Morgan Stanley applies for a BTC Trust ETF, a16z is raising $2 billion.

Headline

▌Morgan Stanley Files Registration Documents for Bitcoin Trust ETF with SEC

Top Wall Street investment bank Morgan Stanley has officially filed its S-1 registration document for a Bitcoin Trust ETF with the U.S. Securities and Exchange Commission (SEC), marking a further step in its investment in the crypto asset sector. The document shows that BNY Mellon and Coinbase Custody will serve as joint custodians of the ETF. The SEC filing indicates that the Morgan Stanley Bitcoin Trust is expected to be listed on the NYSE Arca.

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▌Sources: a16z is raising approximately $2 billion for its fifth fund

According to Fortune magazine, multiple sources familiar with the matter revealed that a16z crypto, the blockchain arm of venture capital giant Andreessen Horowitz, is raising funds for its fifth fund. Sources say the fund targets approximately $2 billion and is planned to complete fundraising by the end of the first half of 2026. The sources requested anonymity due to the confidential nature of the discussions. As one of the largest players in the cryptocurrency venture capital space, a16z crypto's fundraising during a period of market downturn has attracted significant attention.

▌Iran Confirms Supreme Leader Candidates

According to Iranian media reports on the 4th, Iran has confirmed several candidates for Supreme Leader and will soon elect a leader from among them. (Xinhua News Agency)

Blockchain Applications

▌Kraken Becomes the First Crypto Giant to Access the Federal Reserve's Core Payment Systems

Cryptocurrency exchange Kraken has officially connected to the Federal Reserve's two core payment systems—FedNow Instant Payments and Fedwire Funds Transfer. This makes it the world's first cryptocurrency company to directly use the interbank core clearing channel.

This milestone breakthrough means that Kraken will use the same clearing network as traditional commercial banks when processing fund transfers, achieving "co-operation" between crypto finance and the traditional sovereign currency clearing system. Nvidia CEO Jensen Huang stated that Nvidia will invest $30 billion in OpenAI, and $100 billion is not under consideration; the opportunity to invest $100 billion in OpenAI may not exist because the company is about to go public; the $10 billion investment in Anthropic is likely the last one. **Backpack Announces Support for US IPO Share Purchases** According to an official announcement, Backpack, with the support of its infrastructure partner Superstate, now supports users to directly purchase US IPO shares on Backpack. All shares purchased are real shares, with direct ownership based on the Solana blockchain. Registration for the waiting list is now open. **Tether Invests $50 Million in Health Tech Startup Eight Sleep** Tether has invested $50 million in health tech startup Eight Sleep, valuing the company at $1.5 billion. Eight Sleep will use the funds to develop new AI-driven health features powered by Tether's QVAC architecture, which processes data on-device rather than in the cloud. Eight Sleep's sleep systems are equipped with sensors that track biometric data such as heart rate and body temperature overnight. Its flagship product, "Pod," can adjust mattress temperature and generate sleep analysis reports based on real-time physiological data. Cryptocurrency ▌Asset Management Giant BlackRock Releases New Bitcoin Ad According to market news: BlackRock (with $14 trillion in assets under management), the world's largest asset management company, has launched a new Bitcoin ad with the core tagline: "The market is more than just stocks and bonds; gain exposure to Bitcoin through IBIT."

▌Bitcoin Shows Signs of Recovery After Five Consecutive Months of Decline; Spot Accumulation and ETF Inflows Support Rebound Expectations

Bitcoin has experienced five consecutive months of decline since October 2025, marking the first time since 2018 that it has formed a "five-month losing streak." February alone saw a 14.93% drop, with a cumulative maximum drawdown of approximately 52.34%. However, early signs of recovery emerged in March. Data shows that since March 1st, approximately $3.2 billion worth of BTC has been systematically bought at market prices across exchanges, successfully recovering the $65,000 level, and the derivatives structure remains relatively healthy. Analysts believe that if key support holds, Bitcoin may recover to the $80,000-$85,000 range within the next 1-3 months. Short-term focus is on the $72,000-$74,000 short-selling concentration area and the potential dynamic support level of $66,000. The overall assessment remains cautiously bullish.

BlackRock withdrew 3,809 BTC and deposited 19,637 ETH from Coinbase in the past 24 hours, according to The Data Nerd. BlackRock also withdrew over 17,000 BTC (approximately $1.28 billion) and deposited 19,637 ETH (approximately $39.74 million) from Coinbase in the past 24 hours. According to Lookonchain, BlackRock has been continuously increasing its Bitcoin holdings recently, with a net inflow of 17,642 BTC (approximately $1.28 billion) since February 24th. During the same period, the price of BTC has risen by nearly 12%. **Michael Saylor: Strategy's Bitcoin Buying Potential Exceeds Market Supply** Strategy founder and executive chairman Michael Saylor stated on the X platform that Strategy possesses strong buying power, with its Bitcoin buying potential exceeding the market supply ("We can buy more Bitcoin than they can sell"), demonstrating the company's long-term commitment and unwavering confidence in digital assets. **MARA Denies Plans for Large-Scale Bitcoin Sell-Off** The Block reported that US Bitcoin mining company MARA Holdings is reviewing its strategy and may sell a portion of its 53,822 Bitcoin holdings, raising concerns about selling pressure. However, MARA quickly denied the large-scale Bitcoin sell-off, stating that reports of selling a large portion of its Bitcoin reserves are inaccurate. According to MARA's 2026 10-K filing, the company is simply expanding its inventory management strategy, which may involve occasional buying and selling of Bitcoin based on market conditions and capital allocation needs, rather than large-scale liquidations.

▌Trump Family Mining Company American Bitcoin Holdings Surpass 6500 BTC

Eric Trump, the second son of Donald Trump, announced on the X platform that the Trump family's mining company, American Bitcoin, has surpassed 6500 BTC in holdings (an increase of over 500 BTC in the past 21 days). American Bitcoin has become the 17th largest publicly traded Bitcoin company globally.

... Rockefeller Capital Management Increases Stake in MSTR to 198,283 Shares According to market news, Rockefeller Capital Management, with $198 billion in assets under management, recently increased its holdings in Bitcoin treasury company Strategy (MSTR) by 146%, bringing its total holdings to 198,283 shares, worth approximately $28 million at current market value. Strategy, as the world's largest Bitcoin treasury company, is a core asset for institutional Bitcoin allocation. Coinbase to List Limitless (LMTS) Coinbase will list Limitless (LMTS). The LMTS-USD trading pair will begin trading if liquidity conditions are met and the supported trading regions meet the trading requirements. **Circle has minted 2 billion USDC in the past two days** According to Lookonchain monitoring, stablecoin issuer Circle has minted 2 billion USDC in the past two days. **Important Economic Developments** According to Iranian media Fars News, the Iranian government has launched an emergency plan to prepare for a possible protracted war, focusing on securing basic goods, supporting livelihoods, maintaining production inputs, and maximizing national infrastructure. Officials stated that this plan, approved by the president and implemented among various state institutions, aims to ensure the country can maintain economic stability and meet supply needs in the event of a prolonged conflict.

▌US Treasury Secretary Bessenter: (Regarding raising tariffs to 15%) Expected to be implemented this week

US Treasury Secretary Bessenter: (Regarding raising tariffs to 15%) Expected to be implemented this week. The tariff rate will return to its previous level in about five months. More Section 301 and Section 232 investigations will be conducted during the 150-day tariff period.

▌Federal Reserve Governor Milan: A one percentage point rate cut this year is appropriate

Federal Reserve Governor Milan: A one percentage point rate cut this year is appropriate. There is evidence that the transmission effect of oil prices on core inflation is quite limited.

▌Fed Beige Book: Most Districts Expect Moderate to Moderate Economic Growth in the Coming Months

The Federal Reserve's Beige Book on economic conditions shows that overall economic expectations are optimistic, with most districts expecting modest to moderate economic growth in the coming months. Of the twelve districts, seven saw slight to moderate growth in overall economic activity, while the number of districts reporting flat or declining activity increased from four in the previous period to five this period. Although consumer spending increased slightly overall, two Fed districts reported a continued decline, with many citing economic uncertainty, increased price sensitivity, and reduced spending by low-income consumers as factors dampening sales.

▌White House: Nomination of Warsh for Federal Reserve Chair Submitted to Senate

The White House stated that it has submitted Kevin Warsh's nomination to the Senate as Chairman of the Federal Reserve.

▌The probability of the Fed keeping interest rates unchanged in March is 97.3%

According to CME's "FedWatch": The probability of the Fed cutting interest rates by 25 basis points by March is 2.7%, and the probability of keeping interest rates unchanged is 97.3%. The probability of the Fed cutting interest rates by a cumulative 25 basis points by April is 12.5%, the probability of keeping interest rates unchanged is 87.3%, and the probability of cutting interest rates by a cumulative 50 basis points is 0.3%. The probability of cutting interest rates by a cumulative 25 basis points by June is 32.1%.

Golden Encyclopedia

▌What is the value of BTC?

BTC is often compared to "digital gold," but its core value is actually the "promise of immutable scarcity."

First, BTC possesses monetary properties, but it is not a currency because it lacks a stable unit of account. It is purely "monetary," a consensus game among humans regarding "what can serve as a store of value." Gold's core value is also this, but gold's scarcity relies on physical geological constraints, while BTC's scarcity relies on mathematics and game theory—an information-level scarcity. However, what truly makes BTC unique is not the coin itself, nor the "digital gold" narrative, but rather that blockchain is the first permissionless, unclosable value settlement layer in human history. This is a completely new category of infrastructure. No sovereign entity can unilaterally prevent the final settlement of a BTC transaction. This attribute may be underestimated in peacetime, but it will be repriced during periods of geopolitical conflict and escalating capital controls. BTC is a systemic hedge. It doesn't hedge against inflation, nor against the US dollar. It hedges against the structural degradation of institutional trust. In other words, BTC's value is not endogenous, but reflexive: the more people believe it has value, the more valuable it becomes, and vice versa. Therefore, Bitcoin (BTC) is a financial expression of humanity's distrust of its own institutional capabilities. Its ceiling depends on the depth and breadth of this distrust, and its floor depends on the existence of a superior alternative.