March 2nd Weekly Market Recap: “Metaplanet Hits BTC Holdings Goal”

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Volatility Report: February 2026

After months of turbulent price action that followed the October 2025 liquidation event, and a brief capitulation below $60K, BTC’s spot price has been stuck in a narrow range of $65K and $70K over the past two weeks. That sideways consolidation around what appears to now be a key corridor for price reflects the current lack of catalysts and conviction in crypto markets.

DeFi Analytics 27 February 2026

The weekly addition of the Crypto DeFi Analytics, covering chain fee generation, Beacon Chain Balance, Uniswap V3 and Liquidations.

MARA Holdings Reported a $1.7B Net Loss in Q4

Crypto pulled back yesterday after BTC failed to hold $70K, trading below $68K while ETH stayed just above $2,000, even as both spot ETF products logged a third straight day of inflows. US equities closed lower and Treasury yields fell, keeping the broader tone cautious despite strong Nvidia results. In policy, lawmakers reopened the debate on stablecoin rewards and advanced a separate effort to clarify protections for non-custodial DeFi developers under Section 1960, while Japan’s SBI and Startale outlined a yen stablecoin targeting a Q2 launch.

CoinShares Has Launched a Hyperliquid Staking ETP

Risk sentiment improved on Wednesday, lifting crypto: BTC jumped nearly 10% intraday but failed at $70k and is holding above $68k, while ETH rose 8.6% to above $2k and SOL gained 7.2% to $88. US spot BTC ETFs saw their strongest daily inflow in three weeks at $506.5M, though 2026 YTD flows remain negative at -$433.4M; ETH and SOL ETFs added $157.1M and $30.9M.

US equities also rallied after Nvidia beat Q4 revenue expectations at $68.1B versus $65.7B and guided Q1 sales to around $78B versus $72.8B. Crypto headlines included Vitalik selling roughly 17.2k ETH worth about $35M, CoinShares launching a zero-fee Hyperliquid staking ETP, and Hut 8 posting higher revenue but a large net loss tied to unrealised crypto losses.

Crypto Risk Appetite Report 26th February 2026

The weekly addition of our Market Sentiment Report.

Bitwise Has Acquired Chorus One

Bitcoin rebounded above $65,900 in early Wednesday trading, up around 3% from yesterday afternoon, with broad altcoin strength led by ETH up 4.8%, SOL up more than 7%, and XRP up around 3%. Asian equities pushed to record highs as AI-linked chipmakers rallied ahead of Nvidia’s earnings, while Andrew Bailey said a March BoE rate cut is still genuinely an open question.

In policy, Trump’s new 10% global tariff took effect yesterday after the Supreme Court struck down his earlier package, and Hong Kong signalled first fiat-referenced stablecoin licences could be approved in March alongside new regimes for dealers and custodians. Coinbase rolled out tokenised stock and ETF trading to all US users and partnered with Yahoo Finance, Bitwise acquired staking provider Chorus One, and reports said Meta is exploring stablecoin payments in its apps, targeting early H2 2026.

Metaplanet Hits BTC Holdings Goal

BTC’s weekend push to around $71K has faded back below $68K, marking a fourth straight weekly decline and underscoring the lack of near-term catalysts. Since the October liquidation, total crypto market cap is down close to $2T, with volumes subdued amid US and China holidays. Macro conditions eased after a soft CPI print, with headline inflation up 0.2% month-on-month and 2.4% year-on-year, core at 2.5% year-on-year, driving the 2-year yield to about 3.4% and lifting OIS-implied cuts to roughly 64bps. Headlines were mixed across crypto, with Metaplanet reporting a $619M net loss on a $665.8M non-cash BTC valuation hit while expanding holdings to 35,102 BTC, as Wintermute launched institutional OTC execution for tokenised gold and ZeroLend announced a shutdown after TVL collapsed about 98% from its peak.

Trump-Led "Board of Peace" Considers Dollar-Pegged Stablecoin

Risk appetite keeps weakening as BTC briefly fell to $62K and spot BTC ETFs logged outflows in 6 of the last 8 sessions, including $203.8M sold yesterday, while derivatives also turned more defensive with ETH funding at -0.019% and 7D 25-delta skew dropping to -17% for BTC from -7% in 24 hours and to -15% for ETH from -8%. Despite the risk-off tone, selective buying persists with Strategy purchasing 592 BTC for $40M at an average $67,286, while Bitmine added 51,162 ETH and now reports 4,422,659 ETH valued at $1,958 per ETH, with 3,040,483 ETH staked and $171M in annualised staking revenue.

“I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff

BTC broke below its three-week $65k–$70k range, briefly dropping to $64,300 and ending the session back above $66k after a 4.8% daily drawdown. The US Supreme Court struck down most of Trump’s IEEPA tariffs, leaving potential refunds up to $170bn, while Trump moved to raise the global baseline tariff from 10% to 15% under Section 122 for up to 150 days; US equities rose and long-end yields climbed to 4.75% on the 30-year.

Separately, the SEC clarified broker-dealers may apply a 2% haircut to certain stablecoin proprietary positions, Tether will cease CNH₮ issuance immediately with redemptions open for one year, and Bitdeer liquidated its remaining bitcoin holdings as it raises capital to expand data centres and pivot toward AI.