TLDR

• President Trump announced on Truth Social that nations providing military equipment to Iran will face immediate 50% tariffs on all exports to America.
• The declaration followed shortly after Washington and Tehran reached a two-week ceasefire agreement, including Iran’s temporary reopening of the Strait of Hormuz.
• Constitutional scholars are questioning the president’s legal authority to enact such tariffs following a Supreme Court decision in February that eliminated his primary enforcement mechanism.
• Beijing emerges as the principal target, given its supply of drones and military-capable components to Iran, complicating an upcoming Trump-Xi meeting scheduled for next month.
• Both Iranian and Israeli officials have accepted the ceasefire terms, with Tehran presenting a comprehensive 10-point framework to guide future diplomatic discussions.

President Donald Trump issued a warning on Wednesday that any nation providing military armaments to Iran would face a 50% tariff penalty on all goods exported to the United States.

The president issued his statement via Truth Social, declaring: “A Country supplying Military Weapons to Iran will be immediately tariffed, on any and all goods sold to the United States of America, 50%, effective immediately. There will be no exclusions or exemptions!”

This announcement arrived mere hours following the conclusion of a two-week ceasefire arrangement between Washington and Tehran. The diplomatic breakthrough occurred just before Trump’s previously established deadline for military escalation.

Under the ceasefire terms, Iranian officials consented to temporarily lifting their blockade of the Strait of Hormuz, a critical waterway for international petroleum shipments. The White House verified that Israeli authorities also endorsed the agreement.

Tehran submitted a comprehensive 10-point diplomatic proposal that now serves as the foundation for continued bilateral discussions.

Celebrating the diplomatic achievement on Truth Social, Trump proclaimed it “a big day for World Peace!”

Questions Over Legal Authority

Despite the forceful rhetoric, legal analysts remain uncertain whether Trump possesses the constitutional authority to implement such sweeping tariff measures.

This past February, the Supreme Court struck down the president’s primary enforcement mechanism — an emergency statute from 1977 — which had previously enabled him to impose tariffs rapidly without extensive justification.

The remaining tariff instruments available to Trump demand more precise legal justification and comprehensive investigations before implementation. The White House has declined to clarify which statutory authority the administration intends to invoke.

Among Trump’s available options is Section 338 of the Tariff Act of 1930, which permits tariffs reaching 50%. Nevertheless, this statute was crafted to counter discriminatory foreign trade barriers against American products, not weapons transactions with third-party nations.

The president’s most legally defensible tariff approach — grounded in comprehensive investigations into unfair commercial practices spanning multiple nations — remains under development and is not yet operational.

China in the Crosshairs

Beijing stands as the primary target of this tariff warning. The Chinese government provides Iran with unmanned aerial vehicles, replacement components, and various dual-purpose materials that Tehran converts for military applications.

Reuters revealed last month that Iranian officials were nearing completion of negotiations to acquire Chinese-manufactured anti-ship cruise missiles.

Trump retains access to a China-focused trade investigation from his initial presidential term, which could theoretically justify targeted tariffs against Beijing.

Nevertheless, any decision to penalize China for its Iranian commerce could strain relations before the scheduled summit between Trump and Chinese President Xi Jinping in Beijing next month.

The Chinese diplomatic mission in Washington has not provided commentary on the matter.

Previously in February, Washington had imposed sanctions on over 30 individuals, organizations, and maritime vessels linked to Iran’s petroleum exports and weapons manufacturing operations.

Those enforcement actions were structured to compel international businesses to select between maintaining Iranian partnerships or preserving their access to American markets.

Key Highlights

• Major Swiss financial institutions create joint testing environment for CHF stablecoin
• Pilot program focuses on enhanced payment efficiency and reduced transaction costs
• Controlled testing environment enables secure simulation of blockchain transactions
• Banks examine programmable currency capabilities for automated financial operations
• Initiative positions Switzerland in competitive global digital currency landscape

A consortium of six prominent Swiss banking institutions has initiated a collaborative CHF Stablecoin testing program scheduled for implementation in 2026. This strategic partnership establishes a regulated digital framework where participating banks can evaluate blockchain-powered payment mechanisms. The development represents a systematic approach to incorporating tokenized currency into Switzerland’s established financial infrastructure.

Banking Consortium Establishes CHF Stablecoin Testing Platform

The collaboration includes UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank, and BCV, working alongside Swiss Stablecoin AG. Their collective objective centers on evaluating the CHF Stablecoin through a protected sandbox framework. This configuration provides a controlled space for testing blockchain payment systems.

The testing platform permits financial institutions to conduct realistic payment simulations utilizing the CHF Stablecoin within established parameters. These boundaries ensure risk mitigation while preserving authentic transaction scenarios. Banks can analyze performance enhancements without compromising existing market infrastructure.

The consortium maintains an open invitation for other Swiss banks and financial entities to participate. This collaborative framework promotes comprehensive ecosystem growth for the CHF Stablecoin initiative. The inclusive model facilitates knowledge sharing and collective technical advancement.

Evaluating Payment Applications and System Performance

The partnership emphasizes real-world payment scenarios for the CHF Stablecoin throughout financial service operations. Target areas include accelerated settlement processes, decreased operational expenses, and enhanced transaction visibility. The program seeks quantifiable performance improvements in digital payment infrastructure.

The consortium will additionally examine smart contract functionality associated with the CHF Stablecoin. These capabilities allow for automated financial workflows through predetermined conditions executed on blockchain platforms. Banks can investigate innovative service offerings leveraging tokenized financial instruments.

Swiss Stablecoin AG delivers the underlying technology platform for CHF Stablecoin issuance and administration. The infrastructure connects with established banking systems via application programming interfaces. This integration strategy minimizes operational disruption and preserves existing customer interactions.

International Landscape and Strategic Positioning

Switzerland presently operates without a mainstream regulated CHF Stablecoin despite its sophisticated financial ecosystem. This absence has motivated prominent banking institutions to investigate blockchain-based monetary instruments. The testing initiative evaluates preparedness for potential commercial deployment.

The program aligns with international movements toward developing sovereign currency-backed digital assets. Financial institutions across Europe have backed ventures like Qivalis targeting digital euro alternatives. The Swiss collaborative effort establishes the CHF Stablecoin within this competitive international environment.

Stablecoins persistently transform financial ecosystems by facilitating accelerated and more efficient digital value transfer. The Swiss testing program aims to balance technological advancement with regulatory adherence and operational reliability. The CHF Stablecoin sandbox will generate essential data to inform subsequent deployment strategies.

The evaluation phase extends throughout 2026, enabling participating institutions to compile comprehensive operational intelligence. These results will determine viability for full-scale CHF Stablecoin market introduction. The project constitutes a methodical progression toward embedding digital currency within Switzerland’s banking framework.

Pharos Network, a layer 1 blockchain focused on tokenized real-world assets, said it raised $44 million in a Series A round led by a mix of traditional finance and crypto investors.

Backers include Sumitomo Corporation’s venture arm, SNZ Holding, Chainlink and Flow Traders, along with unnamed financial institutions the firm described as “giants in global finance.” The funding comes as interest grows in bringing assets like bonds, energy projects and private credit onto blockchain rails.

Pharos says it is building an “asset-native” network designed to handle regulated financial activity at scale. Its system uses parallel processing to support large volumes of transactions, with compliance features aimed at institutions that need audit trails and identity checks.

The company targets a market it values at $50 trillion. While far from that figure, the tokenization space has been growing, with data showing total real-world assets onchain are now at $24.3 billion. That’s up from $14 billion at the beginning of the year.

Pharos also pointed to activity on its testnet, which it said includes millions of users and unique addresses, and a partnership with energy firm GCL tied to solar-backed assets. These figures, common in pre-launch networks, are often driven by incentives and are hard to verify independently.

The raise follows an earlier seed round where the firm raised $8 million. That round was co-led by Lightspeed Faction and Hack VC. It also comes after a recent investment from GCL New Energy (0451) that valued the firm near $1 billion.

Its mainnet is expected to debut in the near future.

A White House report released Wednesday directly challenges the banking industry’s claims that stablecoin yields would drain deposits and weaken lending to households and small businesses.

Instead, banning those stablecoin rewards would have only a negligible impact on credit creation, the analysis, released by the Council of Economic Advisers (CEA), found.

The White House economists behind the 21-page report said their findings are based on a stylized economic model calibrated with Federal Reserve and FDIC data on deposits, lending and bank liquidity, as well as industry disclosures on stablecoin reserves and academic estimates of how consumers shift funds between assets.

The report, which specifically analyzes the GENIUS Act, signed in July 2025, also warns that proposed updates to the Digital Asset Market Clarity Act to further restrict “yield-like” rewards from intermediaries like Coinbase could be counterproductive.

“In short, a yield prohibition would do very little to protect bank lending, while forgoing the consumer benefits of competitive returns on stablecoin holdings,” the report emphasized. It added that “the conditions for finding a positive welfare effect from prohibiting yield are simply implausible.”

The report marks the latest development in the ongoing conflict between U.S. banks and the cryptocurrency industry that has stalled digital asset legislation in Congress, where senators are seeking a compromise to unlock the stalled Clarity Act. President Donald Trump and his advisers have been eager for negotiators — including the crypto industry, bankers and senators from both sides of the aisle — to strike a deal that advances the long-awaited bill, which is one of the administration’s legislative priorities.

While the crypto firms and their legislative supporters argue they should be allowed to offer yield-like rewards on stablecoins, banks warn that would lead to funds being siphoned away from the traditional financial system. But Wednesday’s findings could undercut a core argument from banking groups: Even a full ban on stablecoin yield would increase lending only marginally.

Ban does little to protect lending

In other words, the report claimed, the prohibition would do little to protect lending while stripping consumers of competitive returns.

The American Bankers Association (ABA) insists that if stablecoins begin offering yields comparable to high-yield savings accounts, depositors will move money out of banks and into digital dollars, reducing the funds banks use to make loans. The banking lobbyists have argued that community bankers will be especially harmed — an argument that caught the ear of lawmakers such as Senators Thom Tillis, a Republican, and Angela Alsobrooks, a Democrat, who have been seeking a legislative compromise that won’t harm Main Street institutions.

However, the White House economists said that the bankers’ argument misunderstands how stablecoins interact with the broader financial system. In one example, the report describes how funds used to buy stablecoins are often reinvested in Treasury bills and ultimately redeposited into other banks, leaving overall deposit levels largely unchanged,

The report also addresses concerns that community banks could lose out as funds flow into Treasuries and large institutions, finding the impact on smaller lenders is limited. It estimates community banks would account for just 24% of any incremental lending under a yield ban or about $500 million, and notes that stablecoin activity is already concentrated among large financial institutions, suggesting the real-world effect on smaller banks may be even smaller.

“The answer lies not in the level of deposits, but in their composition,” the report explained. Under the current “ample reserves” regime, these shifts between banks do not force lenders to shrink their balance sheets.

Rather than disappearing from the banking sector, much of the money backing stablecoins is recycled through it. When issuers invest reserves in Treasury bills or similar instruments, those funds typically end up redeposited elsewhere in the banking system, preserving overall deposit levels even if individual banks see outflows.

Only a small share of stablecoin reserves, estimated at about 12% in the report’s baseline, is held in forms that could meaningfully restrict lending. Even then, the effect is heavily diluted by bank reserve requirements and liquidity buffers, which absorb much of the potential impact before it reaches borrowers.

The result is a multi-step dampening effect: tens of billions of dollars may move between stablecoins and deposits, but only a fraction ultimately translates into new loans.

That dynamic also weakens the argument that stablecoin yields pose a particular threat to community banks. According to the report, smaller lenders would see just $500 million in additional lending under a yield ban, an increase of roughly 0.026%.

In other words, the White House economists contend that the policy delivers minimal benefits to the very institutions it is often framed as protecting.

The report said generating large lending effects requires hypothetically stacking several extreme conditions at once: a stablecoin market many times larger than today’s, reserves fully locked away from lending and a shift in Federal Reserve policy away from its current ample-reserves framework. Absent those scenarios, the impact remains marginal, it said.

Costs fall on consumers

The report also reinforced the crypto industry’s arguments in consumer terms. By eliminating yield, policymakers would effectively reduce returns on a growing category of dollar-based assets that compete with traditional deposits.

The economists estimated that such a prohibition would carry a net welfare cost, as users give up yield without receiving meaningful improvements in credit availability in return. Rather than assuming stablecoin yields are destabilizing, the report suggested policymakers must demonstrate that restricting them would deliver tangible benefits to the real economy, particularly to small businesses and households that rely on bank lending.

So far, according to the administration’s own economists, that case remains unproven.

Adam Back has denied claims that he is Satoshi Nakamoto after a New York Times story argued that the British cryptographer is the strongest candidate yet for Bitcoin’s BTC$71,495.98 pseudonymous creator.

In a post on X after the article was published, Back said his long record in cryptography, privacy tools and electronic cash research explains why reporters keep finding links between his work and Bitcoin’s design.

“I’m not satoshi,” Back wrote. He said he had been “early in laser focus on the positive societal implications of cryptography, online privacy and electronic cash,” and that his work from about 1992 onward, including discussions on the cypherpunks mailing list, led to Hashcash and other ideas later echoed in Bitcoin.

Back, said NYT reporter John Carreyrou, had found “many interesting bitcoin analogs in early attempts to create a decentralized ecash,” adding that early researchers explored concepts such as peer-to-peer systems, proof-of-work, and routing models that looked like prototypes for Bitcoin.

He also disputed one line in the story that treated a comment he made in an interview as a possible slip. Back’s remark — “I’m not saying I’m good with words, but I sure did a lot of yakking on these lists actually” — referred to confirmation bias. Because he wrote so often about electronic cash, he said, his old comments are easier to match with Satoshi’s than those of others who posted far less.

“The rest is a combination of coincidence and similar phrases from people with similar experience and interests,” Back wrote.

He added that he does not know who Satoshi is and said that it may be good for Bitcoin. In his view, the mystery helps frame Bitcoin as “a new asset class, the mathematically scarce digital commodity.”

Others also questioned the conclusions. Joe Weisenthal, a Bloomberg columnist and co-host of the Odd Lots podcast, said he was “not 100% convinced by the evidence or the conclusion.”

“The stylometry is interesting, but on content, ofc all the cypherpunks had similar thoughts on politics and privacy and the architecture of the internet,” he wrote on X. He also questioned why Back would speak openly about earlier work like Hashcash under his real name but use strict anonymity for Bitcoin.

“None of us are that consistent with hyphenization,” Weisenthal added, arguing that shared writing quirks may not be meaningful. He noted that Back was already among those closest to assembling Bitcoin-like ideas before its launch, which could explain his later involvement.

The question of Satoshi’s identity has drawn speculation for years. Several books, documentaries and articles have claimed to have solved it, only for those cases to unravel or fail to persuade the wider Bitcoin community. In 2024, one high-profile documentary pointed to developer Peter Todd, who denied the claim.

Nicholas Gregory, a U.K.-based early Bitcoin participant, also pushed back on the latest theory.

“I don’t believe Adam Back is Satoshi based on my personal interactions with him,” Gregory said. “However, if he were, we would have to respect the extraordinary lengths he has gone to in order to ensure no one thinks it’s him. In that case, we should honor his clear desire for privacy.”

Gregory said the longer the search continues, the more extreme the theories become. He added that many reporters miss key parts of Bitcoin’s early history and make avoidable errors.

He also warned that publicly identifying Satoshi could put that person and their family at risk.

Key takeaways

• BTC is up 4% and is now trading above $71k.
• The rally could push Bitcoin’s price above $76k for the first time since March 16.

Bitcoin and crypto market surge following U.S.-Iran ceasefire announcement

Bitcoin (BTC), Ethereum (ETH), and the broader cryptocurrency market experienced a significant rise over the last 24 hours after the U.S. and Iran reached a ceasefire agreement.

At press time, Bitcoin was trading at approximately $71,640, up 4.3% in the last 24 hours. Earlier in the day, the cryptocurrency briefly surpassed $72,700, marking its highest value since March 18.

Ethereum gained 6.7%, reaching $2,257, while XRP increased 5.8% to $1.37. Solana surged 6.5%, hitting $84.81. The overall crypto market was up 3.95% during the same period.

The surge coincided with President Donald Trump’s announcement that the U.S. and Iran had agreed to a two-week “double-sided ceasefire.” Trump, who had previously warned of a possible military response if Iran failed to reopen the Strait of Hormuz, emphasized that the ceasefire was a result of having met all military objectives and being close to a long-term peace agreement.

Iran’s official statement confirmed its commitment to allowing safe passage through the Strait of Hormuz, the world’s most vital oil trade route. This had previously caused significant volatility in global oil prices and disrupted supply chains.

BTC eyes $76k as bullish momentum persists

The BTC/USD 4-hour chart remains bearish and efficient despite the recent rally. The leading cryptocurrency has surpassed the $69,200 resistance level and could challenge the swing high of $76,000 over the next few hours or days.

The momentum indicators show that the bulls are currently in control of the market. The Relative Strength Index (RSI) on the 4-hour chart reads 70, approaching the overbought condition, indicating that the bulls are in control.

The MACD lines are also within the positive territory, reaffirming the bullish bias. If the rally persists, BTC could retest the $76,000 resistance level for the first time since March 16. Surpassing this resistance level would pave the way for Bitcoin to surge toward the $80k psychological zone.

However, if the bulls fail to capitalize on this rally, Bitcoin will find immediate support around the Tuesday low of $67,719.

Key Highlights

• Japanese regulators authorize SBI Ripple Asia’s XRPL Token Platform
• Platform facilitates regulated token creation under Japanese financial legislation
• Businesses gain blockchain access through streamlined API connectivity
• System operates within Japan’s prepaid payment regulatory structure
• Strategic focus includes real-world applications and international payment corridors

Following regulatory authorization from Japanese financial authorities, SBI Ripple Asia has officially introduced its XRPL Token Platform. This blockchain-based infrastructure enables organizations to issue digital tokens while maintaining full compliance with Japan’s financial regulatory framework. The development represents a significant milestone in merging distributed ledger technology with traditional payment ecosystems.

Blockchain Platform Debuts with Enterprise API Capabilities

SBI Ripple Asia has finalized its XRPL Token Platform utilizing the XRP Ledger as its foundational technology. This infrastructure provides organizations with capabilities to create and administer digital tokens through on-chain mechanisms. Enterprise clients can integrate blockchain functionality into their existing systems via application programming interfaces without disrupting end-user experiences.

The platform architecture facilitates smooth incorporation with established digital services and customer-facing applications. End users gain access to tokenized financial instruments while maintaining familiar interaction patterns. Proprietary wallet management technology embedded in the system delivers robust security protocols for digital asset custody.

Compliance with Japan’s Payment Services Act forms a core component of the XRPL Token Platform’s operational framework. Organizations can launch tokenized prepaid financial products within established regulatory boundaries. The infrastructure supports enterprise-grade scalability across diverse operational contexts.

Official Registration Unlocks Compliant Digital Payment Products

On March 26, 2026, SBI Ripple Asia obtained official registration as an authorized issuer of third-party prepaid payment instruments. This regulatory milestone empowers the XRPL Token Platform to launch compliant digital financial offerings. The company now operates as a legitimate bridge connecting blockchain innovation with supervised financial services.

This official status reinforces the legal infrastructure supporting the XRPL Token Platform within Japan’s financial sector. The authorization permits issuance of prepaid payment products underpinned by blockchain tokens. Regulatory oversight mechanisms remain fully integrated throughout the operational framework.

Through this positioning, SBI Ripple Asia establishes itself within Japan’s regulated digital asset landscape. The platform supports expanded utilization of blockchain-powered payment solutions. This framework demonstrates increasing institutional commitment toward compliant tokenization strategies.

Strategic Roadmap Emphasizes Practical Implementation and Regional Payment Networks

SBI Ripple Asia intends to implement the XRPL Token Platform across geographically focused economic areas including tourism-intensive regions. The infrastructure will connect consumer transactions with digital reward mechanisms and payment processing systems. Novel approaches to customer loyalty initiatives and transaction-based incentives become feasible through this framework.

The platform aims to enhance operational scalability and reduce transaction costs throughout collaborative business networks. Strategic partnerships with regional businesses and municipal organizations form a central component of the expansion strategy. These alliances will accelerate implementation in tangible commercial settings.

SBI Ripple Asia maintains active research initiatives focused on XRPL applications within Asian payment channels. Collaborative investigation with South Korea’s DSRV targets improvements in international money transfer systems. The XRPL Token Platform holds potential to optimize transaction speed and cost-effectiveness for Japan-South Korea payment flows.

Wall Street broker Bernstein said the rise of quantum computing poses a credible but manageable threat to Bitcoin and the broader crypto ecosystem, as recent breakthroughs compress timelines for potential attacks on modern cryptography.

Advances such as Google Quantum AI’s reported reduction in qubit requirements suggest the risk is no longer a distant, decade-long concern, the broker noted. Still, the firm cautioned that scaling quantum systems to the level needed to break widely used encryption remains a complex, multi-step challenge.

“Quantum should be seen as a medium to long term system upgrade cycle rather than a risk,” analysts led by Gautam Chhugani said in the Wednesday report.

Quantum computing uses the principles of quantum mechanics rather than classical physics. Instead of binary bits, it relies on qubits that can exist in multiple states at once, a property known as superposition, allowing many possibilities to be processed simultaneously.

Combined with entanglement, this enables quantum systems to solve certain problems, such as breaking encryption, far more efficiently than classical computers.

Quantum computers could eventually weaken cryptographic systems like elliptic curve encryption, which underpin crypto wallets, by solving problems beyond the reach of classical machines. However, the report said the threat spans industries from finance to defense and should be viewed as a manageable, long-term risk rather than an existential one for Bitcoin.

Exposure is concentrated in roughly 1.7 million BTC held in older, “legacy” wallets, while newer practices and protocols reduce vulnerability. Bitcoin mining, which relies on SHA-based hashing, remains effectively secure even in advanced quantum scenarios, the broker said.

Bernstein expects the crypto industry to have sufficient time, around three to five years, to transition toward post-quantum cryptography, with upgrades such as new wallet standards, reduced address reuse and key rotation already under discussion.

One recent academic paper said that attacking the Bitcoin blockchain through quantum mining would demand the energy output of a star.

Read more: Attacking bitcoin mining with a quantum computer would require the energy of a star, academics say

• The accusation: Gracy Chen, Bitget CEO, publicly called Hyperliquid an ‘overmarketed’ fake DEX on April 7, warning of systemic risks comparable to FTX and describing it as an ‘offshore CEX with no KYC/AML.’
• The trigger: Hyperliquid’s small validator set unanimously delisted the JELLY memecoin perp market on March 26 and force-settled positions at $0.0095 after an attacker used a $6M short to exploit the HLP vault – exposing the platform’s centralized emergency override capability.
• The structural critique: Chen argued that Hyperliquid’s mixed vaults expose all users to collective risk from individual manipulators, and that foundation-level intervention in open markets sets a ‘dangerous precedent.’
• The volume context: Hyperliquid’s HYPE token and platform growth represent a direct threat to CEX perp revenue – making Chen’s critique land somewhere between principled concern and competitive self-interest.
• Industry split: BitMEX co-founder Arthur Hayes echoed decentralization concerns but downplayed long-term damage; Hyperliquid’s community pushed back hard, accusing Chen of conflating valid critique with CEX protectionism.
• What’s next: Hyperliquid has flagged validator expansions and HLP upgrades post-JELLY; Bitget’s Q2 2026 volume numbers will tell whether the controversy moved any market share.

Wall Street investment bank JPMorgan (JPM) said the pace of capital flowing into digital assets slowed markedly in the first quarter of 2026, with total inflows estimated at around $11 billion.

That implies an annualized run rate of roughly $44 billion, about one-third of the pace seen in 2025, according to the report published last week.

“Investor flows, either retail or institutional, have been small or even negative YTD with the bulk of the digital asset flow in Q1’26 stemming from Strategy’s (MSTR) bitcoin BTC$71,726.66 purchases and concentrated crypto VC funding,” wrote analysts led by Nikolaos Panigirtzoglou.

Crypto markets had a volatile and broadly negative first quarter, with prices and market value retreating sharply amid a risk-off backdrop. Total crypto market capitalization fell roughly 20% over the period, while bitcoin dropped around 23% and ether (ETH) declined more than 30%, marking one of the weakest first-quarter performances in years.

The selloff was driven by macroeconomic and geopolitical pressures, triggering liquidations and a broad pullback in risk assets, with altcoins hit even harder.

Despite the downturn, prices stabilized toward the end of the quarter, with bitcoin consolidating near the $70,000 level as ETF demand improved and some pockets of the market, such as select altcoins and onchain activity, showed resilience.

The bank’s estimate aggregates crypto fund flows, Chicago Mercantile Exchange (CME) futures positioning, venture capital fundraising and corporate treasury activity, including bitcoin BTC$71,726.66 purchases by firms such as Strategy.

The analysts said investor-driven flows were notably weak. Positioning in bitcoin and ether CME futures softened versus 2024 and 2025, suggesting institutional demand may have turned slightly negative year-to-date. Spot bitcoin and ether exchange-traded funds (ETFs) also saw net outflows during the quarter, concentrated in January, before a modest rebound in bitcoin ETF inflows in March.

The bank’s analysts attributed most of the quarter’s inflows to corporate treasury activity and venture funding. Strategy remained a dominant buyer, funding bitcoin purchases largely through equity issuance, while signaling continued reliance on stock and preferred issuance to finance accumulation. Other corporate holders were more defensive, with some selling bitcoin to fund buybacks.

Bitcoin miners were net sellers during the quarter, the report said, as firms sold holdings or used them as collateral to shore up liquidity, fund capital expenditures or manage liabilities. The analysts characterized the selling as driven by tighter financing conditions and balance sheet discipline rather than distress.

Crypto venture capital was a relative bright spot. Funding tracked an annualized pace above the prior two years, though activity was increasingly concentrated in fewer, larger deals led by established firms. Capital continued to rotate toward infrastructure, stablecoins, payments and tokenization, with less interest in gaming, non-fungible tokens (NFTs) and exchange-related projects, the report added.

Read more: Bitcoin holds ground as gold, silver slide on ETF outflows and liquidity strains: JPMorgan