BREAKING: $435 million has been liquidated from the cryptocurrency market in the past 12 hours.

**Quick Update: Key Earnings on Feb. 25** - Circle (issuer of USDC stablecoin) will release its earnings report before the U.S. stock market opens on Feb. 25, per an official announcement. - Nvidia will post its earnings after the U.S. market closes on Feb. 25 (5:00 a.m. Beijing time on Feb. 26). **Nvidia Watch:** Nvidia’s stock has consolidated in recent months, barely posting positive returns so far this year. Wall Street increasingly worries its Feb. 25 earnings—regardless of results—could weigh on its share price and trigger a chain reaction across global AI-related assets. **Market Data (Bitget):** - Circle: Market cap = $14.421B; Share price = $61.24 - Nvidia: Market cap = $4.67T; Share price = $192.21 ### Notes on U.S. Style Adjustments: 1. **Earnings Report** (vs. "financial report"): Standard U.S. terminology for quarterly/annual corporate results. 2. **Market Cap** (vs. "market value"): Common shorthand for market capitalization in financial news. 3

On February 25, Wolfe Research warned investors may have overestimated AI investment growth prospects even as the market remains volatile. Recent trading suggests the S&P 500, Nasdaq 100, and Russell 2000 could fall by roughly 1% to 1.6% just on news headlines. Wolfe Research analyst Chris Senyek noted that while 2025 capital expenditures (capex) from hyperscale cloud providers beat expectations, there’s still uncertainty over whether that pace can be sustained in 2026. Bottlenecks including power constraints, raw material shortages, and regulatory hurdles could slow large-scale AI infrastructure builds in the second half of 2026. A slowdown in expenditure growth could benefit industries that had been under pressure from AI-related concerns—but it would hit stocks heavily dependent on AI investment hard, including those in the semiconductor and industrial sectors.

February 25 — Convicted FTX founder Sam Bankman-Fried is launching a long-shot bid for a U.S. presidential pardon, even as he serves a 25-year federal prison sentence. He has posted relentlessly on social media, targeting the "deep state" and other foes frequently cited in MAGA circles. While Bankman-Fried hasn’t explicitly stated his goal, the blitz appears aimed at persuading former President Donald Trump to release him from prison. Notably, Trump has previously pardoned several high-profile figures convicted of financial crimes, so the strategy isn’t entirely illogical. However, the White House says the plea will likely go unheeded. A spokesperson reiterated Trump has no intention of pardoning Bankman-Fried when asked for comment.

February 25, Meta Platforms (META.O) spokesperson Andy Stone said in a social media post: “There’s still no Meta stablecoin right now—business as usual. The core of Meta’s plan to relaunch stablecoin operations in the second half of 2026 is enabling individuals and businesses to pay using their preferred methods on Meta’s platforms.”

**Feb. 25 — Coinglass data reveals: - If Bitcoin surges above $66,000, total short liquidations across major centralized exchanges (CEXs) will hit $1.593 billion. - Conversely, if Bitcoin drops below $62,000, total long liquidations on major CEXs will reach $717 million. BlockBeats Note: Liquidation charts do NOT show the exact number or value of contracts being liquidated. The bars instead reflect the relative intensity of each liquidation cluster vs. nearby clusters — i.e., how strongly price will react to hitting that level. A taller bar signals a stronger reaction from liquidity cascades once price reaches the threshold.**

February 24 – Per LookOnChain monitoring data, Huang Licheng, widely known as "Brother Ma Ji," has again deposited 245,000 USDC into his account address on Hyperliquid (link: https://app.hyperliquid.xyz/join/NTOD).