Industry Reports

Grayscale report indicates that the correlation between Bitcoin and software technology stocks is as high as 0.73, showing that it has become more like a high-risk growth asset rather than a hedge. Bitcoin is currently in an evolutionary stage, and its high correlation with tech stocks stems from the popularity of ETF activities, and it will continue to evolve towards a store of value in the future.

Goldman Sachs disclosed a $2.36 billion cryptocurrency exposure in its Q4 2025 13F filing, with holdings including $1 billion in BTC, $1 billion in ETH, $153 million in XRP, and $108 million in SOL. Held through regulated instruments like XRP ETFs, rather than direct holdings. Goldman Sachs manages $3.6 trillion in assets, and this move marks a shift from skepticism to cautious embrace of cryptocurrencies.

The decentralized derivatives protocol Hyperliquid's perpetual contract market HIP-3 set a record with a $5.2 billion trading volume on February 5, mainly supported by TradeXYZ, especially the Silver contract, which accounted for 68% of the trading volume. Metal price fluctuations attracted a large number of traders, and open interest also saw significant growth.

CertiK's "2026 Skynet Prediction Market Report" indicates that the predicted trading volume of prediction markets will reach $63.5 billion in 2025, with risks increasing accordingly. Legalized in the United States but banned in some EU countries, future efforts will need to address liquidity, security, and revenue models to achieve sustainable development.

20 new Chainlink integrations rolled out across 8 services and 12 blockchains, including Ethereum, Linea, World Chain, and zkSync. MegaETH joined Chainlink Scale and launched with Data Feeds, Data Streams, and CCIP enabled from day one. Chainlink has announced 20 new integrations to its

Zhongchi Chefu Internet Technology Co., Ltd. completed the acquisition of digital assets worth $1.87 billion from a crypto institution, including a variety of mainstream and potential tokens. At the same time, the company reached a cooperation agreement with the institution, and both parties will conduct in-depth collaboration in the digital asset repository and crypto payment infrastructure fields, marking the company's transformation towards global digital asset allocation.

Cardano Foundation has upgraded Cardano Rosetta Java to v2.0.0, enhancing backend infrastructure for faster data access with a 30% reduction in synchronization time. This upgrade improves exchange onboarding, reliability, and scalability, potentially boosting ADA adoption and price.

As of February 10, the Hyperliquid platform's 24-hour trading volume was $6.64 billion, leading other platforms. The trading volumes of the remaining platforms did not exceed $4 billion, and the overall open interest reached a nearly 9-month low, indicating a decline in market activity.

Kaiko Research reports show that Bitcoin's decline from $126,000 to $60,000, a 52% drop, perfectly aligns with the bear market pattern after the halving. The peak occurs 12-18 months after the April 2024 halving, with futures open interest down 55% and ETF outflows exceeding $2.1 billion. Kaiko warns that bear markets typically last 6-12 months.

Coinglass highlights inconsistencies between Perpetual DEXs, including Hyperliquid, Aster, and Lighter. The analysis shows gaps between volume, open interest, and liquidations, raising questions about trading quality on perp DEXs and debate over Coinglass analysis The latest Coinglass analysis

The Bitcoin-focused investment vehicle Strategy reported a staggering net loss in the fourth quarter of 2025, underscoring how a sharp swing in crypto prices can still weigh on a stock that remains tethered to its long-term thesis. The quarter saw Bitcoin fall 22%, dragging prices from a

Tether's Q4 2025 report highlights a USD₮ market cap of $187.3B, a 3.5% growth despite market challenges, with 534.5M users and strong reserves. On-chain activity peaked at $4.4T, showcasing USD₮'s increasing role as a transaction asset and store of value.

The World Gold Council (WGC) reported that physically backed gold ETFs registered record inflows in January, with investors pouring more than $19 billion into these funds. North American and Asian markets led the charge with strong demand despite recent price declines. Paper Gold Markets Keep

_Strategy Inc achieved a net loss of $12.4 billion on a quarterly basis and had 713,502 bitcoins valued at $59.75 billion. Its Digital Credit platform, STRC, grew to $3.4‧billion._ Strategy Inc shocked investors with a massive $12.4 billion net loss for Q4 2025. The Bitcoin Treasury Company

BCG, Aptos Labs, and Hang Seng Bank white paper state that tokenization in Hong Kong can double asset management scale. Based on the e-HKD+ pilot, a survey of 500 retail investors shows that 61% are willing to double their investments, and 97% are interested. It addresses counterparty risk, reduces costs, and enables 24/7 liquidity. BCG: The turning point in 2026 requires transitioning from pilot to commercial scale.

Galaxy Digital Research Director clarifies that the main reason for clients selling $9 billion worth of Bitcoin in Q4 is not quantum computing risk, but profit-taking. CEO Novogratz said quantum is "the biggest excuse," reflecting a weakening of the HODLing belief. Quantum threats require millions of qubits, but currently there are less than 1,000. The BIP-360 proposal is underway, allowing Bitcoin to upgrade in response.

K33 believes that Bitcoin will not repeat the four-year cycle of an 80% crash. Research Director Lunde pointed out that Bitcoin has fallen 40% since October, similar to 2018 and 2022, but the current situation differs due to institutional adoption, regulatory product inflows, and loose interest rates. On February 2, trading volume at the 90% percentile exceeded $8 billion, with derivatives liquidations of $1.8 billion, but confirmation of the bottom requires the 95% percentile.

Galaxy reported a $482M Q4 loss from crypto price declines, with EPS at $(1.08) as market cap fell 24% in the quarter. Full-year loss totaled $241M, including $160M in one-time costs, while adjusted gross profit reached $426M in 2025. Cash hit $2.6B and equity $3.0B as Galaxy expanded

According to Cointelegraph Research report, cryptocurrency venture capital is expected to reach $34 billion in 2025, primarily driven by the tokenization of real-world assets, with funding exceeding $2.5 billion. Institutional investors are increasingly focused on sustainable revenue models, leading to an 18% decline in seed funding, while Series B funding has grown by 90%. The total market capitalization of tokenized RWA has surpassed $38 billion, with significant room for growth. Ethereum Layer 2 funding enthusiasm has waned, with only $162 million in 2025, a 72% decrease.

CertiK report indicates that by 2025, there will be 72 global wrench attack incidents, a 75% increase year over year, with losses exceeding $40.9 million. Europe has become a high-risk area. Attackers use violence and threats to force victims to hand over private keys, with the level of violence escalating, and attackers becoming more professional and organized. The report provides security recommendations for individuals and organizations, emphasizing the need to shift focus from asset protection to personal safety.