Bitcoin Breaks $68,000, 24-hour Loss Narrows to 0.74%
On February 18, per HTX market data, Bitcoin topped $68,000, with its 24-hour price change narrowing to 0.74%.
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10X Research: Bitcoin ETF Sees Slight Decrease in Size, Still Dominated by Neutral and Hedge Positions
On February 18, cryptocurrency research firm 10X Research noted that while Bitcoin has fallen 46% from its all-time high, Bitcoin ETFs have seen net outflows of just $8.5 billion—a relatively moderate pullback relative to their total assets under management (AUM).
ETF ownership structure reveals market makers and arbitrage-focused hedge funds are the dominant holders, with most positions hedged or market-neutral rather than directional bets on Bitcoin. Additionally, a large share of holdings belong to long-term institutional investors with low turnover and extended investment horizons.
Per the latest 13F filings for Q4 2025, an estimated 55-75% of the $61 billion in assets under BlackRock’s IBIT remain held by market makers and arbitrage-focused hedge funds. During Q4 2025, as Bitcoin consolidated around $88,000, market makers reduced their exposure by roughly $1.6-$2.4 billion—reflecting diminished speculative demand and fewer arbitrage opportunities.
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「Black Swan Fund」 Founder: The long-standing uptrend of the US stock market is far from over, with the S&P 500 set to rise to 8000 points or even higher
February 18th — Mark Spitznagel, founder and CIO of Universa Investments (the firm behind the "Black Swan Fund"), said the long-term uptrend of U.S. stocks is far from over, at least for now. Over the next year, markets will stay in the "Goldilocks range": inflation and interest rates declining, the economy slowing but not sharply, and market sentiment turning euphoric — pushing stocks higher and ending in a blow-off top.
However, Spitznagel added that the "largest bubble in human history" has entered its final stage. Euphoria could lift the S&P 500 to 8,000 points or even higher — followed by a sharp reversal.
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Moonwell suffered approximately $1.78 million in losses due to a misconfiguration of a price oracle.
Feb 18: DeFi lending protocol Moonwell incurred a roughly $1.78 million default due to an oracle misconfiguration.
On Feb 15, Moonwell activated Chainlink’s OEV aggregator contract for cbETH price oracles via governance proposal MIP-X43. A critical configuration error temporarily valued cbETH at just $1. On-chain bots and liquidators acted swiftly, repaying only $1 of debt to seize cbETH collateral worth thousands of dollars.
The mistake triggered the liquidation of 1,096.317 cbETH, wiping out most or all collateral for many borrowers and leaving the protocol with heavy losses. The Moonwell team immediately reduced cbETH’s borrowing and supply caps to 0.01 to contain further damage. A spokesperson declined to disclose details about the error’s source or underlying vulnerability.
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Willy Woo: Bitcoin Bear Market About to Enter Second Phase, Liquidity Turning the Corner Still Awaits
February 18th – Renowned analyst Willy Woo has bad news for diehard Bitcoin bulls: the crypto’s bear market is still unfolding, and it breaks down into three distinct stages.
**Stage 1: Initiation**
Bitcoin’s liquidity collapsed in Q3 2025, sparking price declines. As a relatively small asset, Bitcoin is hyper-sensitive to liquidity shifts—so it often leads global macro bear markets by months. When smart money exits, Bitcoin reacts fast. During this phase, diehard bulls will claim it’s just a bull market pullback, but they can’t point to solid fund inflows—only hype.
**Stage 2: Global Stocks Turn Bearish**
This $100 trillion asset class is a supertanker—slow to shift. It’s the Bitcoin bear market’s midphase, when all risk assets slide. Make no mistake: we’re in a bear market.
**Stage 3: The Dawn**
Liquidity improves, capital outflows peak and stabilize, and investors trickle back. The final price dump usually hits here—right around the outflow peak.
**Current Update**
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