Wall Street bank Citi says proposed limits on stablecoin rewards in the latest draft of U.S. market structure legislation would be a setback for Circle (CRCL) but not a fundamental threat to the investment case.

“We view this development potentially (but not necessarily) as a scaling setback, but not a thesis killer,” wrote analysts led by Peter Christiansen in the Tuesday report.

The draft bill allows narrowly defined rewards programs as long as they don’t resemble bank deposit interest, the analysts said. A broader ban on third-party rewards would not directly affect Circle’s net revenue, as the firm already passes most of its reserve income to distribution partners like Coinbase (COIN).

Still, the analysts expect weaker incentives to hold USDC, which they characterize as a payment instrument rather than a security, could temporarily reduce circulation and secondary-market liquidity. “We still maintain the view that stablecoin volume is the key indicator of adoption, not circulation.”

Citi has a high risk rating on Circle stock with a $243 price target. The shares were trading around $100 at the time of publication.

Circle shares fell roughly 20% on Tuesday, after a draft of the U.S. Clarity Act raised the prospect of banning yield on passive stablecoin balances, sparking concerns about the attractiveness of yield-bearing crypto products.

The move was compounded by broader investor anxiety around how the rules could impact stablecoin-related revenues and incentives, alongside fresh competitive pressure after Tether signaled plans for a full Big Four audit and potential U.S. expansion.

The Circle selloff on Tuesday reflected a market misread of the draft Clarity Act, according to Wall Street broker Bernstein.

Investors are conflating who earns yield with who distributes it, the broker said in a Wednesday report. Circle earns reserve income from USDC backing assets, while platforms like Coinbase (COIN) pass some of that yield to users, the actual target of the proposed rules.

The draft would ban yield on passive stablecoin balances but allow activity-based rewards tied to trading or payments. Bernstein analysts led by Gautam Chhugani said this pressure on Coinbase’s ~3.5% USDC yield product, likely forcing a restructure. Circle’s model remains unaffected. The firm does not pay yield to holders and generated $2.64 billion in reserve income in FY2025.

The report noted that USDC growth, from ~$30 billion to $80 billion in two years, is driven by trading, payments and collateral demand, not yield.

Bernstein has an outperform rating on Circle shares with a $190 price target.

Coinbase is treading carefully in negotiations over the Clarity Act, privately signaling to Senate staff that it is dissatisfied with the latest compromise while stopping short of publicly opposing the bill, according to people familiar with the matter.

Read more: Circle selloff may be overdone as crypto bill weakens Coinbase edge, say analysts

The White House’s Office of Information and Regulatory Affairs (OIRA) has completed its review of a Department of Labor (DOL) proposal that could reshape how 401(k) fiduciaries evaluate alternative assets, including digital-asset exposure. Reginfo.gov indicates the review concluded on March 24, with the action labeled “consistent with change” and the proposal deemed economically significant. The DOL is now expected to publish the proposed rule for a standard 60-day public comment period, a typical step that precedes revisions and a final rule.

The move sits inside a broader policy push from the executive branch. President Donald Trump’s August 7, 2025, executive order directed federal agencies to expand access to alternative assets in 401(k) plans, including digital assets via qualified investment vehicles. The order also directed the Department of the Treasury and the Securities and Exchange Commission to coordinate on enabling rule changes, signaling an inter-agency push to rethink the boundaries of what retirement plans can hold.

The regulatory moment follows a related shift at the Department of Labor in May. The DOL rescinded a 2022 compliance release that advised fiduciaries to be “extremely cautious” about crypto in 401(k) retirement plans, a move that another way signaled the government’s evolving stance toward crypto exposure in defined-contribution accounts.

Taken together with market context, the policy signals arrive as the U.S. retirement market sits near historic scales. A record $48.1 trillion in financial assets was reported as of September 30, 2025, according to the Investment Company Institute (ICI), underscoring the potential impact of any broadening of asset access in 401(k) plans.

Separately, state-level momentum continues to unfold. In Indiana, lawmakers passed a bill on February 25 that would require certain state retirement and savings plans to offer a self-directed brokerage option with at least one crypto investment by July 1, 2027. The bill would allow Indiana residents to hold Bitcoin and other digital assets as part of their retirement portfolios for the first time.

Key takeaways

• The OIRA review of the DOL proposal concluded on March 24 and is described as economically significant, with the rule set to enter a 60-day public comment period after publication.
• The move aligns with a broader White House directive, via an August 2025 executive order, to expand access to alternative assets in 401(k) plans and calls for inter-agency coordination on rule changes involving crypto and other alt assets.
• In late May 2025, the DOL rescinded its 2022 guidance urging fiduciaries to be cautious about crypto in 401(k) plans, signaling a shift in regulatory posture toward digital-asset exposure.
• Contextualizing the policy, the U.S. retirement market’s asset base reached about $48.1 trillion by September 2025, highlighting the potential scale of any policy shift.
• State-level action, notably Indiana’s February 25 measure, would require crypto exposure options in certain public retirement plans within a few years, illustrating a broader trend toward practical access beyond federal rulemaking alone.

Interagency push aims to redefine fiduciary considerations

At the core of the DOL proposal is a potential redefinition of how fiduciaries evaluate and select investments within defined-contribution plans. By expanding the set of permissible assets to include digital assets alongside traditional alternative classes—such as private equity and real estate—the rule could widen the menu available to plan sponsors and participants. The forthcoming public-comment process will be crucial in detailing which asset types are eligible, how custody and valuation would be handled, and what risk management standards would apply. The inter-agency framing, reinforced by the executive order, suggests a coordinated effort to address cross-cutting issues such as investor protections, fiduciary duties, and market integrity as crypto markets mature.

Market scale adds urgency to policy shifts

The potential policy change arrives against a backdrop of substantial retirement asset accumulation. ICI’s latest quarterly data show that total U.S. retirement assets stood at a record $48.1 trillion as of September 2025, underscoring the magnitude of any shift that could broaden exposure to digital assets through 401(k) plans. For institutions managing retirement funds, the policy signal could influence product design, investment governance, and the timing of launches for crypto-inclusive retirement vehicles.

State-level experiments foreshadow adoption

Beyond federal action, state legislatures are already testing the waters. Indiana’s bill would mandate at least one crypto option within a self-directed brokerage framework offered by state retirement and savings plans, with a deadline for July 1, 2027. If implemented, residents would be able to hold BTC and other digital assets in retirement accounts through a regulated, state-backed vehicle. This development mirrors broader regulatory debates about how to reconcile investor access with safeguards, and how to integrate digital assets into mainstream retirement planning.

For observers, the next steps are clear. The DOL’s proposed rule will enter a public-comment phase, during which industry participants, fiduciaries, and plan sponsors will weigh the practical implications of expanded crypto access, including governance standards, valuation, liquidity, custody, and tax treatment. At the same time, market participants should watch how the Treasury and the SEC respond to the inter-agency directive and how state initiatives like Indiana’s law interact with potential federal- or plan-level changes. The ongoing dialogue between regulators, plan sponsors, and asset managers will shape not only the pace of adoption but also the safeguards that accompany broader crypto exposure in retirement portfolios.

As the public comment window opens, readers should stay attentive to how proposed asset categories are defined, what risk controls are proposed, and when a final rule might be expected. Until then, the policy trajectory suggests a gradual but consequential shift in how mainstream retirement investing could accommodate digital assets in the years ahead.

Source framing: The regulatory review referenced here tracks with Reginfo.gov records and reporting noted in Cointelegraph coverage, including the DOL’s May 2025 guidance reversal and the August 2025 executive-order push. For additional context, Indiana’s legislature and related policy discussions were reported in contemporary coverage tied to state-level crypto retirement access initiatives.

Strategy (formerly MicroStrategy) has slashed its $20.33 billion STRK at-the-market (ATM) offering on March 22 after selling just 5% of its 269.8 million share goal.

The bitcoin (BTC) treasury company has slashed the number of authorized STRK shares by 85% from 269.8 million to 40.3 million, and has sold only 14.02 million.

Switching focus, the company simultaneously quadrupled authorized shares of its quasi-pegged preferred, STRC, as well as a massive increase of its MSTR common stock ATM.

The market barely noticed.

Strategy’s own X account announced the filing by trumpeting new $21 billion STRC and $21 billion MSTR authorizations. It didn’t mention the sunsetting of STRK — the company’s first dividend-paying preferred public share offering — on social media.

Indeed, in January 2025, Michael Saylor’s Strategy announced that it had raised $563.4 million in STRK after targeting just $250 million for that capital raise. 

At the time, publications called that raise “upsized” or “oversubscribed,” even though Saylor offered a 20% discount on liquidation preference to manufacture STRK’s so-called oversubscription.

$700 million sold of a $21 billion goal

By March 2025, Strategy had authorized the sale of up to $21 billion in 8% perpetual preferred shares convertible into MSTR at $1,000 per share. A year later, approximately $20.3 billion of that capacity remained unsold. 

Demand was weak from the start and ended in a 94.8% shortcoming: 14.02 million shares sold of 269.8 million authorized.

As of March 22, 2026, $20.33 billion STRK remained unsold.

Strategy priced STRK’s initial offering at $80, a 20% discount to its $100 liquidation preference, raising roughly $563 million selling 7.3 million shares from unsurprisingly motivated buyers whose positions had gained 20% within three weeks as STRK traded up to $100 per share.

Barron’s correctly reported on lackluster STRK demand before shares even debuted, with Strategy offering steep discounts to induce buying. 

Quarterly reductions in STRK demand

Within a few months, STRK sales soon slowed to a trickle. Indeed, by the end of Q1 2025, Strategy had only sold $765 million, or just $202 million more across two months than it had sold in January. 

By the end of Q2, STRK notional had increased 59% to $1.22 billion. That would be its final quarter of substantial growth.

At the end of Q3, the total face value of STRK was $1.36 billion, a mere 11% increase from Q2, and by the end of Q4, STRK notional was $1.4 billion, a mere 2.7% increase.

As of today, STRK’s notional has increased just 0.3% or $3.9 million more year-to-date.

By the time the company pulled the plug this week, STRK had produced a notional value of $1.4 billion after the company sold roughly 14 million shares out of an authorized 269.8 million. 

Strategy raised about 95% less from STRK than it could have, had investors wanted to its buy its fully authorized quantity of shares.

Rising costs push Bitcoin mining out of reach, driving users toward free cloud mining options.

The economics of Bitcoin mining have changed. Rising hash rates, tighter margins, and increasing energy costs have pushed traditional mining further out of reach for individual users.

As a result, free Bitcoin cloud mining has become one of the fastest-growing entry points into crypto, especially for users searching:

• mine BTC without investment
• cloud mining without hardware
• free BTC mining sites 2026

Unlike early-stage platforms built on vague promises, today’s leading providers are shifting toward contract-based mining models, trial hashpower, and bonus-backed onboarding systems.

This allows users to access real mining environments without upfront costs.

2026 cloud mining landscape: Key trends

The free Bitcoin cloud mining industry in 2026 is shifting toward transparency, efficiency, and legitimacy.

• Bonus-based free mining — Most platforms now offer welcome bonuses, trial contracts, or limited free hashpower instead of unlimited free mining
• Contract-driven models — Clear hashrate, duration, and daily ROI define modern bitcoin mining contracts
• Green energy mining — Hydropower, wind, and geothermal energy improve cost efficiency and sustainability
• User focus on legitimacy — Searches increasingly target legit cloud mining sites and safe BTC mining platforms

8 verified free Bitcoin cloud mining sites in 2026

1. AngelBTC — Contract-Based free mining with real infrastructure

AngelBTC has emerged as a structured platform focused on transparent, contract-based Bitcoin cloud mining, replacing vague earning models with clearly defined returns.

New users receive a $100 free mining contract, allowing immediate participation in real mining operations without any upfront cost. Unlike simulation-based platforms, these contracts are connected to actual mining infrastructure powered by renewable energy.

AngelBTC Mining contracts overview

Claim a $100 bonus and start mining instantly

 How these contracts work

• Fixed duration with predictable returns
• Daily BTC earnings settlement
• Fully automated mining process
• No hardware or technical skills required

This structure aligns with high-intent searches such as: Bitcoin mining contracts 2026 / daily BTC mining profit / passive income bitcoin mining

 Why contract transparency matters

AngelBTC reflects a broader shift in the cloud mining industry:

• From vague promises → structured mining ROI
• From unclear payouts → defined daily earnings
• From speculation → data-driven mining contracts

2. BitFuFu — Institutional-grade mining with trial access

BitFuFu provides access to large-scale mining farms and offers trial hashpower packages.

Key Features:

• Enterprise mining infrastructure
• High-performance ASIC mining
• Integration with major mining pools
• Scalable mining contracts

3. ECOS — Regulated mining platform with demo contracts

ECOS operates within a compliant framework and offers demo mining contracts.

Key Features:

• Regulated mining environment
• Built-in wallet and analytics
• Long-term contract options
• Strong compliance positioning

4. StormGain — Free mobile Bitcoin mining entry

StormGain delivers a simplified, app-based mining experience.

Key Features:

• No upfront investment required
• One-click mining activation
• Integrated crypto trading
• Beginner-friendly interface

5. NiceHash — Flexible hashpower marketplace

NiceHash enables users to buy and allocate hashpower dynamically.

Key Features:

• Flexible mining strategies
• Transparent pricing system
• Algorithm switching
• Advanced user control

6. BeMine — Fractional ASIC mining model

BeMine allows users to access real mining hardware through shared ownership.

Key Features:

• Fractional ASIC mining
• Real infrastructure exposure
• Flexible entry options
• Transparent allocation

7. Binance Pool — Integrated mining ecosystem

Binance Pool combines mining with a global crypto trading ecosystem.

Key Features:

• Multi-asset mining support
• Seamless account integration
• Strong liquidity infrastructure
• Global accessibility

8. Kryptex — Entry-level mining software

Kryptex offers hybrid mining through local and cloud optimization.

Key Features:

• Easy setup
• Beginner-friendly system
• Automatic optimization
• Low entry barrier

Final thoughts

Starting Bitcoin cloud mining without upfront cost is now more accessible, but also more competitive.

The most reliable platforms in 2026 are no longer those promising unlimited free mining, but those offering:

• Structured mining contracts
• Transparent daily returns
• Verifiable infrastructure

Among them, AngelBTC represents a shift toward professional cloud mining platforms, combining accessibility with real mining exposure.

For users searching:

• free Bitcoin cloud mining sites 2026
• mine BTC without hardware
• legit cloud mining platforms

The key takeaway is clear: Sustainable mining always outperforms short-term “free” promises.

Because in today’s mining industry: transparency builds trust — and trust drives long-term crypto income.

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 1985.11, down 3.2% (-65.39) since 4 p.m. ET on Wednesday.

None of the 20 assets are trading higher.

Leaders: CRO (-2.2%) and BTC (-2.2%).

Laggards: AAVE (-5.6%) and ADA (-4.8%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

SpaceX Moves Toward IPO Filing With Strong Valuation Target

SpaceX moves toward IPO filing with the SEC, targeting up to a $1.75 trillion valuation as tokenized stock dips and Bitcoin holdings remain steady.

Key Highlights

• SpaceX Nears IPO Filing as Tokenized Stock Drops Below Recent Highs
• Musk’s SpaceX Targets $1.75T Valuation Amid Shifting Market Signals
• Tokenized SpaceX Shares Slip Despite Strong IPO Momentum
• SpaceX Lines Up Banks While Crypto-Linked Assets Show Mixed Trends
• IPO Buzz Rises as SpaceX Tokenized Stock and Volume Decline

SpaceX is preparing a confidential IPO filing with the SEC, possibly within days. The company aims to raise over $75 billion. It could seek a valuation between $1.5 trillion and $1.75 trillion.

Reports indicate that the filing timeline may shift slightly due to internal factors. However, preparations continue at a steady pace. The company has not issued an official statement on the matter.

Major financial institutions are supporting the process with underwriting roles. Morgan Stanley, Bank of America, Goldman Sachs, and JPMorgan Chase are involved. The listing is expected to take place in June 2026.

Tokenized SpaceX Stock Declines Despite IPO Momentum

The tokenized SpaceX stock currently trades at $681.74 after a recent drop. The price declined by 0.8% over the past 24 hours. Trading volume also fell by 31% during the same period.

The token recorded a daily low of $681.23 and a high of $699.50. It remains more than 22% below its all-time high. Market activity shows reduced momentum despite rising IPO interest.

The decline reflects short-term adjustments in secondary markets. However, broader attention toward tokenized assets remains steady. The IPO narrative continues to shape sentiment across related markets.

Institutional Push for Tokenization Gains Strength

Institutional activity in tokenized securities has increased due to evolving regulatory clarity. The SEC recently approved Nasdaq’s proposal for tokenized securities trading. This move signals growing acceptance of blockchain-based financial instruments.

Large firms such as BlackRock, NYSE, and Invesco have announced tokenization initiatives. These developments support wider adoption across traditional finance sectors. Market infrastructure continues to evolve alongside these plans.

Meanwhile, SpaceX maintains exposure to digital assets through its Bitcoin holdings. The company holds 8,285.45 BTC valued at nearly $600 million. Bitcoin trades at $71,113 at the time of reporting.

$ASTS added ~$5B in market cap today as SpaceX moved closer to an IPO with a prospectus filing expected this week.

This looks like a repricing of early-stage winners in what could be one of the most important infrastructure buildouts of the next 20 years. https://t.co/Ajyb45rcc8 pic.twitter.com/ZQe0uaOA7R

— Shay Boloor (@StockSavvyShay) March 25, 2026

Strategic Expansion Strengthens SpaceX Position

SpaceX recently completed the acquisition of Elon Musk’s artificial intelligence firm xAI. The deal makes xAI a wholly owned subsidiary. The combined private valuation stands near $1.25 trillion.

This integration supports broader technological alignment within Musk’s ecosystem. It also strengthens SpaceX’s long-term strategic outlook. The move reflects ongoing consolidation across advanced technology sectors.

In addition, Musk confirmed early public access for X Money in April. This development expands the company’s financial ecosystem. It aligns with efforts to integrate payments and digital services.

IPO Structure and Market Expectations Take Shape

The IPO may allocate more than 20% to individual participants. This structure could widen access beyond institutional allocations. It also reflects a broader distribution strategy.

Advisers expect strong demand given SpaceX’s market position and growth profile. The company leads in commercial space launches and satellite deployment. Its Starlink network continues to expand globally.

Market conditions will influence final pricing and valuation adjustments. However, current projections indicate significant scale. The IPO could become one of the largest in financial market history.

Key Highlights

• A groundbreaking partnership between Coinbase (COIN) and Better Home & Finance (BETR) introduces cryptocurrency-collateralized home loans with Fannie Mae’s backing.
• Homebuyers can use bitcoin or USDC as down payment collateral without liquidating their digital assets.
• The financing structure eliminates capital gains tax liabilities and margin call risks — crypto price fluctuations won’t trigger additional collateral requirements.
• Borrowers will pay rates that are 0.5 to 1.5 percentage points above conventional 30-year mortgage rates.
• Fannie Mae’s acceptance of crypto-collateralized mortgages represents a watershed moment for digital asset integration into traditional finance.

Coinbase (COIN) has partnered with digital mortgage provider Better Home & Finance (BETR) to introduce a cryptocurrency-collateralized mortgage offering that enables prospective homeowners to leverage bitcoin or USDC as down payment security, now supported by Fannie Mae.

This represents an unprecedented milestone for Fannie Mae, which has never previously endorsed such financial products. As a government-sponsored enterprise regulated by the Federal Housing Finance Agency, Fannie Mae’s participation in U.S. housing finance is pivotal. This endorsement could catalyze broader institutional acceptance.

Coinbase Global, Inc., COIN

The financing solution targets ordinary homebuyers rather than exclusively serving wealthy individuals. Coinbase characterized the offering as quintessentially accessible to all Americans.

According to Better’s CEO Vishal Garg, approximately 41% of American households cannot purchase homes due to insufficient down payment funds. Many prospective buyers possess substantial assets in alternative forms, including cryptocurrency holdings.

The mechanics are straightforward: purchasers secure a conventional 15- or 30-year Fannie-backed home loan through Better. Rather than providing cash upfront, a secondary loan is collateralized by bitcoin or USDC stored with Coinbase.

The digital assets move into a custodial wallet managed by Better, though borrowers maintain ownership privileges. USDC holders continue receiving staking returns on their pledged collateral.

Rates for these cryptocurrency-backed products will exceed standard 30-year mortgage rates by 0.5 to 1.5 percentage points, varying based on individual borrower qualifications. Prospective buyers must factor this premium into their financial calculations.

Protection From Market Volatility and Forced Sales

Among the product’s most attractive characteristics is built-in protection against cryptocurrency price volatility. Bitcoin value declines don’t alter mortgage conditions or trigger additional collateral demands.

Liquidation occurs exclusively after 60 days of payment default — identical to conventional mortgage standards. Market volatility alone cannot result in collateral forfeiture.

Mark Troianovski, Coinbase’s head of consumer and platform business development, drew parallels to private banking for affluent clients. “They leverage assets rather than liquidating them for purchases; they secure loans against their holdings,” he explained.

Previous Crypto Mortgage Products Existed, But With Limited Scope

Cryptocurrency-backed home financing isn’t entirely novel. Miami-based Milo has provided such products since 2022, serving more than 100 clients. However, earlier offerings primarily served specialized markets — frequently foreign buyers or luxury property transactions.

Fannie Mae’s participation fundamentally alters the landscape. As the institution that purchases, securitizes, and guarantees mortgages on a massive scale, its underwriting criteria influence industry-wide lending standards.

Better had already pioneered similar territory in February 2023, permitting Amazon employees to pledge company stock for down payment collateral. The cryptocurrency variant employs comparable frameworks while expanding accessibility to Coinbase’s substantial user base.

Gallup data indicates that 14% of American adults held cryptocurrency in 2025. A Redfin survey from 2025 revealed nearly 13% of millennial and Gen Z purchasers liquidated crypto holdings to finance down payments — creating taxable consequences this product is specifically designed to circumvent.

The Trump administration previously instructed Fannie and Freddie Mac to establish protocols for recognizing cryptocurrency as qualifying mortgage application assets last June, demonstrating governmental support for digital asset industry growth.

By Omkar Godbole (All times ET unless indicated otherwise)

Bitcoin’s BTC$70,046.42 been trading in a tight range lately, with volatility indices surprisingly calm despite the Iran war, oil shocks and Fed rate-hike expectations hanging over the market.

Bulls are calling it resilience. But if you zoom out and look at other markets, maybe it is just complacency — and could lead to a brutal reality check.

Take oil, for example. WTI has jumped 37% this month to $91.84, and some analysts are saying $200 isn’t out of the question. Call options on oil are now three times pricier than puts. That’s a pretty clear sign of outsized bullish positioning. All this means more inflation and economic shocks ahead.

In the U.S. Treasury market, the MOVE index, which tracks expected volatility in the backbone of global finance, has shot up 33% to 98.00. Increased volatility in debt of the world’s largest economy, which underpins global finance, typically leads to tightening of credit worldwide.

Compare that with bitcoin’s implied volatility index, BVIV, which has actually slipped 7% to 54%. Resilience or complacency? Some firms think it’s latter.

“Notably, short-dated implied volatilities have compressed to their lowest levels since February, signaling a degree of market complacency regarding this tail risk,” TDX Strategies said in a market note.

The firm recommends “accumulating gamma,” basically, betting on big moves on select altcoins, as a proxy hedge for your portfolio.

As of now, bitcoin is down 2.4% on the day at $69,500. Ether (ETH), XRP (XRP), and solana (SOL) are following suit, while non-serious tokens like DOGE$0.09169 are taking a bigger hit, down nearly 5%.

The backdrop isn’t helping: Iran just rejected the U.S. peace plan, laying out conditions that include closing all U.S. bases in the Gulf, reparations for attacks, lifting all sanctions, and keeping its missile program unrestricted. The U.S. probably isn’t going to agree, which leaves the situation deadlocked and risk assets on edge.

The dollar index is climbing, Treasury yields are ticking up, and U.S. stock index futures are in the red. Stay alert!

Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today

What to Watch

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead“.

• Crypto
• Macro
  • March 26, 8:30 a.m.: U.S. Initial Jobless Claims for week ending March 21 est. 210K (Prev. 205K)
  • March 26, 4:00 p.m.: Fed Gov. Lisa Cook speech on “Reflections on Financial Stability” at Yale
  • March 26, 7:00 p.m.: Fed Vice Chair Philip Jefferson speech on “Economic Outlook and Energy Effects” at Global Perspectives Speaker Series, Dallas
  • March 26, 7:10 p.m.: Fed Gov. Michael Barr speech on “Economy”, Washington, D.C.
• Earnings (Estimates based on FactSet data)
  • March 26: Hyperion DeFi (HYPD), pre-market, -$4.62

Token Events

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead“.

• Governance votes & calls
• Unlocks
• Token Launches
  • March 26: Katana Network (KAT) Epoch 1 for KAT rewards begins

Conferences

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead“.

Market Movements

• BTC is down 1.63%% from 4 p.m. ET Wednesday at $69,946.60 (24hrs: -2.67%)
• ETH is down 4.04% at $2,079.75 (24hrs: -4.84%)
• CoinDesk 20 is down 2.78% at 1,991.19 (24hrs:-3.91%)
• Ether CESR Composite Staking Rate is unchanged at 2.74%
• BTC funding rate is at -0.0023% (-2.5032% annualized) on Binance

• DXY is up 0.10% at 99.70
• Gold futures are down 2.91% at $4,417.60
• Silver futures are down 6.11% at $67.94
• Nikkei 225 closed down 0.27% at 53,603.65
• Hang Seng closed down 1.89% at 24,856.43
• FTSE 100 is down 1.23% at 9,982.48
• Euro Stoxx 50 is down 1.50% at 5,564.52
• DJIA closed on Wednesday up 0.66% at 46,429.49
• S&P 500 closed up 0.54% at 6,591.90
• Nasdaq Composite closed up 0.77% at 21,929.83
• S&P/TSX Composite closed up 1.38% at 32,382.60
• S&P 40 Latin America closed up 2.35% at 3,562.75
• U.S. 10-Year Treasury rate is down 6 bps at 4.33%
• E-mini S&P 500 futures are down 0.83% at 6,585.50
• E-mini Nasdaq-100 futures are down 0.96% at 24,135.00
• E-mini Dow Jones Industrial Average futures are down 0.76% at 46,355.00

Bitcoin Stats

• BTC Dominance: 59.98% (0.01%)
• Ether-bitcoin ratio: 0.0299 (-1.65%)
• Hashrate (seven-day moving average): 976 EH/s
• Hashprice (spot): $32.89
• Total fees: 2.65 BTC / $188,510
• CME Futures Open Interest: 117,100 BTC
• BTC priced in gold: 15.6 oz.
• BTC vs gold market cap: 4.64%

Technical Analysis

• The chart shows XRP’s daily price swings (UTC) in candlestick format since November 2025.
• XRP’s price has dropped below a triangular consolidation pattern represented by the two converging trendlines.
• That’s a signal that bears have established the path of least resistance lower, opening the doors for deeper slides.

Crypto Equities

• Coinbase Global (COIN): closed on Wednesday at $181.10 (+0.03%), -2.07% at $177.36 in pre-market
• Galaxy Digital (GLXY): closed at $21.33 (+0.14%), -1.73% at $20.96
• MARA Holdings (MARA): closed at $8.28 (+0.36%), -2.42% at $8.08
• Riot Platforms (RIOT): closed at $15.16 (+5.79%), -2.51% at $14.78
• Core Scientific (CORZ): closed at $17.05 (+1.19%), -2.87% at $16.56
• CleanSpark (CLSK): closed at $9.96 (+3.97%), -2.01% at $9.76
• Exodus Movement (EXOD): closed at $7.29 (+1.25%)
• CoinShares Bitcoin Mining ETF (WGMI): closed at $40.30 (+3.68%)
• Circle Internet Group (CRCL): closed at $103.86 (+2.66%), -2.52% at $101.24
• Bullish (BLSH): closed at $37.43 (+0.16%), -1.63% at $36.82

Crypto Treasury Companies

• Strategy (MSTR): closed at $139.13 (+2.11%), -2.03% at $136.31
• Strive Asset Management (ASST): closed at $10.85 (+9.26%), -1.84% at $10.65
• Sharplink (SBET): closed at $7.28 (+1.53%), -3.98% at $6.99
• Upexi (UPXI): closed at $1.19 (+7.21%), -1.68% at $1.17
• Lite Strategy (LITS): closed at $1.20 (+0.00%)

ETF Flows

Spot BTC ETFs

• Daily net flows: $7.8 million
• Cumulative net flows: $56.31 billion
• Total BTC holdings ~1.29 million

Spot ETH ETFs

• Daily net flows: -$8.5 million
• Cumulative net flows: $11.69 billion
• Total ETH holdings ~5.75 million

Source: Farside Investors

While You Were Sleeping