UPDATE: Bitcoin mining profitability is coming under pressure, with the cost to produce one bitcoin approaching $79,995, according to CoinShares.

Greeks.live (@GreeksLive) said tomorrow will bring the largest options expiry of the first quarter, with nearly 40% of outstanding contracts rolling off. The key BTC "max pain" level sits at $75,000, a mark the market is currently struggling to approach. The put/call ratio remains near 0.6, pointing to broadly bearish positioning. As settlement approaches, front-month implied volatility (IV) is holding firm, though an IV crush is widely expected after expiry. That dynamic accelerates time-value decay for short-dated option buyers and tilts the edge toward sellers. On-chain indicators tied to today's Deribit block trades suggest institutional "smart money" is actively reshaping exposure. Large volumes of contracts expiring tomorrow are being closed, while positions are shifting into out-of-the-money (OTM) calls for June and September, signaling bets on a medium- to long-term recovery in BTC.

MARA Holdings (NASDAQ: MARA) said it sold 15,133 Bitcoin (BTC) from March 4 to March 25, 2026, as part of a broader balance-sheet strategy. In a March 26 announcement, the company reported $1.1 billion in proceeds from the BTC sale. MARA said it used $912.8 million to enter privately negotiated repurchase agreements with select holders of its Convertible Senior Notes due 2030 and 2031. The company said it retired more than $1 billion of face-value debt at a discount, capturing about $88 million in value, with $187.2 million of sale proceeds left unused. Following the transaction, MARA's cumulative Bitcoin sales increased to 19,209 BTC. "By retiring over $1 billion of face value debt at a discount, we captured approximately $88 million in value that would otherwise have been lost, reduced potential shareholder dilution, and leveraged our bitcoin holdings to meaningfully delever the balance sheet on our terms," MARA said. MARA reported it still holds 38,689 BTC, valued at about $2.68 billion at the time of reporting. Shares rose more than 9% on Thursday to around $9.15. Bitcoin fell more than 3% over the past 24 hours to roughly $69,530. Despite the sale, MARA remains heavily exposed to Bitcoin, keeping a close link between its balance sheet and BTC price moves. Further weakness in Bitcoin in the coming weeks or months could pressure MARA shares as well.

Blockchain data shows a transfer of 1,133 BTC (USD 78,319,263) from Coinbase Institutional to a newly created, unidentified wallet.

MARA Holdings, one of the крупнейших Bitcoin miners, has sold 15,133 BTC.

Fannie Mae is poised to accept Bitcoin-backed mortgages for the first time, according to the Wall Street Journal. Better Home & Finance, working with crypto exchange Coinbase, plans to launch a new mortgage offering on March 26 that lets homebuyers use crypto holdings to help secure a Fannie Mae-backed loan. Crypto-backed mortgage products already exist, but Fannie Mae's involvement could accelerate broader adoption given its federal backing and oversight by the Federal Housing Finance Agency. Under the program, borrowers can pledge Bitcoin (BTC) or USD Coin (USDC) as collateral to satisfy a down payment requirement. The loan is structured as a conforming mortgage, meaning it adheres to standard underwriting rules and protections used in traditional home loans. For borrowers who already custody crypto on Coinbase, the process is designed to be streamlined. Instead of selling assets, users can move their digital holdings from the exchange into a custody wallet while retaining ownership rights. The WSJ report said the product will not include margin calls or requirements to post additional collateral if crypto prices fall. Mortgage terms would remain unchanged even if BTC declines, and price volatility alone would not trigger liquidation. Collateral would only be at risk if the borrower becomes 60 days past due on payments. Bitcoin slipped 3.14% on the day to about $69,410, roughly in line with a broader market drop of around 3.07%. The pullback was attributed to macro headwinds and institutional selling, alongside risk-off sentiment. Derivatives activity added pressure, with about $61.7 million in Bitcoin liquidations over the past 24 hours, primarily from long positions. Technically, holding above $69,400 could open the door to a rebound toward roughly $71,300. A break below $69,000 would increase the risk of a move down to around $67,800. Longer term, analysts remain constructive on Bitcoin's "digital gold" narrative. Featured image via Shutterstock.

Coinbase said its crypto-backed mortgages will be priced about 0.5% to 1.5% above a standard 30-year mortgage, depending on the borrower's profile. The loans will not require margin calls or additional collateral. A decline in bitcoin's price will not alter loan terms or trigger liquidation. The collateral would only be at risk after 60 days of missed payments, consistent with traditional mortgage practices.

Coinbase said it is introducing bitcoin-backed mortgages, positioning the product as a way for U.S. buyers to purchase a home without liquidating their crypto holdings. The company said customers would be able to use BTC or USDC as collateral to cover a down payment.

Bhutan has shifted about 519.7 BTC—roughly $36.7 million—in its third sizable Bitcoin transfer this month, according to on-chain data tracked by Arkham. The government-linked wallet sent the funds to two addresses on Wednesday. Onchain Lens said one of the receiving wallets appears to be associated with trading firm QCP Capital. The latest movement follows two earlier March transactions, including a smaller transfer valued near $11.8 million on March 9. Combined, the three March transfers amount to well over $120 million in Bitcoin moved out of the Bhutan-tagged wallet over a single month. March activity has accelerated compared with February, when just over 284 BTC was moved from the same wallet. The address now holds 4,453 BTC, worth about $315 million—down sharply from more than 13,000 BTC held in October 2024. Year-to-date Bitcoin sales tied to Bhutan’s state-linked holdings have now surpassed $110 million. Arkham data dated March 12 ranked Bhutan as the world's fifth-largest sovereign-level Bitcoin holder, behind the U.S. government, the U.K. government, El Salvador, and the United Arab Emirates' Royal Group. Bhutan's Bitcoin position was built primarily through mining rather than open-market purchases. The stash is widely attributed to operations powered by surplus hydroelectric capacity, with early wallet activity traced to mining pools such as AntPool and first on-chain activity dating to around February 2021. Bhutan was among the first countries to adopt state-backed Bitcoin mining, leveraging low-cost hydro power from glacial river systems and building additional hydro plants to support the program. In May 2023, Bhutan's sovereign wealth fund, Druk Holding and Investments, announced a $500 million partnership with Bitdeer to further expand mining. Holdings peaked above 13,000 BTC—about $1.4 billion at the time—in October 2024 before the current drawdown. In December 2025, Bhutan said it would tap its Bitcoin holdings to help finance development of its special administrative region, the Gelephu Mindfulness City, under the country's National Bitcoin Development Pledge. Analysts have described the recent transfers as part of a systematic 'clip' approach, moving tranches of roughly $5 million to $10 million in structured sequences rather than executing a single block sale. Between March 17 and 18, six transactions were used to move about $72 million. With 4,453 BTC still held—valued near $315 million—Bhutan remains among the largest country-level Bitcoin holders despite this year's sales.