🪙 25 BTC. Filled in Days.
💸 Your BTC Can Do More
🗞️ Receipts are In
💰 USDh Yield Recap
📈 Weekly Market Review

I was in New York for DAS this week, and everyone I talked to showed me what I already know: there is massive appetite for institutional-grade BTC yield.

I saw it first-hand as we opened the hBTC private beta, and the first 25 BTC cap filled within days. Founding LPs that deployed increased allocations by 2-4x after experiencing the product, and we already have capital queued for the next allocation window opening soon. Join the waitlist if you want exclusive access too.

In parallel, the March custodian attestation for USDh extended its record of 100%+ backing, setting a transparency standard for any yield product.

 If you want to hear how that standard applies to BTC yield, join me at the Stacks webinar on March 31.

Institutional-grade BTC yield is in demand.

We opened hBTC to Founding LPs, and the first 25 BTC cap filled within days. Commitments are already building for the next allocation window.

Founding LPs who deployed capital increased their allocations by 2–4x after their first experience with hBTC.

Current participants are earning 6-8% APY from basis and Stacks Dual Stacking, paid daily in BTC.

If that sounds appealing, join the waitlist to secure exclusive access as additional capacity becomes available in the coming weeks.

Bitcoin can be put to work in more ways than one.

Lending, liquidity, structured strategies, RWAs, basis trades. The opportunities for Bitcoin yield continue to expand, making it increasingly important to separate durable infrastructure from yield driven by temporary incentives.

Join Jakob, our Founder and CEO, live at the Stacks Bitcoin Yield Summit on March 31 as he shares the institutional approach to Bitcoin yield.

You’ll leave with a clear understanding of which opportunities are worth exploring, and what it takes to earn on Bitcoin without giving up transparency or control.

Mark your calendar so you don’t miss it.

The March 2026 proof of reserves is live.

USDh remains fully backed and independently verified by Copper and Ceffu.

In summary, as of the snapshot time:

Read the attestations for a full breakdown of USDh’s backing, or visit our Reserves Dashboard for real-time collateral, yield, and custody data.

7% APY this week.

You could spend hours overthinking entries or you could stake USDh and chill.

Your call.

Bitcoin traded between $68,000 and $71,500 this week, with daily moves tied to geopolitical developments. Price fell on Monday, rose on Tuesday after President Trump announced positive discussions, and retraced near $68,800 by Thursday as oil moved above $106. Strategy (MSTR) bought 1,031 BTC for $76.6 million at an average price of $74,326, bringing total holdings to 762,099 BTC at a cost basis of $75,694.

The S&P 500 fell 1.7% to ~6,482 on Thursday after a brief rally. The NASDAQ dropped 2.1%, led by Meta (-7.9%), Micron (-6.9%), and Nvidia (-4.2%). The VIX rose to 28. Bitcoin’s 30-day correlation with the S&P 500 fell to approximately 0.38.

Data Summary:

Simple Moving Averages (SMA) in Figure 1:

The 7-day and 30-day SMAs are converging near $69,500–$69,600. Bitcoin couldn’t hold above $70,000 on Thursday, moving back below both averages for the first time in two weeks. Supports are $68,000, $65,000, $60,000, and $59,200, while resistance levels are $70,000, $71,500, $74,000, and $76,000.

Net outflows total $41.70M since last Thursday. Monday saw $167M of inflows, led by IBIT ($161M), breaking a three-day outflow streak. Flows turned negative on Tuesday ($67M, led by FBTC) and Wednesday ($71M). March net flows of $1.6B have narrowed the YTD deficit to $210M. Total AUM is near $97B, and the average ETF holder cost basis is near $84,000.

DVOL is 52.57%, slightly down from 53.46% the previous week. Despite a $3,500 intraweek range, implied volatility declined as Bitcoin remained within its recent trading range.

The post-selloff 50-55% DVOL range has held for five weeks and marks a new structural floor. If price stays range-bound, realized volatility may pull implied volatility lower; a breakout would reset the regime.

The equal-weighted basis spread is 2.40% APR, down from 2.61% last week. Basis is positive across all maturities, with no backwardation. Figure 6 shows normal contango, from 1.01% in the front month (April 3) to 3.47% in December. Perp funding is neutral. Basis needs to return to the 5%-8% range seen in late 2024 before derivatives can be considered normalized.

The Strait of Hormuz remains closed on day 27 of U.S.-Iran developments, with shipping routes of nearly 2,000 vessels reportedly impacted. President Trump extended the deadline for reopening the strait to April 6. Iran also announced a shipping channel north of Larak Island with transit fees denominated in yuan and possibly Bitcoin.

Brent rose 5% on Thursday to above $106 (up 47% since February 28), while WTI settled near $94. The oil curve remains in steep backwardation, with firmer back-month pricing pointing to sustained supply stress due to geopolitical disruptions and the continued closure of Hormuz. The shock has also spread to fertilizer, with urea up 30% and China restricting exports, a combination Wolfe Research estimates could add 0.5 to 0.6 percentage points to U.S. headline inflation. Bitcoin, by contrast, has remained more resilient than equities through the broader deleveraging.

The Fed held at 3.50–3.75% at the March FOMC. Gold fell to $4,430, 23% below January’s ATH, as dollar strength (DXY near 100) outweighed safe-haven demand. Oil and the dollar have risen together while equities, crypto, and gold declined, consistent with a dollar-led repricing. Bitcoin has been more resilient, supported by short covering and continued ETF inflows.

Sincerely,
The Hermetica Team