Today's News Highlights:
21,000 BTC options and 176,000 ETH options will expire today
Texas lawmakers reintroduce Bitcoin reserve bill, expanding to include other cryptocurrencies
GameStop considers investing in Bitcoin and other cryptocurrencies
Coinbase's total revenue for 2024 reaches $6.6 billion, with a net profit of $2.6 billion
A sniper quickly bought Broccoli for a profit of $27.8 million after CZ announced the dog's name
Regulation/Macro
According to GoPlus user feedback, some assets are suspected to have been stolen. Security monitoring shows that the theft address was newly created yesterday, and over $1 million in assets have been aggregated to an address starting with 0x49ad. GoPlus speculates that this may be related to the bulk theft of private keys from users of a trading platform or Trading Bot, and reminds users to check the security of their wallet assets as soon as possible.
Texas lawmakers reintroduce Bitcoin reserve bill, expanding to include other cryptocurrencies
Texas lawmakers have reintroduced a bill aimed at establishing a strategic Bitcoin reserve, now designated as SB 21, which allows for investment in additional cryptocurrencies. Senator Charles Schwertner announced the bill on February 12, emphasizing that it would make the state the first to establish a cryptocurrency reserve, potentially driving innovation and "financial freedom." This new legislation builds on SB 778, the previous bill introduced in January this year, which primarily focused on Bitcoin. The SB 778 bill restricted the state government to only purchase and hold Bitcoin, without using it for other operations, while SB 21 expands the scope to allow investment in cryptocurrencies that maintain a market value of at least $500 billion for a year. However, currently, Bitcoin is the only cryptocurrency that meets this standard.
According to Cointelegraph, Michigan has become the latest state in the U.S. to propose a Bitcoin reserve bill, marking the 20th state to advance legislation regarding crypto reserves. On February 13, 2025, Representatives Bryan Posthumus and Ron Robinson submitted HB 4087, aimed at amending Michigan's Management and Budget Act to establish a strategic Bitcoin reserve for the state government. The bill allows the Michigan State Treasurer to invest in cryptocurrencies from the general fund and the economic stabilization fund, with a cap of 10%, and does not impose restrictions or guidelines on the types of cryptocurrencies that can be purchased. The bill also proposes that if cryptocurrency lending does not increase financial risk, the Treasurer may lend out cryptocurrencies for further gains. Additionally, Posthumus mentioned the introduction of a stablecoin called "MichCoin," which will be linked to gold and silver reserves to enhance its actual value.
According to the Wall Street Journal: U.S. Vice President Vance stated on Thursday that if Russian President Putin does not agree to a peace agreement guaranteeing Ukraine's long-term independence, the U.S. will impose sanctions on Russia and may take military action. If Russia fails to negotiate sincerely, the option of sending U.S. troops to Ukraine remains "on the table."
Tiktok has been re-listed on the App Store and Google Play Store
According to Jinshi, Apple (AAPL.O): Tiktok has been re-listed on the App Store. Google: TikTok has been re-listed on the Google Play Store.
According to The Block, U.S. District Court Judge Amy Berman Jackson has approved a 60-day pause in the legal dispute between Binance and the U.S. Securities and Exchange Commission (SEC), with both parties required to submit a joint status report by April 14. Binance and the SEC submitted a request on Monday to pause the case, citing that the SEC's newly formed cryptocurrency working group is developing a clearer regulatory framework. The working group is led by Hester Peirce, a commissioner appointed by the SEC's new acting chair Mark Uyeda, who recently proposed regulatory priorities for cryptocurrencies, including classifying some tokens as non-securities.
GameStop considers investing in Bitcoin and other cryptocurrencies
According to CNBC, video game retailer GameStop is exploring the possibility of investing in Bitcoin (BTC) and other crypto assets, with sources indicating that the company is assessing whether this investment strategy is suitable for its business. Following this news, GameStop's stock price rose by 20% in after-hours trading. However, the company has not yet made a final decision on whether to proceed with the plan. Last weekend, GameStop CEO Ryan Cohen posted a photo with MicroStrategy co-founder Michael Saylor on the X platform. Although Saylor was not involved in GameStop's crypto investment discussions, MicroStrategy has purchased billions of dollars in BTC in recent years and has become a major corporate holder. GameStop launched a crypto wallet business in 2022 but closed it in 2023 due to regulatory uncertainty. Currently, the company holds $4.6 billion in cash reserves and approved a new investment policy at the end of 2023, allowing management to invest in securities assets that meet the guidelines.
SEC accepts Grayscale's application to convert XRP Trust to ETF, initiating review process
According to Fox Business reporter Eleanor Terrett, the U.S. Securities and Exchange Commission (SEC) has officially accepted the 19b-4 application submitted by Grayscale and NYSE to convert the Grayscale XRP Trust ($XRP Trust) into an exchange-traded fund (ETF). While this does not mean automatic approval, nor does it guarantee that the SEC will ultimately agree to the application, this development indicates a more open attitude from the SEC towards crypto ETFs rather than outright rejection of such products. Previously, due to the SEC's hardline stance, exchanges had withdrawn applications for Solana ($SOL) ETFs. However, the SEC's acceptance of the XRP ETF application suggests that crypto ETFs for LTC, DOGE, SOL, XRP, and others still have a chance of approval. The SEC is expected to publish the application in the Federal Register within a few days, at which point the 240-day approval window will officially open. Additionally, applications for XRP ETFs from institutions such as Bitwise, 21Shares, Canary Funds, and WisdomTree are still awaiting SEC processing.
U.S. SEC has confirmed acceptance of DOGE ETF application
The U.S. Securities and Exchange Commission (SEC) has confirmed the acceptance of the 19b-4 application submitted by Grayscale and the New York Stock Exchange to establish a DOGE ETF. SEC documents show that NYSE Arca has submitted a revised rule change application to list and trade shares of the Grayscale Dogecoin Trust (GDOG) on its exchange. The trust is operated by Grayscale Investments and is custodied by Coinbase Custody for Dogecoin (DOGE). The investment objective of the trust is to have its share value reflect the price of DOGE, relying on the CoinDesk Dogecoin Price Index (DCX) for pricing. Currently, the trust's management fee is 2.5%. The application still requires SEC approval and a public comment process.
Financing
DeFi.app completes $4 million financing, with a total valuation of $100 million
According to The Block, DeFi trading platform DeFi.app has raised an additional $4 million in its latest seed extension round, maintaining a token valuation of $100 million. This financing was jointly participated in by venture capital firms and Cobie's Echo platform, with Mechanism Capital, DCF Capital Partners, Balaji Srinivasan, Pentoshi, and others investing $2 million, while Echo's Comfy Capital and George Beall's team contributed $2 million. To date, DeFi.app's total financing amount has reached $6 million. Additionally, DeFi.app has announced the official opening of public testing, offering "no gas fee" cross-chain token swaps, decentralized asset management, and fiat-to-crypto purchasing features, with plans to launch perpetual contract trading, yield farming, and lending services in the future. The platform's previous closed testing attracted 100,000 waiting users and completed $60 million in trading volume, aiming to attract hundreds of thousands of users in the coming months and drive daily trading volume to nine figures. DeFi.app plans to conduct a public token sale within this month, selling 3% of the total supply of HOME tokens to KYC-compliant users outside the U.S., also based on a $100 million valuation.
FrodoBots completes $8 million financing, set to launch crypto robot network BitRobot
According to FrodoBots' official announcement, it has completed $8 million in financing and plans to launch the BitRobot network, which combines crypto and robotics technology, focusing on advancing Embodied AI. This round of financing was led by Protocol VC, with participation from Big Brain Holdings, Fabric, Zee Prime Capital, Tioga Capital, Sfermion, Solana Ventures, and others. Additionally, Solana co-founders Anatoly Yakovenko and Raj Gokal, along with several DePIN project founders, participated in the investment.
AI
Apple plans to introduce AI features on iPhones in China by mid-2025
Market news: Apple (AAPL.O) plans to introduce AI features on iPhones in China by mid-2025. Apple is working to roll out its AI capabilities in China before the middle of this year, accelerating this complex task that requires software changes and relies on local partners. According to insiders, the iPhone manufacturer has multiple teams in China and the U.S. dedicated to adapting the Apple Intelligence platform for the Chinese market, aiming for a launch as early as May. (Jinshi)
Baidu's Wenxin next-generation model confirmed to be open-sourced
According to Baidu's official WeChat account, Baidu announced that it will gradually launch the Wenxin large model 4.5 series in the coming months, with official open-sourcing starting on June 30. Ironically, Li Yanhong stated last year that open-sourcing is essentially an IQ tax. "When you think rationally about what value a large model can bring and at what cost, you will find that you should always choose a closed-source model. Today, whether it's ChatGPT or Wenxin Yiyan and other closed-source models, they are definitely more powerful than open-source models, with lower inference costs."
Project Updates
"czs-dog" section has been removed from Binance Wallet homepage
According to the official Binance Wallet page, the "czs-dog" section has been removed. Previously, Zhao Changpeng stated that he would not personally issue a meme coin, as it depends on whether the community does so.
Binance launches the sixth phase of BNSOL super staking project Pepe (PEPE)
Binance announced the launch of the sixth phase of the BNSOL super staking event in collaboration with its token partner Pepe (PEPE). During the event, users holding BNSOL or staking SOL as BNSOL from February 17, 2025, 08:00 to March 17, 2025, 07:59 (Beijing time) will receive PEPE APR Boost reward airdrops, which are additional earnings on top of the base APR for BNSOL staking.
According to Doodles' official announcement, the NFT project Doodles has officially launched its token $DOOD and plans to issue it on the Solana chain, with a total supply of 10 billion tokens, and future support for cross-chain to Base. 68% of the tokens will be allocated to the community, with 30% allocated to the Doodles community, 25% going to the ecosystem fund, 13% for new members, 17% for the team (1-year lock-up, 3-year vesting), 10% as liquidity funds, and 5% reserved for the company. Doodles stated that its ecosystem covers animation, short films, and global brand collaborations, and plans to build a long-term cultural movement through a decentralized model.
Coinbase's total revenue for 2024 reaches $6.6 billion, with a net profit of $2.6 billion
According to The Block, U.S. cryptocurrency exchange Coinbase has released its fourth-quarter and full-year financial report for 2024, exceeding market expectations with significant revenue and profit growth. The company's fourth-quarter revenue reached $2.3 billion, doubling year-on-year and surpassing market expectations by $430 million, with a quarterly net profit of $579 million. Trading revenue increased by 172% year-on-year to $1.6 billion. The total revenue for the year reached $6.6 billion, a 111% increase from $3.1 billion in 2023, with a net profit of $2.6 billion and adjusted EBITDA of $3.3 billion. Q4 total revenue was $2.3 billion, trading revenue was $1.6 billion, and quarterly net profit was $1.3 billion. Coinbase currently holds $9.3 billion in USD resources, up from $8.2 billion in the previous quarter. Additionally, stablecoin revenue was $226 million, slightly lower than the previous quarter's $247 million. Coinbase's stock price rose in after-hours trading, increasing by 16% year-to-date in 2025 and 112% over the past year, with a market capitalization exceeding $73 billion. The company stated in its annual shareholder letter that the regulatory environment in the U.S. is improving, and the government's crackdown on the cryptocurrency industry is coming to an end, with expectations for more favorable policies in the future. Coinbase recently sent letters to the Federal Reserve, FDIC, and OCC urging clarification of crypto banking rules and an end to the "de-banking" of the industry. Since Q1 2025, Coinbase's trading revenue has reached $750 million, with subscription and service revenue expected to be between $685 million and $765 million.
Zhao Changpeng shares photos of his pet dog Broccoli and their story
Binance founder Zhao Changpeng (CZ) shared photos of his pet dog Broccoli and their story.
Coinbase International will launch Spx6900 and Kaspa perpetual contracts
According to the announcement from Coinbase International Exchange, the platform and Coinbase Advanced will support Spx6900 and Kaspa perpetual contracts, with SPX-PERP and KAS-PERP markets opening for trading at or after 17:30 Beijing time on February 20, 2025.
Insights
Analysis: Bitcoin bull market may not be over, 200-week moving average trend shows bullish signals
According to TradingView data, the 200-week simple moving average (SMA) for Bitcoin (BTC) is currently $44,200. Although it has reached an all-time high, it is still far below the peak of the 2021 bull market at $69,000. Historical data shows that bull markets typically end when the 200-week moving average rises to the previous bull market peak. For example, the 2021 bull market ended when the 200-week moving average reached the 2017 peak of $19,000, while the 2017 bull market ended when the moving average reached the 2013 peak of $1,200.
Currently, the BTC price fluctuates between $90,000 and $110,000. If historical trends continue, this range may break out with a bullish trend. Additionally, data from the Deribit options market supports this view. According to Amberdata's statistics, the prices of call options with three months or longer terms are higher than those of put options, reflecting market expectations for price increases. The current market price is $96,700, with the most popular option being a call option with a strike price of $120,000, which has a nominal open interest exceeding $1.8 billion.
Important Data
A sniper quickly bought Broccoli for a profit of $27.8 million after CZ announced the dog's name
According to Lookonchain monitoring, a sniper profited $27.8 million by targeting the meme coin Broccoli, named after CZ's dog. After CZ announced the name of his dog, the sniper quickly purchased almost all meme coins named Broccoli and then sold them after distributing the tokens to multiple wallets using the Disperse tool. Subsequently, the sniper consolidated the BNB obtained from selling Broccoli into the wallet "0xe332…03f3" and converted all the BNB into USDT. In the end, this sniper earned a total of 27.8 million USDT.
A whale spent $5 million to purchase Broccoli tokens, becoming the largest holder
According to Lookonchain monitoring, a whale investor made a significant purchase of Broccoli worth $5 million (token address: 0x6d5…714). The investor spent a total of 7,431 BNB (approximately $5 million) to acquire 39.54 million Broccoli tokens at a price of $0.1264, becoming the largest holder of this token.
According to The Block, the staking ratio of Ethereum has dropped to 27%, returning to levels seen since July 2024, and marking the first decline since the peak of 29% at the end of 2024. Currently, 33.5 million ETH have been staked, continuing to support the security of the Ethereum network. Despite the decline in the staking ratio, liquid staking derivatives (LSDs) still dominate the Ethereum ecosystem, with Lido controlling about 69% of the market share and Binance staking ETH holding 15% market share.
21,000 BTC options and 176,000 ETH options will expire today
According to data from Greeks.live, 21,000 BTC options will expire today, with a Put Call Ratio of 0.67 and a maximum pain point of $98,000, representing a nominal value of $2.08 billion; at the same time, 176,000 ETH options will expire, with a Put Call Ratio of 0.64 and a maximum pain point of $2,725, representing a nominal value of $470 million. Despite the recent positive news from the U.S. government, market sentiment remains low, with implied volatility (IV) dropping to its lowest level in nearly a year. Since BTC fell below $100,000, options traders have continued to sell short- to medium-term call options, with large call trading volumes increasing, but put trading volumes decreasing, indicating that the market is not optimistic about a rise, although panic about a decline is also easing. Institutions generally believe that the market in February lacks funds and hotspots, and may enter a "garbage time" phase.
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