Executive brief
Bitcoin has displayed significant resilience in the face of escalating geopolitical tension, surging above $73,000 to hit a fresh one-month high. This breakout occurs alongside a historic meltdown in the South Korean stock market, where the KOSPI index fell 12.1% in a single session. Market sentiment appears buoyed by reports that Iran has made a secret offer to negotiate an end to the conflict with the US and Israel. Institutional demand remains a primary driver, evidenced by US spot Bitcoin ETFs recording $225.2m in net inflows as BlackRock’s IBIT continues to offset redemptions from other funds.
Regulatory developments are also providing a directional cue, particularly with Kraken becoming the first crypto company to secure access to the US Federal Reserve core payments system. On the legislative front, President Trump has actively pressured banking groups to stop undermining a digital asset market structure bill, suggesting the industry might otherwise migrate to China. However, a significant risk cue has emerged from the mining sector; MARA Holdings has updated its policy to allow for the potential sale of its entire 53,822 BTC treasury to fund its pivot into AI infrastructure. Traders are also eyeing a structural opportunity in derivatives, as CFTC approval for onshore perpetual futures is anticipated as early as April.
1) Top 20 news headlines
- Bitcoin just cleared $73,000, but skeptical traders are already bracing for a bull trap; the asset broke its psychological resistance level despite being down 16% earlier this year.
- Kraken becomes first crypto company to secure Fed master account access; the Wyoming-chartered bank is the first in the industry to gain direct access to the Fedwire payment system.
- Top Bitcoin miner MARA open to selling entire $3.8b BTC stash; the company authorised the sale of its 53,822 BTC holdings to fund a pivot into AI data centres.
- Brian Armstrong met with Trump before the president slammed banks over crypto bill; Trump urged banking groups to make a good deal with the industry regarding the GENIUS Act.
- Bitcoin $85b derivatives engine may move onshore as CFTC eyes April approval; true perpetual futures could be approved for US regulated venues within the next month.
- US spot Bitcoin ETFs add $225m as BlackRock IBIT offsets redemptions; BlackRock recorded $322m in inflows on Tuesday to keep net figures positive.
- Bitcoin jumps to $72,000 as Asia stock market meltdown deepens; South Korea KOSPI index fell 12.1% in a single day as energy risks were repriced.
- Morgan Stanley taps Coinbase and BNY for custody in proposed Bitcoin ETF; the updated filing names BNY as the administrator and cash custodian for the trust.
- Bitcoin air pocket above $72,000 could mean quick run to $80,000; analyst data suggests very thin supply resistance exists between the $72,000 and $80,000 levels.
- Tether invests in sleep wellness firm Eight Sleep at $1.5b valuation; the stablecoin issuer contributed $50m to the startup as part of an AI and longevity expansion.
- Uniswap wins again in New York court as judge draws new line on DeFi liability; a federal judge dismissed fraud claims with prejudice, protecting neutral infrastructure from secondary liability.
- Tether finally lands Big Four auditor for US token; Deloitte issued a reserve report for the Anchorage-issued USAT token, which held $17.6m in assets.
- $BANK sale begins on Solana targeting poker staking market; the public sale involves 50m tokens to provide liquid exposure to managed poker bankrolls.
- Sui joins stablecoin race with USDsui mainnet launch; the native stablecoin aims to return treasury yields back to the network participants.
- South Korea moves to cap crypto exchange shareholder stakes at 20%; the proposed rule would force significant ownership restructuring for major local exchanges.
- XRP rewrites the playbook for altcoin ETF approvals; futures history on regulated venues could enable a 75 day approval path for new tokens by late 2026.
- Core Scientific shifts to AI and offloads 1,900 BTC; the miner sold the stash for $175m in January as it pivots capital toward data centre infrastructure.
- Solana stablecoin volume hits record $650b in February; Grayscale noted the volume was driven by growing demand for onchain retail payments.
- Paraguay plans first state-run Bitcoin mining project; the state utility ANDE is exploring the redeployment of 30,000 seized mining machines.
- Stablecoin payments startup Cyclops raises $8m; the firm aims to provide settlement solutions to merchants without requiring native blockchain infrastructure.
2) BTC and ETH ETF flows
| Metric | BTC | ETH |
|---|---|---|
| Net inflow | $225.2m | -$10.8m |
| Value traded | $4.0b | $1.2b |
| Net assets | $87.6b | $11.3b |
| Cumulative net inflow | $55.5b | $11.6b |
3) X trending news
- Bitcoin reclaims $73,000; the Nasdaq 100 extended gains to 1.2% as Bitcoin hit a fresh one-month high.
- Hormuz tanker traffic drops; traffic through the Strait of Hormuz has collapsed by 92% following the start of hostilities.
- Kraken Fed access; Kraken has become the first crypto exchange to gain access to the Federal Reserve core payments system.
- Iran secret offer; reports suggest Iran made a secret offer to negotiate a deal to end the war, sending stock futures higher.
- Trump warns banks; President Trump stated he will not allow banks to undermine the crypto agenda and urged a deal with the industry.
- Sweden war preparation; the central bank advised all adults to keep a week’s worth of cash at home for crisis essentials.
- US gas prices rise; average petrol prices in the US have increased to $3.20, the highest level since late 2025.