Matt Hougan, chief investment officer at Bitwise, said a sharp drop in Strategy preferred stock STRC could be a sign the bitcoin market is forming a bottom. He said the structure supporting STRC is becoming harder to sustain after bitcoin fell below $60,000, raising doubts about dividend capacity. Strategy changed its framework for STRC this week. Hougan said indicators suggest the shift from greed to fear is nearing an end.

A U.S. bill passed by Congress blocks the Federal Reserve from issuing a central bank digital currency until the end of 2030, reshaping the digital dollar race around private players. The move could accelerate competition between stablecoin issuers such as Circle and Tether and banks building tokenised deposit networks. Banks argue deposits underpin lending and have warned of large outflows if rules are misdesigned. Officials disagree on whether tokenised deposits can displace stablecoins.