Quick Take

• The Bitcoin mining sector is undergoing a "Miner Capitulation" phase; The U.S. Securities and Exchange Commission (SEC) issued its first formal definitions regarding which specific crypto-asset characteristics constitute a "security"; Nasdaq received SEC approval to facilitate the trading of tokenized securities.
• U.S. spot BTC ETFs had a net inflow of $91 million last week, down from $763 million the week prior. Spot ETH ETFs saw a net outflow of $60 million in the same period, compared with the $161 million inflow the week prior.
• The U.S. Fed held rates at 3.50%–3.75% on March 18, citing Middle East tensions and only projecting one rate cut for the year. The European Central Bank (ECB) and the Bank of England (BoE) both paused rates on March 19, warning of stagflation risks from the Iran conflict and rising energy costs. The Bank of Japan (BoJ) maintained its rate at 0.75% on March 19, monitoring the impact of the Middle East crisis on fuel imports. China’s National Bureau of Statistics (NBS) released economic data, showing industrial output grew 6.3% and retail sales rose 2.8%, beating forecasts.
• Notable updates: The Ethereum Foundation introduced a new mandate outlining its role and principles, sparking industry debate. Ripple is broadening its digital asset offerings in Brazil and preparing to apply for a Virtual Asset Service Provider (VASP) license. World Liberty Financial (WLFI) released the open-source AgentPay SDK which enables AI agents to autonomously manage USD1 stablecoin transactions. LayerZero and Centrifuge announced a partnership to broaden the distribution of tokenized real-world asset (RWA) products.

Research Dashboard

According to our research dashboard, the price index declined by -3.19%, while the volume and volatility indices increased by +1.05% and +30.67%, respectively, last week. 

Token prices in the index mostly decreased except for HYPE (+2.95%). BTC and ETH prices declined by -6.65% and -5.61%, respectively. Grayscale Investments filed a Form S-1 with the SEC for a spot HYPE ETF to be listed on Nasdaq (Ticker: GHYP), signaling a major push for institutional access to DeFi-native tokens. 

DOT led the volume and volatility spike. Polkadot (DOT) cut its annual issuance by 54% (120M to 55M DOT) and introduced a 2.1 billion hard cap on March 14. Additionally, an end-of-March upgrade is scheduled to introduce the DAP (Direct Allocation Pallet), redirecting treasury burns and validator slashes toward network development.

Chart of the Week

Bitcoin mining profitability has deteriorated since the price crash in October 2025, a situation exacerbated by rising energy costs linked to Middle East oil volatility and the closure of the Strait of Hormuz. Miners are currently losing approximately $19,000 per coin, with average production costs at $88,000 versus a market price of $69,200, resulting in a 21% loss per block. Miners are being forced to sell BTC to cover operational costs, adding supply pressure to a market where 43% of holders are already underwater.

The Bitcoin Hashprice Index is a metric that quantifies the expected value or revenue a miner can earn from a specific unit of hashing power over a 24-hour period. The current decline in the Hashprice to near-historic lows (approximately $32/PH/s/day) strongly indicates that the Bitcoin mining sector is entering a "Miner Capitulation" phase. This signifies that the remuneration miners receive for securing the network is no longer sufficient to cover operational expenditures such as electricity and hardware costs for a considerable segment of the industry.

Weekly Performance

Top-cap tokens all fell last week. 

All key categories saw a decrease in market capitalization in the last seven days, while artificial intelligence-related tokens witnessed a surge.

Notable Updates

News Highlights

Crypto.com / Cronos News

• Crypto.com partnered with KG Inicis, South Korea’s leading payment gateway, to enable digital asset payments for tourists via Crypto.com Pay.

Regulation

• The U.S. SEC issued its first formal definitions regarding which specific crypto-asset characteristics constitute a "security," providing the industry with much-anticipated, albeit strict, compliance benchmarks.
• The U.S. Senate reached a consensus on the treatment of stablecoin yields, clearing a path for the Crypto Clarity Act to move forward. The legislation aims to provide a definitive framework for digital asset classification and stablecoin issuance.
• Nasdaq received SEC approval to facilitate the trading of tokenized securities, a landmark decision that bridges traditional equity markets with blockchain-based settlement systems.

Adoption 

• SBI VC Trade, the crypto subsidiary of Japan’s SBI Group, launched retail lending services for USDC. The move indicates growing institutional and retail demand for dollar-pegged stablecoins within regulated Japanese financial frameworks.
• Moody’s integrated its credit rating services into the Canton Network, bringing real-time, on-chain credit assessments to institutional blockchain users and enhancing transparency for tokenized credit products.

Investment Vehicles 

• Morgan Stanley filed for a spot Bitcoin ETF under the ticker "MSBT," backed by $1 million in seed capital; this signifies a major push by a "bracket-class" investment bank to integrate digital assets into its core wealth management offerings.
• Grayscale submitted an SEC filing to launch a HYPE token ETF (ticker: GHYP) as the Hyperliquid decentralized exchange sees explosive growth, with weekly derivatives volume exceeding $50 billion and 24-hour fees hitting $1.6 million.

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