Core Insights - The current environment for Bitcoin appears challenging, with significant price declines and mixed signals for investors [1] - Bitcoin miners, particularly those in the CoinShares Valkyrie Bitcoin Miners ETF (WGMI), are providing insights into potential future movements in the cryptocurrency market [1] Group 1: Bitcoin Miners' Behavior - In February, Bitcoin miners, including WGMI member firms, have withdrawn over 36,000 Bitcoin from exchanges, indicating a shift in holding strategies or liquidity management [1] - The withdrawal of Bitcoin from exchanges typically suggests a move towards long-term storage, reflecting miners' confidence in future price appreciation [1] - Daily withdrawal activity peaked at over 6,000 Bitcoin in a single day, the highest level since last November, indicating a potential repositioning phase driven by miners [1]

（来源：吴说） 吴说获悉，CoinShares 宣布推出 CoinShares Physical Hyperliquid Staking ETP（代码：LIQD），在 Xetra 交易所上市，提供机构级 Hyperliquid 原生 HYPE 代币暴露，管理费 0%，年化质押收益 0.5%，100% 实 物支持。 ...

Core Insights - CoinShares has launched the CoinShares Physical Hyperliquid Staking ETP, providing institutional-grade exposure to Hyperliquid's HYPE token with a 0% management fee and a 0.5% annual yield [1][2] Group 1: Product Details - The CoinShares Hype ETP is listed on Xetra with the ticker LIQD and is 100% physically backed [7] - The product features a management fee of 0% and a staking yield of 0.5% per annum [7] Group 2: Market Position and Performance - Hyperliquid has processed over $3 trillion in trading volume, capturing approximately 70% of the on-chain perpetual futures market share [4] - During a market correction, HYPE has been characterized as a "defensive play," showing resilience with trading fee revenues [5] - Hyperliquid achieved a 41% price appreciation over seven days while Bitcoin declined by 38% from its peak in October 2025 [8] Group 3: Strategic Vision - CoinShares emphasizes the importance of building products around protocols with strong fundamentals, highlighting Hyperliquid as a key example of hybrid finance [2][6] - The firm believes in the convergence of decentralized systems with institutional-grade infrastructure, positioning Hyperliquid as a leader in this space [6]

Altcoin Greenshoots Are Emerging | ETF TrendsFor many cryptocurrency market participants, it's difficult, if not impossible to put a positive spin on this year's price action. For those that feel as though bitcoin and friends do nothing but decline, rest assure, you're not alone. There's no denying that positive cryptocurrency news has been hard to come by this year. However, that doesn't mean that negativity is a permanent condition. It's not. Actually, investors looking for some positivity in the digital ...

The Altcoins Building Real Financial Infrastructure | ETF TrendsSettlement layers, DeFi protocols, US dollars on chain, and the rails of tomorrow's finance.The term "altcoin†, used to define digital assets different from Bitcoin, covers everything from mission-critical financial infrastructure to memecoins inspired by internet jokes. For advisors, the distinction matters enormously. The serious end of the altcoin spectrum consists of blockchain networks and decentralized applications that process real eco ...

Core Viewpoint - The current market conditions for Bitcoin are challenging, with a recent decline of 3.52% over the past week, but there are signs of potential recovery driven by whale buying activity [1] Group 1: Market Performance - Bitcoin has experienced a significant downturn, including a wave of liquidations of leveraged long positions across major exchanges [1] - Despite the downturn, whale investors, defined as holders of at least 1,000 Bitcoin, have been actively buying, accumulating 53,000 BTC in one week, valued at over $4 billion [1] Group 2: Whale Activity and Market Implications - The concentrated buying by whales during a period of price weakness may indicate long-term value and scarcity in Bitcoin, potentially leading to future price increases [1] - Historical trends suggest that whale accumulation after sustained price declines often precedes significant upward movements in Bitcoin's price [1] Group 3: Future Outlook - The possibility of fiat capital re-entering the market could create upward pressure on Bitcoin prices, especially if combined with continued whale accumulation [1] - Current market consolidation below previous highs may be setting the stage for a structural rally in Bitcoin [1]

Core Insights - Quantum computing poses a distant threat to Bitcoin's security, with current research indicating that institutional investors need not be immediately concerned about its impact on Bitcoin holdings [1] - The encryption protecting Bitcoin would require quantum systems with millions of logical qubits, significantly more powerful than today's largest quantum computers [1] Quantum Computing Threat Assessment - Only about 1.7 million Bitcoin, or approximately 8% of the total supply, are in older address formats that are vulnerable to quantum attacks [1] - Of the vulnerable Bitcoin, only 10,200 could potentially disrupt the market if compromised, while the remaining coins are spread across 32,607 addresses that would take decades to crack even under optimistic scenarios [1] Bitcoin's Adaptability - Bitcoin can adopt quantum-resistant signature algorithms through a soft fork when necessary, as demonstrated by the previous Schnorr signature upgrade [1] - The Schnorr signature upgrade showcased Bitcoin's ability to implement new cryptographic standards without disrupting the network, indicating a pathway for future upgrades to counter quantum threats [1] Future Projections - Cybersecurity firm Ledger estimates that cryptographically relevant quantum computers may not emerge until the 2030s or later, requiring current quantum systems to become exponentially more powerful to pose real-world threats [1] - Quantum computing cannot alter Bitcoin's fixed supply cap of 21 million or bypass the proof-of-work mining system, suggesting that quantum risks are manageable technical considerations with outlined solutions [1]

Core Insights - CoinShares reported a total assets under management (AUM) of $7.4 billion by the end of 2025, despite a decline from the Q3 peak due to a drop in cryptocurrency market prices in Q4 [1] - The company experienced a net inflow of $662 million into its Physical ETPs during the second half of the year [1] - CoinShares announced a dividend of $0.33 per share, totaling approximately $21.5 million [1] - The company is advancing its business merger with Vine Hill Capital to achieve a U.S. listing, currently under SEC review [1]

Core Viewpoint - CoinShares International Limited has provided a business update for Q4 2025, highlighting the impact of market conditions on its performance and ongoing regulatory processes affecting its U.S. business combination efforts [1][2][3]. Group 1: Business Performance and Market Movements - In Q4 2025, CoinShares' business performance mirrored the digital asset market trends, with Bitcoin and Ethereum prices declining to approximately $88,000 and $2,900 respectively by year-end [5]. - The total gross Assets under Management (AuM) decreased by $2.20 billion in Q4 after a $1.56 billion increase in Q3, resulting in a year-end closing gross AuM of $7.40 billion [8]. - CoinShares Physical ETPs ended the year with gross AuM of $2.8 billion, achieving net inflows of $662 million in H2 2025 despite price declines in Q4 [8]. Group 2: Regulatory Developments - Regulatory frameworks in several European markets, including the UK and France, are evolving to support broader retail access to digital asset ETPs, which aligns with CoinShares' long-term distribution strategy [6]. Group 3: Product Launches - In H2 2025, CoinShares launched several products, including the CoinShares SEI Staking ETP and CoinShares Toncoin Staking ETP in Europe, as well as the CoinShares Altcoins ETF (DIME) in the United States [7]. Group 4: U.S. Transaction Progress - The company is progressing towards completing a business combination with Vine Hill Capital Investment Corp, with key developments including the submission of registration statements to the SEC [10][15]. Group 5: Financial Reporting Update - The Group's financial statements for the year ended December 2024 and interim financial statements for June 2025 will require restatement due to the preparation of the U.S. registration statement [11]. Group 6: Dividend Announcement - The Board has approved a dividend of $0.33 per share for the year ended December 31, 2025, totaling approximately $21.5 million, to be paid prior to the completion of the proposed business combination [12].

RT James Hunt (@humanjets)ICYMI: Here's a quick news recap from today's Asia & EMEA sessions @TheBlock__ 👇💰 Harvard Management Company reduced its iShares Bitcoin Trust holdings in the fourth quarter and opened a new $86.8 million position in the iShares Ethereum Trust.🤖 deBridge launched Model Context Protocol, allowing AI agents and developer tools to execute swaps, bridging, and multi-step transactions across EVM chains and Solana.🇦🇪 Animoca Brands received a VASP licence from Dubai's VARA, authorizing t ...