Bitcoin improvement proposal to block spam draws heat from heavyweights

Crypto Daybook Americas Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin improvement proposal to block spam draws heat from heavyweights Your day-ahead look for Feb. 17, 2026 By Omkar Godbole , Francisco Rodrigues | Edited by Oliver Knight Feb 17, 2026, 12:15 p.m. Make us preferred on Google Bitcoin proposal draws heat from heavyweights (Ian Talmacs/Unsplash) What to know : You are viewing Crypto Daybook Americas, your morning briefing on what happened in the crypto markets overnight and what's expected during the coming day. Crypto Daybook Americas will kickstart your morning with comprehensive insights. If you're not already subscribed to the email, click here . You won't want to start your day without it. By Omkar Godbole (All times ET unless indicated otherwise) A new Bitcoin Improvement Proposal, BIP-110, which seeks to curb spam-like data clogging the blockchain, is facing backlash from some industry leaders who argue it risks damaging the network's reputation more than the spam itself. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . BIP-110 is a " soft fork ," a type of upgrade that works smoothly with existing Bitcoin setups without breaking the blockchain. It seeks to set strict temporary limits on non-money data in transactions, particularly Ordinals inscriptions that jam images, videos or tokens into Bitcoin blocks. Implementing the same could help fight "spam" and unclog the network, making it cheaper for regular people to use, keeping the blockchain focused on payments. The onchain activity has been close to negligible in recent months. However, Blockstream's CEO, Adam Back, disagrees, calling the proposal an attack on Bitcoin's reputation as reliable money. "It's worse as it is an attack on bitcoin's credibility as a store of value, it's security credibility, and a lynch mob attempt to push changes there is not consensus for. spam is just an annoyance, it all definitionally fits within the block-size. the op returns are 4x smaller," Back said on X . Several others echoed this, arguing the fix might hurt trust more than spam does. In the meantime, markets offer little excitement, as bitcoin continues to trade back and forth between $67,000 and $70,000, with prices approaching the lower end of the range as of writing. The CoinDesk Memecoin Index (CDMEME) is down 3% over 24 hours alongside 1% declines in other major tokens such as ether and BNB. "The decline of the largest coins is an ominous sign for smaller ones, as it may soon pull them down with it at an accelerated pace," Alex Kuptsikevich, senior market analyst at The FxPro, said in an email. He added that the market has entered a "stress zone" but has not yet reached the final capitulation stage. "To form a 'true bottom,' a peak in loss-taking and a complete exhaustion of selling pressure are necessary," he noted. In traditional markets, dollar shorts hit their highest level in over a decade, while the recent decline in the inflation-adjusted yield on the U.S. 10-year note offered hope to battered bitcoin bulls. Stay alert! Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today What to Watch For a more comprehensive list of events this week, see CoinDesk's " Crypto Week Ahead ". Crypto Feb. 17, 7 p.m.: Rocket Pool to launch its Saturn One upgrade. Macro Feb. 17, 8:30 a.m.: Canada inflation rate YoY for January (Prev. 2.4%); Core rate YoY (Prev. 2.8%) Feb. 17, 8:30 a.m.: NY Empire State manufacturing index for February est. 7.1 (Prev. 7.7) Feb. 17, 6:50 p.m.: Japan balance of trade for January est.-2.142bn yen (Prev.105.7bn yen) Earnings (Estimates based on FactSet data) Feb. 17: HIVE Digital Technologies (HIVE), pre-market, -$0.07 Token Events For a more comprehensive list of events this week, see CoinDesk's " Crypto Week Ahead ". Governance votes & calls Feb. 17: Jito to host an X Spaces session with Hush Protocol. Feb. 17: Basic Attention Token to host a Brave Talk session on X Spaces. Balancer is voting to swap a signer on the Emergency subDAO multisigs to improve operational responsiveness and security coverage. Voting ends Feb. 17. Unlocks Feb. 17: YZY $ 0.3296 to unlock 17.24% of its circulating supply worth $20.84 million. Token Launches No major launches. Conferences For a more comprehensive list of events this week, see CoinDesk's " Crypto Week Ahead ". Day 1 of 3: ETHDenver Market Movements BTC is down 1.03% from 4 p.m. ET Monday at $68,131.79 (24hrs: -1.28%) ETH is down 1.11% at $1,976.32 (24hrs: -0.57%) CoinDesk 20 is down 1.28% at 1,978.56 (24hrs: -1.03%) Ether CESR Composite Staking Rate is up 6 bps at 2.84% BTC funding rate is at 0.002% (2.2119% annualized) on Binance DXY is up 0.21% at 97.12 Gold futures are down 1.87% at $4,952.10 Silver futures are down 4.19% at $74.70 Nikkei 225 closed down 0.42% at 56,566.49 Hang Seng closed up 0.52% at 26,705.94 FTSE is up 0.37% at 10,512.50 Euro Stoxx 50 is up 0.15% at 5,987.94 DJIA closed on Friday up 0.10% at 49,500.93 S&P 500 closed up 0.05% at 6,836.17 Nasdaq Composite closed down 0.22% at 22,546.67 S&P/TSX Composite closed up 1.87% at 33,073.71 S&P 40 Latin America closed on Monday down 0.64% at 3,717.23 U.S. 10-Year Treasury rate is down 2.7 bps at 4.029% E-mini S&P 500 futures are down 0.20% at 6,836.50 E-mini Nasdaq-100 futures are down 0.58% at 24,658.75 E-mini Dow Jones Industrial Average Index futures are down 0.02% at 49,560.00 Bitcoin Stats BTC Dominance: 58.81% (-0.16%) Ether-bitcoin ratio: 0.02897 (-0.14%) Hashrate (seven-day moving average): 1,043 EH/s Hashprice (spot): $34.08 Total fees: 2.22 BTC / $151,829 CME Futures Open Interest: 118,450 BTC BTC priced in gold: 13.8 oz. BTC vs gold market cap: 4.53% Technical Analysis Bitcoin's 30-day implied volatility index, BVIV. (TradingView) The chart shows swings in bitcoin's 30-day implied volatility index in candlestick format. Volatility has cooled significantly, reversing the early month pop to nearly 100%. The reversal indicates that panic has ebbed and traders are no longer frantically chasing options or hedging bets as in the first six days of the month. Crypto Equities Coinbase Global (COIN): closed on Friday at $164.32 (+16.46%), -0.94% at $162.78 in pre-market Circle Internet (CRCL): closed at $60.04 (+6.02%), -0.35% at $59.83 Galaxy Digital (GLXY): closed at $21.66 (+7.49%), -1.66% at $21.30 Bullish (BLSH): closed at $31.73 (+0.06%), -0.66% at $31.52 MARA Holdings (MARA): closed at $7.92 (+9.24%), -1.14% at $7.83 Riot Platforms (RIOT): closed at $15.22 (+7.18%), -1.18% at $15.04 Core Scientific (CORZ): closed at $17.84 (+2.06%) CleanSpark (CLSK): closed at $9.85 (+5.80%), -0.81% at $9.77 CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $41.34 (+3.09%) Exodus Movement (EXOD): closed at $11.27 (+10.60%), -3.02% at $10.93 Crypto Treasury Companies Strategy (MSTR): closed at $133.88 (+8.85%), -1.60% at $131.74 Strive (ASST): closed at $8.33 (+8.18%), -0.12% at $8.32 SharpLink Gaming (SBET): closed at $6.85 (+4.74%), -2.34% at $6.69 Upexi (UPXI): closed at $0.77 (+3.36%), +5.76% at $0.81 Lite Strategy (LITS): closed at $1.12 (+8.74%) ETF Flows Spot BTC ETFs Daily net flow: $15.1 million Cumulative net flows: $54.31 billion Total BTC holdings ~ 1.26 million Spot ETH ETFs Daily net flow: $10.2 million Cumulative net flows: $11.67 billion Total ETH holdings ~ 5.71 million Source: Farside Investors While You Were Sleeping Bitcoin remains under pressure near $68,000 even as panic ebbs (CoinDesk): Bitcoin is struggling to build any upward momentum, even as the key panic gauge pulls back from its early-month high and hints at renewed stability. BofA survey flags dollar bearish bets at over a decade high. Here's what it means for bitcoin (CoinDesk): Investors are most bearish on the dollar in over a decade, per Bank of America's latest survey and that extreme bet could breed bitcoin volatility, just not the way crypto bulls have become used to. Pound and bond yields Fall as weak data Cements rate-cut bets (Bloomberg): The pound is falling below $1.36 after data showed wage growth slowed more than expected to 4.2% in December, while unemployment ticked up. US and Iran begin nuclear talks in Geneva as threat of war looms (Reuters): Iran's supreme leader warned that U.S. attempts to depose his government would fail, as Washington and Tehran began nuclear talks amid a U.S. military buildup in the Middle East. Crypto Daybook Americas More For You Crypto market wobbles as investors ignore good news, look for ‘exit ramp’ By Francisco Rodrigues | Edited by Sheldon Reback Feb 13, 2026 Your day-ahead look for Feb. 13, 2026 What to know : You are viewing Crypto Daybook Americas, your morning briefing on what happened in the crypto markets overnight and what's expected during the coming day. Crypto Daybook Americas will kickstart your morning with comprehensive insights. If you're not already subscribed to the email, click here . You won't want to start your day without it. 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