BlackRock's spot Bitcoin ETF, IBIT, is now generating about $16'18 billion in daily trading volume. The turnover puts IBIT in the same league as Binance and at roughly double Coinbase's volumes.

A sharp rise in Bitcoin's loss-making supply is adding to worries about market conditions. On-chain analytics firm Glassnode reports that about 44% of circulating BTC is currently held at an unrealized loss. Bitcoin is trading near $66,450, roughly 47% below its October 2025 peak of $126,000. The drawdown leaves investors with an estimated $598.7 billion in unrealized losses, with around 8.8 million BTC in the red. Glassnode says the setup resembles the market structure seen in Q2 2022. It notes that absorbing losses of this scale typically requires coins to move from underwater holders to new buyers willing to step in at lower price levels. Long-term holders (coins held more than 155 days) have seen daily realized losses climb to about $200 million. Glassnode calls this a "confirmation of active stop-loss sales." In its framework, a drop in that metric below $25 million per day would be a meaningful sign that selling pressure has faded, a historical precursor to market bottoms. Bitcoin's spot price is also below $83,408, the estimated average cost basis for U.S. spot Bitcoin ETF investors, suggesting mounting pressure on that cohort. For the week ending March 27, global Bitcoin investment products recorded net outflows of more than $194 million. Demand indicators are also soft. Capriole Investments puts Bitcoin's "apparent demand" at 1,623 BTC, pointing to seller dominance. CryptoQuant adds that the demand contraction underway since November 2025 supports the view that the market remains in a "distribution phase." This is not investment advice.

Michael Saylor's Strategy is estimated to have purchased around 617 BTC today via its STRC at-the-market (ATM) equity offering program, based on STRC ATM Tracker data shared by Bitcoin Magazine. With Bitcoin spot at $67,006, estimated ATM proceeds were roughly $41.3 million, assuming a 61% capture rate. The 617 BTC estimate equals about 1.4 times the daily flow of newly mined Bitcoin, currently around 450 BTC per day. STRC closed at $99.97 on $197.2 million in daily volume and carries a current yield of 11.5%. The capture-rate assumption is based on Strategy's most recent confirmed 8-K, covering March 9–15, which reported $1.18 billion in proceeds and about 16,815 BTC acquired. Strategy continues to buy Bitcoin at a pace that exceeds new miner supply. The firm remains the largest corporate holder of Bitcoin and shows no sign of slowing its accumulation program despite broader market volatility.

Cryptocurrencies came under pressure after former President Donald Trump's "Stone Age" rhetoric rattled risk sentiment, triggering roughly $440 million in liquidations across the market. Bitcoin slid below $66,000 as selling accelerated, adding to a broader pullback in major digital assets.

Circle has introduced cirBTC, a wrapped Bitcoin token fully backed 1:1 by native BTC. The product includes real-time, on-chain reserve verification and is positioned for institutional adoption across DeFi. cirBTC will debut on Ethereum and Circle's Arc blockchain.

Bitcoin (BTC) is approaching a pivotal technical test as on-chain data points to a meaningful change in large-holder behavior. CryptoQuant data shows wallets holding 1,000–10,000 BTC have shifted from accumulation to net selling. Over the past 12 months, these whale cohorts have reduced holdings by 188,000 BTC, reversing the 2024 buildup when they added more than 200,000 BTC. The 365-day trend suggests the move reflects a broader distribution phase rather than short-term noise. Exchange-flow signals are also turning heavier. CryptoQuant indicates a sharp jump in active addresses sending BTC to exchanges over recent days, led by short-term holders and traders. Rising exchange deposits typically increase near-term supply available to sell. Selling is not confined to whale wallets. Mining firm Riot Platforms recently sold an additional 500 BTC, valued at roughly $34.13 million, adding to circulating supply and reinforcing downside pressure alongside whale distribution. Spot markets are now focused on a key demand zone between $62,000 and $65,000, an area that has acted as support in recent sessions. Holding this range could help absorb the supply overhang and keep the broader bullish structure intact. A clean break below would suggest sell pressure has overwhelmed demand and could open the door to a deeper correction. Final Summary: Whale holdings are down 188,000 BTC, pointing to a structural shift toward distribution. With miners and large holders contributing to supply, the $62,000–$65,000 zone has become the market's key support level.

Circle, the issuer of USDC, has introduced cirBTC, a wrapped Bitcoin token designed to be backed 1:1 by BTC with on-chain, verifiable reserves. The company said the product is being built to plug into Circle's existing infrastructure and integrate across the broader DeFi ecosystem. A launch date has not been announced. The announcement places Circle into the wrapped Bitcoin market, long led by WBTC but recently clouded by trust questions tied to BitGo's custody changes that brought Justin Sun-linked entities into the picture. Circle, a regulated public company (NYSE: CRCL), could reshape institutional and DeFi demand for tokenized Bitcoin if its verifiable-reserve approach gains traction. Circle has been expanding aggressively, including the launch of its Arc Layer 1 blockchain and the Circle Payments Network, alongside deepening ties with Visa, Mastercard, and major financial institutions. A wrapped Bitcoin product broadens Circle's stablecoin and tokenized-asset stack, reinforcing its push to serve as core infrastructure for on-chain finance.

On-chain data shows 1,211 BTC, valued at $81,314,150, was transferred from an unidentified wallet to Kraken.

Circle said it is launching cirBTC, a wrapped Bitcoin token backed 1:1 and built for institutional users. The product will debut on Ethereum and Arc and will plug into Circle's existing infrastructure, which the company says will provide institutional-grade security.