If Bitcoin breaks through $86,000, the mainstream CEX aggregate short liquidation intensity will reach 9.12 billion

**February 26: Onchain Lens Monitoring Shows Ethereum Co-Founder Vitalik Buterin Has Been Selling Small Amounts of ETH Ongoing** Ethereum co-founder Vitalik Buterin has continued offloading small amounts of ETH, per Onchain Lens monitoring as of February 26. He has cleared out his "0xfeb" wallet—once holding 19,318 ETH—selling ~$3.87 million worth of the token at an average price of $2,004. He now holds just 8.6 ETH. Originally, Vitalik planned to sell 16,384 ETH, but the actual amount sold may exceed that target. In late January, Vitalik noted the Ethereum Foundation was entering a mild tightening phase. His personal tightening plan involves taking on responsibilities that might otherwise fall to the Foundation’s "special initiatives" at a later date. He intends to sell 16,384 ETH, with proceeds earmarked for building an open-source, secure, verifiable full-stack software and hardware system to safeguard personal well-being and the public environment.

On February 26, Qiao Wang—co-founder of Alliance—posted on social media that investors have spent months hunting for scapegoats to blame for Bitcoin’s bear market, naming Jane Street, quantum computing, and the tech stock sell-off among the targets. But Bitcoin is an asset with no cash flow anchor, so the only primary driver of its price moves is... technical analysis. And the core of technical analysis boils down to crowd psychology: more people buy into a four-year cycle than a five-year one. Once the trend breaks, traders start taking profits or exiting via stop-losses. That’s it. Most other explanations are just correlation, not causation. Right now, all we need to do is wait patiently for market psychology to fully capitulate and for the trend to reverse—this doesn’t necessarily require an external catalyst.

On February 26, South Korean media outlet News1 reported that industry sources have revealed stablecoin issuer Tether recently posted job openings targeting Korean employees, including roles for a PR manager, blockchain investigator, and government relations officer. Tether first entered the Korean market last year by hiring a Korean market representative, but after that representative departed, the firm decided to significantly expand its local team. Separately, another virtual asset industry insider noted: “Since Circle’s CEO visited South Korea in August 2023, Circle has been actively conducting lending business in the country.” This activity appears to align with South Korea’s regulatory requirements for overseas stablecoin issuers. The upcoming Digital Assets Basic Law (Phase 2 Virtual Assets Act) is expected to include provisions mandating that overseas stablecoin issuers establish a local branch to distribute their tokens in the domestic market. As a result, even maj

On February 26, cryptocurrency market analyst Axel shared a report on social media, citing CryptoQuant data that Bitcoin’s “MVRV Z-Score” currently sits at -2.28—falling below the bear market bottoms of 2018 (-1.6) and 2022 (-1.4) to enter a “strong bear” zone. The MVRV Z-Score measures the standardized deviation of Bitcoin’s market value from its realized value; a negative reading means the market price is below the on-chain “fair value.” Axel attributed this anomaly to the scale of realized value in the ETF era: massive institutional capital inflows have lifted the cost basis, making the Z-Score more sensitive to price swings. A rebound of the Z-Score above -1.5, paired with Bitcoin holding above $65,000, would be the first technical confirmation signal to exit the pressure zone. However, the NUPL indicator—used to gauge market sentiment—currently stands at 0.197, still in the “hope” zone and far from the “surrender zone” seen at historical cycle bottoms. During true surrend

Trader pepe1stbuyer.eth, who made over $1.4M(6,965x) on $PEPE, spent 8.92 $ETH($16.5K) to buy 2.13M $EDEL recently. pepe1stbuyer.eth previously bought $PEPE when its market cap was under $16K, spending only $201 to buy 5.4T $PEPE — and later made over $1.4M.

Date: February 26 Perpetual DEX (Perp DEX) Metrics Update (DefiLlama Data) Mainstream Perp DEXs posted **sharp gains** in both 24-hour trading volume and Total Value Locked (TVL) over the past day. Aster saw a larger surge and now ranks 2nd by trading volume, while Hyperliquid’s volume topped $71.0 billion. Hyperliquid’s open interest has also edged up slightly over the past four days. Below is the current ranking of major Perp DEXs by 24-hour trading volume: 1. **Hyperliquid** - 24h Volume: ~$71.0b - TVL: ~$42.3b - Open Interest: ~$57.5b - Link: [Hyperliquid](https://app.hyperliquid.xyz/join/NTOD) 2. **Aster** - 24h Volume: ~$38.2b - TVL: ~$10.6b - Open Interest: ~$18.9b - Link: [Aster](https://www.asterdex.com/en-US/referral/aboter) 3. **Lighter** - 24h Volume: ~$37.7b - TVL: ~$8.8b - Open Interest: ~$7.77b - Link: [Lighter](https://app.lighter.xyz/?referral=70045843) 4. **EdgeX** - 24h Volume: ~$35.