WASHINGTON, D.C. — Crypto perpetual futures have largely developed offshore because of the U.S. reluctance to pursue industry regulations, said U.S. Commodity Futures Trading Commission Chairman Mike Selig, and his agency will soon provide guidance on how that business should be handled.

Such derivatives contracts, which don’t expire and are often associated with leverage, have been an area of high interest to the industry. U.S. exchange Kraken, for instance, recently announced a move into perpetual futures for tokenized stocks for non-U.S. users.

Selig’s agency is “working towards getting professional futures, true professional futures here in the U.S. within the next month or so,” he said at a Milken Institute event in Washington on Tuesday. “We expect to announce that very soon.”

“The prior administration drove a lot of these firms and the liquidity offshore,” he noted.

That was a theme of his remarks and those from his U.S. Securities and Exchange Commission counterpart, Chairman Paul Atkins. As they’ve often done lately to underline their shared mission on digital assets, which they call Project Crypto, the two appeared together on stage and highlighted their unified approach.

One of the things the two are pursuing are “innovation exceptions” to allow for crypto experimentation without fear of regulatory crackdown. Selig said they’ll also soon define how decentralized finance (DeFi) developers are approached after years of prosecution and regulatory uncertainty.

Selig, who can act on his own because he’s currently the only member on the CFTC’s five-member commission, also said prediction markets — an overlapping cousin of the crypto sector — will get “guidance in the very near future” from the regulator. “We’re going to be setting very clear standards.” And he said the agency is also working on a more fulsome rulemaking process to soon give that position more permanent footing than guidance, which is procedurally easy to eliminate and rewrite.

Oversight of the events-contracts firms, including such leaders as Polymarket and Kalshi, is under dispute, with state gambling regulators pressing their own authorities over the firm’s sports contracts. Selig stepped forward to combat that in courts, arguing the CFTC’s position as a lead regulator of such firms’ activities.

“They can exist in parallel,” he said Tuesday of the two regulatory regimes. 

Atkins, though, delved into one of the drawbacks of the regulators’ current work: legal standing. Despite Atkins’ earlier confidence that the SEC can forge ahead without new laws directing its crypto work, he said on Tuesday, “We really do need statutory certainty.”

“We need the sense of Congress,” he said.

A U.S. Supreme Court decision two years ago removed a significant degree of authority that federal regulators enjoyed in court disputes over their actions, so agencies going it alone on policy guidance doesn’t carry the weight it once did. Agencies such as the SEC and CFTC can more easily be challenged, and their positions also easily reversed by future officials arriving at the commissions.

The U.S. Senate is still working on the Digital Asset Market Clarity Act that’s meant to establish a regulatory system for the U.S crypto markets. That legislative effort remains jammed up in negotiations involving the industry, bankers, lawmakers from both parties and the White House. Its chances for passage in 2026 grow more difficult with each day, as midterm elections approach and available Senate floor time dwindles.

Read More: The chief of the SEC is headlining an event sponsored by a crypto firm at war with it

Bitcoin miners are increasingly moving away from holding bitcoin on their balance sheets by selling more BTC to fund new identities as players in artificial intelligence (AI) infrastructure.

What started as holding onto bitcoin at all costs, or HODLing, is becoming a thing of the past for most publicly listed miners as they move into the capital-intensive but more attractive business of AI infrastructure. With tougher competition, higher energy costs and compressed prices, the profit margin for mining bitcoin, which during the 2021 bull run reached as high as 90%, has vanished, leaving miners who relied solely on that business struggling. Given that miners already have data centers ready to host AI computing machines, most have shifted their business away from bitcoin to become “AI infrastructure” companies.

This momentum is gaining more traction as prices sit roughly at $66,000, down nearly 50% from October’s all-time high. Many of the top 10 public miners are selling or openly discussing sales to fund these AI expansions.

Here are some miners that are either moving away from the bitcoin business by selling more BTC or have completely shifted into AI:

IREN (IREN) has never taken an ideological stance on holding bitcoin, focusing instead on infrastructure scale and operational execution as it leans into high-performance computing. The company currently holds 0 BTC, underscoring its lack of a treasury-driven strategy.

TeraWulf (WULF) has maintained a pragmatic posture, avoiding a hardline treasury approach while preserving balance sheet flexibility for AI aligned growth. It holds 15 BTC, in line with its historical peak, reflecting minimal emphasis on accumulation.

Cipher Digital (CIFR), formerly Cipher Mining, has made its repositioning explicit, calling 2025 a transformative year as it pivots toward HPC infrastructure. The company divested its 49% stake in three mining joint ventures for roughly $40 million in stock. Cipher now holds 1,500 BTC, down from an all-time high of 2,284 BTC, highlighting a gradual reduction alongside its structural shift.

Riot Platforms (RIOT) has treated bitcoin as a funding tool rather than a passive reserve, selling all monthly production and liquidating balance sheet holdings, including nearly 1,100 BTC to finance the Rockdale acquisition. Riot sold $200 million worth of bitcoin in the final two months of 2025. It currently holds 18,005 BTC versus peak holdings of 19,368 coins.

Hut 8 (HUT) said bitcoin is no longer a long-term strategic focus in its fourth-quarter earnings call, with exposure set to decline over time in favour of its equity stake in American Bitcoin (ABTC), which holds 6,039 BTC. Hut 8’s own balance stands at 13,696 BTC, unchanged from its peak.

Core Scientific (CORZ) sold $175 million of bitcoin as its AI pivot accelerated. After holding 2,537 BTC at year’s end 2025, its balance has dropped to around 630 BTC, well below its 9,618 BTC high watermark.

MARA Holdings (MARA) has softened its strict HODL identity, selling newly mined bitcoin and signaling it may buy or sell opportunistically, with about 28% of holdings loaned or pledged. It still holds 53,822 BTC, matching its all-time high, despite the more flexible policy.

CleanSpark (CLSK) treats its more than 13,000 BTC as productive capital, monetizing output, layering covered calls, and exploring bitcoin-backed credit lines as non-dilutive financing. Its current 13,513 BTC balance is in line with its historical peak.

Bitdeer Technologies (BTDR) reduced holdings to zero to fund AI data center expansion. That marks a massive drop from its prior peak of 2,470 BTC.

Bitfarms (BITF) has been blunt about its repositioning, with CEO Ben Gagnon stating, “We are no longer a Bitcoin company.” The miner now holds 1,827 BTC, down from a peak of 3,301 BTC, as it doubles down on AI infrastructure.

Yesterday’s modest rally in stocks in response to a new Middle East war breaking out over the weekend — for the moment — appears to have been a headfake.

In mid-morning U.S. hours, the Nasdaq is at session lows, down 2.5%. The S&P 500 is lower by 2.3%. European markets are being hit even harder, led by a 5.2% plunge in Italy’s IBEX 35 and a 4.1% fall in Germany’s DAX.

Having run up to historic highs in the weeks leading up to the war, precious metals are tumbling as well. Gold is lower by 4.3%, silver by 7.5% and platinum by 11.3%. WTI crude oil continues to surge, up another 8% to $77 per barrel.

Having declined relentlessly for about the last five months, crypto markets are, however, showing a tiny bit of relative strength. Trading at $68,000, bitcoin is down 1% over the past 24 hours, but higher by more than 2% from its worst levels of the day.

Also down over the past day, but nicely higher from the session’s worst levels are ether (ETH), solana (SOL) and XRP (XRP).

There’s no such bounce yet in crypto-related stocks, which remain under heavy selling pressure on Tuesday.

Shares of trading platform Robinhood (HOOD) dropped 7%, while Coinbase (COIN) fell 5%. Strategy (MSTR) and crypto platform Bullish (BLSH) each declined 4%. Stablecoin issuer Circle (CRCL) held up better but still slipped about 1%.

“Historically, bitcoin, as the only liquid asset that also trades on weekends, has absorbed shocks during periods of forced risk reduction,” said James Butterfill, head of research at CoinShares. “This time, the price development was constructive, bitcoin gained despite the increasing instability … This divergence is significant. The absence of significant liquidations despite rising yields and geopolitical tensions suggests that positioning is adjusted compared to previous episodes.”

New paper flags risk to bank funding just as payments giants ramp up tokenized settlement.

The European Central Bank (ECB) has fired a shot across the bow of the stablecoin industry, warning that widespread use of private tokens could undermine its grip on monetary policy and squeeze traditional lenders’ funding bases. In a new research paper, the ECB argues that if euro‑denominated stablecoins gain serious traction inside the bloc, they could “weaken the effectiveness of monetary policy” by siphoning deposits out of commercial banks and into tokenized rails that sit at the edge of the regulated system. The authors caution that such a shift could “hamper lenders’ ability to support the real economy,” especially in stress scenarios where deposit flight accelerates.

The warning lands just as major payment firms move to normalize stablecoin settlement. SoFi and Mastercard recently unveiled a partnership that will allow SoFiUSD, a fully reserved dollar stablecoin, to be used for settlement across Mastercard’s global network, spanning SoFi Bank and its Galileo platform. Visa, meanwhile, is expanding its collaboration with Bridge, aiming to bring stablecoin‑linked cards to more than 100 countries, after seeing volume on Bridge “more than quadruple” last year. Industry advocates frame these moves as proof that stablecoins are evolving into mainstream payment infrastructure rather than just trading collateral, with crypto.news already tracking how tokenized cash is bleeding into everything from remittances to Web3 gaming payouts.

Regulators see a different risk profile. A recent breakdown of U.S. policy debates around stablecoin “rewards” versus deposit‑like “yield” shows how central banks and lawmakers worry that pseudo‑savings products could replicate money‑market‑fund fragility inside crypto wrappers. The ECB paper effectively extends that concern to Europe, signalling that any large‑scale euro stablecoin usage will likely face tight MiCA‑era constraints on reserves, disclosure and access to the central bank backstop.

Crypto market macro outlook

Markets are taking it in stride for now. Bitcoin (BTC) trades around $67,000–$68,000 over the last 24 hours, Ethereum (ETH) sits near $2,000, and Solana (SOL) hovers in the mid‑$80s, as traders treat the ECB note as a medium‑term structural story rather than an immediate shock. Where the paper does bite, however, is narrative: stablecoins are no longer a side‑quest in crypto, but a core fault line between central banks, banks, and the platforms now wiring tokens into everyday payments.

Key Takeaways

• Bitcoin retests $70K but struggles to hold gains
• US PMI data sparks short-term crypto rebound
• ETF inflows support BTC amid global tensions
• On-chain data still signals bear market phase
• Analysts warn of potential bull trap scenario

Bitcoin retested $70,000 this week before pulling back to $68,306. The move followed stronger-than-expected US manufacturing data. However, on-chain indicators still point to a bear market backdrop.

BTC traded within a tight $64,000 to $70,000 range throughout the week. Spot Bitcoin ETF inflows and regulatory progress supported sentiment. Meanwhile, rising geopolitical tensions added uncertainty to global markets.

The US dollar index climbed to 98.72 amid inflation concerns. Escalating tensions between the United States and Iran pressured risk assets. As a result, traders assessed whether the rebound marks a bottom or a temporary rally.

Bitcoin Holds Range as Macro Data Drives Momentum

Bitcoin currently trades at $68,306 after briefly touching $70,000. The rally followed the latest US ISM Manufacturing PMI release. The index came in at 52.4 for February 2026, beating expectations of 51.8.

Although the reading slipped from January’s 52.6, it signaled continued expansion. New orders increased at a slower pace due to tariffs and elevated costs. Nevertheless, markets reacted positively to the stronger data.

Crypto-related stocks advanced sharply during the session. Strategy, Marathon Digital, Coinbase, and Robinhood gained between 5% and 7%. Circle jumped 15%, while Bitmine rose 7.48% to close at $20.40.

ETF inflows also strengthened short-term sentiment. Rising institutional participation supported spot demand for Bitcoin. However, derivatives data showed that futures activity remained subdued.

Trading volume stayed elevated as market participants awaited new economic reports. The ISM Services PMI and Nonfarm Payrolls data could influence rate expectations. Consequently, Bitcoin remains sensitive to macroeconomic signals.

Ethereum Follows Bitcoin Higher Amid Sector Rebound

Ethereum traded at $1,952, posting moderate gains during the broader rally. The asset moved in line with Bitcoin after the PMI data release. Improved risk appetite lifted large-cap digital assets across the board.

Ethereum benefited from stronger spot market activity. Additionally, ETF-related flows supported sentiment around major cryptocurrencies. Yet, derivatives positioning reflected restrained leverage in the market.

On-chain activity showed signs of stabilization. Network usage and transaction metrics improved compared to prior weeks. Even so, broader cycle indicators still suggested structural weakness.

CryptoQuant’s Bull-Bear Market Cycle Indicator remained below zero. The reading also stayed under its 365-day moving average. This configuration historically aligns with bear market conditions.

Market analysts compared current conditions to early 2022. During that period, Bitcoin rallied sharply after geopolitical shocks. However, prices later resumed their broader correction.

Bitcoin’s retest of $70,000 reignited optimism across the sector. Yet, on-chain indicators and macro risks temper expectations. For now, the crypto market remains in a correction within a fragile environment.

Market pumped yesterday and majority of traders started calling 72k and 80k for $BTC
While OI (Open Interest) was expanding aggressively there was heavy absorption at the highs $BTC swept pwH liquidity…expecting a sweep of this level again for round 2 short
Also, we had large… pic.twitter.com/aDtaeZzI6h

— Simbaland (@PipsAlpha) March 3, 2026

Tomi’s Daily BTC Thread:
$BTC consolidating ~$68.5k–$69k after yesterday’s +5–6% bounce from $65k lows. Hit $70k+ resistance but rejected hard – shorts squeezed, but macro caution lingers. Breakout or more chop? Dive in 🧵👇 pic.twitter.com/83fJbWkNhz

— Tomi Point (@tomipoint) March 3, 2026

After four weeks of redemptions, U.S. spot Bitcoin ETF products snap back with a $458m daily surge and renewed institutional demand.

U.S. spot Bitcoin ETFs are quietly back in accumulation mode, and the tape looks more like the start of a second leg than a dead‑cat bounce. Weekly data shows Bitcoin ETF products pulling in about $787.3m in net inflows in the seven days to Feb. 27, ending a four‑week outflow streak that had drained roughly $2.48b from the complex. A single three‑day burst added around $1.02b, including a $506.5m peak day, as issuers such as BlackRock and Fidelity saw flows reverse sharply after a bruising February. For a deeper breakdown of that shift, crypto.news highlighted how “weekly Bitcoin ETFs flow remain positive with BTC back above $66K,” framing it as the first decisive sign that redemptions have been absorbed.

That turn set the stage for March’s opening jolt of demand. Fresh figures show about $458.2m in net inflows into U.S. Bitcoin ETFs on Mar. 2, marking the first positive day of the month and immediately easing fears of another protracted bleed. BlackRock’s IBIT vehicle captured roughly $263.2m, more than half of the total, while Fidelity’s FBTC drew about $94.8m and Bitwise’s BITB added around $36.4m. As one flow recap put it, “March kicked off on a positive note as investors collectively put $458.2 million into the different Bitcoin ETF products,” a sharp contrast with the $27.5m in redemptions that had closed February.

Institutional confidence returns as ETF breadth widens

For analysts, this looks less like noise and more like confirmation of a structural bid from wealth platforms and pensions. A recent crypto.news analysis noted that “Bitcoin ETFs recorded $787.31 million in net inflows for the week… ending four red weeks,” adding that it was “the first positive week since late January” and a sign that sidelined capital steps back in quickly when macro fears fade. A separate research piece on ETF adoption argued that spot products have become a “cornerstone of institutional investment strategies,” estimating that U.S. funds held around 1.5m BTC, or roughly 7% of maximum supply, by late 2025.ainvest+1
Price is starting to reflect that flow regime. Bitcoin (BTC) trades around $67,000–$68,000, up roughly 1–2% over the last 24 hours, after ranging between about $63,000 and $67,000 during the latest ETF‑driven reversal. Ethereum (ETH) is changing hands near $2,000, with 24‑hour volumes in the low tens of billions as it lags Bitcoin’s ETF story but remains tightly correlated to broader risk sentiment. Solana (SOL) sits in the mid‑$80s, little changed on the day, yet increasingly tethered to the same flows as traders position for potential multi‑asset products.