Santiment's latest on-chain data shows XRP has posted a realized loss of about -908 million XRP, the largest capitulation signal since November 2022 when losses neared -1.93 billion XRP. In that earlier episode, the sell-off marked a price floor and preceded an approximately 114% advance over eight months. XRP has recently dropped from above $3 into the mid-$1 range, and if a similar pattern plays out from around $1.35, a recovery toward or beyond the $2 level could follow.

At Monday's Wall Street open, Bitcoin (BTC) traded around $66,000 with price targets ranging from a potential drop toward $60,000 to a recovery higher. On-chain and derivatives analysts highlighted repeated sell pressure from U.S. traders, key support near $64,200–$65,000 and resistance up to $68,700. Market participants also focused on newly announced 15% U.S. trade tariffs, viewed by some as an immediate macro catalyst for Bitcoin.

On February 23, 2026, shares of Arcellx surged after Gilead Sciences agreed to buy the biotech company in a transaction valuing it at about $7.8 billion, including a $115 per share cash offer. The deal adds a potential $5 per share contingent value right tied to sales of Arcellx's CAR-T therapy anito-cel, while the stock price spiked to around $113.95 on heavy trading volume. The acquisition, expected to close in the second quarter of 2026, follows an existing partnership and could become accretive to Gilead's earnings after potential FDA approval.

Bitmine Immersion Technologies said that as of Feb. 22, 2026, its combined crypto and cash assets totaled $9.6 billion. The company now holds 4,422,659 ETH after buying 51,162 tokens in the past week, with 3,040,483 ETH staked and current annualized staking revenues of $171 million.

On February 5 and 6, Bitcoin slipped below $61,000 before rebounding to $66,000–$68,000, while realized losses peaked near $1.24 billion per day and later eased to about $480 million. In early January 2026, USDT supply was about $187 billion and fell under $184 billion by mid‑February, with a 60‑day market‑cap change below ~$3 billion. Some analysts view these extremes and a Fear & Greed low near 5 as potential signs of market exhaustion.

On February 23, analyst Zach Rector said on YouTube that XRP may be nearing a capitulation phase, citing rising fear, realized-loss spikes, and stronger XRP Ledger activity. He noted daily successful transactions have climbed about 40% toward 2.5 million, while XRP trades near $1.38 and remains under pressure in recent performance metrics.

According to the latest CoinShares data, crypto investment products posted $288 million in weekly outflows, marking a fifth consecutive week of redemptions and bringing total withdrawals to $4 billion. Bitcoin led the decline with $215 million in outflows, while Ethereum and Tron also saw institutional selling. In contrast, XRP and Solana attracted modest inflows of $3.5 million and $3.3 million respectively, with Chainlink adding $1.2 million, even as overall market sentiment remained bearish.

Curve Finance founder Michael Egorov told Cointelegraph that decentralized finance protocols must move away from inflationary token emissions and focus on generating real revenue to sustain yields. He contrasted the 2020 DeFi summer and its triple‑digit APYs with today's environment, where users are more cautious and DeFi's total value locked has dropped from $158 billion on Aug. 23, 2025, to about $98 billion over the last six months. Egorov also argued that tokens should primarily support decentralization and governance, while durable onchain businesses compete on revenue generation and capital efficiency rather than headline yields.