BlackRock Deposits 2,494.6 BTC to Coinbase, Worth Approximately $168.39 Million
On February 18th, per OnchainLens data, a BlackRock-associated wallet address transferred 2,494.6 BTC to a Coinbase wallet address, valued at roughly $168.39 million.
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Dragonfly Capital Closes $650 Million Fourth Fund, Early Bets on Polymarket and Rain
February 18—Cryptocurrency venture capital firm Dragonfly Capital said Thursday it has closed its $650 million fourth fund, a rare countertrend win amid the crypto market slump and widespread funding pressures.
Partner Rob Hadick noted the fund’s success stemmed largely from the firm’s focus on "winner" categories, including early bets on prediction market Polymarket and stablecoin payment card issuer Rain.
Founded in 2018 by Alex Pack and Bo Feng, Dragonfly has navigated team adjustments and exited the Chinese market. In recent years, under leaders Haseeb Qureshi and Tom Schmidt, it has built a leading industry position. Adding former traditional finance (TradFi) professional Rob Hadick in 2022 further shifted its focus to crypto-fintech integration.
Schmidt highlighted the crypto industry is in the midst of its "largest paradigm shift": tokens will move from application-native assets to tokenized real-world assets (RWA)—including stocks and private equity fund shares.
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Brevan Howard Crypto Fund Loses Nearly 30% in 2025, Marking Worst Annual Performance Since Inception
**Brevan Howard’s Crypto Fund BH Digital Asset Posts 29.5% 2025 Loss—Worst Since 2021 Launch**
The well-known asset manager Brevan Howard’s cryptocurrency fund, BH Digital Asset, recorded a 29.5% drop in 2025, marking its worst annual performance since its 2021 inception.
As Bitcoin’s bull run lost steam last year, BH Digital Asset faced heavy pressure and underperformed the leading crypto. Data shows Bitcoin declined 6% in 2025 for the full year.
BH Digital Asset primarily invests in cryptocurrencies and digital asset-related firms. Previously, during market recovery phases, the fund delivered annual gains of 43% in 2023 and 52% in 2024—when Bitcoin briefly topped $100,000 in December 2024.
Some hedge fund investors noted the fund holds a large amount of private equity and venture capital assets, which faced headwinds amid 2025’s broadly weak cryptocurrency market environment.
Brevan Howard has not yet publicly commented on the reports.
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Bitcoin Withdrawal Sentiment Continues, with a 24-hour CEX Net Outflow of 1,177.57 BTC
As of February 18, Coinglass data indicates centralized exchanges (CEXs) saw a net Bitcoin (BTC) outflow of 1,177.57 BTC over the past 24 hours.
The top three CEXs by outflow are:
- Coinbase Pro: 1,172.97 BTC outflow
- Binance: 415.39 BTC outflow
- OKX: 220.43 BTC outflow
Additionally, Kraken led inflows with 526.76 BTC.
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Whale Trader "pension-usdt.eth" Takes Profit on BTC Long, Previously Holding a Position of Around $67 Million
**February 18**
Data from the [Coinbob Popular Address Monitor](https://t.me/Coinbob_track_CN) (link opens in new tab) shows the DeFi whale wallet **pension-usdt.eth** closed all its Bitcoin (BTC) long positions over the past 5 hours, netting an approximate profit of $505,000.
Earlier today, the address transferred roughly $30 million to the crypto platform Hyperliquid before opening a 1,000 BTC long position at an average price of $67,100 during a brief BTC price dip (valued at ~$67 million at entry).
This whale’s typical strategy features low leverage, short holding periods (averaging ~30 hours), and heavy trading of BTC and Ethereum (ETH). Since last October, it has accumulated total profits exceeding $23 million.
Recently, the address has consistently moved its substantial profits from Hyperliquid into yield-generating markets. As of now, its total lending amount on the AAVE protocol stands at ~$22 million.
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