SnapShot 248

Hello SnapShotters,

A weekend of intense geopolitical friction sent global markets into a tailspin. BTC bore the brunt of the initial volatility, plummeting from over US$65,000 to a low of nearly $63,000 in an hour as news of major military operations broke.

However, the "war-driven" discount quickly spurred a recovery to a four-week high of $73,000, decisively pushing past the $70,000 resistance that had been repeatedly holding it back.  

The momentum was fortified by a reversal in fund flows. Global crypto ETPs ended a five-week dry spell with $1 billion in inflows last week; BTC led the charge with $882 million, while ETH saw its strongest week since January at $117 million. On February 25, BTC ETFs pulled in more than $500 million — the highest single-day total in three weeks — and ETH ETFs pulled in $157 million, suggesting that the "smart money" is actively buying the geopolitical dip.

Institutional sentiment is also finding a new anchor in Washington. JPMorgan analysts projected that the CLARITY Act — the comprehensive U.S. market structure bill — could see Senate approval by mid-year. This would serve as a massive second-half catalyst, potentially triggering a grandfather clause that brings assets like SOL, XRP, and LINK under CFTC oversight.

The institutional conviction was doubled down by Strategy, which completed its 101st BTC purchase this week. It was “business as usual” for the company as it acquired an additional 3,015 BTC for approximately $204.1 million, pushing its total holdings above 720,000 BTC.

Here are the week's top stories as BTC rides the short-covering momentum.

Market Spotlight

Note: Market prices captured in USD at the time of sending. Explore more on Crypto‌.com/Price. 

Want more? Get weekly Market and DeFi Updates from Crypto.‌com’s Research Team.

News Snaps

💎 Vitalik Proposes Deep Ethereum Overhaul

Ethereum co-founder Vitalik Buterin is pushing for a major architectural shift to fix the network's efficiency bottlenecks. The two-part plan involves replacing Ethereum’s aging "state tree" structure with a faster binary system, and eventually retiring the current Ethereum Virtual Machine (EVM) in favor of a modern, ZK-friendly alternative like RISC-V.

📒 Ripple Pushes for XRPL Decentralization 

Ripple is shifting XRP Ledger (XRPL) development toward a distributed funding model to reduce its role as the ecosystem's primary gatekeeper. The plan introduces new startup programs and community-led initiatives, like the XAO DAO, to support builders as the network navigates a DeFi slump.

🪙 Strategy Hikes Dividend Despite $12.4B Net Loss 

Strategy raised the monthly dividend on its STRC preferred stock to 11.5% annualized for March 2026, even as the firm grapples with a staggering $12.4 billion Q4 net loss. With BTC prices currently trading well below the company’s $76,020 average purchase cost, CEO Phong Le is pivoting the treasury strategy toward issuing preferred shares over common stock to fund further BTC acquisitions.

🌴 Institutional Giants Warm to Digital Assets 

Despite crypto’s market cap being down $1 trillion since October 2025, sentiment at the iConnections Miami conference suggests crypto has graduated to a "core sleeve" of alternative investments. Nearly 25% of allocators now express active interest, with family offices and endowments leading the charge into BTC and ETH ETFs.

🦄 Uniswap Wins Final Dismissal in Class Action 

A federal judge has dismissed the remaining state-law claims against Uniswap Labs and founder Hayden Adams, ending a long-running effort to hold the DEX developer liable for third-party scam tokens. Judge Katherine Polk Failla ruled that simply offering a platform doesn’t constitute the assistance of fraud.

What’s Ahead

⏲️ Ethereum’s Testnet Countdown
While the Glamsterdam upgrade isn’t slated for mainnet until early summer, developers are eyeing March and April as the critical window for initial testnet deployments. These trials will be the first real-world stress tests for parallel processing and the proposed 200 million gas limit.

Number of the Week

Source: River

Chart of the Week

The Flight to Digital "Pristine Collateral"

While the broader crypto market has been defined by a persistent risk-off mood throughout early 2026, a significant divergence is unfolding in real-world assets (RWAs).

The market capitalization for tokenized U.S. Treasurys climbed to a record $10.9 billion as of March 1, expanding 22% since the start of the year.

The growth is being fueled by a concentrated "flight to quality" among the sector's largest constituents. BlackRock’s BUIDL and Franklin Templeton’s BENJI fund — the two heavyweights of the space — saw their managed assets swell by 26% and 14% respectively since January 1.

However, the most aggressive growth came from the next tier of challengers; Circle’s USYC surged by 31%, while Ondo’s USDY posted a staggering 89% increase in just two months. Even as bitcoin and high-beta alts struggle to find a floor, these tokenized instruments are successfully recasting U.S. government debt as the "gold standard" of liquid, 24/7 collateral.

As of March 1, 2026

Sources: RWA.xyz, Crypto.com Research

Crypto Trivia

March 9 marks the anniversary of A Cypherpunk’s Manifesto. What is the central tenet of this foundational document first published in 1993?

A) Privacy is an inherent right granted by governments

B) Privacy requires the selective revealing of oneself through code

C) Privacy is a secret that must be kept from all parties

Find the correct answer at the end of this newsletter.

NFT Spotlight

What would Picasso paint if he stepped into 2026? Launching March 11, “PICASSOPIA” answers that question with vivid artworks channeling the legendary artist’s style.

Created by sand artist SANDBANG, the collection brings Picasso’s iconic cubist style into the modern era, transforming everyday scenes into multifaceted, geometric forms that spark awe and curiosity.

Collectors can win a pair of Nike shoes with custom art by SANDBANG, receive custom collectibles, and unlock unique NFT rewards.

Dip into the world of cubism and get a sneak peek of the collection here!

New Token

MANTRA (MANTRA)

MANTRA is an EVM-compatible Layer-1 blockchain built on Cosmos SDK, and focuses on tokenization and management of RWAs like real estate and commodities, bridging TradFi and DeFi.

This is informational content only and should not be considered as an investment recommendation. Some Crypto.com products may not be available in some jurisdictions.

Byte Sized

We just celebrated World Wildlife Day — time to test your crypto wildlife knowledge.

Follow Us on Instagram!

CryptoIRL

@luca87m’s hoping for a March as green as the Jade Card.

Hashtag #CryptoIRL with your Crypto.‌com Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!

Security Tips

$61M Seized in Pig Butchering Crypto Scam

U.S. prosecutors have seized $61 million in USDT tied to a pig butchering scam — a scheme that relies on long-term relationship building to lure victims into fraudulent crypto investments.

These scams often begin with unsolicited messages on social media or dating apps. Over time, scammers build rapport before introducing a “profitable” crypto opportunity. Victims are then directed to polished but fake trading platforms that display fabricated gains to encourage larger deposits. When victims try to withdraw funds, they’re told to pay additional “taxes” or other fees. Eventually, the scammer severs communication and the money disappears through crypto wallets.

How to Avoid Falling Victim to Pig Butchering Scams:

• Be cautious of online relationships that shift toward crypto investing
• Avoid platforms that show profits but require extra payments to withdraw
• Verify trading platforms independently before transferring funds
• Never send additional money to unlock profits or pay supposed taxes

Crypto Trivia Answer

B) Privacy requires the selective revealing of oneself through code ✅

Authored by Eric Hughes on March 9, 1993, the manifesto argued that privacy in the digital age can’t be granted by "faceless organizations," but must be defended by individuals through cryptography. 

It famously coined the movement’s motto, "Cypherpunks write code,” establishing the philosophical and technical bedrock that Satoshi Nakamoto would eventually use to build Bitcoin.

Ethereum co-founder Vitalik Buterin also recently unveiled a vision for a "cypherpunk-principled" Ethereum.

That's it for this week's SnapShot. Want more? Find out what’s trending in the crypto world.