24hr Spot Trading Flows: USD1 Net Inflow of $72.37M, ETH Net Inflow of $40M;

On February 21st, Kolten—DeFi Marketing Lead at Aave Labs—noted that Aave is not currently rushing to replace V3 with V4. V3 will continue operating normally in the foreseeable future, even after V4 launches. Over the past year, Aave Labs has actively promoted V3 and engaged with integration projects built on the V3 iteration. Despite V4’s upcoming release, the team has not sought to slow V3’s growth. Post-V4 launch, a gradual rollout strategy will be implemented: deposit limits will be introduced and gradually lifted.

February 21st Crypto analyst Murphy noted that analyzing on-chain data across **price and time dimensions** suggests the bear market bottom is near. ### Price Context For reference, look at the last cycle: In June 2022, BTC tumbled to ~$17k—nearly touching the final absolute bottom of ~$15k, signaling we’re already in the "bear bottom zone" now. But it took 7 full months to fully exit that zone and finish bottoming out back then. Right now, prices are creeping closer to that bottom zone—but there’s still a ways to go on the time front. ### Key Metric: Conviction Buyers (CBs) These are crypto’s sharpest "diamond hands": They buy on dips, sell into rallies. Put simply: **Bottoms are built by CBs, not just bought at by them.** As of February: - CBs hold 3.48 million BTC → **shattering their cycle-high position** - Since January, they’ve added 1.22 million BTC → *Way more* than during the 2021 May 19 crash, LUNA collapse, or FTX meltdown. Plus: BTC’s current price

February 21 Caixin reported in an article titled *Strict Regulation of Overseas RWAs* that on February 6, the People’s Bank of China (PBOC) and eight other departments issued **Notice No. 42**—a circular focused on further preventing and addressing virtual currency risks, with an overarching theme of “strict overseas regulation.” Sources familiar with Chinese regulators told Caixin: - RWAs backed by Hong Kong assets are not covered by Notice No. 42 and do not fall under the purview of domestic Chinese regulators. - If RWAs are issued overseas using domestic securities or funds as underlying assets, relevant departments of the China Securities Regulatory Commission (CSRC) will oversee them. The statement clarifies that strict regulation applies to domestic assets used for overseas RWA issuance—this should not be interpreted as a signal of regulatory encouragement or relaxation. Additionally, sources noted that over the weekend after Notice No. 42’s release, a team from CI

On February 21, Onchain Lens monitoring data shows a 5-year dormant Bitcoin whale deposited 1,000 BTC (valued at ~$67.64 million) to Bitfinex, netting an approximate profit of $38.35 million. The address originally spent ~$29.28 million to withdraw this batch of BTC from Bitstamp and FTX.

February 21 — Coinbase CEO Brian Armstrong announced in an X post that the exchange holds custody of over 80% of all U.S.-listed BTC and ETH ETF assets, and saw a peak of $31 billion in net inflows for those ETFs in 2025. Coinbase currently partners with dozens of ETF providers, including major financial institutions and government entities. It routinely conducts penetration tests with leading cryptographers, holds numerous relevant technical patents, and undergoes ongoing security audits.