On Feb. 23, The Wall Street Journal reported that the Terraform Labs bankruptcy administrator has filed a lawsuit against Jane Street Capital, accusing the New York-headquartered quantitative investment firm of insider trading and hastening the collapse of the crypto firm. Founded by Do Kwon in 2018, Terraform Labs was once one of the leading crypto companies. But the project's twin cryptocurrencies, TerraUSD and LUNA, collapsed in 2022 and even led to investor losses worth an estimated $40 billion. Th ...

Key Takeaways U.S. spot Bitcoin ETFs posted $506.5 million in net inflows on Feb. 25, marking the highest three-week total. BlackRock’s IBIT led with $297 million; Grayscale’s GBTC saw a rare positive day. Bitcoin rebounded above $68,000 as institutional buying returned after five weeks of outflows. U.S. spot Bitcoin exchange-traded funds staged a notable comeback on Feb. 25, logging net inflows of $506.5 million—the highest single-day total in three weeks. This reverses five consecutive weeks o ...

US spot Bitcoin exchange-traded funds (ETFs) are facing their most sustained period of institutional friction this year. This year, the funds have logged six weeks of outflows amid macroeconomic uncertainty that is driving capital toward traditional safe havens. BlackRock, Fidelity Lead Bitcoin ETF Exodus Amid Macro Jitters Since the start of 2026, the funds have bled nearly $4.5 billion, offset by just $1.8 billion of inflows during the first and third weeks of the year, according to data from SosoValu ...

Core Insights - A newly disclosed $436 million stake in BlackRock's spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), suggests potential capital inflow from China into the U.S. crypto market despite China's ban on cryptocurrency trading [1][6] Group 1: Laurore Ltd. and Its Implications - Laurore Ltd., a Hong Kong-based entity, holds shares of IBIT valued at approximately $436 million, indicating a possible new channel for Chinese investors to access Bitcoin [2][6] - The entity is described as a "non-anonymous anonymous" setup, making it difficult to trace due to its generic identifiers, which may be a strategy to circumvent restrictions on Chinese investors [3][4] - If Laurore Ltd. represents capital from mainland China, it could signify a shift in how Chinese money gains exposure to digital assets, potentially enhancing Bitcoin liquidity in the long term [5][6] Group 2: Regulatory and Market Context - The structure of Laurore Ltd. aligns with common practices of using offshore vehicles, such as those in the Cayman Islands, to access U.S. markets [5] - The existence of U.S.-listed spot Bitcoin ETFs like IBIT is seen as a bridge between traditional finance and crypto markets, which could facilitate institutional investment from regions with strict regulations [5]

Core Insights - Bitcoin remains below $70,000, down approximately 23% year-to-date and 46% below its record close from October 2025 [1] - Ether's price is around $2,000, down about 33% year-to-date and 59% below its record close from August 2025 [1] - XRP, launched in 2012, was once a major cryptocurrency but has seen its market position decline [1] Bitcoin - Bitcoin is the first cryptocurrency and has become a mainstream financial asset since its inception in 2009 [1] - The cryptocurrency is characterized by volatility but is also considered resilient [1] - Bitcoin's price has remained unchanged for the week, consistently below $70,000 [1] Ether - Ether operates on the Ethereum blockchain and was launched in July 2015, holding the second-largest market share among cryptocurrencies [1] - The price of Ether has decreased this week, hovering around the $2,000 mark [1] XRP - XRP was launched by Ripple in 2012 and was once among the larger cryptocurrencies [1] - The cryptocurrency has faced increased competition from newer coins in the market [1] Comparative Analysis - An index has been created to compare Bitcoin, Ether, and XRP, utilizing a logarithmic scale to illustrate relative percentage changes and long-term growth [1] - As of the time of writing, Bitcoin leads in price changes since November 9, 2017 [1] ETF Developments - On January 10, 2024, the SEC approved several spot Bitcoin ETFs from various issuers, including Grayscale Bitcoin Trust ETF and iShares Bitcoin Trust [1] - Spot Ether ETFs launched on July 23, 2024, from issuers such as Grayscale Ethereum Trust and Franklin Ethereum ETF [1]

Crypto investments are still prominent in Harvard’s endowment, as filings show that the university has purchased Ethereum. The Ivy League school bought about $87 million in BlackRock’s iShares Ethereum Trust (ETHA), according to filings with the Securities and Exchange Commission released on Friday. The purchase coincided with a decision by Harvard sell 21% of its holdings of the iShares Bitcoin Trust (IBIT). The value of the sold Bitcoin amounted to around $72 million based on an end-of-year closing price ...

Group 1 - Harvard disclosed a reduction of 1.46 million shares in BlackRock's iShares Bitcoin Trust (IBIT), decreasing its position to approximately $265 million [2] - Simultaneously, Harvard opened a new position of 3,873,044 shares in BlackRock's iShares Ethereum Trust, valued at roughly $86.8 million [2] - The total combined spot crypto ETF exposure for Harvard at the end of the quarter exceeded $352 million [2] Group 2 - Harvard initially disclosed a $116 million position in IBIT in August 2025, which tripled to around $350 million by November before the recent reduction [3] - The move to sell Bitcoin and invest in Ethereum suggests a strategic shift, with analysts indicating that ETH may be undervalued compared to BTC [4] - The decision reflects a broader trend where Ethereum is increasingly recognized as a significant asset alongside Bitcoin, with BlackRock showing more interest in ETH [5][7] Group 3 - Major institutions are now monitoring the BTC/ETH ratio to inform their portfolio decisions, indicating confidence in the longevity and potential growth of both assets [7] - Bitcoin is viewed primarily as a store of value, while Ethereum is considered a productive asset with multiple return drivers, including its role in smart contracts and infrastructure [8]

Group 1 - Harvard Management Company has diversified its cryptocurrency investments, moving beyond Bitcoin to include other cryptocurrencies, indicating a shift in its investment strategy [1][7] - The endowment manager's stake in BlackRock's iShares Bitcoin Trust was initially around $116 million in 2025, which was later increased to approximately $443 million, making it the largest publicly disclosed U.S. equity holding at that time [7] - Recent filings show that Harvard has reduced its Bitcoin holdings by 21%, from 6,809,091 shares to 5,351,234 shares as of December 31, 2025 [8] Group 2 - Institutional investors are increasingly entering the cryptocurrency market, facilitated by the introduction of ETFs that lower barriers for traditional players [2] - Significant outflows from U.S. spot Bitcoin ETFs were reported, with a single-day net withdrawal of $817.8 million on January 29 and $509.7 million on January 30 [3] - Despite recent volatility, large asset managers like Goldman Sachs continue to build exposure to crypto through regulated investment products, including Bitcoin and Ethereum ETFs [5]

Bitcoin's massive slump from a record price above $126,000 last October has darkened sentiment across the crypto landscape. Faith has been shaken in a trade that was viewed as a digital rival to gold as a store of value, and by some others as a risk-on asset that would continue to boom alongside a crypto-friendly Trump administration. Since the all-time high price last October, bitcoin has lost almost half its value and its inability to bounce back in trading is increasing fears about another "crypto winter ...

Core Insights - Bitcoin's price has fallen below $70,000 for the first time since November 2024, marking a nearly 10% decline this week and a year-to-date decrease of approximately 21% [1][1] - Ether's closing price has also dropped nearly 10% this week, falling below $2,000, with a year-to-date decline of around 32% [1][1] - XRP, once a major cryptocurrency, has seen its market position diminished as new coins have entered the market [1] Bitcoin - Bitcoin is recognized as the first cryptocurrency and has evolved into a mainstream financial asset since its inception in early 2009 [1] - The current price is approximately 45% below its record close from October 2025 [1] Ether - Ether operates on the Ethereum blockchain and has the second largest market share among cryptocurrencies [1] - The price of Ether is currently about 58% below its record close from August 2025 [1] XRP - XRP was launched in 2012 and was once among the larger cryptocurrencies but has since lost ground to newer entrants [1] Comparative Analysis - An index has been created to compare Bitcoin, Ether, and XRP, utilizing a logarithmic scale to illustrate relative percentage changes and long-term growth rather than absolute price fluctuations [1] - As of the latest data, Bitcoin leads in price changes since November 9, 2017 [1] ETF Developments - On January 10, 2024, the SEC approved several spot Bitcoin ETFs from various issuers, including Grayscale Bitcoin Trust ETF and iShares Bitcoin Trust [1] - Spot Ether ETFs launched on July 23, 2024, from issuers such as Grayscale Ethereum Trust and Franklin Ethereum ETF [1]