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Binance continued to be the spot volume leader in the crypto sector during 2025, according to CryptoQuant’s annual report on exchanges.

Binance Saw $7 Trillion In Spot Crypto Trading Volume In 2025

In a new thread on X, on-chain analytics firm CryptoQuant has shared insights from its 2025 Annual Exchange Leader Report. This report compares the various centralized exchanges in the crypto sector in terms of various metrics.

First, here is a chart showing how exchanges compare against each other in terms of the spot trading volume:

As displayed above, Binance was by far the largest exchange in terms of the total amount of crypto involved in spot trading activities in 2024, and the same remained true in 2025 as well. In total, Binance observed a spot volume totaling to $7 trillion in 2025, about the same as the figure from 2024.

Bybit and Crypto.com followed in second and third, respectively. While the latter observed a volume jump of 4.5% during 2025, the former actually saw a decline of over 14%. The platform that most stands out for its volume change between 2024 and 2025 is MEXC, witnessing an increase of a whopping 90%.

Like the spot market, Binance was once again the market leader when it came to derivatives volume.

Binance saw a total of 25 trillion in crypto derivatives volume during 2025, up 20% compared to 2024. Nearly all of the platforms listed in the chart observed an year-over-year increase in the metric, indicating that speculative activity as a whole shot up in the sector over 2025. “In terms of growth, Gate stands out, having increased its perpetual futures trading volume by 468%,” noted the analytics firm.

Many exchanges saw a balanced derivatives volume composition, but Bitget, Coinbase, and Crypto.com stood out for their Bitcoin-heavy volumes. Coinbase in particular saw the original digital asset dominate, making up for 81.5% of all futures trading on the platform.

Based on some key exchange-related categories, CyrptoQuant has defined an “Exchange Score Index” that ranks the various crypto platforms. “These categories are designed to evaluate the overall market position, transparency, growth and trading profile of each exchange,” explained the analytics firm.

As is visible in the below chart, MEXC ranked the highest in this indicator during 2025. CryptoQuant noted that the exchange’s position is backed by “strong derivatives scale and solid year-over-year growth momentum.”

BTC Price

Bitcoin has seen a breakout during the past day that has taken its price to the $73,100 level.

The Federal Reserve’s (Fed) decision this Wednesday to grant its first-ever master account to a crypto-focused institution has triggered swift opposition from major banking groups, intensifying tensions between traditional finance and the digital asset sector at a pivotal moment for US crypto legislation.

Opposition From US Banking Groups

Kraken Financial, the Wyoming-chartered banking arm of the exchange, announced that it had secured a Federal Reserve master account—becoming the first digital asset bank in American history to gain direct access to the central bank’s payment infrastructure. 

However, the account comes with limitations. Under the so-called “skinny” master account framework outlined by Federal Reserve Governor Christopher Waller, Kraken is permitted to hold reserves and settle transactions in central bank money. 

At the same time, it does not receive full banking authority. The firm cannot issue loans, tap into the Fed’s discount window, or function as a conventional commercial bank. In essence, it gains access to payment systems without the broader powers afforded to insured depository institutions.

Even with those restrictions, the move has drawn sharp criticism from the traditional banking industry. The backlash arrives as banks are already engaged in a broader fight over crypto-related legislation. 

Industry groups have been pushing to remove the stablecoin rewards provision from the GENIUS Act—legislation that was signed into law by President Donald Trump last year. 

That dispute has contributed to delays surrounding the passage of the wider crypto market structure bill known as the CLARITY Act. Now, leading US banking associations are publicly opposing the Federal Reserve’s approval of Kraken’s master account. 

Alleged Risks In Expanding Crypto Access

According to Eleanor Terrett from Crypto In America, banking lobbyists argue that the Kansas City Federal Reserve “violated policy” by approving Kraken’s application without going through the customary public comment process.

The Independent Community Bankers of America (ICBA) has expressed strong objections, stating it is “very concerned” about granting crypto firms access to master accounts because it views the sector as a potential risk to financial stability. 

Meanwhile, the Bank Policy Institute has accused the Kansas City Fed of effectively front-running the Federal Board’s public comment period and failing to follow established procedures when implementing what they characterize as a significant change to the US payments system.

In their view, granting nonbank entities and crypto institutions access to master accounts—historically limited to highly regulated, insured banks—introduces new vulnerabilities. 

At the same time, President Trump has entered the debate. Addressing the legislative impasse surrounding the CLARITY Act, also known as the crypto market structure bill, Trump posted on Truth Social, expressing clear support for the crypto industry in its ongoing dispute with banks over stablecoin yield provisions. 

He urged Congress to move swiftly in passing comprehensive crypto market structure legislation. Despite the President’s backing, banking groups remain unconvinced. 

According to a banking source involved in negotiations who spoke to Crypto In America, concerns persist that “ambiguous legislative language” could enable crypto companies to bypass a prior agreement not to offer interest or yield on idle stablecoin balances.

“We want to continue negotiating, and what we’re trying to do is defend the agreement in-principle of no interest on balances, making sure no holes are punched in that,” the source said, adding that banks had sent proposed legislative revisions to the White House several days earlier but had not yet received a response.

Featured image from OpenArt, chart from TradingView.com

Банк России предлагает внести в законодательство поправки, которые позволят банкам и брокерам становиться криптообменниками без дополнительной лицензии, то есть просто в уведомительном порядке. Об этом сообщила председатель ЦБ Эльвира Набиуллина.

Средние ежемесячные покупки криптовалют компаниями, занимающимися хранением и управлением цифровыми активами (Digital Asset Treasury, DAT), снизились до $555 млн. Это минимальный показатель с октября 2024 года, следует из данных аналитической платформы DefiLlama.

Shiba Inu is approaching a pivotal moment, and the latest derivatives data suggests that while top traders still lean bullish on the meme coin, their conviction is steadily fading. Rather than signaling a strong directional move, current positioning reflects a market that is active but cautious.

Shiba Inu Positioning Reflects Controlled Optimism

On the 5-minute timeframe, data from Binance shows that the Top Trader Long/Short Ratio (Positions) recently stood at 1.13, with 52.97% of positions long and 47.03% short. This confirms that leading traders maintain a net-long bias. However, the margin remains relatively narrow. Earlier in the session, the ratio was closer to 1.18 before gradually trending lower, indicating that bullish exposure has been scaled back over time.

The broader Long/Short Ratio (Accounts) reinforces this pattern. The metric was near 1.09 at the same timestamp, reflecting 52.12% long accounts compared to 47.88% short. More importantly, this ratio has declined from levels above 1.30 earlier in the observed window among Shiba Inu traders. The downward slope is not dramatic, but it is consistent. That consistency signals a steady cooling in sentiment.

In strongly trending markets, long/short ratios typically expand as traders crowd into the prevailing direction. Here, the opposite is happening. The imbalance between longs and shorts is compressing. Traders are not abandoning their bullish outlook entirely, but they are scaling back exposure. This suggests risk management is taking priority over aggressive positioning.

Such behavior often appears when the market lacks a clear catalyst. Participants remain involved, yet they hesitate to commit heavily without stronger confirmation from price action.

Balanced Volume Underscores A Market At Decision Point

Taker buy and sell volume data adds another layer of context. Buying activity has produced visible spikes, but these are frequently met with responsive selling. This balanced interaction prevents either side from establishing dominance. Instead of momentum building in one direction, liquidity remains evenly distributed.

Crucially, both positioning ratios for Shiba Inu remain above 1.0. Bulls still hold a structural edge. However, the gradual decline toward parity indicates that confidence is thinning. This is not a bearish reversal signal, but it does reflect growing uncertainty.

Markets often move from expansion to compression before a breakout. The current environment around Shiba Inu resembles that compression phase. Exposure is active but measured. Traders are participating, yet leverage concentration appears controlled.

Taken together, the data presents a coherent narrative. Shiba Inu is not experiencing aggressive accumulation, nor is it under heavy short-term pressure. Instead, it is trading in a state of restrained optimism. The narrowing long bias and balanced volume suggest a market preparing for its next decisive move.

Until a clear imbalance emerges, either through renewed long expansion or a shift below parity, this meme coin remains at a crossroads, with professional traders positioned carefully rather than confidently.

Эксперты по кибербезопасности компании Google обнаружили набор инструментов, который мошенники используют для взлома устройств iPhone и кражи сид-фраз криптовалютных кошельков.

Вице-президент майнинговой компании MARA Holdings Роберт Семюелс (Robert Samuels) заявил, что сообщения о планах фирмы продать свои биткоины не соответствуют действительности.

The crypto industry took a significant step deeper into the traditional financial system on Wednesday after Kraken Financial, a Wyoming-chartered digital asset bank, was granted a Federal Reserve (Fed) master account. According to one expert, Ripple may follow suit. 

The approval makes Kraken Financial the first crypto-focused bank in US history to gain direct access to the Federal Reserve’s payment infrastructure, a development many see as a landmark moment for the sector.

Crypto Enters Fed’s Core System

The announcement signals a structural shift in how crypto-native institutions interact with the US banking system. With a master account, Kraken Financial can connect directly to the Fed’s payment rails rather than relying on intermediary banks to process transactions. Arjun Sethi, Co-CEO of Payward and Kraken, said: 

This milestone marks the convergence of crypto infrastructure and sovereign financial rails. With a Federal Reserve master account, we can operate not as a peripheral participant in the US banking system, but as a directly connected financial institution.

The decision immediately sparked discussion about which crypto firms might follow. Market expert Paul Barron argued on social media platform X that Kraken’s approval has effectively “bridged a gap” between crypto companies and the traditional banking establishment. 

By securing a Federal Reserve master account, Barron noted, Kraken is no longer operating on the outskirts of the system but instead sits on the same Fedwire infrastructure used by major financial institutions such as JPMorgan and Goldman Sachs. “This is BIG!” he wrote.

Barron went further, suggesting that Ripple could be next in line. He pointed to Ripple’s National Trust Bank charter, granted in December 2025, as a foundational step toward eventual Federal Reserve access. 

Final Step For Ripple’s RLUSD Expansion

In Barron’s view, direct access to a master account would be the final component needed for Ripple’s dollar-pegged stablecoin, RLUSD, to settle transactions at full banking scale. 

Barron also referenced growing legislative momentum around the CLARITY Act, arguing that regulatory developments in Washington may be increasing pressure on the Federal Reserve to integrate qualified crypto institutions more fully into the financial system. 

Ripple executives have previously acknowledged the strategic value of direct Federal Reserve access. In November 2025, Stuart Alderoty, Ripple’s CLO, described the concept as “an attractive idea” in an interview with Reuters.

Yet, Ripple is not alone in seeking this level of integration. Other crypto-focused institutions, including federally chartered Anchorage Digital, have also applied for Federal Reserve master accounts but have not yet received approval.

As of this writing, XRP was trading at $1.45, up 6% amid a wider crypto market recovery that began early on Wednesday with Bitcoin’s (BTC) lead. 

Featured image from OpenArt, chart from TradingView.com 

Президент США Дональд Трамп призвал банки «заключить выгодную сделку» с криптокомпаниями, чтобы ускорить продвижение законопроекта CLARITY о прозрачности рынка цифровых активов. Соответствующее заявление он сделал на своей платформе Truth Social.

Американский банковский гигант Morgan Stanley с активами около $1,9 трлн назвал партнеров для запуска спотового биржевого фонда (ETF) на биткоин. Согласно поданной в Комиссию по ценным бумагам и биржам США (SEC) заявке, ими станут BNY Mellon и криптобиржа Coinbase.

Ethereum is attempting to regain the $2,000 level as the broader crypto market shows early signs of relief after weeks of persistent volatility. The recent stabilization in price action has helped ease short-term selling pressure, allowing ETH to approach a key psychological and technical threshold that could influence market sentiment in the coming weeks. While the recovery remains tentative, on-chain data suggests that structural changes in supply dynamics may be developing beneath the surface.

According to data from CryptoQuant, the total amount of Ethereum withdrawn from exchanges in February reached approximately 31.6 million ETH. This represents the highest level of exchange outflows recorded since last November and marks a notable shift in how investors are positioning their holdings.

Large-scale withdrawals from centralized exchanges often indicate that market participants are moving assets into cold storage or alternative custody solutions, typically associated with longer-term holding strategies. When coins leave exchange reserves, the immediately available supply for trading declines, which can gradually tighten liquidity conditions across the market.

The magnitude of February’s withdrawals, therefore, suggests a broader behavioral shift among investors. Rather than maintaining readily tradable balances on exchanges, a growing portion of the ETH supply appears to be moving off-platform, potentially reducing short-term selling pressure as Ethereum attempts to reclaim the $2,000 level.

Binance Leads Massive Outflows as Exchange Supply Tightens

The report further highlights that the majority of February’s exchange withdrawals were concentrated on the largest trading platforms. Binance recorded the most significant outflow, with approximately 14.45 million ETH leaving the exchange during the month. This represents nearly half of the total withdrawals and confirms that activity is heavily centered on the platform that holds the deepest liquidity in the Ethereum market. Such concentration is common during periods of structural shifts, as large investors typically move assets through the exchanges that can handle substantial transaction volumes.

OKX ranked second in terms of withdrawals, with around 3.83 million ETH leaving the platform. This indicates that the trend was not isolated to a single venue but reflected broader investor activity across major exchanges. Kraken followed in third place, recording approximately 1.04 million ETH in withdrawals and securing a position among the top platforms by outflow volume during this period.

The aggregate figure—exceeding 31 million ETH—represents a notable signal within Ethereum’s supply dynamics. Rising exchange outflows are often interpreted as coins being transferred into cold storage or private custody solutions, which reduces the amount of ETH immediately available for trading.

When such movements occur near sensitive price levels, they can signal strengthening holding conviction or strategic portfolio repositioning. If withdrawals persist, exchange liquidity could tighten further in the months ahead.

Ethereum Tests Key Resistance

Ethereum’s 4-hour chart shows the asset attempting to regain upward momentum after a prolonged period of consolidation and volatile price swings. At the time of the chart, ETH is trading around $2,050, pushing slightly above the $2,000 psychological level that has acted as a key pivot throughout recent market activity.

Price structure suggests that Ethereum has been forming a broad range between roughly $1,850 and $2,100 since mid-February. Within this range, multiple rebounds from the $1,850–$1,900 zone highlight the presence of buyers defending lower levels, while repeated rejections near the $2,100 region confirm that sellers remain active at higher prices.

From a technical perspective, ETH has recently reclaimed the short-term moving averages, including the 50-period and 100-period lines, which now sit just below the current price. This development indicates that short-term momentum has begun to shift in favor of buyers after several weeks of downward pressure.

However, the 200-period moving average remains above the market, acting as a dynamic resistance level near the current price zone. For Ethereum to confirm a stronger recovery phase, bulls would likely need to secure a decisive break and consolidation above this level.

If ETH can maintain support above $2,000, the next technical target could emerge near $2,150. Conversely, losing the level may reopen downside toward the $1,900 support area.

Featured image from ChatGPT, chart from TradingView.com 

Управляющая криптоактивами компания Bitwise пожертвовала $233 000 разработчикам, обеспечивающим безопасность сети Биткоина. С 2024 года компания перевела на эти цели в общей сложности $383 000.

Паевые инвестиционные фонды (ПИФы) в будущем могут получить возможность покупать криптовалюты. Об этом на «Форуме лидеров рынка управления активами» заявила глава департамента инвестиционных финансовых посредников Банка России Ольга Шишлянникова.

Kraken, the US’s second-largest crypto exchange, has reportedly secured access to the Federal Reserve’s (Fed) core payment systems, marking a significant milestone as the first crypto firm to operate on the same infrastructure utilized by thousands of banks and credit unions.

Kraken Scores Major Victory For The Crypto Industry

On Wednesday, Kraken’s banking arm, Kraken Financial, became the first crypto company with direct access to the Federal Reserve’s core payment system after winning the Kansas City Fed’s approval for a Fed master account, the Wall Street Journal (WSJ) first reported.

According to the Wednesday report, the Kraken unit, which holds a special Wyoming state bank charter specifically designed for crypto companies, is not receiving the full range of services available to banks, such as interest payments on reserves held at the central bank.

However, the milestone represents a major victory for the crypto industry, which had been repeatedly denied access to the Fed system for years. The company previously relied on intermediary banks to facilitate transfers to other firms.

The Fed master account approval will allow Kraken Financial to “handle transactions more quickly and seamlessly for big clients and professional traders,” the company told the WSJ. Moreover, it will grant Kraken’s banking unit direct access to Fedwire, a major interbank payment system that processes over $4 trillion in transfers a day.

Arjun Sethi, co-chief executive of Kraken, told the WSJ that the direct access to the Fed’s payment rails “improves reliability and efficiency for moving fiat deposits in and out of digital-asset markets.”

Meanwhile, Kansas City Fed President Jeff Schmid highlighted the payments landscape’s constant evolution in the statement cited by Reuters. “Throughout this transformation, the integrity ​and ​stability of ⁠the U.S. payments system remain our priority,” he affirmed.

Kraken Financial’s master account has been approved for an initial term of one year, the news media outlet reported.

Banks Push Back On Crypto Firm’s Access To Fed’s Rails

The Kraken unit’s limited access to the master account is akin to the “skinny” master account concept first proposed by the Federal Reserve Board of Governors in October 2025.

The proposal would allow payment fintechs and crypto companies to access the Fed’s payment rails, but excludes other benefits that are more aligned with banks, including its discount window lending facility.

This has raised major concerns among traditional banks, which have shared their opposition to granting crypto and fintech companies direct access to the Fed’s payment systems, warning that even limited access could pose a significant threat to the US payments system and overall financial stability.

In a joint letter, the Bank Policy Institute (BPI), The Clearing House Association (TCHPA), and Financial Services Forum (FSF) demanded a 12-month waiting period before firms can apply for payment accounts. The banking groups argued the Fed “should block access until newly licensed stablecoin issuers prove they can operate safely.”

Meanwhile, the American Bankers Association (ABA) asked the Office of the Comptroller of the Currency (OCC) last month to postpone its approval of applications for crypto bank charters, suggesting that the agency should wait until the regulatory uncertainties are resolved.

In December, the OCC approved conditional bank charters for Ripple, Circle, BitGo, Paxos, and Fidelity. The approval raised concerns that it could blur the lines between banking activities and lead to regulatory arbitrage.

The banking lobby raised concerns about the uncertainty surrounding emerging business models, the need for increased transparency in the charter application and decision-making processes, and the absence of finalized federal oversight.

Ultimately, the ABA proposed delaying the review process until Congress completes the rules that will ultimately govern many recent applicants for the OCC’s charter.

XRP has remained under sustained pressure as it struggles to reclaim the $1.50 level, reflecting a broader slowdown in market participation across several major altcoins. In recent weeks, price action has lacked momentum, with rebounds proving short-lived as liquidity conditions remain fragile and investor activity continues to decline. While macro uncertainty and shifting capital flows have weighed on the wider crypto market, on-chain metrics suggest that XRP is also facing a structural contraction in trading activity.

A recent CryptoQuant report highlights this trend through the XRP Binance 30-Day Liquidity Index, a metric designed to evaluate activity levels on the platform relative to circulating supply. The indicator compares the 30-day turnover rate with total supply, offering a clear view of how actively the asset is being traded within the exchange ecosystem.

According to the latest data, the turnover rate has declined to approximately 7.02 billion XRP over the past month. At the same time, the liquidity index has fallen to around 0.097 — a level that sits near historical lows when compared with previous market peaks.

This combination of falling turnover and weakening liquidity signals a notable structural shift in market dynamics, suggesting that participation has cooled significantly even as the price attempts to stabilize near key support levels.

XRP Liquidity Collapse Signals Cooling Market Participation

The report further contextualizes the evolution of XRP liquidity on Binance by highlighting the strong expansion phase observed between 2022 and 2024. During that period, the 30-day liquidity index surged, at times exceeding a reading of 3. This acceleration coincided with a dramatic rise in turnover, with monthly trading volumes approaching 180–240 billion XRP. Such levels reflected an environment of intense activity, where speculative participation and high transaction velocity supported deep liquidity across the platform.

Those conditions began to change during 2025. As the year progressed, the turnover rate started to decline markedly, and the liquidity index slipped below the neutral threshold of 1 before gradually falling toward its current near-zero readings. This contraction signals that trading activity has slowed significantly relative to the available XRP supply held on the exchange.

Structurally, a declining liquidity index does not automatically imply immediate downside pressure on price. Instead, it indicates that the velocity of supply within the platform has decreased. When fewer coins circulate actively in trading flows, the market can enter periods of reduced participation and lower turnover.

However, low-liquidity environments often make price action more sensitive to sudden capital movements. Under these conditions, a resurgence in turnover could rapidly alter XRP’s short-term price dynamics.

Price Struggles Below Key Moving Averages

On the 3-day timeframe, XRP remains locked in a clear corrective structure following the sharp rejection from the $3.30–$3.50 region during the previous cycle peak. The chart shows a persistent sequence of lower highs and lower lows, confirming that momentum has shifted decisively to the downside since mid-2025.

Currently trading near $1.41, XRP is positioned well below the 50-period (blue) and 100-period (green) moving averages, both of which are trending downward. This alignment reflects sustained bearish pressure and signals that medium-term momentum remains weak. The 200-period moving average (red), located around the $1.90–$2.00 zone, has now transitioned into a major resistance level after previously acting as structural support during the earlier stages of the uptrend.

The sharp liquidation wick seen in early February briefly pushed price toward the $1.10 area before buyers stepped in, producing a reactive rebound. However, subsequent price action has lacked follow-through, suggesting that the recovery is corrective rather than the start of a new bullish impulse.

From a structural perspective, the $1.30–$1.35 region now represents immediate support. A breakdown below this zone could expose XRP to further downside toward the psychological $1.00 level. Conversely, reclaiming the $1.80–$2.00 range would be necessary to challenge the broader bearish trend.

Featured image from ChatGPT, chart from TradingView.com 

Coinbase’s chief publicly accused big banks of trying to choke off parts of a law meant to clear the rules for stablecoins and other crypto products. Brian Armstrong said banks were pushing terms that would make the law less useful to crypto firms, a charge that has widened into a political spat that now involves the White House.

Banks And Crypto Firms Clash

US President Donald Trump’s public comments this week stepped into that fight. He used his social feed to complain that banking interests were trying to “kill” the GENIUS Act, and warned that heavy-handed limits could push crypto firms overseas. According to Bloomberg reporting, the dispute centers on so-called yield rules — whether stablecoin holders should be allowed to earn interest and, if so, how banks would be involved.

pic.twitter.com/qu2U5kowhX

— Rapid Response 47 (@RapidResponse47) March 3, 2026

Reports say the stalled negotiations have traced back to a Senate markup that failed to move forward. The chair of the Senate Banking Committee paused consideration after industry pushback and complex bargaining over who gets regulatory control. That delay created space for sharp messaging from both sides: crypto leaders warning of lost competitiveness, and banks pressing for protections they say are needed to limit risk.

Industry Pushback And Stakes

The back-and-forth grew louder after the exchange CEO’s remarks. Coinbase did not retract the claim that banks are seeking to shape rules to their benefit. Reports indicate other crypto companies have voiced similar complaints privately. Banks, for their part, argue they want strong oversight and limits on how digital-asset firms can operate inside the financial system.

Officials said the key sticking point is custody and yield: whether nonbank firms can offer deposit-like returns or whether that activity should remain inside federally regulated banks. Short, clear answers have been hard to find. Negotiators are sorting through technical language that will determine where risk sits and who enforces the rules. That language matters for startups and large firms alike.

Truth Social And Public Pressure

Trump amplified the issue on his platform, drawing public attention and turning a policy squabble into a broader political fight. Truth Social posts framed the banks as obstructionist, and lawmakers on both sides of the aisle picked up the debate in calls and interviews. Reports note the rhetoric is making it harder for negotiators to quietly tweak language without scrutiny.

Bitcoin and other crypto firms have warned that unclear or onerous rules would push talent and capital to other jurisdictions. Officials in the negotiating teams have not released a timetable for action. Data shows regulatory certainty can influence where businesses choose to base key operations, and that factor now seems central to the bargaining.

Featured image from Holmatro, chart from TradingView

South Korean authorities and the ruling party agree on a 20% ownership ceiling for “major shareholders” in crypto and virtual assets exchanges, with a three‑year implementation delay.

From A Strict Proposal To Compromise

After months of friction, the Financial Services Commission (FSC) and the Democratic Party’s digital asset task force have finally converged on a 20% cap for major shareholders, the Korea Herald reports.

South Korea’s 20% cap is the culmination of a long‑running push by FSC, the top financial regulator, to curb founder control at the country’s biggest crypto exchanges. Regulators initially floated a stricter 15–20% range for major shareholders at the leading platforms, a proposal that sparked outrage and fierce opposition from the industry. The backlash was led by the Digital Asset Exchange Alliance (DAXA), a self‑regulatory body representing South Korea’s five major exchanges, including, of course, Upbit and Bithumb.

The Deal Terms

The agreement on a 20% cap and a generous grace period looks like an attempt to find middle ground and defuse tensions. The FSC and the ruling party have endorsed a three‑year grace period to enforce the major shareholder stake restriction, giving Upbit and Bithumb, which together command roughly 90% of the domestic market, some breathing room to start trimming their stakes to meet the new threshold.

Smaller exchanges that do not meet the estimated 20% market‑share bar, such as Coinone, Korbit and GOPAX, will get an even longer runway. South Korean authorities have agreed to grant them an additional three‑year grace period, giving these platforms up to six years in total to prepare for full enforcement of the cap.

Exceptions

The FSC has also carved out narrow exceptions via enforcement decree, allowing stakes of up to 34% only for new businesses, not for existing exchanges. According to The Korea Herald, this threshold appears to mirror the Commercial Act’s 33.3% veto line for general shareholders’ meetings, effectively giving qualified new investors blocking power without restoring full control

The Final Details On The Digital Asset Basic Act

The ruling party’s policy committee is expected to hammer out the final details after a closed‑door meeting with the Financial Services Commission on the morning of the 5th, according to Hankyung. The ownership cap will be folded into a broader Digital Assets Basic Act, an umbrella bill that packages a wide range of crypto policy measures, from stablecoin rules to crypto exchange‑traded funds.

However, the bill’s passage is far from guaranteed. The Korea Herald notes that not only is the opposition party pushing back, but some lawmakers also object to strict limits on major shareholder stakes, casting doubt over whether the cap will clear the National Assembly in its current form.

 

Cover image from ChatGPT, BTCUSD chart from Tradingview

Data shows the Bitcoin Open Interest witnessed its largest daily spike since July 2025 as the cryptocurrency’s price neared the $70,000 mark.

Bitcoin Perpetual Futures Open Interest Shot Up Recently

In a new post on X, on-chain analytics firm Glassnode has highlighted how the Bitcoin Open Interest witnessed a sharp jump recently. The “Open Interest” is an indicator that measures the total number of perpetual futures contracts related to BTC that are currently open on all derivatives platforms.

When the value of this metric rises, it means investors are opening up fresh positions on the market. Such a trend can be a sign that speculative interest in the asset is going up. On the other hand, the indicator registering a decline suggests investors are either pulling back on risk or getting liquidated by their platform.

Now, here is the chart shared by Glassnode that shows the trend in the daily percentage change for the Bitcoin Open Interest over the last year:

As displayed in the above graph, the Bitcoin Open Interest has seen a notably positive daily percentage change recently, indicating that the investors opened up a large amount of positions at once.

This spike, which happens to be the largest since July 2025, came as BTC rallied on Monday to levels close to $70,000. Generally, investors find price surges to be exciting, so it’s not unusual to see an uptick in speculative interest alongside them.

“Leverage expanded as price tested $69.4k,” noted the analytics firm. “This was consistent with speculators betting on a $70k breakout that didn’t materialize.” While the breakout initially failed when the bets appeared, BTC has since picked itself back up.

BTC Breaks $71,000, Shorts Face Mass Liquidations

Following its pullback down toward $66,000, Bitcoin has regained bullish momentum, with its price now hitting the $71,200 mark. The below chart showcases how the cryptocurrency’s trajectory has looked.

The result of this rally has been that derivatives market traders have faced a significant amount of liquidations. As data from CoinGlass shows, more than $210 million in BTC-related contracts have been flushed during the last 24 hours.

Since the liquidations were largely triggered by a price surge, it’s not surprising to see that short contracts made up for most of the liquidations (around $159 million). Ethereum, the second largest cryptocurrency, has also rallied inside this window, but there has been a large gulf between its liquidations and BTC’s, implying the latter is currently the center of market speculation at the moment.

Evernorth CEO Asheesh Birla is laying out an ambitious roadmap for institutional XRP adoption, with crypto analysts predicting that the positive results from this development could fuel a price surge to $100. With plans spanning treasury accumulation, on-chain yield strategies, and a potential Nasdaq listing, Evernorth is positioning itself at the center of what could become a significant shift in how traditional finance interacts with the XRP Ledger.

Evernorth CEO Outlines Vision For XRP

On March 1, crypto analyst X Finance Bull drew attention to a video featuring Birla outlining the treasury company’s plans to build an institutional XRP yield economy. Birla, who spent a decade working within the XRP ecosystem before taking the helm at Evernorth, said the firm is constructing a genuine institutional XRP treasury backed by actual token holdings. These holdings are being deployed into yield strategies across XRPL’s decentralized finance (DeFi) infrastructure. 

Evernorth has also stated its plans to become “active stewards” within the ecosystem by providing institutional liquidity, operating network validators, and bringing new partners onto the ledger. Importantly, X Finance Bull emphasized that this strategy could have significant consequences for the altcoin’s supply dynamics, as institutions that hold tokens for yield rather than trade them would create sustained spot demand that pulls supply out of the open market.  

In the video, Birla shared his vision for a future where institutions are fully prepared to adopt blockchain technology. He described the on-chain economy as a bridge that brings traditional finance onto the blockchain, enhancing efficiency across the system. According to him, this shift could enable greater liquidity, less friction, and expanded global access for market participants. 

Birla also explained that Evernorth makes it easy for institutions to bring capital into the ecosystem. He noted that the firm has built the largest XRP digital asset treasury and plans to integrate the token into yield-bearing instruments, aiming to accelerate growth in the DeFi ecosystem. 

Nasdaq Listing Could Open The Floodgates

Beyond its on-chain ambitions, Evernorth is also making moves in traditional financial markets that could dramatically expand the pool of investors with access to XRP. Birla has revealed plans for Evernorth’s Nasdaq listing, which would allow capital allocators who are unable to hold digital tokens directly to gain exposure to the ecosystem. 

X Finance Bull suggests that regulatory clarity now serves as the catalyst, institutional capital as the fuel, and the Ledger’s DeFi ecosystem as the engine driving the potential repricing of the altcoin. The analyst acknowledged that a $100 price for the token once seemed unimaginable, especially since the cryptocurrency has yet to surpass its 2018 ATH level. Yet, with these new forthcoming developments, he contends that a price target above $100 is no longer out of reach. 

With treasury accumulation, RWA tokenization, and deep yield markets all advancing at once, X Finance Bull argues that the road to $100 for the token is growing shorter with each passing day. 

Blockstream Research says it has deployed post-quantum signature verification on Liquid, marking what it describes as the first time real transactions on a production Bitcoin sidechain have been signed with a post-quantum scheme. For Bitcoin infrastructure, the significance is less about an immediate emergency than about proving that quantum-resistant tools can be tested in live conditions before a crisis forces the issue.

The announcement centers on Simplicity, Blockstream’s smart contract language for Liquid. Rather than waiting for a network-wide consensus upgrade, the team used Simplicity to build a custom spending condition that lets users lock assets to a contract requiring post-quantum signatures for redemption. In practice, that means Liquid users can opt into quantum-focused protection for LBTC and other issued assets, including stablecoins and tokenized securities, without changing Liquid’s base consensus rules.

How Blockstream Tackles Bitcoin Quantum Threat

Blockstream framed that as the key breakthrough. “The traditional approach to adding post-quantum signatures would require consensus changes across the network—a slow, careful process involving all stakeholders,” the research note said. “But Simplicity, Blockstream’s smart contract language on Liquid, offers a different path.”

The verifier is based on SHRINCS, a compact hash-based post-quantum signature design that Blockstream Research says it developed specifically for blockchain environments. The system includes a stateful mode intended for normal use, which produces smaller signatures, and a stateless fallback mode designed for recovery scenarios so users can still access funds even if they lose state. That dual-track design speaks to a practical problem in post-quantum cryptography: theoretical safety is not enough if the system is too cumbersome for real-world wallet behavior.

Just as important, Blockstream says this is not a lab simulation. The team broadcast two live transactions on Liquid mainnet, one using the stateful mode and another using the stateless fallback. Those transactions secured real value, and Blockstream said the approach works not only for bitcoin on Liquid but for any asset issued on the network.

The note also highlighted a more symbolic detail. Because Liquid requires transaction size to scale with computational budget, the team had to fill excess space in the post-quantum transactions. “Rather than padding these transactions with zeros, Blockstream filled the extra space with the Bitcoin whitepaper—a nod to the cypherpunk roots of this work.”

Still, the company was careful not to oversell what has been shipped. “This verifier does not make Liquid fully quantum-resistant,” the post said. “Several critical components remain classically secured,” including the Bitcoin peg, Confidential Assets commitments and Liquid’s blocksigning consensus protocol. In other words, this is a meaningful first building block, not a full-stack answer to a future quantum threat.

That distinction matters for how the development should be read. The research note repeatedly stresses that cryptographically relevant quantum computers do not exist today and may not arrive for years or decades. But it argues that waiting until such machines are close would be a mistake, especially for Bitcoin-like systems whose security assumptions are deeply tied to classical ECDSA and Schnorr signatures.

“What we’ve done on Liquid—building, testing, and deploying post-quantum solutions on production systems—is how we prepare Bitcoin infrastructure for the future,” Blockstream wrote. That may be the clearest takeaway here: not that Bitcoin has solved the quantum problem, but that one credible path is beginning to move from theory into production-grade experimentation.

At press time, BTC traded at $71,130.