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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure The stablecoin market is facing a critical test. Not a market cycle. Not a liquidity event. A legisl

The CLARITY Act Could Kill Stablecoin Yield – Here Is Where the Money Goes Instead

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The Bitcoin vs. gold debate is back in the chatter. Since the West Asia crisis began, Bitcoin has reinforced its hedge against geopolitical tensions, posting an 8.5% gain. In contrast, gold has droppe

‘Roles reversed?’- Bitcoin outperforms gold in ETF inflows

Pixels: Farming Metaverse on Ronin

US Treasury Market Faces Potential Pressure from Foreign Investors The US Treasury market is under close watch as overseas official investors may be pulling back, raising concerns about possible selli

US Treasury Market Faces Potential Pressure from Foreign Investors
The US Treasury market is under close watch as overseas official investors may be pulling back, raising concerns about possible selling pressure.
A report from Deutsche Bank on March 23 shows that holdings of US Treasury bonds in foreign official accounts managed by the Federal Reserve Bank of New York fell by $75 billion over the past four weeks. This is the largest monthly drop since the early days of the COVID-19 pandemic in 2020. Based on historical patterns, this suggests foreign official investors have net sold about $60 billion in Treasury bonds—the biggest net selling since the pandemic began.
This trend aligns with the recent spike in US Treasury yields, especially in mid-term maturities (the “belly” of the curve), which is exactly where foreign official investors hold the most Treasuries. Deutsche Bank warns that if overseas demand continues to shrink, the “convenience yield” of US Treasuries could weaken, creating substantial upside risk for long-term yields.
Custody Data Offers Early Signals
The most reliable official source for tracking foreign holdings of Treasuries is the Treasury International Capital (TIC) report. However, TIC data has a significant lag—March figures won’t be available until mid-May.
As an alternative, the Federal Reserve’s weekly H.4.1 report provides near real-time data on the face value of securities held in custody by foreign official and international accounts at the Fed, with only a one-day lag. According to Deutsche Bank strategists Matthew Raskin, Steven Zeng, and Andrew Fu, the latest H.4.1 data indicates that foreign official holdings have shown clear signs of reduction on a weekly average basis.


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US Treasury Market Faces Potential Pressure from F

On March 25th, economist Ma Guangyuan stated that gold and silver prices have recently experienced sharp rises and falls, with gold plummeting from a high of $5600 to below $4100. Many people are now 

Economist Ma Guangyuan: Over 90% of Ordinary People Lack Investment Capability in Volatile Markets

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Gold's longest losing streak in a century meets bitcoin's resurgence Gold is currently on its longest losing streak in over a century, its worst run since February 1920, lasting 10 consecutive days, a

Gold's longest losing streak in a century meets bitcoin's resurgence

Gold is currently on its longest losing streak in over a century, its worst run since February 1920, lasting 10 consecutive days, according to Katie Greifeld, Bloomberg analyst.

The yellow metal has fallen as much as 27% from its January all time high, dropping to a low of $4,090, where it found support at its 200 day moving average, a widely watched technical level that often signals longer term trend strength.

However, it has rebounded by around 2% over the past 24 hours, likely signaling the end of the streak. Since the escalation of the Middle East conflict at the end of February, gold remains down roughly 12%.

Meanwhile, bitcoin, often referred to as digital gold, is holding above $70,000, keeping the bitcoin to gold ratio just below 16 ounces. The ratio bottomed at around 12 ounces just before the Middle East conflict, meaning the ratio has risen roughly 30% from those lows, with bitcoin outperforming.

Charlie Morris, chief investment officer at ByteTree, noted: "I remember the excitement when 1 $BTC first surpassed one ounce of gold in March 2017. Since then, it has consistently built higher lows, reaching 2.7 oz in 2019, 3.4 oz during the 2020 pandemic crash, 9.1 oz after the FTX collapse, and 12.4 oz in February this year. Now, one $BTC is worth 16 ounces of gold. With gold appearing exhausted, we could reasonably expect a new all time high above 40 ounces in the coming months or years."

Historically, bitcoin has tended to lag gold in market cycles. Gold typically leads with an initial rally, then consolidates, allowing bitcoin to catch up and outperform.

While, Bloomberg ETF analyst Eric Balchunas argues that

G: L1 for Mass Adoption & Omnichain Future

Gold's longest losing streak in a century meets bi

Predict BTC and win 540 million HTXHTX Community Spring Creation ContestEarn Limited-Time 10% APY on $HTX StakingTether hires a Big Four firm for the first full financial audit of $184b USDT reserves,

Tether hires a Big Four firm for the first full financial audit of $184b USDT reserves, aiming to reset stablecoin transparency and institutional trust. Summary Tether has formally engaged a Big Four accounting firm to conduct its first full independent financial statement audit, the company announced March 24. With over $184 billion in USDT market capitalization and more than 550 million users globally, the audit is expected to be the largest inaugural audit in financial markets history. CEO Paolo Ardoino and CFO Simon McWilliams say the milestone signals a new benchmark for transparency and institutional accountability in the digital asset industry. Tether, the issuer of the world’s largest stablecoin by market capitalization, announced on March 24 that it has entered a formal engagement with a Big Four accounting firm to complete its first-ever full independent financial statement audit — a move company leadership describes as the biggest inaugural audit in the history of financial markets. The announcement marks a turning point for Tether, which has long faced scrutiny over its reserve transparency. USDT currently circulates at a market cap exceeding $184 billion, underpinning a global user base of more than 550 million people. Despite publishing quarterly attestations through BDO Italy in recent years, critics and institutional investors have consistently demanded a more rigorous, comprehensive audit — one that only the Big Four tier of accounting firms can credibly deliver. Tether’s Decade of Scrutiny Questions about whether each USDT token is truly backed 1:1 by dollar-denominated reserves have followed Tether since the stablecoin’s launch in 2014. The collapse of multiple major exchanges and lending platforms between 2022 and 2024 heightened calls for deeper accountability. Attestations, while standard practice across the stablecoin sector, 

Tether hires a Big Four firm for the first full fi

WAR: Geopolitical Meme Coin on Solana

Predict BTC and win 540 million HTXHTX Community Spring Creation ContestClaim1,200 USDT in the Monthly Creation Challenge Coinbase Prime's Role in Institutional Cryptocurr #Predict BTC and win 540 mil

Coinbase Prime's Role in Institutional Cryptocurr

#Predict BTC and win 540 million HTX within a broader

Moreover, this transaction occurs within a broader context of BlackRock's digital asset initiatives.

The firm launched its spot Bitcoin ETF in January 2024, which rapidly accumulated billions in assets under management. Simultaneously, BlackRock has filed preliminary paperwork with the U.S. Securities and Exchange Commission for a spot Ethereum ETF, though regulatory approval remains pending. Industry analysts interpret this Coinbase Prime deposit as operational preparation rather than speculative trading. Institutional investors typically establish custody and execution relationships well before launching public products or making significant market moves. Therefore, this transfer likely represents infrastructure testing, liquidity positioning, or collateral management for future Ethereum-based financial

instruments.

Coinbase Prime's Role in Institutional Cryptocurr

Predict BTC and win 540 million HTXHTX Community Spring Creation ContestClaim1,200 USDT in the Monthly Creation Challenge Morgan Stanley Moves Closer to Bitcoin ETF Launch With NYSE Listing Announceme

Morgan Stanley Moves Closer to Bitcoin ETF Launch With NYSE Listing Announcement 

Morgan Stanley’s spot Bitcoin ETF, MSBT, nears launch with an NYSE listing, offering direct bitcoin exposure through brokerage accounts.

Morgan Stanley’s long‑awaited spot Bitcoin exchange‑traded fund, the Morgan Stanley Bitcoin Trust (MSBT), has taken a major procedural step toward trading after the New York Stock Exchange confirmed an official listing notice for the product. 

Bloomberg Senior ETF Analyst Eric Balchunas says the listing typically signals a launch is “imminent.”

If approved by regulators, MSBT would mark the first spot Bitcoin ETF issued directly by a major U.S. bank rather than an asset manager. Existing U.S. spot Bitcoin ETFs have been launched by firms such as BlackRock and Fidelity.

Morgan Stanley’s wealth management division oversees one of the largest networks of financial advisors in the industry, with roughly 16,000 advisors and trillions in client assets under management. 

That distribution reach could make MSBT a significant channel for Bitcoin exposure in traditional portfolios.

The ETF’s fee structure has not yet been disclosed. The flagship U.S. spot Bitcoin ETF from BlackRock, iShares Bitcoin Trust (IBIT), currently charges around a 0.25% management fee, with other issuers ranging from 0.20% to 0.30% annually.
Morgan Stanley’s bitcoin moves

Last week, Morgan Stanley confirmed that its proposed spot bitcoin exchange-traded fund will trade under the ticker MSBT on NYSE Arca, according to an updated filing with the U.S. Securities and Exchange Commission.

The filing details the Morgan Stanley Bitcoin Trust, a passive investment vehicle designed to track the spot price of bitcoin through direct holdings. Shares will reflect the value of bitcoin held in custody, allowing investors to gain exposure through brokerage accounts..


Morgan Stanley Moves Closer to Bitcoin ETF Launch

Predict BTC and win 540 million HTXHTX Community Spring Creation ContestClaim1,200 USDT in the Monthly Creation Challenge Bhutan offloads $37 million worth of bitcoin as selling accelerates: onchain d

Bhutan offloads $37 million worth of bitcoin as selling accelerates: onchain data

Bhutan transferred 519.7 BTC, worth around $36.75 million, to two wallets on Wednesday, according to Onchain Lens.

The government still holds 4,453 BTC, or about $315.89 million, Arkham data shows.
The Royal Government of Bhutan has moved another portion of its bitcoin reserves, reportedly moving nearly $37 million worth of bitcoin BTC+2.89%

, according to onchain data.

According to Arkham Intelligence data, Bhutan moved 519.7 BTC, worth roughly $36.75 million, to two wallets, including one linked to trading firm QCP Capital.

Following the transaction, the Bhutanese government currently holds 4,453 BTC, valued at about $315.89 million. The bitcoin assets are held and managed by Druk Holding and Investments Ltd., the country's sovereign wealth fund.

While the exact reason for the latest transfer remains unclear, such movements to trading firms or exchange-linked wallets are often associated with potential asset sales. The Block has reached out to Druk Holding for comment on the reported transaction.

Druk Holding has recently made multiple bitcoin transfers, with a $72 million transaction last week and a nearly $12 million transfer earlier this month.

Bhutan historically accumulated bitcoin through mining operations powered by its abundant hydropower resources, holding more than 13,000 BTC at its peak in October 2024. However, speculation has grown over whether the government has stopped mining, as its last bitcoin inflow exceeding $100,000 occurred more than a year ago, according to Arkham's post last week.


Bhutan offloads $37 million worth of bitcoin as se

Predict BTC and win 540 million HTXHTX Community Spring Creation ContestClaim1,200 USDT in the Monthly Creation Challenge Bitwise Joins Lombard’s Bitcoin Smart Accounts to Help Unlock Institutional Yi

Bitwise Joins Lombard’s Bitcoin Smart Accounts to Help Unlock Institutional Yield
Bitwise Asset Management has become the first strategic yield partner in Lombard’s Bitcoin Smart Accounts ecosystem, signaling a growing bridge between institutional custody and productive on-chain Bitcoin deployment. 

The collaboration is designed to unlock yield and liquidity for an estimated $500 billion in BTC currently held in regulated custody, without requiring asset transfers or modifications to existing custodial arrangements, Lombard said. 

Scheduled for a Q2 2026 launch, Bitcoin Smart Accounts will allow high-net-worth individuals, institutional asset managers, and corporate treasuries to earn yield or borrow against BTC while maintaining full control of their assets. 

Bitwise will provide institutional-grade yield strategies, combining DeFi lending with curated real-world asset portfolios, while Morpho will facilitate stablecoin liquidity for borrowing products.

Jacob Phillips, co-founder of Lombard, highlighted the significance of institutional adoption: “Following the February introduction of Bitcoin Smart Accounts, we’ve observed substantial demand for solutions that enable productive Bitcoin deployment while preserving existing custody. Bitwise brings the credibility and capabilities required to serve this market at scale.”

The partnership addresses longstanding operational inefficiencies in institutional Bitcoin markets. Traditionally, holders seeking liquidity faced three limited options: exiting custody, using opaque OTC lending channels, or selling assets — each presenting risk, cost, or lost upside. 

Lombard’s Smart Accounts leverage custodian-integrated infrastructure to recognize Bitcoin positions as collateral using cryptographic receipts (BTC.b) without transferring the underlying asset.



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