Last week, funds have flowed into #Bitcoin, #Ethereum, and #Hyperliquid.

February 25 — Global crypto asset manager Bitwise Asset Management, which oversees over $15 billion in client assets, announced today it has acquired institutional staking services provider Chorus One, with the purchase price not disclosed. Chorus One currently manages more than $2.2 billion in staked assets. Chorus One has been integrated into Bitwise’s staking business arm, Bitwise Onchain Solutions (BOS). BOS currently supports staking for tens of billions of dollars in crypto assets, primarily serving institutional investors, family offices and financial platforms. The acquisition will boost BOS’s expansion capabilities, including: expanding staking support to over 30 proof-of-stake (PoS) networks (such as Solana, Avalanche, Sustain, NEAR, Aptos, Tezos and TON); adding 50 seasoned technical professionals; and providing customers with leading protocol and governance development research coverage.

As of February 25, CME’s FedWatch Tool data indicates the probability of a 25-basis-point Fed rate cut in March stands at 4.1%, while the odds of rates holding steady are 95.9%.

**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.”