Gate Daily (March 26): Circle accused of mistakenly freezing exchange wallets; analyst reveals Morgan Stanley Bitcoin ETF imminent

Bitcoin (BTC) continues its rebound, currently around $71,220 as of March 26. ZachXBT claims that Circle mistakenly froze a exchange wallet, which is suspected to be linked to DFINITY ckETH cross-chain services. Bloomberg analysts say that Morgan Stanley’s spot Bitcoin ETF could be “coming soon.”

Macro Events & Crypto Hotspots

1. ZachXBT states that Circle wrongly froze a wallet belonging to a cryptocurrency exchange, online casino, and foreign exchange company, “these entities don’t seem to be connected.” He says, “An analyst with basic tools can identify these as operational wallets from thousands of transactions handled by these wallets in just a few minutes.”

According to ZachXBT’s repost and on-chain analysis from AMLBot, one of the addresses mistakenly frozen by Circle in a civil case, 0xb25ea1d493b49a1ded42ac5b1208cc618f9a9b80, is related to the DFINITY ecosystem. Operational instructions show that this address participates in cross-chain swaps between ETH and ckETH, used for user deposits of ETH, where ICP contracts mint ckETH and swap it back to ETH on Ethereum when needed, typical of operational/bridge service wallets.

2. Bloomberg senior ETF analyst Eric Balchunas says Morgan Stanley’s spot Bitcoin ETF could be launched at any time. The NYSE has officially announced the listing plans, usually indicating an imminent launch. Morgan Stanley submitted its application in January, and last week filed a revised S-1 registration statement confirming the ETF will list on NYSE Arca under the ticker MSBT.

Balchunas notes that Morgan Stanley will be the first bank to issue a Bitcoin ETF, with the largest network of financial advisors—about 16,000 advisors managing $6.2 trillion in assets. Morgan Stanley’s digital asset strategy head previously said roughly 80% of crypto ETF trading activity comes from self-directed investors, with financial advisors still in early adoption stages.

News Highlights

1. Solana Foundation positions the network as the core infrastructure of the emerging “AI Agent Internet.”

2. Sky Treasury holds 2.135 billion SKY tokens, worth about $156 million.

3. Google sets 2029 as the deadline for its post-quantum cryptography migration, warning that quantum threats are accelerating.

4. A compromise on the crypto market structure bill has sparked industry disagreements; Coinbase has expressed dissatisfaction but has not publicly opposed it.

5. A major whale, after a month of silence, withdraws nearly 12,000 ETH from Coinbase for staking.

6. X platform hires crypto veteran Benji Taylor as Design Director; analysts say X Money could integrate crypto features.

7. Bloomberg analyst: Morgan Stanley’s spot Bitcoin ETF “may be launching soon.”

8. UK Prime Minister Stamer supports suspending political donations to cryptocurrencies, citing “illegal financial” risks.

9. Visa participates in blockchain governance for the first time, joining Canton Network as a super validator.

10. U.S. claims peace talks are “still ongoing,” but Iran publicly rejects Trump’s diplomatic initiatives.

Market Trends

1. Latest Bitcoin news: $BTC continues its rebound, currently around $71,220. Over the past 24 hours, $48.16 million in liquidations, mainly short positions.

2. U.S. stock markets closed higher on March 25, with hopes for progress in U.S.-Iran diplomacy. Despite Iran’s firm stance publicly, private signals eased market fears of energy crises and inflation. Dow Jones up 305.43 points (+0.7%) to 46,429.49. S&P 500 up 35.53 points (+0.5%) to 6,591.90. Nasdaq up 167.93 points (+0.8%) to 21,929.83.

(Source: Gate)

3. According to Gate BTC/USDT liquidation map, with current price at $71,327.80, if it drops to around $70,162, total long liquidation exceeds $308 million; if it rises to about $72,405, total short liquidation exceeds $394 million. Short liquidations are higher, so it’s advisable to control leverage wisely to avoid large-scale liquidations during market swings.

(Source: Coinglass)

4. In the past 24 hours, spot inflow of $2.03 billion and outflow of $2 billion, net inflow of $0.3 billion.

(Source: Coinglass)

5. Over the past 24 hours, net outflows in contracts trading for $BTC, $ETH, $SOL, $TAO, $DOGE, indicating trading opportunities.

X Key Opinion Leader Insights

Phyrex Ni (@Phyrex_Ni): “The first US-Iran negotiations are likely unfavorable for the US. The 15 terms submitted to Iran received no response, while Iran countered with 5 terms, including war reparations—which I think won’t pass. If it does, it would mean the US admits fault. To prevent escalation, Iran has indicated that if the US attacks its territory or islands, it might close the Strait of Mand, which, combined with Hormuz, supplies 25% of the world’s oil.”

“Currently, Iran remains tight-lipped, and no ceasefire has been reached. Trump keeps claiming Iran has ‘surrendered,’ and says the war could end before his mid-May China visit—about six weeks away. But rising oil prices are already having effects.”

“Although not officially announced, there are reports that USPS plans to impose an 8% fuel surcharge on all packages, offsetting rising fuel costs. This indicates inflation is being directly affected by the war. If the war continues or worsens, a 2026 US rate hike isn’t impossible, increasing recession risks.”

“Looking at Bitcoin data, recent volume and turnover rates have been declining, showing investor interest is waning. Since February, BTC has been oscillating around $70,000, with narrowing price swings. That’s a good sign—small negative news no longer shakes investor confidence.”

Today’s Outlook

1. U.S. weekly initial jobless claims (thousands) as of 03/21, previous value 205,000.