20 Million Bitcoin

Find out our latest reports, listed below:

• Volatility Report: February 2026

• 2026 – the year of RWA perps?
  
  
• Bybit x Block Scholes: “2026: It's Different This Time?”

• Tokenised Markets on Bitget UEX: Unlocking Real-World Assets On-Chain for 24/7 Global Access

Market Snapshot: Overnight Moves

Daily Updates:

• Crypto assets and Wall Street equities rebounded yesterday with BTC rallying from $65,000 to now trading above $71,000 and the S&P 500 reversing an intraday loss of 1.5% to finish 0.8% higher. 
• Oil prices whipsawed significantly, with crude dropping from almost $120 (its highest since 2022) all the way down to $87, while US ten year treasury yields fell from 4.21% to 4.10% as treasuries rallied, ending a five-day selloff. 

• Demand for optionality in BTC options markets has fallen alongside a drop in realised volatility. 7-day BTC options briefly traded with an implied volatility of 67% over the weekend, and have since dropped 16 percentage points down to 51%. A similar sharp decline in implied vol has taken place in ETH options too, with short-dated IV falling from 80% down to 66%. 
• Volatility smiles are still skewed towards put contracts despite some rebound since the weekend, suggesting traders are not willing to price in a return back to a full risk-on environment just yet. 

• The moves were driven by President Trump indicating that the war in the Middle East may be nearing its end — he told CBS News yesterday, “I think the war is very complete, pretty much. [Iran has] no navy, no communications, they've got no air force. Their missiles are down to a scatter.”
• Separately, at a news conference in his Florida resort, he said “We’re looking to keep the oil prices down. They went artificially up because of this excursion.”
• He added that his administration could waive “certain oil-related sanctions to reduce prices” and have the US Navy escort tankers through the Strait of Hormuz in a bid to address those recent fluctuations in energy prices.
• On Truth Social Trump warned Iran from blocking oil shipments transporting through the Strait claiming that “they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far.”

• BTC’s recovery above $70K over the last 24 hours was supported with buy-side demand from institutional investors. Spot Bitcoin ETFs partly reversed two days of outflows yesterday, purchasing $167.1M worth of bitcoins. Meanwhile, Michael Saylor’s Bitcoin digital asset treasury company, Strategy, purchased $1.277B of bitcoins between March 2 and March 8 — its largest purchase in seven weeks.
• Year-to-date however, Spot Bitcoin ETFs have seen outflows of $1.2B, while Saylor’s Strategy has purchased $5.6B of bitcoins over the same period. 

• Nasdaq announced a partnership with Boerse Stuttgart’s Seturion, a tokenised settlement platform, in a move that broadens its push into blockchain-based market infrastructure, according to their statement on Monday.
• The collaboration will support the trading and settlement of tokenised securities in Europe, initially through structured products. 

• Sonic Network has launched USSD, a network-integrated USD stablecoin, backed 1:1 by high-quality, short-duration USD assets held with regulated custodians, including tokenized U.S. Treasury products from institutions such as BlackRock (BUIDL), Superstate (USTB), and WisdomTree.
• The stablecoin can be minted permissionlessly through non-custodial smart contracts by depositing supported USD assets such as USDC, USDT, PYUSD, USDB, and approved Treasury representations at a 1:1 ratio with zero minting fees.
• Redemption is contract-driven and designed for flexible cross-chain liquidity movement, allowing holders to redeem USSD 1:1 into supported USD assets across different chains, with potential future redemption into U.S. dollars subject to KYC/AML requirements.

• Coinbase and Paxos used stablecoins to pay insurance premiums to Aon, in what the company described as a first for a major global insurance broker. 
• Tim Fletcher, CEO of Aon’s financial services group, said the firm’s position as a “first mover” in accepting stablecoins for premium settlement reflects its commitment to innovating on behalf of clients, in their statement on Monday.

• According to TRON’s post on X, the company has joined the Agentic AI Foundation, an open initiative under the Linux Foundation focused on supporting transparent and interoperable agentic AI infrastructure.
• TRON said it joined AAIF as a Gold Member and will also take a seat on the Foundation’s Governing Board.

• Bitcoin has passed a major milestone, with over 20M BTC mined at block height 939,999 under the current 3.125 BTC block reward, leaving the remaining supply to be issued gradually until the final fractions are mined around 2140.

This Week’s Calendar:

Charts of the Day:

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