The US Bureau of Labor Statistics reported that headline Consumer Price Index inflation rose 0.9% in March from the previous month. 

On a yearly basis, CPI increased 3.3%, keeping inflation above the Federal Reserve’s 2% target.

The report showed that energy costs drove much of the monthly increase. The energy index rose nearly 11% during the month, while gasoline prices climbed 21.2%, making fuel the main source of price pressure in the latest reading.

March marked the first full month in which the US-Iran war shaped inflation data. Higher fuel costs pushed the headline number above the pace seen in February, when CPI rose 0.3% on the month and 2.4% from a year earlier.

At the same time, core CPI came in slightly lower than forecast. Core inflation, which excludes food and energy, rose 2.6% on a yearly basis, compared with market expectations of 2.7%. That reading showed that underlying price growth remained more stable even as energy prices surged.

Moreover, the inflation report kept attention on the Federal Reserve’s next policy move. Price stability remains part of the central bank’s dual mandate, alongside maximum employment, and inflation above target has continued to shape rate expectations.

According to CME Group’s FedWatch tool, traders see almost no chance of a rate cut at the April Federal Open Market Committee meeting. Market pricing showed a 98.4% probability that the Fed will leave rates unchanged, while officials have also not ruled out further tightening if inflation stays elevated.

Bitcoin rises after CPI release

Bitcoin moved higher after the CPI data was released, even as the inflation reading pointed to ongoing pressure on consumer prices. The asset briefly touched the $73,000 level and continued to trade above $72,000 later in the session.

At the time of writing, Bitcoin traded at $72,780, up 1 % over 24 hours and 9% over seven days.

Key Takeaways

• The Kingdom of Bhutan has slashed its Bitcoin reserves from approximately 13,000 BTC to just 3,774 BTC since October 2024
• State-controlled wallets have transferred more than $233 million in Bitcoin during 2026
• No significant mining inflows exceeding $100,000 have been detected in Bhutan’s wallets for over 12 months
• Druk Holding and Investments, managing Bhutan’s sovereign assets, has declined to provide public statements
• The Himalayan nation stands alone among sovereign Bitcoin holders in actively liquidating its position

The government of Bhutan has offloaded approximately 70% of its Bitcoin portfolio since reaching peak holdings of nearly 13,000 BTC in October 2024. Current reserves sit at roughly 3,774 BTC, representing a market value of about $272.5 million.

According to blockchain intelligence firm Arkham Intelligence, Bhutan’s Royal Government transferred an additional 250 BTC—valued at approximately $18 million—to a freshly established wallet address this week. This transaction followed a Thursday movement of roughly 319.7 BTC worth $22.68 million.

Cumulatively, the kingdom has relocated more than $233 million worth of Bitcoin from its identified treasury addresses throughout 2026. Approximately $162.6 million flowed into unidentified wallets, while remaining funds moved through addresses historically associated with liquidations via Galaxy Digital and OKX exchange platforms.

Bhutan’s cryptocurrency accumulation stemmed from a hydroelectric-powered mining initiative operated under Druk Holding and Investments, the nation’s sovereign investment vehicle. The program leveraged abundant renewable energy resources to mine Bitcoin while bypassing conventional banking systems.

Evidence Points to Mining Shutdown

Blockchain monitoring reveals no Bitcoin deposits exceeding $100,000 have entered Bhutan’s tracked addresses for more than twelve months. This pattern strongly indicates the mining program has either dramatically scaled back or ceased operations completely.

Druk Holding and Investments has remained silent despite numerous inquiries from journalists, ignoring email correspondence and phone attempts throughout the past week.

The profitability landscape for Bitcoin mining has fundamentally transformed. During Bhutan’s peak mining period, Bitcoin prices exceeded $90,000 while network difficulty remained comparatively moderate. Today, Bitcoin hovers around $72,000 amid record-high mining difficulty levels.

The halving event further reduced block rewards to just 3.125 BTC per block. Combined, these market conditions have squeezed profit margins for smaller-scale mining enterprises.

Another consideration involves electricity export opportunities—selling surplus hydropower to India may now yield superior returns compared to powering cryptocurrency mining infrastructure.

Institutional Buyers Continue Accumulating

Bhutan’s divestment strategy contrasts sharply with behavior among other major stakeholders. Strategy recently acquired 4,871 BTC for $330 million last weekend, expanding its total position to 766,970 BTC.

U.S.-based spot Bitcoin exchange-traded funds accumulated approximately 50,000 BTC throughout March alone. Meanwhile, the Ethereum Foundation staked $93 million in Ether within a 24-hour period rather than liquidating assets.

Bhutan represents the sole sovereign entity currently engaged in visible Bitcoin position reduction.

Bitcoin was trading above $72,000 at press time, registering gains exceeding 1.3% over the preceding 24-hour period. The cryptocurrency remains roughly 43% beneath its peak valuation of approximately $126,000 achieved in October 2025.

Bhutan’s residual 3,774 BTC holding now amounts to less than Strategy’s typical weekly purchase volume.

Key Takeaways

• Tehran is reportedly exploring digital currency payment options for vessels transiting the Strait of Hormuz
• This waterway accounts for approximately one-fifth of worldwide petroleum transport
• Blockchain analysis firm Chainalysis identifies this as potentially unprecedented for state-controlled maritime passages
• Industry experts suggest stablecoins might be favored over Bitcoin given liquidity considerations and Iran’s historical crypto usage patterns
• Maritime companies accepting these payments could face significant regulatory consequences under international sanctions regimes

Reports emerged this week indicating Iran may implement cryptocurrency-based fees for oil tankers navigating through the Strait of Hormuz, a strategically vital maritime corridor. The Financial Times first reported the development on Wednesday, attributing the information to a representative from Iran’s Oil, Gas and Petrochemical Products Exporters’ Union.

https://twitter.com/arkham/status/2042186892465320414?s=20

This narrow passage facilitates the movement of roughly 20% of worldwide petroleum supplies. According to reports, Iran’s Islamic Revolutionary Guard Corps would oversee the fee collection mechanism.

The proposed system would require vessel operators to provide ownership documentation and cargo information prior to fee negotiations. Initial pricing is reported to begin around $1 per barrel, with payment options including Chinese yuan or digital currencies.

Galaxy’s research director Alex Thorn indicated that varying accounts point to possible payment methods including stablecoins or Chinese yuan beyond just Bitcoin. He confirmed Galaxy is actively tracking blockchain networks for evidence of such transactions.

https://twitter.com/coinbureau/status/2042830276913713610?s=20

Thorn’s analysis places potential toll charges in a range from $200,000 to $2 million per vessel. The Financial Times report specified ships would receive mere seconds to complete Bitcoin transfers.

Technical Implementation Questions Remain

Such an abbreviated payment timeframe points toward potential Lightning Network utilization. This second-layer [[LINK_START_0]]Bitcoin[[LINK_END_0]] solution enables near-instantaneous transactions, circumventing the typical 10-minute block confirmation delays.

Yet Thorn highlighted that the highest recorded Lightning transaction stands at $1 million. This capacity limitation may prove insufficient for premium-tier tolls. His assessment suggests Iran would more likely distribute QR codes or Bitcoin wallet addresses following transit authorization approval.

Cryptocurrency proponents emphasize that BTC operates without central issuance and cannot be frozen, contrasting with stablecoins like USDT or USDC that remain subject to smart contract-level blacklisting.

Chainalysis released analysis on April 10 characterizing this development as potentially historic. The blockchain intelligence company stated successful implementation would mark the first documented instance of a sovereign nation requiring cryptocurrency for passage through internationally significant waters.

Stablecoin Payment More Probable, Experts Say

Notwithstanding Bitcoin-focused headlines, Chainalysis indicated Tehran may actually favor stablecoins. The firm referenced Iran’s established track record utilizing stablecoins for petroleum transactions, arms procurement, and large-scale sanctions circumvention.

Stablecoins provide superior liquidity and price stability compared to [[LINK_START_1]]Bitcoin[[LINK_END_1]], rendering them more suitable for substantial commercial exchanges.

International shipping corporations face legitimate compliance exposure. Transferring funds to IRGC-associated wallets could prompt enforcement measures under U.S. Treasury Department sanctions frameworks, irrespective of payment denomination.

Chainalysis emphasized that blockchain forensics capabilities have become indispensable for monitoring these financial flows and supporting global risk management efforts.

Fundstrat’s Tom Lee just placed BTC between $200,000 and $250,000 for this cycle, Goldman Sachs expects two rate cuts in 2026, and Kevin Warsh takes over as Fed chair in May with a track record of pushing for lower rates.

The crypto bull run setup is forming, but the wallets that built generational wealth last cycle did not buy large caps at the top.

Pepeto loaded more than $8.87 million during extreme fear with the cofounder who built the original Pepe coin and a confirmed Binance listing, the kind of entry that previous cycle winners all say they wish they found earlier.

Fundstrat’s Tom Lee placed BTC between $200,000 and $250,000, and Galaxy CEO Mike Novogratz targets $120,000 to $125,000 near term per GlobeNewswire.

Goldman Sachs models two rate cuts for 2026, and Kevin Warsh takes the Fed chair in May with a history of favoring easier money per CoinDesk.

Looser conditions in the second half of the year sit behind every major crypto bull run in history, and the presale entries positioned before that shift capture the widest returns.

How ADA, XRP, and Pepeto Line Up as the Crypto Bull Run Takes Shape

Pepeto: The Presale That Catches the Bull Run From the Lowest Floor

Every crypto bull run makes the same promise, that the early entries win. But most wallets end up buying after the move starts, when prices already jumped and the real gains already got locked in by someone else. Pepeto is the entry that sits at the floor before the move hits, and the confirmed Binance listing is the event that triggers it.

The exchange already runs. Zero fee trading, a cross chain bridge at zero cost, and a risk scanner that catches bad contracts before money goes in are all live and processing real trades. This is not a roadmap promise, it is a working product collecting $8.87 million in presale capital while the Fear and Greed Index stayed pinned in extreme fear territory.

The Pepe cofounder who turned 420 trillion tokens into an $11 billion market cap with zero tools behind it is building a real exchange this time, every contract cleared a SolidProof audit, and 186% APY staking compounds positions while the listing clock ticks. At $0.0000001863, analysts model 100x to 300x when the Binance order book goes live.

Every round closes quicker than the last, and the moment the listing opens this price is gone forever. The crypto bull run rewards wallets that are already inside when the move starts, not the ones scrambling to buy after the headline drops.

Cardano: ADA Waits on ETF Approval With Limited Near Term Upside

ADA trades near $0.255 with ETF filings from Grayscale and VanEck pending SEC approval per CoinGecko. The Midnight sidechain launched with Google Cloud and MoneyGram as validators, adding real enterprise weight.

ADA could ride the crypto bull run higher, but from $0.255 the path to $1 is a 4x that takes quarters, while a presale floor with a confirmed listing delivers a wider gap in one event.

XRP: Regulatory Clarity Helps but Returns Stay Small

XRP holds near $1.35 after the ceasefire bounce with clearer regulatory standing following SEC settlements per CoinMarketCap. Cross border payment demand supports the long case, and spot XRP ETFs have pulled in over $1.3 billion in cumulative inflows.

XRP could catch the crypto bull run wave, but from $1.35 even reaching $3 is roughly a 2x that most portfolios would not call life changing, and that is why presale floors exist.

Conclusion

Fundstrat and Galaxy signal long term confidence in digital assets, and the wallets getting ready for the crypto bull run are moving past listed tokens toward presale entries with real weight behind them. Pepeto has the live exchange, the Pepe cofounder, and the confirmed Binance listing to back it.

Every major cycle made millionaires from the wallets that committed at the floor, and Pepeto at presale price is that floor right now. The listing is the event that changes everything, and the entry available today disappears the moment it arrives.

Click Here To Position for the Crypto Bull Run Through Pepeto

FAQs

Is the crypto bull run starting in 2026?

Fundstrat targets $200,000 BTC, Goldman expects two rate cuts, and the new Fed chair favors easier money starting May. Every signal points to the crypto bull run forming in the second half of 2026.

Which presale benefits most from the crypto bull run?

Pepeto with $8.87 million raised, a live exchange, SolidProof audit, and confirmed Binance listing captures the widest return from the coming rally. The $0.0000001863 presale floor is where bull run gains start.

Disclaimer: This is a Press Release provided by a third party who is responsible for the content. Please conduct your own research before taking any action based on the content.

Key Points

• Brian Armstrong of Coinbase has reversed his January opposition and now endorses the CLARITY Act
• Scott Bessent, Treasury Secretary, penned a Wall Street Journal opinion piece calling for immediate congressional action
• Senate Banking Committee has scheduled a vote on the legislation before April concludes
• Central dispute centers on stablecoin yield programs and whether exchanges like Coinbase can offer returns to users
• Senator Cynthia Lummis cautioned this represents the final opportunity for passage until 2030 at the earliest

The United States cryptocurrency sector is mounting an intensive campaign to secure congressional approval for the Digital Asset Market Clarity Act, with major industry leaders now rallying behind the proposed legislation following an extended period of legislative stagnation.

In a significant policy reversal, Coinbase’s Chief Executive Brian Armstrong declared on X earlier this week that “it’s time to pass the Clarity Act.” This statement marks a dramatic departure from his January position, when he pulled Coinbase’s endorsement, arguing the legislation was unacceptable “as written.” That withdrawal prompted the Senate Banking Committee to postpone a critical markup session.

Armstrong characterized the current iteration of the bill—refined through extensive negotiations among legislators, banking institutions, and cryptocurrency firms—as a “strong bill” worthy of support.

Treasury Secretary Scott Bessent amplified the administration’s stance through a compelling opinion piece published in The Wall Street Journal this week, urging immediate legislative action. “Senate floor time is scarce, and now is the time to act,” Bessent emphasized in his editorial.

The Senate Banking Committee, where the measure has languished for more than twelve months, has now committed to conducting a vote prior to April’s conclusion.

The Stablecoin Yield Controversy

The primary obstacle impeding progress involves the treatment of stablecoin yield programs. The GENIUS stablecoin legislation, enacted last July, prohibits stablecoin issuers from directly compensating holders with interest. However, the law does not prevent third-party platforms such as Coinbase from providing such rewards.

Traditional banking institutions contend that permitting such yield mechanisms would drain deposits from conventional financial entities, particularly affecting smaller community banks. Cryptocurrency advocates counter that restricting these reward programs would stifle technological advancement.

A White House economic analysis published this week concluded that stablecoin yield programs pose minimal threat to bank lending activities. Banking representatives disputed this assessment, arguing the report failed to adequately measure specific impacts on community banking institutions or deposit migration patterns.

According to a banking industry source who spoke with The Block on Friday, negotiations continue on more precise language governing yield restrictions to address lending sector concerns.

Another insider indicated the current priority involves “getting the banks in line to support the compromise,” noting: “Seems crypto is nearly there.”

Legislative Path Forward

Paul Grewal, Coinbase’s chief legal officer, indicated last week that lawmakers were “very close to a deal.”

Should the measure advance through the Senate Banking Committee, it must then be harmonized with the Senate Agriculture Committee’s competing version. Passage on the full Senate floor would necessitate 60 affirmative votes, requiring bipartisan cooperation with Democratic senators joining Republican supporters.

Senator Cynthia Lummis, among the bill’s most vocal proponents, announced Friday she will not pursue re-election and her tenure concludes in January 2027. “This is our last chance to pass the Clarity Act until at least 2030,” she wrote on X.

The Office of the Comptroller of the Currency recently granted approval for Coinbase’s national bank trust charter application, joining previously approved entities including Paxos, Ripple Labs, BitGo, Circle, and Fidelity Digital Assets.

TLDR

• BTC escaped a bear pennant formation, climbing to a six-week peak of $73,300
• Key resistance territory identified by Glassnode sits in the $78,000-$80,000 range
• Prediction markets on Polymarket now show 26% probability of BTC hitting $80,000 this month
• Institutional Bitcoin ETF buyers accumulated 3,350 BTC valued at $240 million on Friday alone
• Geopolitical developments including U.S.-Iran détente and improving macro sentiment drove BTC up almost 9% weekly

Bitcoin surged beyond the $73,000 threshold on Friday, touching a six-week peak at $73,300 following a decisive breakout from what technical analysts had identified as a bear pennant formation on daily timeframes. The advance occurred alongside elevated trading volumes, suggesting genuine buying conviction rather than thin market manipulation.

The cryptocurrency pierced through the pennant’s upper boundary near $70,000, delivering a 7% single-session gain. During this advance, BTC successfully recaptured multiple significant moving average levels, notably the 200-week exponential moving average positioned at $68,350 and the 50-day exponential moving average sitting at $70,580.

Technicians have also spotted a symmetrical triangle developing on daily charts. Should this pattern complete its typical trajectory, the projected upside target reaches approximately $87,000—representing roughly 20% appreciation from current pricing. Additionally, the Relative Strength Index displays bullish divergence, indicating momentum has been gradually accumulating throughout the previous two months.

The immediate technical obstacle for Bitcoin sits at the 100-day exponential moving average hovering near $75,400. Failure to overcome this barrier could compromise the strength of the present breakout attempt.

What Onchain Data Says About $80K

Glassnode analytics establishes a more defined upper boundary for the near-term advance. The analytics firm’s risk assessment tools highlight substantial resistance clustering between the true market mean around $78,000 and the short-term holder acquisition cost basis approximating $80,000.

“Any rally into this zone is likely to encounter meaningful distribution pressure from recent buyers seeking to exit at or near breakeven,” Glassnode said in its latest Week Onchain report.

Their Entity-Adjusted URPD metrics indicate BTC has penetrated a comparatively sparse zone spanning $72,000 to $82,000, featuring diminished supply overhead throughout that corridor. Nevertheless, over 1.3 million BTC were accumulated within the $82,000-$85,000 band, potentially establishing a formidable ceiling.

Market observer Ali Charts highlighted on X that $75,300 functions as a “magnet” for Bitcoin pricing, observing substantial liquidity concentration positioned just beyond $72,000. He suggested a movement toward $75,300 might eliminate approximately $80 million in short positions, potentially initiating a liquidation cascade.

ETF Demand and Macro Backdrop

Regarding institutional participation, Bitcoin Archive documented on X that spot Bitcoin ETF products absorbed 3,350 BTC worth $240 million during a single trading session. These investment vehicles collectively control 721,090 BTC, representing approximately $56.75 billion in aggregate value.

Broader macroeconomic circumstances also turned favorable for Bitcoin’s trajectory this week. Diplomatic progress toward a U.S.-Iran ceasefire agreement lifted risk-sensitive assets across markets, propelling BTC toward a weekly appreciation approaching 9%—marking its strongest weekly performance since October 2025.

March Consumer Price Index data registered 3.3%, primarily attributable to a substantial 10.9% spike in energy sector costs. Core inflation measurements, however, advanced merely 0.2% month-over-month.

On decentralized prediction platform Polymarket, participants currently assign a 26% probability to BTC achieving $80,000 during April, representing a 5% increase over the preceding 24 hours. Meanwhile, the likelihood of reaching $75,000 stands at 76%.

Bitcoin ETF products maintained holdings of 721,090 BTC valued at $56.75 billion as of Friday’s close.

TLDR:

• Japan lifted Rapidus backing to $16.3B as its 2nm AI chip production deadline remains fixed for 2027.
• New funds support Fujitsu-linked design work and strengthen Japan’s domestic AI semiconductor stack.
• Hokkaido foundry progress cleared ministry review, unlocking another ¥631.5B in state support.
• The Rapidus plan ties AI compute growth to supply chain security and sovereign chip production.

Japan has added another ¥631.5 billion to Rapidus, deepening one of the world’s largest state-backed semiconductor bets. 

The new funding lifts total public support to ¥2.6 trillion, or about $16.3 billion, through March 2027. Rapidus remains central to Tokyo’s effort to rebuild domestic 2nm chip production for AI workloads and advanced computing. 

The move also tightens Japan’s broader technology push around supply chain resilience and sovereign semiconductor capacity.

Rapidus AI chip funding accelerates Japan’s 2nm roadmap

According to Bloomberg, the latest capital will support Rapidus’ development work tied to Fujitsu, one of the startup’s earliest targeted customers.

The Economy Ministry said an external committee reviewed the Hokkaido foundry and approved its technical progress before the subsidy release.

Rapidus, launched in 2022, is building out a domestic 2nm manufacturing line with technology cooperation from IBM. The company still targets mass production in 2027.

The project also carries backing from major Japanese corporates, including Toyota, Sony, and SoftBank, reinforcing its strategic importance beyond pure commercial returns.

Tokyo’s funding pace shows how AI infrastructure demand now overlaps with national industrial policy. Advanced nodes increasingly underpin cloud compute, robotics, and high-performance AI inference.

Japan’s semiconductor strategy targets AI supply chain security

The additional subsidy also supports design-related work involving Fujitsu and IBM Japan through NEDO programs.

That expands the project from fabrication into a fuller domestic semiconductor design stack, a critical step for AI chip independence.

Japan’s push comes as governments seek alternatives to concentrated foundry exposure in Taiwan and South Korea. For Tokyo, the Rapidus buildout doubles as economic security policy.

The 2nm target places Rapidus directly in competition with leading global foundries serving AI chip demand, where process leadership determines power efficiency and model performance.

For crypto markets, the development matters because AI data-center expansion increasingly overlaps with GPU supply, mining hardware innovation, and tokenized compute infrastructure.

As Bloomberg reported, the latest review focused on execution milestones at the Hokkaido site, where Tokyo wants proof the 2027 manufacturing deadline remains on track.

TLDR:

• Arizona must pause criminal charges against CFTC-regulated prediction markets after the federal TRO order.
• The CFTC says federal law grants exclusive authority over event contracts and market enforcement.
• Connecticut and Illinois now face similar federal lawsuits over state prediction market restrictions.
• The ruling strengthens legal momentum for federally supervised crypto-linked trading platforms.

A federal judge in Arizona temporarily halted the state’s criminal case against federally regulated prediction markets on Friday. The order came after the Commodity Futures Trading Commission asked the court to stop Arizona’s enforcement push. 

The ruling preserves the status quo while a broader federal preemption fight moves forward. It also sharpens the legal divide between state gambling rules and federal event contract oversight.

CFTC Arizona TRO Freezes State Prediction Markets Charges

The U.S. District Court for the District of Arizona granted the temporary restraining order on April 10. The court barred Arizona from continuing criminal proceedings against CFTC-regulated designated contract markets.

According to the CFTC filing, the agency moved earlier this week for emergency relief. That motion followed its original complaint seeking to block Arizona from enforcing state law.

The dispute centers on whether federal law preempts state gambling and criminal statutes. The CFTC argues the Commodity Exchange Act gives it exclusive authority over event contracts.

Chairman Michael S. Selig said the order keeps the legal status quo intact while the court reviews jurisdictional questions. The agency also tied the case to broader concerns around state interference in federally supervised markets.

Arizona became the first state to pursue criminal counts tied to prediction market listings, including contracts offered by Kalshi. The restraining order now pauses that path, at least temporarily.

Federal Prediction Markets Fight Expands Beyond Arizona

The Arizona action forms part of a wider CFTC legal campaign. Last week, the agency filed related complaints against Connecticut and Illinois.

Those cases seek declaratory judgments confirming exclusive federal control over event contracts. The CFTC also wants permanent injunctions blocking states from enforcing overlapping laws.

The timing matters for crypto-linked prediction markets as well. Platforms like Polymarket and Kalshi increasingly overlap with digital asset users, stablecoin settlement, and onchain market infrastructure.

Recent court decisions have already strengthened the federal side. Earlier this week, an appeals court blocked New Jersey from shutting down Kalshi’s sports markets.

Friday’s Arizona TRO adds another legal marker in the same direction. For traders and exchanges, the immediate effect is procedural, but the broader question remains federal control over fast-growing prediction markets.

TLDR:

• Artemis stablecoin factor posted 83.6% annualized returns with minimal dependence on Bitcoin direction.
• The strategy gained 6.8% monthly across BTC down months, showing resilience during crypto market weakness.
• Mid-cap chains including Polygon and Sei generated 84% of total stablecoin factor returns over five years.
• Stablecoin flows remained Artemis’ least-correlated alpha factor with only 6.1% variance overlap.

Stablecoin flows are emerging as one of crypto’s clearest signals for layer-1 market rotation. 

New research from Artemis shows capital moving through stablecoins consistently preceded stronger relative returns across major chains. The firm’s five-year backtest found the strategy remained largely detached from broad crypto market direction. 

Results also showed the factor produced gains during months when Bitcoin posted losses.

Stablecoin Flows Predict L1 Returns Across Market Cycles

Artemis said its weekly rebalanced long-short factor generated a 1.67 Sharpe ratio over five years. The model delivered an annualized return of 83.6% during the test period.

The same backtest recorded a maximum drawdown of 43.9%. A volatility-targeted overlay lowered drawdown to 31.9% while reducing Sharpe to 1.17.

The data pointed to minimal dependence on Bitcoin’s broader trend. Artemis reported a market beta of -0.03 and an R² of 0.1%.

That structure became more visible during weaker crypto conditions. Across 30 BTC-negative months, the factor returned 6.8% monthly while Bitcoin fell 10.9%.

Artemis also measured annualized alpha at 73.8% after controlling for market exposure. The reported t-statistic reached 3.31 with significance at the 1% level.

The firm noted the strategy’s out-of-sample Sharpe estimate still held at 0.96 after applying a degrees-of-freedom haircut. That kept stablecoin flows among its strongest market-neutral crypto signals.

Mid-Cap Chains Drive Stablecoin Factor Alpha

Most of the gains came from the long side of the book. Artemis said 84% of returns originated from long exposure to chains attracting positive stablecoin inflows.

Mid-cap networks dominated the return profile. Polygon, Mantle, Optimism, BSC, and Sei contributed 84% of total factor returns.

The research also showed limited overlap with Artemis’ broader factor suite. Maximum pairwise correlation across the stack measured only 0.16.

Even after spanning regression against all other factors, the stablecoin signal retained a 2.54 t-statistic. Artemis said just 6.1% of variance overlapped with other models.

Performance also stayed resilient through distinct market phases. The factor returned 262% in 2021, 47% in 2022, and 315% in 2025.

Its only negative year came in 2024 with a 13% decline. Artemis linked that period to stagnant aggregate stablecoin supply growth before recovery resumed.