Gate Research Institute: Vitalik has sold 10,700 ETH this month | AI disrupts traditional business models IBM plunges 11%

Cryptocurrency Market Overview

• BTC (-2.53% | Current Price: 63,165 USDT): Influenced by factors such as Trump’s 15% global tariffs and weak ETF capital flows, Bitcoin briefly dropped to the $64,200–$64,400 range in the past 24 hours. On Sunday night, Bitcoin’s price fell over 5% within a few hours. The whale ratio on exchanges has risen to about 0.64, the highest since 2015, indicating large holders are sending tokens to exchanges for potential selling during price declines. As the price retraces within the short-term structure, the market appears to lack strong upward momentum. Currently, Bitcoin may continue to consolidate between the $60,000 support zone and the $75,000 resistance zone. Only a breakout beyond either boundary could establish the next sustained trend, while persistent resistance around $70,000 keeps the short-term outlook cautious.
• ETH (-1.54% | Current Price: 1,832 USDT): Ethereum remains consolidating near its 20-day low of around $1,844, with multiple momentum indicators still showing a weak market structure. RSI approaches 31.5, nearing the classic oversold zone, indicating short-term selling pressure has been significantly released but no clear reversal signals have appeared. The ADX is about 47, suggesting a strong trend, implying prices are still mainly in a bearish move rather than a correction. Meanwhile, MACD remains below zero, reinforcing the overall bearish trend. Recently, Vitalik Buterin sold approximately 1,869 ETH at an average price close to $1,950, totaling about $3.7 million. Although this volume is limited relative to Ethereum’s daily trading volume, the founder’s address reducing holdings often amplifies signals during weak market sentiment, potentially increasing short-term volatility. Overall, despite significant recent adjustments, trend indicators have yet to show clear signs of a structural reversal.
• Altcoins: Over the past 24 hours, some speculative sectors have shown resilience, with TRUMP rising 1.78%, possibly indicating retail investors chasing volatility, while institutional capital appears to be decreasing. The Fear & Greed Index is at 11, indicating the market remains in “Extreme Fear.” Overall, the market is still dominated by a downtrend, with rebounds likely to be technical recoveries rather than a fundamental trend reversal.
• Macro: On February 23, the S&P 500 fell 1.04% to 6,837.75 points; the Dow Jones dropped 1.66% to 48,804.06; the Nasdaq declined 1.13% to 22,627.27. As of 11:00 AM (UTC+8) on February 24, spot gold is at $5,189 per ounce, down 0.74% in 24 hours.

Hot Tokens to Watch

PIPPIN Pippin (+16.62%, Market Cap: $737 million)

According to Gate data, PIPPIN is currently priced at $0.7428, up 16.62% in 24 hours. PIPPIN is a community-driven crypto project originating from a unicorn SVG image generated by ChatGPT 4.0, evolving into an experiment combining AI autonomous agents and meme community culture. The project emphasizes open-source development, community participation, and an open ecosystem, aiming to enhance its cultural narrative and community engagement through AI-driven behaviors and content interactions.

Driven mainly by strong speculative buying and community momentum, PIPPIN exhibits a high turnover rate of 9.4% and a trading volume of $68.4 million. If buying pressure remains above $0.70, it could test the $0.80–$0.85 range. Falling below $0.65 might trigger profit-taking, with a potential retracement toward $0.60.

STEEM (+25.52%, Market Cap: $30.8 million)*

Data from Gate shows STEEM is currently at $0.5115, up 25.52% in 24 hours. Steem is a blockchain project focused on social media and content creation, incentivizing creators and users through token rewards. It uses DPoS consensus and promotes decentralized content platforms via applications like Steemit.

Steem’s rapid rise is a technical breakout, with the token breaking through key moving averages and confirming momentum with overbought indicators. Trading volume surged 303%, indicating increased spot interest and capital inflow. If Steem maintains support between $0.055 and $0.057, it could challenge the $0.060 resistance again; a break below this zone, combined with overbought RSI, might lead to a correction toward the 7-day SMA near $0.049.

POWER Power Protocol (+12.05%, Market Cap: $108 million)

Gate data shows POWER is currently priced at $109.68, up 12.05% in 24 hours. Power Protocol is an incentive layer that converts user actions and application revenues into on-chain rewards, connecting mainstream apps to Web3. The protocol transforms user engagement into real economic value, providing Web2 users with their first meaningful on-chain experience through gaming, consumer apps, and creator platforms.

The recent rise in POWER is mainly driven by leverage trading, with 24-hour spot volume surging 162% to $38.6 million, and futures trading amplifying price volatility. The current resistance is around $0.55–$0.56, a level previously tested during the rally. The key support is at $0.50. Given the high volatility and turnover rate in the past 24 hours, the market may enter consolidation. If Bitcoin weakens, altcoins like POWER could see profit-taking.

Alpha Insights

AI Disrupts Traditional Business Models, IBM Plunges 11%

On February 24, AI firm Anthropic announced its Claude Code platform can automate COBOL system modernization. Since COBOL relies heavily on manual consulting and custom development, automation could reduce revenue for traditional IT consulting firms. This news sparked concerns about the impact on legacy IT and software businesses, causing IBM’s stock to plunge as much as 11%, marking it as a recent AI-affected target. Major US indices also declined, and crypto markets came under pressure.

The core concern isn’t COBOL itself but AI’s potential to replace high-value enterprise services like system migration and architecture overhaul. If the technology matures, industry dynamics may shift from “human-driven” to “tool and platform-driven,” forcing IT consultancies to accelerate AI integration and business model transformation. AI’s impact on crypto is twofold: automation tools could lower blockchain development barriers and accelerate application innovation, while structural shifts in computational demand might reshape mining ecosystems—explaining why miners like IREN have risen against the trend. From a macro perspective, the integration of AI and crypto is transitioning from hype to infrastructure, as AI needs blockchain for data rights and value sharing, and blockchain benefits from AI for efficiency and intelligence. This synergy is not yet fully priced in. Long-term, high-performance public chains could become key infrastructure for AI agent economies, given their high throughput and low latency.

ZachXBT Teases Major Investigation: Insider Trading and Trump-Linked Projects Under Scrutiny

On February 24, on-chain investigator ZachXBT announced a major investigation to be released on February 26, involving one of the most profitable crypto firms, with multiple employees accused of long-term insider trading. The announcement has sparked discussions among crypto influencers. If the investigation targets prediction markets, employees could have access to sensitive data such as outcome criteria, market maker positions, liquidity, and user order flow. Past reports of suspiciously high win rates and large profits on platforms like Polymarket raise concerns about information asymmetry. The probe will also focus on Trump-related projects, citing recent USD 1 de-pegging events and social media activity that increased market panic, as well as potential internal manipulation within projects like WLFI.

All these are currently market comments; no official findings have been released. Investors await ZachXBT’s detailed disclosures on February 26. The investigation points to uncomfortable truths: the most profitable firms may also be the most fragile trust nodes, prompting a re-examination of data ethics, internal controls, and power balances. Regardless of the outcome, this will push the industry toward healthier development.

Vitalik Has Sold 10,700 ETH This Month at an Average Price of $2,027

On February 24, OnchainLens reports that Ethereum co-founder Vitalik Buterin has been continuously selling ETH, with a total of 3,765 ETH sold over the past three days, cashing out about $7.08 million. Since February 2, he has sold 10,723 ETH, totaling approximately $21.74 million, at an average price of around $2,027. Previously, on January 30, Vitalik announced a donation plan to “withdraw 16,384 ETH to support open-source, verifiable hardware and software development,” with about 65.44% of the planned amount already sold.

This transparent asset disposal aligns with his stated donation goals. He has been selling via multi-signature addresses and CowSwap in batches, at around $2,000, minimizing market impact. As a key figure in Ethereum, his on-chain activity attracts attention and sometimes over-interpretation. However, relative to ETH’s total circulating supply and daily trading volume, these sales are not large and mainly influence market sentiment. Investors should continue monitoring his addresses and subsequent fund use to verify consistency with his declared intentions.
References:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• X, https://x.com/OnchainLens/status/2026094028568301653
• Polymarket, https://polymarket.com/event/which-crypto-company-will-zachxbt-expose-for-insider-trading
• CoinDesk, https://www.coindesk.com/markets/2026/02/23/crypto-suffers-deeper-declines-as-ai-fears-send-ibm-plunging-11

Disclaimer Investing in cryptocurrencies involves high risk. Users are advised to conduct independent research and fully understand the assets and products before making any investment decisions. Gate assumes no responsibility for any losses or damages resulting from such investments.