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The securities regulator has continued its Project Crypto work to make unofficial policy changes as it moved to let broker-dealers treat stablecoins as capital.
The addition of a few lines in a frequently-asked-questions page on the U.S. Securities and Exchange Commission website may open up the use of stablecoins in capital calculations for U.S. broker-dealers.
The agency is instructing brokers that they need only give their stablecoins a 2% haircut when calculating how much they can be used as regulatory capital.
Broker-dealers regulated by the U.S. Securities and Exchange Commission (SEC) can treat their stablecoin holdings as regulatory capital, according to a tweak this week to a frequently-asked-questions document maintained by the agency.
That's a seismic shift offered in the form of a minor addition to the SEC's "Broker Dealer Financial Responsibilities" FAQ. It's on-brand for a regulator that has made a steady series of changes to its crypto approach through informal guidance, industry correspondence and staff statements ever since its Crypto Task Force began work during the administration of President Donald Trump.
In this case, a new question No. 5 was added about what kind of "haircut" a firm should take on its holdings of stablecoins — the dollar-tied tokens such as Circle's USDC and Tether's USDT. The answer was 2%, meaning that instead of the previous understanding that such assets were not considered measurable against a broker-dealer's capital tally (100% haircut), the firms will be able to count 98% of those holdings.
While this guidance does not create new rules, it helps reduce uncertainty for firms seeking to operate compliantly under current securities laws," said Cody Carbone, CEO of the Digital Chamber.
This puts stablecoins on the same footing as other financial products.
That means stablecoins are now treated like money market funds on a firm’s balance sheet," Tonya Evans, a former professor who now runs a crypto education business and is on the board of directors at Digital Currency Group, wrote in a post on social media site X. "Until today, some broker-dealers were zeroing out stablecoin holdings in their capital calculations. Holding them was a financial penalty. That’s over."
Before, the more stringent SEC limits meant those companies — firms registered with the SEC to handle customers' securities transactions and also trade in securities on their own behalf — weren't easily able to custody tokenized securities or act as a go-between for trading. Now the firms that follow this steer from the agency will be able to more easily provide liquidity, aid settlement and advance tokenized finance.
Everywhere from Robinhood to Goldman Sachs run on these calculations," Larry Florio, deputy general counsel at Ethena Labs, wrote in an explainer posted on LinkedIn. Stablecoins are now working capital, he said.
SEC Commissioner Hester Peirce runs the agency's task force and issued a statement on the change, contending that using stablecoins "will make it feasible for broker-dealers to engage in a broader range of business activities relating to tokenized securities and other crypto assets." And she said she wants to consider how the existing SEC rules "could be amended to account for payment stablecoins."
That's the drawback of informal staff policies — they're as easy to reverse as they were to issue, and they don't carry the weight (and legal protections) of a rule.
The SEC has been working on some crypto rules in recent months, but they haven't yet been produced, and the process usually takes several months — sometimes years. Even a formal rule can still be reversed by a new leadership at the agency, which is why crypto advocates are pushing for more legislation from Congress that would set the government's digital assets approach into law, such as last year's Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.
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Bitcoin remains trapped below its $79,000 True Market Mean level, with onchain models now framing a broad $79,000 to $54,900 structural range, Glassnode said.
Options markets show panic hedging fading, but analysts say liquidity conditions, ETF outflows, and macro uncertainty continue to cap conviction.
Bitcoin is still trading below a key onchain valuation benchmark heading into late February, as analysts say recent price action has reset the market’s structural framework, reflecting strained liquidity and the absence of sustained institutional demand.
Glassnode noted in its latest weekly report that bitcoin has decisively broken beneath the “True Market Mean” — a model tracking the aggregate cost basis of active supply. That level, currently around $79,000, has historically acted as a dividing line between expansionary and compression phases, it said.
With the breakdown confirmed, the firm sees the Realized Price near $54,900 — the average acquisition cost of all circulating coins — as the lower structural boundary. In previous cycles, the corridor between those two anchors has framed prolonged consolidation.
Bitcoin was trading around $67,700 at publication time, hovering within a broad $60,000 to $70,000 band that has defined recent price action, according to The Block’s price page.
Current price levels mark a further deterioration from earlier February conditions, when analysts noted bitcoin was “staying defensive” below $70,000 amid shallow demand. Since then, ETF flows have turned persistently negative, and spot sell pressure has intensified, reinforcing the lack of a structural bid beneath the market.
Glassnode’s data shows U.S. spot ETF net flows have rotated back into sustained outflows, removing what previously served as a steady source of marginal demand. Spot cumulative volume delta across major exchanges also flipped negative, signaling active sell-side aggression rather than passive liquidity gaps, the firm said.
While onchain accumulation metrics improved from outright distribution, appetite from large holders remains fragile, according to the Glassnode analysts. The Accumulation Trend Score has moved toward a neutral reading around 0.4, indicating that aggressive selling has eased, yet large-entity conviction has not returned in force. Liquidity conditions have stayed compressed, with realized profit-to-loss ratios stuck in a narrow band historically associated with stressed regimes, they said.
Meanwhile, derivatives positioning suggests the panic phase has cooled but not transitioned into renewed optimism. Implied volatility has retreated sharply from recent highs, and 25-delta skew — a gauge of downside hedging demand — has compressed from extreme levels. The data suggests traders are unwinding crash protection, but they are not rebuilding upside exposure in size, Glassnode said.
Macro conditions continue to shape the backdrop as well. Minutes from the Federal Reserve’s January meeting carried a hawkish tone, emphasizing patience on rate cuts and keeping the possibility of further tightening in play if inflation persists.
Bitcoin is navigating an adjustment phase amid macroeconomic caution,” said Antonio Di Giacomo, senior market analyst at XS.com, pointing to resistance near $70,000 and intermediate support around $64,000 to $65,000. He added that the lack of clarity around monetary easing is weighing on speculative assets.
Nic Puckrin, co-founder of Coin Bureau, said that liquidity — rather than technical levels alone — will determine when a durable bottom forms. He highlighted onchain spot volume data showing continued sell-side pressure and suggested deeper capitulation toward the $55,000 to $58,000 region remains possible unless ETF inflows return or the dollar weakens materially.
The tone echoes a recent K33 report, which said bitcoin is approaching “late bear market territory,” with regime signals resembling those seen near the 2022 bottom. Yet analysts caution that structural recovery typically requires a clear improvement in liquidity, not just positioning resets.
Despite the market gloom, there are some early stabilization signals. Kraken’s global economist Thomas Perfumo noted that implied volatility has diverged below realized volatility — a pattern that has preceded recovery phases in prior corrections. Coin Days Destroyed, a proxy for long-term holder activity, has also stabilized, suggesting reduced supply pressure from older coins, Perfumo said.
Still, multiple analysts' opinions reviewed by The Block agree that conviction remains muted. ETF flows are not cushioning downside, large entities are not accumulating aggressively, and macro conditions have yet to pivot decisively.
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$UNI
Hausse des prix : UNI bondit de 15 à 40 % après l’acquisition de tokens par BlackRock et la liste du fonds BUIDL sur UniswapX
Analyse technique : Le prix retrace vers la fourchette 3,32–3,42 $, l’RSI est neutre, le support clé se situe entre 3,20 et 3,30 $, la résistance entre 4,20 et 7,00 $
Catalyseurs : L’entrée de BlackRock valide la DeFi, le fonds BUIDL affiche un AUM de 2,2 milliards de dollars, l’adoption institutionnelle des actifs tokenisés s’accélère
État du marché
UNI se négocie à 3,39 $, en hausse de 5,2 % sur 24 heures, avec une baisse de 35,9 % sur 30 jours, capitalisation boursière de 2,15 milliards de dollars
Le volume d’échanges sur 24 heures atteint 315,9 millions de dollars, avec une accumulation institutionnelle significative et des ventes importantes de la part des détenteurs à long terme, représentant 5,95 millions de tokens
L’indice de peur et de cupidité est à 11 (peur extrême), reflétant un sentiment de marché prudent malgré les importantes nouvelles institutionnelles
Stratégie de trading
Support clé pour UNI entre 3,20 et 3,30 $ ; une cassure sous ce niveau risque de faire chuter le prix jusqu’à 2,80 $ et 2,00 $ ; résistances à 4,20 $, 4,80 $ et 5,50–7,00 $
L’RSI est neutre à sous-acheté, le MACD montre un potentiel de croisement haussier, indiquant un assouplissement de la dynamique baissière
Envisager d’accumuler dans la fourchette 3,20–3,40 $ avec un stop-loss situé sous 3,20 $ ; un mouvement soutenu au-dessus de 4,20 $ est nécessaire pour confirmer une tendance haussière
La reprise de la résistance située entre 5,50 et 7,00 $ est cruciale pour une tendance haussière durable, avec des prévisions de prix à long terme allant de 20 à 30 $ d’ici 2030
Facteurs moteurs essentiels
BlackRock liste son fonds de Trésor américain tokenisé, BUIDL, d’une valeur de 2,2 milliards de dollars, sur UniswapX, marquant une entrée historique dans la DeFi et acquérant des tokens UNI
Cette démarche constitue un « sceau de crédibilité » pour la DeFi, reliant la finance traditionnelle à la blockchain et accélérant la tokenisation des actifs du monde réel
Bien que BlackRock approuve l’infrastructure, il se réserve le droit de mettre fin à cet investissement et ne cautionne pas le token UNI lui-même
Flux d’argent intelligent
Les positions des whales affichent un ratio long/short de 0,17, avec 213 whales longs et 612 whales shorts, indiquant une position dominante à la vente
Les whales longs ont un prix d’entrée moyen de 3,66 $, actuellement dans le rouge, tandis que les whales shorts sont entrés à 4,07 $, désormais en profit
Les principaux traders affichent une préférence nette pour la vente, avec des fenêtres de 1 heure récentes dominées par des signaux de vente, suggérant un sentiment institutionnel prudent.
$UNI #UnicornChannel

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