Portofino Mint - 16 February 2026

🚀 Welcome to the Portofino Mint!

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📊 Cryptos at a Glance

Crypto markets traded in a fragile, sentiment-driven environment this week. Bitcoin experienced sharp intraday swings as risk appetite deteriorated alongside global tech equities before stabilising into the weekend. Volatility was amplified by liquidations across derivatives venues, while ETF flows reflected cautious positioning rather than decisive accumulation. Narrative momentum was dominated less by new adoption headlines and more by governance debates and macro-policy developments in the U.S., reinforcing the sense that crypto remains tightly coupled to broader financial conditions.

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📊 Key Market Levels

• BTC & Market Rotation: Bitcoin rebounded toward $70k after briefly trading near $65k during peak risk-off flows, while BTC dominance edged higher as capital rotated defensively and ETH underperformed amid suppressed altcoin beta.‍
• ETH: Underperformed BTC on a relative basis as altcoin beta remained suppressed.
• Crypto Fear & Greed Index: Remained in “Extreme Fear” territory during the week’s drawdown.
• Liquidations: Multi-billion USD long liquidations reported across major exchanges during peak volatility.

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🪙 Macro Overview

• Risk assets broadly weakened mid-week as software and AI-linked equities corrected, spilling over into crypto.
• Market participants continued reassessing rate trajectory expectations amid ongoing U.S. macro data releases.
• Political discourse around digital asset legislation in Washington re-entered focus, influencing sentiment.

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🌐 Project & Token Highlights

• LEO Token posted one of the strongest weekly performances among large-caps, supported by its buyback and burn framework.
• Ongoing community reaction followed revelations concerning historical crypto investments linked to Jeffrey Epstein, including reported stakes in Coinbase and Blockstream.
• Early Bitcoin developer Luke Dashjr publicly called for Adam Back to step down following renewed scrutiny of historical associations.

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🏛️ Regulatory Updates

• Newly released DOJ documents shed light on historical investments by Jeffrey Epstein in early crypto ventures and research funding. Importantly, multiple outlets emphasised there is no evidence he owned Bitcoin directly, controlled networks, or influenced protocol governance. The revelations triggered reputational debate but no confirmed structural market impact.
• U.S. Treasury Secretary Scott Bessent urged lawmakers to advance the Digital Asset Market Clarity Act, arguing that regulatory clarity is essential to maintain U.S. competitiveness in digital assets.
• South Korean authorities reported the seizure of digital assets tied to illicit activity connected to the exchange Bithumb, reinforcing ongoing enforcement efforts in Asia’s major crypto markets.

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🏢 Institutional Developments

• Institutional flows remained cautious, with ETF data indicating mixed positioning rather than strong directional conviction.
• Broader political tension surfaced as parts of the crypto community expressed dissatisfaction with the pace and structure of U.S. digital asset policy.
• Governance and reputational scrutiny resurfaced as a theme, but no major new institutional adoption announcements emerged this week.

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📆 What to Watch Next Week

• U.S. macro data releases that could influence rate expectations and risk appetite.
• Progress (or delay) in U.S. legislative discussions around the Digital Asset Market Clarity Act.
• ETF inflow/outflow trends as a proxy for institutional conviction.
• Whether volatility compresses following this week’s liquidation cascade or extends into another structural test of liquidity.

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📅 Missed last week’s update? Catch up on all headlines in the previous Portofino Mint.

𝘛𝘩𝘪𝘴 𝘮𝘦𝘴𝘴𝘢𝘨𝘦 𝘪𝘴 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴 𝘰𝘯𝘭𝘺 𝘢𝘯𝘥 𝘥𝘰𝘦𝘴 𝘯𝘰𝘵 𝘤𝘰𝘯𝘴𝘵𝘪𝘵𝘶𝘵𝘦 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘐𝘭𝘭𝘶𝘴𝘵𝘳𝘢𝘵𝘪𝘰𝘯 𝘨𝘦𝘯𝘦𝘳𝘢𝘵𝘦𝘥 𝘸𝘪𝘵𝘩 𝘊𝘩𝘢𝘵𝘎𝘗𝘛.

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