This month’s digest analyzes the dynamics of key assets, explores the direction of stablecoins, and compiles the best long positions for March.

Topic of the Month

Stablecoin Transformation

March 2026 demonstrated that the shift of cryptocurrencies from an alternative to traditional finance (TradFi) into an integral part of it is becoming irreversible. Previously, stablecoins served as a means of settlement within crypto exchanges and among users, but now they are being established as a distinct layer of financial infrastructure.

This shift is particularly evident at the foundational architecture level. Major players are gradually moving away from universal blockchains towards specialized solutions focused on operations with "stablecoins" and servicing institutional players. According to Delphi Digital, this is how the largest issuers aim to gain control over payment infrastructure and outpace competitors.

Notably, this group now includes not only familiar market participants but also companies from traditional finance. The rising demand from banks and fintech services for operations with "stablecoins" and tokenized deposits prompted Mastercard to acquire the stablecoin startup BVNK, while PayPal continued to expand the geographical reach of PYUSD. These moves indicate not just attempts to compete with the banking system but a gradual integration with it.

March also revealed changes in demand structure. According to Messari, retail investors are increasingly using stablecoins for everyday tasks, as evidenced by a decrease in average transaction sizes. Simultaneously, the segment continues to grow: at the start of the month, its total capitalization exceeded $290 billion, with net inflows rising by 414.5% compared to last year. This collectively points to a gradual shift from speculative use cases to practical applications.

Billionaire Stanley Druckenmiller believes that in the next 10–15 years, stablecoins could become the foundation of a global payment system due to their speed and low transaction costs. However, as their significance grows, so does regulatory scrutiny: such a scenario directly raises questions about financial stability.

These processes indicate a profound shift. The question is no longer which coin will capture a larger market share, but rather which networks, companies, and jurisdictions will control the flow of money. It is within this realm—between technological solutions, institutional interests, and the regulatory environment—that the future development of the segment will be determined.

Key Highlights: Numbers, Charts, and News

Dynamics of Key Assets

ForkLog examined the dynamics of key assets, the DeFi sector, and ETFs. From March 1 to March 30, the cryptocurrency market capitalization slightly increased from $2.38 trillion to $2.41 trillion, according to CoinGecko.

Last month, the price of Bitcoin on Binance briefly rose above $76,000. As of March 30, digital gold is trading around $67,800.

Daily chart of BTC/USDT on Binance. Source: TradingView.

At the beginning of March, Ethereum prices showed a brief spike to $2,200 but failed to hold that level. Mid-month, the second-largest cryptocurrency surged again, reaching $2,380. As of March 30, the price is trying to stay above $2,000.

Daily chart of ETH/USDT on Binance. Source: TradingView.

By the end of the month, Bitcoin's market share was 56.1%, while Ethereum's was 10.3%. The cryptocurrency fear and greed index indicates extreme fear.

Data: ForkLog, Alternative.

DeFi

The total value locked in DeFi protocols increased from $92.2 billion to $93.6 billion. In the Ethereum ecosystem, the figure also slightly increased from $53.2 billion to $53.4 billion.

Data: DefiLlama.

Aave tops the protocol rankings with $24.06 billion. In second place is Lido ($18.84 billion), followed by EigenCloud ($8.64 billion).

Data: ForkLog, DefiLlama.

The trading volume on decentralized exchanges over the last 30 days reached $246.8 billion. As of March 30, PancakeSwap accounted for 52%, while Uniswap held 29%. In the Solana ecosystem, PumpSwap dominated with 61.1% market share.

ETF

In March, net inflows into Bitcoin ETFs totaled $1.13 million, with total inflows since approval of the products reaching $55.93 billion. The total net asset value under management is $84.77 billion.

IBIT from BlackRock accounts for $51.49 billion, followed by FBTC from Fidelity ($12.35 billion) and GBTC from Grayscale ($10.21 billion).

Data: ForkLog, SoSoValue.

In March, Ethereum ETFs saw an outflow of $82.13 million. Since launch, these instruments have accumulated $11.52 billion. The total net asset value is $11.32 billion.

Leading in attracted funds are ETHA from BlackRock ($6.01 billion) and ETH from Grayscale ($1.71 billion).

Data: ForkLog, SoSoValue.

Mining

On March 9, the number of mined Bitcoins reached 20 million coins. Block #940,000 was mined by the Foundry USA pool. However, due to regular halvings, miners are expected to finish generating the remaining 1 million BTC around the year 2140.

This milestone was reached amid ongoing pressure on mining economics. Analysts at CoinShares estimate that by the fourth quarter of 2025, the average cost of mining 1 BTC for public companies will reach $79,995. This has led to approximately 15-20% of mining capacities operating at a loss.

Source: CoinShares.

In March, industry participants continued to shut down unprofitable equipment. As a result, by mid-month, the hash rate (7 DMA) plummeted to 918 EH/s. By the end of the period, the figure recovered to 996 EH/s, largely due to Bitcoin's rally to $75,000 and a subsequent drop in mining difficulty of nearly 8%.

Since the beginning of the month, the network's computational power has decreased by approximately 7%. A steady downward trend has been observed since October 2025.

Source: Glassnode.

Amid price dynamics and adjustments in Bitcoin difficulty, the hash price rose from ~$29 per PH/s per day to nearly $32. At the same time, 11 out of 14 public miners tracked by TheEnergyMag report a "hash cost" exceeding this value.

Source: Hashrate Index.

The decline in mining revenues has prompted industry participants to expand into more profitable AI computing segments. To finance the necessary infrastructure, companies have begun actively selling crypto reserves. MARA Holdings, which holds the second-largest corporate Bitcoin treasury, sold 15,133 BTC in March.

Bitdeer, after successfully entering the ASIC miner market for the first cryptocurrency, introduced a device for mining coins on the Scrypt algorithm. The SEALMINER DL1 Air allows mining Litecoin and Dogecoin, as well as lesser-known altcoins like Bellscoin, Junkcoin, Luckycoin, and Pepecoin.

Major News

In March, inflation data in the U.S. aligned with expectations: CPI was 2.4%, and core inflation year-on-year was 2.5%. Against this backdrop, Bitcoin approached $71,000, while the Fed's decision to keep rates unchanged was largely ignored by the market.

One of the main topics of the month was a new bill titled "On Digital Currency and Digital Rights," which is being prepared for submission to the State Duma of the Russian Federation. In a special edition of "Deconstruction," we discussed with GMT Legal founder Andrey Tugaryin how legal trading in Russia will change.

Meanwhile, in the U.S., the Treasury recognized the legality of using crypto mixers for financial privacy protection. However, the agency emphasized the risks of their criminal use and urged Congress to develop additional regulations.

Other notable events in March included:

  • Resilient Bitcoin and a strong dollar: how the conflict in Iran affected the markets.
  • Following Fusaka, the number of address spoofing attacks in Ethereum skyrocketed by 600%.
  • A developer embedded an image in a Bitcoin transaction without Taproot and OP_RETURN.
  • Shareholders accused the Winklevoss twins of concealing a change in Gemini's strategy.

Longs of the Month

The End of the "Cheap Ether" Era

Vitalik Buterin seems to have gained influential enemies among opponents of new hard forks in the Ethereum network, aimed at freeing the ecosystem from "L2 dependency." Alex Kondratiuk delves into the unexpected paths that have emerged in the project's roadmap and why its co-founder is no longer satisfied with the protocol's development.

Why Schools Are Unnecessary

We have long come to view the provision of universal education as a duty of any state—even the most indifferent to its citizens' needs. But what do schools actually provide? Do they foster students' creative potential or, conversely, stifle any inclination towards intellectual freedom? These questions were raised by religious and political thinker Ivan Illich, whose ideas Elena Vasilieva invites us to explore.

The End of Shadow Trading?

The State Duma is likely to approve and send for signing the bill "On Digital Currency and Digital Rights" this summer. If passed (and there is no doubt about that), Russian regulatory agencies will gain full control over cryptocurrency transactions within the country. Lena Jess learned from lawyers and market participants what this means for P2P business and ordinary users.

Additionally:

  • Agent Economy: How ERC-8004 and x402 Standards Make AI a Market Participant.
  • Making Money While Blood Flows: What Protective Assets Were Like During the Two World Wars.
  • Not Losing or Earning? What Benefits Crypto Indices Bring in a Bear Market Phase.
  • The Right to Be Offline: How Privacy Became a Privilege of the Super-Rich.

Artificial Intelligence

OpenClaw

In March, the software for installing AI agents, OpenClaw, gained rapid popularity in China. People lined up to install digital assistants on their computers. Concurrently, hundreds of posts appeared on social media offering to perform the service for tens or hundreds of yuan (100 CNY is approximately $15).

However, the situation soon changed. The National Computer Incident Response Center of China warned about threats associated with OpenClaw. The agency stated that the software has extremely weak default security settings. As a result, users began paying for the removal of OpenClaw from their devices.

Among other interesting news:

  • The company Eon Systems modeled 125,000 neurons and 50 million synaptic connections of an adult fruit fly. They then placed the model in a virtual environment reminiscent of "The Matrix";
  • Perplexity launched a local AI agent called Personal Computer—operating 24/7 and retaining "memory" between sessions, similar to OpenClaw;
  • Public mining companies activated sales of crypto reserves to fund the creation of AI infrastructure;
  • ChatGPT lost its leadership among free apps in the U.S. App Store after Sam Altman announced a partnership with the Pentagon. Later, the head of OpenAI called the decision a mistake.