According to data from the on-chain platform Santiment, since Bitcoin reached its all-time high last October, holdings by small wallets (generally considered retail investors) holding less than 0.1 BTC have increased by approximately 2.5%, reaching their highest supply share since mid-2024. In contrast, holdings by large Bitcoin holders (whales and sharks) holding between 10 and 10,000 BTC have decreased by approximately 0.8%. This structural divergence often leads to volatile price movements, making it difficult to establish a clear trend. Currently, Bitcoin prices are mostly fluctuating around the mid-$60,000 range. Market analysts point out that retail buying can provide some "bottom support" and short-term momentum, but for a sustainable rebound to occur, large holders need to stop distributing Bitcoin or even become net buyers. Analysts believe that Bitcoin currently does not lack retail participation; the key is whether whales will stop selling pressure and shift to structural buying. Otherwise, each rebound may face the risk of being sold off at higher prices.

Huoxun Finance News, February 21st - SonicLabs released its first ecosystem update for 2026, disclosing progress on management changes, funding status, and product roadmap: Regarding management, Mitchell Demeter has stepped down, and Business Development Director Evan Owens has also left the company. Currently, the board of directors is temporarily managing operations and is searching for a new CEO. The official statement indicates that Sonic has no risk investment unlocking pressure, its tokens are fully diluted, and the development fund maintains long-term operational capabilities through diversified allocation (S tokens, stablecoins, government bonds, digital assets, real estate, and equity investments). In terms of strategic allocation, SonicStrategy holds 126,622,348.845 S tokens (from governance appropriations). These assets are managed using a 4/6 multisignature system and are subject to legal restrictions, prohibiting their sale or use for liquidity staking; they serve solely as mNAV backing assets. On the product front, the AI smart contract generation tool Spawn is currently in internal testing and can already generate and deploy contracts using natural language. The FeeMonetization (FeeM) mechanism has allocated over 2.6 million S tokens to developers, and the team is evaluating a shift from the current 90% fee return mechanism to a tiered structure to optimize the long-term economic model. Regarding ecosystem support, InnovatorFund and SonicWave plan to continue funding projects with sustainable business models and strengthen the "vertical integration" framework, requiring funded applications to enhance the S token economic model through token burning and protocol-level value return mechanisms. In terms of community activities, the MemeSeason incentive program has been suspended indefinitely, and the Sonic & Sodas project has ended. Future focus will be on developer education and global events with greater scalability potential. Sonic stated that in 2026, it will prioritize infrastructure development and economic model optimization, with subsequent updates covering governance improvements, validator staking adjustments, and a technology roadmap.

According to Huoxun Finance on February 21, OnchainLens monitoring shows that a wallet associated with Pump.fun has sold 3.376 billion PUMPs to date, worth approximately $7.23 million, and currently holds 373.49 million PUMPs.

Huoxun Finance reported on February 21st that, according to CoinDesk, on-chain data platform Santiment shows that since reaching an all-time high in October, small wallets holding less than 0.1 BTC (generally considered retail investors) have increased their holdings by approximately 2.5%, reaching their highest supply share since mid-2024. In contrast, the overall holdings of "large" wallets (whales and sharks) holding 10 to 10,000 BTC have decreased by approximately 0.8%. Analysts believe that this structural divergence often leads to volatile price movements rather than the formation of a clear trend. Previously, Glassnode's "AccumulationTrendScore" rose to 0.68, indicating that holders of 10 to 100 BTC actively bought the dip when prices fell to around $60,000. However, Santiment's broader data shows that large wallets have been net sellers since October. Market analysts point out that Bitcoin currently has no shortage of retail investors; the key lies in whether whales will stop selling pressure and shift to structural buying. Otherwise, each rebound may face the risk of being sold off at high prices. Currently, Bitcoin prices are mostly fluctuating around the mid-$60,000 mark. Market opinions suggest that retail buying can provide some "bottom support" and short-term momentum, but for a sustainable rebound to materialize, large investors need to stop distributing shares or even become net buyers.

According to Odaily Planet Daily, a community user named dasha recently proposed that the existing Ethereum should gradually die out through fragmentation (such as L2 and application chains), and that a pure cyberpunk chain should be rebuilt from scratch based on RISC-V. Vitalik Buterin responded by stating that he rejects the idea of a "slow death" for the existing Ethereum, and instead plans to build a "cypherpunk-inspired, non-ugly Ethereum" as a tightly coupled extension of the current system, achieving seamless interoperability, and migrating the existing system via smart contracts within 5 years. Vitalik emphasized that this could be achieved through incremental upgrades similar to the previous "merge" upgrade, followed by four major changes, including state tree optimization, Lean consensus, ZK-EVM verification, and VM changes, to enhance censorship resistance, ZK friendliness, and simplicity.