CoinByte Weekly Wrap: Stablecoin Yield Rules May Be Starting to Take Shape; Bernstein’s US$150,000 Bitcoin Call Is Back in Focus

Happy Friday! Welcome to the 11th instalment of the Coinbyte Weekly Wrap.

The market traded in a tighter but still slightly weaker range this week, with BTC rebounding from the high-US$67,000s to briefly test above US$71,900 before pulling back and settling near US$68,800, posting a weekly decline of approximately 2.47%. Price action showed a clear midweek recovery followed by a late-week retracement.Major altcoins also closed the week mostly in negative territory, with Ether down 4.18%, BNB slipping 2.06%, Solana falling 3.50%, and Cardano underperforming among large-cap tokens with a 5.99% decline. In contrast, TRX stood out with a 2.27% weekly gain.Trading activity across major cryptocurrencies stayed relatively resilient: BTC average daily volume reached roughly US$36.5bn over the past seven days, USDT turnover remained elevated at around US$74.9bn, and ETH and SOL recorded approximately US$25.6bn and US$3.7bn respectively.Meanwhile, Bernstein reiterated its US$150,000 bitcoin target for 2026, reinforcing the view that the market is increasingly being shaped by institutional capital, regulatory clarity, and the steady integration of blockchain into mainstream financial systems.Overall, this week’s market action suggested a mild cooling in Bitcoin after recent strength, alongside broader weakness across large-cap altcoins.

This week saw regulatory momentum and institutional engagement continue to build across the digital asset sector, with U.S. Senate negotiations on the CLARITY Act appearing to converge on a framework that would prohibit rewards for simply holding stablecoin balances, while potentially allowing incentives tied to user activity, In Australia, pension fund Hostplus also signaled growing mainstream interest by exploring crypto investment options amid rising member demand. Broader regulatory and market-structure developments remained in focus, as the U.S. SEC provided further guidance on when crypto assets may be treated as securities and Nasdaq gained approval to support tokenized stocks and ETFs within existing market infrastructure. Institutional adoption continued to deepen, with BlackRock advancing tokenized fund initiatives and highlighting AI as a key driver of crypto’s next phase, while Bitmine and Sweden-listed H100 expanded digital asset treasury strategies through continued ETH and bitcoin accumulation. At the same time, blockchain infrastructure development accelerated, with the Solana Foundation partnering with major financial and payments firms to connect public blockchain capabilities with traditional financial rails, Tether moving toward a full audit of USDT reserves, and the New York Stock Exchange working with Securitize on tokenized equities infrastructure.

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Newsflow

Regulation | The latest draft of the U.S. CLARITY Act would prohibit stablecoin issuers and platforms from offering rewards on passive token balances, while allowing incentives tied to user activity such as payments or transfers. The distinction reflects a compromise aimed at limiting deposit-like products while preserving certain utility-driven reward models, further clarifying the regulatory approach to stablecoin yield.link

Institution | Australian pension fund Hostplus is exploring the introduction of cryptocurrency investment options for its members through its self-directed platform, driven by rising user demand. The move highlights increasing pressure on traditionally conservative retirement funds to accommodate digital assets as part of long-term portfolio strategies.link

Regulation | The U.S. SEC has outlined its framework for determining when a crypto asset may be treated as a security, clarifying that classification depends largely on how assets are offered and marketed rather than their inherent nature. The move signals further efforts to define regulatory boundaries and reduce uncertainty around digital asset oversight. link

Tokenization | Nasdaq has received SEC approval to support trading and settlement of tokenized stocks and ETFs on blockchain infrastructure alongside traditional shares. The framework integrates blockchain into existing market structure rather than replacing it, with tokenized securities still routed through brokers and central clearing systems. The move highlights how traditional financial institutions are incorporating blockchain technology while maintaining control over market infrastructure.link

Institution | Sweden-listed H100 has signed a letter of intent to acquire two bitcoin-focused firms in an all-stock deal that would increase its holdings to around 3,500 BTC. Structured as a bitcoin-for-bitcoin transaction, the deal preserves proportional exposure while scaling the company’s balance sheet, reflecting a growing trend of publicly listed firms expanding bitcoin treasury strategies through capital markets activity. link

Tokenization | BlackRock is advancing its push into tokenized funds, betting that on-chain fund structures could transform capital markets in a similar way the internet reshaped communication. By bringing traditional investment products onto blockchain rails, the approach aims to improve distribution, settlement, and accessibility, signalling a broader shift toward tokenized financial infrastructure.link

Institution | Bitmine, chaired by Tom Lee, has extended its Ethereum accumulation with another nine-figure purchase, further increasing its position to several million ETH and a meaningful share of circulating supply. The continued buying highlights the emergence of ETH-focused treasury strategies, with firms scaling exposure to blockchain infrastructure assets through balance sheet allocation.link

Institution | BlackRock has identified artificial intelligence as a key driver of crypto’s next phase, shifting focus away from the proliferation of new tokens toward infrastructure-level integration. The firm highlighted growing convergence between AI and blockchain, with digital assets positioned as native financial rails for machine-driven systems, reflecting a broader repositioning of crypto as foundational technology rather than a speculative asset class.link

Infrastructure | The Solana Foundation has partnered with Mastercard, Western Union, and Worldpay to launch an institutional developer platform aimed at integrating blockchain capabilities with existing payment and financial networks. The initiative enables developers to build applications spanning payments and settlement, signalling deeper convergence between public blockchain infrastructure and traditional financial rails.link

Stablecoin | Tether has engaged a Big Four accounting firm to conduct its first full financial audit of USDT reserves, marking a shift from periodic attestations to comprehensive third-party verification. The move addresses longstanding transparency concerns and signals closer alignment with traditional financial reporting standards as stablecoins move further into regulated financial infrastructure.link

Tokenization | The New York Stock Exchange has partnered with Securitize to develop a platform for tokenized equities, enabling 24/7 trading and instant settlement while preserving full shareholder rights. Unlike earlier synthetic models, the initiative focuses on issuing and trading real on-chain securities, reflecting a structural shift toward blockchain-based market infrastructure among major exchange operators.link

Market | Bernstein has reiterated a $150,000 bitcoin price target for 2026, attributing the outlook to a structural shift from retail-driven cycles to sustained institutional demand. The firm argues that the growing role of ETFs and long-term capital is reshaping bitcoin’s market dynamics, potentially extending traditional cycle patterns and supporting a more stable upward trajectory. link

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