Disclaimer: I am still a bit behind on the news each week, but I still want to share these insights with you. In this post, I will share the recap for the period 23.02 - 03.03. The recap of last week will be online by Friday evening at the latest. On Nostr, I will exclusively share the most significant Bitcoin news. (this note) For those (still) beyond Nostr—friends, family, and colleagues—the complete Weekly Recap will be accessible on my Bitcoin Friday page on Yakihonne. (next note) Enriched with detailed charts, illustrative images, and comprehensive macroeconomic news to provide context and clarity. Happy reading! The Latest Bitcoin & Macro news: Weekly Recap 03.03.2026 🧠Quote(s) of the week: > When you build on truth, the structure stands. An honest protocol is like the TCP/IP of money—neutral, honest, permissionless. It changes everything above it. Are you building on a foundation that lasts? The answer shapes more than just your work. It shapes the world. > > Money is stored energy—your time and creativity turned into value. Dishonest money erodes that energy, silently stealing your life force. But with Bitcoin, energy is preserved, untouched by debasement. What do you choose to anchor your life's work to? - Jeff Booth 🧡Bitcoin news🧡 Photos hosted by Azzamo ( https://azzamo.net/) On the 23rd of February: ➡️Bitcoin falls below $64,000 as selling pressure builds and levered liquidations accelerate. ➡️Fucking finally, Jane Street was sued for alleged insider trading by the administrator winding up the affairs of Terraform Labs, the firm whose $40 billion collapse in 2022 roiled the crypto markets and contributed to the collapse of FTX. You'll never guess what the algos did at exactly 8pm ET. - ZeroHegde (https://cdn.azzamo.media/e25f8f90022c268348400d88445e85239d1b81b3ae32df11f09cf807d479bcb5.jpg) ➡️'Long-term holder supply has increased by 400k BTC since November 23rd. LTH behaviour changed post-ETF, as clearly seen in the supply structure (first image). Zooming in on the two previous LTH supply drawdowns (Yen carry & Liberation Day tariffs). The bottom had already occurred by the time LTH supply started increasing (second image).' - James van Straten ➡️'...Bitcoin is an emerging store of value. You cannot ask it to emerge from nothing as mature as Gold. Imagine it in 2009 as a newborn. It is 100% speculation. Now imagine it in 2050 or whenever, when every central bank owns it, and it’s as normal as Gold. It’s 0% speculation. You cannot travel from 100% speculation to 0% speculation without ticking every gradient in between. The reason it doesn’t fit any individual box right now is that it’s in the uncomfortable middle. But that’s a necessary part of the journey. Either you believe it’s literally impossible to create a digital store of value or you have to imagine it passing through exactly this teenage state.' - Matt Hougan On the 24th of February: ➡️'Bitcoin's mining difficulty just had its largest upward adjustment since May 2021, up 14.7% in a single move. And this is happening while miners are selling everything they produce, and Bitdeer is literally liquidating their entire treasury to pivot to AI. So the network is getting harder to mine just as it's becoming less profitable, and the companies that mine it are questioning whether they even want to be in the mining business. And yet the hashrate keeps climbing. The difficulty keeps adjusting upward. The economics are brutal right now, and the network keeps going because the protocol doesn't care about quarterly earnings, analyst expectations, or the Fear and Greed Index. Fifteen years of continuous operation through every crisis imaginable, and it just keeps processing blocks. I think people forget how remarkable that actually is because they're so focused on the number going down.' - Fernando Nikolic (https://cdn.azzamo.media/0298d8c4d3735815fdd799cdef497ef26409270908c3af6e11d01be3b8286411.jpg) ➡️Investment advisors manage $146 trillion in assets. Guess what the top 29 have in common? - River (https://cdn.azzamo.media/fd435a5020480b567d1c86afc45d1d2162ce43a45d8041de482b7c535d55fa54.jpg) They all own Bitcoin I.O.U.s! These are 13F filings from the RIAs' discretionary managed portfolios (client AUM), per River's analysis of Barron's Top 100 RIAs data as of 12/31/2025. RIAs oversee ~$146T in client assets and allocate tiny slices (~0.008% avg) via BTC ETFs—no material proprietary firm holdings at this scale. ➡️TFTC: '60% of the top 25 US banks are now building Bitcoin products. JP Morgan, Charles Schwab, and UBS have announced their trading plans. State Street and HSBC have announced their custody arrangements. The regulatory green light has been given.' ➡️BTC supply in loss just hit 10M coins, the fourth-highest reading ever. A further 70K coins are lost from purchases between Feb. 6 and today. Circulating supply hits 20M BTC next week, that’s 50% in loss. History suggests that’s enough capital destruction for a bear market bottom. - James van Straten (https://cdn.azzamo.media/13f101364296d61ef13e32eeed2370e07ad980e4b5018f7d0b509dfd27620d2a.jpg) On the 25th of February: ➡️The Netherlands is walking back its planned tax on unrealized gains. Dutch Finance Minister Heinen just said the new Box 3 wealth tax law "cannot proceed as it is" and he's going "back to the drawing board." "We are not deaf to the criticism," he said. "We want to move as quickly as possible to a system where you only tax actual gains." (In the next recap you will read, unfortunately, that all the above is fugazi.) ➡️Bitcoin's next cycle will bring in trillions. - River (https://cdn.azzamo.media/bae692c3ed7003fd2723bff0e7bac8baa807cdd0301f2ec915c4a654ea419964.jpg) ➡️Jeff Park: Everyone is asking: "Is Jane Street why Bitcoin isn't at $150k?" As expected, the answer is trickier than the question. But it's also more structurally unsettling than the conspiracy theory itself—and once you understand the actual mechanics, you won't be able to unsee them. (https://cdn.azzamo.media/3e0878d8adc561283f45f9ffb06f15b424218845d4d89bca1d74af1c14f9196c.jpg) Ergo: Jeff's post (that big image) says: Nah, Jane Street alone isn't "suppressing" Bitcoin to keep it under $150k. The real issue is bigger: Every big bank running Bitcoin ETFs (Jane Street, JPM, Goldman, etc.) gets special loopholes. They can short ETF shares super cheap—no borrowing hassle like normal traders. If an ETF trades below the real BTC value, it should buy actual Bitcoin to close the gap. Instead, they hedge with futures (fake BTC), so zero real buying hits the spot market. A new SEC rule lets them deliver real BTC now, but they still wrap it in derivatives for extra profit. Bottom line: The ETF system itself can screw up true price discovery on Bitcoin. Not one villain firm—it's the whole setup built for stocks, not an "outside finance" asset like BTC. That's why it feels capped. I tend to lean more on Checkmate's side, because data is data: 'Jane Street didn't suppress the Bitcoin price folks. HODLers all did. It's just not that hard, stop summoning your inner salty goldbug but blaming manipulators. People. Sold. A. Fucktonne. Of. Spot. Bitcoin. My point has always been the same: manipulation is the literal job of large Wall Street firms, and will always be. However, you do not need that as the central argument to explain why the price didn't go higher, nor why it went lower. That can be well and truly explained by looking at the spot sell-side. Folks always need to blame a named entity because it helps them understand complexity. Narratives are tools humans use to simplify the world, even if they are wrong.' (https://cdn.azzamo.media/4b229db1beb8a44d9f7114e29e5bc8d6e08ec5eedf2f4b91089ca8894eb0fb02.jpg) ➡️Alex Thorn: The worst Bitcoin pain is almost certainly behind us, but there could still be some ahead. case for: behind us: - near 200w MA, realized price - More than half of the coins are underwater - RSI at capitulation bottom levels - many other metrics screaming bottom more to come: - Bottoms take a long time, drift is possible - equities rolling over would likely push lower - malaise, sense of lack of catalysts - overhang from quantum fears (https://cdn.azzamo.media/50f64600546b1b62a028017cf5e5d648641d6692e6ce5738af85eb86cfb7642e.jpg) 'Price pain --> Time pain. Surviving the first part is easy because most people are too stunned in the headlights to do anything about it. The second part gets many. Many sell, thinking they will buy back at a lower price (and never do), and others lose interest entirely. They leave at the literal point of maximum opportunity. Even Warren Buffett buys Bitcoin at the 200-day moving average. Many proceed to lose another fortune trying to short-sell it all the way through the disbelief recovery rally, when it finally feels safe to jump into the bearish pool. Buy the whole time-pain bottom with a DCA strategy, don't lose sleep trying to buy THE bottom (you will be too scared to do it when it happens anyway).' - Checkmate On the 26th of February: ➡️'BIG BANKS ARE COMING TO BITCOIN (last 3 months) Citi: Launching Bitcoin custody, wallet & key management to integrate BTC into tradfi this year Morgan Stanley: - To launch its own Bitcoin Trust/ETF (1st major bank to file) - Bitcoin-supporting digital wallet in 2026 - Bitcoin trading to launch in 2026 - Lending, yield & full custody services on the way JP Morgan: - Exploring Bitcoin & crypto trading for institutional clients - CEO Jamie Dimon admits he was wrong and that “Bitcoin is real” & will be used by all Goldman Sachs: - Buys $1.1 billion worth of Bitcoin (filing) - CEO David Solomon announces he owns a small amount of Bitcoin Standard Chartered: - Launching prime brokerage accounts for Bitcoin trading UBS: - To launch Bitcoin trading for select private banking clients Danske Bank: Denmark’s largest bank, Danske Bank, announces offering Bitcoin & crypto ETPs to investors.' - Bitcoin Archive on the 27th of February: ➡️Daniel Batten: "We're now 3 years into Bhutan's Bitcoin experiment. That means we now have robust data on how it has impacted the economy. For context: Bhutan's economy was in dire shape in 2022 due to the loss of all tourism income (it's #2 export earner) during the COVID period. It got so bad that Bhutan was 3 months away from defaulting on import payments. The IMF was poised to step in to structure a loan that would have led to heavy debt repayments, but also to the ceding of economic sovereignty to a lender whose loan conditions permit it to dictate how to (re)structure an economy. Instead, Bhutan formed a large Bitcoin Strategic Reserve by using its surplus renewable hydropower to mine Bitcoin. The IMF has warned on numerous occasions that nations embracing Bitcoin would destabilize their economy, be less effective at attracting foreign direct investment, and endanger their decarbonization and environmental initiatives. What does the data say (as reported by the Wall St Journal, Al Jazeera, and Forbes) 1. Bhutan was able to "use Bitcoin reserves to avert a crisis as foreign currency reserves dwindled to $689 million." 2. The bitcoin reserves have directly addressed pressing fiscal needs. "In June 2023, Bhutan allocated $72 million from its holdings to finance a 50% salary increase for civil servants." 3. Prime Minister Tshering Tobgay, in an interview, said that bitcoin also "supports free healthcare and environmental projects." 4. Tobgay also said their Bitcoin reserves helped in "stabilizing [the nation’s] $3.5 billion economy." 5. Independent analysts have now said that "this model could attract foreign investment, particularly for nations with untapped renewable resources." Considering that what transpired in Bhutan has helped stabilize an economy that the IMF warned Bitcoin would destabilize, it begs the question: what data were the IMF's predictions based on? For Bhutan, Bitcoin didn't just boost the economy; it enabled the country to maintain economic independence and served as an example to other small nations of a path forward that did not require the IMF." ➡️TFTC: 'Citi just announced they’re building infrastructure to integrate Bitcoin into traditional finance. Their Head of Digital Asset Custody said it plainly: “We’re making BTC bankable.” This is the third-largest bank in America. $2.4 trillion in assets. And they’re building the pipes so their clients can hold bitcoin alongside stocks and bonds within existing tax and compliance systems. Think about what that means. The custody problem was always the excuse. “We’d love to allocate to Bitcoin, but we can’t custody it properly.” That excuse is dying in real time. BNY Mellon is already live with crypto custody. State Street is being built. Now Citi. JPMorgan is doing blockchain settlement. Goldman has a digital assets desk. These banks aren’t buying bitcoin for their balance sheets. They’re doing something more important. They’re building the rails so that every wealth manager, pension fund, and family office can allocate with the same click they use for Treasury bonds. When the friction disappears, the flows follow. The institutions that manage the world’s wealth are no longer debating whether bitcoin is legitimate. They’re competing to be the ones who have custody of it. Announced at MicroStrategy’s Bitcoin for Corporations conference. The same event where companies are learning how to put BTC on their balance sheets. Citi showed up to say, "We’ll hold it for you." The game is changing fast.' On the 28th of February: ➡️'Morgan Stanley has formally applied to the US Office of the Comptroller of the Currency to launch “Morgan Stanley Digital Trust National Association,” a crypto-focused national trust bank based in Purchase, NY. The proposed entity would seek full trust powers under a holding company structure. The move signals deeper institutional expansion into regulated digital asset custody and trust services. It comes as Morgan Stanley pushes further into crypto, including applications for Bitcoin ETFs, plans for a crypto wallet, and crypto trading access for E-Trade clients later this year. The OCC has approved several national trust charters in recent months, as banks raise concerns about fintech and crypto firms gaining similar powers without equivalent oversight.' - Bitcoin News ➡️French police say crypto wrench attacks are now increasingly linked to organized crime networks. A 2026 memo from SIRASCO cites about 40 kidnappings of crypto holders since mid-2023, mostly in the Paris area, with victims often identified through social media displays of wealth. ➡️TeraWulf missed Q4 2025 estimates, reporting a $1.66 per-share loss and $35.8 million in revenue as lower bitcoin prices weighed on mining results. on the 1st of March: ➡️Bitcoin News: 'Despite the attack on Iran, Bitcoin market data shows no signs of panic selling. According to STH P&L to Exchanges (24H) data, short-term holder inflows remain subdued, signaling no wave of profit taking or loss capitulation despite an event that historically would trigger a sell-off. This marks a sharp shift from Feb 5–6, when short-term holders sent 89,000 BTC to exchanges at a loss in just 24 hours during peak capitulation. Since then, loss-driven inflows have steadily declined, suggesting seller exhaustion and a move from panic to patience. Even as prices dipped to the $63K–$64K range amid escalating US–Israel–Iran tensions, there was no spike in STH exchange inflows. Analysts say this points to weak hands largely exiting the market and recent liquidation pressure being absorbed.' On the 2nd of March: ➡️Starting March 1, ALL hourly Steak n’ Shake employees earn a Bitcoin bonus of 21 cents per hour. ➡️Strategy acquires 3,015 BTC for $204.1 million at $67,700 per bitcoin. They now HODL 720,737 BTC acquired for $54.77 billion at $75,985 per Bitcoin. Naval literally nailed life in a tweet: (https://cdn.azzamo.media/06da4091159cb3455269bf224fe3a15163cdb9b8008332b2f9ae209cbca16918.jpg) 🎁If you have made it this far, I would like to give you a little gift: The Fed Can't Stop What's Coming | Jeff Snider 'Is this the start of a financial crisis? Jeff Snider is the founder of Eurodollar University and the go-to voice on how the global financial system really works. In this episode, we discuss why the shadow banking and private credit bubble is bursting right now, the cockroaches emerging across the credit markets that reveal nobody did any due diligence during the bubble years, and Jeff's three-stage financial crisis framework for understanding how bad this could get. We also get into why the Fed is essentially a political lightning rod with no real control over the monetary system, why bond markets have been pricing in a crisis since 2021, regardless of what the Fed does, and how people should position themselves, including Jeff's take on $60k Bitcoin. In this episode, they cover: • The 3 Stages of Financial Crisis: From early outflows (Stage 1) to forced selling (Stage 2) to systemic panic and the domino effect (Stage 3) — and where we are right now • The Cockroach Problem: Why big banks failed to check if the collateral they were lending against even existed, and what that reveals about the scale of the bubble • Credit Crisis vs Liquidity Crisis: The critical distinction that determines whether this stays contained or spills into broader markets • The Fed's Illusion of Control: Why the bond market has been pricing in a crisis since 2021, regardless of what Jay Powell says or does • Bitcoin & Survival: How to position yourself for a Stage 3 collapse and why wealth preservation is no longer optional in a debasing fiat system.' Click here: https://youtu.be/npjHA0k4hZ8 Credit: I have used multiple sources! My savings account: Bitcoin. The tool I recommend for setting up a Bitcoin savings plan is **PocketBitcoin**, especially suited for beginners or people who want to invest in Bitcoin with an automated investment plan once a week or monthly. (from now on, full KYC, so be aware) > Use the code SE3997 Get your Bitcoin out of exchanges. Save them on a hardware wallet, run your own node...be your own bank. Not your keys, not your coins. It's that simple. ⠀ ⠀ ⠀⠀ ⠀ ⠀⠀⠀ Is this post helpful to you? If so, please share it and support my work with a zap. ▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃ ⭐ Many thanks⭐ Felipe - Bitcoin Friday! ▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃
