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.

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.

Goldman Sachs CEO said he now personally owns Bitcoin, reversing his earlier stance in which he dismissed the cryptocurrency.

Morgan Stanley said it will charge a 0.14% management fee on its planned $MSBT Bitcoin ETF, pricing below every existing U.S. spot Bitcoin ETF. The lowest fee among current $BTC ETFs is Grayscale's 0.15%. The move raises the prospect that Morgan Stanley could attract inflows at the expense of rival products.

Morgan Stanley has disclosed a 0.14% expense ratio for its proposed spot bitcoin ETF, MSBT. The fee would undercut Grayscale's Mini Trust by 1 basis point and BlackRock's iShares Bitcoin Trust (IBIT) by 11 basis points, making it the cheapest spot bitcoin ETF on the market if approved. The product would also mark a first: a spot bitcoin ETF issued directly by a major U.S. bank. Bloomberg analysts expect a potential launch in early April. Strategically, the pricing may be aimed as much at Morgan Stanley's own distribution as at the broader market. The firm's roughly 16,000 financial advisors oversee about $9 trillion in client assets, yet an estimated 80% of crypto ETF trading on its platform is currently self-directed. A low-cost, in-house ETF could reduce the fee-related hurdle that has limited advisors' willingness to recommend bitcoin allocations to clients.

Bhutan has sold about $120 million in Bitcoin so far this year, according to reports. The country's Bitcoin holdings are now roughly 60% below peak levels. Blockchain analytics firm Arkham said 123.7 BTC was transferred on March 27. A few days earlier, 519.7 BTC was moved in a larger sale. Authorities have been using OTC desks to reduce market impact.

Morgan Stanley has set the fee for its spot bitcoin ETF at 0.14%, making it the cheapest option currently available and undercutting all competing products.

CoinShares says conditions in the Bitcoin mining sector are tightening. The firm estimates 15–20% of miners are operating unprofitably, pressured by a post-halving decline in hashprice to about $28 PH/s/day in February 2026.

Bitcoin slid to around $65,000 over the past week, posting a net decline of 6.74%. The pullback adds to a choppy March: repeated breakout attempts have been met with equal or larger retracements, leaving the cryptocurrency down 4.4% month to date. On March 27, on-chain analytics outlet Easy On Chain highlighted a pattern of accumulation by "smart money"—institutions and ultra-high-net-worth whales—even as prices weakened through March 2026. Data showed the month opened with a TradFiled surge, with large investors building Bitcoin exposure and pushing the Fund Market Premium to 2.72 as of March 11. That demand eased after Bitcoin hit a local peak of $76,007 on March 17, followed by signs of distribution: the Exchange Whale Ratio rose to 0.835 and the Stablecoin Supply Ratio (SSR) reached 10.95, pointing to stretched buying capacity. As Bitcoin corrected toward $65,000, the Net Unrealized Profit/Loss (NUPL) for short-term holders (STH) turned negative, a move the analysts said likely contributed to panic selling. Easy On Chain noted early indications of renewed accumulation by long-term holders starting March 22. Coins Days Destroyed (CDD) jumped to 27.1 million, suggesting movement of older coins, while exchange-inflows CDD held broadly steady at 48,909. The analysts also pointed to $2.27 billion in ERC20 USDT moving off exchanges, interpreting it as whales and institutions buying Bitcoin via OTC channels rather than through public exchange order books. Miner behavior has also shifted in a way that supports the accumulation narrative. Easy On Chain said miner selling has cooled, with total holdings at 1,805,235 as of March 27. With profit margins estimated at 71.4% at current prices, the analysts said miners appear less exposed to forced selling. Bitcoin was last trading at $66,003, down 4.23% over the past day. Easy On Chain identified $63,200 as a key "life line" level, corresponding to the realized price for 1.5- to 2-year holders. For a sustained bullish reversal, the analysts said US spot demand needs to recover, with Coinbase and Fund Premiums turning positive.