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Franklin Templeton's Crypto Step: Purchase Agreement
Franklin Templeton, a global financial giant managing over $1.7 trillion in assets, is making a significant acquisition to expand its crypto investments. According to The Wall Street Journal, the company has reached an agreement to acquire 250 Digital, a spin-off from venture capital firm CoinFund. Following the completion of the deal, Franklin Templeton's new crypto unit will operate under the name "Franklin Crypto." This structure will focus on developing strategies specifically for pension funds, sovereign wealth funds, and other large institutional investors. According to Sandy Kaul, the company's head of innovation, this move is seen as a step towards a more systematic approach to cryptocurrency investment by institutional capital. The financial details of the agreement have not been publicly disclosed. New institutional-focused structure250 Digital, which became independent in January after splitting from CoinFund, is led by experienced industry figures Christopher Perkins and Seth Ginns. By incorporating this team, Franklin Templeton is both strengthening its human resources and expanding its product portfolio for institutional investors. The company is not actually a newcomer to the crypto space. Franklin Templeton, which entered the sector early in 2018, now has a digital asset team of approximately 50 people. Furthermore, the company, which offers tokenized money market funds, was among the first issuers of spot Bitcoin and Ethereum ETFs launched in the US in 2024. In this respect, the company stands out as one of the pioneering actors bridging the gap between traditional finance and blockchain-based financial products. Franklin Templeton's Bitcoin ETF is traded under the name EZBC. Franklin Templeton's collaboration with Binance, which made its tokenized funds usable as collateral on the crypto exchange, was also a noteworthy step.Market downturn seen as an opportunityMarket conditions also played a decisive role in the company's acquisition decision. The approximately 45% pullback in Bitcoin from its peak above $126,000 and the trillions of dollars lost in the total crypto market capitalization posed a risk for many investors, but Franklin Templeton sees it as a strategic opportunity. Sandy Kaul emphasizes that the sharp sell-off reinforced the perception that it was the "right time." It is stated that during this process, talented professionals in the sector are expected to gravitate towards more stable and corporate structures.On the other hand, the current market cycle presents a different picture than the major crash of 2022. While the chain of bankruptcies and systemic risks experienced during that period are not seen to the same extent this time, it is noteworthy that the market has remained more resilient.
Massive Crypto Operation: 10 Executives Charged with Manipulation
In a notable operation targeting the cryptocurrency market in the US, serious charges have been brought against 10 executives and employees of four different "market maker" companies. According to indictments released by the Department of Justice, those affiliated with Gotbit, Vortex, Antier, and Contrarian are accused of conducting "wash trading" and organized pump-and-dump schemes to artificially inflate trading volume and prices. Authorities state that these activities were not limited to market manipulation but also involved misleading investors into buying crypto assets at inflated prices. It is reported that numerous investors, particularly in the US and other countries, suffered losses as a result of this process. Source: Wu Blockchain According to the statements, the investigation emerged from a covert operation conducted jointly by the FBI and the IRS (Internal Revenue Service). Federal agents created their own crypto tokens to expose the illegal services offered by market maker firms. Through transactions conducted using these tokens, it was determined that some companies inflated their trading volume through fraudulent buy-sell transactions. Wash trading refers to the repeated buying and selling of the same asset to create the perception of demand and liquidity that does not actually exist in the market. The artificial volume created by this method attracts the attention of investors; it creates the impression that the asset is "popular" and pushes prices up. However, since this rise is not sustainable, the process usually ends in sharp declines. According to the information in the indictments, the accused individuals come from different countries; names from countries such as Russia, India, Taiwan and Serbia are included in the file.It was stated that three defendants were extradited from Singapore to the US as part of the investigation and appeared before a judge for the first time in a federal court in Oakland. It is noteworthy that two CEOs are among those extradited. It was also announced that some defendants had pleaded guilty and been sentenced by the court during the previous investigation process.$1 million worth of assets seizedAuthorities announced that more than $1 million worth of crypto assets have been seized so far as part of the operation. If the charges are accepted by the court, the defendants could face up to 20 years in prison and fines of up to $250,000 for each offense.The case file specifically mentions that Gotbit has previously faced similar charges and sanctions in previous operations. This indicates that some market makers have been systematically using similar methods for a long time.Market makers, known as liquidity providers in the crypto market, normally facilitate buying and selling transactions, adding depth to the market.US prosecutors emphasize that investors should be more cautious, especially regarding signals such as "high volume" and "sudden price increases." It is stated that the investigation may include new names in the future and that controls on similar activities will be tightened.
Interactive Brokers Opens 11 Crypto Trades in Europe
Global brokerage firm Interactive Brokers has launched a cryptocurrency trading service for individual investors in the European Economic Area (EEA). Offering this service through its Ireland-based subsidiary, the company provides investors with access to both digital assets and traditional financial products through a single platform. Which cryptocurrencies?Under the new service, users can trade a total of 11 different crypto assets, primarily Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). The list also includes leading altcoins such as Litecoin (LTC), Bitcoin Cash (BCH), Chainlink (LINK), Cardano (ADA), XRP, Dogecoin (DOGE), Avalanche (AVAX), and Sui (SUI). These assets are offered integrated with platforms where investors already trade stocks, options, futures, and bonds. According to the company's statement, this expansion aligns with Interactive Brokers' goal of making its digital asset services more accessible in Europe. Trading can be done through the company's platforms such as Trader Workstation, IBKR Desktop, Client Portal, IBKR Mobile, and IBKR GlobalTrader. This allows users to manage their portfolios within a single ecosystem instead of dividing them across different applications.Multiple asset management on a single platformInteractive Brokers CEO Milan Galik emphasizes that the new service offers significant flexibility to investors. According to Galik, investors no longer have to compromise on the trading tools and pricing structure they are accustomed to when turning to crypto assets. This approach makes risk, liquidity, and capital management more efficient, especially for users who want to diversify their portfolios.Crypto transactions can be carried out 24 hours a day, seven days a week. Transaction fees are stated to range from approximately 0.12% to 0.18% of the transaction value. The company also states that no hidden spreads or custody fees are applied, and users can control prices with limit orders.The infrastructure of this service is provided by Zerohash, which offers digital asset and stablecoin solutions. Through this integration, Interactive Brokers aims to provide crypto access in compliance with regulations, while also managing security and operational processes according to corporate standards.Competition is heating up in EuropeInteractive Brokers' move signals a new era in Europe where crypto and traditional finance are merging. Especially recently, with the clarification of the regulatory framework, it is observed that large financial institutions are increasing their activities in the region. These developments facilitate access to crypto assets for both individual and institutional investors. On the other hand, a similar step was recently taken by Coinbase. The company, under its MiFID II license, launched futures products in the European Economic Area, offering its users products for both crypto and traditional markets. This shows that competition in the region is intensifying not only among crypto exchanges, but also between established financial institutions and technology-focused platforms.
Bernstein Warns Crypto Stocks: Is the Bottom Near?
The recent sharp pullback in crypto-related stocks has refocused investor attention on this sector. Bernstein, a global research and brokerage firm, stated in its latest analysis that crypto-focused company stocks are trading at approximately a 60% discount compared to their recent peaks. The company emphasized that this situation stems from a weak short-term market sentiment and does not fully reflect long-term growth potential. According to analysts, while companies serving the crypto asset infrastructure (especially exchanges, brokerage firms, and tokenization platforms) have experienced significant value losses, growth continues in their core business models. Areas such as stablecoins, derivatives, prediction markets, and the tokenization of real-world assets continue to diversify the revenue streams of these companies. Nevertheless, it is stated that market pricing reflects short-term uncertainties rather than current growth dynamics.Weak first-quarter expectations, but strong long-term growth signalsBernstein predicts that this weak outlook may continue, particularly until the first-quarter financials of the year. However, analysts point out that the market may bottom out after the first-quarter earnings reports. This view aligns with assessments that the pressure created by recent US regulations, and particularly developments surrounding stablecoin issuer Circle, may have been exaggerated. Bernstein, while maintaining his "outperform" recommendation for crypto exchange Coinbase, lowered his target price from $440 to $330 but continues to expect long-term growth. Despite a short-term decline in trading volume, the company's revenue is expected to grow by approximately 26% compound annual until 2027. According to analysts, stablecoin revenue is the biggest contributor. Coinbase's strong position in this area is supported by its earning approximately half of USDC revenue. Furthermore, subscription and service revenues act as a buffer against volatility in crypto prices, allowing the company to create a more stable revenue structure without relying solely on spot trading volume. Similarly, a positive outlook is maintained for Robinhood shares. While Bernstein lowered his target price for the company from $160 to $130, he states that the growth expectation remains. It is stated that prediction markets, in particular, could play a significant role in Robinhood's future revenue. According to analysts, this segment could account for approximately 10% of total revenue by 2026.Robinhood's diversification into different revenue streams, including margin trading, subscriptions, and banking services, in addition to crypto transactions, is a significant advantage. This diversification makes the company more resilient to volatility in the crypto market.On the other hand, the "outperform" rating for Figure Technology Solutions was maintained, while the target price was revised from $72 to $67. The company stands out as a major player in the blockchain-based tokenization space. The fact that its revenue is not directly tied to crypto prices distinguishes it from other companies.Bernstein expects Figure's loan issuance volume to reach $12.8 billion by 2026. The company is projected to continue its growth, particularly through housing loans, new financing products, and expansion in its marketplace model. The fact that monthly loan issuance exceeded $1 billion as of March also supports this trend. Looking at the overall picture, Bernstein analysts believe the current decline in crypto-related stocks stems not from structural weakness, but from macroeconomic pressures and market sentiment. Therefore, current valuations are declining faster than the companies' fundamental performance, and there is potential for a recovery in the medium to long term.
CoinShares: Bitcoin and Ethereum Deepen Their Outflow, XRP Diverges
While the recovery trend seen in cryptocurrency markets in recent weeks has given way to renewed selling pressure, the latest CoinShares report clearly reveals the divergence, especially in the altcoin sector. While strong outflows were observed in both Bitcoin and Ethereum, the continuation of selective inflows in some altcoins is noteworthy.According to CoinShares and SoSoValue data, a total of $414 million flowed out of global digital asset investment products in the week ending March 27. This data indicates the end of the inflow series that had continued for the past five weeks. During the same period, a net outflow of $296 million occurred from US spot Bitcoin ETFs.According to the report, this negative picture is largely due to macroeconomic developments. The prolonged US-Iran tension and the shift from expectations of a Fed interest rate cut to the possibility of a rate hike have weakened investors' risk appetite. This has accelerated outflows, particularly from institutional investment instruments. Bitcoin and Ethereum at the center of selling pressureWhen the asset-based distribution is examined, Bitcoin and Ethereum are among the areas where selling pressure is felt most intensely. Bitcoin investment products experienced a weekly outflow of $194 million, but still maintained a net inflow of $964 million since the beginning of the year. This suggests that despite weakening demand in the short term, long-term confidence persists. The picture is weaker for Ethereum. With a weekly outflow of $222 million, this asset experienced the largest loss. Thus, Ethereum's total inflow since the beginning of the year has fallen to -$273 million, marking one of the weakest performances among major assets. The report emphasizes that this situation may be linked to regulatory uncertainties and especially developments in the US.Altcoin divergence: XRP positive, Solana weakThe altcoin side presents a more fragmented picture. According to CoinShares data, XRP was one of the rare assets that showed positive divergence with a weekly inflow of $15.8 million. This indicates that institutional investors continue their selective interest in certain altcoins. In contrast, Solana saw an outflow of $12.3 million. This reveals that high-beta altcoins face stronger selling pressure during periods of risk aversion. The continued outflows from multi-asset funds support the idea that investors are generally cautious in the crypto asset class. Smaller altcoins, however, are showing limited but noteworthy movements. Small-scale inflows are seen in projects like Chainlink and Stellar, indicating that investors are taking more selective positions rather than exiting the market entirely. Indeed, in previous weeks, a more volatile picture was seen, with altcoins like Solana and Chainlink attracting inflows, while XRP experienced occasional outflows. On the other hand, the $4 million inflow into "short Bitcoin" products shows that disagreements about the market's direction persist, and some investors are taking positions expecting a decline.US at the center of outflows, Europe looking for opportunitiesRegional data also presents a striking picture. The US accounts for almost all of the negative flows with $445 million in outflows; while countries like Germany and Canada see inflows of $21.2 million and $15.9 million respectively. This reveals that some investors are viewing the declines as opportunities to "buy at the bottom." Total assets under management (AuM) fell to $129 billion, returning to levels seen at the beginning of February. This decline indicates that the market has returned to risk-aversion mode in the short term.
BNP Paribas Takes a Step Towards Crypto: 6 New Products on the Way
BNP Paribas, one of Europe's largest banks, has taken a notable step by expanding its strategy towards crypto assets. The bank is preparing to offer its clients six new exchange-traded notes (ETNs) that provide indirect investment opportunities in digital assets such as Bitcoin and Ethereum. These products, which will be accessible starting March 30th, are considered a development that further strengthens the bridge between traditional finance and the crypto ecosystem.The new ETNs are being issued by major asset managers such as BlackRock, Fidelity, Invesco, and WisdomTree. This allows BNP Paribas to offer its clients not only its own products but also solutions from players with strong risk management and institutional credibility in the sector. With this move, the bank is opening an alternative channel for investors who do not wish to directly purchase crypto assets.A new but controlled door for investorsThese products are subject to significant limitations under the European Union's financial regulations. In particular, the MiFID II framework prioritizes investor protection and makes access to such products subject to certain conditions. BNP Paribas, in line with this, requires individual investors to undergo detailed suitability tests before accessing these products. The aim is to measure whether investors truly understand the risks of the highly volatile crypto markets.ETNs offer returns indexed to the price movements of assets such as Bitcoin or Ethereum, rather than directly buying these assets. However, there is a critical difference here. Unlike physically secured ETFs, ETNs are structured as unsecured debt instruments. This means that investors are exposed not only to fluctuations in the crypto market but also to BNP Paribas' credit risk.The bank describes these products as "indirect and regulated crypto access," while specifically emphasizing that it does not directly recommend crypto assets.Regulations are a catalyst, not an obstacleBNP Paribas' move coincides with a period of changing regulatory approaches to crypto globally. The impending implementation of the MiCA regulation in Europe offers a clearer playing field for banks. Similarly, in the UK, the Financial Conduct Authority's (FCDA) plan to re-authorize crypto ETNs in 2025 has paved the way for these products to reach retail investors.With a total market capitalization of approximately $2.5 trillion and Bitcoin's dominance exceeding 50%, the crypto ecosystem has moved beyond the question of "should we enter?" for institutional players. The real question is how these assets will be integrated into existing financial systems.BNP Paribas's move is precisely an answer to this question. The bank not only offers investment products but also develops tokenized funds on the Ethereum network and is working on a euro-based stablecoin project. This stablecoin initiative, planned to be launched this year, specifically targets use in areas such as cross-border payments and securities transactions.Meanwhile, Bitcoin ETFs continue to be a popular choice for many firms.
Bitcoin Erases Weekend Losses: Reaches $67,000
The cryptocurrency market is exhibiting a cautious outlook in recent days, influenced by rising geopolitical tensions and macroeconomic uncertainties. Bitcoin, after rising to levels as high as $71,000 last week, has retreated and is trying to find equilibrium around the $66,000 mark. This lack of direction in the market indicates that the "risk aversion" trend is gaining strength, particularly with the escalating US-Iran tensions in the Middle East.After experiencing a brief but sharp drop over the weekend, Bitcoin price fell to $65,000 before recovering and trading in the $66,000-$67,000 range. However, the fact that the price is still below last week's peaks reveals that investors are maintaining a cautious stance. On the other hand, it is noteworthy that Bitcoin is trading approximately 47% below its October 2025 target of $126,000. Geopolitical tensions and oil prices are putting pressure on the marketAccording to analysts, the weak market outlook is fundamentally rooted in the ongoing tension between the US and Iran. Iran's attacks on some countries in the Gulf region and the deadlock in diplomatic talks are increasing uncertainty in global markets. Developments, particularly around the Strait of Hormuz, are triggering concerns about energy supply, causing oil prices to rise.Rising oil prices, in turn, are pushing inflation expectations higher. This weakens the likelihood of the US Federal Reserve cutting interest rates, putting pressure on risky assets. Cryptocurrencies are also exhibiting a similar performance to traditional risk assets, experiencing selling pressure.The fact that the fear and greed index, which measures market sentiment, is at the "extreme fear" level indicates that investor psychology remains weak. Experts believe that if current conditions continue, Bitcoin could retreat towards the $60,000 level.The ETF market reversed directionAnother reflection of macroeconomic pressure was seen in spot Bitcoin ETFs. While a total net outflow of approximately $290 million was experienced last week, the $225 million outflow seen on the last trading day of the week was particularly noteworthy. This figure was recorded as the sharpest single-day outflow of the week. One of the largest outflows occurred in BlackRock's IBIT fund. The outflow of over $200 million from this fund in a single day was noteworthy.Analysts state that these outflows are largely related to the "risk-off" trend and quarter-end portfolio rebalancing. However, some experts emphasize that weekly ETF data alone does not indicate a structural trend change, and that hedge fund strategies also play a role in these flows.Individual and institutional investors divergeOne of the interesting developments in the market is the divergence in the behavior of individual and institutional investors. While individual investors largely remain cautious and stay away from the market, institutional investors are said to be acting with a longer-term perspective.The renewed inflows into spot Bitcoin ETFs in recent months and the preparation of new products by some large financial institutions indicate that structural demand continues on the institutional side. According to experts, historically, in periods where such divergences occur, the direction of institutional investors can be decisive in the long term. Eyes on macroeconomic data and possible scenariosThe US macroeconomic data to be released in the coming days is also being closely monitored in the market. It is thought that a short-term recovery in risky assets may be seen, especially if unemployment claims and non-farm payroll data come in below expectations.
NYSE's parent company invests $600 million in Polymarket
Intercontinental Exchange (ICE), a leading player in the traditional financial world, has taken a new step to accelerate its growth in the prediction markets sector. The company announced an additional $600 million cash investment in the popular prediction platform Polymarket. This move follows ICE's initial $1 billion investment in October 2025 and represents a significant portion of the planned $2 billion package. According to the announcement, ICE is not only providing new capital but is also considering purchasing up to $40 million worth of additional Polymarket shares from existing investors. This demonstrates the company's commitment to increasing its stake in the platform and its strong belief in its long-term growth potential.Institutional interest in prediction markets is increasingPrediction markets stand out as platforms where users can take positions on the outcome of many real-world events, from election results and economic data to geopolitical developments. Platforms like Polymarket and Kalshi have recently attracted attention with their increasing trading volumes and user interest. ICE's move into this area shows that traditional financial institutions are increasingly placing importance on alternative data and market forecasting tools. The increasing prevalence of data-driven decision-making processes makes such platforms attractive not only to individual investors but also to institutional actors. However, forecasting markets remain a controversial area in terms of regulation. The trading of information related to sensitive events, in particular, raises questions about market integrity and ethics. Therefore, the sector is under close scrutiny by both federal and local regulators.Competition is intensifying, valuations are risingICE's latest investment coincides with a period of increasingly intense competition in the forecasting markets. Valuations of platforms operating in the sector have reached up to $20 billion in recent funding rounds. This reveals that institutional investors' appetite for the area is quite strong.The financial details of the investment have not yet been disclosed. The company stated that Polymarket's valuation and the final terms of the investment will be clarified after the completion of the current funding round. ICE also emphasized that this transaction is not expected to have a significant impact on the company's overall financial performance or capital return plans. On the other hand, ICE's move in this area, as the parent company of the New York Stock Exchange, also shows that traditional stock exchange operators do not want to be limited to only classic financial products. The company is increasingly making its strategy of developing integrated solutions with crypto assets and alternative financial instruments more visible.
Massive $15.5 Billion Options Day: BTC and ETH at a Threshold
The cryptocurrency markets are facing one of the most significant derivatives developments of the year. A massive expiration of Bitcoin and Ethereum options, totaling over $15.5 billion, is taking place today. According to data, this event stands out as one of the largest option closures in the first quarter of 2026 and could be decisive for short-term price movements. With the majority of options expiring on the Deribit exchange at 11:00 AM (08:00 UTC), the market is experiencing both price pressure and a search for direction. The fact that Bitcoin and Ethereum are trading below what is known as their "max pain" levels strengthens the expectation that prices may be pulled towards these levels.Is the market pulling towards "max pain" levels?In options markets, "max pain" refers to the price level at which the most option contracts expire worthless. Therefore, the process of market makers balancing their positions could cause prices to approach these levels. With approximately $14 billion worth of Bitcoin options expiring, the maximum pain level is in the $74,000-$75,000 range. However, the current price of BTC is hovering around $68,000. This indicates that the price may remain under upward pressure, but sufficient momentum for a strong breakout has not yet been generated.The distribution of positions in the market is also noteworthy. The fact that call options outnumber put options reveals that investors maintain an upward expectation in the medium term. Nevertheless, the low price in the short term increases the risk of many long positions closing at a loss. According to analysts, Bitcoin remaining below $70,000 supports the weak outlook, while movements above $72,000 could quickly change market sentiment. While $75,000 remains a critical resistance level, the $66,000-$67,000 range stands out as an important support zone. Ethereum is exhibiting a more sideways trendOn the Ethereum front, approximately $2.1-2.2 billion worth of options are expiring. While the maximum pain level set for ETH is in the $2,250-$2,300 range, the fact that the current price is quite close to this level indicates that volatility may remain more limited compared to Bitcoin.The ETH price is currently stabilizing just above $2,000 in the short term. Therefore, the possibility of fluctuation in a narrow band rather than sudden and sharp movements is seen as higher. However, a breakout above $2,386 could bring a stronger bullish scenario to the fore.In terms of downside risks, the $2,020 and $1,916 levels stand out, while movements below $1,800 could open the door to a deeper correction.Institutional investors are playing the long termDespite short-term pressure, on-chain and block transaction data show that large investors are following a different strategy. According to market data, institutional players are closing their expiring contracts and turning to June and September expiring call options with higher price targets (out-of-the-money).This indicates that the current weak price movements are considered temporary and a stronger recovery is expected in the medium term. In other words, although there is selling pressure in the short term, large players are holding onto their positions, preparing for a potential uptrend. The real movement may come after expiryAccording to the consensus of analysts, while option expiry days generally create temporary pressure, the real direction is determined after expiry. In particular, the elimination of such a large open position from the market eliminates the "max pain" effect on the price.In addition, a decrease in "implied volatility," known as an IV crush, is expected in the post-expiry period. This poses a risk for short-term option buyers while creating an advantageous environment for sellers.Looking at past data, it is seen that clearer and stronger price movements emerge within 3 to 7 days following large option closures. Therefore, the real opportunities for investors are expected to emerge in the new trend that may develop after today's close.
Crypto-Backed Mortgages are Starting in the US for Housing Finance
Fannie Mae, one of the most critical players in the US housing finance system, is preparing to launch a mortgage model that accepts crypto assets as collateral. According to information reported by The Wall Street Journal, the new product was developed in collaboration with Better Home & Finance and Coinbase. This step is considered a significant milestone in the integration of digital assets into the traditional financial system.The new model allows users who want to buy a home to use their crypto assets as collateral without selling them. Thus, investors will be able to access housing loans and protect their positions in the crypto market without having to convert their digital assets into cash.The crypto-collateralized loan model is expandingFannie Mae's entry into this field could actually make existing crypto-collateralized loan models more accessible to a wider audience. Given the institution's central role in the US mortgage market, the potential for such a product to become widespread is seen as quite high. Because Fannie Mae is a federally supported institution and operates under the supervision of the Federal Housing Finance Agency, the loan products it offers generally have standard-setting characteristics.Under the new mortgage product, it is stated that applicants can use assets such as Bitcoin and USD Coin as collateral. Loans will comply with "conforming loan" standards, similar to traditional mortgage products. This means that consumer protections and loan terms will be similar to the classic system.For Coinbase users, the process is further simplified. Assets on the platform can be transferred to custody wallets without being sold, and users will continue to protect their ownership rights. This structure can allow crypto investors to access liquidity without disrupting their long-term positions. Price fluctuations will not affect loan terms.One of the notable aspects of the model is the details regarding the collateral structure. The "margin call," or additional collateral request, frequently seen in traditional crypto-backed loans, will not be included in this product. This means that even if the value of the crypto assets used as collateral decreases, the loan terms will not automatically change.For the collateral to be at risk, the borrower must fail to meet their payment obligations. Accordingly, if the borrower does not make payments for 60 days, the collateral will be activated. This approach aims to reduce the pressure of volatility in the crypto market on loan users. Uncertainties and Regulatory FrameworkAlthough the development has generated significant buzz, some critical points regarding the product's details remain unclear. Issues such as which crypto assets will be accepted, how collateral valuation will be conducted, and what the risk management criteria will be will be clarified in the coming period.This development is seen as part of a broader integration process for crypto assets in the US. Recently, the steps taken by both regulatory bodies and major financial institutions in the field of blockchain and tokenization have attracted attention. In particular, tokenization initiatives on exchanges and diversification in investment products are strengthening the place of digital assets in the financial system.Bitcoin Price Pulls BackOn the other hand, despite this development, Bitcoin experienced a short-term pullback in price. Trading at around $69,400 with a daily decrease of approximately 3%, BTC moved in parallel with the general market weakness. Macroeconomic pressures and institutional selling are cited as factors influencing this decline.Liquidations seen in derivative markets also put pressure on the price. Approximately $61.7 million worth of Bitcoin positions were liquidated in the last 24 hours, with the majority of these being long positions. Analysts suggest that a drop below $69,000 could lead to a further decline to $67,800, but a recovery towards the $71,300 region is possible if current levels are maintained.
MARA Sells $1.1 Billion Worth of Bitcoin
MARA Holdings, a Bitcoin mining company, has made a notable move in its balance sheet management. The company announced that it sold 15,133 BTC worth approximately $1.1 billion and used the proceeds to repurchase its convertible bonds. According to the announcement, the sales took place between March 4th and March 25th. This process followed immediately after MARA updated its digital asset management policy on March 3rd. With this policy change, the company moved away from its approach of only selling newly mined Bitcoins and included its BTC assets held on its balance sheet in the sale. At the time of the policy change, the company held a total of 53,822 BTC, approximately 28% of which was used in loan and collateral agreements. Debts decreased by 30%MARA used the proceeds to repurchase a significant portion of its interest-free (0.00%) convertible bonds maturing in 2030 and 2031. The company repurchased $367.5 million in principal from 2030 bonds to $322.9 million and $633.4 million from 2031 bonds to $589.9 million. These transactions are expected to be completed on March 30 and 31. As a result of these repurchases, MARA's total convertible debt decreased by approximately 30% to $2.3 billion. Following the transactions, $632.5 million in principal remains on the 2030 bonds and $291.6 million on the 2031 bonds. The company stated that these transactions resulted in approximately $88.1 million in cash savings, excluding transaction costs, which represents a discount of approximately 9% to the nominal value. MARA CEO Fred Thiel emphasized that this move increased the company's strategic flexibility. According to Thiel, the company is now moving away from a structure focused solely on Bitcoin mining and is expanding into digital energy and artificial intelligence/high-performance computing (AI/HPC) infrastructure. This transformation is also seen as part of the company's goal to increase revenue diversification.Weakening financials draw attentionThe company's latest financial results provide important signals for understanding the background of this strategic change. MARA reported a net loss of $1.7 billion in the fourth quarter of 2025. This figure indicates a sharp deterioration compared to the net profit of $528.3 million recorded in the same period of the previous year. The biggest factor in the loss was stated to be the negative change of $1.5 billion in the fair value of digital assets due to the approximately 30% drop in the price of Bitcoin.A limited decline was also observed on the revenue side. The company's revenue decreased by 6% year-on-year to $202.3 million.
Bhutan Sells Bitcoin: Reserves Rapidly Dwindling
The Kingdom of Bhutan has entered a notable period of unwinding in its Bitcoin holdings. According to recent on-chain data, the country transferred approximately 519.7 BTC from its main wallet addresses, adding about $37 million worth of additional supply to the market. With this latest transaction, Bhutan's total Bitcoin reserves have fallen to 4,453 BTC, while the value of the assets held by the country is approximately in the $315-318 million range. Arkham Intelligence data reveals that some of the transferred Bitcoins went to addresses linked to Singapore-based crypto trading company QCP Capital. This indicates that these transactions were not only a redistribution within wallets but also potentially intended for sale or liquidity management.The pace of selling accelerated in MarchBhutan's transactions throughout March indicate a remarkable acceleration. In just the last few weeks, the country transferred approximately $110 million worth of Bitcoin in total. In the 24-hour period leading up to March 18th, $72 million worth of BTC was moved in six separate transactions, while on March 9th, a transfer of approximately $11.8 million was recorded. The fact that only around 284 BTC was transferred in February makes the increase in March even more significant. This picture shows that Bhutan has entered a systematic process of reducing its Bitcoin reserves.According to Arkham's analysis, Bhutan generally prefers to make tiered sales in the range of $5 to $10 million. However, the significant increase in transfer volume in the last two weeks indicates that this strategy has entered a more aggressive phase.65% Drop from PeakBhutan's Bitcoin holdings peaked at over 13,000 BTC in late 2024. Today, reserves have decreased by approximately 65%. This decrease reflects both regular sales and the use of reserves due to the country's financial needs. Bhutan views its Bitcoin holdings not only as an investment vehicle but also as a source of financing for economic development projects. Specifically, the Gelephu Mindfulness City (GMC) project plans to utilize crypto reserves. The country also aims to create a strategic crypto reserve including assets such as Bitcoin, Ethereum, and BNB. A model extending from mining to developmentSince 2019, Bhutan has been among the leading countries investing in Bitcoin mining. The country sustains its mining activities with low-cost and environmentally friendly energy thanks to hydroelectric power plants built on rivers fed by glaciers.In 2023, the state sovereign wealth fund Druk Holding and Investments (DHI) decided to expand its mining capacity by forming a $500 million partnership with Bitdeer. This model shows that Bhutan has made crypto directly a part of its economic growth strategy. Market impact and weakening demand signalsBhutan's sales coincide with a fragile period for the Bitcoin market. On-chain data signals weakening demand. Glassnode's Accumulation Trend Score indicator is hovering near zero, revealing that investors are more inclined towards distribution than accumulation. Additionally, large investor activity has fallen to its lowest levels since 2023. CryptoQuant's Network Activity Index data also shows a decline in overall network activity and weakening structural demand.
Rare Event on the Bitcoin Network: A Two-Block “Reorg” Occurred
The Bitcoin network witnessed a rare technical event on Monday. A temporary fork, caused by different mining pools producing blocks almost simultaneously, resulted in a two-block "reorganization" (reorg). The event once again demonstrated the network's workings and how its consensus mechanism operates. According to the data, the process began with the formation of competing chains at block heights 941881 and 941882. Foundry USA Pool created its own chain, while AntPool produced an alternative block at the same height. Then ViaBTC pushed AntPool's chain one block further. Simultaneously, Foundry continued to expand its own branch. This short-lived competition presented a different picture than the forks that are sometimes seen on the Bitcoin network but are usually limited to a single block. This time, the competition lasted for two blocks, and therefore it was recorded as a "two-block reorg". The chain with the most manpower wonBitcoin's fundamental consensus rule is based on the chain with the highest total "proof of work" value being considered valid. The same mechanism came into play in this case.Foundry USA Pool's continued production of blocks made its own chain "heavier." Having achieved a series of seven blocks in total, Foundry surpassed competing chains. As a result, the nodes on the network accepted this chain with more manpower as the "canonical," or valid, chain. With this development, blocks produced by AntPool and ViaBTC became "stale blocks." That is, although technically valid, they did not earn rewards because they were outside the final chain.The balance of mining power was decisiveIt is believed that Foundry's high hash rate played a role in its victory. According to current data, Foundry USA Pool controls approximately 32.2% of the Bitcoin network's hash power. In contrast, AntPool's share is 15.7%, while ViaBTC's is 7.2%. This distribution increases the probability of larger pools finding consecutive blocks during short-term forks. However, this alone does not indicate an abnormal development. According to experts, each miner's probability of finding the next block is directly proportional to their hash rate.Why is a two-block reorg rare?Single-block reorganizations can occur from time to time on the Bitcoin network. The main reason for this is that blocks reach different nodes at different times and there is simultaneous block production.However, two-block reorgs are less common. For this to happen, competing chains need to run close to each other for at least two blocks. This has a lower probability in terms of both timing and network latency. No transactions were lostOne of the most frequently asked questions in such events is the fate of transactions. However, no transactions were lost during this reorg. Transactions within stale blocks were either already on the winning chain or returned to the transaction pool, pending processing in subsequent blocks. This once again demonstrated the Bitcoin network's resilience in maintaining data integrity. While this two-block reorg might seem unusual at first glance, it's actually a natural part of Bitcoin's design. The network automatically selects the strongest chain in response to short-term forks, reverting to a single, accurate historical record. This event serves as a recent example of the system working as expected.
ETH Outflow from Crypto Funds: Inflow into BTC and 4 Altcoins
Digital asset investment products saw inflows slow to $230 million last week. Compared to previous weeks, this marked a clear deceleration, with market sentiment shaped largely by the “hawkish pause” interpretation following the latest U.S. Federal Reserve (Fed) meeting. While inflows were strong at the beginning of the week, they reversed sharply after the FOMC decision, resulting in $405 million in outflows; this pressure eased somewhat toward the end of the week.Looking at the broader weekly trend, inflows totaled $635 million across Monday and Tuesday, signaling strong early demand. However, the Fed’s more cautious and tighter stance on its rate path weakened risk appetite and prompted investors to scale back positions. This shift emerged as the main reason behind the relatively modest weekly net inflows.Bitcoin, Ethereum, and altcoins: latest trendsOn an asset level, Bitcoin maintained its clear dominance. With $219.2 million in weekly inflows, it accounted for the majority of total flows, continuing to be seen as a relatively safer option in a period of uncertainty. At the same time, short-Bitcoin products recorded $6 million in inflows, highlighting ongoing divergence in market sentiment. Ethereum, on the other hand, reversed course. After three consecutive weeks of inflows, it recorded $27.5 million in outflows last week, signaling a decline in short-term investor interest. Multi-asset products also saw $2.2 million in outflows, with the category showing a negative trend on a monthly basis.The altcoin landscape presented a more mixed picture. Solana stood out with $17 million in weekly inflows, marking its seventh consecutive week of gains and bringing total inflows over that period to $136 million. This underscores Solana’s growing popularity among investors. XRP recorded a modest $2.9 million in weekly inflows, though it still showed a significant $129.7 million in monthly outflows. Chainlink saw $4.6 million in inflows, Sui $1.5 million, and the “other” category added $8.6 million.Litecoin showed no notable weekly movement, though it posted a modest $0.6 million in monthly outflows. No meaningful flows were observed for Zcash.Among investment product providers, iShares led with $257 million in weekly inflows. In contrast, Fidelity saw $105 million in outflows, Grayscale $26 million, and ARK 21Shares $28 million. Bitwise and CoinShares also recorded smaller outflows.Regionally, all major markets recorded net inflows on a weekly basis, which is considered a positive signal. The United States led with $153.6 million, followed by Germany with $30.2 million and Switzerland with $27.5 million. Smaller inflows were also seen in Canada, Brazil, and Australia. However, monthly data still shows ongoing outflows in some regions, particularly in Sweden and Germany.
Strategy And Bitmine Have Bought Bitcoin And Ethereum Again
While institutional players' accumulation strategies in the cryptocurrency market continue unabated, two distinct approaches stood out in the last week, both in Bitcoin and Ethereum. Michael Saylor's company, Strategy, continued its Bitcoin purchases but at a significantly more cautious pace compared to previous weeks; while Bitmine accelerated its aggressive accumulation in Ethereum, solidifying its position as one of the largest ETH holdings in the market. Strategy slows down its buying paceStrategy, led by Michael Saylor, purchased 1,031 Bitcoins last week. This purchase, totaling $76.6 million, represents a significant slowdown compared to the large-scale purchases exceeding one billion dollars made by the company in the previous two weeks. These Bitcoins were added to the portfolio at an average price of $74,326.The company's total Bitcoin holdings reached 762,099 BTC. Strategy built this accumulation at a total cost of approximately $57.7 billion, with an average purchase price of $75,694. Bitcoin's current price trading just below $70,000 indicates that the company's average cost currently remains above the market price.It was also noted that recent purchases were entirely financed through the sale of shares. In previous weeks, Strategy had used the proceeds from the issuance of STRC preferred shares for its high-volume purchases.On the market side, Strategy shares rose by approximately 1.7% in premarket trading in parallel with these developments. However, the slowdown in the company's purchase pace was interpreted by some investors as a signal to take a more cautious position.Bitmine Aggressively Grows in EthereumOn the other hand, Bitmine Immersion Technologies is exhibiting remarkable growth by focusing on Ethereum in its crypto asset strategy. The company's total crypto, cash, and "moonshot" investments have reached a value of $11 billion. The largest part of this portfolio consists of 4.66 million ETH.The amount of Ethereum held by Bitmine corresponds to approximately 3.86% of the total supply. This ratio makes the company one of the world's largest Ethereum holdings, placing it only behind Strategy's Bitcoin holdings on a global scale.Company management states that they have accelerated their Ethereum purchases, especially in recent weeks. Bitmine, which purchased 65,341 ETH last week, has increased its purchase pace from an average of 45,000–50,000 ETH in previous weeks. This aggressive accumulation strategy reflects the company's expectation that Ethereum is entering a strong recovery phase in the current cycle.Another important pillar of Bitmine's strategy is its staking activities. The company has staked approximately 3.1 million of its 4.7 million ETH. While approximately $184 million in revenue is generated annually from these staking activities, it is stated that this figure could reach $272 million when full capacity is reached. The Crypto "Safe Haven" Narrative is StrengtheningBitmine Chairman Tom Lee points out that crypto assets perform more strongly than traditional assets, especially during periods of geopolitical tension. According to Lee, Ethereum has recently risen by 18%, while gold has lost more than 15% of its value. This situation brings the "safe haven" narrative of crypto assets back to the forefront.In addition, the progress of regulations such as the Clarity Act in the US is seen as a positive catalyst for the market. The fact that the probability of the law passing by the end of the year is priced at over 68% in the forecast markets stands out as a factor that increases the appetite of institutional investors.
