Hard Truth About $1 Billion XRP Treasury by CryptoQuant Expert; -199 Billion SHIB: Shiba Inu Coin Sees Exchange Supply Squeeze; Coinbase Opens Perpetual Access to Apple, Amazon and Others: Morning Crypto Report

TL;DR

• Evernorth’s $1 billion XRP gamble: Evernorth Holdings (XRPN) faces a “market baptism,” holding 473 million XRP at an average of $2.44. With XRP recognized as a digital commodity, the firm eyes a NASDAQ listing despite massive unrealized losses.
• SHIB supply squeeze: Over 199 billion Shiba Inu (SHIB) tokens exited exchanges today. Analysts eye a 50% rally toward $0.00001 as regulatory clarity boosts long-term accumulation.
• Coinbase vs. Hyperliquid: Coinbase launches 24/7 perpetual trading for Apple, Tesla and Nvidia via its Bermuda arm, challenging Hyperliquid’s dominance in tokenized traditional assets.
• Bitcoin support at $70,000: BTC holds firm above $70,000 as the market shifts toward real world assets (RWA) and DeFi integration, signaling a mature, infrastructure-led growth phase.

Evernorth: “MicroStrategy for XRP” or billion-dollar trap?

Today’s crypto report opens with the news that Evernorth Holdings, ambitiously claiming the role of the largest public holder of XRP, is going through its “market baptism” by fire. CryptoQuant analyst Maartunn revealed numbers that exposed a bitter truth. It turns out that since its inception, Evernorth has been in profit for only about 10 days, while the last five months have been marked by prolonged losses.

At the moment, Evernorth is believed to hold about 473 million XRP at an average purchase price of $2.44 per token. Unrealized losses in the company reached a peak of $380-812 million when XRP dropped below $1.50 earlier this year. 

Just yesterday, on March 19, Evernorth officially filed Form S-4 with the SEC for a merger with the SPAC company Armada Acquisition Corp II. The goal is a NASDAQ listing under the ticker XRPN in the coming days, before the end of the first quarter of 2026.

A positive factor is that in March 2026, the SEC and CFTC finally recognized XRP as a digital commodity, removing years of uncertainty that lingered even after the conclusion of the SEC case against Ripple. 

Unlike passive funds, Evernorth plans not only to hold XRP but to actively deploy it in DeFi, lending, liquidity management and yield generation. However, as Maartunn notes, while Evernorth portfolios remain underwater, there is a risk of forced selling if the market fails to hold above the psychological $1.50-$1.60 range. 

In summary, Evernorth has made a one-billion-dollar bet, and now we are witnessing a classic stress test similar to what Michael Saylor and Strategy are experiencing. Either the giant becomes the foundation for XRP’s rise to new highs, or its losses turn into a heavy burden for the entire ecosystem.

“Great exodus” of 199 billion Shiba Inu (SHIB) tokens from exchanges

The next story is the massive withdrawal of Shiba Inu (SHIB) from centralized exchanges. More than 199 billion SHIB were moved today, according to Arkham data. This is stirring attention because it may signal that large players are switching to long-term storage, draining sell-side supply.

At the moment, the SHIB price is fixed at the $0.000006 level. Despite overall market volatility in March, the token is showing notable resilience, especially after the growth wave that lasted from the end of the first 10 days of March. 

Today, Friday March 20, SHIB is adding 4% after bouncing from critical support at $0.0000057. If accumulation continues, the next target becomes the psychological $0.00001 barrier, which could trigger a rally of 50% or more. 

Even though Shiba Inu is often viewed as a forgotten token moving mainly on the strength of its massive enthusiast base, the withdrawal of 199 billion SHIB combined with regulatory clarity creates a unique backdrop; on March 17, 2026, the SEC and CFTC effectively recognized SHIB as a digital commodity.

Coinbase launches 24/7 US stocks trading as Hyperliquid takes upper hand on all markets

Finally, while traditional exchanges sleep, Coinbase is officially challenging crypto giant Hyperliquid by launching perpetual trading in perpetual futures on “Magnificent Seven” stocks and major U.S. indices, such as QQQ and the S&P 500.

Why Hyperliquid matters is simple. It dominates this segment and, after the HIP-3 upgrade, has turned into a true leviathan at the intersection of crypto and traditional finance. Open interest on Hyperliquid in the last 24 hours has exceeded $1.43 billion. 

The most interesting aspect is that capital is not flowing there from Bitcoin. Instead, market participants are rotating into tokenized gold, oil and equities available on the decentralized platform.

To capture a share of this trading fee market, Coinbase — through its Bermuda subsidiary — is offering 24/7 trading. Nvidia, Tesla and Apple can be traded instantly without waiting for the New York session to open. A prize pool of $200,000 has been prepared for power traders, where a larger volume secures a larger share of rewards.

Crypto Market Outlook: Can Bitcoin maintain above $70,000 this weekend?

It can be said that the market has merged. Traditional equities have become just another ticker in the crypto terminal, trading without weekends or lunch breaks. The market remains in a highly interesting position.

The hottest right now is Bitcoin, which is holding above $70,000. It closed yesterday near $69,900, and today’s rebound from that level confirms strong support.

This matters because institutional players continue to hold positions despite a broad correction. The main narrative driver lately is the tokenization of real world assets. A stablecoin capitalization of $300 billion gives the market a safety cushion that was absent in previous cycles. 

The market has become less volatile but more predictable thanks to regulation. Focus is shifting toward real yield and the integration of RWAs into DeFi protocols.

All of this has the scent of a bear market since we are not seeing explosive rallies but rather planned infrastructure building and a return of focus toward development instead of profit.