March 16, 2026 — The cryptocurrency sector saw significant developments today involving major institutional transactions, political commentary, and stablecoin growth. The Ethereum Foundation completed a multimillion-dollar Ether sale, former UK Prime Minister Boris Johnson made controversial remarks about Bitcoin, and the USDC stablecoin approached a historic market capitalization milestone.
Ethereum Foundation Executes OTC Ether Sale
The Ethereum Foundation finalized an over-the-counter sale of 5,000 Ether to BitMine Immersion Technologies. The transaction was valued at approximately $10.2 million based on an agreed price of $2,042.96 per ETH.
In a social media post, the foundation stated proceeds would support core operations including protocol research, ecosystem growth initiatives, and community grant programs. The on-chain transfer originated from an Ethereum Foundation Safe multisignature wallet.
BitMine, traded on the NYSE American under ticker BMNR, has become one of the largest corporate holders of Ether. Industry treasury trackers indicate the firm holds more than 4.5 million ETH worth roughly $9.3 billion. The company has accumulated Ether consistently since mid-2025.
Political Controversy Over Bitcoin Comments
Former United Kingdom Prime Minister Boris Johnson called Bitcoin a “Ponzi scheme” in a Friday opinion article. He recounted a story about a friend who lost money in what he characterized as a similar scheme.
The comments drew immediate criticism from cryptocurrency industry figures. MicroStrategy co-founder Michael Saylor responded that “Bitcoin is not a Ponzi scheme. A Ponzi requires a central operator promising returns and paying early investors with funds from later ones.”
Other industry executives joined the criticism on social media platforms. Pierre Rochard, CEO of The Bitcoin Bond Company, mocked Johnson by suggesting the UK economy itself operates like a Ponzi scheme.
USDC Stablecoin Approaches Record Market Cap
The market capitalization of the USDC stablecoin is nearing a record high of approximately $80 billion. According to data from CoinMarketCap, USDC’s circulating supply has risen to roughly $79.2 billion, marking a new all-time high for the dollar-pegged asset.
The stablecoin’s market cap previously reached below $79 billion in December 2025. Supply has expanded significantly in recent weeks, growing from just over $70 billion in early February to $75 billion earlier this month.
Middle East Capital Flight Theory
Analysts have linked the surge to increased demand in the Middle East. Self-proclaimed Dubai-based analyst Rami Al-Hashimi claimed the growth reflects capital flight from traditional markets in the United Arab Emirates.
In a Friday social media post, Al-Hashimi stated over-the-counter desks in Dubai have struggled to meet demand for the stablecoin. The theory suggests investors are moving funds out of traditional assets amid regional economic uncertainty.
Market Context and Industry Response
The Ethereum Foundation’s sale represents continued institutional activity in cryptocurrency markets. Such transactions typically occur over-the-counter to minimize market impact compared to exchange-based sales.
Political criticism of cryptocurrency is not new, but comments from high-profile figures like Johnson often spark industry backlash. The response highlights ongoing tension between traditional political establishments and the cryptocurrency sector.
Stablecoin growth has been a consistent trend through early 2026, with USDC particularly benefiting from perceived regulatory clarity compared to other dollar-pegged assets. The approaching $80 billion milestone would represent significant growth from the $30 billion market cap recorded in early 2024.
Industry observers will monitor whether USDC can maintain its growth trajectory amid changing market conditions. Meanwhile, the Ethereum Foundation’s strategic sale indicates continued development funding for one of blockchain’s most active ecosystems.
For official data on USDC circulation, refer to Circle’s transparency reports. Ethereum Foundation activities are documented in their official foundation records.
Updated insights and analysis added for better clarity.
This article was produced with AI assistance and reviewed by our editorial team for accuracy and quality.
