On 21 February 2026, Bitwise Asset Management CIO Matt Hougan reaffirmed Bitcoin, Ethereum, Solana and Chainlink as the firm's core crypto assets for the current market cycle. He argues these networks form the backbone of a maturing digital asset economy, with Bitcoin and Ethereum dominating and Solana and Chainlink positioned as high-upside infrastructure plays. Bitwise's index fund allocations and planned products mirror this focus, concentrating heavily on BTC and ETH while maintaining smaller positions in SOL and LINK.

In February, the crypto market posted its fifth consecutive red monthly close as search interest for "crypto" fell toward 2022 lows. About $1.96 trillion has exited the sector and Bitcoin dominance sits at 58.29%, pointing to fragile liquidity and a recovery setup that remains unconfirmed.

Bitwise CIO Matt Hougan named Bitcoin, Ethereum, Solana, and Chainlink as the four assets to own for this cycle, stating on the When Shift Happens podcast that Bitcoin remains the clear store-of-value winner. He assigned a 10-25% probability to U.S. sovereign Bitcoin purchases that he said could propel BTC toward $500K, while noting the market trades over 40% below its October 2025 peak.

On February 20, 2026, Sam Bankman-Fried used a proxy to publish a "10 Myths" X thread from prison, disputing that FTX was insolvent and challenging aspects of his fraud case. He claimed customers are receiving 119%–143% of November 2022 claim values and rejected personal-life rumors, while critics point out his conviction stands and findings on customer fund misuse remain.

Darknet marketplaces and drug vendors took in nearly $2.6 billion in cryptocurrency in 2025, with inflows to drug-linked addresses slightly above $2.5 billion. From mid-2023, payments for fentanyl precursors fell sharply, and larger transfers over $500 correlated with worse Canadian health outcomes, underscoring how on-chain activity can act as an early warning for public health and enforcement.

On Feb. 20, US-listed spot Bitcoin ETFs recorded $88.1 million in net inflows, led by BlackRock's IBIT with $64.5 million and Fidelity's FBTC with $23.6 million. The move followed a $165.8 million outflow on Feb. 19, while Ethereum flows were broadly flat and Solana funds added $3.7 million.

Billionaire investor Stanley Druckenmiller reallocated $290,836,000, increasing Duquesne Family Office's positions in Alphabet by 277% to 385,000 shares and in Amazon by 69% to 737,940 shares. Filings also show he exited Citigroup, Bank of America and Capital One, reducing each holding to zero.

On February 21, 2026, the SEC’s Division of Trading and Markets updated guidance to permit broker-dealers to apply a 2% capital haircut to proprietary positions in qualifying payment stablecoins under Exchange Act Rule 15c3-1. Many firms had treated these assets with a 100% haircut; the change, subject to strict reserve, transparency and regulatory criteria, may enhance liquidity.