The Pi Network community is buzzing with anticipation as the major cryptocurrency exchange Kraken officially announced it will list Pi coin for trading starting tomorrow, March 13.

This strategic timing puts the listing exactly one day before Pi Day (March 14), the project’s annual celebration often reserved for major ecosystem milestones.

The “Kraken effect” and Pi Day synergy

Kraken’s listing is a massive validation for the mobile-first Layer-1 blockchain. As a veteran U.S.-based exchange, Kraken’s support provides PI coin (PI) with a level of institutional-grade legitimacy and deep liquidity it has long sought.

The news serves as a powerful fundamental tailwind. With the Open Mainnet having launched exactly one year ago, the community is now looking toward Pi Day for the launch of the Pi Decentralized Exchange (PiDEX) and further smart contract utilities.

The convergence of a top-tier exchange listing and the project’s biggest annual event has created a “perfect storm” of bullish sentiment.

Breaking down PI coin’s next moves

The PI/USDT daily chart reveals a highly aggressive bullish setup, confirming that the “smart money” began positioning well before the official Kraken tweet.

Currently, PI is trading at approximately $0.2347, showing a solid gain of +4.13% for the day. This upward trend has pushed the price well above the 50-day Simple Moving Average (SMA), which sits near $0.1736, signaling a bullish shift in market sentiment.

The SMA often acts as a key support level, and PI’s sustained trading above this line suggests buyers are firmly in control.

The Relative Strength Index (RSI), a momentum oscillator that measures overbought or oversold conditions, is near 69.26—just below the overbought threshold of 70. This indicates strong buying momentum, though traders should be cautious as RSI nearing 70 can sometimes precede a short-term pullback.

The recent price action reveals a pattern of higher highs and higher lows, confirming the bullish trend. However, the visible price wicks on recent candles imply some volatility and profit-taking at higher levels, which is typical in a strong rally.

While “sell the news” risks always exist after a listing, the proximity to Pi Day suggests the rally may have more legs than a typical exchange pump.

The spot Ripple (XRP) ETFs have seen several consecutive days of outflows.

Bloomberg’s James Seyffart praised the performance of the spot XRP ETFs as of late despite the overall market uncertainty and the underlying asset’s price calamity.

However, the ETF experts’ words come at a time when the funds have seen several days of consistent outflows.

XRP ETFs Hold Up Well

The first month after the debut in mid-November was quite impressive as Canary Capital’s XRPC, which was the first such fund to go live for trading on Wall Street, broke the 2025 trading volume record for the launch day. The first $1 billion in cumulative net inflows was gathered in about a month, but the trend has changed substantially since then.

Data from SoSoValue shows that investors poured in $666.61 million into the funds, which are now five, in November and $500 million in December. January saw nowhere near those numbers with just $15.59 million, while February picked up the pace slightly to $58.09 million.

March is shaping up to be the first red month so far, with current data showing $26.07 million in net outflows. This is because investors pulled out $6.15 million on March 5, $16.62 million on March 6, $18.11 million on March 9, and $3.88 million on March 10.

Despite this evident investor exodus, Seyffart noted that the funds have “actually held up pretty well despite the massive pullback in price.” Interestingly, his data shows that the cumulative total for the XRP ETFs is at over $1.4 billion, while SoSoValue cited a lower number, $1.21 billion.

The XRP ETFs have actually held up pretty well despite the massive pullback in price. They’ve taken in a cumulative $1.4 billion since launch. pic.twitter.com/Bjtmb0y40D

— James Seyffart (@JSeyff) March 10, 2026

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The Price Pullback

Although the exchange-traded funds have amassed well over $1 billion in their four months of existence, the underlying asset’s price has indeed pulled back as Seyffart noted. Not just in the past few weeks when global uncertainty has skyrocketed to new peaks, but even when we examine XRP’s moves since November 13, when XRPC launched.

At the time, the token traded at around $2.50 but plunged to a 15-month low of $1.11 on February 6. Despite rebounding since then, XRP still trades below $1.40 as of press time, which means a 45% decline since the ETF debut.

TLDR

• Changpeng Zhao’s wealth is pegged at $110 billion by Forbes, securing him the 17th position globally
• This valuation positions CZ above Microsoft co-founder Bill Gates, who sits at $108 billion
• Zhao challenged the assessment publicly, noting cryptocurrency valuations collapsed more than 50% in 2026
• CZ’s fortune stems primarily from owning approximately 90% of Binance equity, rather than cryptocurrency tokens
• The exchange commands roughly 38% of worldwide crypto trading volume and pulled in an estimated $16–17 billion during 2024–2025

Changpeng Zhao, who founded the cryptocurrency exchange Binance, now ranks above Microsoft co-founder Bill Gates in wealth, according to fresh estimates from Forbes. The publication’s March 10 assessment values Zhao’s fortune at roughly $110 billion.

This valuation secures Zhao the 17th spot on Forbes’ worldwide billionaire rankings. Gates trails slightly behind at approximately $108 billion.

Zhao established Binance, which has become the dominant force in cryptocurrency trading globally. His tenure as chief executive ended in 2023 following a guilty plea to charges related to inadequate anti-money laundering compliance.

The legal settlement required Zhao to pay $50 million personally and complete a four-month sentence at a California correctional facility. Separately, Binance settled with authorities for $4.3 billion in fines.

Though no longer serving as CEO, Zhao reportedly maintains ownership of roughly 90% of Binance’s equity. This substantial stake forms the foundation of his estimated net worth.

Financial experts place Binance’s valuation near $100 billion. The platform facilitates tens of trillions in trading activity annually between spot markets and derivatives.

The exchange captures approximately 38% of worldwide cryptocurrency trading activity. Revenue projections suggest Binance pulled in $16 billion to $17 billion throughout 2024 and 2025 combined—roughly 2.5 times Coinbase’s $6.6 billion yearly intake.

Zhao responded skeptically to Forbes’ wealth calculation soon after its publication. Writing on X on March 11, he highlighted that digital asset prices had declined over 50% during 2026 and questioned the logic behind an increased net worth estimate.

“Wish they can apply some common sense and basic logic,” he wrote.

How Exchange Owners Can Gain During a Market Downturn

Cryptocurrency trading platforms generate income through transaction fees independent of price direction. Market turbulence typically drives higher trading activity, potentially boosting exchange earnings even as asset values contract.

This mechanism may account for why Binance’s valuation remained stable or expanded despite broader market contraction.

Zhao’s personal cryptocurrency portfolio hasn’t shown similar resilience. His reported holdings of approximately 1,400 Bitcoin depreciated roughly 25% over twelve months, now worth about $100 million. This represents only a minor fraction of his total estimated wealth.

Some observers on social platforms suggested Zhao profited from short positions during October 10’s crypto market collapse, which triggered massive liquidations in derivatives trading. Zhao refuted these claims directly, stating: “Never shorted.”

Where Bitcoin, Ethereum, and XRP Stand Now

When Forbes released its assessment, Bitcoin was exchanging hands near $71,000, with Ethereum hovering around $2,080 and XRP trading close to $1.40.

Binance additionally operates BNB Chain, a blockchain platform with its own native cryptocurrency. The ecosystem maintains a market capitalization approaching $88 billion.

Key Highlights

• February saw Bullish (BLSH) record $76 billion in spot volume—a 62.6% monthly increase and the highest level since October 2025.
• The exchange surpassed Coinbase (COIN) to claim the third spot among centralized crypto exchanges by spot trading volume.
• Bullish captured 5.06% of the spot market, exceeding Coinbase’s 4.59% share.
• Total centralized exchange volume declined 2.41% in February to $5.61 trillion, marking the weakest performance since October 2024.
• Binance maintains its leadership position, though its market dominance reached its lowest level since October 2020.

Bullish ($BLSH), the institutional-grade cryptocurrency exchange that debuted on the New York Stock Exchange last year, has achieved a significant milestone by breaking into the top three global exchanges ranked by spot trading volume.

Bullish, BLSH

This achievement materialized in February when the exchange registered $76 billion in spot transactions—representing a robust 62.6% increase compared to the previous month.

This impressive growth elevated Bullish’s market share to 5.06%, marking a 2.04 percentage point gain from January. The performance enabled the platform to overtake Coinbase ($COIN), which concluded February with a 4.59% market share.

BLSH shares advanced 1.25% following the announcement, while COIN stock increased 1.07%.

February’s trading volume represented Bullish’s strongest monthly performance since October 2025, particularly noteworthy given the subdued market conditions throughout the period.

Bitcoin remained largely confined to a $60,000-$70,000 trading range during February. Such consolidation typically suppresses speculative activity, which often results in diminished volumes industry-wide.

Aggregate spot and derivatives trading across centralized exchanges contracted 2.41% in February to $5.61 trillion—representing the weakest monthly total since October 2024.

Spot volume specifically decreased 3.01% to $1.50 trillion. Derivatives trading declined 2.41% to $4.11 trillion, accounting for 73.2% of total centralized exchange volume.

Institutional Strategy Insulates Bullish During Market Lull

Bullish’s business model centers on serving institutional participants rather than retail investors. This strategic positioning appears to have protected the exchange from broader volume declines affecting retail-focused competitors.

The platform has simultaneously been diversifying its service portfolio. Recent additions include prediction market trading capabilities, a feature some exchanges have introduced to maintain engagement during periods of reduced volatility.

Wall Street analysts maintain a Moderate Buy consensus rating on BLSH, comprising four Buy recommendations and two Hold ratings issued over the past three months. The consensus 12-month price target stands at $48.17, suggesting approximately 29.5% potential upside from present levels.

Binance Retains Leadership Despite Declining Market Share

Binance continues to dominate the exchange landscape. The platform processed $331 billion in spot trading volume during February, corresponding to approximately 22% market share.

However, this 22% figure represents Binance’s smallest monthly market share since October 2020. The trend indicates trading activity is increasingly distributed across multiple competing platforms.

February data sourced from CCData via CoinDesk’s February Exchange Review.

Bank of England Deputy Governor Sarah Breeden told UK lawmakers that the central bank is open to alternative ways to manage stablecoin risks other than imposing holding limits.

Speaking before the House of Lords Financial Services Regulation Committee on Wednesday, Breeden said the proposed holding limits are designed to prevent a mass migration of deposits from banks into stablecoins, arguing it could curtail lending and reduce credit availability for businesses and households.

“We are genuinely open to other ways of achieving the objective. I think you’ve heard from other people as part of your inquiry that this risk to the provision of credit is real.” 

“We proposed holding limits as a way of managing that risk. We are open to feedback on other ways of achieving it. But I think you would expect us as the financial stability authority to ensure that there isn’t a precipitous drop in credit to the businesses and households in the UK,” Breeden added. 

Industry groups have criticized the proposed limits, floated at between 10,000 and 20,000 British pounds ($13,368 to $26,733), arguing it would signal that the UK is hostile to crypto and drive businesses offshore, while stifling innovation and undermining economic growth.

Self-custody wallets holding stablecoins not “permissible”

Last November, the Bank of England released a consultation paper outlining its proposed regulatory framework for sterling-denominated systemic stablecoins, inviting public feedback through Feb. 10. 

The central bank flagged that it would continue monitoring the risks associated with unhosted wallets, such as reduced oversight of transactions. 

However, Breeden ruled out self-custody wallets holding stablecoins, telling lawmakers that users holding stablecoins in self-custody wallets outside regulated entities such as exchanges won’t be covered by the UK’s regulatory regime. 

“There is this concept of an unhosted wallet, you haven’t got a wallet provider who is a regulated entity who is ensuring that AML [anti-money laundering] KYC [know your customer] criteria are complied with. Unhosted wallets will not be permissible in the UK; they are permissible in the US regime,” Breeden said.

Sterling stablecoin applications will open before end of 2026

The Financial Conduct Authority, which regulates the UK financial services industry, has established a regulatory sandbox that will allow several firms to test stablecoin products and services in Q1 2026.

Related: Stablecoin inflows rebound to $1.7B as Washington battles over yield rules

Even though the Bank of England is still consulting and finalizing rules for sterling stablecoins, companies can start applying to launch their coins before the end of 2026.

“I hear some say that the UK is behind. I simply don’t recognize that. We’ll be welcoming applications from stablecoin issuers by the end of this year,” Breeden said.

“On the substance of our regime, the guiding principle is that a stable coin used as money in the economy should be as robust as the money we use today issued by banks.”

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