hodler

16 Feb 2026, 13:20

USD/CHF Stability: The Resilient 0.7700 Anchor in Sluggish Global Markets

BitcoinWorld USD/CHF Stability: The Resilient 0.7700 Anchor in Sluggish Global Markets In global currency markets on Tuesday, the USD/CHF pair demonstrates remarkable resilience, maintaining a tight trading band around the pivotal 0.7700 level. This stability emerges against a backdrop of significantly reduced market activity, a condition traders often describe as ‘half throttle.’ The pair’s steadfast positioning offers a critical lens through which to analyze current macroeconomic sentiment, central bank policy divergence, and the unique safe-haven characteristics of the Swiss Franc. Consequently, market participants closely monitor this level for signals about broader risk appetite and directional momentum. USD/CHF Technical and Fundamental Analysis at 0.7700 The 0.7700 handle represents a major psychological and technical benchmark for the USD/CHF currency pair. Historically, this level has acted as both support and resistance across multiple trading cycles. Currently, the pair’s consolidation here reflects a precise equilibrium between opposing fundamental forces. On one side, the US Dollar contends with evolving Federal Reserve interest rate expectations. Conversely, the Swiss National Bank maintains its focus on combating inflation while managing the Franc’s traditional strength. Market liquidity metrics confirm the ‘half throttle’ environment. Trading volumes across major FX pairs have declined approximately 15-20% compared to the monthly average, according to aggregated data from major institutional platforms. This thinning liquidity often amplifies price movements, yet the USD/CHF pair shows unusual composure. Analysts attribute this to balanced order flows, with neither bulls nor bears establishing decisive control near this key level. The Swiss Franc’s Safe-Haven Dynamics The Swiss Franc’s role as a premier safe-haven currency fundamentally influences the USD/CHF dynamic. During periods of geopolitical uncertainty or market stress, capital typically flows into CHF, applying appreciation pressure. However, the current environment presents a paradox. While global growth concerns persist, immediate crisis triggers are absent. This results in a muted, but persistent, bid for the Franc that counterbalances Dollar movements. The SNB’s substantial foreign currency reserves, a tool for managing excessive appreciation, remain a critical market factor that traders continuously assess. Macroeconomic Drivers and Central Bank Policy Divergence The stalemate at 0.7700 primarily stems from the competing monetary policy trajectories of the Federal Reserve and the Swiss National Bank. Recent US economic data, particularly inflation and employment figures, suggest a cautious approach from the Fed. Markets now price in a slower pace of monetary easing than anticipated earlier in the year. Meanwhile, the SNB continues its campaign against inflation, which, while moderated, remains above its target range. This policy divergence creates a push-pull effect on the exchange rate. Comparative Central Bank Stance (2025): Central Bank Primary Focus Interest Rate Stance FX Intervention Stance U.S. Federal Reserve Balancing inflation & growth Data-dependent, cautious easing Non-interventionist Swiss National Bank Price stability, managing CHF strength Restrictive, monitoring inflation Actively intervenes to prevent excessive appreciation Furthermore, global risk sentiment remains subdued. Key indicators show: Equity Volatility: The VIX index, while off recent highs, remains elevated, suppressing speculative FX flows. Commodity Prices: Oil and industrial metals trade in narrow ranges, reflecting uncertain demand outlooks. Government Bond Yields: US and Swiss yields have converged slightly, reducing the interest rate differential that often drives currency pairs. These conditions collectively foster the observed market inertia. Traders await a catalyst from upcoming data releases, such as US CPI or Swiss trade balance figures, to break the pair from its range. Historical Context and Key Support/Resistance Levels Placing the current 0.7700 level in historical context reveals its significance. Over the past five years, this zone has been a fulcrum for major trend changes. A sustained break above could open a path toward 0.7850, a level not seen since the post-pandemic reflation trade. Conversely, a breakdown below 0.7650 might target the 0.7500 region, a strong support area defended by the SNB in previous episodes of Franc strength. Market memory is particularly strong around these levels. Institutional order books indicate clustered limit orders both just above and below 0.7700, creating a self-reinforcing zone of consolidation. This technical setup often precedes a volatile move once one side’s orders are exhausted. Chart analysts note that moving averages are converging, typically a precursor to a significant price expansion. Expert Insight on Market Psychology Senior analysts from major Swiss banks highlight the behavioral aspect of this consolidation. ‘The market is in a state of reflexive observation,’ notes one head of FX strategy. ‘Everyone sees the low volatility and low volume, which in turn discourages new positioning, perpetuating the cycle. It requires an external shock or a major data surprise to break this equilibrium.’ This expert view underscores that current price action is as much about trader psychology as fundamental economics. Impact on Traders and the Broader Financial Ecosystem The ‘half throttle’ market conditions and the USD/CHF stalemate have tangible effects. For retail and institutional traders, the low volatility compresses profit opportunities from directional plays, increasing the appeal of range-bound strategies. Options markets reflect this, with implied volatility measures for USD/CHF nearing annual lows. This makes option premiums cheaper, encouraging some to buy protection against a future breakout. For the broader economy, a stable USD/CHF rate provides predictability for cross-border trade and corporate hedging. Swiss exporters, perennial concerns for the SNB, face less acute pressure from an appreciating Franc at this level. Similarly, US firms with liabilities in CHF enjoy a stable cost environment. This stability, however, remains fragile and dependent on the continuation of the current macroeconomic stalemate. Conclusion The USD/CHF pair’s persistent trading around the 0.7700 level epitomizes the current cautious, low-activity phase in global financial markets. This stability results from a complex interplay of technical factors, balanced central bank policies, and muted risk sentiment. While the immediate outlook suggests continued range-bound action, the convergence of technical indicators and pent-up market energy hints at an impending period of higher volatility. Market participants should monitor upcoming economic data and central bank communications closely, as these will likely provide the catalyst for the next significant move in the USD/CHF exchange rate. The pair’s behavior at this key juncture will offer vital clues about the next dominant theme in global forex markets. FAQs Q1: What does it mean for USD/CHF to trade at ‘half throttle’? This phrase describes a market environment characterized by significantly below-average trading volume and volatility. Participants are less active, leading to narrow price ranges and a lack of clear directional momentum, as seen with USD/CHF consolidating at 0.7700. Q2: Why is the 0.7700 level so important for USD/CHF? The 0.7700 level is a major psychological and technical benchmark. It has served as a key support and resistance zone throughout the pair’s history. Its current role as a pivot point reflects a balance between US Dollar and Swiss Franc fundamental drivers. Q3: How does the Swiss National Bank influence the USD/CHF rate? The SNB influences the rate through its monetary policy (interest rates) and its willingness to intervene directly in foreign exchange markets. It historically intervenes to sell Swiss Francs to prevent excessive appreciation that could hurt the Swiss export economy. Q4: What would cause USD/CHF to break decisively above or below 0.7700? A decisive break would likely require a clear shift in fundamental drivers, such as a surprise change in interest rate expectations from the Fed or SNB, a sharp shift in global risk sentiment, or unexpectedly strong economic data from one nation versus the other. Q5: How do low market volumes affect currency trading? Low volumes can lead to ‘thinner’ markets, where individual trades have a larger impact on price, potentially causing sharper, less liquid moves. It can also make technical levels harder to break, as seen currently, due to a lack of concerted buying or selling pressure. This post USD/CHF Stability: The Resilient 0.7700 Anchor in Sluggish Global Markets first appeared on BitcoinWorld .

16 Feb 2026, 12:44

Mirae Asset completes $93M Korbit acquisition amid South Korean regulatory blitz

South Korea’s Mirae Asset Group has acquired a 92% stake in Korbit for $93 million, reflecting investor confidence in regulated crypto. The acquisition comes amid an increased clampdown on South Korean crypto exchanges for compliance violations. Mirae’s board approved the cash-only purchase deal on February 5. However, the deal is expected to be completed within 7 business days after all deal-closing conditions are met. Mirae executives also stated that the acquisition aims to secure future growth drivers through digital asset businesses. The financial group’s investment reflects South Korea’s growing institutional demand for direct crypto exposure through established platforms. Mirae Asset’s acquisition of Korbit represents a strategic entry into digital assets via an established, compliant platform. The group’s existing distribution capabilities and client relationships could significantly expand Korbit’s reach within South Korea’s institutional and retail markets. The acquisition comes amid increased review of South Korean crypto exchange regulation, with regulators investigating several platforms for compliance violations. South Korea’s financial authorities are moving to more closely regulate crypto exchanges, following a recent incident at Bithumb involving a wrongful BTC payment worth around $42.7 million (~62T KRW). South Korea’s FSC Governor says internal control standards are lacking Although Korbit currently operates under a full license and is fully compliant, South Korea’s Financial Supervisory Service Governor Lee Chan-jin says internal control and risk standards across the crypto market are still insufficient. Lee notes that only when actual holdings match book balances in real time can system stability be secured. He urges the relevant local authorities to address these issues in the second-stage legislation. The South Korean Financial Services Commission (FSC) vice chairman, Kwon Dae-young, also said that financial institutions are monitored around the clock. He stressed that multiple multilayered measures are already in place for major incidents. Kwon also added that South Korean authorities are preparing to incorporate Governor Lee’s suggestions into the second-stage legislation. “We will reflect internal control standards and the like in the second-stage legislation and prepare to give them binding force.” -Kwon Dae-young, Vice Chairman at the Financial Services Commission Following the recent Bithumb incident, South Korea’s financial authorities have also identified the need for additional regulatory measures during the legislative process for the Digital Asset Basic Act (the second-stage virtual asset law). They plan to pursue measures, including mandatory periodic third-party checks and strict imposition of liability for damages without fault when user harm results from computer system accidents. Internal control standards are also expected to be raised to match those of traditional financial companies. South Korean banks move to review crypto partnerships South Korea’s Kakao Bank and KBank, which have partnerships with crypto exchanges, are also closely monitoring the situation and considering whether to renew their contracts, following the recent Bithumb Bitcoin overdraft incident. Local banks are especially concerned about the potential for their reputations being damaged if a crypto exchange incident occurs. According to local media on February 13, Kakao Bank is discussing the situation with partners Coinone and Bithumb. The bank is assessing areas where responses are needed as it plans to review its one-year real-name account partnership with Coinone in Q3 this year. South Korean crypto exchanges must establish real-name account partnerships with local banks to facilitate KRW deposits and withdrawals. KBank is also reportedly monitoring the situation to decide whether to renew its contract with Upbit upon the partnership’s expiration this October. Meanwhile, Kookmin Bank is set to review its contract with Bithumb. Kookmin Bank is demanding that Bithumb strengthen its internal controls. On the other hand, a Kookmin Bank official recently emphasized that the bank regularly reviews the risks associated with crypto operators. The transfer of reputational risk related to stability could be burdensome given its contractual connection to the Bithumb exchange. Get seen where it counts. Advertise in Cryptopolitan Research and reach crypto’s sharpest investors and builders.

16 Feb 2026, 12:34

BNB Price Drops 3% Amid Binance's Denial of $1B Iran-Linked USDT Transactions

Binance has forcefully rejected allegations that its internal investigators uncovered over $1 billion in Iran-linked transactions. The accusations have stirred up tensions between the world's largest cryptocurrency exchange and sections of the financial press. Binance's official statement and denial of any wrongdoing have coincided with a 3% drop in the price of Binance Coin (BNB), which currently stands at $616.94. The controversy first erupted following a February 13 report from Fortune, which alleged that Binance’s compliance investigators had found more than $1 billion in transactions connected to Iranian entities between March 2024 and August 2025. According to the report, the transactions involved Tether (USDT) on the Tron blockchain, a platform that has faced increasing regulatory scrutiny for sanctions-related activities. The transactions reportedly involved Iranian actors moving funds outside traditional banking systems, with Binance’s compliance team allegedly dismissing several investigators after they raised concerns over potential sanctions violations. Binance Denies Allegations and Defends Its Record In response to the report, Binance co-CEO Richard Teng issued a clear denial, stating that “no sanctions violations were found, no investigators were fired for raising concerns, and Binance continues to meet its regulatory commitments.” Binance has called for corrections to the Fortune report, describing it as containing “gross material inaccuracies and misleading implications.” The company emphasized that a full internal review, conducted in conjunction with external legal counsel, found no evidence of any sanctions breaches related to the transactions mentioned in the report. Binance also addressed the allegations surrounding the departures of several senior compliance investigators, asserting that no personnel decisions were made due to concerns about sanctions. The company reiterated that it operates under strict whistleblower protections and is committed to compliance across multiple jurisdictions. Binance further emphasized that it has made significant improvements to its sanctions screening, monitoring, and compliance infrastructure since its settlement with US authorities in 2023. Heightened Sensitivity Following 2023 Settlement The controversy surrounding the alleged $1 billion in Iran-linked USDT transactions is particularly sensitive given Binance’s recent $4.3 billion settlement with US authorities over anti-money laundering and sanctions violations. As part of that settlement, Binance agreed to strengthen its compliance measures and operate under increased regulatory scrutiny. This ongoing scrutiny makes the recent allegations of sanctions violations especially significant, even as the company has continued to assert its commitment to meeting regulatory standards. The allegations have also drawn attention to the growing use of stablecoins, especially Tether (USDT), in potential sanctions evasion efforts. Blockchain analytics firms, including TRM Labs, Chainalysis, and Elliptic, have previously reported increasing use of USDT by Iranian-linked entities to bypass traditional financial systems. BNB Price Analysis as Bearish Momentum Weakens The BNB 4-hour price 4hr chart reveals a recent period of consolidation after a sharp downward movement. The most significant technical pattern at the moment is the potential for a breakout. The Parabolic SAR (Stop and Reverse) indicators are positioned below the price, signaling an ongoing bullish trend. However, the market is currently experiencing fluctuation, meaning that there is a possibility of consolidation before a clearer breakout occurs. However, the price seems to be in a range-bound scenario, and if it consolidates further, there could be an eventual move towards the resistance levels above $630. Conversely, if BNB struggles to break the resistance, we may see a retest of the support zone below $600. Source: TradingView Backing the bullish recovery, the Stochastic Oscillator is currently showing an oversold condition. Both lines are within the oversold territory, suggesting that the price may experience some upward momentum soon. In addition, the Average Directional Index (ADX) currently reads 19.67, indicating that the market lacks a strong directional trend. This supports the idea of a consolidation phase in which BNB's price remains relatively stable before deciding on the next move. Since the ADX is below the 25 threshold, it suggests that the current market momentum is weak, and traders should expect more range-bound action. If the ADX climbs above 25, on the upside, the first major resistance level lies at $630, with a potential breakout target towards $650.

16 Feb 2026, 12:27

Are markets ready for the aggressive expansion strategy of crypto neobanks?

Crypto infrastructure has shown a willingness to carry out bank-like operations, leading to a trend of neobank launches. Recent conflicts, however, raise the issue of crypto’s readiness to host neobanks. Crypto networks have been proposed as venues for neobanks multiple times. The rise of crypto payments also coincided with other digital neobanks, which used conventional technologies. As Cryptopolitan reported earlier, one of the key issues for crypto-based banking is the ability to pay yields based on stablecoin ownership. The contentious question is still not resolved for users in the USA, as there is still a discussion on competition with mainstream banks. Other bank experts have mentioned stablecoin issuers should not be able to pay interest , potentially closing the path to crypto neobanks. Crypto neobanks seek a common standard There is no one standard for crypto neobanks, for either the services offered or the digital infrastructure. Some apps and organizations, like Coinbase or Metamask, handle the payment side of banking. Almost all crypto apps and wallets can be used for simple payments. Crypto payments coincided with the rise of SoFi, Revolut, Wise and other similar fintech payment services, all offering almost interchangeable user experiences. Crypto may offer a similar experience, with the added layer of permissionless or even private transactions. For some, the true form of on-chain banking would be a DeFi bank. With the current DeFi infrastructure, the potential of neobanks goes beyond payments and remittances. They would allow borrowing and saving with interest, completely based on blockchain finance. The challenge for neobanks would be to ensure accurate risk assessment. Relying even on the best lending protocols may be too risky by banking standards. While crypto rails exist for interest-bearing lending, the protocols are still threatened by a loss of liquidity, attacks, or the effects of the crypto market. Is crypto ready for neobanks? Crypto has matured beyond the period of being a playground for outsized gains. Now that the market is more conservative, attention has shifted to the potential for more reliable yields. Existing neobanks like Revolut and Kakao have also made forays into crypto, potentially using their reputation and profile to add a new payment toolset. Over time, crypto developed native solutions for multiple steps of the banking product. Wallets took the payment app niche, DeFi lending offered yield, while some protocols offered automated savings. One of the main obstacles to adoption was complexity. To achieve a full neobank, crypto must shift to more similarities with mainstream neobank apps. So far, the biggest success in adoption comes from crypto cards . The familiarity of these new products has encouraged adoption, especially in using stablecoins. The biggest success comes from self-custodial neobanks, which also carry cards. Larger entities like Crypto.com control most of the market, but additional activity comes from projects like TRIA, for direct crypto spending . Crypto neobanks also have a problem with fake platforms offering investments, while stealing funds or asking for outsized fees. The other problem for neobanks is ensuring privacy and maintaining a regulated status. A crypto neobank on a public chain may still expose too much data that can be linked to real entities, posing a security risk. The other big problem is that “crypto neobank” turned into a new narrative, leading to thousands of app launches and outsized competition, without singling out the best and most influential project. Want your project in front of crypto’s top minds? Feature it in our next industry report, where data meets impact.

16 Feb 2026, 12:08

Bitfinex Alpha | BTC Stabilises as Early Signs of Optimism Emerge

Review full report Subscribe to Bitfinex Alpha Subscribe to Bitfinex Alpha! Want to receive Alpha from Bitfinex every week? Subscribe if (document.cookie.indexOf('sticky-note-subscribe=1') === -1) { document.querySelector('#sticky-note-subscribe').style.display = 'block'}document.querySelector('#sticky-note-subscribe-cta').addEventListener('click', (e) => { e.preventDefault(); document.querySelector('#sticky-note-subscribe').style.display = 'none' document.cookie = 'sticky-note-subscribe=1; max-age=7776000';}); .wp-block-buttons > .wp-block-button { flex: 1;}.wp-block-buttons .wp-block-button .wp-block-button__link { display: block; text-align: center;}.wp-block-buttons .wp-block-button:last-child .wp-block-button__link { background-color: #1ABC91; border-color: #1abc9c; color: #fff;} Bitcoin is attempting to stabilise after the 5 February capitulation event, which drove the price to a local low of $60,100. The macro backdrop has turned constructive. Headline CPI cooled to below expectations, reinforcing the narrative that disinflation is gaining traction. Treasury yields declined, the dollar softened, and rate markets repriced toward three potential cuts in 2026, with April increasingly favoured for the first move. For non-yielding assets such as Bitcoin, this shift in real yield expectations reduces macro headwinds. Derivatives positioning supports the view that the recent bounce is a stabilisation phase rather than a leverage-driven squeeze. Funding rates have normalised, implied volatility has compressed below 50 , and downside skew has moderated from deeply defensive levels to a more balanced -5 delta range . This repricing suggests that traders are no longer aggressively hedging tail risk, but neither are they aggressively re-leveraging. On-chain data further reinforces the constructive undertone. Approximately 18,400 BTC were withdrawn from exchanges over the past week, continuing the medium-term decline in exchange balances. Long-term holder supply has begun rising again after a multi-month distribution phase, increasing to 14.3 million BTC following a December trough. Historically, expansions in long-term holder supply have acted as a multi-month leading indicator for price recovery, signalling that stronger hands are re-accumulating into weakness. ETF flows remain the primary soft spot. Flows briefly turned positive ahead of the CPI announcement, but did not sustain that shift. Institutional demand has not yet reasserted itself in size, and sustained ETF absorption will be required to decisively reclaim higher on-chain resistance levels. Structurally, Bitcoin remains confined between two major valuation anchors. Overhead, the True Market Mean near $78,200 now acts as resistance following repeated failures to reclaim it. Below, the Realised Price near $55,000 defines the deeper value boundary of the cycle. Until price resolves beyond this band, the market is likely to oscillate within a broad consolidation range, with absorption at the lows and distribution near cost-basis resistance. US macro data at the start of 2026 point to gradual stabilisation rather than renewed acceleration. The Consumer Price Index showed inflation easing to 2.4 percent year-on-year in January, down from 2.7 percent in December, with monthly prices rising 0.2 percent. The moderation was largely driven by lower energy and gasoline costs, while core inflation, which excludes food and energy, rose 0.3 percent on the month and 2.5 percent annually. However, services inflation remains firm at 3.2 percent year-on-year, and tariffs continue to place upward pressure on certain goods, suggesting underlying price pressures have not fully dissipated. The labour market presents a similar picture of resilience with moderation. January nonfarm payrolls increased by 130,000 and the unemployment rate edged down to 4.3 percent. However, annual benchmark revisions reduced prior job estimates by 898,000, confirming that 2025 hiring was weaker than previously reported. Wage growth remains steady at 3.7 percent year-on-year, but retail sales were flat in December and the control group slipped 0.1 percent, indicating softer consumer demand. Together, the data support a “slow-hire, slow-fire” environment, reducing the urgency for very near-term rate cuts while keeping the Federal Reserve in a patient stance. Alongside these macro dynamics, the Federal Reserve has shifted from shrinking its balance sheet to expanding it modestly. Funding market indicators, including the spread between the Secured Overnight Financing Rate and the Interest on Reserve Balances (IORB) , signalled tightening reserves, prompting renewed Treasury purchases to stabilise liquidity. This expansion is operational rather than stimulative, but expanding reserves tend to support financial conditions, cushion risk assets and apply gradual structural pressure on the US dollar. In the crypto sector, institutional positioning remains selective. Goldman Sachs reduced its exposure to spot Bitcoin and Ether exchange-traded funds (ETFs) in the fourth quarter of 2025, trimming holdings by 39.4 percent and 27.2 percent respectively, amid a broader market pullback. However, it added positions in newly launched XRP and Solana ETFs, suggesting continued engagement rather than exit.Regulatory developments are also accelerating globally. Hong Kong’s Securities and Futures Commission expanded its framework to allow licensed platforms to offer crypto perpetual contracts to professional investors and clarified rules on margin financing and market-making, while preparing to implement a stablecoin licensing regime in March 2026. In the US, two senators have urged the Treasury to assess whether a $500 million UAE-linked investment in World Liberty Financial warrants a national security review under the Committee on Foreign Investment in the United States. The firm issues the USD1 stablecoin and is seeking a national trust bank charter, placing it at the intersection of digital assets, banking regulation and geopolitical scrutiny. The post Bitfinex Alpha | BTC Stabilises as Early Signs of Optimism Emerge appeared first on Bitfinex blog .

16 Feb 2026, 12:00

Harvard Rebalances Crypto Bets, Cuts BTC Adds ETH

Its combined crypto ETF exposure stood at $352.6 million as of Dec. 31. Despite the cut, Bitcoin remained the endowment’s largest publicly disclosed equity holding. The move also came during a volatile period for digital assets, with both Bitcoin and Ethereum posting sharp declines. Harvard Trims Bitcoin Exposure Harvard Management Company reduced its exposure to Bitcoin exchange-traded funds (ETFs) in the fourth quarter while initiating its first position in an Ethereum ETF. This is according to a recent 13F filing with the U.S. Securities and Exchange Commission. The disclosure shows the Ivy League endowment held a combined $352.6 million in funds tied to the two largest cryptocurrencies as of Dec. 31. The filing reveals that Harvard held 5.35 million shares of BlackRock’s iShares Bitcoin Trust, which was valued at $265.8 million at the end of the quarter. That was a reduction of 1.48 million shares compared to the previous quarter, when the endowment reported 6.81 million shares worth $442.8 million. This is a more than 20% cut in its Bitcoin ETF holdings over the three-month period. At the same time, Harvard established a new position in BlackRock’s iShares Ethereum Trust by purchasing 3.87 million shares valued at $86.8 million. The investment is the endowment’s first publicly disclosed exposure to an exchange-traded fund tracking Ethereum. BTC’s price action over the past 6 months (Source: CoinCodex) The portfolio adjustments came during a very volatile stretch for digital asset markets. Bitcoin reached a peak of roughly $126,000 in October of 2025 before declining to $88,429 by Dec. 31. Ethereum fell about 28% during the same quarter. More recently, Bitcoin traded close to $68,600, while Ethereum has hovered around $1,900, according to CoinCodex. ETH’s price action over the past 6 months (Source: CoinCodex) Despite trimming its Bitcoin position, the cryptocurrency was still Harvard’s largest publicly disclosed equity holding at year-end. The $265.8 million stake exceeded the endowment’s reported investments in major technology companies including Alphabet, Microsoft and Amazon. Avanidhar Subrahmanyam, a finance professor at UCLA, questioned the strategy. He said the addition of Ethereum increases his concerns about Harvard’s exposure to digital assets, and described cryptocurrency as an unproven asset class with unclear valuation methods. Subrahmanyam added that he believes the performance of Harvard’s Bitcoin position only reinforced his skepticism.