Risk-off Sentiment Rises as Investors Return to 2022's "Sell Stocks, Hoard Cash" Play

March 26 — Iran has officially delivered its response to the U.S. 15-point proposal via an intermediary last night, per Iranian media. (Golden Finance)

On March 26th, Bitget market data indicates U.S. stocks opened lower: the Dow Jones Industrial Average fell 0.41%, the S&P 500 dropped 0.76%, and the Nasdaq Composite declined 1.13%. Crypto-related stocks saw broad declines, including: Sharplink Gaming (SBET) down 8.10%; Bit Digital (BTBT) down 4.09%; Bitmine (BMNR) down 4.19%; Circle (CRCL) down 3.29%; Coinbase (COIN) down 3.37%; Riot Platforms (RIOT) down 2.90%; Gemini (GEMI) down 2.94%; and MicroStrategy (MSTR) down 1.90%. MARA Holdings (MARA) bucked the downward trend, rising 7.65% after announcing it sold 15,133 bitcoins to repurchase $1 billion in convertible bonds.

On March 26, Li Hua, founder of Liquid Capital (formerly LD Capital), posted a note stating: “Short-term: The war won’t end anytime soon, and markets are waiting for more clarity on it. But there will definitely be a big dip-buying opportunity this year—stock up on as much ‘ammo’ as possible before then. Beyond crypto, I’ve been deep-diving into AI lately and am blown away by its efficiency—especially how to leverage AI for work. This isn’t just a minor efficiency upgrade; it’s a direct leap from the carriage age to the airplane age. I’m requiring all my portfolio companies to immediately learn to use AI and embrace it. Companies that don’t adopt AI going forward will be left behind. Thanks to AI, all companies and individuals are now essentially on the same starting line—another major wave is on the horizon. This year, I’m committing to spending half my time on AI collaboration work.”

**March 26 News Brief** The U.S. Office of Information and Regulatory Affairs (OIRA) at the White House completed its review of a Department of Labor (DOL) proposal on March 24, Cointelegraph reported. The proposal would allow 401(k) trustees to include alternative assets—including digital assets—in retirement plan evaluations. OIRA labeled the review outcome “changes accepted” and categorized the proposal as “economically significant.” The DOL is expected to release a proposed rule next, launching a 60-day public comment period before publishing a final rule following revisions, as is standard practice. This review follows an August 7, 2025 executive order from former President Trump, which directed federal agencies to expand access to alternative assets in 401(k) plans—including exposure to digital assets via specific investment vehicles. The order also required the DOL to reassess regulations restricting private equity, real estate, and digital assets from defined contribution

March 26 — Binance announced in an official statement that the listing of Tether Gold (XAUt) has been delayed. The token was originally scheduled to debut at 21:30 UTC+8 on March 26, 2026, but will now launch at 22:00 UTC+8 the same day.

March 26 — Digital asset manager CoinShares said in a report (per The Block) that Bitcoin miners are facing ongoing pressure from profit-loss dynamics while accelerating their shift to artificial intelligence (AI). CoinShares Research Director James Butterfill noted that by Q4 2025, the weighted average cash cost for publicly traded mining firms to produce one Bitcoin had climbed to roughly $79,995. Hash rate prices also dropped from $36–$38 per PH/s/day to around $28–$30 by Q1 2026, signaling continued strain on miners. The report also flagged a triple negative difficulty adjustment at the end of 2025 — the first such occurrence since July 2022. Publicly traded miners have collectively cut their Bitcoin holdings by over 15,000 coins from their peak, with Core Scientific, Bitdeer, and Riot all selling off. Marathon Digital Holdings (MARA) separately announced Thursday it was selling an additional 15,133 Bitcoins. On price outlooks, Butterfill said a Bitcoin rally to $100,000 i