Monthly inflows into digital asset treasury (DAT) companies have slowed to roughly $555 million, the weakest pace since October 2024, according to DeFiLlama data. The latest figure underscores a quieter phase in crypto treasury activity even as the market shifts in response to political developments and regulatory signals. The data show a notable drop from the late-2024 surge that followed the US elections, when inflows climbed as investors anticipated a more crypto-friendly regulatory environment. The DeFiLlama dataset also tracks a dramatic rebound after the 2024 election results, but the momentum proved fragile in the following year, highlighting how treasury players pivot between accumulation and productive deployment of crypto reserves. The current trend appears to reflect a broader calibration in capital deployment as market participants reassess risk and yield opportunities across digital-asset strategies. Inflows to digital asset treasuries had previously spiked to more than $12.3 billion after the election-related shifts, according to DeFiLlama’s data, before retreating as price cycles and macro uncertainty reasserted themselves. For context, the election period acted as a catalyst for capital inflows into crypto treasury strategies, with observers tracking how regulatory expectations could influence corporate exposure to digital assets.

Digital asset treasury companies have faced a challenging environment over the past year, a headwind that intensified after the October crypto market crash, which kicked off a protracted bear phase and pressured asset prices back toward pre-election levels. The sector has since weathered heightened scrutiny and a cautious liquidity backdrop, compelling firms to rethink their business models beyond mere crypto custody. The conversation around how treasuries should operate has evolved from simple hodling to strategies that generate cash flow and add strategic value to corporate balance sheets.

Related: Crypto treasury companies likely to consolidate in 2026: Crypto exec

Treasury reinvention in a market reset

Tioneering executives argue that the era of “buy and hold” is giving way to more active treasury management. In an interview, Patrick Ngan, chief investment officer of Zeta Network Group, a technology company, emphasized the need for treasuries to demonstrate practical utility for the asset rather than merely warehousing it. “Corporate Bitcoin treasuries now need to show they can actually use the asset, not just warehouse it,” he said, underscoring a broader push toward deploying crypto holdings in revenue-generating activities.

The emphasis on utilization aligns with a broader industry view: crypto treasuries with operating cash flow can outperform those that simply accumulate crypto without an active business plan. The consensus is that the most durable treasury strategies tie digital assets to ongoing operations, whether through staking or validation services on proof-of-stake networks, mining on proof-of-work networks, or DeFi lending and other ancillary ventures. A competitive edge may belong to entities that blend crypto with traditional revenue streams, rather than treating digital assets as a standalone store of value.

The landscape includes a range of models, from dedicated crypto-focused ventures to hybrid strategies that diversify income sources. A notable theme is the exploration of real-world asset (RWA) synergies to support crypto reserves. Case studies and industry commentary point to hybrid structures that blend real estate or other cash-flow-producing assets with BTC exposure, aiming to capture appreciation while generating rental or operating income. Grant Cardone’s approach—integrating real estate with Bitcoin exposure into hybrid treasury vehicles—has been cited as a practical example of how a treasury can leverage tangible assets to support digital-asset growth. Cardone described the strategy as a way to balance property-backed income streams with crypto upside, suggesting that real estate can provide a sturdier foundation for treasury-driven investments than a pure crypto-only vehicle.

The 10 biggest crypto treasury companies, ranked by their crypto holdings. DeFiLlama’s data visually maps the scale of digital asset reserves across leading treasury players, illustrating how the sector concentrates assets among a handful of large holders while many others operate with smaller balance sheets.

Beyond real estate partnerships, treasuries are pursuing revenue streams through staking, validator services, and DeFi lending to sustain cash flow and fund ongoing operations. The broader objective remains clear: convert crypto holdings into sustainable income that can support ongoing operations, fund growth initiatives, and offset crypto-market volatility.

Grant Cardone’s real estate–Bitcoin hybrid approach has drawn attention for illustrating how a treasury strategy can combine tangible asset advantages with digital-asset exposure. In interviews and related reporting, Cardone argued that housing can provide non-discretionary demand dynamics, creating a counterweight to the discretionary nature of many digital-asset purchases. This perspective aligns with a growing willingness among treasury operators to diversify income sources and reduce reliance on pure price appreciation.

The momentum around reinvention is not just theoretical. Comparisons with other sectors suggest that diversified revenue models—whether through staking, lending, or rental income—may lead to more resilient treasury performance over time. Yet, the market remains mindful of macro and policy risks. The crypto sector’s trajectory has been closely linked to regulatory developments in the United States and abroad, as well as to shifts in investor sentiment shaped by macroeconomic trends and cross-asset correlations.

The evolution of crypto treasuries is a matter of both strategic and operational refinement. As firms experiment with combining real assets and digital holdings, the industry watches how these hybrid approaches perform in terms of yield, liquidity, and governance. The experience of 2025—when inflows stayed in the sub-$10 billion range for several months before another downturn—serves as a reminder that a successful treasury requires more than capital; it requires a clear plan for deploying assets into productive activities that align with corporate objectives. The ongoing conversation centers on how to balance risk, return, and liquidity in a landscape characterized by ongoing regulatory scrutiny and a dynamic market regime.

Note: The overarching trend remains that data providers, researchers, and industry stakeholders will continue to monitor whether treasury players can convert crypto holdings into stable, repeatable cash flows while maintaining exposure to upside from crypto markets.

What to watch next

• Regulatory developments in major markets that could influence corporate crypto exposure and treasury management strategies.
• Possible consolidation waves among crypto treasury firms, as suggested by industry debates about 2026 dynamics.
• New treasury vehicle structures that blend real assets with digital holdings, including hybrid real estate–BTC funds and similar models.
• Announced or anticipated ETF and product flow changes that could affect liquidity and investor demand for crypto-tied assets.
• Next-year milestones for major treasury players, including funding rounds, partnerships, or launches of revenue-generating services.

Sources & verification

• DeFiLlama data on digital asset treasuries and inflows (defillama.com/digital-asset-treasuries)
• DefiLlama status post referenced in coverage (https://x.com/DefiLlama/status/2028572552675938399)
• Crypto treasury consolidation discussion (https://cointelegraph.com/news/crypto-treasury-companies-consolidate-2026)
• Cardone Capital on hybrid real estate and Bitcoin strategy (https://cointelegraph.com/news/cardone-capital-dats-real-estate-bitcoin-fund)
• Bitcoin price discussions and related coverage (https://cointelegraph.com/bitcoin-price)

Crypto treasury inflows signal a market reset

In the broader market context, the trajectory of digital asset treasuries appears to reflect a recalibration after a period of outsized inflows tied to political catalysts and policy expectations. The rebound observed after the election results demonstrated the market’s sensitivity to regulatory signals, yet the subsequent slowdown suggests investors are reassessing the risk-reward equation for long-duration crypto exposure. The path forward may hinge on whether treasuries can operationalize their holdings into durable cash flows and whether new vehicle structures can attract capital without compromising risk control and governance.

Market context: The latest data sit within a cautious liquidity environment where macro forces and regulatory developments continue to shape risk sentiment and capital allocation across crypto strategies.

Why it matters

For investors, the evolving picture of digital asset treasuries matters because it highlights how corporate treasury management is shifting from passive asset accumulation to active deployment. The ability to translate crypto holdings into revenue—whether through staking, validation, lending, or real-world asset integration—can influence balance-sheet resilience and funding for strategic initiatives. For builders and operators, the trend signals a demand for more sophisticated treasury products and governance frameworks that can manage risk while enabling exposure to the upside of digital assets. And for the market at large, the shift toward productive use cases may influence liquidity cycles and pricing dynamics, potentially supporting more durable demand cycles beyond mere speculation.

As firms experiment with real-world links and diversified income streams, stakeholders will be watching whether these models deliver consistent returns aligned with risk tolerances. The ongoing dialogue around how to structure, regulate, and monitor crypto treasuries will likely shape industry standards and collaboration across traditional finance, real estate, and digital-asset ecosystems.

What to watch next

• Track regulatory updates and any policy changes that directly affect corporate crypto holdings and treasury strategies.
• Monitor proposed or enacted ETF and institutional product approvals that could impact liquidity and flows into crypto-related assets.
• Observe consolidation activity among treasury operators and the emergence of new revenue-generating platforms.

In a social media post, President Trump criticized the banking industry, accusing it of undermining his crypto agenda, and called for progress on the Clarity Act.

“The Genius Act is being threatened and undermined by the Banks, and that is unacceptable — We are not going to allow it. The U.S. needs to get Market Structure done, ASAP. Americans should earn more money on their money,” Trump wrote on Truth Social.

“The Banks should not be trying to undercut The Genius Act, or hold The Clarity Act hostage,” he added.

The GENIUS Act prohibits stablecoin issuers from paying interest directly to holders but permits third-party platforms to distribute yield to users, a measure designed to enhance transparency and regulatory compliance.

Despite hosting White House meetings between crypto firms and banks to negotiate stablecoin yields, banks have shown resistance. Trump’s efforts to mediate a compromise have yet to yield results, as reported by CNBC.

Stablecoin yields have become a focal point of regulatory scrutiny, with significant implications for traditional banking and financial stability.

The ongoing conflict between banks and crypto firms represents a broader debate over the future of financial regulation in the U.S. and could redefine America’s role in global crypto leadership.

This article was generated with the assistance of AI workflows.

TLDR

• Coinbase has launched U.S. stock trading directly within its existing platform.
• Users can access U.S. equities through the same interface used for cryptocurrency trading.
• Coinbase Capital Markets supports the stock trading service as a registered broker-dealer.
• The platform integrates Nasdaq last-sale data to provide real-time stock pricing.
• Nasdaq displayed a congratulatory message for Coinbase on its Times Square tower.

Coinbase has launched U.S. stock trading on its platform, expanding beyond digital assets. The company confirmed the rollout on social media and outlined key features. Users can now access U.S. equities directly within the Coinbase interface.

Coinbase Integrates Equities With Real-Time Nasdaq Data

Coinbase enabled stock trading through Coinbase Capital Markets, which supports the service infrastructure. The company also integrated Nasdaq’s last-sale data into the platform. This integration provides real-time stock pricing within the existing crypto interface.

The company stated that users can manage cryptocurrencies and equities from a single account. Coinbase said the rollout reflects ongoing product expansion efforts. It was written on social media, “Users can now trade U.S. equities directly in the Coinbase app.”

Nasdaq displayed a congratulatory message on its Times Square tower to mark the launch. The display recognized Coinbase for introducing U.S. stock trading. This public message highlighted cooperation between Coinbase and Nasdaq.

Coinbase confirmed that the platform delivers last-sale data sourced from Nasdaq. This feature mirrors real-time data services offered by brokerage firms. As a result, users receive live stock prices alongside crypto market data.

The company designed the feature to operate within its current trading system. Users do not need separate accounts for equities trading. Instead, they can switch between asset classes within one interface.

Hybrid Platform Expands Retail Trading Access

Coinbase historically focused on cryptocurrency trading and custody services. However, the company gradually expanded into services that resemble brokerage offerings. The stock trading launch marks its latest product addition.

The exchange aims to serve retail investors seeking multiple asset classes. By offering equities, Coinbase broadens its accessible markets. The company continues to operate under regulatory requirements for securities trading.

Coinbase Capital Markets supports order execution for stock transactions. This entity operates as a registered broker-dealer. Therefore, it handles the compliance framework for equities trading.

The platform now presents stocks and cryptocurrencies side by side. Users can monitor price charts and execute trades in one place. This structure streamlines account management across asset categories.

Coinbase stated that real-time Nasdaq data strengthens its market information tools. The integration ensures that displayed prices reflect official last-sale reports. As a result, users receive consistent pricing updates during market hours.

Crypto prices may be approaching a turning point after months of losses as several recent developments could mark the start of a new bull phase.

In a note on Wednesday, Clear Street analyst Owen Lau, said the roughly 44% drawdown in crypto markets between Oct. 10 and Feb. 28 may now represent the end of the latest downturn.

Lau’s comments came as bitcoin BTC$73,405.75 rose 8% over the past 24 hours, moving to just above $73,000.

He took note of U.S. President Donald Trump’s Tuesday intervention over the hard-fought, but currently stalled, CLARITY Act as raising the odds that the law wins Congressional passage by the end of the summer.

Infrastructure integration is also advancing after Kraken’s banking subsidiary received a Federal Reserve master account, allowing it direct access to the central bank’s payment system. Lau said the move represents a structural step toward integrating crypto-native institutions into the U.S. financial system.

Institutional participation is also expanding. Morgan Stanley recently amended a filing for a proposed spot bitcoin ETF to name Coinbase Custody as a co-custodian alongside Bank of New York Mellon, reinforcing Coinbase’s (COIN) role in the institutional crypto ecosystem.

At the same time, geopolitical tensions in the Middle East have highlighted the utility of blockchain networks as alternative payment rails during periods of financial disruption.

Taken together, Lau said the developments could signal a broader shift for the industry.

“The industry may just hit an inflection point, and we believe this run has legs,” he wrote.

Ripple has advanced its institutional strategy after Ripple Prime went live on the National Securities Clearing Corporation clearing directory. The development embeds its nonbank prime brokerage within core U.S. post-trade infrastructure. Executives describe the listing as a structural step that strengthens its bridge between digital assets and traditional markets.

Ripple Prime Secures NSCC Directory Integration

Ripple Prime, formerly Hidden Road, now appears on the NSCC clearing directory. The update confirms its operational status within the clearing framework operated by the NSCC. Consequently, Ripple expands its footprint inside established capital market systems.

Important milestone for Ripple Prime. NSCC directory listing places us inside core clearing infrastructure to support more efficient, reliable capital markets at scale. Today, Ripple Prime is the largest global non-bank prime broker, integrated directly into digital asset and…

— Mike Higgins (@mikehiggins) March 4, 2026

Mike Higgins, chief executive of Ripple Prime, characterized the milestone as significant for the firm’s growth. He stated that the listing positions Ripple Prime inside essential clearing rails. He added that the move supports more efficient and reliable capital markets at scale.

The integration follows Ripple’s completed acquisition of Hidden Road in 2025. Through the deal, Ripple became the first crypto-native firm to own a global multi-asset prime broker. As a result, Ripple Prime now operates across digital and traditional trading venues worldwide.

XRP Ledger Positioned for Post-Trade Expansion

Ripple Prime supports digital assets, foreign exchange, fixed income, and derivatives under one brokerage structure. Therefore, clients can manage exposures across centralized and decentralized markets within a unified framework. The firm integrates directly with digital asset platforms and established financial venues.

Market participants expect the structure to drive additional post-trade activity onto the XRP Ledger. The brokerage model aligns clearing, collateral, and settlement functions with blockchain infrastructure. This approach links traditional workflows with distributed ledger systems.

Ripple has also integrated support for Hyperliquid to expand institutional access to on-chain liquidity. The integration enables clients to access decentralized derivatives while cross-margining exposures across other asset classes. Accordingly, Ripple Prime extends its reach into decentralized finance without separating risk pools.

Wrapped XRP Gains Institutional Backing

The stablecoin RLUSD now serves as collateral across selected prime brokerage products. This usage expands RLUSD’s role inside institutional trading environments. At the same time, the structure increases transactional utility across Ripple’s ecosystem.

In parallel, Doppler Finance has partnered with Hex Trust to advance institutional use of Wrapped XRP. The collaboration aims to enhance custody standards and operational resilience for tokenized XRP products. Hex Trust will provide regulated custody infrastructure to support compliant product development.

Wrapped XRP, or wXRP, extends XRP’s presence across multiple blockchains. Therefore, institutions can access XRP-based liquidity within broader decentralized ecosystems. The partnership strengthens the infrastructure needed for regulated participation in tokenized asset markets.

Ripple Prime’s NSCC directory listing reflects a broader push into regulated financial channels. The clearing integration supports standardized settlement processes while maintaining digital asset connectivity. This alignment signals Ripple’s intention to operate inside established market frameworks.

The acquisition of Hidden Road marked a turning point in Ripple’s institutional strategy. By securing a multi-asset prime broker, Ripple positioned itself within traditional trading flows. Consequently, the company now combines brokerage services with blockchain settlement capabilities.

Welcome to our institutional newsletter, Crypto Long & Short. This week:

• Martin Gaspar on how bitcoin looks to overcome quantum fears, echoing past climate backlash
• Top headlines institutions should pay attention to by Francisco Rodrigues
• Aave’s revenue multiples hit 2024 lows despite higher prices in Chart of the Week

Thanks for joining us!

-Alexandra Levis

Expert Insights

Why bitcoin’s quantum fears will pass just like the climate panic

By Martin Gaspar, senior crypto market strategist, FalconX

Quantum has become a major theme for crypto the past few months, in part because of technological developments in that space, but also as investors look for potential culprits of the stagnation in crypto prices post October. Quantum risk may come across as an existential threat to bitcoin BTC$73,651.45 given the potential for bad actors to crack legacy accounts such as Satoshi’s. However, a clearer understanding of the threat and increasing industry focus on solutions are driving toward a positive resolution.

There are striking parallels to the concerns over the energy use and climate impact of Bitcoin’s Proof of Work (PoW) mining that dominated headlines in 2021. Those felt existential too, as the headline risk made BTC socially unacceptable. Although industry insiders knew climate concerns were misguided (compared to other industries, such as tech’s data centers, BTC’s energy footprint is low), fears perpetuated, culminating with Tesla dropping BTC as a payment option because of climate risk. At the time, Elon Musk’s support for BTC was a large driver of sentiment, so this action startled the market. If forward-thinking Elon thought the issue was meaningful enough to pull his support of BTC, more conservative groups could seek to ban it or otherwise stifle BTC adoption. From an investor standpoint, why would you buy into an asset with such risk? This question resonates today and is especially pertinent as lower crypto prices weigh on sentiment.

The good news is that the industry can overcome this. In 2021, it took industry leader Strategy taking initiative to work with BTC miners to publish stats on the renewable mix of their energy consumption. While it was no secret to the crypto community that BTC miners naturally seek the lowest cost of energy, which is often renewables, compiling hard data helped convince naysayers. The industry was able to regain credibility to help dispel concerns.

We are seeing the same play out as industry stalwarts come together to publish facts around quantum risk. Coinbase recently established a quantum computing and blockchain working group, which will help issue recommendations for industry participants to protect against quantum risks and provide analysis on quantum breakthroughs. Furthermore, on February 5, as BTC was sharply selling off towards $60,000, Strategy announced a quantum security program during its earnings call, which may have helped stem further selling. It aims to coordinate with the “global cyber, crypto, and bitcoin security community” to help with Bitcoin’s quantum transition.

Concurrently, several startups are working on developing post-quantum technology for blockchains, such as Project Eleven and BTQ Technologies. These developments indicate that the crypto community is rapidly working towards solutions and should help alleviate near-term concerns.

BTC stands to turn the page through its proactive efforts to dispel quantum hysteria. Once the industry issues clear facts and a plausible plan, this issue will come to pass, just like the PoW climate overhang from years past.

Headlines of the Week

Francisco Rodrigues

Geopolitical risks have shown again this week that liquidity in the cryptocurrency space means investors head for the exits as soon as they’re able to. The renewed Middle East conflict has led to major outflows from Iran, while in the U.S. investors have also been backing down. Still, builders appear to be unphased.

Chart of the Week

Aave’s revenue multiples hit 2024 lows despite higher prices

Aave is currently experiencing a fundamental valuation reset: while the token price remains higher than its 2024 lows, the FDV/annual revenue ratio has collapsed back to those levels (<20x), indicating the protocol is generating significantly more revenue relative to its market cap than it did during the speculative peaks of 2025. This decoupling suggests the market is heavily discounting Aave’s current earnings power, likely pricing in the execution risk following the narrow March 1 passage of the “Aave Will Win” proposal and the high-profile exit of core developer BGD Labs.

Listen. Read. Watch. Engage.

Looking for more? Receive the latest crypto news from coindesk.com and explore our robust Data & Indices offerings by visiting coindesk.com/institutions.

Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc., CoinDesk Indices or its owners and affiliates.

The approval of Kraken’s access to the Federal Reserve’s core payments infrastructure has ignited a fierce response from the banking sector.

In a statement on Wednesday, the Independent Community Bankers of America (ICBA) and the Bank Policy Institute (BPI) strongly opposed the Fed’s decision, arguing it posed a risk to the financial system’s stability.

Banks Challenge Kraken’s Federal Approval

Hours after news surfaced that Kraken had become the first crypto company to secure a master account from the Federal Reserve, the ICBA issued a scathing statement in response.

“Granting nonbank entities and crypto institutions access to the master accounts traditionally limited to highly regulated insured depository institutions poses risks to the banking system,” said ICBA CEO Rebeca Romero, adding, “The Fed should continue limiting master account access to institutions that meet the financial services sector’s highest standards.”

On its part, the BPI expressed concern over the decision-making process. 

“This action ignores public comment that the Federal Reserve sought on this framework, and it was issued with no transparency into the process for approval or the risk mitigants that have been imposed to address the very significant risks it raises.”

The statements subtly highlighted that Kraken now has direct access to the same payment rails used by thousands of US banks and credit unions. This access allows it to settle US dollar transactions directly through the Fed, effectively bypassing intermediary banks. 

On-chain data reveals strong buying interest from whales just a day after the Chinese holidays ended.

Bitcoin’s price has finally shown strong signs of a solid breakout, skyrocketing to a new monthly peak of over $73,000 earlier today.

This is rather unexpected given the massive geopolitical tension, even referred to as war by some analysts, that broke out in the Middle East on Saturday.

At the time, BTC dumped to $63,000 after the US and Israel launched a military operation against Iran, which retaliated immediately against several nations in the region. Although Iran’s Supreme Leader was killed during the attacks, the country has doubled down on its strikes, while the US President indicated that the war could last up to four weeks.

Instead of charting new and painful losses, bitcoin reversed its trajectory by the end of Saturday and rocketed to $68,000. It was rejected and driven south to $66,000 in the following few days, but went hard on the offensive in the past 12 hours or so.

The cryptocurrency gained more than $5,000 within this timeframe, surging to its highest level in a month at over $73,000. This means that it’s up by more than $10,000 since its Saturday low when the attacks began.

Popular analyst CW suggested that the BTC CVD indicator “shows strong buying,” mostly from whales rather than retail.

The $BTC CVD indicator shows strong buying.

In addition, the buying is lager from whales than retail investors.

The current uptrend is being driven by whales. pic.twitter.com/HyAnB6XzOB

— CW (@CW8900) March 4, 2026

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In another post, the analyst noted that today is the first day after the Chinese holidays, which lasted for over a week this time, and some of the most utilized exchanges on local soil – Binance and OKX, “are showing massive net buying of BTC.”

Fellow market commentator Daan Crypto Trades acknowledged bitcoin’s surge to a month peak, indicating that the current rally has been a “solid breakout so far.” He believes the bulls should not allow BTC to dip below $71,500 again; otherwise, it would be regarded as a clear sign of weakness.

$BTC Highest level since early February again.

Solid break out so far. From here on out it’s pretty straight forward. Bulls should not let this fall below that $71.5K-$72K area again. If it does, and price accepts back into the range, then this was just a big deviation & stop… https://t.co/SdjrYF1lmw pic.twitter.com/8ODkoKhtVa

— Daan Crypto Trades (@DaanCrypto) March 4, 2026

After weeks of steady withdrawals, investors are beginning to allocate fresh capital to U.S. spot bitcoin exchange-traded funds (ETFs).

The shift follows a difficult start to the year for the products. From mid-October, when bitcoin’s price began its downfall, through late February, spot bitcoin ETFs recorded cumulative outflows of about $9 billion, according to data from Bloomberg Intelligence ETF analyst James Seyffart. The category still shows $1.1 billion in net outflows for 2026, but flows have shifted in recent days. Since Feb. 24, investors have added roughly $1.7 billion.

The rebound suggests some investors believe bitcoin may have found at least a short-term floor.

“It was surprising to me that there was basically no dip buying when bitcoin was a falling knife to start the year,” Seyffart said. At the time, software stocks and crypto assets were both sliding, yet investor behavior split. Software ETFs pulled in record inflows as traders tried to time a bottom while bitcoin ETFs continued to see steady withdrawals.

Those withdrawals were not dramatic, but they persisted.

Now the pattern appears to be reversing. Seyffart said recent price action may have helped restore confidence. Over the weekend, bitcoin held above its recent lows despite geopolitical tensions tied to Iran.

“I think investors are likely feeling a bit more comfortable that we have hit at least a near-term bottom,” Seyffart said. “That higher low this weekend on such massive news had to be a comfort to some.”

The inflows also appear to reflect outright bullish positioning rather than market-neutral trading strategies. Some institutional investors use ETFs and futures together in what is known as a basis trade, where they capture yield from price differences between spot and futures markets.

But that setup does not appear attractive right now.

Yields tied to those trades remain relatively low, while open interest across CME’s crypto futures and options markets has declined. That drop suggests fewer traders are putting on large derivatives positions that typically accompany arbitrage strategies.

Instead, the ETF inflows look more like straightforward bets on bitcoin’s price direction.

Despite bitcoin falling about 16% this year, nearly all spot bitcoin ETFs still show net positive flows for 2026, with BlackRock’s iShares Bitcoin Trust (IBIT) adding roughly $300 million in capital year-to-date. That dynamic highlights how investors continue to allocate through regulated fund structures even during downturns.

Nate Geraci, president of the ETF Store, said the flows also reflect growing conviction among large asset managers promoting the funds.

“It’s easy to frame this as BlackRock simply promoting its highest-revenue product,” Geraci said. “But I see it more as the firm doubling down on its conviction that bitcoin belongs in diversified portfolios.”

Geraci noted that BlackRock has many higher-fee ETFs it could spotlight instead. Meanwhile its spot bitcoin ETF, IBIT, is down about 4% this year. Asset managers rarely highlight lagging funds unless they believe strongly in the long-term case, he said.

PI’s price has rocketed to its highest levels in about two weeks.

Although the entire cryptocurrency market has been charting gains in the past 12 hours or so, some assets have performed better than others. Pi Network’s native token is among those, as the popular alt has taken advantage of the market-wide rally and now trades at a multi-week peak of almost $0.185.

Despite the upcoming massive token unlocks scheduled for the next week or so, PI’s gains today put it among the top-performing alts. Naturally, this surge could be driven by other factors, such as the most recent updates, which we reported earlier today.

More specifically, the Core Team indicated that the protocol v19.9 migration was successfully completed, which was a major milestone announced just a couple of weeks after the project was updated to v19.6.

This means that the next protocol version is v20.2, which the team hopes will be implemented before the 2026 Pi Day – March 14.

The team reminded once again that all node operators who must use desktop computers and laptops instead of mobile devices have to upgrade to the current protocol version. Otherwise, they could be disconnected from the network.

PI’s surge to a two-week high now means that the asset has gained over 14% in the past month. This is in stark contrast to most other larger-cap cryptocurrencies, including BTC, ETH, SOL, and XRP, all of which are down monthly. In some cases, such as BNB, XRP, and SOL, the monthly declines are by double digits.

What could be a worrying sign for the PI bulls is the rising number of tokens scheduled to be unlocked in the next couple of weeks. Data from PiScan shows that the average number of coins to be released daily will be around 6.8 million, but several days will see more than 11 million.

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March 7 will be a record-setting day, with almost 21 million coins to be unlocked. This could intensify the immediate selling pressure on the asset if investors decide to dispose of their long-awaited tokens.