24H Hot Cryptocurrencies and Key News｜Circle's Total Revenue Grows 64%; ETHZilla Renamed and Transitions to RWA Platform (February 26)
- Core View: The market shows a broad-based rally, with multiple mainstream and altcoins recording significant gains. Meanwhile, industry dynamics are frequent, including Circle's strong performance growth, a sharp contraction in Ethereum ETF scale, and continued regulatory and judicial focus on the crypto space.
- Key Elements:
- Strong Market Performance: The top 10 CEX trading volume coins generally rose in the past 24 hours, with DOT surging up to 37.09%; on the OKX gainers list, DOT, FIL, and others all gained over 20%.
- Circle's Impressive Performance: Total revenue and reserve revenue for fiscal year 2025 grew 64% to $2.7 billion, USDC circulation increased 72% to $75.3 billion, and on-chain transaction volume grew 247%.
- Sharp Decline in Ethereum ETF Scale: The assets under management (AUM) of spot Ethereum ETFs shrank by nearly 65% from a peak of approximately $30.6 billion to about $10.7 billion over roughly four months.
- Regulatory and Judicial Dynamics: China's Supreme People's Court stated it will study judicial responses to new types of financial cases such as virtual currencies; Chinese victims in the UK's 60,000 Bitcoin money laundering case need to provide additional financial details to advance recovery efforts.
- Major Industry Changes: The founder of crypto lending firm Blockfills resigns and seeks a sale; Nasdaq-listed Ethereum treasury company ETHZilla is renamed to Forum Markets and transitions to an RWA platform.
1. Hot Tokens on CEXs
Top 10 CEX Trading Volume and 24-hour Price Changes:
- BNB: +8.46%
- BTC: +7.49%
- ETH: +13.40%
- SOL: +14.26%
- XRP: +9.09%
- ADA: +18.56%
- DOGE: +14.29%
- DOT: +37.09%
- SUI: +16.55%
- PEPE: +10.10%
24-hour Top Gainers List (Data Source: OKX):
- DOT: +33.63%
- FIL: +22.18%
- NEAR: +21.47%
- APT: +21.48%
- UNI: +20.20%
- ALLO: +20.19%
- XPL: +17.84%
- TIA: +17.22%
- ICP: +15.95%
- JOE: +15.48%
24-hour Top Gainers in Crypto-Related Stocks (Data Source: msx.com):
- Upexi, Inc. Common Stock: 35.8%
- Circle Internet Group, Inc.: 32.98%
- GraniteShares ETF Trust GraniteShares 2x Long COIN Daily ETF: 23.74%
- ALT5 Sigma Corporation Common Stock: 22.13%
- AIxCrypto Holdings, Inc. Common Stock: 19.79%
- Faraday Future Intelligent Electric Inc. Common Stock: 16.84%
- DeFi Development Corp. Common Stock: 16.25%
- Figure Technology Solutions: 16.24%
- Tidal Trust II Defiance Daily Target 2x Long MSTR ETF: 15%
- SharpLink Gaming Ltd. Ordinary Shares: 14.2%
2. Top 5 On-Chain Meme Coins (Data Source: GMGN):
- ACTIII
- Benchmark
- DIOGE
- Meta
- PHINT
Headlines
Circle Financial Report: Total Revenue and Reserve Interest Income Grew 64% to $2.7 Billion
Publicly listed company Circle released its fiscal year 2025 performance report. As of the end of 2025, the circulating supply of USDC reached $75.3 billion, a 72% increase. In Q4 2025, on-chain transaction volume for USDC was $11.9 trillion, up 247%. Total revenue and reserve interest income for fiscal year 2025 were $2.7 billion, a 64% increase. Circle also announced that the Circle Payments Network has 55 registered financial institutions, and the Arc public testnet is now live, attracting over 100 participants.
ZachXBT: Information on Insider Trading Investigation Project May Have Leaked Early
On-chain detective ZachXBT posted on X that information regarding an investigation into a crypto project involving insider trading, originally scheduled for release on February 26th, may have been "inevitably" leaked due to the large number of people contacted during the preliminary investigation. ZachXBT stated he did not anticipate such high interest in the prediction market, with the preview tweet garnering 8 million views and approximately 27,000 likes.
Nasdaq-listed Ethereum treasury company ETHZilla announced its official renaming to Forum Markets and its transition to a digital asset platform. Its stock ticker will also change to "FRMM" upon Nasdaq approval. Post-transition, the company will strategically upgrade to build an institutional-grade digital asset platform for real-world asset (RWA) tokenization and explore launching tokenized investment products across multiple asset classes.
Industry News
Blockfills Founder and CEO Resigns, Company Seeks Sale
Nicholas Hammer, co-founder and CEO of crypto lending firm Blockfills, has resigned from his leadership role. Joseph Perry is currently serving as interim CEO. This management change comes as the company faces operational pressure. Blockfills previously recorded approximately $75 million in losses due to deteriorating market conditions and suspended customer deposits and withdrawals on February 11th, with services yet to resume. Chicago-based Blockfills processed over $60 billion in trading volume in 2025. Affected by the market downturn, the company is reportedly seeking potential acquirers.
Analysis: Ethereum ETF Assets Under Management Have Evaporated by About 65% in Four Months
Latest data from Artemis shows that spot Ethereum ETF assets under management (AUM) have shrunk by nearly 65% in about four months, dropping from a peak of approximately $30.6 billion to the current ~$10.7 billion. Meanwhile, Bitcoin ETF AUM has retreated by about 49% from its peak, also facing sustained outflow pressure. Analysis suggests the significant AUM contraction is primarily due to a combination of price corrections and net outflows, reflecting a defensive shift in institutional capital under the current macro and market environment.
A hearing on "legal application issues" for the 60,000 Bitcoin money laundering case will be held in July. Chinese victims intending to pursue recovery through UK procedures need to provide additional detailed financial information by June 18, 2026, including total investment, loss amount, and compensation received with evidence. This hearing will be crucial for the disposition of the 60,000 Bitcoin assets. If UK law applies, victims may have property-like rights over the Bitcoin, and potentially recover the appreciated portion of their losses.
The Supreme People's Court stated at a press conference that in the new year, it will formulate judicial interpretations for civil compensation in cases like securities market insider trading and market manipulation, conduct in-depth research on judicial response measures for new financial cases including private equity funds and virtual currency, and improve the financial judicial safeguard system.
Bank of America: Silver Could Rise Above $100 Per Ounce Again This Year
Bank of America stated that silver could rise above $100 per ounce again this year.
Project News
Kraken Launches Crypto Asset Staking Loan Service "Flexline"
Cryptocurrency exchange Kraken announced the launch of its crypto asset staking loan service "Flexline," allowing Kraken Pro traders to obtain liquidity using their existing digital assets as collateral without selling their holdings. Flexline features fixed borrowing costs and clear term structures. Borrowed funds can be used within Kraken or withdrawn to other exchanges, protocols, or service providers. Collateral assets will be held in separate secure wallets and incorporated into Kraken's long-running proof of reserves system.
Tether Announces Strategic Investment in Internet Marketplace Whop
Tether announced a strategic investment in the internet marketplace Whop. The specific investment amount has not been disclosed. Whop will integrate Tether's wallet development kit to handle stablecoin payments, enabling creators and users to choose to settle transactions in USDT or the recently launched USAT.
UK fintech company Revolut is considering another round of share sales in the second half of this year, as investors scramble to buy shares ahead of a potential public listing. Informed sources said Revolut investors have been pushing for a new round of transactions with a valuation of at least $100 billion, with some sources stating the company aims for a valuation of at least $150 billion through an IPO.
Financing
Prediction Market Protocol TBD Completes $3 Million Seed Round Led by CMT Digital and ParaFi
Solana-based prediction market protocol TBD announced the completion of a $3 million seed round co-led by CMT Digital and ParaFi, with participation from Jump Crypto, Slow Ventures General Partner Sam Lessin, Solana Co-founder Raj Gokal, Polygon Labs CEO Mark Boiron, Wintermute Founder Evgeny Gaevoy, and dYdX Founder Antonio Juliano.
Social-native prediction market platform Kash announced the completion of a $2 million Pre-Seed round with participation from Big Brain Holdings, Spartan Group, Coinbase Ventures, Kosmos Ventures, Halo Capital, MoonRock Capital, Polaris Fund, and Fabric VC, among others. The new funds will support its efforts to build financial tools embedded in social media platforms like X, enabling users to trade predictions and create prediction events directly from their feeds.
AI-driven financial and cryptocurrency market research platform Finrob announced the completion of a $3.9 million seed round with participation from Maven 11, Placeholder VC, Node Capital, Archetype, Dispersion Capital, and Fabric Ventures. The company provides real-time on-chain analysis, market intelligence, and in-depth research through a single conversational interface connected to platforms like Glassnode, CoinGecko, and DefiLlama.
Voices
Fed's Schmid: Inflation Remains a Key Issue for the Fed
Federal Reserve Bank of Kansas City President Jeffrey Schmid said on Wednesday that excessively high inflation remains a key issue the Fed needs to address, but he did not specify how monetary policy should respond. Schmid stated, "I think we still have work to do on inflation," while adding, "I think the employment situation is quite good." He also noted that mortgage rates "could be 75 to 100 basis points lower than they otherwise would be" due to the current size of the Fed's mortgage bond holdings.
Fed's Bostic: Fed Independence Has Been Eroded
In a farewell article, Atlanta Fed President Raphael Bostic stated that the rift between the Fed and the White House has begun to erode public trust in the central bank's apolitical status. "The legal and rhetorical battles surrounding the central bank have led people across society to question the Fed's independence, which is a serious concern."
Coinbase CEO: UK Stablecoin Rules Could Hinder Digital Economy Competitiveness
Coinbase CEO Brian Armstrong posted that the UK's stablecoin rules are being finalized and could hinder the UK's competitiveness in the global digital economy. For example, the Bank of England has proposed caps on stablecoin holdings for individuals and businesses. Armstrong called on UK users to sign a petition via @StandWCrypto_UK for a strategy that favors blockchain and stablecoin innovation.
US President Donald Trump stated that the 'Ban Insider Trading Act' should be passed immediately to ensure members of Congress cannot profit from inside information.
