Institutions advance as crypto markets recalibrate

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Introduction

Institutional infrastructure kept widening even as crypto markets sentiment oscillates. BlackRock took its tokenised Treasury fund BUIDL into decentralised liquidity on UniswapX, a first-of-its-kind bridge between a Wall Street issuer and a top DeFi venue. At the same time, interoperability giant LayerZero announced Zero, a high throughput L1 pitched squarely at trading, clearing and settlement with marquee partners in tow. On chain, BTC and ETH told different stories, with whales buying Bitcoin while Ethereum’s larger cohorts lightened up.

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Price action on Australia’s digital asset exchange

Crypto markets pushed higher this week, supported by a lift in broader risk sentiment and renewed interest in large-cap assets. Bitcoin led from the front, closing at AU$94,513 for a 4% weekly gain, setting the tone for a steady market rebound. Ethereum followed with a 3.34% rise to AU$2,725, reflecting stronger activity across major smart-contract platforms.

Among the top assets, XRP outperformed, jumping 9.62% as traders rotated back into higher-beta names. This week’s standout was ONDO, surging 25.81% to AU$0.39, making it the strongest mover as tokenisation themes regained momentum. 

Total market cap sits at US$2.72T, inching higher alongside broad-based buying. Bitcoin dominance eased to 59.14%, signalling a mild shift toward altcoins as confidence improves.

Overall sentiment is positive but measured with traders adding exposure selectively rather than chasing momentum. The markets tone suggests a constructive start to the month, led by BTC strength and growing altcoin participation.

State of crypto

• BlackRock enables on-chain BUIDL trading for qualified investors via UniswapX
• LayerZero unveils Zero L1 for institutions with Citadel/ARK backing, targeting 2M TPS 
• BTC whales bought ~53,000 BTC in a week, the largest since November
• ETH large wallets trimmed holdings in early 2026 as price dipped below US$2,000

TradFi integrates into DeFi: BUIDL meets Uniswap 

BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), a tokenised Treasury fund, is now tradable by eligible, whitelisted investors via UniswapX through a partnership with Securitize and Uniswap Labs. The move enables 24/7 RFQ style secondary trading among approved market makers, with BlackRock also purchasing an undisclosed amount of UNI. 

Markets took notice, with UNI jumping on the announcement. Beyond signalling confidence in decentralised execution, this creates an operational path for tokenised yield assets to interoperate with stablecoins and on-chain liquidity. Access remains limited to qualified purchasers, but the precedent is material for real world assets (RWA) market structure.

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LayerZero launches ‘Zero’ L1 targeting institutional-grade throughput

In parallel, LayerZero Labs unveiled Zero, a permissionless L1 designed for institutionalgrade throughput using a heterogeneous architecture and ZK proofs, claiming up to 2 million TPS per zone. The initiative features heavyweight collaborators across finance and tech, including Citadel Securities, DTCC, ICE and Google Cloud, with ARK Invest’s Cathie Wood joining the advisory board.

A fall 2026 Mainnet is planned, launching with three initial zones. ZRO rallied on the news as investors reframed the token’s role in a prospective institutional L1. Together, these headlines underscore a directional shift: regulated capital is testing decentralised rails, while base layer design adapts to institutional requirements.

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Goldman Sachs boosts crypto ETF exposure, adds XRP and Solana positions

Goldman Sachs’ latest 13F shows US$2.36B in crypto ETF exposure across BTC, ETH, XRP and SOL, with reduced BTC/ETH ETF stakes versus Q3 and new XRP and Solana positions. Notably, the bank also carried sizable BTC ETF put option exposure versus calls, consistent with hedging. While small in portfolio terms (~0.33%), disclosures from a marquee bank help benchmark institutional posture into a choppy start to 2026.

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BTC accumulation vs ETH distribution

Large Bitcoin holders stepped in: wallets with ≥1,000 BTC accumulated ~53,000 BTC in the past week, the biggest weekly add since November 2025, worth more than US$4B at prevailing prices. That bid arrived as BTC chopped in the mid-US$60Ks to low-US$70Ks after a swift slide toward US$60K, suggesting deliberate dip absorption. Analysts caution that whale support alone doesn’t guarantee a durable bottom without renewed ETF and spot demand, but it typically tightens float and dampens downside velocity.

Ethereum’s picture was more nuanced. Data through early February indicates that large ETH cohorts reduced their share of supply, with wallets ≥1,000 ETH distributing up to ~1.5% of their holdings as ETH slipped below US$2,000. At the same time, exchange data flagged ~220,000 ETH net outflows, the largest since October, often a sign of cold storage accumulation that offsets immediate sell pressure. Whales are thus split: some rotate or derisk, others add below realised cost basis. For traders, that means thinner liquidity pockets and sharper intraday ranges until derivatives open interest rebuilds.

Check SOL

Crypto Fear & Greed Index

Source: Fear & Greed Index

BTC Markets in the news

Bloomberg: Bitcoin-Led Crypto Rout Erases Nearly Half a Trillion in a Week

“ETH remains in a bearish structure overall after breaking down from the $2,800 to $3,000 range,” said Rachael Lucas, an analyst at BTC Markets. The selloff comes on the back of macro risk-off sentiment and a broader crypto selloff, she added.

The Australian: Analyst warns of 'contagion' amid bitcoin crash

Bitcoin’s brutal selloff reflects a breakdown in price structure rather than a single shock event, according to BTC Markets head of finance Charlie Sherry.

“That scale of drawdown tells you this is no longer a shallow correction; it’s a full deleveraging phase,” Sherry says, noting that $US2.09bn in liquidations confirms leverage was still too high.

Announcements

BTC Markets at DECA’s Policy Forum in Canberra

Our focus is clear: helping Australia build a practical, fit‑for‑purpose regulatory framework that supports innovation, strengthens consumer protection, and recognises the critical role of digital assets in today’s economy.

That’s why our CEO, Lucas Dobbins, and Chief Commercial Officer, Paul Stonham, were in Canberra today, to directly contribute to Australia’s digital asset reforms.

Through discussions at Parliament House, hosted by the Digital Economy Council of Australia (DECA), government, MPs and industry examined real‑world use cases in digital assets, payments and the infrastructure that powers them.

BTC Markets is actively participating to help close regulatory gaps and align standards with the broader financial system.

We’re committed to shaping a responsible, competitive and future‑ready digital asset environment for all Australians.

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Holdings Pages now available 

Holdings Pages are now live on BTC Markets. This update brings key asset-level information and portfolio context together in one place. It provides clearer visibility into your holdings and makes it easier to explore individual assets with relevant market data when trading.

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Policy Week 2026

We’re pleased to be supporting Policy Week 2026, an event bringing together leaders from government, regulation, finance and technology to advance conversations shaping Australia’s digital-assets policy and market landscape. As a Cornerstone Sponsor, BTC Markets looks forward to engaging with the community in Sydney from 9-13 March and contributing to a week of thoughtful dialogue and connection.

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The week ahead: Economic events

Thursday, February 12th

• United Kingdom GDP Growth Rate, GDP Annual Growth Rate, Monthly GDP MoM, 
• United States Existing Home Sales

Friday, February 13th

• United States Core Inflation Rate MoM, Core Inflation Rate, Inflation Rate MoM, Inflation Rate

Monday, February 16th

• Japan GDP Growth Rate

Tuesday, February 17th

• Australia Interest Rate
• United Kingdom Unemployment Rate
• Germany ZEW Economic Sentiment Index
• Canada Inflation Rate

Wednesday, February 18th

• Japan Balance of Trade
• United Kingdom Inflation Rate
• United States Building Permits, Durable Goods Orders, Housing Starts

Source: Trading Economics

Market reflections

• United States: Dollar steadied and yields nudged up as markets priced in restrained Fed rate cuts ahead of upcoming policy decisions
• Europe: Euro-zone GDP finished 2025 stronger than expected, underscoring resilience amid export headwinds
• China: Official PMI showed contraction in January, highlighting ongoing weakness in manufacturing and domestic demand
• Japan: Factory activity recovery extended, with export-driven production picking up alongside broader global PMI gains
• Australia: RBA reversed course, raising rates by 25 bps for the first time in two years amid persistent inflation pressures

Recent macro data painted a nuanced picture of global activity as major economies grappled with divergent growth dynamics and policy choices. In the United States, the dollar found firmer footing and Treasury yields ticked higher as markets factored in the possibility of more measured rate cuts from the Federal Reserve later in 2026, reflecting a backdrop of firm labour and economic indicators.

Across Europe, headline figures showed the euro-zone economy concluded 2025 with better-than-expected GDP growth, supported by domestic consumption and investment that helped offset sluggish exports and trade uncertainties.

In China, official data for January revealed a contraction in manufacturing activity as weak domestic demand continued to weigh on the sector, even s policymakers deploy targeted support measures to stabilise consumption and industrial output.

Meanwhile, Japan’s manufacturing sector featured in broader private surveys as part of a wider improvement in global factory activity, with output expanding in tandem with export demand, a positive sign for regional trade-linked growth prospects. 

Australia’s central bank shifted its stance, raising interest rates by 25 basis points, its first hike in two years, as inflationary pressures and tighter labour market conditions prompted a recalibration of monetary policy away from prior easing expectations. 

Overall, the latest data reinforce the uneven pace of the global recovery, as momentum builds in select economies while others remain weighed down by soft demand and policy challenges.

Final thoughts

Institutional rails keep moving forward, but liquidity is still patchy and very dependent on specific flows. Keep an eye on whether BUIDL’s UniswapX activity builds momentum, and whether we see more tokenised fund listings coming through. Track Zero’s partner pilots are also worth watching, they’re a good indicator of how quickly institutional settlement is shifting on chain.

In the near term, earnings and credit headlines can still throw risk assets around. Broker and lender updates, along with stabilising ETF flows, will give better confirmation of direction. On chain, sustained BTC whale inflows versus the rotation we’re seeing in ETH cohorts will shape how broad the alt move becomes, and how much beta follows through.

Ready to take advantage of the opportunities shaping the market? Log in to trade on Australia’s own digital asset exchange and stay positioned for what comes next.

Online safety: How to avoid fake job offers

Online job offers can appear attractive, especially when they promise quick earnings or flexible work. However, some of these opportunities are designed to obtain your personal details or ask for payments before any real work begins. These messages may impersonate well-known companies or recruiters, making them seem legitimate at first glance.

You may be asked to send money through bank transfer, PayID, or cryptocurrency to “activate” a role or complete simple tasks. In some cases, small initial payments are provided to build trust, followed by larger requests. These tactics aim to create urgency and prevent you from verifying the opportunity.

What to watch out for

• Unexpected job invitations through text or encrypted apps such as WhatsApp, Signal, or Telegram.
• Offers of easy, high-paying work with no interview or questions about your experience.
• Requests for upfront payments or cryptocurrency deposits to access tasks or secure a role.
• Job descriptions involving transferring funds, purchasing items, or handling packages for others.
• Pressure to act quickly, pay “recruitment fees,” or cover training costs.

How to stay safe

• Be cautious with online job ads, including those on reputable platforms, as listings can be copied or impersonated.
• Never send money or share banking or cryptocurrency details with someone you only know online.
• Verify recruiters through official company websites or trusted channels, not through links in a message.
• Take your time. Legitimate opportunities will not require upfront payments.
• Avoid sharing sensitive personal information (such as passport or ID details) unless you are certain the employer is genuine.

If you’ve shared information or made a payment, secure your accounts immediately and update your passwords.

Learn more at scamwatch.gov.au.

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