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Issue Summary: Welcome back to Coinstack, the weekly newsletter for institutional crypto investors and industry insiders. We reviewed the top news, stats, and reports in the digital asset ecosystem for our 280k weekly subscribers. This week, U.S. lawmakers advanced the “21st Century ROAD to Housing Act,” but the sweeping Housing Bill includes a provision, temporarily banning the Federal Reserve from issuing Central Bank Digital Currencies until 2030. On the institutional front, Ripple expanded its brokerage platform, Ripple Prime, to offer 24/7 regulated access to Coinbase Derivatives’ crypto futures, cleared by Nodal Clear. On the fundraising side, ARQ secured $70M in funding led by Sequoia Capital and Founders Fund to scale its stablecoin-based fintech services across Latin America, while institutional trading firm Crossover Markets raised $31M in a Series B round led by Tradeweb Markets to expand its CROSSx crypto ECN platform.
Price performance since we began writing Coinstack in January 2021
💵 Weekly Crypto Fundraises & Deals
Here are all the crypto fundraises we heard about this week, ranked by size…
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🗞️ Crypto News Recap: The Top 5 Stories
Welcome back to This Week in Crypto… everything you need to know in one scannable format. Here are the top 5 stories of the week…
🧐 U.S. Senate Advances Housing Bill With Temporary CBDC Ban: The U.S. lawmakers on Monday advanced the “21st Century ROAD to Housing Act” with an 84-6 vote, but there is a twist. The 303-page Bill includes a provision that could bar the Federal Reserve from issuing CBDC until 2030.
⏱️ Ripple Prime Now Offers 24/7 Access To Coinbase Crypto Futures: The institutional-grade brokerage platform launched by Ripple has now opened access to Coinbase Derivatives’ crypto futures cleared by Nodal Clear (a CFTC-registered Derivatives Clearing Organization). The expansion will streamline 24/7 regulated trading through Ripple Prime’s institutional framework.
🚨 Binance Denies $1.7 Billion Iran Sanctions Claims Amid U.S. Senate Probe: The exchange has formally denied allegations of facilitating the transfer of $1.7 billion in crypto to Iran-linked entities, calling media reports “false and defamatory.” The response follows after the U.S. Senator Richard Blumenthal opened an inquiry into the firm’s role in potential money laundering, links to terrorist organisations, and repeated failure to prevent illicit activities on the platform.
📩 IRS Proposes Electronic-Only Tax Form Delivery For Crypto Exchanges: The U.S. Internal Revenue Service (IRS) has proposed a new regulation, allowing crypto exchanges to permit electronic delivery of 1099-DA tax form (Digital Asset Proceeds From Broker Transactions) instead of offering paper copies. Under the new rule, brokers have the right to terminate business relationships with a customer who refuses to receive these forms electronically. The rule aims to tighten regulatory compliance, reduce costs, and lighten reporting burdens.
🥞 PancakeSwap Launches PancakeSwap AI DeFi Toolkit: The leading multichain decentralized exchange recently announced the launch of its AI-led DeFi tool that allows AI agents to plan swaps, yield farming, and liquidity positions effectively across 8 blockchains within the network without losing full execution control. PancakeSwap AI toolkit is now live.
💬 Tweet of the Week
Source: @LarkDavis
📊 Key Stats of the Week
Here are the most important and interesting stats in crypto this week...
1. Solana just became the largest stablecoin settlement layer in crypto.
Last month, Solana processed $662B in stablecoin transaction volume, 3x its January levels, and overtaking every other chain for the first time ever ($551B Ethereum, $272B Tron).
This excludes identified bot activity and internal exchange churn.
Programmable money is consolidating into the fastest dollar rail.
Source: @DavidShuttleworth
2. ⚡ ️NEW: Real-World Assets on Ethereum just crossed $15.1 BILLION in market cap!
That’s +200% YoY as institutions tokenize treasuries, funds, and credit directly on ETH
Source: @Ethprofit
3. The Total Crypto Market Cap is a mere $2.29 Trillion.
If the global asset pool is $750T, then:
1% allocation to crypto = $7.5T
5% allocation = $37T
10% allocation = $75T
We. Are. Early.
Source: @JamesEastonUK
4. From March 2 to March 6 (ET),Bitcoin spot ETFs recorded net inflows of $568 million. Ethereum spot ETFs saw net inflows of $23.56 million. SOL spot ETFs had net inflows of $24.05 million. XRP spot ETFs experienced net outflows of $4.0855 million.
Source: @WuBlockchain
5. $BTC (white) hasn't decoupled yet from US SaaS tech companies (green). It could be a dead cat bounce. We aren't in the clear yet. Be patient.
Source: @CryptoHayes
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📝 Highlights from the Top Crypto Reports
Here are the top highlights from the best crypto research reports this week…
About the Author: Glassnode Insights offers in-depth data-driven reports, aiming to help you understand crypto like never before by harnessing the power of DeFi market dynamics along with macro trends, on-chain data & analytics. This is an excerpt from the full article, which you can find here.
📝 By Chris Beamish, CryptoVizArt, Antoine Colpaert, Glassnode:
Executive Summary
Bitcoin has failed to close above $70k since early February, with the 30D-SMA of Realized Profit contracting ~63%, signalling a material deterioration in buy-side demand momentum.
The Percent of Supply in Profit has fallen to ~57%, breaking below its -1 standard deviation threshold and placing the current regime in the same historical context as the early stages of the 2022 and 2018 bear markets.
While the multi-week consolidation leaves room for short-term relief rallies, the cost basis of 1W–1M holders near $70k defines a significant overhead distribution zone, capping meaningful upside in the near term.
Spot flows remain low, but recent CVD action suggests sell pressure is easing at the margin, led by an early rebound in Coinbase bid absorption while broader exchange flows stay weak.
US Spot ETF flows are stabilising after sustained outflows, with the first renewed inflows appearing and hinting at a tentative improvement in institutional demand.
Derivatives positioning remains defensive, with the perpetual directional premium continuing to compress, signalling subdued leverage and reduced bullish conviction.
Options markets are stabilizing after February’s volatility spike, with ATM implied volatility compressing across tenors as panic hedging subsides and markets transition toward a more neutral volatility regime.
Downside fear is fading as 25-delta skew compresses from stressed levels, indicating traders are becoming less aggressive in bidding for protection and options positioning is gradually normalizing.
Options flow is rotating toward upside exposure, with the Put/Call ratio falling sharply as traders unwind hedges and increase call activity.
The $75K strike has emerged as the key gamma magnet, with concentrated negative gamma and rising call premium positioning suggesting dealer hedging flows could pull price toward this level.
On-Chain Insights
Buy-Side Momentum Fades
Since early February, Bitcoin has repeatedly failed to post a weekly close above $70k, establishing this region as a meaningful near-term resistance level. To assess whether this price rejection reflects a genuine deterioration in demand, we turn to the 30-day Simple Moving Average (30D-SMA) of Realized Profit, a metric that aggregates the USD-denominated profit locked in by on-chain participants at the moment coins are spent, smoothed to filter short-term noise.
As price stabilized beneath the $70K threshold, this indicator contracted sharply from above $1B per day to approximately $370M per day, a decline of roughly 63%. This compression in monthly-averaged realized profit signals that the cohort of buyers willing to transact at a premium has materially thinned, with buy-side liquidity now at its weakest since the August–September 2024 period. Taken together, the evidence suggests that upside momentum has stalled, leaving the price in a state of directionless consolidation until fresh demand catalysts emerge.
Regime Detection in Bear Market
Sideways price action is a recurring structure across both bull and bear market cycles, therefore context is everything. Two periods of horizontal consolidation can carry vastly different implications depending on the underlying demand regime, making it essential to look beneath price for corroborating evidence.
One effective lens for this purpose is the Percent of Supply in Profit, which measures the share of circulating Bitcoin supply held at an unrealized gain relative to each coin's on-chain acquisition cost.
When broadly elevated, this metric reflects widespread investor confidence; when it deteriorates, it signals a growing cohort of underwater holders, a condition historically associated with sustained selling pressure.
Since early February, this indicator has broken below its -1 standard deviation threshold near 60%, and currently sits at approximately 57%. Readings at this level have historically coincided with the early stages of deep bear markets, most notably May 2022 and November 2018. This suggests the present consolidation may be less a springboard for recovery, and more a continuation of the prevailing adverse market regime in mid-term.
🎧 Top Crypto Podcasts of The Week
Here are the crypto podcasts that are worth listening to this week...
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Tracking the most important blockchain stories of the 2020s, including a decentralized internet and the creation of a new open global monetary system that works for everyone. As always, published for informational purposes only. Please do your own research. Just our opinions. Not intended as financial advice as we are not financial advisors. We may own some of the digital assets we write about as we believe strongly in the sector. Please do your own research.
Coinstack is a news and analysis newsletter for the digital asset industry. None of the information here is a recommendation to invest in any securities or other types of investments. Past performance is no guarantee of future results. AI usage disclosure: Some portions of this document may have been created with the assistance of AI tools. The content has been reviewed and edited by a human. As a result, our research/editorial may contain errors. For more information on the extent and nature of AI usage, please contact the publisher. For personalized investment advice consult with a registered investment advisor.
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