An AI agent got nasty after its pull request got rejected. Can open-source development survive autonomous bot contributors?
Heightened volatility in the market continues to keep the price of Ethereum below the $2,000 mark, capping every attempt towards the upside. During the persistent downward price action, a divergence has emerged among ETH investors, with large holders selling while smaller holders are buying. Ethereum Whale Selling Meets Retail Accumulation In Market Split Ethereum’s ongoing waning price action is taking its toll on investors, as evidenced by their current activity and sentiment. Following the downward trend, a notable divergence in investors’ behavior is developing, causing large and small holders to move in separate directions. Looking at the report from Santiment, a leading market intelligence and on-chain data analytics platform, large investors are pushing toward the sell side , while small investors are leaning towards the buy side. Even as retail and grassroots investors enter the market to purchase, this divergence raises the possibility that major holders often regarded as whales or institutional-grade participants may be locking in profits or repositioning. The current selling activity is observed among wallet addresses holding at least 1,000 ETH, which in this case are considered high-tier holders. Meanwhile, buying activity is taking place among wallet addresses holding less than 1 ETH, flagged as low-tier investors. Before now, these high-tier holders were collectively holding more than 75% of Ethereum’s total supply. However, after the dumping of about 1.5% of the supply since Christmas, their holdings are now below the level. Such redistribution phases have the potential to alter the market structure by shifting supply from concentrated hands to a wider base. According to data from Santiment, mid-tier investors (those holding between 1 and 1,000 ETH) have also been steadily buying the altcoin. This persistent buying has pushed their collective holdings back to over 23% of the total supply for the first time since July 2025. For smaller holders and low-tier investors, ETH accumulation has been rising, bringing their collective stash to 2.3% of the overall supply, marking the highest level ever. Santiment highlighted that these wallet addresses are likely growing due to ETH staking. Staking ETH Now Takes More Time As Ethereum staking grows, the process is now taking more time than ever. Milk Road shared on X that investors are expected to wait for 71 days and 11 hours to stake ETH. Recently, Ethereum staking reached 30% of the total supply, locking up 36.8 million ETH valued at a whopping $72 billion. Furthermore, Ethereum validators have reached 1 million, who are securing the network. This is a massive supply restriction as one-third of all ETH is now illiquid, gaining a modest 2.83% APR, and by crypto standards, this is not an attractive yield. The 4.1 million ETH queue suggests that demand to stake is at an all-time high while the altcoin’s price sits below $2,000. Meanwhile, the exit queue is essentially nonexistent by comparison, with just 75,872 ETH leaving. Such a trend is an indication of conviction, not yield farming behavior. When people lock up $74B during a price dip, it means they are settling in, instead of speculating. “Watch that queue, it’s a sentiment indicator,” Milk Road added.
BNB showing strength amid market FUD - Could history repeat itself?
Muyao Shen and Melos Ambaye take a pulse read of sentiment at Bitcoin Investor Week in the midst of a deepening crypto market rout.
BitcoinWorld Thailand FDI: Navigating the Crucial Constraints That Shape Investment Competitiveness – UOB Analysis BANGKOK, Thailand – March 2025: Thailand’s foreign direct investment landscape faces a paradoxical reality where constraints actively shape its competitive position in Southeast Asia, according to a comprehensive new analysis from United Overseas Bank (UOB). The report reveals how infrastructure limitations, regulatory frameworks, and workforce dynamics create both challenges and unique opportunities for international investors considering the Thai market. This examination comes at a critical juncture as global supply chains continue to realign and ASEAN nations compete aggressively for capital inflows. Thailand FDI: The Constraint-Driven Competitive Framework United Overseas Bank’s latest research presents a nuanced perspective on Thailand’s investment environment. The analysis demonstrates how constraints function as shaping forces rather than mere obstacles. Thailand’s transportation infrastructure, while improved significantly in recent years, still presents logistical challenges that influence investment decisions. Similarly, the country’s regulatory environment creates specific patterns in sectoral investment flows. These factors combine to create what UOB analysts term a “constraint-defined competitive advantage” where Thailand excels in particular niches precisely because of its unique limitations. The manufacturing sector provides compelling evidence of this phenomenon. Thailand has developed specialized capabilities in automotive production and electronics despite infrastructure constraints that might discourage such investments elsewhere. The country’s Eastern Economic Corridor (EEC) initiative specifically addresses these limitations while leveraging existing strengths. UOB’s data shows how targeted infrastructure improvements in the EEC have attracted $22.3 billion in committed investments since 2021, with Japanese and Chinese firms leading the expansion. Comparative Analysis: Thailand Within ASEAN Investment Landscape Positioning Thailand against regional competitors reveals distinctive patterns in constraint management. Vietnam, with its extensive coastline and younger workforce, attracts different investment profiles despite similar economic development levels. Indonesia’s larger domestic market creates alternative advantages for consumer-focused investments. Malaysia’s established semiconductor ecosystem offers contrasting opportunities in high-tech manufacturing. ASEAN FDI Comparative Analysis (2020-2024) Country Primary Constraints Competitive Advantages FDI Growth Rate Thailand Infrastructure gaps, aging workforce Established manufacturing, tourism integration 8.2% annually Vietnam Regulatory complexity, skill shortages Young labor force, coastal access 12.7% annually Indonesia Bureaucratic processes, infrastructure disparity Domestic market size, natural resources 9.4% annually Malaysia Political uncertainty, cost increases Tech ecosystem, English proficiency 6.8% annually Thailand’s distinctive approach involves transforming constraints into specialized capabilities. The country’s aging population, while presenting workforce challenges, has simultaneously driven innovation in automation and robotics adoption. This development creates unexpected opportunities in advanced manufacturing technologies. Furthermore, Thailand’s geographical position as a regional hub enables unique logistics solutions that mitigate infrastructure limitations through strategic partnerships and multimodal transportation networks. Expert Analysis: UOB’s Methodology and Findings UOB’s research team employed a multi-faceted methodology combining quantitative data analysis with qualitative assessments from corporate decision-makers. The bank surveyed 347 multinational corporations with existing or planned investments in Thailand during the fourth quarter of 2024. Researchers conducted in-depth interviews with 42 senior executives responsible for Asia-Pacific investment decisions. Additionally, the analysis incorporated macroeconomic data from Thailand’s Board of Investment and comparative statistics from ASEAN counterparts. The findings reveal several critical insights: Infrastructure adaptation drives innovation in supply chain management Regulatory constraints create predictable environments that reduce uncertainty Workforce limitations accelerate automation investment and skill development programs Energy infrastructure challenges promote renewable energy adoption Digital connectivity gaps stimulate localized technology solutions These constraint-driven adaptations create what economists call “second-mover advantages” where Thailand learns from other nations’ experiences while developing tailored solutions. The automotive industry exemplifies this pattern, with Thailand becoming ASEAN’s leading vehicle producer despite initial infrastructure disadvantages. Japanese automakers invested heavily in developing localized supply chains that now serve as models for other manufacturing sectors. Sectoral Impact: Where Constraints Create Competitive Edges Different economic sectors experience Thailand’s constraint landscape in distinctive ways. The electronics industry faces skilled labor shortages but benefits from established component ecosystems developed over decades. Tourism encounters infrastructure limitations in secondary cities but leverages Thailand’s renowned hospitality culture and service excellence. Agriculture confronts logistical challenges but capitalizes on the country’s diverse climate zones and established export channels. Renewable energy investment presents a particularly revealing case study. Thailand’s energy infrastructure constraints, combined with ambitious carbon reduction targets, have created a thriving market for solar and biomass investments. The country has become Southeast Asia’s second-largest solar energy producer despite starting with significant grid limitations. This transformation demonstrates how constraints can catalyze innovation when combined with supportive policy frameworks and market incentives. The digital economy sector reveals similar patterns. Thailand’s relatively late digital infrastructure development enabled leapfrogging to advanced mobile technologies without legacy system constraints. Consequently, mobile payment adoption rates now exceed those in many more developed economies. Financial technology investments have grown at 24% annually since 2021, with both local and international firms developing solutions tailored to Thailand’s specific constraint environment. Policy Responses: Government Strategies for Constraint Management Thai policymakers have developed sophisticated approaches to constraint management through several key initiatives. The Eastern Economic Corridor represents the most comprehensive effort, addressing multiple constraints simultaneously through integrated infrastructure development, regulatory streamlining, and workforce enhancement programs. The government’s Thailand 4.0 policy framework explicitly acknowledges constraints as innovation catalysts rather than mere obstacles to overcome. Recent regulatory reforms demonstrate this evolving approach. The Investment Promotion Act amendments of 2023 created targeted incentives for investments that specifically address national constraints. Projects developing renewable energy infrastructure, digital connectivity in underserved regions, or advanced workforce training programs receive enhanced benefits. This policy direction acknowledges that simply removing constraints may eliminate competitive advantages developed through adaptation. Infrastructure development follows similar logic. Rather than pursuing blanket nationwide upgrades, Thailand prioritizes connectivity between established industrial clusters and transportation nodes. This targeted approach maximizes economic impact while acknowledging resource limitations. The high-speed rail network connecting three major airports exemplifies this strategy, addressing critical logistics constraints for time-sensitive manufacturing while leaving other transport corridors for phased development. Future Trajectory: Constraints in Thailand’s Investment Evolution Looking toward 2026 and beyond, Thailand’s constraint landscape will continue evolving in response to both internal developments and external pressures. Climate change considerations introduce new constraints related to water management, agricultural adaptation, and coastal infrastructure resilience. Simultaneously, these challenges create opportunities in climate technology, sustainable agriculture, and resilient urban development. International investors increasingly factor these evolving constraints into long-term planning. Demographic shifts present particularly significant future constraints with corresponding opportunities. Thailand’s rapidly aging population will strain healthcare systems while creating substantial demand for elderly care services, medical technology, and pharmaceutical innovations. The workforce contraction will accelerate automation adoption but also stimulate investments in productivity-enhancing technologies. Forward-looking investors already position themselves within these constraint-defined opportunity spaces. Technological convergence represents another dimension of Thailand’s evolving constraint landscape. Digital infrastructure limitations in rural areas hinder economic inclusion but stimulate innovative solutions like satellite internet and community-based digital platforms. These locally-developed solutions often prove adaptable to similar constraint environments in other developing economies, creating unexpected export opportunities in constraint-management technologies. Conclusion Thailand’s foreign direct investment competitiveness demonstrates how constraints function as shaping forces rather than mere limitations. The UOB analysis reveals that Thailand’s distinctive approach to constraint management creates specialized advantages in manufacturing, renewable energy, and digital services. While infrastructure gaps, regulatory complexities, and demographic shifts present ongoing challenges, they simultaneously drive innovation and specialization. Thailand’s FDI landscape will continue evolving through this constraint-defined framework, offering unique opportunities for investors who understand how limitations can transform into competitive advantages in Southeast Asia’s dynamic economic environment. FAQs Q1: What are the main constraints affecting Thailand’s FDI competitiveness according to UOB? The primary constraints include infrastructure limitations in transportation and energy, regulatory complexity in certain sectors, an aging workforce demographic, and digital connectivity gaps outside major urban centers. However, UOB’s analysis shows how Thailand has transformed these constraints into specialized competitive advantages. Q2: How does Thailand’s FDI performance compare to other ASEAN countries? Thailand maintains steady FDI growth at approximately 8.2% annually, positioning it between faster-growing Vietnam (12.7%) and more mature Malaysia (6.8%). Thailand distinguishes itself through established manufacturing ecosystems and sophisticated constraint management strategies that create stability for long-term investors. Q3: Which sectors benefit most from Thailand’s constraint-driven approach? Automotive manufacturing, electronics production, renewable energy development, and financial technology have particularly benefited. These sectors have developed specialized capabilities precisely because they needed to overcome Thailand’s specific limitations, creating competitive advantages that are difficult to replicate elsewhere. Q4: What is the Eastern Economic Corridor and how does it address investment constraints? The Eastern Economic Corridor is Thailand’s flagship development initiative focusing on three eastern provinces. It addresses multiple constraints through integrated infrastructure projects, regulatory streamlining, and workforce development programs specifically designed to enhance manufacturing and technology investment competitiveness. Q5: How are demographic constraints affecting Thailand’s investment landscape? Thailand’s aging population creates workforce challenges but simultaneously drives innovation in automation, robotics, healthcare technology, and elderly care services. This demographic constraint is transforming investment patterns toward productivity-enhancing technologies and senior-focused service industries. This post Thailand FDI: Navigating the Crucial Constraints That Shape Investment Competitiveness – UOB Analysis first appeared on BitcoinWorld .
More on Coinbase Coinbase (COIN) Stock Analysis: Why The Quant System Says "Sell" | 2-Minute Analysis Coinbase Global: Buy This Correction On Long-Term Prospects Coinbase: Ride The Everything Expansion Coinbase Non-GAAP EPS of $0.66 misses by $0.30, revenue of $1.78B misses by $50M
Coinbase just dropped a grenade on Wall Street. The company missed big, reporting Q4 revenue of $1.78 billion, down 31%, and an earnings per share (EPS) of -$2.49. Analysts had expected a profit of $0.96 per share. Instead, the company posted a massive net loss of $667 million. This was not a small miss. It was a full-on disaster. Revenue fell across the board. Transaction revenue sank to $983 million, down 6% from the previous quarter. Subscription and services revenue dropped 3%, ending at $727 million. Expenses didn’t follow the same direction. Coinbase’s operating costs actually went up 9%, hitting $1.5 billion. Coinbase’s spending on tech, admin, and sales grew 14% to $1.3 billion. The company also increased its full-time staff by 3%, ending 2025 with 4,951 employees. Institutional trading lifts but consumer volumes tumble Consumer trading did not help. Coinbase’s consumer spot trading volume fell to $56 billion, a 6% drop, and revenue from that dropped 13% to $734 million. The company blamed this on a shift from “simple” to “advanced” trades and growing use of the Coinbase One plan, which offers discounted fees. That’s the kind of trend that might feel good for users, but it hurts the bottom line. On the institutional side, spot trading volume fell 13% to $215 billion, but revenue jumped 37% to $185 million thanks to derivative trading, especially through Deribit . CEO Brian Armstrong said, “We saw strength in institutional derivatives during the quarter, despite lower spot volumes.” Despite the bloodbath in Q4, Coinbase’s full-year transaction revenue for 2025 totaled $4.1 billion, up 2% year-over-year. That came from $3.3 billion in consumer, $479 million in institutional, and $252 million in other transaction revenue. Stablecoin activity hits new highs despite interest rate cuts Not everything fell. Stablecoin revenue was up 3%, reaching $364 million in Q4. Coinbase said the average USDC held in its products rose 18% to $17.8 billion, a record high. Average off-platform USDC balances also went up 11% to $58.4 billion. The company said, “We believe Coinbase continues to be one of the best places to use stablecoins.” Source: Coinbase Still, interest income got hit. Q4 interest and finance fee revenue dropped 8% to $60 million, mostly due to falling interest rates after cuts in October and December. Despite this, Coinbase’s institutional loan book hit an all-time high in daily average balances of $1.3 billion, with $1.4 billion in collateralized loans issued to clients, including Bitcoin miners. On blockchain rewards, revenue dropped hard, down 18% to $152 million. ETH and SOL prices fell 13% and 16%, dragging down staking returns. Also, Solana’s protocol reward rate declined 17%, though Coinbase did report higher staking volumes. Custodial fees were another weak spot, falling double digits due to lower crypto prices. Coinbase One subscribers hit new record but earnings still bleed Coinbase One, the firm’s subscription service, helped boost some numbers. Q4 subscription and services revenue included $152 million from other sources, up 6% quarter-over-quarter. This included Coinbase One fees and rewards, which grew sharply. The number of paid Coinbase One subscribers hit 971,000, nearly four times higher than two years ago. The service now includes perks like a Coinbase One Card with up to 4% back in Bitcoin, and access to special offers like “Member Week”. Brian Armstrong said, “Coinbase One continues to gain traction with both retail and institutional customers. We’re pleased with how adoption is growing.” The base plan costs $4.99/month, and Coinbase is betting that bundling services will boost long-term revenue. Still, the cost of growth is showing. Stock-based compensation added about $250 million to the expense sheet for Q4. Coinbase also spent $1.7 billion buying back its own stock during the quarter and through February 10, 2026. The company ended the year with $11.3 billion in cash and cash equivalents, which now includes payment stablecoins like USDC. Outlook shows weak guidance for Q1 2026 as risks continue Looking forward, the numbers aren’t looking better. Coinbase said it had already generated about $420 million in transaction revenue through February 10, 2026, but warned not to read too much into that. Subscription and services revenue is projected between $550 million and $630 million for Q1 2026, down from the $727 million in Q4. Spending levels are expected to stay flat. The company forecasts $925 million to $975 million in tech and admin costs, and $215 million to $315 million in marketing. Coinbase expects transaction expenses to stay in the low-to-mid teens range as a percentage of net revenue. Stock-based compensation will remain around $250 million, driven by more hires and recent acquisitions. Coinbase said, “As always, we urge caution in extrapolating results early in the quarter.” But it didn’t offer much else to comfort anyone still holding onto the stock. 2025 may have been a big year for crypto markets, with the total market cap hitting $4 trillion, and total crypto trading volume rising 26% year-over-year, but Coinbase’s earnings report shows they didn’t walk away with much profit. Coinbase’s total revenue for 2025 was $7.18 billion, up 9% from 2024. The smartest crypto minds already read our newsletter. Want in? Join them .
The dollar-backed token, USDCBL, will serve as collateral for onchain perps, with cash and Treasury reserves generating yield retained within the protocol.
London Stock Exchange Group said Thursday it will build a new on-chain settlement system for institutional investors. The service will be called the LSEG Digital Securities Depository. It will connect traditional securities markets with blockchain networks. The goal is simple. Large institutions will be able to trade and settle tokenized bonds, equities, and private market assets using blockchain technology while staying linked to existing infrastructure. The system will work across several blockchain networks. It will stay compatible with current settlement platforms already used by banks and asset managers. LSEG said the first deliverable is planned for 2026, but it needs regulatory approval first. The company already operates a blockchain platform for private funds powered by Microsoft Azure. This new build expands that digital push. Elliott increases pressure as banks back the digital plan The announcement comes while LSEG faces pressure from activist hedge fund Elliott Management. Elliott has built a significant stake in the company. The fund is run by billionaire Paul Singer. Elliott manages about 76 billion dollars in assets. The firm has been engaging with LSEG and its chief executive, David Schwimmer, to push for better financial performance. Shares in LSEG have fallen by more than 35 percent over the past year. The stock was also hit during a broad selloff in global data and software companies tied to fears that new AI tools could hurt existing business models. On Thursday, the shares rose 0.9 percent. The company is also dealing with a weak listings market in the United Kingdom. Elliott has encouraged LSEG to consider launching a multibillion-pound share buyback once a 1 billion pound tranche is completed. The hedge fund also wants the company to close the margin gap with rivals. LSEG trades at a lower valuation multiple than competitors such as Moody’s and CME Group. In a statement on Wednesday, LSEG said, “LSEG maintains an active and open dialogue with our investors, while remaining focused on executing our strategy.” Although many still see it mainly as a stock exchange operator, LSEG changed its structure after acquiring Refinitiv for 22 billion pounds in 2019. That deal turned it into a financial data and analytics company. LSEG also owns roughly a 10 billion pound stake in electronic trading platform Tradeweb. The company said it will form a strategic partner group to gather feedback from market participants during the development of the depository. The aim is to build an ecosystem where institutions can transact between digital and traditional markets across time zones using different payment methods. Support for the plan has come from major British banks and financial groups. Barclays, Lloyds, NatWest Markets, Standard Chartered, and Brookfield have welcomed the decision by LSEG. The new depository places LSEG deeper into blockchain-based settlement. It links tokenized assets with established financial plumbing. The first phase is expected in 2026 if regulators approve it. For now, LSEG is building the framework while managing investor pressure and market volatility at the same time. Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free .
Many people in the crypto industry have talked for years about a possible Bitcoin BTC “supercycle" .