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Bitcoin fell sharply to below $64,000 after a rapid sell-off that erased 13% of its value in four days, pushing price action under the 2021 cycle high near $69,000. The decline coincided with a major reduction in leveraged positions, as futures open interest dropped by more than $10 billion in a week, signaling a broad leverage reset. Analysts are watching whether the break below the prior cycle high follows historical patterns where former peaks act as support, while also acknowledging that previous cycles have seen prices dip below those levels before establishing a final bottom.
Onchain and technical indicators point to a critical demand zone between $58,000 and $69,000, where a large volume of past transactions occurred and where the 200-week moving average currently sits. Order book data shows notable buying interest in the mid-$60,000 range, while momentum and sentiment measures have reached rare oversold conditions. The weekly RSI has fallen below 30 and adjusted net unrealized profit and loss has turned negative, indicating that the average holder is now underwater, a setup that in past cycles preceded recoveries. Although a short-term rally is not guaranteed, analysts note that the rapid deterioration in sentiment suggests a faster capitulation process than seen in earlier market downturns. Source
Bitcoin and the wider crypto market suffered one of their worst single-day collapses as BTC plunged from $77,000 to around $60,000 within 24 hours, wiping out more than $2.6 billion in leveraged positions and liquidating nearly 600,000 traders. Major altcoins followed with even steeper losses, with some dropping up to 20%, erasing months of gains and returning prices to levels seen before the 2024 US presidential election. Despite a modest rebound from local lows, the scale of the sell-off confirmed that the market has moved decisively out of a bull phase, driven largely by forced liquidations and sharp sentiment deterioration.
According to analysts cited by the Kobeissi Letter, the roots of the crash lie in a structural breakdown that began with a massive leverage wipeout in October, when $19 billion in positions were liquidated. Although prices later moved sideways, repeated liquidation gaps and declining market depth signaled unresolved fragility, with liquidity still more than 30% below its peak and selling pressure spreading beyond crypto. Since late January alone, another $10 billion in leveraged positions has been flushed out, reinforcing a self-feeding cycle of liquidations and worsening sentiment. Analysts believe a true bottom will only form once structural liquidity returns, combining full price and leverage capitulation with peak bearish sentiment, though they suggest the market may be approaching that stage. Source
Crypto market sentiment has fallen to its most fearful level since mid-2022 as Bitcoin dropped to a 15-month low near $60,255, more than 52% below its October 2025 peak. Derivatives data shows a sharp pullback in speculative activity, with Bitcoin futures open interest sliding to $21.96 billion, the lowest in over a year, signaling a broad retreat of leveraged capital. The Crypto Fear and Greed Index sank to 9, firmly in extreme fear territory, reflecting deep investor anxiety comparable to conditions seen during the Terra Luna collapse.
Analysts attribute the selloff primarily to macroeconomic pressures rather than crypto-specific fundamentals, pointing to Federal Reserve policy uncertainty, a strengthening US dollar, and stress spilling over from global bond markets and the tech sector. The dollar’s recent rally has tightened financial conditions, while options markets show traders aggressively paying for downside protection, underscoring defensive positioning. Ongoing risk aversion tied to concerns over tech and AI sector valuations has further weighed on sentiment, reinforcing Bitcoin’s sensitivity to broader liquidity conditions and raising fears that the market may already be in a bear phase. Source
Tether has acquired a $150 million stake in precious metals marketplace Gold.com, giving it roughly a 12% ownership and deepening its push into gold-backed assets. The deal will see Gold.com integrate Tether Gold, the company’s gold-backed token, into its platform, which sells physical gold and other metals such as silver and platinum to multiple markets including the US. Tether framed the investment as a long-term strategic hedge, emphasizing gold’s role as a store of value during periods of monetary stress and geopolitical uncertainty.
Alongside the equity investment, Tether and Gold.com are exploring ways for customers to buy physical gold using Tether’s stablecoins, including USDt and the newly launched USAt for the US market. The move follows strong momentum in gold prices over the past year and comes shortly after Tether’s $100 million investment in crypto-focused bank Anchorage, aimed at supporting USAt adoption ahead of the bank’s planned public listing. Tether reported $10 billion in profit for 2025, largely generated from interest on US Treasury assets backing its USDt reserves. Source
Vitalik Buterin argues that many newer Layer 2 networks are relying on repetitive, surface-level designs that prioritize familiarity over innovation, which he believes is slowing Ethereum’s long-term scaling vision. He says the widespread practice of launching generic EVM-compatible chains with standard optimistic bridges has become a default choice rather than a technically justified one, resulting in ecosystems that add little value beyond basic compatibility. While Ethereum’s base layer continues to scale and is expected to increase block space through 2026, Buterin notes that certain use cases like AI workloads may require different performance characteristics, and those needs should encourage genuinely new architectures instead of lightly altered replicas of existing chains.
He also emphasizes that many L2s no longer meet Ethereum’s original idea of scaling because they fail to meaningfully inherit its security, even as they market themselves as closely connected to the network. With falling mainnet fees and rising gas limits, he believes Ethereum no longer needs L2s to function as branded shards, and that projects should align their messaging with their actual technical relationship to Ethereum. Buterin outlines two acceptable paths: app-specific chains that rely deeply on Ethereum for settlement and security, and institutional systems that use Ethereum for transparency without claiming full trustlessness. He stresses that projects should be clear about which category they fall into rather than implying a stronger Ethereum connection than they truly have. Source
Bitcoin’s price has dropped sharply to around $63,000, roughly 50% below its October peak, putting significant pressure on miners as the market price approaches or falls below production costs for parts of the industry. Estimates for average mining costs vary, with some analysts placing them between $70,000 and $80,000, while others calculate lower median costs closer to $60,000 for publicly traded miners that benefit from scale and cheaper energy. Even so, several large operators face much higher implied costs, with some exceeding $100,000 per Bitcoin, meaning the current price environment could quickly become unsustainable if the downturn continues.
As prices move closer to or below production costs, higher-cost miners are likely to reduce operations or shut down entirely, slowing hash rate growth and accelerating consolidation across the sector as stronger firms acquire distressed assets. This pressure comes as the network approaches a mining difficulty adjustment expected to reduce difficulty by about 13%, which may offer temporary relief but does not offset the broader market stress. The rapid price decline has also triggered more than $2 billion in crypto liquidations in a single day, highlighting the intensity of the sell-off and underscoring the financial strain spreading across both miners and leveraged traders. Source
Polymarket is transitioning its settlement infrastructure from bridged USDC on Polygon to Circle-issued native USDC, reducing reliance on cross-chain bridges as activity on prediction markets continues to grow. The migration, planned over the coming months, will replace USDC.e with native USDC issued and redeemed directly by Circle’s regulated entities, allowing one-to-one redemption for US dollars. This change is intended to improve capital efficiency, scalability, and security by avoiding the additional trust and risk trade-offs associated with cross-chain bridge mechanisms.
The move positions Polymarket to offer more consistent dollar-denominated settlement as users trade contracts tied to real-world outcomes such as elections, economic data, and cryptocurrency prices. It also comes amid intensifying competition in the prediction market sector, with major crypto exchanges, brokerages, and betting platforms launching their own offerings across the US. While interest in these markets has surged since the 2024 US presidential election, regulators and analysts continue to raise concerns around potential insider trading risks and whether certain event contracts should be classified as gambling under state laws. Source
The Markethive Founding Share Token is positioned as a core element of the Markethive ecosystem, designed to support both platform development and community participation through its connection to the Initial Loan Procurement program. By issuing a fixed supply of 1,000 tokens, Markethive raises capital directly from its user base rather than relying on traditional institutional funding, reinforcing a community-driven growth model. These tokens represent a stake in the platform’s success, granting holders priority access to interest payments derived from a portion of Markethive’s net monthly profits. As adoption of the platform increases and its decentralized social market broadcasting services gain recognition, demand for the tokens is expected to grow alongside potential value appreciation.
Through the ILP structure, MFSTs function as blockchain-based debt instruments rather than speculative assets or equity, offering holders recurring interest distributions tied directly to verifiable financial performance. A defined share of net revenue is allocated to token holders for as long as the principal remains outstanding, with provisions for long-term settlement and transferability. The use of smart contract loan agreements under established commercial law frameworks enhances transparency and security, while divisibility of the token allows for flexible participation, rewards, and trading. This model aligns the financial outcomes of early participants with the platform’s expansion, presenting MFST ownership as both a funding mechanism for Markethive and a structured opportunity for community members to share in its long-term growth. Source
Gemini is shutting down its operations in the European Union, the United Kingdom, and Australia as part of a broader effort to cut costs and improve profitability. The crypto exchange said demand in those regions was not strong enough to justify the complexity and expense of maintaining operations, prompting a gradual wind-down over two months. Accounts in those markets will move to withdrawal-only status in early March before being fully closed in early April, with users given the option to transfer funds to eToro through a partnership.
Alongside the market exits, Gemini is laying off about 25% of its workforce and increasing its reliance on artificial intelligence to streamline operations. The company plans to concentrate on the U.S. crypto market and its growing prediction markets business, which recently received regulatory approval and has already attracted more than 10,000 users and $24 million in trading volume. The shift comes amid broader restructuring, including the recent closure of its NFT platform, and has been followed by a sharp decline in Gemini’s share price since its IPO last year. Source
US Treasury Secretary Scott Bessent told lawmakers that traditional banks and crypto firms could increasingly offer similar financial products as digital assets become more integrated into the broader financial system. Speaking before the Senate Banking Committee, he said the Treasury has been engaging with small and community banks on how they can participate in the digital asset space, suggesting that the divide between conventional banking and crypto services may narrow over time.
Bessent stressed that clear regulation is essential for the industry to move forward, urging support for the crypto market structure legislation known as the CLARITY Act. He warned that resistance to oversight would stall progress and emphasized the need to balance innovation with safe and sound practices under US government supervision. Addressing concerns that have delayed the bill, he said preventing bank deposit volatility linked to crypto activities is a priority, noting that stable deposits are crucial for banks’ ability to lend, and added that ongoing discussions aim to resolve those concerns and advance the legislation. Source
Multiliquid and Metalayer Ventures have introduced an institutional liquidity facility that enables instant redemption of tokenized real-world assets into stablecoins on Solana, addressing a major liquidity challenge in on-chain markets. The facility allows holders of tokenized assets to convert positions immediately, with Metalayer Ventures supplying the capital and Multiliquid providing the smart contract infrastructure for pricing, compliance, and settlement. This development aims to create a framework similar to traditional finance’s repo markets and overnight lending facilities, supporting scalability for institutional RWA markets.
The facility acts as a standing buyer of tokenized RWAs, acquiring assets at a dynamic discount to net asset value and initially covering tokenized Treasury funds and select alternative investments from companies like VanEck, Janus Henderson, and Fasanara. Solana, hosting approximately $1.2 billion in tokenized RWAs across 343 assets, is gradually establishing itself as a key venue despite holding a modest share of the total market. Canton Network, Ethereum, and Provenance remain the largest blockchains for tokenized RWAs, with Canton controlling the majority of the market at over 88% of total value. Source
Major publicly traded digital asset treasury firms are experiencing substantial unrealized losses as Bitcoin, Ethereum, and Solana prices continue to drop. Strategy, focused on Bitcoin accumulation, is facing nearly $9.2 billion in paper losses, while Ethereum-focused BitMine Immersion Technologies has around $8.4 billion in unrealized losses. The declines have accelerated over the past week, with Bitcoin down 24% and Ethereum dropping almost 34%, pushing both assets to multi-month lows and heavily impacting firms that primarily hold these cryptocurrencies.
The losses extend beyond the largest Bitcoin and Ethereum treasuries, with Solana and other tokens also contributing to significant paper losses, including $1 billion for Forward Industries and smaller amounts for firms holding Hyperliquid and BNB. Despite the downturn, executives like Michael Saylor remain publicly committed to holding their crypto positions, though speculation has increased that some assets may be sold to fund business operations. The growing losses have drawn criticism from both traditional and crypto-native analysts, raising questions about the sustainability of digital asset treasuries and their long-term viability. Source
Aster, which rebranded as a perpetual futures decentralized exchange in 2025, has launched its layer-1 blockchain testnet, with the mainnet expected in the first quarter of 2026. The platform plans to introduce several new features alongside the mainnet, including fiat on-ramps and publicly available code for developers. Aster’s 2026 roadmap emphasizes expanding infrastructure, token utility, and growing its ecosystem and community. The dedicated layer-1 blockchain allows Aster to handle high-throughput transaction volumes, moving away from general-purpose chains like Ethereum and Solana.
The growth of perpetual futures DEXs like Aster has been fueled by a surge in trading volumes in 2025, with cumulative perp DEX trading increasing from roughly 4 trillion to over 12 trillion. Perpetual contracts, which have no expiration date and allow continuous 24/7 trading through funding rates, have attracted rising investor demand for onchain derivatives products. Monthly trading volumes surpassed 1 trillion in the last three months of 2025, reflecting the broader trend of crypto derivatives gaining traction as traditional financial activity increasingly moves onchain. Source
Senator Cynthia Lummis is urging traditional banks to adopt stablecoins as a faster, cheaper payment method and a new financial product for customers, framing them as pro-consumer technology that can enhance both domestic and international transactions. Her comments come amid stalled negotiations over the CLARITY Act, a crypto market structure bill, as banks oppose stablecoin rewards that they say could trigger deposit outflows, particularly at community banks. Lummis emphasized that stablecoins offer banks opportunities for new revenue streams through custody services and faster payment mechanisms that compete with existing products like debit cards.
The legislation has faced delays after Coinbase CEO Brian Armstrong withdrew support over disagreements on stablecoin yield provisions, while Treasury Secretary Scott Bessent has pressed for passage. Analysts highlight the growing strategic significance of stablecoins, particularly as they could help strengthen the dollar amid macroeconomic and geopolitical pressures. Estimates suggest up to 500 billion dollars could shift from bank deposits to stablecoins by 2028, underlining their potential to compete with traditional banking products. Despite resistance, Lummis and other proponents stress that stablecoins will remain a significant financial tool for banks and consumers alike. Source
Tether has made a $100 million strategic equity investment in Anchorage Digital, formalizing an existing partnership between the stablecoin issuer and the federally chartered US crypto bank. The collaboration includes Anchorage Digital’s role as issuer of USAt, a dollar-pegged stablecoin launched under the federal payment stablecoin framework established by the GENIUS Act in 2025. Anchorage Digital, founded in 2017, provides custody, settlement, staking, and stablecoin issuance services for institutional clients, and is reportedly exploring a $200 million to $400 million capital raise ahead of a potential IPO.
The investment reflects Tether’s strong financial position, with over 10 billion in net profit and 6.3 billion in excess reserves reported for 2025. Tether has been actively expanding its portfolio, investing in over 120 companies using profits, including Bitcoin-backed lending platforms and payment networks. Additionally, Tether has continued to grow its Bitcoin reserves, adding 8,888 BTC in 2025 to reach over 96,000 BTC, making it one of the largest corporate holders of Bitcoin if it were publicly listed. Source
A coalition of European tokenization firms, including Securitize, 21X, Boerse Stuttgart Group, Lise, OpenBrick, STX, and Axiology, is urging EU lawmakers to amend the DLT Pilot Regime to allow regulated onchain markets to scale more effectively. They warn that current limits on asset types, issuance volumes, and six-year pilot licenses are constraining growth, risking a migration of market activity to the United States, where tokenization frameworks are advancing rapidly. The group proposed a narrow technical update to expand eligible assets, raise issuance caps, and remove the time limit on pilot licenses while preserving existing investor protections, emphasizing that this could be implemented quickly without overhauling broader EU market reforms.
The push comes as the US accelerates tokenization adoption through regulatory guidance and infrastructure development. The SEC has clarified rules for custody and issuance of tokenized stocks and bonds, issued no-action letters for tokenization services, and outlined distinctions between issuer-tokenized and third-party-tokenized securities. Meanwhile, Nasdaq and the NYSE are developing platforms to support tokenized stocks and ETFs, enabling 24/7 trading and near-instant settlement on blockchain-based post-trade systems. European companies warn that delays in updating the DLT Pilot Regime could weaken the euro’s competitiveness in global capital markets as digital settlement and tokenized assets expand. Source
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
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