Gate Daily (February 25): Trump will not pardon FTX founder SBF; Meta plans to re-enter the stablecoin market in the second half of the year

Bitcoin (BTC) experienced a sharp short-term rebound, currently around $65,810 as of February 25, following the rally in the US stock market. A White House spokesperson revealed that President Trump will not pardon FTX founder Sam Bankman-Fried. Sources indicate that Meta plans to re-enter the stablecoin sector in the second half of this year.

Macro Events & Crypto Hotspots

1. Recently, Sam Bankman-Fried, who was sentenced to 25 years for FTX fraud, has been actively posting on X supporting Trump and attacking the “deep state” and Judge Lewis Kaplan. This is seen as an effort to seek Trump’s pardon via social media. A White House spokesperson reiterated that Trump explicitly stated in January that he does not intend to pardon Bankman-Fried, Robert Menendez, or Nicolás Maduro, emphasizing that “the President is the final decision-maker on all pardons.” Reports suggest that although the Trump administration has eased enforcement on the crypto industry, Bankman-Fried’s status as a major Democratic donor and his negative reputation in the crypto space make his pardon highly unlikely.

2. Sources reveal that Meta, under Mark Zuckerberg, plans to re-enter the stablecoin space in the second half of this year, aiming to integrate third-party providers to support stablecoin payments and launch a new wallet. It is said that Meta has issued product requests to third-party companies, with long-term partner Stripe as a potential pilot. Last year, Stripe acquired the stablecoin-focused company Bridge, and its CEO Patrick Collison joined Meta’s board in April 2025. Meta first attempted to launch Libra stablecoin (later renamed Diem) in 2019, but regulatory hurdles and the Cambridge Analytica scandal prevented its success. The project was shut down and assets sold in early 2022.

News Highlights

1. The U.S. Department of Justice in Eastern North Carolina announced the seizure of $61 million USDT.

2. Bitwise has acquired staking service provider Chorus One to strengthen its multi-chain staking deployment.

3. The White House stated that President Trump will not pardon FTX founder SBF.

4. Meta Platforms spokesperson: Currently, Meta does not have a stablecoin.

5. Insider sources: Stripe is considering acquiring PayPal.

6. OpenAI appointed former Roblox executive Arvind KC as Chief Human Resources Officer.

7. Huang Licheng deposited an additional 245,000 USDC into Hyperliquid to continue long positions.

8. Stripe’s employee equity buyout offer values the company at $159 billion.

9. Insider sources: Meta plans to re-enter the stablecoin sector in the second half of this year.

10. The 21Shares spot SUI ETF has begun trading on Nasdaq.

Market Trends

1. Latest Bitcoin news: BTC sharply rebounded, currently around $65,810, with $165 million liquidated in the past 24 hours, mainly short positions.

2. The US stock market closed higher on February 24, shaking off the sell-off triggered by AI concerns the previous day. Despite lingering worries over new tariffs and potential industry disruption under the Trump administration, positive factors such as major chip deals and AI applications shifting toward “integration and collaboration” rather than “full replacement” supported tech stocks. The Dow Jones Industrial rose 370.44 points, up 0.8%, closing at 49,174.50. The S&P 500 increased 52.32 points, up 0.8%, closing at 6,890.07. The Nasdaq surged 236.41 points, up 1.1%, closing at 22,863.68. The Philadelphia Semiconductor Index also rose 1.5%.

(Source: Gate)

3. According to the Gate BTC/USDT liquidation map, based on the current price of $64,229.20, if the price drops to around $62,530, the total long liquidation exceeds $17.52 million; if it rises to around $64,675, the short liquidation exceeds $2.5 million. The amount of short liquidations is significantly lower than longs; traders should control leverage wisely to avoid large-scale liquidations during market fluctuations.

(Source: Coinglass)

4. In the past 24 hours, BTC spot inflow was $3.13 billion, outflow $3.25 billion, resulting in a net outflow of $120 million.

(Source: Coinglass)

5. Over the past 24 hours, net outflows in contracts trading for $BTC, $SOL, $ADA, $ESP, and $PIPPIN indicate trading opportunities.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): “Honestly, there’s not much to say today. The market is quite quiet, making trading easier. Although BTC dipped during the day, it rebounded after US stocks rose in the evening. The strength of this rebound is weak, mainly due to liquidity and investor sentiment, which makes the crypto market very pessimistic. But crypto and US stocks are still correlated; as long as stocks go up, Bitcoin won’t perform too badly.”

“Especially in the past two days, the decline was mainly related to US tariffs and geopolitical conflicts. Although these issues are unresolved, the market is beginning to anticipate. The most notable recent event is Iran purchasing CM-302 supersonic cruise missiles from China, capable of destroying US aircraft carriers. This follows reports of Iran buying missiles from Russia, especially from China.”

“Currently, the main factors causing market volatility are tariffs and geopolitical conflicts. The stock market decline worsens Trump’s situation, especially with the midterm elections approaching. I believe Trump’s window for action is closing.”

“Looking at Bitcoin data, turnover remains high, and volume isn’t low, indicating strong market debate. There’s still buying during sell-offs, or prices would have collapsed. Data shows buying power isn’t very strong; most purchases are passive, but early investors haven’t panicked yet.”

“Most turnover comes from short-term traders. URPD data shows very low selling in other positions, meaning more holders are becoming long-term investors. Short-term price swings are unlikely to cause these investors to capitulate.”

Today’s Outlook

1. Germany Q4 seasonally adjusted GDP revision (quarterly), previous 0.3%.

2. Germany Q4 unadjusted GDP revision (annual), previous 0.6%.

3. Eurozone January Consumer Price Index (final, annual), previous 1.7%.

4. Eurozone January Consumer Price Index (final, monthly), previous -0.5%.

5. US EIA crude oil inventory change last week (10,000 barrels) (as of 02/20), previous -901.4.