of its 5.25% convertible bonds maturing in 2029. The remaining funds will support data center expansion, scaling its high-performance computing and AI cloud business, researching and manufacturing ASIC mining rigs, plus working capital and general corporate needs.