Strategy and Bitmine Lead Major Accumulation in Bitcoin and Ethereum
Two coordinated accumulation programs, one in bitcoin(BTC-USD)by Strategy(MSTR)and one in ether(ETH-USD)by Bitmine Immersion Technologies(BMNR), are colliding with surging spot ETF demand at the precise moment the FOMC meets, creating a setup where macro catalysts and institutional flow signals are moving in the same direction simultaneously. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.BITCOIN PRICE SURGE AND ETF INFLOW STREAK:that bitcoin surged past $75,000 for the first time in 40 days on March 17, pulling ether and XRP(XRP-USD)along for the ride.Data from Farside Investorsshows U.S. bitcoin spot ETFs posted $199.4M in net inflows on March 16, the sixth consecutive day and the longest continuous streak of 2026, absorbing 11,117 bitcoin in net terms, directly offsetting new miner supply.Coinedition reportsthat stablecoin supply grew by $2.69B in the week of March 9 through March 15, with the Ethereum blockchain absorbing $1.57B of that total, suggesting institutional dry powder is being deployed rather than sitting on the sidelines.STRATEGY AND BITMINE LEAD INSTITUTIONAL ACCUMULATION IN BITCOIN AND ETHER:confirm that Strategy purchased 22,337 bitcoin for $1.57B during March 9 through March 15, its largest single-week acquisition of 2026 and the 12th consecutive weekly purchase, funded through $1.18B in preferred stock issuances and $396M in common stock equity, bringing total holdings to approximately 761,068 bitcoin at an average cost basis of $75,696 per coin. With bitcoin below its average cost basis, the company is carrying an unrealized loss, a detail investors tracking its net asset value premium or discount should weigh. Strategy hit a 45-day intraday high of $148 on March 16, settling at $144.68, and remains approximately 57% below its six-month high, underscoring the divergence between accumulation pace and equity recovery.On the ether side, acompany press releaseconfirmed that Bitmine Immersion Technologies now holds 4,595,562 ether, equal to 3.81% of total ether supply, with 3.04M ether actively staked and generating approximately $180M in annualized staking revenue.The company purchased 60,999 ether in the prior week, including 5,000 ether acquired directly from the Ethereum Foundation, the largest single-week ether purchase of 2026 by the firm and a transaction that suggests a relationship enabling future block purchases outside open-market price pressure. Bitmine shares surged 13.9% to 14% on the news, with the $180M annualized staking yield providing a revenue floor independent of ether price appreciation.STABLECOIN INFRASTRUCTURE BAKKT PIVOT AND PYUSD GLOBAL EXPANSION:An8-K filed with the SECand detailed in ashareholder lettershows that Bakkt(BKKT)reported FY25 revenue of $2.335B, down 32.1% year over year, with a net GAAP loss of $132.2M, while its Investor Day presentation, webcast this morning throughinvestors.bakkt.com, outlined a strategic pivot toward stablecoin infrastructure and tokenization rails. Bakkt ended 2025 debt-free with a pending acquisition of DTR and a shareholder vote scheduled for March 24. The debt-free balance sheet and the stablecoin pivot are the two structural details active Bakkt position holders need to weigh heading into next week's vote. Separately, acompany press releaseconfirms that PayPal(PYPL)is expanding PYUSD to 70 countries total, adding 68 new markets on both the Ethereum and Solana blockchains under the GENIUS Act federal stablecoin framework, providing a direct cross-sell opportunity across its existing global payments user base.ANALYST ACTIVITY CIRCLE UPGRADED, BROKERS AND MINERS GET FRESH PRICE TARGETS:Clear Street upgraded Circle(CRCL)from Hold to Buy with a price target of $136, raised from $92, and separately named five crypto infrastructure and mining names as Top Picks in its weekly crypto note, anchored by the view that institutionalization of the space is accelerating as bitcoin recovers toward $75,000.Circle is up 49% year to date, trading in a range of $115 to $118, with USDC(USDC-USD)surpassing Tether(USDT-USD)in trading volume for the first time since 2018, capturing 64% market share with a market cap of $75B to $78B, a gain of 72% year over year. The passage of the GENIUS Act federal stablecoin framework is cited as the primary regulatory tailwind, suggesting the market is pricing Circle's regulatory posture as a competitive advantage. Clear Street's miner and infrastructure Top Picks are: CleanSpark(CLSK)at $22, Hut 8(HUT)at $70, TeraWulf(WULF)at $20, Cipher Mining(CIFR)at $32, and BitGo(BTGO)at $18, all with Buy ratings.BofA analyst Craig Siegenthaler reiterated Buy ratings on both Coinbase(COIN)with a $288 price target and Robinhood Markets(HOOD)with a $122 price target, citing the potential passage of the CLARITY Act as a near-term catalyst for transaction volumes at both firms. The analyst sees the legislation accelerating long-term institutional adoption in the U.S. and expanding the tokenization of real-world assets. Crypto represented approximately 20% of Robinhood's 2025 revenue, making a volume inflection from regulatory clarity a material earnings driver for Robinhood specifically.BLOCKFILLS CHAPTER 11 AND WHALE SHORT UNDERWATER AS BITCOIN CLEARS KEY LEVELS:FX Leaders reportsthat BlockFills filed for Chapter 11 bankruptcy protection in Delaware, with assets of $50M to $100M against liabilities of $100M to $500M, and client Dominion Capital has accused the firm of embezzlement. Separately,MEXC News citing OnchainLensflags that the whale address "pension-usdt.eth" is carrying a floating loss exceeding $10M, a short position of 1,000 bitcoin worth $75.64M notional at a $6.7M loss and a short position of 10,000 ether worth $23.6M notional at a $3.46M loss, both three times leveraged. A forced liquidation of this scale could produce a brief spike in both bitcoin and ether spot prices, making it a live on-chain squeeze signal for traders in leveraged instruments.FOMC STATEMENT TONE IS THE ONLY UNPRICED VARIABLE TOMORROW:The rate decision drops at 2:00 PM ET tomorrow, March 18, with federal funds futures pricing a 94 to 99% probability the Fed holds at its current 3.50% to 3.75% target range, meaning the outcome itself is largely discounted. The residual risk is tone: any language signaling a more hawkish path than expected, whether through revised dot plot projections or commentary on inflation stickiness, carries asymmetric downside for bitcoin, ether, and crypto-linked equities. Conversely, a dovish lean or accelerated rate-cut signal could fuel a continuation above $75,000 and further compress the leveraged short positions flagged above.PRICE ACTION:As of time of writing, bitcoin was trading at $74,102.97, while ether was trading at $2,322.90,according to price data from TipRanks.
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U.S. Stocks Close: S&P 500 Hits All-Time High
- S&P 500 Strong Performance: The S&P 500 index rose by 0.29%, reaching an all-time high, driven by Apple's forecast of stronger-than-expected Q2 revenue, which boosted market sentiment and indicated increased investor confidence in tech stocks.
- Atlassian Stock Surge: Atlassian's stock soared over 29% after reporting Q3 revenue of $1.79 billion, exceeding the market expectation of $1.69 billion, highlighting a robust recovery in the software sector that may attract more investor interest.
- Oil Price Volatility Impacting Markets: WTI crude oil prices fell more than 3%, easing inflation concerns, although trade tensions resurfaced with President Trump's threat to raise tariffs on EU auto imports, potentially negatively affecting market sentiment.
- Economic Data Influencing Stocks: The April ISM manufacturing index remained unchanged at 52.7, below the expected 53.2, indicating signs of economic slowdown, despite the majority of companies reporting Q1 earnings that exceeded expectations, leaving the overall market facing uncertainty.
Riot Platforms Q1 Earnings Beat Expectations, Lifts Bitcoin-Linked Stocks
- Earnings Highlights: Riot Platforms reported Q1 revenue of $167.2 million, a 3.6% year-over-year increase, exceeding analyst expectations by $37.2 million, although GAAP EPS was -$1.44, below the expected -$0.83, primarily due to a $326.7 million non-cash Bitcoin revaluation loss.
- Operational Efficiency Gains: Despite a Bitcoin mining cost of $44,600 per asset, Riot managed to lower costs through $21 million in power credits, while mining 1,473 Bitcoins in Q1, a 3.7% year-over-year decline, with holdings down 18% to 15,680 Bitcoins.
- Data Center Revenue Growth: Riot's data center revenue reached $33.2 million in Q1, showcasing the company's success in diversifying its business, particularly after AMD doubled its capacity at the Rockdale site to 50 MW, further strengthening its AI narrative.
- Analyst Sentiment Optimistic: Analysts rate Riot Platforms as a “Buy” with a score of 4.00, while Wall Street analysts maintain a stronger “Strong Buy” rating of 4.57, reflecting market confidence in Riot and setting a positive tone for Strategy's upcoming earnings report.
Mixed Performance in US Indices as Apple’s Strong Earnings Boost Market
- Apple's Strong Earnings: Apple Inc. (AAPL) reported Q2 revenue of $111.18 billion, exceeding the consensus of $109.66 billion, and forecasted Q3 revenue growth of 14% to 17%, significantly above the expected 9.1%, which propelled the Dow Jones Industrial Average up over 4%.
- Software Stocks Surge: Atlassian (TEAM) posted Q3 revenue of $1.79 billion, surpassing the consensus of $1.69 billion, leading to a stock price increase of over 20%, which not only boosted the software sector but also enhanced investor confidence in tech stocks.
- Oil Price Volatility: WTI crude oil prices fell more than 3% due to developments in the US-Iran agreement, temporarily easing inflation concerns and contributing to stock market gains, highlighting the energy market's influence on the overall economy.
- Weak Manufacturing Data: The April ISM manufacturing index remained unchanged at 52.7, below the expected 53.2, while the prices paid sub-index rose to a four-year high of 84.6, indicating increasing price pressures that could impact Federal Reserve policy decisions.
Bitcoin Surges in April but Faces Growing Risks
- Bitcoin Monthly Performance: Bitcoin surged 12.7% in April, marking its best month since April 2025, despite previously enduring five consecutive months of declines, highlighting market volatility and uncertainty.
- Futures Trading Dominance: According to CryptoQuant, futures trading emerged as the sole driver of Bitcoin's price increase, while spot demand remained negative throughout April, indicating that the price rise is primarily fueled by speculation rather than fundamental support.
- ETF Inflows: Net inflows into Bitcoin ETFs totaled $1.9 billion in April, bringing total assets to $100.53 billion, reflecting sustained investor interest in Bitcoin, though this may mask underlying market risks.
- Market Risk Warning: The head of research at CryptoQuant warns that the current uptrend could carry downside risks, especially if the broader market remains in a bearish phase, as historically similar patterns have led to prolonged price declines.
Bitcoin Evolves into a Global Treasury Asset
- Remarkable Returns: Bitcoin's trailing 10-year return of 16,900% has transformed an initial $10,000 investment into $1.7 million, highlighting its immense appeal as an investment tool and attracting increased attention from investors.
- Institutional Adoption: The ownership landscape of Bitcoin is shifting, with more corporations and financial institutions entering the space; Strategy, for instance, holds over 818,000 Bitcoins valued at $62 billion, indicating Bitcoin's maturation as a treasury asset.
- National Reserves: By the end of 2025, approximately 23 nation-states are estimated to own Bitcoin, with the U.S. maintaining a strategic reserve, underscoring Bitcoin's significance in the global financial system and solidifying its status as a legitimate financial instrument.
- Market Psychology: Bitcoin's historical price appreciation and its penetration into Wall Street portfolios may prompt other companies and financial institutions to follow suit, creating substantial demand that could propel Bitcoin's price to unprecedented levels over the next decade.
Bitcoin Emerges as a Global Financial Asset
- Outstanding Historical Performance: Bitcoin's trailing 10-year return of 16,900% has transformed a $10,000 investment into $1.7 million, attracting numerous investors seeking financial rewards and highlighting its appeal as a trading and speculative asset.
- Accelerated Capital Inflow: The entry of larger capital pools, including corporations, financial institutions, and governments, has significantly increased Bitcoin's demand, particularly with Strategy holding over 818,000 units valued at $62 billion, indicating Bitcoin's maturation as a treasury asset.
- National Strategic Reserves: By the end of 2025, approximately 23 nation-states owned Bitcoin, with the U.S. maintaining a strategic reserve, underscoring Bitcoin's importance in the global financial system and solidifying its status as a legitimate financial instrument.
- Market Sentiment Influence: Given Bitcoin's historical price appreciation and its penetration into Wall Street portfolios, market participants may follow larger capital players out of fear of missing out, potentially driving Bitcoin's price to unprecedented levels over the next decade.
U.S. Stocks Close: S&P 500 Hits All-Time High
- S&P 500 Strong Performance: The S&P 500 index rose by 0.29%, reaching an all-time high, driven by Apple's forecast of stronger-than-expected Q2 revenue, which boosted market sentiment and indicated increased investor confidence in tech stocks.
- Atlassian Stock Surge: Atlassian's stock soared over 29% after reporting Q3 revenue of $1.79 billion, exceeding the market expectation of $1.69 billion, highlighting a robust recovery in the software sector that may attract more investor interest.
- Oil Price Volatility Impacting Markets: WTI crude oil prices fell more than 3%, easing inflation concerns, although trade tensions resurfaced with President Trump's threat to raise tariffs on EU auto imports, potentially negatively affecting market sentiment.
- Economic Data Influencing Stocks: The April ISM manufacturing index remained unchanged at 52.7, below the expected 53.2, indicating signs of economic slowdown, despite the majority of companies reporting Q1 earnings that exceeded expectations, leaving the overall market facing uncertainty.
Riot Platforms Q1 Earnings Beat Expectations, Lifts Bitcoin-Linked Stocks
- Earnings Highlights: Riot Platforms reported Q1 revenue of $167.2 million, a 3.6% year-over-year increase, exceeding analyst expectations by $37.2 million, although GAAP EPS was -$1.44, below the expected -$0.83, primarily due to a $326.7 million non-cash Bitcoin revaluation loss.
- Operational Efficiency Gains: Despite a Bitcoin mining cost of $44,600 per asset, Riot managed to lower costs through $21 million in power credits, while mining 1,473 Bitcoins in Q1, a 3.7% year-over-year decline, with holdings down 18% to 15,680 Bitcoins.
- Data Center Revenue Growth: Riot's data center revenue reached $33.2 million in Q1, showcasing the company's success in diversifying its business, particularly after AMD doubled its capacity at the Rockdale site to 50 MW, further strengthening its AI narrative.
- Analyst Sentiment Optimistic: Analysts rate Riot Platforms as a “Buy” with a score of 4.00, while Wall Street analysts maintain a stronger “Strong Buy” rating of 4.57, reflecting market confidence in Riot and setting a positive tone for Strategy's upcoming earnings report.
Mixed Performance in US Indices as Apple’s Strong Earnings Boost Market
- Apple's Strong Earnings: Apple Inc. (AAPL) reported Q2 revenue of $111.18 billion, exceeding the consensus of $109.66 billion, and forecasted Q3 revenue growth of 14% to 17%, significantly above the expected 9.1%, which propelled the Dow Jones Industrial Average up over 4%.
- Software Stocks Surge: Atlassian (TEAM) posted Q3 revenue of $1.79 billion, surpassing the consensus of $1.69 billion, leading to a stock price increase of over 20%, which not only boosted the software sector but also enhanced investor confidence in tech stocks.
- Oil Price Volatility: WTI crude oil prices fell more than 3% due to developments in the US-Iran agreement, temporarily easing inflation concerns and contributing to stock market gains, highlighting the energy market's influence on the overall economy.
- Weak Manufacturing Data: The April ISM manufacturing index remained unchanged at 52.7, below the expected 53.2, while the prices paid sub-index rose to a four-year high of 84.6, indicating increasing price pressures that could impact Federal Reserve policy decisions.
Bitcoin Surges in April but Faces Growing Risks
- Bitcoin Monthly Performance: Bitcoin surged 12.7% in April, marking its best month since April 2025, despite previously enduring five consecutive months of declines, highlighting market volatility and uncertainty.
- Futures Trading Dominance: According to CryptoQuant, futures trading emerged as the sole driver of Bitcoin's price increase, while spot demand remained negative throughout April, indicating that the price rise is primarily fueled by speculation rather than fundamental support.
- ETF Inflows: Net inflows into Bitcoin ETFs totaled $1.9 billion in April, bringing total assets to $100.53 billion, reflecting sustained investor interest in Bitcoin, though this may mask underlying market risks.
- Market Risk Warning: The head of research at CryptoQuant warns that the current uptrend could carry downside risks, especially if the broader market remains in a bearish phase, as historically similar patterns have led to prolonged price declines.
Bitcoin Evolves into a Global Treasury Asset
- Remarkable Returns: Bitcoin's trailing 10-year return of 16,900% has transformed an initial $10,000 investment into $1.7 million, highlighting its immense appeal as an investment tool and attracting increased attention from investors.
- Institutional Adoption: The ownership landscape of Bitcoin is shifting, with more corporations and financial institutions entering the space; Strategy, for instance, holds over 818,000 Bitcoins valued at $62 billion, indicating Bitcoin's maturation as a treasury asset.
- National Reserves: By the end of 2025, approximately 23 nation-states are estimated to own Bitcoin, with the U.S. maintaining a strategic reserve, underscoring Bitcoin's significance in the global financial system and solidifying its status as a legitimate financial instrument.
- Market Psychology: Bitcoin's historical price appreciation and its penetration into Wall Street portfolios may prompt other companies and financial institutions to follow suit, creating substantial demand that could propel Bitcoin's price to unprecedented levels over the next decade.
Bitcoin Emerges as a Global Financial Asset
- Outstanding Historical Performance: Bitcoin's trailing 10-year return of 16,900% has transformed a $10,000 investment into $1.7 million, attracting numerous investors seeking financial rewards and highlighting its appeal as a trading and speculative asset.
- Accelerated Capital Inflow: The entry of larger capital pools, including corporations, financial institutions, and governments, has significantly increased Bitcoin's demand, particularly with Strategy holding over 818,000 units valued at $62 billion, indicating Bitcoin's maturation as a treasury asset.
- National Strategic Reserves: By the end of 2025, approximately 23 nation-states owned Bitcoin, with the U.S. maintaining a strategic reserve, underscoring Bitcoin's importance in the global financial system and solidifying its status as a legitimate financial instrument.
- Market Sentiment Influence: Given Bitcoin's historical price appreciation and its penetration into Wall Street portfolios, market participants may follow larger capital players out of fear of missing out, potentially driving Bitcoin's price to unprecedented levels over the next decade.
