Goldman Sachs says Bitcoin and the broader crypto market may be nearing a turning point after months of declines, with prices now stabilizing following a drawdown that mirrors past cycle patterns. In a note, analyst James Yaro said crypto valuations have steadied after a sharp selloff from October 2025 highs, shaped by softer trading activity, shifting investor positioning, and macro headwinds. Goldman estimates crypto-related stocks are down about 46% from October 2025 peaks. Despite continued volatility, price action has flattened, a setup the bank says often appears as markets enter historically typical drawdown zones. The firm argues this has made parts of the sector more compelling on valuation. Goldman flagged Robinhood, Figure Technologies, and Coinbase as names to watch. Figure's price target was raised to $42 from $39, implying 35% upside. Robinhood continues to add tools for active traders and expand its financial product lineup. Coinbase is leaning into derivatives, subscriptions, and equities trading as it broadens revenue sources during slower market phases. Trading activity remains the key near-term risk. Goldman warned volumes could slip further, potentially cutting 2026 revenue by 2% and profits by 4%. Historically, the bank said, low-volume stretches tend to persist for roughly three months before improving. Bitcoin recently fell from about $75,000 to $67,000 and then stabilized, trading in a $60,000 to $75,000 band. K33 Research pointed to easing ETF selling and firmer long-term holding behavior as supportive signals. Supply held for more than six months has increased, suggesting reduced selling pressure. Flows into ETFs have also turned mildly positive since late February, a change from the heavy distribution seen after October. Open interest remains subdued and funding rates are still negative. Bernstein said Bitcoin may have already marked its cycle bottom, reiterating a $150,000 year-end target on expectations for sustained ETF demand and continued corporate treasury adoption. The firm highlighted Strategy's Bitcoin position, valued at $53.5 billion, as evidence of ongoing institutional participation. Analysts added that fewer investors appear to be exiting positions below $100,000, helping prices hold steadier.

Kraken's tokenized equities platform xStocks and Fundrise have introduced VCXx, a new token designed to deliver onchain exposure to late-stage private technology companies. The firms said on March 27, 2026 that they are tokenizing the newly launched Fundrise Innovation Fund (NYSE: VCX) into a single onchain asset, VCXx. The token is intended to give eligible investors global access to a portfolio that includes SpaceX, OpenAI, Anthropic and Databricks. VCXx is expected to list on the xStocks platform in the coming days. The token is issued by Backed Assets (JE) Limited and offered via Payward Digital Solutions Ltd. The launch pushes tokenized equities beyond public-market instruments and into products with private-company exposure. xStocks said VCXx can also be used in onchain applications such as collateralization, lending and automated strategies. The platform reports more than $25 billion in transaction volume, 100,000+ unique holders, and support for 100+ tokenized stocks and ETFs. VCX is not available in the U.S., and geo-restrictions apply. Eligibility and jurisdictional limitations follow issuer disclosures and the xStocks risk documentation. "We built VCX to act as a bridge between the public and private markets," said Fundrise CEO Ben Miller. Arjun Sethi, co-CEO of Payward, said tokenization expands global access to a portfolio with private exposure. FAQs • What is VCXx and where will it trade? VCXx is the tokenized version of the VCX fund and will list on the xStocks platform. • Who can access VCXx? VCXx is offered to eligible investors outside the United States, subject to local jurisdiction rules. • Which private companies are represented in the VCX portfolio? The fund includes exposure to firms such as SpaceX, OpenAI, Anthropic and Databricks. • Where can investors find legal and risk documents for VCXx? Investors can review the Base Prospectus, Final Terms and xStocks Risk Disclosure linked by the issuer and Payward Digital Solutions Ltd. for jurisdictional details.

Liquidations are skewed sharply to the short side, with $12B in shorts versus $3B in longs. The market is setting up a clear bears-versus-bulls test—who wins?

Polygon co-founder Sandeep Nailwal has assumed the CEO position at the Polygon Foundation, signaling a sharper strategic reset for the network and its token, POL. In a post on his X account, Nailwal said he is moving beyond what he described as a previously passive, misaligned involvement. The Polygon Foundation oversees Polygon Labs and other parts of the ecosystem, and Nailwal is also the largest holder of POL. Under the updated roadmap, Polygon plans to wind down its zkEVM initiative by 2026 and concentrate resources on Polygon PoS and the Agglayer network. The refocus is aimed at faster transaction throughput and use cases such as stablecoin payments and real-world assets. Nailwal also outlined performance milestones tied to the Gigagas testnet, which is already live. The target is 1,000 transactions per second (TPS) by July, 5,000 TPS by September, and 100,000 TPS longer term. He said Agglayer v0.3 is slated for release on June 30, with "fast interoperability" expected in Q3. Airdrops are also being prepared for POL stakers. The leadership change follows multiple co-founder departures. Jaynti Kanani and Anurag Arjun left in 2023 to pursue other projects. Mihailo Bjelic stepped down from the foundation board in May 2025, citing differences in vision. Nailwal suggested that prior board dynamics slowed decision-making, and said he intends to adopt a more startup-style operating approach. He added that Polygon remains well-capitalized and does not need outside funding, which he argues gives the project room to move faster and create additional value for token holders. Market attention has returned to POL as the shift unfolds. At the time of writing, POL traded at $0.2222, down 0.47%. Sentiment has improved after the U.S. SEC dropped its case against MATIC, a development cited as helping restore market-maker confidence and liquidity. Traders are now focused on whether execution matches the new roadmap, with the June 30 Agglayer v0.3 release viewed as a near-term catalyst for POL's next move.

Canada's Bill C25 would bar cryptocurrency donations across the federal political system, alongside money orders and prepaid cards, effectively shutting a fundraising avenue that has seen virtually no use since crypto donations were first allowed in 2019. The Chief Electoral Officer, who previously leaned toward tighter oversight, is now recommending a full prohibition, pointing to crypto's pseudo-anonymity and the challenges of verifying donor identities. Under the proposal, campaigns would have 30 days to return illegal crypto contributions. Penalties would include fines of up to twice the contribution's value, plus up to $100,000 for corporations. The move comes after the U.K. recently imposed a moratorium on crypto political donations amid concerns about foreign funding.

A growing number of publicly listed Bitcoin miners are trimming or abandoning BTC mining to redirect capital and infrastructure toward AI data-center projects—an exodus analysts say could improve profitability for the miners that stay. This week, MARA sold 15,133 BTC worth more than $1 billion and used the proceeds to reduce outstanding debt by 30%. The company has also partnered with Starwood to develop AI data centers. Similar moves are unfolding across the sector: Bitdeer reportedly sold its entire Bitcoin holdings, while Riot has also liquidated part of its BTC to fund AI-related ventures. Analyst Billy Boone argued that AI economics are currently more attractive than Bitcoin mining for large operators. He added that the shift can lift margins for the rest of the network: as big miners take hashrate offline and fewer rigs compete, mining difficulty can fall, making block production more profitable for remaining miners. In the current cycle, network difficulty growth has been relatively subdued at about 75% as major players pivot toward AI, according to Boone. Boone also flagged a potential energy-driven catalyst. If the West Asia crisis persists into April and the Strait of Hormuz remains closed, energy prices could rise, pressuring miners reliant on oil-linked power. He said small and mid-sized miners with stable power purchase agreements (PPA's) could see one of their most favorable setups since China's 2021 mining ban. Barefoot Mining CEO Bob Burnett echoed the view that reduced concentration among public miners could lead to a healthier ecosystem, saying smaller miners were previously crowded out and that less hashrate controlled by a handful of firms would improve balance. On miner stress, Glassnode's Hash Ribbon data suggest the distress that built from late November eased earlier this month, helping reduce miner selling pressure and supporting Bitcoin's March rebound. Analysts cautioned that if BTC falls below $65,000, another wave of miner distress could emerge and renew selloffs. Final Summary Analysts see the AI pivot by public Bitcoin miners—including MARA—as potentially creating a more balanced mining landscape and improving margins for solo and mid-sized operators. Miner distress eased in early March, but a deeper BTC pullback could trigger renewed selling from miners.

A large, unidentified investor accumulated roughly $35 million worth of XRP in about an hour, according to TheCryptoBasic. The purchases came as XRP slid on March 26&27, with the wallet executing around 156 trades over 48 minutes to build the position—about one transaction every 18.5 seconds.

MARKET: Tokenized equities have moved past $1B in aggregate on-chain value.

Coinbase has teamed up with mortgage lender Better Homes & Finance to support crypto-backed home loans. Under the arrangement, homebuyers can use $BTC or $USDC as collateral when applying for a mortgage. Source: Wu Blockchain