ТАО is today’s top gainer, while Pi Network’s PI token continues its crazy ride.

Bitcoin’s price faced some enhanced volatility in the past 24 hours again, dropping toward $65,500 before it jumped to $68,500, only to be rejected after the latest developments on the Middle East war front and the fluctuating oil prices.

Ethereum is challenging its nemesis at $2,000 once more, while HASH and STABLE have plunged hard from the mid-cap alts.

BTC’s Ride

After dumping from $67,000 to $63,000 on February 28 when the strikes in the Middle East began, bitcoin’s price rebounded hard and skyrocketed to $74,000 on Wednesday. This meant that the asset had added $11,000 in days, which, given the current uncertain landscape, was almost expected to be followed by a sharp decline.

The bears indeed took control of the market in the following days and pushed BTC south to $68,000 on Friday and Saturday. Although it was a significantly less volatile weekend compared to the previous one, BTC still felt some fluctuations on Sunday evening when most legacy futures markets opened.

As Israel struck a few Iranian oil bases, the price of the so-called liquid gold skyrocketed this morning to a fresh multi-year peak of $120 per barrel. Reports emerged that the G7 countries plan to release 400 million barrels, which drove USOIL south to under $96,000 before it rebounded to $102 as of press time.

Bitcoin dipped to $65,500, jumped to $68,500, and returned to $67,500 all within hours. Its market cap is back to $1.350 trillion, while its dominance over the alts stands at 56.5% on CG.

ETH Battles $2K

The largest altcoin jumped to $2,200 last Wednesday, but it was rejected hard and dumped to just over $1,900 days later. It rebounded and now fights for $2,000 once again, but its attempt is still looking weak.

BNB, SOL, HYPE, XMR, and LINK have charted insignificant gains daily, while XRP, TRX, DOGE, ADA, and BCH are in the red. CC has dropped the most from the larger cap alts, while TAO has soared by almost 10% to $195.

Pi Network’s PI token continues to be quite volatile, jumping 5% daily to over $0.21 after its crash to $0.20 yesterday.

The total crypto market cap has remained relatively the same, at just under $2.4 trillion on CG.

Key Highlights

• Sonic Labs debuts USSD, a stablecoin backed by U.S. Treasury products for DeFi liquidity.
• The digital asset maintains 1:1 backing through tokenized Treasury holdings from leading institutions.
• Minting occurs via non-custodial smart contracts without additional charges.
• Cross-chain functionality across 10+ blockchains powered by LayerZero technology.
• Native USDC compatibility enhances liquidity flow and DeFi accessibility.

Sonic Labs has introduced USSD, a dollar-pegged digital currency backed by tokenized U.S. Treasury instruments. The new stablecoin is designed to deliver reliable liquidity throughout the Sonic blockchain environment. USSD will facilitate various financial activities including trading, payments, lending operations, and transaction settlement within decentralized finance platforms.

The digital asset maintains complete one-to-one backing through regulated Treasury instruments. These underlying assets originate from prominent financial entities such as BlackRock, WisdomTree, and Superstate. This backing mechanism provides stability and clear transparency for everyone utilizing the Sonic platform.

USSD enables direct minting through decentralized smart contract technology. Compatible assets can be deposited at equal value with zero extra charges. This framework creates accessibility for builders, liquidity contributors, and DeFi ecosystem members.

Treasury Asset Backing Bolsters Sonic’s Decentralized Finance Infrastructure

USSD reserves consist of premium Treasury instruments maintained with regulated custody providers. The architecture resembles the system employed by Frax for its FRAX digital dollar. This methodology guarantees transparent redemption processes and trustworthy asset collateralization.

Tokenized Treasury instruments connect traditional financial systems with blockchain technology. They preserve stable value while ensuring on-chain visibility. The backing allows Sonic to incorporate institutional returns at its foundation.

USSD’s Treasury-based structure facilitates sustainable ecosystem expansion. Income generated from underlying assets may finance platform development and user rewards. The framework enhances Sonic’s capacity to deliver dependable liquidity for decentralized applications.

Multi-Chain Functionality and USDC Compatibility

USSD enables minting across more than ten blockchain ecosystems through LayerZero protocols. Participants can deposit supported tokens on external networks and obtain USSD on Sonic instantly. This feature minimizes complexity and streamlines cross-chain asset transfers.

The stablecoin works harmoniously with Circle’s USDC, enabling effortless conversions between platforms. Participants can exchange USSD for USDC utilizing Chainlink’s Cross-Chain Transfer Protocol. This configuration delivers familiar entry and exit pathways for dollar-denominated digital assets.

Incorporation of Frax’s GENIUS infrastructure delivers enterprise-level functionality. It guarantees that minting, conversion, and multi-chain operations remain protected and dependable. USSD therefore becomes a core stable instrument for Sonic’s expanding DeFi landscape.

Sonic’s Platform Expansion and Strategic Integration

USSD represents a critical component in Sonic’s comprehensive integration approach. It facilitates value accumulation to the native S token through stable asset liquidity. This provides applications with a dependable dollar benchmark on the blockchain.

The stablecoin allows Sonic to access institutional returns while supporting platform advancement. Managing liquidity and transaction volumes becomes more efficient with a native, collateralized instrument. This development reinforces the ecosystem while preserving openness and dependability.

Sonic operates as an EVM-compatible Layer 1 network focused on maximum throughput and rapid transaction finality. USSD strengthens its monetary infrastructure by delivering a trustworthy, platform-native dollar instrument. This introduction establishes Sonic as a formidable competitor among high-performance blockchain platforms.

TLDR

• Sharplink reported a full-year net loss of $734 million after a decline in Ethereum prices reduced the value of its holdings.
• The company recorded a $616 million decrease in the value of its Ethereum treasury during the year.
• Sharplink booked a $140 million impairment charge related to tokens representing staked Ethereum.
• The firm generated a $55 million net gain from conversions between Ethereum and staking tokens.
• Quarterly staking revenue increased 50% to $15.3 million dollars from $10.3 million dollars.

Sharplink reported a $734 million full-year loss after a sharp decline in the Ethereum price reduced the value of its holdings. The Miami-based company disclosed that falling token prices drove most of the loss, even as staking revenue increased. Management said the firm maintained its strategy while expanding its Ethereum treasury position.

Sharplink Reports Full-Year Loss After Ethereum Price Drop

Sharplink recorded a $734 million net loss for the year, reversing a $10.1 million profit in 2024. The company attributed the loss to a $616 million decline in the value of its Ethereum holdings. It also booked a $140 million impairment charge tied to tokens representing staked Ethereum.

However, the firm posted a $55 million net gain from conversions between Ethereum and related staking tokens. The company confirmed it currently holds 867,000 Ethereum tokens. CoinGecko data showed Ethereum traded near $2,000 on Monday, valuing those holdings around $1.75 billion.

Sharplink’s holdings rank second among corporate Ethereum treasuries. BitMine Immersion Technologies holds about $9 billion in Ethereum under the oversight of Tom Lee. The company ended the year with $30.4 million in cash and stablecoins.

Shares of Sharplink traded at $7.41 on Monday, according to Yahoo Finance. Over the past six months, the stock declined 55%. During the same period, Ethereum fell 53%.

Ethereum Staking Revenue Climbs as Treasury Strategy Expands

Sharplink increased its staking revenue by 50% quarter over quarter. The company generated $15.3 million from staking, compared with $10.3 million in the previous quarter. It has earned 14,500 Ethereum from staking activities, valued at about $9.4 million.

Sharplink participates in Ethereum’s transaction validation process through staking operations. The company also deploys capital into decentralized finance protocols to pursue higher yields. Management stated that boosting Ethereum per share remains a core objective.

Sharplink currently holds about 4 Ethereum per share. The company has raised approximately $3.2 billion to support its transition toward an Ethereum-focused treasury model. CEO Joseph Chalom described the year as transformative for the firm.

“2025 was a defining year for Sharplink,” Chalom said in a shareholder letter. He stated that short-term market volatility can affect results. He added, “Our strategy is consistent and designed to endure.”

Joe Lubin, CEO of Consensys and Sharplink’s chairman, addressed institutional adoption trends. He said, “The institutional adoption supercycle accelerated in 2025.” Lubin stated that Sharplink aims to bridge traditional public markets with the Ethereum ecosystem.

Bitcoin (BTC) exchange-traded fund (ETF) flows have turned net positive over the past 30 days, while gold ETF demand has started to slow down after nine straight months of inflows. The shift comes even as gold prices remain elevated and sentiment around Bitcoin continues to cool.

With these contrasting trends in ETF flows and the historical pattern of Bitcoin-to-gold performance cycles, analysts are now examining data that may signal a gradual shift in investor demand between the two assets. 

Are ETF flows beginning to rotate?

According to the Kobeissi Letter, the largest US gold-backed ETF, GLD, recorded a $3 billion outflow on Wednesday, the largest daily withdrawal in more than two years. The move followed a 4.4% decline in gold prices, the sharpest drop since the Jan. 30 sell-off.

Gold ETFs had attracted $18.7 billion in January and another $5.3 billion in February, marking the strongest two-month start to a year on record and extending a nine-month inflow streak. The latest outflow points to investors taking profits after gold’s massive rally in 2025.

Bitcoin ETF flows moved in the opposite direction over the past month. The 30-day net flow shifted to a $273 million inflow on March 6 from a $1.9 billion outflow on Feb. 6

The holdings data measured in native units show the divergence more clearly. Bitcoin ETF balances moved to a net increase of 4,021 BTC on March 6 from −42,275 BTC on Feb. 6. Gold ETF holdings declined from 1.4 million ounces to 621,100 ounces during the same period.

The native units represent the actual underlying asset held by funds rather than the dollar value of those holdings. Tracking BTC or ounces isolates real accumulation or distribution without the distortion created by the price movements.

Head of growth at Horizon, Joe Consorti, summarized the current trend and said,  

“Gold is stalling out while bitcoin is soaring. BTC is set to overtake gold’s % growth over the last month as the U.S. economy accelerates and risk sentiment improves. The anticipated risk-off → risk-on rotation could be underway.”

Related: Bitcoin dip may not be over as retail ramps up buying below $70K: Santiment

Gold rallies precede Bitcoin recoveries

In a “2026 Look Ahead” report released at the end of December 2025, Fidelity Digital Assets analyst Chris Kuiper noted that gold’s 65% return in 2025 was the fourth-largest annual gain since the end of the gold standard. With respect to past rallies, Kuiper noted that gold is potentially near the late stages of its leadership cycle between the two assets. Kuiper said, 

“Historically, gold and bitcoin have taken turns outperforming. With gold shining in 2025, it would not be surprising if bitcoin takes the lead next.”

However, the rotation may take some time to unfold in the market. 

As illustrated in the chart, BTC needed roughly 147 days or 21 weeks to establish a sustained trend outperforming gold after Bitcoin’s 2022 bottom. The period marked a consolidation phase before the ratio began trending higher.

The BTC-to-gold ratio currently trades near the same consolidation zone seen during the earlier rotation phases in 2022-2023.

Kuiper also added that both assets can benefit from the persistent fiscal deficits, trade tensions, and geopolitical uncertainty as investors seek neutral stores of value outside traditional monetary systems.

The ongoing US-Israel and Iran war has reinforced demand for traditional safe-haven assets, which previously supported gold rallies during periods of geopolitical stress.

Meanwhile, macroeconomic strategist Lyn Alden expects Bitcoin to outperform gold over the next two to three years following gold’s recent rally in the past few months. 

Related: When buying Bitcoin, don’t expect profit for at least 3 years: Data