Industry Reports

February 11 News, Lily Liu, Chairwoman of the Solana Foundation, shared her forward-looking ideas on the "Internet Capital Market" during a fireside chat with Conference Chair Michael Lau at the 2026 Hong Kong Consensus Conference. Lily stated that the core value of blockchain should focus on financial and market innovation rather than utopian technological ideals. She envisions achieving seamless integration from everyday payments to high-frequency trading through comprehensive tokenization of global assets, building a unified global capital formation market. Lily reviewed the development of crypto financing, from early ICOs to the current rapid financing models, emphasizing that blockchain infrastructure should serve non-crypto projects and enterprises worldwide, promoting the democratization of talent and capital. She pointed out that this technology can bring greater efficiency and fairness to global markets, especially in fostering innovation projects and attracting talent.

Uniswap wins in lawsuit against Bprotocol Foundation and LocalCoin Ltd., with lawyers stating it did not infringe on related patents. Uniswap Labs reaffirms its protocol code is open source and opposes the allegations.

At the "Build and Scale in 2026" forum, several guests discussed the key challenges of the new Web3 era, including identity and trust issues, AI agent payment security, and blockchain-supported sustainable development, believing that by 2026, the industry will shift its focus to infrastructure development and practical applications.

Tether has invested in LayerZero Labs to enhance cross-chain infrastructure. Their partnership developed USDT0, an omnichain version of USDT, allowing for real-time transactions across blockchains. The investment underscores Tether's focus on expanding its crypto portfolio and technological capabilities.

Lily Liu, Chair of the Solana Foundation, stated at the Consensus 2026 conference that blockchain is financial infrastructure, with the key being providing digital scarcity and trustworthy value. She believes that combining Web2 applications with public blockchains is essential to unlocking the full potential of the ownership economy, and native financial applications are expected to reshape the global financial system.

Grayscale research shows that Bitcoin prices are highly correlated with software stocks and have zero correlation with gold. The report's author, Zach Pandl, pointed out that Bitcoin fell 50% from $126,000 in October, while gold broke through $5,000. This reflects Bitcoin's deeper integration with traditional finance, driven by institutional participation and ETF activity, but its long-term value storage potential remains optimistic.

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