「Wood Sister」: AI Craze Brings About 「Benign Deflation」, Market is on the 「Flip Side」 of a Bubble

On February 13th, per Bitget market data, Coinbase (COIN) stock jumped over 7% in pre-market trading, last trading at $151.08. Earlier, Coinbase released its Q4 2025 earnings report, posting a net loss of $667 million—which drove a 7.9% drop in its closing price yesterday. Following the earnings, CEO Brian Armstrong noted during a conference call that the current crypto slump stems from psychological factors, not fundamentals or macroeconomic issues. He stressed the company will continue buying BTC and repurchasing its stock. Additionally, Armstrong highlighted Coinbase’s successful diversification, with robust growth in subscription services and USDC-related revenue. These comments appear to have been well-received by the market.

February 13 — According to the Financial Times, Tether bought a net $28.2 billion in U.S. Treasury bonds in 2025, becoming the seventh-largest foreign holder. Its U.S. bond holdings, combined with Circle’s, now exceed those of countries like South Korea and Saudi Arabia. U.S. Treasury Secretary Scott Bessent argues stablecoins are a tool to boost the U.S. dollar and absorb U.S. debt, with the industry projected to grow from $300 billion today to $30 trillion. Now, the banking sector is clashing with the crypto industry over stablecoin regulation. JPMorgan Chase CEO Jamie Dimon and Coinbase CEO Brian Armstrong disagree on key terms. Banks worry letting third parties pay interest on stablecoins would siphon retail deposits to the tokens, raising financial risks. This fight has split Trump’s supporters, pitting Wall Street banks against crypto industry donors in a conflict of interest.

On February 13, LeGate—Polymarket’s Head of Global Growth—addressed community questions, clarifying that the Polymarket token airdrop has not been distributed as of the snapshot date. Earlier, Polymarket team members had noted the platform’s next steps would include launching 1-minute markets and its POLY token.

**Binance Announces Support for MANTRA (OM) Token Swap, Upgrade, and Rebrand** Per an official February 13 announcement, Binance will facilitate the token swap, incremental upgrade, and rebranding of MANTRA (OM) to MANTRA (MANTRA). Key user updates: - **Trading Pause & Delisting**: Binance will pause trading and delist all existing OM spot pairs (OM/USDT, OM/USDC, OM/TRY) on **March 2, 2026, at 11:00 UTC+8**. All open orders will be automatically canceled. - **New Trading Pairs Launch**: MANTRA/USDT, MANTRA/USDC, and MANTRA/TRY spot trading will go live on **March 4, 2026, at 16:00 UTC+8**. - **Old OM Deposit/Withdrawal Suspension**: Binance will suspend deposits and withdrawals for the old OM token on **March 2, 2026, at 11:30 UTC+8**. Note: Post-suspension deposits of the old OM token will not be credited to user accounts—please deposit in advance.

February 13th — Per DefiLlama data, mainstream perpetual DEX (Perp DEX) trading volume posted a slight decline, while open interest and total value locked (TVL) showed little change, with overall stability holding. Hyperliquid remains the top Perp DEX by trading volume, and EdgeX has overtaken Aster to claim the second spot. Below are key 24-hour metrics for major platforms: - Hyperliquid: ~$65.6B trading volume | ~$42.3B TVL | ~$49.7B open interest [Link: https://app.hyperliquid.xyz/join/NTOD] - EdgeX: ~$30.3B trading volume | ~$1.83B TVL | ~$9.93B open interest - Aster: ~$29.8B trading volume | ~$10.7B TVL | ~$17.9B open interest [Link: https://www.asterdex.com/zh-CN/referral/aboter] - Lighter: ~$20.6B trading volume | ~$9.20B TVL | ~$7.25B open interest [Link: https://app.lighter.xyz/?referral=70045843] - Apex: ~$13.0B trading volume | ~$39.40M TVL | ~$1.12B open interest - Grvt: ~$8.86B trading volume | ~$90.68M TVL | ~$3.89B open interest - Pacifica:

On February 13, Yonhap News reported that South Korea’s Mirae Asset Group will invest 133.5 billion Korean won (about $93.82 million) to acquire a 92.06% stake in Korean crypto exchange Korbit via its subsidiary Future Asset Consulting. The deal covers 26.91 million shares and includes Future Asset purchasing all stakes held by NXC (Nexon’s parent company) and SK Planet (a SK Square subsidiary).