Suehyeon Lee

SharpLink, an Ethereum (ETH) treasury strategy company, posted a massive net loss last year as the crypto market downturn took its toll. According to Cointelegraph on the 10th (local time), SharpLink said in its 2025 earnings release that it recorded a net loss of about $734.6 million. Most of the loss stemmed from roughly $616.2 million in valuation losses on the 868,699 ETH it holds. In addition, the company booked about $140.2 million in impairment losses incurred in the process of converting staked Ethereum. Ethereum’s price saw sharp volatility in the second half of 2025. It climbed to as high as $4,829 in August, but after a market selloff in October it ended the year down around the $3,000 level. Even so, SharpLink said it will stick to its ETH accumulation strategy. The company explained that “short-term market volatility showed up as accounting losses, but the long-term strategy is designed to withstand market cycles,” adding that its goal is to increase ETH holdings per share and maximize the productivity of its treasury assets. SharpLink, whose board is chaired by Ethereum co-founder Joseph Lubin, shifted its business direction in June last year from a sports-betting marketing company to a digital-asset treasury strategy firm. The company is pursuing a strategy to steadily increase ETH holdings per share, and in 2025 more than doubled that metric to 4.01 ETH per share from 2 ETH per share. On the financial side, revenue surged. SharpLink’s 2025 revenue jumped about 659% to $28.1 million from $3.7 million a year earlier. Ethereum staking income also rose about 48.5% between the third and fourth quarters to $15.3 million. The company also reported about $55.2 million in gains from converting Ethereum into liquid staking tokens and redeeming them. SharpLink raised a total of $3.2 billion in funding during 2025, establishing itself as the second-largest Ethereum holder among listed companies. The largest Ethereum-holding listed company is BitMine Immersion Technologies, which holds about 4.5 million ETH. Meanwhile, SharpLink shares (SBET) have risen about 67% over the past year and are currently trading around $7.60. However, after surging about 1,000% in just a week following the company’s Ethereum treasury strategy announcement last May—rising to nearly $80—the stock has since retreated, falling more than 50% over the past six months.

After comments by U.S. President Donald Trump regarding a war with Iran, global oil prices plunged while the cryptoasset (cryptocurrency) market rebounded. According to Cointelegraph on the 10th (local time), Bitcoin (BTC) regained roughly $70,000, rising about 3% over the past 24 hours. Ethereum (ETH) also climbed back above $2,000, with major cryptoassets rising in tandem. The move came after President Trump’s war-related remarks. In a phone interview with CBS News, Trump said, “The war with Iran is effectively over,” adding, “Militarily, Iran has nothing left.” Following the remarks, global oil prices fell sharply. Crude prices dropped from $118 a barrel to around $85, down about 28%. However, Trump later took a hard line again on social media. He warned that “if Iran acts to block the flow of oil through the Strait of Hormuz, it will face attacks 20 times stronger than before.” He also said he would “strike targets so that Iran cannot be rebuilt as a nation,” adding that “death and fire and fury will come upon them.” Markets see these conflicting messages as amplifying investor uncertainty. Augustine Fan, head of SignalPlus Insights, said, “It’s hard to conclude the war is over based on remarks alone,” adding that “for the time being, the cryptoasset market is more likely to move with macro factors and risk-asset flows than with its own narrative.” He noted in particular that “macro factors are gaining influence, with oil prices recently swinging by more than $30 in a single day.” Andri Fauzan Adziima, head of research at Bitrue, said, “If the war actually ends, a sharp relief rally could emerge in the cryptoasset market on the back of falling oil prices and easing geopolitical risk.” Meanwhile, Bitcoin is trading at $70,169.51, up 4.5% from the previous day, according to CoinMarketCap.

US spot Ethereum (ETH) exchange-traded funds (ETFs) recorded net outflows of more than $50 million over a single day. According to TraderT on the 9th (local time), US spot Ethereum ETFs posted total net outflows of $51.26 million (about KRW 75.7 billion) on the day. That marked a third consecutive trading session of net outflows. By product, BlackRock’s ETHA led the withdrawals, shedding $55.08 million. Grayscale’s ETHE also saw net outflows of $13.41 million. By contrast, Fidelity’s FETH drew net inflows of $16.22 million, and 21Shares’ TETH took in $1.01 million. The remaining products saw no net flows.

US spot Bitcoin (BTC) exchange-traded funds (ETFs) saw net inflows of more than $100 million over a single day. According to TraderT on the 9th (local time), US spot Bitcoin ETFs recorded total net inflows of $167.68 million (about KRW 247.5 billion) that day. This marked a return to net inflows after three trading sessions. By product, BlackRock’s IBIT led overall inflows with $109.95 million in net inflows. Fidelity’s FBTC posted $60.09 million, and VanEck’s HODL recorded $4.87 million in net inflows. By contrast, Bitwise’s BITB saw $4.49 million in net outflows, and ARK Invest’s ARKB posted $2.74 million in net outflows. The remaining products had no net flows.

About $11 million worth of Bitcoin (BTC) has been moved from a wallet believed to be linked to Bhutan’s government. According to Arkham data on the 9th (local time), an address connected to Bhutan’s government recently transferred Bitcoin worth about $11 million. Bhutan is known to have sold Bitcoin by splitting it into tranches of roughly $5 million to $10 million. A similar-sized transfer occurred about a month ago as well, and at the time, roughly $7 million worth of Bitcoin was reportedly sold via institutional trading firm QCP Capital. The market is watching whether this latest transfer could also be part of a similar selling process.

Bitcoin (BTC) has extended its rebound, reclaiming the $69,000 level. As of 9:38 a.m. on the 10th (KST), Bitcoin was trading at $69,149.67, up 3.93% from the previous day, according to CoinMarketCap. On Upbit’s KRW market, it was trading at 101.5 million won, up 1.07% from the day before. Major altcoins, including Ethereum (ETH), also posted gains. Ethereum was up 3.04% day on day to $2,018.07 on CoinMarketCap, while XRP was trading at $1.37, up 1.37% from the previous day. The rebound is seen as reflecting expectations that Middle East-driven geopolitical risks will ease after U.S. President Donald Trump made remarks suggesting the Iran war has effectively entered its final stage. Iran signaled a conditional stance, saying it could end the war if guarantees are put in place that there will be no further attacks by the United States and Israel. However, some in the market are also raising the possibility that short-term volatility could persist, as the situation in the Middle East has not fully stabilized.

The Ethereum (ETH) Foundation has been staking roughly 72,000 ETH using distributed validator technology, according to reports. On the 9th (local time), Ethereum creator Vitalik Buterin said on X that the Ethereum Foundation is staking about 72,000 ETH using a DVT-lite (Distributed Validator Technology) approach. DVT is an architecture in which multiple nodes share and operate a single validator key, distributing the validator infrastructure to enhance security and resilience. Buterin explained that “this approach helps institutional investors build distributed staking infrastructure more easily.” In particular, by using automated network configuration and distributed key generation, multiple nodes can jointly perform validation tasks, improving operational efficiency. Buterin stressed that the ultimate goal is to simplify node operations. He added that the aim is to create an environment in which institutions can run staking nodes in a relatively straightforward way, similar to Docker-based deployments.

With international oil prices surging amid geopolitical tensions in the Middle East, analysts say the move could also influence bitcoin (BTC) price action. According to Cointelegraph on the 9th (local time), international oil prices rose about 55% over the past 10 days, soaring to around $101 a barrel. The sharp rally is also jolting global financial markets, including pushing the S&P 500 to its lowest level in 10 weeks. Bitcoin initially reacted positively. The price climbed about 16% from Feb. 28 through the middle of last week, but then gave back most of those gains, showing heightened volatility. Markets are watching whether a Middle East war—sparked by U.S. and Israeli strikes on Iran—could become protracted. In that case, elevated oil prices could intensify inflationary pressure and weigh on consumption, creating a broader headwind for risk assets. However, past episodes suggest that a spike in oil prices has not always led to negative outcomes for bitcoin. For example, in June 2025, as tensions over Iran’s nuclear program escalated and WTI rose about 15% in a week, bitcoin initially fell but then gained about 10% over the following four weeks. After Russia’s invasion of Ukraine in 2022, when oil prices jumped 29% in a week, bitcoin also rebounded early before falling again, but then rose about 25% over the subsequent three weeks. In November 2020, when WTI climbed about 23% over nine days, bitcoin gained about 16% over the same period and logged a roughly 45% rally in less than a month. Taken together, recent examples show that when oil prices rose more than 15% over 10 days, bitcoin on average advanced about 20% over roughly four weeks. Still, analysts note that the sample size is limited, making it difficult to establish a statistically definitive correlation.

XRP’s decline has pushed more than 60% of the total circulating supply into loss territory. According to Cointelegraph on the 9th (local time), XRP is currently trading at around $1.35, down about 28% from this year’s opening price ($1.87). It also closed last year down 11.6% on an annual basis, extending the bearish trend. According to on-chain data analytics firm Glassnode, about 36.8 billion XRP is currently trading below its purchase price, representing more than 60% of the circulating supply. Unrealized losses were estimated at about $50.8 billion. XRP’s spot price is also trading below the average cost basis of all holders, around $1.44, increasing pressure on long-term holders. Outflows are also continuing from XRP spot exchange-traded funds (ETFs). According to data analytics platform SoSoValue, XRP spot ETFs recorded net outflows of $22.8 million over the past two days. In particular, about $16.2 million exited in a single day last Friday, marking the largest daily outflow since Jan. 29. Global XRP investment products also saw weekly net outflows exceed $30 million as of March 6. Technically, $1.40 is seen as a key resistance level, while $1.30 is viewed as crucial support. Analysts say that if this support holds, the price could rebound back toward the top of the range. However, if $1.30 breaks, the next support could be the Feb. 28 low of $1.27. If that level also fails, declines could extend to around $1.13, near the Feb. 6 low and the 200-week exponential moving average (EMA). Conversely, if the price regains $1.40, the uptrend could resume, with some projecting room for a rebound toward $1.60 and $1.95.

Bitcoin (BTC) has maintained a relatively stable trajectory despite turmoil in global financial markets, but analysts warn that additional downside pressure could emerge if a shock to U.S. equities materializes. According to CoinDesk on the 9th (local time), bitcoin has been trading around the $67,000 level, holding in a tight range with little change over the past week. Over the same period, major cryptoassets (cryptocurrencies) such as Ethereum (ETH), Binance Coin (BNB), Dogecoin (DOGE) and Solana (SOL) also posted limited gains. In traditional financial markets, however, risk-off sentiment appears to be spreading. S&P 500 futures fell more than 2% during Asian trading hours, and the VIX index—an indicator of market volatility—rose to its highest level in recent weeks. International crude prices climbed above $100 a barrel, while the dollar recorded its largest weekly gain in the past year. While bitcoin has been relatively steady, some analysis suggests that additional selling could follow if the likelihood of a U.S. equity-market breakdown rises. Ed Yardeni, a prominent Wall Street equity bull, raised his estimate of the probability of a U.S. market breakdown this year to 35% from 20%. He lowered the odds of a sharp rally to around 5%. “Right now, the U.S. economy and stock market are in a difficult position because of the Iran issue,” Yardeni said, adding, “If the oil-price shock persists, the Federal Reserve (Fed) will face a difficult policy choice between the risk of rising inflation and the risk of rising unemployment.” At the same time, some argue that bitcoin’s price action does not move in a structure entirely identical to that of traditional financial markets. Greg Cipolaro, head of research at crypto services firm NYDIG, said, “Recently bitcoin has tracked U.S. tech stocks, but this is less a structural shift than the result of being exposed to the same macro environment.” “Statistically, only about 25% of bitcoin’s price volatility is explained by stock-market moves, while the remaining 75% is driven by crypto-specific factors such as ETF flows, shifts in derivatives positioning, broader network adoption and the regulatory environment,” he added.

US spot Bitcoin (BTC) exchange-traded funds (ETFs) recorded net inflows of more than $500 million last week. According to SosoValue data released on the 9th (local time), US spot Bitcoin ETFs saw total net inflows of $568 million (about KRW 846.5 billion) over the week of March 2–6. Over the same period, spot Ethereum (ETH) ETFs posted net inflows of $23.56 million and spot Solana (SOL) ETFs drew $24.05 million, extending a broader inflow trend across major crypto ETFs. By contrast, spot XRP (XRP) ETFs logged net outflows of $4.0855 million, the data showed.

Starcloud, a space data-center startup backed by Nvidia, said it plans to begin mining Bitcoin in space after launching a satellite this year. According to Cointelegraph on the 9th (local time), Starcloud CEO Philip Johnston said, "We plan to start mining Bitcoin on the second spacecraft to be launched this year, and we will be the first company to mine Bitcoin in space." In an interview, Johnston explained that using application-specific integrated circuits (ASICs) purpose-built for Bitcoin mining in a space computing environment could be a highly promising case. He said, "Graphics processing units (GPUs) cost about 30 times more per watt than ASICs," adding, "If a 1-kilowatt-class GPU chip costs about $30,000, an ASIC with the same power draw is about $1,000." He also argued that "since Bitcoin mining is an industry that continuously consumes about 20 gigawatts (GW) of electricity, in the long run it may be more economical to mine in space than on the ground." Starcloud is a company founded in early 2024 with the goal of building space-based data centers to address the problem of rising power demand from artificial intelligence (AI) data centers. In November last year, it placed a satellite equipped with Nvidia H100 GPUs into orbit, creating the first case of high-performance GPUs operating in space. The company envisions building a space data-center network consisting of about 88,000 satellites, with solar power expected to be the main energy source. Meanwhile, tech entrepreneurs Jose E. Puente and Carlos Puente last year also proposed the concept of transmitting Bitcoin over an interplanetary network. They explained that, in theory, using optical communication links and a satellite relay network could deliver Bitcoin transactions from Earth to Mars in about three minutes. However, the pair assessed that mining Bitcoin directly on Mars would be impractical due to interplanetary communication latency. Recently, Bitcoin mining profitability has deteriorated as prices have fallen. Bitcoin is down about 48% from the peak of roughly $126,080 recorded last October. Mining difficulty, however, has eased about 7% to around 145 trillion recently from 155.9 trillion recorded last November, partly reducing the burden on miners.

Bitcoin has recently moved in a pattern similar to US software stocks, but an analysis says this reflects shared exposure to the macro backdrop rather than a structural linkage. According to Cointelegraph on the 8th (local time), Greg Cipolaro, head of research at NYDIG, wrote in a report that "over the past week, Bitcoin and US software stocks have climbed together, prompting some to argue that Bitcoin is trading like a proxy for the software sector." However, he assessed that "a simple comparison of price moves can make the similarity look pronounced, but claims that Bitcoin and software stocks have structurally converged or are exposed to the same investment themes—such as artificial intelligence (AI) and quantum computing risks—are overstated." Cipolaro analyzed that "this joint rally is more likely the result of long-rate-sensitive assets and liquidity-dependent risk assets being affected by the same macro environment." He also said, "While the correlation between Bitcoin and software stocks has risen over the past 90 days, correlations with the Standard & Poor's (S&P) 500 and the Nasdaq have also increased over the same period," adding that it is "a phenomenon tied to broader risk-asset flows rather than a shift in the relationship with a specific industry group." Statistically, about 25% of Bitcoin’s price moves can be explained by correlation with the equity market, while more than 75% is attributed to factors outside traditional financial markets. He explained that one reason Bitcoin does not trade like 'digital gold' is that investors allocate it as part of a risk-asset portfolio rather than as a macroeconomic hedge. Still, he noted that Bitcoin has its own structural drivers—such as network activity, broader adoption, and regulatory and policy changes—adding that "even if correlations with equities have increased, this is not a key factor determining Bitcoin returns."

As military clashes in the Middle East intensified and international oil prices spiked, Bitcoin (BTC) saw a sharp short-term drop. According to Hyperliquid data cited by Cointelegraph on the 8th (local time), oil jumped from $95 a barrel to as high as $113.7 shortly after the U.S. futures market opened. That is the highest level since April 2022. The Iraqi government warned that if Iran threatens oil tankers in the Strait of Hormuz, crude production of about 3 million barrels per day could be disrupted. Analysts say volatility in energy markets has increased as concerns over global crude supply have grown. At the same time, Bitcoin fell about 2% in roughly 15 minutes, from $66,960 to $65,725. It later pared some of the losses and was trading around $66,280 as of the time of reporting. Oil, however, has given back some of its gains after the spike and has now slipped to around $105 a barrel. Previously, Bitcoin had risen last week even as Middle East tensions escalated. At the time, following reports of the death of Iran’s Supreme Leader Ayatollah Ali Khamenei, BTC climbed from below $64,000 to $73,770. But as market uncertainty persisted, Bitcoin has been on a declining trend for four consecutive sessions. Meanwhile, U.S. President Donald Trump said the oil price rise would be short-lived. In an interview with reporters, he said, “It was expected that oil prices would rise, and they will soon fall quickly again.” On the need to release oil from the Strategic Petroleum Reserve (SPR), he added, “The United States has a great deal of oil,” and “Supply issues will be resolved quickly.”

An analysis has suggested that the recent surge in oil prices and geopolitical tensions in the Middle East could weigh on sentiment in the Bitcoin (BTC) market. On the 8th (local time), CryptoQuant contributor Darkfost said, "As tensions surrounding the Strait of Hormuz intensify, international oil prices are continuing to rise," adding, "So far this year, oil prices have climbed more than 60%, indicating that geopolitical risks are being strongly reflected in the energy market." The Strait of Hormuz plays a pivotal role in global crude supply. About 20% of the world’s daily crude exports pass through the area, and roughly 35% of seaborne crude transport goes through the strait. As a result, events such as the possibility of a blockade or shipping restrictions could deliver an immediate shock to oil prices. Surging oil prices are likely to increase inflationary pressures and amplify volatility in financial markets, as global markets tend to react very sensitively to energy-supply shocks. Darkfost noted in particular that such an environment may not be favorable for risk assets such as Bitcoin. Historically, periods of strong upward momentum in oil prices have often overlapped with phases when Bitcoin was entering the late stage of its cycle. In addition, when geopolitical tensions rise, investors’ appetite for risk assets tends to decline and more conservative asset allocation tends to emerge. This could dampen investment sentiment in the Bitcoin market in the short term. Darkfost also analyzed that "If these conditions persist, the U.S. government could also move toward policy measures aimed at curbing oil-price increases," because "if the oil-price surge continues, its impact on financial markets and the broader macroeconomy could widen."

In the Ethereum (ETH) perpetual futures market, the funding rate has remained in negative territory, signaling a trend in which short positions are gaining the upper hand in the derivatives market. According to Arab Chain, a contributor to CryptoQuant, on the 8th (local time), the Ethereum perpetual futures funding rate on Binance recently came in at around -0.0069. At the same time, Ethereum was trading near $1,900, having slipped below $2,000. The funding rate is a metric used in the perpetual futures market to align price discrepancies between the spot and derivatives markets. When the funding rate is positive, holders of long positions pay holders of short positions, implying stronger buying demand. Conversely, when it is negative, short-position holders bear the cost, indicating an increase in bearish bets. In fact, the funding rate stood in positive territory at around 0.002 in early this month, reflecting a more optimistic market mood. It then fell rapidly and turned negative, coinciding with Ethereum’s move below $2,000. Arab Chain noted that "while short positions currently dominate, if excessive short positions build up, a sharp rebound could trigger large-scale liquidations of shorts, potentially leading to a short-covering rally."