Crypto World
Bitcoin’s Next Move May Hinge on U.S. Credit and Debt Conditions
Bitcoin (CRYPTO: BTC) dipped below $73,000 on Tuesday as a confluence of tightening credit conditions and elevated debt costs test market nerves. The macro backdrop shows a paradox: credit spreads remain compressed even as debt levels and borrowing costs stay elevated, a dynamic some analysts say could define BTC’s trajectory over the coming months. In this environment, an intriguing pattern emerges: the gap between credit pricing and actual credit-market stress has become a potential predictor for Bitcoin’s next move, echoing how similar dislocations played out in prior cycles.
Key takeaways
- The ICE BofA US Corporate Option-Adjusted Spread is at 0.75, its lowest level since 1998.
- US debt stands at about $38.5 trillion, while the 10-year Treasury yield is hovering near 4.28%.
- Bitcoin whale inflows to exchanges have risen, but on-chain profit-taking is easing despite the higher turnover on centralized venues.
- Historical cycles show BTC often forms a local bottom several months after credit spreads widen, a pattern that could repeat if liquidity tightens further.
- Analysts have signaled that a renewed accumulation phase could unfold in the months ahead, potentially after a period of market stress becomes more visible.
Market context: The current setup places Bitcoin at a crossroads where tight credit conditions and escalating debt costs contrast with a risk-off tilt in broader markets. The macro backdrop remains complex: while spreads compress, signaling relatively contained credit risk by some measures, the debt burden and the path of yields continue to constrain liquidity and appetite for risk assets, including BTC. This divergence—cheap-ish credit against a backdrop of financial strain—has historically preceded pronounced price moves for Bitcoin, underscoring why market participants are watching the bond and credit markets as a leading indicator for crypto trajectories. For reference, the data point often cited is the ICE BofA Corporate OAS, which has been moving in a way that ties into Bitcoin’s price rhythms during stress episodes.
In previous cycles—2018, 2020 and 2022—Bitcoin tended to bottom after credit spreads began to widen, with the delay ranging roughly three to six months. The suggestion of a lag between financial-market stress and crypto-price bottoms has resurfaced as traders parse the current dislocation. Some analysts have argued that if liquidity tightens further and spreads rise, Bitcoin could enter another phase of accumulation before broader market stress becomes fully evident. For instance, commentary from Alphractal founder Joao Wedson highlighted the potential for an accumulation phase if liquidity conditions deteriorate and credit spreads widen in the months ahead, a scenario that could set the stage for a multi-month consolidation before fresh directional moves. Argued.
Bitcoin whale activity and on-chain dynamics
Over the past few days, on-chain data show a spat of activity that peers at broad selling pressure yet also hints at longer-term fatigue among holders. Analysts have observed intensified transfers of BTC from large wallets to centralized exchanges, including a notable spike when wallets holding more than 1,000 BTC deposited roughly 5,000 BTC on a single day—an amount that mirrors a similar spike seen in December. The pattern of inflows from high-value wallets has raised questions about near-term selling pressure, especially amid a broader market lull.
In parallel, a broader cohort—holders in the six- to twelve-month age category—also moved 5,000 BTC to exchanges, marking the largest inflow from this segment since early 2024. Yet despite these near-term inflows, a counterpoint is evident: long-term holder behavior appears less aggressive, with spending output profit ratio (SOPR) sliding toward 1, its lowest reading in a year as BTC tested a year-to-date low near $73,900.
The tension between supply-side selling signals and longer-term holder exhaustion is a focal point for traders trying to gauge whether price weakness will endure or consolidate into a base. SOPR’s retreat toward equilibrium suggests fatigue among sellers in the longer horizon, a sign that a more durable bottom might require additional macro catalysts or clearer liquidity signals. The data, including real-time movement patterns and on-chain profitability metrics, remains a key input for analysts weighing the likelihood of a new accumulation window amid ongoing macro stress.
In the broader lens, the trend of exchange inflows paired with mixed on-chain signals mirrors what happened in prior cycles: weakness in price often coincides with attempts at price discovery amid shifting risk sentiment. The bond market’s stress indicators—how spreads widen or compress—tend to precede or align with crypto-market inflection points in ways that traders have tracked for years. As yields remain elevated and debt continues to accrue, the path of least resistance for Bitcoin may hinge on whether liquidity tightens enough to widen credit spreads, thereby unlocking a new phase of accumulation that could endure into the latter half of the year.
Looking ahead, investors will be watching two intertwined channels: the projected movements in credit-spread dynamics, and the cash-flow environment that governs risk appetite more broadly. If spreads begin a sustained widening trend, and liquidity tightens toward the 1.5%–2% range in coming weeks and months, BTC could see more pronounced bottom-building dynamics. Conversely, if credit conditions stay contained while yields drift higher, the downside might be tempered, and the market could pivot toward a range-bound phase that emphasizes accumulation rather than rapid sell-offs. The narrative remains contingent on macro developments, but the structural data—ranging from the debt mountain to the nuanced behavior of large BTC holders—provides a framework for parsing the next leg of the BTC story.
Why it matters
The observed disconnect between credit pricing and underlying market stress matters because it feeds into a broader risk-management framework for crypto investors. When traditional markets signal rising caution through widening stress or tighter liquidity, crypto assets can behave as a leveraged proxy—at times drawing demand from hedging flows, at other times succumbing to capitulation. The current data set—debt totals, yield levels, and evolving on-chain activity—offers a lens into how Bitcoin might respond as macro signals evolve. For users and builders in the ecosystem, the takeaway is to monitor liquidity proxies alongside price action, recognizing that a sustained shift in credit conditions could precede meaningful regime changes for BTC and related assets.
At the same time, the data remind market participants that crypto markets are not isolated from macro forces. Central bank policy expectations, debt dynamics, and financial-market stress indicators continue to weave a complex tapestry that shapes capital allocation. Understanding these interconnections can help traders anticipate whether the coming months will favor accumulation, consolidation, or renewed volatility as global liquidity conditions adapt to shifting fiscal and monetary landscapes.
What to watch next
- Watch credit-spread movements toward the 1.5%–2% range through April, which could precede renewed BTC downside or a gradual bottoming process.
- Monitor the trajectory of US debt and the 10-year yield, especially any sustained retreats or surprises that could alter liquidity dynamics.
- Track on-chain SOPR levels and exchange-inflow patterns, especially among holders in the six- to twelve-month window, for signs of seller exhaustion or renewed demand.
- Look for a potential accumulation window after July 2026, as suggested by macro-cycle analyses that link credit stress to longer-term price basins.
Sources & verification
- ICE BofA US Corporate Option-Adjusted Spread data and related macro signals (BAMLC0A0CM) from the Federal Reserve’s data repository.
- U.S. debt levels and the 10-year Treasury yield data points reflecting the January-end totals and current yields.
- CryptoQuant insights on whale and holder activity and SOPR trends used to interpret near-term market dynamics.
- Analyst commentary on liquidity and bond-market stress scenarios that inform Bitcoin’s potential accumulation phase.
Market reaction and macro signals shaping BTC trajectory
Bitcoin (CRYPTO: BTC) has moved to test new support near the lower end of its recent range as macro indicators paint a mixed picture for risk assets. The corporate credit market continues to offer a strange juxtaposition: spreads are tight on the surface, yet the debt landscape remains heavy, and yields persist in a tight corridor. This bifurcation creates a testing ground for BTC, where a failure to sustain prices could reflect broader risk-off dynamics, while a stabilization or rebound could indicate the onset of an accumulation period as liquidity conditions slowly improve, or at least stop deteriorating.
Historical context provides a framework for interpretation. In past cycles, periods of widening credit stress often preceded a trough in BTC prices by a few months, followed by a phase of quiet accumulation as investors waited for clearer macro direction. The present discussion centers on whether current signals will produce a similar pattern or whether a new regime will emerge where BTC acts more as a hedge against macro risk rather than a tradable risk-on asset. The ongoing debate among market observers highlights a spectrum of possible outcomes, with some arguing that the next leg could hinge on how the bond market absorbs liquidity stress, while others point to on-chain signals that may foretell a more durable bottom forming in the months ahead.
The conversation also touches upon practical implications for market participants. If liquidity tightens and spreads widen, Bitcoin could see renewed volatility as traders reposition portfolios to weather the stress. If, on the other hand, the stress signals abate and the price finds support, the market could shift toward gradual accumulation—a phase that has historically offered a quieter backdrop for long-term investors to build positions. The data and commentary from industry analysts keep bridging macro indicators with on-chain realities, providing a nuanced view of the evolving crypto-market landscape.
Crypto World
South Korea Moves to Force Crypto Finfluencers to Disclose Holdings Under New Proposed Law
TLDR:
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- South Korea’s Democratic Party is drafting bills requiring finfluencers to disclose crypto holdings and compensation before advising followers.
- Reports of illegal investment advisory activity surged from 132 cases in 2018 to 1,724 cases in 2024, prompting stricter oversight.
- Penalties for finfluencer violations are expected to match existing laws on market manipulation and pre-emptive trading in Korea.
- Researchers are calling for pre-monitoring, post-sanctions, and added social media rules to protect retail crypto investors from misleading advice.
- South Korea’s Democratic Party is drafting bills requiring finfluencers to disclose crypto holdings and compensation before advising followers.
South Korea is proposing a law that would require finfluencers to disclose their crypto holdings. Democratic Party lawmaker Kim Seung-won is leading the push with two amendment bills.
The legislation targets influencers who advise followers on stocks and virtual assets through social media. Holdings, compensation, and asset quantities would all need to be made public. Reports of illegal investment advisory activity have risen sharply in recent years, prompting the move.
Proposed Bill Targets Crypto Finfluencers Operating Without Disclosure
Rep. Kim Seung-won, a member of the National Assembly’s Political Affairs Committee, is preparing the amendments.
One bill proposes changes to the Capital Markets Act, while the other targets the Virtual Asset Users Protection Act. Together, they would require crypto finfluencers to reveal what they hold before advising others to buy or sell. This applies to those who give repeated advice or charge fees for investment guidance.
The rules would cover advice shared through social media, broadcasts, publications, and other communications. A presidential decree would set the exact boundaries of who falls under the law.
Penalties for non-compliance are expected to match those for market manipulation and pre-emptive trading. This places crypto finfluencers under the same legal standards as other financial market participants.
Rep. Kim explained the reasoning behind the proposal, stating that “so-called fink influencers are appearing who give advice on investment decisions to an unspecified number of people without receiving compensation from positions that can have a great influence on the public.”
He pointed to a growing number of influencers advising large audiences without revealing their own crypto positions.
When influencers hold assets they promote without disclosure, it raises serious conflict-of-interest concerns. The bill directly addresses this gap by making transparency a legal requirement.
The Financial Supervisory Service recorded 1,724 reports of illegal advisory activity in 2024, up from just 132 in 2018. That increase spans only six years and reflects how quickly the problem has grown.
The rise of online and social media channels has made it far easier to reach investors without proper credentials. Crypto markets, in particular, have seen a surge in influencer-driven trading activity.
Korea Aligns With Global Push to Regulate Crypto Finfluencer Activity
Other major markets have already moved to regulate finfluencer conduct. The UK’s Financial Conduct Authority requires pre-approval of all promoted financial products, including digital assets.
The US Securities and Exchange Commission and FINRA have issued fines against influencers who violated disclosure rules. South Korea’s proposal follows the same direction these regulators have already taken.
Ahn Yu-mi, a senior researcher at the Capital Market Research Institute, noted that “the number of registered pseudo-investment advisory firms has increased significantly as sales channels have been mainly online.”
She added that this shift has also expanded “the possibility of detecting illegal and unsound acts.” However, she stressed that detection alone does not protect investors from harm. A structured oversight system covering both finfluencers and the institutions working with them is still needed.
Ahn further stated that “considering the ever-increasing influence and risk of pininfluencers, a strong management system such as pre-monitoring and post-sanctions by financial authorities is required.”
She also called for financial authorities to “continuously monitor finfluencies and financial institutions that use them.” On top of that, she recommended “the establishment of additional rules to be followed when providing financial information through social media.”
Without formal rules in place, the gap between influencer reach and regulatory oversight will only continue to widen.
South Korea’s proposal reflects a broader shift in how governments are responding to crypto finfluencer activity. As virtual asset markets grow, so does the need for rules that protect investors from undisclosed conflicts of interest.
Bitcoin bounced back to $67,500 during Wednesday’s U.S. morning session, gaining more than 5% over the past 24 hours as deeply bearish positioning across the crypto market began to unwind.
The move sparked a broader relief rally across altcoins. Ethereum’s ether (ETH) surged 10%, reclaiming the $2,000 level for the first time in a week. Solana (SOL), , and Chainlink each advanced more than 10%, outperforming bitcoin and the broad-market benchmark CoinDesk 20 Index’s gains.
Wednesday’s bounce follows a period of extremely negative sentiment across the market. The Crypto Fear & Greed Index, a popular sentiment gauge, has been hovering in Extreme Fear levels for most of February.
Perpetual futures funding rates — the periodic payments between long and short traders — had also turned negative multiple times over the past weeks. This means short sellers have been paying longs to maintain positions, a sign that bearish bets had become crowded. Such setups often leave markets vulnerable to sharp squeezes higher when prices begin to rise.
The rebound has liquidated over $307 million in leveraged bearish bets across crypto derivatives over the past 24 hours, CoinGlass data shows. Notably, bitcoin perpetual funding rates remain below neutral even amid the rally, suggesting the move isn’t being driven by aggressive leveraged speculation.
Crypto stocks gain
Crypto-related equities also joined the advance. Stablecoin issuer Circle (CRCL) jumped 20% after an earnings beat, while Coinbase (COIN), bitcoin treasury firm Strategy (MSTR) and Galaxy (GLXY) gained 5%-6%. Bitcoin miners — increasingly tied to AI infrastructure themes — extended their rebound, with Bitfarms (BITF), Bitdeer (BTDR) and MARA Holdings (MARA) leading gains.
Many crypto-linked stocks had built up sizable short interest from hedge funds, 10x Research’s Markus Thielen noted, leaving them primed for a sharp reversal.
Improving risk appetite across traditional markets has given a favorable backdrop for the crypto bounce. The S&P 500 and the tech-heavy Nasdaq 100 were 0.6% and 1.1% higher, respectively, in the early hours of trading. The software sector, embattled by AI fears, extended its gains, with the iShares Expanded Tech-Software Sector ETF (IGV) up by another 2% during the session.
Early signs of U.S. buyers returning
For the first time in over 40 days, the Coinbase Premium Index has turned positive again. This index tracks the price difference between bitcoin on Coinbase, a major U.S. exchange, and the broader global market average. It is widely viewed as a gauge of U.S. capital flows, institutional participation, and overall market sentiment.
While the MSTR to IBIT ratio is up 12% year to date, indicating that Strategy has outperformed BlackRock’s ETF. This relative strength points to continued risk-on appetite, even as bitcoin has fallen 25% this year.
In addition, the U.S. spot bitcoin ETFs recorded $257.7 million in inflows on Tuesday, the largest daily total since Feb. 6.
UK politicians concerned with foreign interference in politics are calling for temporary restrictions on crypto donations to be put in place until permanent legislation is drafted.
The Joint Committee on the National Security Strategy called for the measures in a letter to the UK’s Communities Secretary, Steve Reed, on Tuesday.
In the letter, Committee Chair Matt Western recommended five temporary measures:
- A temporary ban on accepting crypto donations until the Electoral Commission publishes its own guidance on interim crypto measures.
- Crypto donors should be prevented from using crypto firms that aren’t registered with the Financial Conduct Authority to make their donations
- Donations should be converted into sterling within 48 hours of their receipt.
- Crypto that’s been “upstream” from crypto mixers and tumblers, such as Tornado Cash, should be prohibited.
- Crypto should only be accepted when an individual has “high confidence” about its origins.
Kraken says crypto ban will ‘displace’ political donations
The committee took into consideration the views of various stakeholders, crypto entities, charities, and research groups when deciding on its recommendations.
Despite this, not everybody is happy. Kraken’s Chief Compliance Officer Natasha Powell, for example, warned that a ban would displace crypto donors to shadier avenues of funding, and that donors should be allowed to make donations from UK-regulated institutions.
“If you say, ‘No crypto donations, they’re illegal,’ people will go offshore and find different ways of doing them,” said Powell. “They will keep happening; they will just do so under the radar.”
Read more: Nigel Farage milkshake’d while touring with shady crypto ally
The director of the Centre for Finance and Security at RUSI agreed with Powell, and called for a “moratorium until such time as we are sure that we have the right checks and balances in place.”
The anti-corruption charity Spotlight on Corruption has also suggested various measures to tackle shady crypto donations, while the Electoral Commission has said it could be given discretionary power to draft crypto donation guidance.
“This could involve producing non-statutory guidance at first, which could be changed to statutory guidance if required,” the letter reads.
The letter also highlights that, as the UK’s military role in Europe grows, and the security environment worsens, “the value of influencing the UK’s political positions (for example on Ukraine, or US/EU relations) is likely to increase.”
His letter also recommended tougher sentences for electoral finance offences, a singular group dedicated to policing political finance and foreign interference risks, and increased wealth checks for political donors.
Crypto donation ban would upset Reform UK
The only major party currently accepting crypto donations in the UK is Nigel Farage’s Reform UK. The right-wing party announced its acceptance of crypto donations last May as part of an effort to appeal to crypto investors.
It’s received over £19 million ($25.6 million) in donations from Tether shareholder Christopher Harbourne over the years and has also reportedly received some crypto donations, but hasn’t disclosed who from.
Because of this, Labour and Liberal Democrat MPs have called for an investigation that looks to determine any potential conflicts of interest that might “undermine public trust in the integrity of our political system.”
Read more: Scoop: Bitfinex, Tether shareholder Harborne is Nigel Farage’s top donor
One of Farage’s close allies, George Cottrell, is linked to a Polymarket wallet that made millions betting on the outcome of various Donald Trump-related prediction markets.
Cottrell was also convicted of wire fraud after he was caught agreeing to launder drug trafficking proceeds. He allegedly threatened to report the fake drug traffickers unless they paid him $80,000 worth of bitcoin.
He’s also launching a book called How To Launder Money, and his mother, Fiona Cottrell, has also donated £750,000 ($1 million) to Reform UK.
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Solana’s SOL (SOL) has rallied 10% over the past 24 hours, rising to an intraday high of $86 on Wednesday.
The recovery was accompanied by a leap in futures activity, with SOL’s open interest rising by more than 5% to $5.27 billion.
Analysts are now focusing on the short-term technical setup and fundamental indicators that may signal a major turning point for SOL.
Key takeaways:
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SOL price has risen 10% in 24 hours, fueled by bullishness in the broader market and Solana ETF inflows.
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Solana’s symmetrical triangle breakout targets $110 SOL price.
SOL recovers with the crypto market
The SOL/USD pair rose as much as 13.6% to $86 on Wednesday from a two-week low of $75 on Tuesday, amid a marketwide recovery.
Bitcoin (BTC), the market leader, was trading at $66,800 at the time of writing, up 5% over the 24 hours. Second-placed Ether (ETH) has gained about 8% on the day to trade just above $1,990. XRP (XRP) has also posted significant daily gains among the top 10 cryptocurrencies, up 6% over the same period.
As a result, the global crypto market capitalization is up 4% on the day to $2.28 trillion on Wednesday.
Solana’s surge today is accompanied by significant short liquidations totaling $15.4 million over the last 24 hours, signaling intense demand-side pressure.
The buyers were also US-based spot Solana ETFs, which have recorded $40 million in net inflows since Feb. 9.
The growing demand-side pressure that could push SOL prices higher when coupled with increased inflows from global Solana investment products and buying by whales.
SOL’s symmetrical triangle breakout targets $110
Data from TradingView shows SOL price breaking above a symmetrical triangle on the six-hour time frame, as shown in the chart below.
The price needs to close above the 100-day simple moving average (SMA) at $86 to sustain the upward momentum.
The measured target of the prevailing pattern, calculated by adding the height of the triangle to the breakout point, is $110, coinciding with the 50-day SMA. This represents a 28.5% rally from the current levels.
As Cointelegraph reported, a daily candlestick close above the 20-day EMA, currently at $88, would open the way for a rise toward $95 and later to $117.
Glassnode’s realized price distribution data for Solana shows limited historical buying activity above $85, suggesting that the bulls could easily break this resistance.
In other words, there are relatively few SOL holders with a cost basis above this zone, reducing the chances of sellers stepping in decisively until the price reaches higher supply zones.
The next significant resistance sits at $115, where approximately 22 million SOL were previously acquired.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
European investors are getting a new route to crypto-linked yields through a regulated vehicle that ties traditional finance to a Bitcoin treasury. 21Shares has unveiled STRC NA, an investment product that provides exposure to Strategy’s preferred stock as a gateway to the economics of Strategy’s Bitcoin reserves. The plan is to list this ETP on Euronext Amsterdam this Thursday, offering access to a dividend that is backed by Strategy’s Bitcoin treasury and designed to be accessible via standard brokerage accounts. Strategy’s Bitcoin inventory remains sizable, reflecting what the issuer terms the world’s largest public holding of the digital asset. This move marks a notable expansion in the ETP issuer’s lineup, signaling growing institutional appeal for yield-bearing, crypto-linked Securities in Europe.
Key takeaways
- 21Shares is launching the STRC NA ETP on Euronext Amsterdam, providing European investors with a regulated conduit to Strategy’s crypto-linked equity.
- The ETP’s dividend is variable, targeting an annualized rate of about 11.25% and is backed by Strategy’s Bitcoin treasury.
- Strategy’s treasury reportedly holds 717,722 BTC, valued at roughly $47 billion at current prices, anchoring the ETP’s cash-flow potential.
- STRC NA represents 21Shares’ first equity-linked product, expanding beyond its crypto-only ETP lineup and moving into crypto-backed corporate securities.
- Alongside STRC NA, 21Shares has recently launched the Spot SUI ETF (TSUI) in the United States, listing on Nasdaq and broadening the firm’s regulated crypto-access options.
Tickers mentioned: $BTC, TSUI
Market context: The launch comes as institutional and retail demand for regulated crypto exposure persists, with ETF-inspired products continuing to attract inflows and new listings across Europe and the US, even as market liquidity and macro conditions influence risk sentiment.
Market context: The broader market backdrop includes ongoing interest in BTC-backed securities and a growing appetite for yield within crypto products as traditional funds seek stable, income-oriented vehicles.
What to watch next
- STRC NA starts trading on Euronext Amsterdam on the announced Thursday date; monitor liquidity and bid-ask spreads as the market digests the structure.
- Tracking the dividend payout performance of STRC NA and whether the 11.25% annualized target remains achievable as Strategy adjusts its Bitcoin holdings.
- Flows and pricing on TSUI after its Nasdaq debut, to gauge investor uptake for equity-linked crypto exposure in the US.
- Any regulatory clarifications from European or US authorities regarding equity-linked crypto instruments and the treatment of crypto-backed income strategies.
Sources & verification
- GlobeNewswire release announcing the STRC ETP offering and its structure: 21Shares Announces Launch of Strategy Yield ETP STRC Offering Investors Access to the Intersection of Crypto and Traditional Finance.
- 21Shares official site detailing its corpus of ETPs and global listing footprint.
- 21Shares press coverage on the US listing of the Spot SUI ETF (TSUI) on Nasdaq.
- Related industry coverage of Bitcoin ETF inflows and related crypto ETP activity to provide market context.
Why it matters
The STRC NA product represents an explicit effort to bridge two worlds: the regulated, income-focused world of traditional finance and the high-conviction, long-duration narrative around Bitcoin. By linking a preferred stock—STRC—to the Bitcoin treasury, 21Shares is offering an instrument that aims to deliver a steady cash flow through a familiar exchange-traded structure. For European investors, the draw is straightforward access via standard brokerage accounts, eliminating the friction of direct holdings in crypto assets or bespoke private collateral arrangements.
The instrument’s design reflects a wider industry trend: asset managers are increasingly seeking regulated, yield-bearing vehicles tied to crypto ecosystems. In this case, the underlying “cash-flow bridge” is built on a security whose dividends are sourced from Strategy’s Bitcoin holdings, spotlighting a model where crypto revenue streams can be packaged into equity-linked securities. If investors accept the premise, STRC NA could become a template for similar structures that blend digital-asset exposure with predictable distributions, a concept that has been touted by industry participants as a pathway to broader institutional participation.
Beyond STRC NA, 21Shares’ expansion into equity-linked ETPs signals the firm’s broader ambition to diversify beyond crypto-only listings. The company has repeatedly emphasized its mission to provide straightforward access to digital assets while progressively introducing regulated, diversified products. The US launch of the Spot SUI ETF (TSUI) further anchors this strategy, signaling continued regulatory-driven growth in the crypto-asset space and a willingness to experiment with new product types that can sit comfortably within traditional investment portfolios. These moves occur in a market where institutional appetite for crypto exposure remains largely shaped by macro risk sentiment, the evolution of crypto regulation, and ongoing ETF-related developments.
In this environment, STRC NA’s performance will likely be interpreted not only through the lens of Bitcoin’s price movements but also through the health of Strategy’s treasury management and the stability of the yield mechanism. The 11.25% annualized rate, while attractive compared with many fixed-income alternatives, will require careful monitoring of dividend coverage, liquidity in the STRC instrument, and the ability of Strategy to sustain edge-case cash flows across varying BTC price regimes. Investors will be watching how the ETP responds to Bitcoin’s volatility and how the framework handles any changes in Strategy’s treasury composition or in the legal treatment of the preferred stock exposure.
What to watch next
- Update on STRC NA’s initial trading day on Euronext Amsterdam and subsequent daily liquidity.
- Quarterly disclosures from Strategy regarding changes to its Bitcoin treasury and dividend coverage on STRC (EXCHANGE: STRC).
- Performance data for TSUI on Nasdaq after its US debut and any related retail investor uptake.
Sources & verification
- GlobeNewswire: 21Shares Announces Launch of Strategy Yield ETP STRC Offering Investors Access to the Intersection of Crypto and Traditional Finance (STRC release).
- 21Shares official site: overview of assets under management and product lineup.
- GlobeNewswire: 21Shares Launches Spot SUI ETF TSUI in the United States (TSUI listing on Nasdaq).
- Industry coverage: Bitcoin ETF inflows and related crypto ETP activity for market context.
Market reaction and key details
21Shares’ STRC NA ETP marks a notable evolution in Europe’s crypto investment landscape by formalizing a BTC-backed income structure within a traditional equity framework. The product is designed to be accessible to both institutions and retail investors, leveraging familiar exchange-traded mechanics to deliver yield linked to Strategy’s Bitcoin treasury. The firm positions STRC as a bridge between crypto and conventional finance, one that could influence how other managers structure crypto-linked income products in regulated markets. As with any crypto-linked instrument, prospective buyers should assess the yield in the context of underlying Bitcoin reserves, dividend coverage, liquidity, and regulatory clarity surrounding crypto-backed securities.
What is STRC?
STRC refers to Strategy’s preferred stock, a Variable Rate Series A Perpetual “Stretch” Preferred Stock, which underpins the STRC ETP. The ETP’s goal is to provide a credible, yield-generating vehicle that captures the economics of Strategy’s Bitcoin holdings, offering a “cash-flow bridge” between crypto assets and traditional equity markets. By packaging this exposure in an exchange-traded product, investors can access yield through conventional brokerage accounts, aligning crypto-driven income with familiar investment workflows.
How the STRC ETP works
The STRC NA product is structured to deliver a dividend backed by Strategy’s Bitcoin treasury, with a target of an 11.25% annualized rate. The ETP is designed to be held in a typical brokerage account rather than requiring bespoke custody arrangements for direct crypto ownership. This approach broadens access to a crypto-backed yield instrument through a regulated, transparent format that aligns with institutional risk frameworks while still offering crypto ecosystem exposure. The product’s “cash-flow bridge” concept rests on the idea that the underlying equity (the preferred stock) provides a predictable stream, which is then linked to the performance and income derived from the Bitcoin reserves.
What 21Shares has been doing lately
21Shares has continued expanding its regulated product suite, with the recent US listing of the Spot SUI ETF (TSUI) on Nasdaq representing a strategic push into equity-linked crypto exposure. The company has historically built its business around crypto ETPs and continues to broaden its reach with equity-linked offerings. As of the latest disclosures, the firm manages roughly $5.3 billion across 60 ETPs on 13 exchanges, underscoring the scale of its European and global footprint as demand for regulated, crypto-linked investment products grows.
Check out which are the new trading pairs added to Binance’s Cross Margin section.
The world’s leading cryptocurrency exchange implemented certain platform amendments that specifically affect DOGE, PEPE, ADA, and other altcoin traders.
While the assets’ prices moved north after the disclosure, another factor may also be contributing to the resurgence.
The New Pairs
Binance added TAO/USD1, ADA/U, DOGE/U, and PEPE/U to its Cross Margin section. This is a trading mode in which all funds in a margin account are shared across all open trades. In Cross Margin, losses from a certain trade can be covered by the remaining balance, which helps keep positions open.
Bittensor (TAO), Cardano (ADA), Dogecoin (DOGE), and Pepe (PEPE) are all in green territory today (February 25), posting gains between 4% and 9%. While the aforementioned move could have given these assets a push, the more probable and significant reason is likely the overall market resurgance in the past 24 hours.
The entire crypto space has rebounded after the recent losses, with Bitcoin (BTC) surpassing $66,000 and Ethereum (ETH) nearing the $2,000 psychological level.
It is important to note that larger pumps following Binance announcements are typically seen when the company initially lists a token, rather than when it simply adds more trading pairs. Such was the case in September last year when it embraced the lesser-known altcoin Avantis (AVNT). Shortly after the announcement, its valuation soared by 50%.
The most recent listing centers on U (United Stables) – a stablecoin launched in late 2025 and pegged to the American dollar. The exchange has been consistently expanding its support for the asset, recently adding the trading pairs XRP/U, SUI/U, ASTER/U, and PAXG/U on Binance Spot.
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Goodbye to These Ones
Besides enabling more trading options for its users, Binance also decided to remove some pairs that no longer meet the necessary criteria. It will say goodbye to DOT/BRL, GALA/BRL, GALA/EUR, GRT/ETH, GRT/EUR, OP/EUR, and SOL/ARS on February 27.
“The delisting of a spot trading pair does not affect the availability of the tokens on Binance Spot. Users can still trade the spot trading pair’s base and quote assets on other trading pair(s) that are available on Binance,” the company explained.
The assets involved in the delisting move did not experience any declines. In fact, all of them are trading in the green amid the broader market rebound, with Polkadot (DOT) standing out as one of today’s top performers, up roughly 17% over the past 24 hours.
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Circle stock price jumped by over 15% on Wednesday after the stablecoin company published strong financial results despite the ongoing crypto market crash.
Summary
- Circle stock price jumped after publishing strong financial results on Tuesday.
- The company’s revenue growth gained steam as the USDC volume continued growing.
- There is a risk that the USDC growth has waned in the past few months.
Circle Internet soared to $73, its highest level since January 28, up sharply from the year-to-date low of $50.6. Its market capitalization rose to over $15 billion.
Circle published strong financial results, which were higher than its previous guidance and what analysts were expecting. The amount of USD Coin (USDC) in circulation jumped by 72% YoY to over $75.3 billion.
This surge pushed its total revenue up by 77% to over $777 million. Most of Circle’s revenue comes from investing its stablecoin supply in short-term government bonds and keeping the interest.
Unlike other stablecoin issuers, Circle does not keep all its interest income. Instead, Coinbase keeps the interest income that the USDC volume in its platform generates. Its most recent results showed that its stablecoin revenue jumped to over $350 million.
Circle’s annual revenue jumped by 64% to over $2.7 billion, while its net loss jumped to over $424 million. This loss was mostly because of its initial public listing, which happened last year. The company paid millions of dollars to companies handling the listing.
Circle achieved more milestones in the last quarter, including launching the public beta listing of Arc, its layer-1 chain that will focus on payments. It has achieved over 100 participants and is handling over 2.3 million transactions per day.
Additionally, Circle Payment Network continued growing, adding 55 financial institutions and 74 of them going through eligibility review. Circle hopes that CPN will continue growing and disrupting the cross-border payments industry.
Other main milestones were the growth of EURC, which has achieved over €310 million in assets, a 284% YoY increase. It also received a national bank charter in the United States, a move that will strengthen the USDC infrastructure.
Circle stock faces major headwinds
The CRCL stock price faces some major risks ahead. First, there are signs that the USDC growth has stalled in the past few months as the crypto market crash continued.
Data compiled by CoinMarketCap shows that the supply of USDC has dropped in the past few months, a move that may lead to weaker revenue growth. The USDC market capitalization has dropped to $74.94 billion.
The other main risk is that Arc may not be as successful as the company expects, as the layer-1 and layer-2 industry has become highly concentrated.
Additionally, the stablecoin industry continues to get highly concentrated, with top coins like Ripple USD, PayPal USD, and USD1 gaining market share.
Ethereum just made two important moves: the FOCIL proposal and the Ethereum staking move.
Developers confirmed that FOCIL, a proposal aimed at strengthening censorship resistance, will be included in the Hegota upgrade planned for the second half of 2026. The change targets centralized block builders by forcing validators to include certain transactions, tightening the base layer against filtering.
At the same time, the Ethereum Foundation shifted 2,016 ETH, worth about $6.8M, into a new staking initiative instead of selling it. That is part of a broader plan to stake up to 70,000 ETH and fund operations through yield rather than market sales.
Together, these steps signal a push to harden the protocol while reducing structural sell pressure from the Foundation.
Key Takeaways
- FOCIL Confirmed: Developers locked EIP-7805 for the Hegota upgrade to force transaction inclusion and break builder censorship monopolies.
- Treasury Staking Pivot: The Ethereum Foundation deployed an initial 2,016 ETH ($6.8M) to staking contracts, targeting a total of 70,000 ETH for yield generation.
- Upgrade Timeline: The censorship-resistance overhaul is targeted for H2 2026, following the interim Pectra and Glamsterdam upgrades.
Is the Era of Builder Censorship Ending? And Why Is Ethereum Staking Instead Of Selling?
Ethereum just tackled one of its biggest weak spots.
Right now, most blocks are built by a small group of players who comply with sanctions lists. That has led to quiet transaction filtering. FOCIL changes that. With EIP 7805, a random committee of validators will create inclusion lists. Builders must include those transactions, or the block gets rejected.
Vitalik backed it as a return to Ethereum’s original principles. It makes censorship harder both technically and economically. But it also adds complexity, especially for institutions that prefer predictable compliance frameworks. Ethereum L1 is choosing resilience over pure speed.
At the same time, the Ethereum Foundation made a financial shift. Instead of selling ETH to fund operations, it moved 2,016 ETH into staking. This is the first step in a plan to stake up to 70,000 ETH and fund its budget through yield.
That reduces long term sell pressure and signals a more disciplined treasury approach.
Interestingly, while the Foundation is preserving capital, Vitalik personally has sold ETH to fund open source work.
Discover: The best meme coins in the world right now.
What These Shifts Mean for 2026
Put the pieces together, and the Hegota cycle starts to look bigger than a routine upgrade.
FOCIL aims to make transaction inclusion a rule of the protocol, not a favor from block builders. If it works as designed, Ethereum could stand out as the only major high throughput chain where censorship resistance is enforced at the base layer.
That matters as global scrutiny on DeFi keeps rising.
The main risk is execution. If inclusion lists introduce delays or friction, competitors could use that as an edge. Traders should watch how quickly the Foundation ramps up staking and updates withdrawal credentials. A faster move toward the cap would signal strong internal confidence ahead of the upgrade.
Discover: The next crypto to explode
The post Ethereum Locks In FOCIL for 2026 as Foundation Moves $6.8M ETH to Staking appeared first on Cryptonews.
Crypto World
Standard Chartered: Stablecoin Growth Could Unlock $1 Trillion in Treasury Bill Demand by 2028
TLDR:
- Standard Chartered forecasts stablecoin market cap will grow from $304 billion to $2 trillion by 2028.
- Stablecoin reserve practices could generate between $800 billion and $1 trillion in new T-bill demand.
- Growth is driven by macroeconomic trends, meaning it persists even if Bitcoin and Ethereum trade sideways.
- Rising Treasury exposure gives stablecoin issuers growing political leverage against potential regulatory crackdowns.
Standard Chartered has released a forecast that is drawing attention across traditional finance and crypto markets alike. The bank predicts stablecoin market capitalization will climb from $304 billion today to $2 trillion by 2028.
According to the bank, this growth will be driven by macroeconomic trends rather than crypto-native adoption.
As stablecoin issuers continue parking reserves in US Treasury bills, the demand for short-term government debt could rise sharply. The forecast is reshaping how institutions approach the stablecoin conversation.
Standard Chartered Links Stablecoin Growth to Treasury Demand
Standard Chartered’s forecast draws a direct line between stablecoin expansion and US Treasury markets. Stablecoin issuers like Tether and Circle back their tokens by holding reserves in short-term Treasury bills.
This practice already channels hundreds of billions into T-bill markets at current circulation levels. The bank estimates that scaling to $2 trillion could produce $800 billion to $1 trillion in new T-bill demand.
That level of structural buying is a notable development for sovereign debt markets. Unlike speculative capital flows, this demand is tied directly to stablecoin issuance volume.
It persists regardless of broader crypto market conditions. Financial news account Walter Bloomberg flagged the bank’s estimate, noting the growth is “driven by macroeconomic trends rather than structural issues.”
Crypto outlet Milk Road further contextualized Standard Chartered’s numbers for retail audiences. The outlet noted that stablecoin issuers have “quietly become one of the largest holders of US Treasury bills.”
With $304 billion already in circulation, hundreds of billions in T-bill exposure already exist today. Standard Chartered’s projection simply extends that existing pattern forward.
The bank’s forecast also carries weight because of its source. Standard Chartered is a globally recognized institution, not a crypto-native research firm.
Its entry into stablecoin market analysis signals growing mainstream financial interest. That shift alone adds credibility to the $2 trillion growth projection.
Standard Chartered’s Outlook Points to Broader Market Consequences
Beyond Treasury demand, Standard Chartered’s forecast touches on political and regulatory dynamics. Milk Road pointed out that stablecoin issuers absorbing nearly a trillion in government debt will “grow their political leverage.”
Governments find it increasingly difficult to restrict entities buying large volumes of national debt. This creates a natural shield against aggressive regulatory action.
Standard Chartered’s prediction also suggests stablecoins are becoming too systemically important to ignore. That shift could accelerate regulatory clarity in major jurisdictions around the world.
Clearer frameworks would, in turn, support further stablecoin market expansion. The bank’s forecast, therefore, sets up a self-reinforcing growth cycle.
Milk Road also noted that the projected growth happens “even if BTC and ETH trade sideways.” This separates Standard Chartered’s outlook from typical crypto bull-market narratives.
The bank frames stablecoin growth as a macroeconomic story, not a speculative one. That distinction matters greatly to institutional investors evaluating the sector.
Standard Chartered’s $1 trillion Treasury demand prediction is arriving at a critical time. Deficit spending continues with no clear slowdown, creating persistent need for reliable T-bill buyers.
Stablecoin issuers, under this forecast, step into that role at scale. The bank’s analysis positions stablecoins as a structural pillar of short-term US debt markets going forward.
XRP price rebounded by over 5% on Wednesday as the crypto market rebounded. It jumped to $1.4200, up by nearly 30% from its lowest level this month.
Summary
- XRP price bounced back by over 5% on Wednesday.
- The rebound mirrored the performance of other coins.
- This recovery is likely a dead-cat bounce or a bull trap.
Ripple (XRP) token soared, with its market capitalization rising to over $86.6 billion. This rebound mirrored that of other tokens like Bitcoin (BTC), Morpho (MORPHO), Polkadot (DOT), and Avalanche (AVAX).
The main reason why XRP price jumped was because of the broader crypto market rally, which helped to push the market capitalization of all tokens rising by over 5% to over $2.4 trillion. Bitcoin jumped to $66,500, while Ethereum approached the key resistance level at $2,000.
The crypto market rally coincided with the ongoing recovery of the broader financial market. For example, futures tied to the Dow Jones rose by over 200 points, while those linked to the Nasdaq 100 and S&P 500 rose by 125 and 30 points, respectively.
XRP price rose as spot Ripple ETTs gained some assets on Tuesday. The funds added over $3 million after having no inflows in the previous two consecutive days. They now have over $1.22 billion in cumulative inflows, bringing the total assets to over $981 million.
XRP demand continued rising, with the futures open interest rising to over $2.3 billion from this week’s low of $2 billion. The volume in the spot market rose to over $3.1 billion.
XRP price technical analysis
The daily timeframe chart shows that the Ripple price rebounded by over 5.6% on Wednesday, reaching its highest level since Monday this week.
This rebound happened after it formed a doji candlestick pattern on Tuesday. A doji is made up of a small body and a small upper and lower shadow. It is one of the most common bullish reversal signs in technical analysis.
The rebound also happened after forming a double-bottom pattern at $1.3435 and a neckline at $1.6617.
Therefore, there is a likelihood that the token will continue rising, potentially to the key resistance level at $1.6617, which is up by 17.7% above the current level.
However, there is still a risk that the rebound is a dead-cat bounce, which is a situation where an asset in a freefall rebounds briefly and then resumes the downtrend.
The view that this is a dead-cat bounce will become invalid if it moves above the 100-day Exponential Moving Average and flips the Supertrend indicator from red to green.
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