Gate Daily Report (March 26): Circle Accused of Incorrectly Freezing Exchange Wallet; Analyst Reveals Major Morgan Bitcoin ETF Launch 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’s cross-chain ckETH services. Bloomberg analysts state that Morgan Stanley’s spot Bitcoin ETF may be “coming soon.”

Macro Events & Crypto Hotspots

1. ZachXBT states that Circle mistakenly froze a wallet belonging to a cryptocurrency exchange, online casino, and foreign exchange company, “these entities seem to have no connection.” He says, “An analyst with basic tools can identify these as operational wallets from just a few minutes of analyzing thousands of transactions handled by these wallets.”

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, when needed, exchange ckETH back to ETH on Ethereum, typical operational/bridge service wallets.

2. Bloomberg senior ETF analyst Eric Balchunas states that Morgan Stanley’s spot Bitcoin ETF could be launched at any time. The NYSE has officially announced the listing arrangement, usually indicating an imminent launch. Morgan Stanley submitted its application in January, and last week filed a revised S-1 registration statement confirming that the ETF will be listed 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, managing about $6.2 trillion in assets with approximately 16,000 advisors. Morgan Stanley’s head of digital assets strategy previously said that about 80% of crypto ETF trading activity comes from self-directed investors, with financial advisors still in early adoption stages for digital assets.

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 approximately $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. After a month of silence, a major whale withdraws nearly 12,000 ETH from Coinbase for staking.

6. X platform hires senior crypto expert Benji Taylor as design director; analysts say X Money could integrate crypto features.

7. Bloomberg analyst: Morgan Stanley’s spot Bitcoin ETF may be “coming 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, joins Canton network as a super validator.

10. US claims negotiations 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, with $48.16 million in liquidation over the past 24 hours, mainly short positions.

2. US stock markets closed higher on March 25, with hopes for US-Iran diplomatic progress. Despite Iran’s firm public stance, private signals eased market fears of energy crises and inflation. Dow Jones rose 305.43 points, up 0.7%, closing at 46,429.49. S&P 500 gained 35.53 points, up 0.5%, closing at 6,591.90. Nasdaq Composite increased 167.93 points, up 0.8%, closing at 21,929.83.

(Source: Gate)

3. According to the Gate BTC/USDT liquidation map, at the current price of $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 positions have higher liquidation amounts than longs; traders should control leverage wisely to avoid large-scale liquidations during market volatility.

(Source: Coinglass)

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

(Source: Coinglass)

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

X Influencers’ Insights

Phyrex Ni (@Phyrex_Ni): “The first US-Iran negotiations are likely unfavorable for the US. Iran did not respond to the 15 terms submitted; instead, they provided the US with 5 new terms. I believe the war reparations are unlikely to pass; if they do, it would imply the US admits fault. To prevent escalation, Iran has indicated that if the US attacks its territory or islands, it may 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 visit to China—about six weeks away. But rising oil prices are already beginning to have 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 that inflation is being directly impacted by the war. If the war continues or worsens, US interest rate hikes in 2026 are not impossible, increasing recession risks.”

“Looking at Bitcoin data, recent trading volume and turnover rates have been declining, indicating that investor interest is waning. Since February, BTC has been oscillating around $70,000, with narrowing price swings. This is a positive sign, showing that small negative news no longer significantly shake investor confidence.”

Today’s Outlook

1. US weekly initial jobless claims (thousands) for the week ending 0321, previous value 205.