River Report: Bitcoin adoption remains out of the bear market, institutional holdings reach 829,000 coins

Pi Network's new reward plan offers $0 but sparks frenzy. Can Mobix's promotion of real-world business implementation rewrite the value logic of Pi Coin?

On February 25, news reports indicate that despite the new position offering a $0 salary, the Pi Network community has shown great enthusiasm for Mobix's global expansion plan. According to the latest update, Mobix is encouraging representatives from various countries to participate in building localized commercial networks, promoting Pi's use in real-world payments and circulation, and accelerating the transition from mining incentive models to actual consumer scenarios. The core of this plan is to establish a "Global Business Layer." Mobix recruits volunteer representatives from different regions to coordinate product delivery, optimize order processing workflows, and improve cross-border transaction communication efficiency. This localized support mechanism aims to reduce transaction friction, enhance the Pi payment experience, and provide infrastructure support for Pi's commercialization. Unlike crypto projects that rely on price speculation, this model emphasizes real commodity exchanges and everyday payment use, reinforcing its positioning as a "practical digital currency."

Tonight, Circle and NVIDIA will release their earnings reports. Will AI narratives once again "support" the crypto market? This becomes the focus.

The issuer of the US dollar stablecoin USDC, Circle, and NVIDIA will release their earnings reports on February 25th before the market opens and after the market closes, respectively. The market is watching how their performance will impact risk assets. NVIDIA's stock price has been stagnant amid fluctuations, and Wall Street is concerned about the short-term pressure behind the earnings report. Investors are assessing the relationship between AI, semiconductors, and stablecoins, and are looking forward to the market reaction to the earnings reports.

Pi Open Network One Year Anniversary: Founders Emphasize Practicality and KYC Ecosystem, Mainnet Migration Surpasses 16.2 Million

On February 25, Pi Network celebrated the one-year anniversary of its open network launch by releasing a new video message from founder Chengdiao Fan, reaffirming the development path of "practicality first." She stated that Pi is different from projects driven by ICOs or short-term speculation, instead focusing on long-term value through mobile mining, real identity verification, and local business applications, with the goal of promoting practical daily payments and application scenarios. Official data shows that approximately 16.2 million users have completed mainnet migration, and about 17.7 million have completed KYC verification; the total number of active nodes on the network exceeds 421,000, with over 9 billion Pi transferred into mainnet wallets. On the ecological level, hundreds of applications are already online, with around 148,000 merchants registered on the Pi Map e-commerce platform, emphasizing the parallel promotion of user participation and commercial activities, rather than just mining growth.

Trump's State of the Union address did not mention Bitcoin and cryptocurrencies, and the market's expectations were disappointed, causing intense price volatility.

February 25 News, U.S. President Trump did not mention Bitcoin, blockchain, or cryptocurrency policies in his important policy speech (State of the Union Address) in February 2026, sparking significant attention in the crypto market. Previously, most investors expected Trump to signal regulation of digital assets, financial innovation, or the development of the crypto industry. Therefore, his "avoidance of mentioning cryptocurrencies" quickly became a key variable for traders interpreting macro sentiment. From the content of the speech, Trump mainly focused on economic growth, employment, border security, and national security issues, without touching on any policy directions related to digital assets. This silence surprised some supporters of the crypto industry. Over the past two years, Trump has expressed a positive attitude toward Bitcoin and digital finance multiple times and supported crypto-related projects, leading the market to view him as a potential "crypto-friendly" politician.

Jane Street faces insider trading allegations, raising suspicions behind the crypto crash

Jane Street faces allegations from Terraform Labs, claiming it profited by using non-public information to close positions early before the 2022 UST collapse. Jane Street denies the allegations, asserting that the trades were part of normal market-making activities. This case could impact the legal definition of insider trading within the cryptocurrency market. As a major crypto market maker, Jane Street's trading activities are often scrutinized during significant market events, but it has not yet been found legally liable by regulatory authorities.