March brought a shift in the Bitcoin narrative. While the headlines focus on price consolidation, the underlying data reveals a sophisticated evolution in the market. In this month’s update, we dive into the institutional action that seems to be keeping price action in check. 

We also have an update from the Xapo Bank Product team, with more features and options for your investments.

We will wrap up with a look at upcoming events for April and May, and showcase what the team got up to in São Paulo at the Merge Conference. 

April BTC Market Update

After a volatile February, BTC price action remained range-bound between $65,000 and $72,000 during March, with implied volatility dropping from ~90% in early February to ~55% by late March, indicating that peak fear may have passed. On a positive note, we saw significant net inflows of $2.3B from BTC ETFs for the first month this year (see chart below), which is often cited as a proxy for increased institutional activity/adoption. 

However, this massive inflow failed to trigger a breakout, as a widespread covered call strategy—where institutions sell upside potential to harvest yield—effectively acted as a mechanical ceiling on price action.

From the trading activity we witnessed on our Xapo Platform—as a reminder, we saw net buys for February for the first time in over a year—we returned to net sales in March, albeit our overall BTC volumes were ~50% down month on month.

While the current market may feel quiet, the catalysts are building. With the next halving scheduled for April 2028 (reducing the block reward to 1.5625 BTC), the network's fundamental scarcity remains its most potent long-term driver.

Our mission remains focused on providing you with the products and insights to navigate this consolidation effectively. The members who maintain their discipline through these doldrums are the ones best positioned for the next leg up.

Bitcoin Headlines

Circle plunged on CLARITY Act fears, but fundamentals unchanged Circle Internet Group (CRCL) stock plunged roughly 20–25% in late March following proposed drafts of the CLARITY Act. The legislation threatened to ban yield payments on stablecoins, impacting USDC demand and triggering panic selling, though analysts believe the market overreacted. Read more.

Corporate Bitcoin Accumulation Skyrockets, Outpacing New Supply by a Staggering 3x A structural shift in the Bitcoin market has become evident, with institutional investors and corporate treasuries now acquiring Bitcoin at a rate 2.8 times higher than the new supply being created by miners. Read more.

Fannie Mae accepts first crypto-backed mortgage product Fannie Mae will now accept crypto-backed mortgages via a new product by mortgage company Better Home and Finance and Coinbase. It’s not the first crypto backed mortgage, but it is the first accepted by Fannie Mae, which is under government conservatorship. Read more.

Xapo Bank Product Offering Update

We have seen a ~30% increase in the number of our members using our BTC yield products over the past six months, indicating continued demand for Bitcoin yield. We are prioritising efforts to add more BTC yield products to our suite by Q3. We have repositioned the Home Screen in our app to let members view their Savings & Investments on a single interface. You should also now be receiving a monthly earnings email that shows the BTC returns generated from your Xapo Bank account across all our products.

Loans Update

Client feedback remains a key driver of our product development. Following continued member demand, we recently added a feature that releases BTC collateral posted on our USD loan product in response to BTC price appreciation. More simply, when you take out a USD loan, you post BTC as collateral. Should the price of Bitcoin go up, you have the option to request some of the collateral back so your BTC isn’t unnecessarily locked up. Read more about our loans. Lending services are not available to residents of the UK.

Xapo Bank Security Update

Security is at the centre of everything we do at Xapo Bank, and we have upgraded our phone system to ensure that when our Relationship Managers reach out for a call, you can be certain you are speaking with Xapo Bank. 

Before any call, Members will receive a code in their app, and the Relationship Manager will quote it before you reveal any sensitive information. Please ensure notifications are turned on in the Xapo Bank App for this security measure to function.

Again, in response to member demand, we have added Gold & Silver ETFs to our stock trading offering. The most traded stocks at Xapo for March were Strategy (ticker MSTR), followed by Gold and Coinbase, all net bought for the month. Finally, our team added nine new markets in March, including Thailand and Malaysia. The Xapo Bank card is now available to ~97% of our global members, and we are working hard on the remaining gap markets. 

Meet your Relationship Management team

Our RMs are hosting the events below over the next few months. Please contact your dedicated Relationship Manager to secure a spot.

April

Paris Blockchain Week - Xapo Bank Networking Brunch:

• Date: 15th April

• Location: Paris, France

• Time: 10am-12 noon CET

• Luma Invite: https://luma.com/yq47hgyi

Xapo Bank Networking Drinks

• Date: 16th April

• Location: Paris, France

• Time: 7 pm-10 pm CET

Singapore Wealth Management Summit - Xapo Bank Networking Drinks

• Date: 15th April

• Location: Singapore

• Luma Invite: https://luma.com/k64gdme1

BTC Vegas - Xapo Bank Networking Brunch

• Date: 27th April

• Location: Las Vegas, Nevada, US

• Time: 10am-12noon

• Luma Invite: https://luma.com/ht3kyiui

May

Consensus Miami - Xapo Bank will be attending the conference - please reach out to meet us in person.

• Date: 5th - 7th May

• Location: Miami, Florida, US

MAD Bitcoin Conference - Xapo Bank will be attending the conference - please reach out to meet us in person.

• Date: 9th - 12th May

• Location: Madrid, Spain

Xapo Bank Hong Kong Member Event

• Date: 12th May

• Location: Hong Kong

• Luma Invite: https://luma.com/u69ia8os

Smarter Web Conference - Xapo Bank will be attending the conference - please reach out to meet us in person.

• Date: 29th May

• Location: Bristol, UK

Previous Events

Xapo Bank attended Merge Conference Brazil, 17th-19th March in São Paulo  Attending the Merge conference in São Paulo was a fantastic opportunity for our team, Pablo Magro, Marcos Reis & Ximena Massat Matos to connect with some of Brazil’s leading enterprises. We used this platform to showcase our specialised product suite for institutions and to reinforce our commitment to Brazil as one of our priority markets in the region. It was the perfect setting to ensure these organisations are fully aware of how Xapo Bank is now uniquely positioned to serve their complex financial needs.

Chief Digital Asset & Legal Officer, Joey Garcia, attended the 8th International Scientific Conference on Blockchain, which was hosted, for the first time, at the Houses of Parliament. Here, Joey shared the panel with the FCA representative, moderated by global leading expert Joshua Klayman. Key themes around the proportionality of developing regulation and standards. 

Recommended Listening

The Pomp Podcast (Dec 2025): “Bitcoin Adoption Is Spreading To Unexpected Places”

• Featuring: Xapo Bank CEO Seamus Rocca. Listen in as our CEO, Rocca, discusses how the average Xapo member isn't a young trader but a middle-aged, conservative individual using Bitcoin as a retirement fund and a hedge against inflation.

EconTalk: Wences Casares on Bitcoin and Xapo (2015)

• Hear from the founder of Xapo Bank over a decade ago on how Bitcoin works, the genius of Bitcoin's creator, and how Xapo was structured to create security for Bitcoin banking. An interesting opportunity to hear what the feeling was around Bitcoin back then, and how some of the fundamentals have not changed.