🔍 Daily Briefing, February 11, 2026 📊 I. Key Data Fear and Greed Index: 9 (Extreme Fear) US BTC spot ETF: Net inflow of $166 million yesterday; US ETH spot ETF: Net inflow of $13.82 million yesterday. 📰 II. Important News of the Day 1️⃣ Macroeconomics and Regulation 1) On February 11, the White House held its second cryptocurrency symposium, bringing together teams representing the digital asset industry and traditional banking. The meeting aimed to bridge differences on several issues, perhaps most critically concerning stablecoin yields. Ripple's Chief Legal Officer, Stuart Alderoty, stated, "There is still clear bipartisan cooperation on sensible crypto market structure legislation." Coinbase's Chief Legal Officer, Paul Grewal, said, "Hopefully, all parties will remain at the negotiating table and make the right choices." While the banking sector remains stubborn on stablecoin yields, the US government hopes to complete related work by the end of February. 2) On February 11, according to the WSJ, U.S. House members on Tuesday rejected Speaker Johnson's attempt to block a vote on President Trump's tariff resolution, a blow to Johnson's leadership and paving the way for lawmakers to criticize Trump's signature economic policies. 3) On February 11, Hong Kong Chief Executive John Lee said that the Hong Kong Monetary Authority is actively processing applications for stablecoin issuer licenses and believes that the first batch of licenses will be issued next month. 2️⃣ Industry News 1) On February 11th, payment giant Stripe made several moves in the crypto and AI fields, with its most significant development being the official launch of x402 protocol support. This allows developers to directly charge AI agents fees using the USDC stablecoin for on-chain settlement. Simultaneously, Stripe continues to invest heavily in stablecoin infrastructure, incubating the Tempo (in partnership with Paradigm) Layer 1 blockchain, focusing on global stablecoin payments and aiming to replace traditional systems like SWIFT. The Tempo testnet is currently live, with the mainnet expected to launch in 2026. 2) On February 11, according to its latest 13F filing with the U.S. SEC, Goldman Sachs significantly reduced its holdings of spot Bitcoin and Ethereum ETFs in the fourth quarter of 2025. As of December 31, 2025, Goldman Sachs held approximately 21.2 million shares of spot Bitcoin ETF, with a total market value of approximately $1.06 billion, a decrease of 39.4% compared to the third quarter; it also held approximately 40.7 million shares of spot Ethereum ETF, with a market value of approximately $1 billion, a decrease of 27.2% quarter-on-quarter. At the same time, it established new positions in spot XRP and Solana ETFs, holding approximately $152.2 million in XRP ETF and $108.9 million in Solana ETF, respectively. 3) On February 11, Robinhood released its Q4 2025 financial report, showing record net revenue of $1.28 billion, a 27% year-over-year increase, but lower than Wall Street's expectation of $1.34 billion. Crypto revenue declined 38% year-over-year to $221 million. Possibly affected by the financial report, Robinhood's after-hours stock price fell as much as 7.66% to $79.04, a drop of over 42% from its high of $148.67 on October 3. Also on the same day, February 11, according to official news, Robinhood announced the launch of the Robinhood Chain testnet for developers, allowing them to build infrastructure on it. Robinhood Chain is reportedly a financial-grade Ethereum Layer 2 network built on Arbitrum, designed to support real-world assets. 4) On February 11th, LayerZero announced the launch of its Layer 1 blockchain network, Zero. LayerZero positions Zero as a multi-core world computer, stating that the network fundamentally changes the current blockchain paradigm, which is limited to single-threaded, homogeneous architectures. Utilizing zero-knowledge proof technology, the Zero network supports two different types of validators: lightweight block validators that can run on low-end consumer hardware, and optional high-performance block producers. Tether Investments announced a strategic investment in LayerZero Labs, demonstrating Tether's support for proven, production-ready interoperable infrastructure. 3️⃣ Trends in companies I'm following/AI-related developments 1) On February 11, Reuters reported that ByteDance is developing an artificial intelligence chip and is in talks with Samsung Electronics regarding chip manufacturing, a move aimed at securing the supply of advanced processors. Sources familiar with the matter revealed that ByteDance plans to receive chip samples by the end of March. The chip is specifically designed for AI inference tasks, and the company plans to produce at least 100,000 units this year. ByteDance hopes to gradually increase production to a maximum of 350,000 units. A ByteDance spokesperson stated in a statement that the information regarding its self-developed chip project was inaccurate, but did not provide further details. 2) In an interview today, Elon Musk pointed out that due to Earth's power bottlenecks, space will become the lowest-cost and only scalable location for deploying AI computing power within 30 to 36 months. Musk emphasized that there is a huge gap between stagnant global electricity growth and explosive demand for computing power, potentially leading to a situation by the end of this year where "chips are piling up but can't be turned on." Space solar energy is about five times more efficient than on Earth and requires no complex cooling systems. SpaceX plans to launch 10,000 to 30,000 Starships annually, aiming to achieve more space-based AI computing power than the total computing power of the entire Earth within five years. Additionally, Tesla's AI5 chip is planned for mass production in the second quarter of 2027, prioritizing the needs of robotics. 3) Australian AI infrastructure startup Firmus Technologies announced today that it has secured a massive $10 billion debt financing round led by Blackstone Group. This is not only one of the largest private credit financings in Australian history, but also marks a new phase in the global AI computing infrastructure "arms race." The funds will primarily be used for Firmus's "South Gate Project," which aims to build a massive AI hub across Australia, with a target of increasing computing capacity to 1.6 gigawatts by 2028. These facilities will reportedly be equipped with NVIDIA's latest high-performance chips, providing top-tier AI cloud and bare-metal computing services to global customers. Previously, Firmus had already received equity investments from giants such as NVIDIA. —————— PS: A small group for members discussing crypto assets and stock investment has been established. Add alexxxp on WeChat and mention "Member" in your message. The membership group is suitable for friends who agree with fundamental analysis and value investing principles. The group will discuss in-depth investment issues and specific projects/companies. I will also talk about my current strategies, targets, and the thinking logic behind them. The fee is 399 yuan/year. We will not discuss purely speculative topics in this group; otherwise, you may be refunded and removed from the group. I understand and respect everyone's individual investment style, but we need to focus on this here.