Crypto Weekly Digest | Bitcoin Tops $73K as 'Digital Gold' Narrative Returns; SEC, CFTC Sign Crypto MOU

Market Summary

This week, the crypto market displayed notable "digital gold" characteristics amid the dual pressures of traditional financial risks and geopolitical crises.

Since the U.S.-Israeli airstrikes on Iran launched on February 28, Bitcoin has shown relative resilience even as equities and gold declined. As of press time, $Bitcoin (BTC.CC)$ has gained over 3.98% on the week, trading at $73,178; $Ethereum (ETH.CC)$ has risen over 7% on the week, trading at $2,247.

Currently, the Crypto Fear & Greed Index has climbed to 39, indicating that market sentiment is gradually warming within the fear zone.

What Moves Markets Next?

SEC and CFTC Sign MOU to Jointly Advance Crypto Regulation

On March 11, 2026, the U.S. SEC and CFTF officially signed a historic Memorandum of Understanding (MOU), committig to jointly develop a regulatory framework for crypto assets.

The agreement commits both regulators to share information, coordinate rulemaking and enforcement, and work toward a more harmonized regulatory framework for digital assets, while reducing duplicative oversight.

Although the MOU does not change existing legal authorities or jurisdiction, it signals a policy shift toward greater regulatory cooperation.

Why it matters: Regulatory clarity is one of the biggest tailwinds for the crypto industry. For crypto investors, improved coordination between regulators could facilitate the approval of new compliant trading instruments and support market liquidity over time.

For equity investors, policy uncertainty surrounding crypto-related public companies—exchanges, miners, stablecoin issuers, and others—is significantly reduced, potentially triggering valuation re-ratings.

Circle Stock Doubles in One Month; Bernstein Sets $190 Price Target

$Circle (CRCL.US)$ has surged from a low of approximately $50 to above $110, doubling within a month and becoming one of Wall Street's standout performers in 2026.

Key catalysts include: FY2025 revenue of $2.7 billion (+64% YoY), USDC supply rebounding to a near all-time high of approximately $78 billion, and its tokenized money market fund USYC surpassing $2 billion in AUM. Bernstein maintains an "Outperform" rating with a $190 price target, implying roughly 60% upside from current levels.

Analysts particularly highlight that stablecoin adoption has decoupled from the crypto cycle, with payment integration (Visa supporting 130+ stablecoin-linked cards across 50+ countries) and AI agent finance (machine-to-machine micropayments naturally requiring stablecoins) emerging as new growth engines.

Why it matters: For equity investors, Circle is transitioning from "speculative hype" to "earnings-driven," with high revenue growth compounded by advancing stablecoin legislation pointing to a fundamental inflection point.

For crypto investors, the continued expansion of the USDC ecosystem suggests that crypto assets are increasingly being explored by traditional institutions not only as speculative assets, but also as emerging financial infrastructure with potential real-world use cases.

Perspectives

JPMorgan: Clear Divergence in Bitcoin and Gold ETF Flows Since Iran War

JPMorgan analysts noted a clear divergence in Bitcoin and gold ETF fund flows since the Iran war broke out on February 27. The largest gold ETF, GLD, experienced approximately 2.7% in asset outflows, while the largest spot Bitcoin ETF, IBIT, recorded approximately 1.5% in asset inflows.

Since October last year, a rotation from Bitcoin to gold has been observed particularly among retail investors, though Bitcoin's cumulative total inflows since 2024 remain roughly double those of gold ETFs.

On the institutional positioning front, short interest in IBIT has increased while short interest in GLD has decreased, suggesting hedge funds and other institutions have reduced Bitcoin exposure in favor of gold.

IBIT's put/call open interest ratio has remained consistently above GLD's since November last year, indicating rising institutional demand for hedging Bitcoin downside risk.

While gold's declining short interest and lower put/call ratio suggest more bullish positioning, GLD's implied volatility has risen more sharply, and market breadth has been weaker. Meanwhile, Bitcoin's volatility shows signs of compression, reflecting deeper institutional holdings and improved market liquidity.

Analysis: Seven Central Banks to Announce Rate Decisions This Week, Potentially Triggering Bitcoin Volatility

According to CoinDesk, this week represents a critical test for risk assets including Bitcoin, as seven major central banks—including the Federal Reserve—announce rate decisions.

Meanwhile, war-driven oil price spikes have reignited concerns about global inflation. Traders are reassessing rate cut expectations, as rising energy costs could keep inflation elevated, increasing the risk of a more hawkish stance from policymakers.

The economic calendar includes: Reserve Bank of Australia on March 17; Bank of Canada and the Federal Reserve on March 18; Bank of Japan, Swiss National Bank, and European Central Bank on March 19.

Markets had broadly expected major central banks to steadily cut rates, but the Middle East conflict-driven oil price surge has disrupted this outlook.

Hawkish signals from central banks could trigger volatility and downside pressure for risk assets including Bitcoin. Analysts note that the Fed's initial reaction to an oil price shock is typically to wait and assess whether growth or inflation poses the greater concern, and that most such shocks are transitory.

Historically, only the Federal Reserve and the Bank of Japan have had a material impact on Bitcoin prices.

Analysis: Conditions for a Bitcoin Rebound Are Gradually Forming

On March 13, Matrixport stated in its weekly report that current crypto market sentiment remains subdued, with overall trading volume still at low levels. Many traders have shifted their attention to other assets such as gold and crude oil. However, beneath the calm surface, changes are underway.

Bitcoin has declined for five consecutive months—a historically rare occurrence—and similar patterns have often preceded staged rebounds. At the same time, total altcoin market capitalization has pulled back to a range that has historically served as a launchpad for rallies.

Although Matrixport's altcoin model has not yet officially turned bullish, the number of tokens reclaiming their 30-day moving averages and passing momentum screens has notably increased.

As stablecoin capital flows back into the market, liquidity conditions are also steadily improving. Taken together, these trends suggest the probability of a crypto market rebound may be gradually rising.

Crypto-Related Stocks

BitMine Added 60,976 ETH Last Week, Exceeding Prior Weekly Average of 45,000–50,000

$Bitmine Immersion Technologies (BMNR.US)$ purchased an additional 60,976 ETH last week, valued at approximately $131 million. As of March 8, the company holds 4.5346 million ETH—roughly 3.76% of total ETH supply—along with $1.2 billion in cash and select Bitcoin and equity investments, bringing total assets to $10.3 billion.

Of its holdings, 3.0405 million ETH are staked, generating annualized staking income of approximately $174 million at current prices.

SharpLink Annual Report: ETH Holdings Grow to 868,699; Staking Rewards Reach 14,516 ETH

Nasdaq-listed Ethereum treasury company $SharpLink (SBET.US)$ released its full-year 2025 financial report, disclosing that its Ethereum holdings have grown to 868,699 ETH, comprising 604,618 native ETH, 208,893 ETH redeemed from LsETH, and 55,188 ETH redeemed from WeETH, plus 14,516 ETH in staking rewards.

SharpLink is now the second-largest publicly listed ETH holder globally. The company also disclosed $28.5 million in cash and $1.9 million in USDC, and indicated it plans to continue accumulating ETH and expanding its staking operations.

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