Strategy scooped 130 Bitcoin during the week ending March 16.
The acquisition was funded by selling series A preferred stock, generating $10.7 million in net proceeds.
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Business intelligence firm Strategy, formerly known as MicroStrategy, said today it had acquired 130 Bitcoin for $10.7 million at an average price of $82,981 per coin between March 10 and March 16.
The company resumed Bitcoin acquisitions after a two-week pause, following the purchase made in the week ending February 23. Last week’s acquisition was the smallest since April, according to data from Bitcoin Treasuries.
According to Strategy’s latest disclosure with the SEC, the purchase was funded by proceeds from the sale of 123,000 shares of Strategy’s 8.00% series A perpetual strike preferred stock (STRK Shares), which generated approximately $10.7 million in net proceeds. The company confirmed that no Class A common stock was sold during the same period.
The company’s total Bitcoin holdings now stand at 499,226 BTC, valued at over $41.6 billion. Strategy’s co-founder and executive chairman Michael Saylor said the company’s total holdings were purchased at an average price of $66,360 per BTC, including fees and expenses. The firm currently holds more than 2% of Bitcoin’s total 21 million supply.
The company’s shares (MSTR) closed Friday up 13% at around $297, having gained more than 77% over the past year, according to Yahoo Finance data. The stock is trading slightly lower in pre-market trading today.
Standard Chartered reduced its Ether year-end target to $4,000 due to a structural decline.
Layer 2 blockchains have contributed to reducing Ether’s market cap by $50 billion.
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Standard Chartered predicted that Ethereum could hit $10,000 by the end of 2025 in a forecast made in January. Now the bank has revised its year-end target for the digital asset, reducing it by 60%.
According to a report released today, the adjustment is based on Standard Chartered’s observation that Ethereum is facing increasing competition from layer 2 solutions, prominently Base. Plus, Dencun, Ethereum’s recent upgrade, does not help the network maintain its market dominance.
Standard Chartered stated that Ethereum still leads in many key blockchain metrics, but its dominance has declined over time.
Layer 2 blockchains, originally designed to help Ethereum by improving scalability and reducing transaction fees, have shifted economic value away from Ethereum, the report noted.
Base’s model of sharing profits with its owner, Coinbase, is seen as a particularly effective competitive strategy. Standard Chartered estimates it has caused Ethereum’s market cap to decline by $50 billion and expects this downward trend to continue.
“Ether is at a crossroads,” the report said, noting that while it “still dominates on several metrics,” this dominance has been declining.
Despite ongoing challenges, Standard Chartered sees the tokenization of real-world assets as a potential growth driver for Ethereum.
According to the bank, Ethereum’s strong security framework could allow it to maintain an 80% market share in this emerging sector, which could stabilize or even reverse its structural decline.
Geoff Kendrick, head of digital assets research at Standard Chartered, suggests that “a proactive change of commercial direction from the Ethereum Foundation,” like taxing layer 2 solutions, could help counteract the ongoing loss of value to these networks. However, he believes the EF is unlikely to change its business model.
Standard Chartered forecasts the ETH/BTC ratio to fall to 0.015 by year-end 2027, which would mark its lowest level since 2017.
While the bank expects Ether’s price to recover from current levels due to a broader Bitcoin-led rally lifting all digital assets, it maintains that Ether will continue to underperform.
Last year, Standard Chartered projected that Ethereum would reach $8,000 by the end of the current year and $14,000 by the end of 2025.
Analysts at the bank believed that the primary catalyst for these price increases would be the approval of spot Ethereum ETFs in the US. They also considered the Dencun upgrade as another positive factor contributing to Ethereum’s potential price growth.
Earlier this year, Standard Chartered predicted that Ethereum could reach $10,000 by the end of 2025 as a result of a favorable environment for crypto growth under the new administration.
Ethereum traded at around $1,900 at press time, up slightly in the last 24 hours, per TradingView. The digital asset is down around 42% year-to-date and is still 60% off its all-time high.
Ethereum’s next major upgrade is the Pectra upgrade, which is scheduled to go live on the Ethereum mainnet next month. This upgrade aims to enhance network performance, improve validator participation, and introduce several key features like EIP-7702 and EIP-7251.
Coinbase is introducing futures contracts for Cardano and Natural Gas, pending CFTC approval.
Cardano futures allow traders exposure to price movements without holding the asset.
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Coinbase is seeking regulatory approval to launch Cardano (ADA) and Natural Gas (NGS) futures contracts—a move that would expand its offerings in the energy and crypto derivatives markets.
Coinbase Derivatives, Coinbase’s futures exchange, said Friday it had submitted documentation to the CFTC to self-certify futures for ADA and NGS.
We’re excited to announce that Coinbase Derivatives has filed with the CFTC to self-certify Natural Gas (NGS) futures and Cardano ( $ADA ) futures—expanding our offerings in both energy and crypto derivatives markets.
— Coinbase Institutional 🛡️ (@CoinbaseInsto) March 14, 2025
Self-certification with the CFTC allows Coinbase to assert regulatory compliance with futures contracts, expediting their launch unless the CFTC raises objections. If approved, these new futures contracts are expected to go live on March 31.
The move follows Coinbase’s recent introduction of Solana (SOL) and Hedera (HBAR) futures contracts, and is part of the firm’s ongoing strategy to provide traders access to both crypto and traditional futures trading on a single regulated platform.
Cardano is one of the most prominent blockchain platforms, known for its focus on scalability, sustainability, and security. With a dedicated ecosystem and increasing adoption of DeFi, NFTs, and enterprise blockchain solutions, Cardano is a natural addition to Coinbase’s futures lineup.
The ADA futures would allow traders to gain exposure to Cardano’s price movements without holding the underlying asset, enabling advanced risk management and leveraged trading strategies.
Following Coinbase’s announcement, ADA surged around 2% to $0.75, per CoinGecko.
The Natural Gas futures offering would position Coinbase to compete with traditional futures exchanges in the energy sector, where the commodity plays a crucial role in global markets and economic stability.
The SEC has been cautious about approving crypto ETFs, but the launch of futures contracts may help alleviate some concerns by providing a regulated framework for price discovery and risk management. This could make the SEC more inclined to approve ETFs, especially if futures trading demonstrates market stability.
Historical patterns show crypto cycle peak is not yet here.
Stablecoins increasingly serve as a bridge between fiat currencies and crypto markets, comprising the majority of crypto trading pairs.
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The total supply of stablecoin has reached $219 billion and continues to climb, suggesting the crypto bull run is still far from over, IntoTheBlock said in a Friday statement.
Stablecoin growth indicates the crypto bull cycle is still in mid-run
According to the crypto analytics firm, historical data shows stablecoin supply typically peaks during market cycle highs, with the previous peak of $187 billion recorded in April 2022 just before the market started declining.
Since stablecoin supply is now higher than ever and increasing, this suggests the market has not yet peaked and is still in a growth phase.
After a drop below $77,000 earlier this week, Bitcoin climbed above $85,000 on Friday morning, TradingView data shows. At press time, Bitcoin was trading at around $84,700, up 4.5% in the last 24 hours.
The recent resurgence of Bitcoin coincides with a rise in the market capitalization of major stablecoins, including USDT, USDC, BUSD, and DAI. Their combined market cap increased from around $204 billion to over $205 billion between March 10 and 14, according to Glassnode data.
Stablecoins serve as a bridge between fiat currencies and crypto markets, comprising the majority of crypto trading pairs and market liquidity. The rising market cap indicates higher stablecoin adoption and their growing role as a preferred medium for crypto transactions.
The increase in supply likely reflects a market-wide movement of assets into stablecoins in preparation for trading, suggesting anticipated market activity in the coming weeks.
The aggregate market cap of five leading stablecoins has increased over 28% since November 5, 2024, US Election Day.
David Sacks sold over $200 million in digital assets including Bitcoin and Ethereum before his White House role.
Sacks maintains limited exposure to the crypto industry through Craft Ventures’ venture capital funds.
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The White House disclosed that David Sacks, Trump’s AI and crypto czar, and his venture firm Craft Ventures divested over $200 million in crypto assets and related holdings before taking on his new role. At least 85% was personally attributed to Sacks.
The revelation came in a memorandum dated March 5, granting Sacks a limited ethics waiver to participate in digital asset policy matters.
“Altogether, you and Craft Ventures have divested over $200 million of positions related to the digital asset industry, of which at least $85 million is directly attributable to you,” the memo states.
Sacks indeed disclosed this information when joining The All-In Podcast last week. The White House crypto tsar faced numerous allegations that he exploited his position for personal gain in crypto.
“We cleared that before day one, paid taxes on it, and basically said there wouldn’t be a conflict,” he said, dismissing allegations of using his government position to benefit personally from crypto market movements.
The divestments, completed before the start of the President’s second term on January 20, 2025, included liquid crypto assets such as Bitcoin, Ethereum, and Solana, as well as positions in the Bitwise 10 Crypto Index Fund. Sacks also sold his directly held stock in public companies Coinbase and Robinhood, along with shares in private digital asset companies.
Sacks liquidated his limited partner interests in crypto-focused investment funds, including Multicoin Capital and Blockchain Capital. His firm, Craft Ventures, also sold its stakes in Multicoin Capital and Bitwise Asset Management.
The tech investor still maintains some exposure to the digital asset industry through venture capital funds managed by Craft Ventures, where he serves as both a general and limited partner. These remaining holdings include stakes in BitGo and Lightning Labs representing less than 2.5% and 1.2% of his total investment assets, respectively.
As a special government employee, Sacks was not eligible for tax relief typically available through certificates of divestiture. He also began selling interests in approximately 90 venture capital funds, including Sequoia, which may hold minor digital asset positions.
The White House granted Sacks a limited ethics waiver to participate in digital asset policy matters, despite his retaining minor holdings in private crypto companies through Craft Ventures.
Sacks has agreed not to acquire new digital asset holdings during his tenure, which is limited to 130 days or fewer annually as a special government employee.
US inflation in February showed a decrease, with annual CPI dropping to 2.8% from the previous 3%.
Economists warn that Trump’s tariffs could reverse the cooling inflation trend and lead to further price hikes.
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Consumer prices rose 0.2% in February from January, according to fresh CPI data released Wednesday, bringing annual inflation to 2.8%—a decline from 3% in the previous month. Bitcoin spiked above $84,000 in response to the lower-than-expected data.
Core CPI, which excludes volatile food and energy prices, increased 0.2% month-over-month, with the annual rate settling at 3.1%, below January’s 3.3%.
However, economists warn that President Trump’s tariff policies could keep prices elevated in the months ahead.
The inflation report comes as markets widely expect the Fed to hold rates steady in the near term. As of the latest data from CME Group’s FedWatch tool, traders were pricing in a low probability of a rate cut at the central bank’s meeting next week.
Fed Chair Jerome Powell warned last Friday that Trump’s enacted and proposed tariffs could lead to a series of price increases, potentially causing consumers to anticipate higher inflation.
The inflation rate appears to have stalled after previous declines, remaining stubbornly above the Fed’s target. While long-term inflation expectations have stayed relatively stable, short-term expectations have increased, partly due to tariff concerns, according to Powell.
The Fed, which had been implementing rate cuts, has paused its monetary policy adjustments, keeping the federal funds rate steady at 4.25%-4.5%.
Unless inflation clearly aligns with the Fed’s target, the Fed will maintain a tight monetary policy. This could keep Bitcoin prices volatile as investors weigh the potential for future rate cuts against ongoing economic uncertainty.
Bitcoin’s observed resilience to short-term macroeconomic shifts indicates that its price may not be heavily influenced solely by inflation data. Yet, general economic conditions and investor sentiment can still impact its value.
Bitcoin traded above $83,000 ahead of the inflation data release, recovering from a recent dip below $80,000. The crypto asset has gained 1.5% in the last 24 hours, per CoinGecko data.
Speculation suggests the US DOJ may be liquidating seized Bitcoin, impacting its price.
Clarity on Bitcoin’s price movement linked to DOJ actions is expected within 30 days.
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David Bailey, a well-known Bitcoin advocate and CEO of BTC Inc, speculated that Bitcoin’s recent price decline might be connected to the US Department of Justice’s (DOJ) selling activities.
“If the DOJ has been liquidating America’s bitcoin with haste (in defiance of the President) ever since getting court approval to do so 3 months ago… then Bitcoin’s price action makes perfect sense,” Bailey, who recently attended the White House Crypto Summit alongside other industry leaders, wrote on X.
In a follow-up statement, Bailey indicated that clarity on the situation should come within “30 days.”
His comment came after President Trump issued an executive order to establish a strategic Bitcoin reserve using seized coins.
Under Trump’s new order, the Secretaries of Treasury and Commerce will be responsible for building budget-neutral strategies for further BTC acquisitions, provided that these strategies impose no incremental costs on American taxpayers.
The exact amount of Bitcoin, as well as other altcoins seized by the US authorities, remains unknown. According to data tracked by Arkham Intelligence, a US government-labeled wallet currently holds 198,109 BTC worth nearly $16 billion.
In an interview with Bloomberg TV last Friday, White House AI and crypto czar David Sacks said that the government would conduct a full audit of its crypto holdings following the establishment of the Strategic Bitcoin Reserve.
The audit is part of Trump’s executive order, which aims to ensure that all digital assets, including Bitcoin, are properly accounted for and safeguarded. According to Sacks, the DOJ may possess up to 200,000 BTC, but an official audit is necessary for verification.
Last December, the DOJ was authorized to sell approximately 69,370 Bitcoin seized from the Silk Road darknet marketplace. A January report from GIP Digital Watch, however, suggested that the US government has not yet taken steps to sell their Bitcoin holdings.
Analysts see Bitcoin testing lower support before potential recovery
It’s still unclear if the DOJ has offloaded part of the government’s Bitcoin holdings. What is clear, however, is the waning enthusiasm for the US Strategic Bitcoin Reserve narrative, as no new purchases are anticipated in the near future.
Moreover, concerns over a potential recession have deepened after Trump left open the possibility of an economic downturn in a recent Fox News interview, adding more downward pressure on risk assets.
Bitcoin hit a low of $79,300 on Monday morning as bearish sentiment continued to dominate the global financial markets, according to CoinGecko data.
The total crypto market cap plunged around 5% to $2.7 trillion in the last 24 hours, while the Crypto Fear and Greed Index tumbled seven points, firmly landing in the “extreme fear” zone.
Ryan Lee, chief analyst at Bitget Research, expects Bitcoin to test support levels between $70,000 and $75,000 this week, with resistance around $85,000-$87,000.
“A failure to maintain the $77,000 level could lead BTC to test the lower range of $70,000–$72,000. However, if the market sees a recovery, a potential bounce from $75,000 could push the price back into the $80,000–$85,000 range,” Lee said in a Monday note.
“The most likely scenario for this week suggests a mid-week test of $72,000–$75,000, with Bitcoin stabilizing near $83,000 by March 18-19, depending on broader market sentiment, external factors like regulatory news and the upcoming FOMC meeting,” he stated.
