March 16th Weekly Market Recap: “20 Million Bitcoin”

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DeFi Analytics 13th March 2026

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

U.S. Senate Passes CBDC Ban

Crypto markets stayed firm despite rising geopolitical stress, with BTC climbing to $72K, ETH trading back above $2.1K, and ETF flows remaining supportive as spot Bitcoin, Ether and Solana products all recorded net inflows. At the same time, macro conditions deteriorated, with Brent crude surging above $100, U.S. equities selling off, and Treasury yields moving higher as markets scaled back expectations for Fed cuts.

On the structural side, digital asset adoption continued to advance through BlackRock’s staked ETH ETF launch, stablecoin licensing progress in Hong Kong, Wyoming’s FRNT rollout, and fresh funding and activity across crypto payments and trading infrastructure.

Crypto Risk Appetite Report 12th March 2026

The weekly addition of our Market Sentiment Report.

SEC & CFTC Reach Agreement

Risk sentiment remained subdued despite February CPI printing broadly in line, as BTC held between $69K and $71K and the S&P 500 finished little changed while markets focused on the 13th day of the US-Iran conflict and rising oil prices. In crypto, Hyperliquid recorded $991M in oil futures volume, $6.48B in total perpetuals volume and $6.41B in open interest, while Pump.fun became the first Solana-based platform to surpass $1B in cumulative revenue and has repurchased $323.4M of PUMP, or 28.8% of circulating supply. 

Elsewhere, regulators and corporates stayed active, with the SEC and CFTC signing a new MOU on innovation and digital assets, Metaplanet launching two new subsidiaries and investing JPY 400M in JPYC, and Ripple announcing a $750M share buyback at a $50B valuation.

Polymarket Announced Partnership with Palantir Technologies and TWG AI

BMarkets remained highly volatile, with US equities reversing gains, BTC briefly moving above $71K before settling near $69K, and oil swinging sharply on conflicting Middle East headlines. At the same time, digital asset markets continue to mature structurally, as seen in rising non-crypto trading activity on Hyperliquid and a fresh wave of institutional and regulatory developments across payments, stablecoins, and blockchain infrastructure.

20 Million Bitcoin

Markets rebounded sharply yesterday, with BTC climbing back above $71K, the S&P 500 closing 0.8% higher, and US 10Y yields falling to 4.10% as macro sentiment improved. In crypto, short-dated implied volatility dropped quickly, with 7-day BTC IV falling to 51% and ETH IV to 66%, while downside skew suggests traders are still positioned cautiously.

Institutional BTC demand also stabilised, with spot ETFs seeing $167.1M of inflows and Strategy buying $1.277B of bitcoin, alongside continued momentum in tokenisation and stablecoin-based financial infrastructure’. 

$100 Crude is “a very small price to pay” for “safety and peace”

Crypto started the week on a weaker footing, with BTC falling 3.1% and ETH 2.1% from Friday to Sunday as markets reacted to a sharp deterioration in the macro backdrop. The main driver was the escalation in the Middle East, which pushed Brent and WTI above $100 per barrel for the first time since 2022, raising fresh concerns around inflation just ahead of this week’s CPI, PPI and PCE releases and next week’s FOMC meeting.

Alongside the macro pressure, the week also brings several notable crypto-specific developments, including Coinbase’s European futures rollout, Florida’s passage of the first state-level stablecoin framework, and new political and treasury-related activity linked to bitcoin adoption in the UK.