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Foundry Expands Beyond Bitcoin With Zcash Mining Pool

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Digital asset infrastructure firm Foundry Digital plans to launch a U.S.-based zcash (ZEC) mining pool in April 2026 aimed at institutional and publicly traded miners. The move signals growing interest in privacy-focused crypto and expands Foundry’s mining infrastructure beyond bitcoin. Zcash Mining Gets Institutional Boost With Foundry Pool Digital asset infrastructure provider Foundry Digital is […]

Whale Swaps $50 Million in Stablecoins for Just $36,000 of AAVE

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The massive transaction routed through CowSwap on Ethereum resulted in a 99.9% loss.

The decentralized finance (DeFi) community is buzzing after an unidentified wallet swapped $50.4 million in USDT for just $36,000 worth of AAVE tokens.

Etherscan data shows that the wallet received 50.4 million USDT from Binance 20 days ago. Roughly two hours ago, the user deposited the stablecoins on Aave, DeFi’s largest lending protocol and attempted to swap their position for AAVE tokens.

Etherscan Transactions

Transaction logs show that the user placed an order via CoW Protocol, which is integrated in the Aave interface, to swap roughly 50.43M aEthUSDT for aEthAAVE. A CoW solver picked up the order and executed it through this routing:

  • aEthUSDT to USDT: The solver burned 50.43M aEthUSDT via Aave V3, withdrawing 50.43M USDT.
  • USDT to WETH via Uniswap V3: 50.43M USDT went into the Uniswap V3 USDT/WETH pool and came out as 17,958 WETH. At $2,050/ETH, $50.4M should yield roughly 24,600 WETH. That’s roughly $13.6 million lost to slippage at the Uniswap step alone.
  • WETH to AAVE via SushiSwap: Here’s where it gets catastrophic. The SushiSwap AAVE/WETH pool currently has only about $73,000 in total liquidity. The solver pushed 17,958 WETH through this tiny pool and got back only 331 AAVE, worth $36,400. That’s effectively 99.9% slippage.
  • AAVE to aEthAAVE via Aave deposit: 331 AAVE was deposited back into Aave V3, minting 327 aEthAAVE, which was delivered to the trader.

Aave founder Stani Kulechov said the user confirmed the trade despite being warned of “extraordinary slippage” by the Aave interface.

“We sympathize with the user and will try to make contact with the user, and we will return $600K in fees collected from the transaction,” he added.

BTC price is building steam, a $3 billion trigger could set it off: Crypto Daybook Americas

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By Omkar Godbole (All times ET unless indicated otherwise)

Bitcoin looks to be gathering bullish momentum, with volatility expected to increase as prices near a $3 billion trigger point.

The leading cryptocurrency by market value climbed through $72,100 during European hours, the widely tracked average price over the past 50 days. According to analysts, a firm move above this level would confirm bullish momentum, potentially drawing in more buyers.

Volatility is likely to pick up should prices near $75,000. That’s where options market makers, who provide order-book liquidity and ensure a seamless trading experience, are holding net “short gamma” positions worth $3 billion, according to Markus Thielen, the founder of 10x Research.

It means that as prices climb toward that level, these entities are likely to buy to rebalance their net exposure to neutral even as prices rise. This so-called dealer hedging could boost market volatility, potentially accelerating any rally. Note that market makers make money through the bid-ask spread, not price direction.

“The options market shows roughly $3 billion of negative gamma exposure at the $75,000 strike, meaning dealers are likely short gamma around this level. As Bitcoin moves higher toward this region, dealer hedging flows can begin to play a more important role in shaping price dynamics,” Thielen said in a note to clients.

That’s not, however, a set-in-concrete scenario. Alex Kuptsikevich, the chief market analyst at FxPro, worries that macro headwinds will arrest gains in bitcoin.

“External factors are acting as a headwind, including rising oil and dollar prices, as well as the Nasdaq 100 and S&P 500 indices falling to their 200-day lows. We doubt Bitcoin will have the strength to withstand the wind for long, and internal resistance may soon become a significant obstacle to growth,” he said in an email.

Traditional markets are indeed sending risk-off signals. The strongest hint comes from the U.S. Treasury market, which underpins global finance. The MOVE index, which measures the 30-day expected price turbulence in Treasury notes, surged over 21% to 95 points Thursday, the biggest single-day rise since October 2024, according to data source TradingView.

Sharp spikes in Treasury volatility often tighten money worldwide, choking credit flows and sparking broad selling across markets. Stay alert!

Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today

What to Watch

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.

  • Crypto
  • Macro
    • March 13, 8:30 a.m.: U.S. GDP growth rate QoQ second estimate for Q4 Est. 1.4% (Prev. 1.4%;)
    • March 13, 8:30 a.m.: U.S. core PCE price index MoM for January Est. 0.4% (Prev. 0.4%)
    • March 13, 8:30 a.m.: U.S. personal spending MoM for January Est. 0.3% (Prev. 0.4%)
    • March 13, 10:00 a.m.: U.S. JOLTS job openings for January Est. 6.7M (Prev. 6.542M)
    • March 13, 10:00 a.m.: U.S. Michigan consumer sentiment preliminary for March (Prev. 56.6)
  • Earnings (Estimates based on FactSet data)
    • March 13: Bit Digital (BTBT), pre-market, -$0.01

Token Events

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.

  • Governance votes & calls
    • No major calls scheduled.
  • Unlocks
    • March 13: WhiteBit Coin (WBT) to unlock 27.77% of its circulating supply worth $4.59 billion.
  • Token Launches
    • March 13: Ether.fi KAT token rewards to be distributed.

Conferences

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.

Market Movements

  • BTC is up 2.95% from 4 p.m. ET Thursday at $72,457.14 (24hrs: +3.14%)
  • ETH is up 2.92% at $2,128.69 (24hrs: +3%)
  • CoinDesk 20 is up 3.14% at 2,068.83 (24hrs: +3.01%)
  • Ether CESR Composite Staking Rate is up 1 bps at 2.79%
  • BTC funding rate is at 0.0015% (1.6688% annualized) on Binance
  • DXY is up 0.42% at 100.16.
  • Gold futures are down 0.44% at $5,093.40
  • Silver futures are down 2.11% at $82.89
  • Nikkei 225 closed down 1.16% at 53,819.61
  • Hang Seng closed down 0.98% at 25,465.60
  • FTSE 100 is down 0.43% at 10,260.60
  • Euro Stoxx 50 is down 0.71% at 5,708.34
  • DJIA closed on Thursday down 1.56% at 46,677.85.
  • S&P 500 closed down 1.52% at 6,672.62
  • Nasdaq Composite closed down 1.78% at 22,311.98
  • S&P/TSX Composite closed down 0.84% at 32,840.60
  • S&P 40 Latin America closed up 1.43% at 3,611.39.
  • U.S. 10-Year Treasury rate is up 6 bps at 4.27%
  • E-mini S&P 500 futures are up 0.30% at 6,697.75
  • E-mini Nasdaq-100 futures are up 0.29% at 24,631.50
  • E-mini Dow Jones Industrial Average Index are up 0.34% at 46,881.00

Bitcoin Stats

  • BTC Dominance: 59.44% (0.24%)
  • Ether-bitcoin ratio: 0.0294 (0.01%)
  • Hashrate (seven-day moving average): 984 EH/s
  • Hashprice (spot): $31.34
  • Total fees: 2.69 BTC / $188,598
  • CME Futures Open Interest: 110,290 BTC
  • BTC priced in gold: 14.2 oz.
  • BTC vs gold market cap: 4.82%

Technical Analysis

Bitcoin's daily price swings in candlestick format. (TradingView/CoinDesk)
Bitcoin’s daily charts. (TradingView/CoinDesk)
  • The chart shows bitcoin’s daily price swings in candlestick format since late 2025. It also plots the Fibonacci retracements of the January-February selloff and the 50-day simple moving average of bitcoin’s price.
  • BTC’s price is looking to top the 50-day SMA line. That would shift the focus to next resistance level at $74,564, which is the 38.2% Fibonacci retracement of the selloff.
  • On the other hand, a failure to penetrate the 50-day SMA could embolden sellers, potentially leading to a drop below $70,000.

Crypto Equities

  • Coinbase Global (COIN): closed on Thursday at $193.23 (–2.72%), +1.96% at $197.02 in pre-market
  • Circle Internet Group (CRCL): closed at $114.18 (+1.21%), +0.58% at $114.84
  • Galaxy Digital (GLXY): closed at $20.63 (–3.87%), +1.89% at $21.02
  • MARA Holdings (MARA): closed at $8.76 (+2.46%), +1.60% at $8.90
  • Riot Platforms (RIOT): closed at $14.50 (–2.09%), +1.59% at $14.73
  • Core Scientific (CORZ): closed at $16.24 (–1.81%)
  • CleanSpark (CLSK): closed at $9.55 (–2.65%), +1.57% at $9.70
  • Exodus Movement (EXOD): closed at $9.96 (–8.71%), unchanged in pre-market
  • CoinShares Bitcoin Mining ETF (WGMI): closed at $37.96 (–2.47%)
  • Bullish (BLSH): closed at $36.24 (–2.55%), +0.44% at $36.40

Crypto Treasury Companies

  • Strategy (MSTR): closed at $137.34 (–0.72%), +2.49% at $140.76
  • Strive Asset Management (ASST): closed at $8.83 (–4.33%), +1.59% at $8.97
  • SharpLink (SBET): closed at $7.48 (–1.45%), +2.54% at $7.67
  • Upexi (UPXI): closed at $0.93 (–9.71%), +4.61% at $0.97
  • Lite Strategy (LITS): closed at $1.15 (–1.71%)

ETF Flows

Spot BTC ETFs

  • Daily net flows: $53.8 million
  • Cumulative net flows: $55.93 billion
  • Total BTC holdings ~ 1.29 million

Spot ETH ETFs

  • Daily net flows: $72.4 million
  • Cumulative net flows: $11.75 billion
  • Total ETH holdings ~ 5.71 million

Source: Farside Investors

While You Were Sleeping

FundBank Acquires Irish Blockchain Startup Trrue Chain in €10m Deal as Institutional Crypto Demand Rises

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FundBank, the US institutional banking firm founded by former Waystone executives, has made a major investment to acquire the Irish blockchain startup Trrue Chain. The deal is worth €10million ($11million).

The acquisition is the first in a series of strategic moves by FundBank to establish itself as a global leader in the support of digital and crypto assets. The timing of the deal aligns directly with a marked increase in demand among institutional asset allocators and fund managers who are now integrating crypto and digital assets into their portfolios. Furthermore, FundBank noted that the move is supported by the ongoing evolution of US regulatory clarity, pointing to the Genius Act, the Clarity Act, and OCC Notice 186, which together are creating a safe harbour for institutional crypto services.

The US bank has been expanding rapidly into Europe over the past year. After launching banking operations in Luxembourg last year, FundBank recently received approval from the Central Bank of Ireland to establish its first bank branch in the region.

Bridging fiat and crypto custody
Derek Delaney, senior executive at FundBank and founder of ComOp

Co-founded in 2021 by Owen O’Driscoll, Pearse Ryan, and Arjan van Eersel, Trrue operates as a Layer-1 blockchain. The startup provides tailored infrastructure for businesses and individuals, ensuring compliance, transparency, and trust across highly regulated financial markets. Under the terms of the acquisition, the founders will remain with the company as employees.

FundBank aims to leverage this infrastructure to meet the rising demand for secure fiat banking and custody services from diverse stakeholders within the digital asset space.

Derek Delaney, senior executive at FundBank and founder of ComOp (the lead institutional investors in Trrue), outlined the strategic rationale behind the acquisition: “ComOp has been a long-time admirer of the innovative approach to governance through blockchain developed by Trrue and this coupled with a VASP and, subject to approval, CASP license, makes it a very unique asset.”

Delaney highlighted a specific gap in the Irish market: “Ireland has seen a number of the institutional VASPs choose to convert to CASPs in other jurisdictions and this has left a gap in the market that will become apparent as CASPs mainstream the institutional holding of crypto and digital assets in funds.”

He believes that the combination of FundBank’s product offering in Ireland with Trrue’s crypto capabilities creates a distinct competitive advantage. “We believe we can be the earliest adopters of institutional Fiat + Custody and, in time, will round this out to Fiat + Custody + Trading,” Delaney added.

Rebuilding financial architecture

Owen O’Driscoll, CEO of Trrue, emphasized the necessity of modernising core financial systems:
“Since founding Trrue in 2021, our focus has been on rebuilding the core architecture of finance. The systems the global economy relies on simply weren’t designed for the speed and demands of today.”

He described the investment as an important milestone and a meaningful affirmation of their strategy.

“With this partnership, we are accelerating the build-out of infrastructure that enables institutional capital to move instantly and securely,” O’Driscoll stated. “Becoming part of the FundBank Group accelerates our evolution as an institutional platform and strengthens our ability to scale with the governance and rigor the market demands.”

XRP Bolinger Bands Compress as Bulls Aim for $2.55

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XRP’s (XRP) price was up 3% on Friday to trade above $1.40 as several technical and onchain indicators suggested it was due for a “significant” upward breakout.

Key takeaways:

  • XRP’s Bollinger Bands indicator now sees the potential for a massive price breakout.

  • XRP’s falling wedge pattern targets $2.55.

  • Declining exchange balances and persistent outflows indicate XRP accumulation.

XRP Bollinger Bands point at “significant” breakout

Bollinger Bands, a technical indicator used by traders to assess price momentum and volatility within a certain range, have reached their tightest point in eight months, signalling that volatility should be expected soon.

Related: Ripple to buy back $750M in shares through April: Report

The “daily XRP Bollinger Bands have slipped to their tightest level since July 2025,” analyst The Crypto Basic said in an X post on Thursday.

The XRP/USD pair surged about 60% in July 2025 to its multi-year high at $3.66, after breaking above the upper boundary of the Bollinger Bands. 

“Tight Bollinger Bands often indicate lower volatility, and the breakout that follows could lead to an explosive run,” The Crypto Basic added.

XRP/USD daily chart. Source: Cointelegraph/TradingView

Another analyst called this a preparation for a “significant breakout.”

XRP’s price continues to “consolidate within a symmetrical triangle structure with tightening Bollinger Bands and a stabilizing RSI,” fellow analyst XRP Update said, adding:

“This volatility compression suggests the market may be preparing for a significant breakout.”

XRP analyst Arthur said, with the Bollinger Bands tightening, a daily candlestick close above $1.50 “would confirm momentum.”

XRP/USD daily chart. Source: X/Arthur

XRP falling wedge pattern targets $2.55

XRP price action is forming a falling wedge pattern on the weekly chart, a structure typically associated with bullish reversals after a prolonged downtrend.

The price has been compressing between two descending trendlines since July 2025, with the lower boundary now acting as key support near the $1.30 psychological level.

XRP/USD weekly chart. Source: Cointelegraph/TradingView

Meanwhile, the relative strength index (RSI), on the weekly chart, is rebounding from oversold territory, indicating fading selling momentum.

Historically, similar RSI conditions have preceded strong rebounds in XRP. For example, XRP rallied as much as 85% between July and September 2022 following the RSI’s recovery from oversold conditions. 

A confirmed breakout above the wedge’s upper trendline could open the way for a run toward the bullish target of the prevailing chart pattern at $2.55, 78.5% above the current price. 

As Cointelegraph reported, bulls must break and sustain the XRP price above $1.73-$2 supplier to signal a long-term trend shift.

Declining supply on exchanges backs XRP’s upside

XRP supply on exchanges, or the total amount of coins held on exchange addresses, continues to fall, reflecting accumulation and long-term investor confidence.

The XRP balance on exchanges dropped to 12.8 billion on Friday, levels last seen in May 2021.

XRP reserve on exchanges. Source: Glassnode

A reducing balance means fewer XRP tokens are available for sale, reducing sell-side pressure.

Such outflows typically indicate strong accumulation by large holders, who move funds to cold storage, reducing immediate sell-side pressure and increasing the chances of XRP’s short-term rebound. 

However, XRP’s recovery could be delayed by continued redemption from spot XRP exchange-traded funds (ETFs), which have recorded outflows for five consecutive days, totalling $50.8 million. 

Spot XRP ETF flows table. Source: SoSoValue