On-Chain Data

JPMorgan data shows that in the first three weeks of March, gold ETFs experienced nearly $11 billion in net outflows, and silver funds saw withdrawals, while Bitcoin funds maintained net inflows. Bitcoin prices initially dropped to $60,000 amid geopolitical conflicts, but are now stable between $68,000 and $70,000. Institutional holdings in gold and silver futures have decreased, and liquidity indicators show that the market breadth for gold is lower than that of Bitcoin.

Key Takeaways Bhutan’s state-owned investment arm, Druk Holding and Investments, transferred 519.707 BTC worth approximately $36.75 million to external addresses. Total 2026 outflows from Bhutan’s Bitcoin treasury have now exceeded $152 million, with holdings falling from nearly 13,000 BTC in

Gate News bot message, according to the March 26 update, Bitcoin ETFs recorded a 1-day net inflow of +86 BTC (+$5.92M), while showing a 7-day net outflow of -898 BTC (-$61.97M). Ethereum ETFs experienced a 1-day net outflow of -4,439 ETH (-$9.17M) and a 7-day net outflow of -121,318 ETH (-$250.64M).

CryptoQuant analyst nino pointed out that the Bitcoin long-term holder SOPR indicator recently fell below 1.0, indicating that many investors holding coins for over 155 days are facing losses and selling off. The market may be entering a "capitulation" phase. This reflects that even long-term investors are struggling to withstand current price pressures, signaling a significant shift in market conditions.

2026-03-26 15:00 to 15:15 (UTC), BTC spot price recorded a -0.77% return, trading between 68,913.1 and 69,495.9 USDT, with a volatility of 0.84%. During this period, market liquidity was sufficient but activity declined, on-site attention increased, and volatility was amplified. The main driver of this fluctuation was passive price movement in a low liquidity environment, combined with the CME Bitcoin futures March contract entering its first notice day, leading some institutions to shift and hedge their positions, which triggered a short-term downward trend. Additionally, spot and derivatives markets...

2026-03-26 15:00 to 15:15 (UTC), ETH's return over 15 minutes was -0.81%, with price fluctuations between 2058.1 and 2076.69 USDT, a volatility of 0.90%. Market volatility intensified, with rapid downward movement in a short period, drawing high attention from mainstream investors to capital outflows and market liquidity changes. The main driver of this movement is the continuous large net outflows from ETH spot ETFs over several days. On March 26, 2026, the net outflow exceeded $40 million, with total ETF outflows surpassing $234 million, directly contributing to the decline.

Gate News reports that on March 26, according to on-chain data analysis by CryptoQuant analyst nino, the Bitcoin Long-Term Holder Profit Ratio (LTH-SOPR) recently dropped below 1.0. LTH-SOPR specifically tracks the actual profit and loss status of long-term investors holding coins for over 155 days. A value above 1.0 indicates that the overall holders are selling at a profit, while below 1.0 suggests long-term holders are exiting at a loss.

The Kingdom of Bhutan has transferred another 519.707 Bitcoins, continuing its selling trend. The total holdings have decreased to 4,453 Bitcoins. Since the peak at the end of 2024, Bitcoin holdings have decreased by 66%, with a total outflow of over $150 million. The selling pace has accelerated, which may further exert downward pressure on the market.

U.S. prosecutors have indicted Chinese companies and nationals for supplying fentanyl precursors and facilitating payments via cryptocurrency. The case, linked to global networks and targeting international smuggling, highlights the role of stablecoin flows in the drug trade.

Revolut has achieved over $1.2B in on-chain transfer volume on Polygon, highlighting blockchain's growing role in finance. This enables cheaper, faster cross-border transactions, signaling a shift from traditional banking to digital asset and stablecoin usage.

_Fidelity buys $83M BTC as ETF inflows hit $257.7M and AUM drops 30.5%, with Bitcoin holding near $60K support._ Fidelity added about $83 million in Bitcoin through its spot ETF, as institutional interest shows early signs of recovery. The move comes while Bitcoin steadies after recent selling

The Bhutanese government recently sold a large amount of Bitcoin, cashing out over $150 million. Their holdings decreased from a peak of 13,000 coins to less than 4,500 coins. The market is concerned that their previous promise to invest 10,000 Bitcoin to build a city of mindfulness may face difficulties. This year, Bhutan has been cashing out through over-the-counter transactions, and the total value of their crypto assets has significantly declined.

Bhutan has strategically sold 500 Bitcoin in 2026, capitalizing on strong market prices, after amassing significant reserves through state-backed, hydropower-powered mining. This reflects a shift towards monetization while managing financial stability amidst crypto volatility.

Gate News reports that on March 26, according to Onchain Lens monitoring, BlackRock transferred 1,133.65 BTC and 15,405 ETH to a certain CEX, valued at approximately $78.83 million and $32.02 million respectively, totaling about $110 million. Data shows that the related address may continue to make transfers.

According to CoinGlass data, on March 26th, ETH's total contract trading volume across the network decreased by 8.21%, now totaling $46.33 billion. The trading volumes on various exchanges were $9.474 billion, $8.247 billion, and $5.443 billion, with open interest approximately $30.262 billion.

Irish police successfully cracked a convicted drug dealer's Bitcoin wallet, seizing 500 Bitcoins with an estimated market value of over $35.6 million. These assets are proceeds of crime and are linked to Clifton Collins. With assistance from Europol, authorities gained control of the wallet. Currently, the series of wallets holds a total of 6,000 Bitcoins, but due to lost private keys, recovery remains challenging.

QCP Capital reports that Bitcoin is fluctuating around $70,000. The market reacts quickly to inflation shocks, but geopolitical risks still suppress risk appetite. Bitcoin shows resilience, with outflows indicating tokens being moved rather than sold off. Overall market sentiment is cautious; dips are being accumulated but there’s no chasing of rallies. It is expected to remain in a range and fluctuate in the short term.

Vibhu Norby of the Solana Foundation stated that within the next two years, nearly all on-chain transactions will be handled by AI agents and robots, with a significant trend toward automation. Solana has built AI infrastructure, partnered with financial institutions, and launched the ElizaOS toolkit to promote the development of on-chain AI agents. The industry is rapidly evolving toward an AI-driven economy.

Gate News reports that on March 26, QCP released a market report. Bitcoin is currently hovering around $71,000, in a consolidation phase. The report indicates that the Middle East situation has increased geopolitical risk premiums, and on-chain data shows net outflows of funds, with capital tending to withdraw from exchanges. In the options market, implied volatility has decreased, and the curve remains slightly in contango, with some downward hedging demand. The QCP report states that, before macro and geopolitical factors become clearer, the Bitcoin market is driven by news.