The stablecoin supply volume in the first quarter of 2026 will reach $320 billion, with trading volume accounting for 75% of the total cryptocurrency trading volume. In the first quarter of 2026, the total stablecoin supply reached approximately $320 billion, setting a historical high. During the same period, the total trading volume exceeded $28 trillion, accounting for 75% of the total cryptocurrency trading volume — the highest level ever recorded. During the quarter, the USDC supply increased by approximately $2 billion, while the USDT supply decreased by about $3 billion. This is the first noticeable divergence between the two largest stablecoins since 2022; the share of trades executed by automated programs rose to 76%, while retail transfers decreased by 16%. On the global regulatory front: in the US, the GENIUS bill was officially passed on July 7, 2025; in the EU, the MiCA regulation fully came into force and will be enforced for stablecoin provisions starting June 30, 2026; the Hong Kong Monetary Authority ((HKMA)) is advancing the issuance of the first stablecoin licenses.

#BitcoinMiningIndustryUpdates
Bitcoin mining, a fundamental component of the global cryptocurrency ecosystem, has entered a transformation process reshaped by 2026 in terms of both technological and financial dynamics. Increased network difficulty, rising energy costs, and structural changes in block rewards significantly impact the sector's profitability.
Recent difficulty adjustments on the Bitcoin network indicate that mining competition has reached historical peaks. The continuous increase in hash rate levels necessitates higher processing power, putting pressure on the operational sustainability of small and medium-sized miners. This situation accelerates consolidation trends in the sector and increases the market dominance of large-scale mining companies.
Following the block reward halving in 2024, a significant change was observed in the income composition of miners. The decrease in the amount of Bitcoin given per block increased the share of transaction fees in total revenue, and transaction fees became a critical income stream for miners, especially during periods of high network congestion. In this context, the relationship between Bitcoin network usage intensity and mining profitability has become more pronounced.
Energy costs remain one of the most decisive factors in the sector. Miners operating in regions with high electricity prices, in particular, are struggling to manage their operations at lower costs. There is a tendency to shift to different geographies. Access to renewable energy sources provides a competitive advantage, while the use of alternatives such as hydroelectric and solar energy is becoming increasingly widespread. This transformation is of strategic importance in terms of both cost optimization and environmental sustainability.
On the hardware side, the deployment of new generation ASIC devices increases energy efficiency while increasing capital expenditures. Investments in devices offering higher hash power create a financial burden in the short term, but provide a competitive advantage in the long term. However, this situation raises entry barriers for actors with limited access to capital.
When the performance of mining companies traded on financial markets is examined, it is seen that revenue volatility has increased and market valuations show a high correlation with Bitcoin price movements. It is observed that companies with high debt ratios are more affected by increases in interest rates, and cash flow management has become critical. In this context, companies with strong balance sheet structures exhibit a more resilient appearance against sectoral fluctuations.
On the regulatory side, energy policies and legal frameworks for crypto assets implemented in different countries directly affect the geographical distribution of mining activities. Restrictions imposed in some countries cause miners to move to alternative locations, while regulatory uncertainties can delay investment decisions. However, clearer and more supportive regulations are needed. Regions with regulations have an advantage in attracting mining investments.
In conclusion, the Bitcoin mining sector exhibits a complex structure shaped by the intersection of technological advancement, energy economics, and financial conditions. Increased competition and cost pressures necessitate the sector's evolution towards a more efficient, institutional, and sustainable structure, while economies of scale and energy access will continue to be the determining factors for mining operations in the coming period.

The structure of long-term BTC holdings is seeing its largest divergence in 10 years: the share of exchange “whales” exceeds 60%. In the first quarter of 2026, the Bitcoin market appears outwardly calm—price continues to stay below 70,000 dollars, and the Fear and Greed Index has been in the “extreme fear” zone for an extended period. However, the data beneath the surface point to profound structural changes. According to an SEC disclosure, Strategy (, formerly MicroStrategy ), increased its holdings by more than 88,000 BTC in the first quarter, and its total portfolio already stands at about 762,000 coins; the average acquisition price is approximately 75,696 dollars. At the same time, the “whale” coefficient on exchanges rose to above 60%, setting a decade-high, while retail investor participation fell to the lowest level over the same period.
On-chain data provide a clearer picture. The share of short-term holders—especially the group with a holding period of one week to one month—has fallen to 3.98%. Looking back at previous cycles, when this metric dropped below 4%, the market was typically near the bottom or directly in the bottom zone. Long-term holders control a larger portion of the supply, intraday trading is declining, and speculative demand is weakening—suggesting the market is shifting from high-frequency “trading games” to structural accumulation.
The essence of this divergence is a systematic transfer of биткоин liquidity from retail to institutions. биткоин does not disappear—it undergoes a structural change of ownership: the rise in the exchange “whale” ratio indicates that the original large crypto holders are selling; at the same time, publicly traded companies led by Strategy increased their net position by approximately 62,000 BTC during the same period. While individual investors are exiting the asset, institutions continue to buy at a steady pace—the ownership structure of биткоин is being rewritten.