Friday February 27, 2026
Crypto Hype Is Faltering
This was inevitable. This week alone signaled an ongoing shift: ETHZilla $ETHZ rebranded as Forum, Cypher Mining $CIFR became Cypher Digital, GD Culture $GDC sold 7,500 BTC to fund a share buyback and Bitdeer $BTDR sold BTC to help finance a pivot toward high performance computing. These follow previous moves by companies such as CoreWeave $CRWV, Applied Digital $APLD, and $IREN, redirecting capital toward HPC infrastructure.
Capital is rotating as public markets reward AI driven compute over pure mining exposure.
So is crypto and more importantly its bellwether, bitcoin reaching its end? Not at all and the most objective way to justify this is by looking at its real network value, its hash rate. Hash rate is the clearest measure of bitcoin’s health. It reflects capital invested, energy committed, miner conviction, and network security.
Despite DATs and miners selling reserves or pivoting toward HPC, the global hash rate continues trending upward. (Note: The late January drop was weather related and temporary. The broader trajectory remains intact.)
Capital is rotating from speculative balance sheet bitcoin strategies toward AI driven compute and high margin data center economics; this is where the market see near term revenue growth.
But this is not a zero sum transition. Bitcoin mining and AI infrastructure often share power access, cooling systems, and site development expertise. The stronger operators are reallocating capital, not abandoning the sector.
Bitcoin’s price may be under pressure, but if the network was collapsing, the hash rate would be declining as well and it’s not; its security and compute continue to expand.
What we are seeing is positions unwinding from marginal participants. The weak hands are folding.
◾ Block $XYZ to cut 40% of staff in AI pivot (WSJ)
◾ Anthropic rejects Pentagon’s demands (AP)
◾ Judge lets DCG class action proceed (BloombergLaw)
Government & NGO Actions
◾ FCC reviewing shift from live broadcasts to subscription services (Reuters)
◾ OCC may allow Congressional review of World Liberty bank application (Reuters)
◾ UK banning crypto from ISA accounts (FT)
◾ Sen Alsobrooks (D-MD) flags bank-like products to non-banks (TheBlock)
◾ Congress introduces developer misclassification bill (X)
◾ Indiana bans discriminatory crypto taxes (Cointelegraph)
◾ US arrests Goliath Ventures CEO in crypto Ponzi (Justice.gov)
Financial Notices & Public Company Releases
◾ Financial updates:
Block $XYZ Q4’25: Revenue $6B | BTC revenue $2.4B | GP $2.3B | OI $13M | aEBITDA $402M (SecFiling)
Flutter $FLUT Q4’25: Revenue $4.7B +3% y-o-y | NI $10M -94% y-o-y | aEBITDA $832M +27% y-o-y (Flutter)
$MARA Q4’25: Revenue $202M -6% y-o-y | Loss on digital assets $990M | Net loss $1.7B | aEBITDA loss $1.5B (SecFiling)
Figure $FIGR Q4’25: Volume $2.7B + 131% y-o-y | Revenue $158M +91% y-o-y | NI $15M +156% y-o-y | aEBITDA $81M +426 y-o-y (Figure)
TeraWulf $WULF Q4’25: Revenue $35.8M } HPC lease revenue $9.7M | aEBIDTA loss $51M (SecFiling)
SUI Group $SUIG Q4’25: Revenue $2.4M + 179% y-o-y | NI $221M | Non cash loss on digital assets $196M (Businesswire)
◾ Operation updates:
TIAN RUIXIANG $TIRX +15,000 BTC (GlobeNewswire)
Restructuring, Hacks, Losses & Legal Updates
◾ Judge allows suit against Binance selling unregistered tokens (Reuters)
◾ NY sues Valve over loot boxes (Insider-Gaming)
◾ US prosecutors face March 11th SBF retrial deadline(CourtFiling)
Crypto Protocols, Applications & Business News
◾ Telegram adds wallet yield (Cointelegraph)
◾ DeFi Development $DFDV invests in Apyx, dividend-backed stablecoin protocol (GlobeNewswire)
◾ Starwood supports $MARA expand sites for AI (Mara)
◾ Bloomberg, Kaiko share data on-chain (Bloomberg)
◾ Cardone Capital to tokenize real estate holdings (X)
◾ Figure $FIGR, Agora Data bringing auto finance to DEX lending (Figure)
◾ MetaMask launches US Mastercard $MA (FinanceFeeds)
AI Models, Applications & Developments
◾ $GOOGL to offer MA residents free AI training (Boston.com)
◾ Burker King $QSR to use AI to monitor “thank yous” (AP)
The Attention Economy, Gaming & Interactive Shifts
◾ Roblox $RBLX ads thrift store (GoodGoodGood)
Space Systems, Satellites & Cosmic Activity
◾ Phantom Space acquires Vector launch assets (PRNewswire)
◾ NASA appoints Assoc. Admin. Space Operations Mission Directorate + Prog. Mgr Commercial Crew Program (Nasa.gov)
◾ Russia to help Myanmar select + train astronaut (Reuters)
◾ NASA to give Artemis II update at 10AM EST today (Nasa.gov)