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

On February 12th at the Consensus Hong Kong conference, Charles Hoskinson—founder of Cardano and co-founder of Ethereum—showed up in a McDonald’s uniform. He noted: “The crypto industry’s current state isn’t healthy. Things are getting serious: liquidity’s drying up, many people are feeling down, and Twitter’s flooded with unprecedented pessimism. It’s like a freshly cleaned garbage dump that’s now on fire.” But there’s a silver lining, he added. The key takeaway? Even if things look messy at the micro level, the macro picture is telling us we need a new paradigm, a new vision, a new narrative.

February 12 — According to an official announcement, Solana ecosystem perpetual contract trading platform Pacifica has expanded its trading pairs into traditional financial markets, adding perpetual contracts for Gold (XAU), Copper (COPPER), Google stock (GOOGL), and the Euro/US Dollar forex pair (EURUSD), among others. Additionally, the platform has launched pre-market perpetual contracts for LayerZero (ZRO) and Backpack (BP) simultaneously. Gold, Copper, and U.S. stock contracts all support up to 10x leverage trading. Users can use the on-chain copy-trading tool Coinbob Pacifica (@CoinbobPAC_bot, via https://t.me/CoinbobAI_bot) to copy trades from various traders focused on traditional assets, earn trading profits, and accumulate Pacifica platform points in anticipation of potential airdrops.

**Crypto Analyst Axel: Key Liquidity Indicators Flag Weak Market, January Recovery Push Failed** On February 12, cryptocurrency analyst Axel said in a social media post that two critical liquidity indicators are signaling a weak market. The Bitcoin Stablecoin Supply Ratio (SSR) 90-day Oscillator briefly turned positive in January before falling back into negative territory (currently -0.15). Meanwhile, USDT’s market cap has dropped $28.7 billion over the past 30 days—confirming ongoing liquidity outflows from the crypto ecosystem. Axel noted that in mid-January, the SSR 90-day Oscillator hit +0.057, while USDT’s market cap rose $14 billion over 30 days—timing with Bitcoin’s brief push above $95,000. But both signals failed to hold: by February, the SSR had flipped negative again, and Bitcoin had pulled back to $67,000. “January was a tentative recovery push, but February marks that push’s failure,” Axel said. He added that the six-month dominance of the “pink zone” signals

February 12: FLOW temporarily dropped over 10% following Upbit's delisting of the token, per HTX market data. It is currently trading at $0.044.

**UPBIT TO DELIST FLOW SPOT TRADING MARCH 16, 2026** February 12 — Upbit, South Korea’s largest cryptocurrency exchange, will terminate FLOW spot trading support on March 16, 2026, at 3:00 PM Korean Standard Time (KST), per official sources. Affected pairs include FLOW/KRW and FLOW/BTC. The exchange said it conducted a thorough assessment of FLOW aligned with virtual asset trading best practices. Citing lingering risks (including past hacks) and potential user losses, Upbit first designated FLOW a “cautionary trading asset” on December 29, 2025. A follow-up in-depth review confirmed those cautionary concerns remain unaddressed. Per Upbit’s Digital Asset Cautionary Designation and Trading Support Termination Policy, the decision to delist FLOW spot trading is final.

On February 12, 10X Research CEO Markus Thielen told attendees at the Consensus Hong Kong conference: “After the November 2024 election, Bitcoin surged rapidly from $70,000 to $90,000 in just 10 to 12 days. But trading was extremely thin during that rally—creating a big liquidity gap, a void in market depth. When Bitcoin dropped to $87,000, it fell into that liquidity trap. Here’s what followed: At the $75,000 level, there was heavy negative gamma in the options market. That forced market makers to hedge, and their only option was to keep selling futures. Once the last of the negative gamma impact at $60,000 was absorbed, the tide turned: ‘Alright, the last market maker’s hedging is done—now we can flip direction.’”