Bitcoin’s February Follies: BlackRock Blinks, BTC Blunders

On the 27th of February, BlackRock’s iShares Bitcoin Trust (IBIT) bled $32.99 million, a sum equivalent to 499 BTC. A single day’s outflow, yet how it echoes! Still, IBIT remains the darling of the U.S. spot Bitcoin ETFs, a phoenix amidst the ashes. Only a day prior, it had basked in the glow of $275.8 million in inflows, following $297.4 million and $78.9 million in the days before. Such is the rhythm of the market-a waltz of greed and fear.

![The system’s stability hinges on a margin-to-degeneracy geometry, where each token’s proximity to an instability boundary-analogous to a support vector in [latex]SVM[/latex] classification-dictates the sequence’s overall resilience, with the token closest to this boundary exerting disproportionate influence on the system’s susceptibility to perturbation.](https://arxiv.org/html/2602.22271v1/2602.22271v1/figures/figure_margin_schematic.png)




![The half-filled square-lattice Hubbard model exhibits a complex crossover from a weak-coupling Fermi liquid to a strong-coupling Mott insulator, punctuated by an intervening bad metal phase-identified through the local maximum of thermal entropy-and further characterized by the alignment of inflection points in double occupancy, the peak position of the AFM structure factor, the disappearance of quasiparticle coherence, minima in thermal entropy, fidelity susceptibility peaks, and crossings in imaginary self-energy components, all converging near a low-temperature transition from Slater to Mott insulator at [latex]U^{\*}/t \sim eq 4.25 [/latex].](https://arxiv.org/html/2602.22705v1/2602.22705v1/x1.png)