On March 11, reports indicated that the cryptocurrency market experienced downward fluctuations, with Bitcoin falling below $70,000. As of press time, $Bitcoin (BTC.CC)$it dropped by 2.32%, trading at $69,692.84; $Ethereum (ETH.CC)$it fell by 2.95%, trading at $2,018.01.
Key Focus
Strategy accelerated its financing by issuing STRC and increased its Bitcoin holdings by 1,420 on Monday.
According to a report by CoinDesk, $Strategy (MSTR.US)$on Monday, Strategy recorded the largest single-day STRC stock issuance in its history, raising funds to purchase approximately 1,420 Bitcoin. The trading volume of STRC on that day approached $300 million, more than double the 30-day average of $124 million. The company also amended its Omnibus Sales Agreement, allowing multiple agents to execute stock sales outside regular trading hours to enhance financing flexibility for acquiring BTC through STRC.
Circle has net-issued over 8 billion USDC since early February.
On March 11, according to Arkham's monitoring, since early February, $Circle (CRCL.US)$Circle has issued over 8 billion additional USDC and added them to circulation.
Bloomberg: Multiple family offices in Hong Kong plan to increase their investment exposure in crypto assets and private markets.
On March 10, according to a Bloomberg report, many family offices based in Hong Kong plan to increase their allocations to private equity and digital assets over the next three years. The Hong Kong Institute for Monetary and Financial Research (HKIMR) noted in a report on Tuesday that interest from wealthy families in these asset classes is expected to rise significantly, including private credit and venture capital.
Hong Kong has been striving to encourage more high-net-worth individuals and their families to base their investments locally, aiming to become a bridge between mainland China and global markets. According to a survey commissioned by the Hong Kong government and conducted by Deloitte (released last month), the number of single-family offices established in this financial hub increased to 3,384 as of the end of last year, marking a 25% growth compared to 2023.
Multicoin: The Internet labor market will drive the next wave of cryptocurrency adoption.
According to a report by CoinDesk, investment firm Multicoin Capital introduced the concept of an 'Internet labor market,' suggesting that the next wave of cryptocurrency adoption will be driven by users earning crypto assets through contributions rather than directly purchasing tokens. In this model, users earn token rewards by contributing tasks such as data labeling, bandwidth sharing, or other online activities, transforming the crypto ecosystem from speculative trading into a global digital labor market. Multicoin partners emphasized that in the future, people's first interaction with crypto assets will likely involve 'earning' rather than 'buying.' Blockchain infrastructure enables the automation of work verification and settlement, replacing traditional invoicing, approvals, and delays in payment systems.
Bernstein: Circle's stock may have 60% upside potential driven by stablecoin adoption and AI-powered financial agents.
According to CoinDesk, analysts at brokerage firm Bernstein maintained their 'outperform' rating on USDC issuer$Circle (CRCL.US)$stock, setting a price target of $190, representing approximately 60% upside from the current level of $120. The report noted that stablecoin adoption is increasingly decoupled from cryptocurrency market cycles. Despite a bear market, USDC supply has rebounded to near a record $78 billion, with the total market capitalization of USD stablecoins stabilizing at around $270 billion. Adjusted stablecoin trading volume grew over 90% year-over-year, and turnover rates increased, indicating that stablecoins are being used more frequently outside of crypto trading. Payment adoption is the main driver, with stablecoins gradually integrating into traditional card networks. Visa now supports over 130 stablecoin-linked cards across more than 50 countries, with an annualized settlement volume of approximately $4.6 billion.
SEC Chair: Cooperation with CFTC will include joint meetings and inspections.
According to CoinDesk, SEC Chair Paul Atkins stated that the SEC and CFTC are drafting a memorandum of understanding to strengthen coordination between the two regulatory bodies. Speaking at the FIA Global Clearing Market Conference, Atkins described the collaboration as 'repositioning toward a golden age of regulatory coordination.' This cooperation will cover joint meetings, rule interpretations, enforcement decisions, and joint inspections of regulated entities. Atkins emphasized that companies should not face back-and-forth referrals when products fall under both agencies' jurisdictions, nor should they rely on which agency speaks first for clarity. A joint meeting mechanism will be established to handle product applications, and a 'coordinated' website will allow firms to request discussions involving both agencies. Coordination efforts will also extend to enforcement decisions and regulatory inspections, avoiding duplicate reviews for dual-regulated entities.
Goldman Sachs becomes the largest institutional holder of spot XRP ETF; Analysts say many 'superfan' investors remain undisclosed.
According to The Block, data shared by Bloomberg Intelligence analyst James Seyffart shows that the top 30 holders of the spot XRP ETF collectively owned approximately $211 million worth of shares as of the end of 2025, with$Goldman Sachs (GS.US)$Goldman Sachs holding nearly $154 million, making it the largest holder. Seyffart noted that only a 'small fraction' of investors are visible in 13F filings because the 'vast majority do not file 13F reports.' Bloomberg Intelligence analyst Eric Balchunas speculated that this primarily comes from XRP 'superfans' rather than ordinary retail investors. Data indicates that inflows into the spot XRP ETF exceeded $1 billion by the end of last year, with total assets under management reaching $1.44 billion as of last week.
Bitwise CIO reiterated that Bitcoin is expected to reach $1 million, stating that it competes with gold in the global store-of-value market.
According to The Block, Matt Hougan, Chief Investment Officer of Bitwise, reiterated in his latest memo that the price of Bitcoin could reach $1 million per coin. He noted that viewing Bitcoin as a competitor to gold within the global store-of-value market clarifies its long-term potential. Currently, the size of the global store-of-value market is close to $38 trillion, with approximately $36 trillion in gold and about $1.4 trillion in Bitcoin, accounting for less than 4%. Hougan believes that if this market continues to expand at an annual compound growth rate of around 13% over the past 20 years, it could reach approximately $121 trillion in the next decade, at which point Bitcoin would need to capture roughly 17% of the market to achieve a price of $1 million.
U.S. Senators seek compromise on stablecoin yields to advance the stalled CLARITY Act.
According to CoinDesk, U.S. Senators are attempting to make progress on the stalled crypto market structure bill, the CLARITY Act, by seeking compromise on stablecoin yield issues. The banking industry had successfully lobbied for a pause on the bill due to concerns that stablecoin yields could drain bank deposits. Maryland Senator Angela Alsobrooks, who is involved in the negotiations, stated at a banking summit that both sides may need to "compromise slightly," allowing for innovation-driven growth while preventing deposit flight. Senator Mike Rounds pointed out that yields should be linked to account activity rather than the amount held.$JPMorgan (JPM.US)$CEO Jamie Dimon hinted at accepting a transaction-based revenue model, a position also presented by the crypto industry during the White House meeting. The Office of the Comptroller of the Currency's recent proposed rules leave considerable room for customer incentive-based revenue programs.
Aave founder calls for reforming DAO governance to streamline processes and drive execution.
According to The Block, Aave founder Stani Kulechov posted on X platform, calling for reforms to the DAO governance model. He pointed out that the current way DAOs operate is extremely challenging, with decision-making slowed down by forum discussions, temperature checks, and multiple rounds of voting. Additionally, DAOs tend to become politicized, with participants forming political alliances, ultimately leading to "politicians" rather than builders prevailing. Kulechov argued that governance should focus on areas requiring collective participation, such as major protocol changes and treasury strategies, while other aspects should fall under execution, needing leadership to drive them. He stated that Aave must remain agile and streamline governance processes to seize opportunities in the global lending market.
Sharplink: Ethereum Treasury has accumulated nearly 15,000 ETH in staking rewards.
$SharpLink (SBET.US)$Announced that since launching the Ethereum Treasury, it has generated nearly 15,000 ETH in staking rewards, equivalent to approximately $30.8 million. The project team claims that nearly 100% of their ETH holdings are currently staked.
The Chairman of the U.S. CFTC announced plans to enhance regulatory clarity for DeFi, crypto derivatives, and prediction markets.
On March 10, Mike Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), updated the agency’s ongoing plans to provide long-awaited regulatory clarity for decentralized finance (DeFi) developers, crypto derivatives, and prediction markets. Speaking at the FIA Global Clearing Market Conference in Boca Raton, Florida, this week, Selig stated that the United States is reclaiming leadership in the digital asset space through closer coordination between regulatory agencies. He mentioned that his collaboration with Paul Atkins, Chairman of the U.S. Securities and Exchange Commission (SEC), under Project Crypto, marks the end of internal disputes between the CFTC and SEC.
In his speech, Selig reiterated that the CFTC would issue guidance to clarify how so-called prediction markets (referred to as event contracts in regulatory terms) can list and trade products under U.S. law, and would initiate a rule-making process to solicit public opinions on the regulatory approach for this rapidly growing field. He stated that the CFTC also plans to address one of the most controversial regulatory issues in the crypto industry: there has long been uncertainty regarding whether software providers trigger CFTC registration requirements, and Selig said, 'We intend to directly confront and resolve this issue.' The agency is also addressing the classification of crypto perpetual derivatives, a type of product that dominates the global crypto market.
Editor/Vincent
