Coinbase’s fourth-quarter earnings missed Wall Street expectations, with the crypto exchange reporting its first net loss since the third quarter of 2023. Coinbase reported a net loss of $667 million in the fourth quarter of 2025, snapping the crypto exchange’s eight-quarter streak of profitability. In its Q4 earnings released on Thursday, Coinbase reported earnings per share of 66 cents, missing analyst expectations of 92 cents by 26 cents. The company said its net revenue fell 21.5% year-on-year to $1.78 billion, falling short of analyst expectations of $1.85 billion. Read more
Bitcoin appears trapped within a capitulation zone where long-term holders continue to sell, and bearish onchain metrics tease further downside. Will $40,000 mark the final price bottom? Bitcoin (BTC) sellers resumed their activity on Thursday as the Bitcoin price turned away from its intraday high of $68,300. Analysts said that Bitcoin remained in capitulation, which could push the price lower, potentially reaching a bottom during the last quarter of 2026. Key takeaways: Multiple onchain indicators suggest Bitcoin is in deep capitulation as downside risks remain. Read more
Traditional risk-weightings and models cannot account for crypto's high volatility or market behavior, according to a Federal Reserve paper. New analysis published Wednesday by the Federal Reserve proposes that crypto be categorized as a distinct asset class for initial margin requirements used in “uncleared” derivatives markets, including over-the-counter trades and other transactions that do not pass through a centralized clearinghouse. The working paper said that is because crypto is more volatile than traditional asset classes and does not fit into the risk categories outlined in the Standardized Initial Margin Model (SIMM) that classifies asset classes. These include interest rates, equities, foreign exchange and commodities, according to authors Anna Amirdjanova, David Lynch and Anni Zheng. Read more
The dollar-backed token, USDCBL, will serve as collateral for onchain perps, with cash and Treasury reserves generating yield retained within the protocol. The Decibel Foundation said it will introduce a protocol-native stablecoin, USDCBL, issued by Bridge, ahead of the February mainnet launch of its Aptos-based decentralized derivatives exchange. According to an announcement shared with Cointelegraph on Thursday, the US dollar-denominated token will serve as collateral for onchain perpetual futures trading, allowing the platform to internalize reserve-related economics rather than rely on third-party stablecoin issuers. Decibel, incubated by Aptos Labs, plans to launch in this month with a fully onchain perpetual futures venue using a single cross-margin account. The exchange said its December testnet attracted more than 650,000 unique accounts and exceeding 1 million daily trades, though those figures have not been independently verified. Read more
Bitcoin’s daily funding rate has been deeply negative for days, reflecting heavy short positioning, but historical data also suggests that a squeeze on bears could be brewing. Bitcoin (BTC) formed a new weekly low at $65,500 on Thursday, and the price has continued to trend lower over the past four days. Derivatives data also indicate that traders are heavily positioned to the downside. Analysts said that this setup may lead to a sharp move higher that forces sellers to close their positions, even as other indicators hint that the move may not be straightforward. Key takeaways: Read more
Fiserv launches a 24/7/365 settlement platform for digital asset companies, aiming to reduce banking friction and improve liquidity in the US dollar. Fiserv, a major US payments and financial technology provider, has launched a new cash settlement platform for digital asset companies, a move that could strengthen fiat infrastructure for crypto players and improve access to liquidity. On Thursday, Fiserv announced the debut of INDX, a real-time cash settlement system that operates 24 hours a day, 365 days a year. The platform allows digital asset companies to move US dollars instantly using a single custodial account, potentially improving how exchanges, trading desks and other crypto businesses manage fiat balances. INDX will be made available to more than 1,100 insured financial institutions participating in the Fiserv Deposit Network. The account structure provides up to $25 million in Federal Deposit Insurance Corporation (FDIC) coverage, according to the company. Read more