January Weekly Update #2

January 6th to 12th Recap:

▫️ MicroStrategy acquired an additional 1,070 BTC for $101M at $94,004 per BTC
▫️ Spot BTC ETFs accumulated 51.5k BTC in Dec 2024, nearly 3x the 13,850 BTC produced by crypto miners as 859,454 BTC was bought by ETFs & public companies in 2024
▫️ AI revealed as best performing sector for 2024 with 2,939.8% YTD return, followed by memecoins with 2,185.1% returns, & RWA with 819.5%
▫️ Over $650M liquidated over 24 hours as BTC fell from $101.8k to $95.8k on Tuesday
▫️ US DOJ cleared to sell $6.5B of seized Silk Road BTC
▫️ Bhutan SAR announced plan to adopt BTC, ETH & BNB as part of its strategic reserves
▫️ The Ethereum network experienced outflows of $43.5B over 2024, with a $7.7B net outflow
▫️ MANTRA blockchain to tokenize $1B of real-world assets for UAE-based property firm DAMAC
▫️ Bitfinex received Digital Asset Service Provider licence & relocated derivatives services to El Salvador
▫️ UK exempted crypto staking from collective investment scheme rules
▫️ Sol Strategies took out $25M credit line to invest in SOL tokens & staking operations & announced CAD $27.5M private placement with ParaFi Capital
▫️ Ethereum network accounted for over 55% of TVL across all chains in 2024
▫️ Monthly Base volume on Uniswap Protocol hit a new ATH of $15.65B
▫️ ETH L2 project Movement Labs closed $100M Series B funding round
▫️ 0G Foundation raised $30M selling AI nodes with node operators receiving up to 15% of the 0G token supply for 3 years

🔼 Bitcoin Weekly High: $102,215
🔽 Bitcoin Weekly Low: $91,314

🔼 Ethereum Weekly High: $3,712
🔽 Ethereum Weekly Low: $3,180

January 13th to 19th Upcoming Events:

▪️ January 15 - STRK, $27M token unlock
▪️ January 15 - ENA, $11M token unlock
▪️ January 15 - SEI, $21M token unlock
▪️ January 14 - Nosana Mainnet Launch
▪️ January 15 - US Inflation announcement
▪️ January 16 - ARB, $66M token unlock

*Nota Bene:

The past week brought significant price volatility for BTC, & while we highlighted the US unemployment rate as an announcement to keep an eye on, the strong US services sector reading on Tuesday preceded Friday January 10th's strong jobs report. This duo of macro indicators turned out stronger than expected & when paired with news that the US DOJ could potentially sell $6.5B in seized Silk Road BTC the market understandably suffered a down week.

US BTC ETFs ended the week net positive with $313M in inflows while ETH ETFs recorded outflows of $186M. Globally, BTC investment products saw inflows totalling $214M with large outflows later in the week, while ETH recorded $256M in outflows.

Looking forward, with Trump's January 20th inauguration fast approaching, alongside the long awaited stepping down of SEC Chair Gary Gensler, the US inflation announcement on January 15th presents an additional catalyst for possible market volatility in the week ahead. However, a higher than expected reading may result in sharp downwards moves as investors start to doubt the likelihood of more than 2 rate cuts this year.

January Weekly Update #3

January 13th to 19th Recap:

▫️ MicroStrategy acquired an additional 2,530 BTC for $243M at $95,972 per BTC
▫️ $TRUMP & $MELANIA meme coins launched ahead of inauguration
▫️ US Govt stated 120k seized BTC from 2016 Bitfinex hack worth $4B should be returned to Bitfinex
▫️ SEC charged Digital Currency Group & sanctioned Genesis CEO Michael Moro for misleading investors
▫️ Oklahoma Rep proposed Strategic Bitcoin Reserve Act for state to invest in BTC
▫️ Canary Capital filed for a LTC ETF
▫️ Sony launched Soneium public blockchain platform on mainnet
▫️ Vitalik Buterin detailed 'large changes' to Ethereum Foundation leadership as ETH developers set Pectra mainnet upgrade for March
▫️ Phantom Wallet raised $150M at $3B valuation in Series C funding round
▫️ MoonPay purchased buy Solana crypto payment processor Helio for $175M
▫️ Tether received Digital Asset Service Provider licence & announced relocation to El Salvador
▫️ Coinbase launched DeFi-backed BTC loans for US users via Morpho
▫️ Swiss state-owned bank PostFinance expanded into ETH staking
▫️ Orbiter Finance announced OBT token launch & airdrop details
▫️ L2s crossed $500B in all-time volume on Uniswap
▫️ Sigma Capital unveiled $100M fund to accelerate Web3 innovations

🔼 Bitcoin Weekly High: $106,180
🔽 Bitcoin Weekly Low: $90,815

🔼 Ethereum Weekly High: $3,512
🔽 Ethereum Weekly Low: $3,015

January 20th to 26th Upcoming Events:

▪️ US President Trump’s Inauguration
▪️ January 20 - IMX, $28M token unlock
▪️ January 21 - FTN, $77M token unlock
▪️ January 22 - ENA, $11M token unlock
▪️ January 24 - IMX, $28M token unlock
▪️ January 25 - JUP, $657M token unlock

*Nota Bene:

The week leading up to Trump's inauguration did not disappoint with a host of announcements and rumors sending crypto markets flying. US Bitcoin ETFs collected a whooping $1.8B while Ethereum ETFs netted $212M with large flows recorded following a softer than expected US inflation announcement on Wednesday. With Bitcoin already crossing $105k during the week, Trump's memecoin launch during the inaugural crypto ball caused further frenzy in the market and a volatile weekend which resulted in the memecoin setting records on its way to a $15B market cap (based on circulating supply).

The beginning of next week is the largest catalyst the crypto world has been awaiting since the Nov 6 election, Trump's inauguration. Expect volatility on Monday based on any crypto related "Day One executive orders" and announcements during the week including a potential crypto council to advise Congress on much-needed regulatory clarity.

January Weekly Update #4

January 20th to 26th Recap:

▫️ MicroStrategy acquired an additional 11,000 BTC for $1.1B at $101,191 per BTC
▫️ Bitcoin ETFs revealed to hold over 1,100,000 BTC around 5.7% of current supply
▫️ Acting SEC Chairman Uyeda announced formation of new crypto task force
▫️ Senator Lummis announced new role as Chair of the Senate Banking Digital Assets Subcommittee
▫️ SEC rescinded crypto accounting guidance SAB 121
▫️ US Appeals Court lifted OFAC sanction against Tornado Cash
▫️ Utah introduced a Strategic Bitcoin Reserve Bill
▫️ Bitwise filed for Doge ETF in Delaware
▫️ Trump pardoned Silk Road founder Ross Ulbricht
▫️ White House crypto czar David Sacks stated NFTs & memecoins are collectibles, not securities
▫️ CME leaked potential XRP & SOL futures launch on February 10 after regulatory review
▫️ Rex filed for Doge, Bonk, & Trump ETFs
▫️ Circle acquired $1.3B tokenized RWZ firm Hashnote
▫️ Solana hit ATHs for daily tx fees ($50M), DEX volume ($39.2B), REV ($56.5M), TVL ($10B) & stablecoin supply ($10B)
▫️ Ethereum experienced second largest drawdown of staked ETH from ATH since 2023 Shapella upgrade
▫️ Base hit an ATH of $2.9B DEX volume, driven by $1.3B in ETH-USD volume
▫️ Binance Labs rebranded to YZi Labs
▫️ Aave hit new ATH for TVL in ETH terms

🔼 Bitcoin Weekly High: $108,168
🔽 Bitcoin Weekly Low: $99,897

🔼 Ethereum Weekly High: $3,420
🔽 Ethereum Weekly Low: $3,173

January 27th to February 2nd Upcoming Events:

▪️ January 29 - US Fed & Bank of Canada Interest Rate announcements
▪️ January 29 - Jupiter Exchange Jupuary Airdrop claim goes live at 15:30 UTC
▪️ January 29 - TRIBL, $54M token unlock
▪️ January 31 - OP, $45M token unlock
▪️ February 1 - SUI, $243M token unlock
▪️ February 1 - ZETA, $19M token unlock

*Nota Bene:

Arguably one of the most impactful weeks politically speaking in crypto's history just ended which included Trump being inaugurated & signing the first crypto executive order. The establishment of a new crypto working group with clear near-term deadlines & the repealing of SAB 121 are both highly important steps in bringing much-needed regulatory clarity in the US.

Moreover, the controversial TRUMP token brought a spike in Solana network usage with stablecoin TVL crossing $10B and daily transaction fees hitting $50M as people (many new market entrants) bought USDC to gain access to TRUMP token via the highest traded USDC pair. Unsurprisingly even with US markets closed on Monday, domestic ETFs recorded strong inflows across the week with $1.75B flowing into BTC ETFs & $139M into ETH ETfs.

Towards the end of the week, the Chinese AI company Deepseek announced a powerful AI which was trained for significantly less when compared to its US counterparts. This spooked the markets & due to the AI fueled rally in traditional assets over the past two years, both crypto & traditional markets immediately began trading lower with the full impact of this announcement to be seen in the week ahead. Lastly, while political factors took the spotlight in the previous week it will be worth monitoring the Fed’s interest rate decision on Wednesday particularly around the Fed Chair's overall outlook for 2025.

February Weekly Update #1

January 27th to February 2nd Recap:

▫️ MicroStrategy acquired an additional 10,107 BTC for $1.1B at $105,596 per BTC
▫️ Japanese hotel investor Metaplanet announced $745M raise to buy BTC
▫️ SEC approved Bitwise combined Spot BTC & ETH ETF
▫️ Trump Media launched Truth.Fi fintech platform with plans to invest $250M into SMAs, ETFs & crypto
▫️ Tether hit $13B in profits for 2024 & new ATHs in U.S. Treasury holdings
▫️ Grayscale filed for DOGE ETF with NYSE
▫️ 21Shares filed for DOT Trust
▫️ Bitwise filed for Doge ETF in Delaware
▫️ $730B AUM investment firm Apollo launched tokenized private credit fund on SOL, Ink, & ETH
▫️ Sei Foundation launched $65M DeSci venture fund Sapien Capital
▫️ Pantera & Jump led $20M round valuing Humanity Protocol at $1.1B
▫️ CZ invested $16M in token airdrop service Sign
▫️ Coinbase Derivatives filed with CFTC to list SOL & HBAR Futures
▫️ Kraken brought back crypto staking for U.S. customers
▫️ Coinbase revealed crypto mobile wallet users hit an ATH of 36M in Q4, 2024
▫️ The market reached a new high of over 36.4M crypto tokens, projected to hit 100M tokens by end of 2025
▫️ DEX trading hit a new ATH with 20.5% of all spot CEX volume
▫️ Ethereum Layer 2s reached a new ATH in throughput, with Base in 1st place

🔼 Bitcoin Weekly High: $106,048
🔽 Bitcoin Weekly Low: $98,301

🔼 Ethereum Weekly High: $3,429
🔽 Ethereum Weekly Low: $3,051

February 3rd to 9th Upcoming Events:

▪️ February 3 - Nillion Mainnet Launch
▪️ February 7 - US Unemployment Report
▪️ February 5 - XDC, $81M token unlock
▪️ February 5 - KAS, $17M token unlock
▪️ February 9 - MOVE, $31M token unlock

*Nota Bene:

Donald Trump announcing tariffs on imports from Canada, China, & Mexico over the weekend spooked the market enough to cause a 5.9% drop in the total crypto market cap WoW. The weekend proved to be a bloodbath and BTC dipped to $95k and looked set to continue dropping as Sunday came to an end.

Considering global equity futures are trading 1-2% down & BTC has shown a fairly strong correlation (~0.6 over the past 90 days) the magnitude of the drawdown in crypto is somewhat unsurprising.

Prior to the White House announcement, US BTC ETFs experienced $560M in inflows with ETH ETFs experiencing $45M in outflows.

Looking forward, more trade war related announcements in the week ahead could cause further volatility, however, if this weekend's announcements are not followed up with further substantial developments, the overarching favorable crypto macro backdrop could see markets recover sharply & trend upwards towards recovery in the coming week.

February Weekly Update #2

February 3rd to 9th Recap:

▫️ Over $2B in liquidations on Monday, Bybit CEO estimated up to $10B in liquidations
▫️ VanEck revealed around $196B worth of BTC is now held by ETFs, countries, public & private companies
▫️ Stripe closed its $1.1B purchase of stablecoin platform Bridge Network
▫️ SEC acknowledged previously rejected Solana ETF 19b-4 filing
▫️ Wisdomtree, Bitwise, 21Shares, & Canary filed for XRP ETF with CBOE
▫️ FTX confirmed repayments to start from February 18 for claims under $50k
▫️ Sol Strategies increased SOL holdings to 190,000 SOL with latest SOL purchase
▫️ CFTC announced crypto CEO forum with participants including Circle, Coinbase, Crypto com & Ripple
▫️ SEC announced scale back of crypto enforcement efforts
▫️ Kraken secured EU MiFID license, enabling launch of regulated derivatives offering
▫️ TON Foundation’s Steve Yun launched $100M VC fund TVM Ventures
▫️ 86% of all onchain real world assets revealed to be on ETH & ETH L2s
▫️ Pumpdotfun shown to account for over 50% of all monthly Solana DEX transactions
▫️ Monthly Uniswap swap volume on Base hit new ATH well over $15B
▫️ Ethereum supply climbed to pre-Merge upgrade levels at around 120.5M ETH; analysts point to Dencun 'blob' update
▫️ Ethereum increased gas limit for the first time since migration to Proof of Stake
▫️ Monthly DEX volume a new ATH of $562.7B in January 2025

🔼 Bitcoin Weekly High: $102,120
🔽 Bitcoin Weekly Low: $94,855

🔼 Ethereum Weekly High: $2,892
🔽 Ethereum Weekly Low: $2,554

February 10th to 16th Upcoming Events:

February 12 - US Inflation Announcement
February 14 - SAND, $81M token unlock
February 15 - STRK, $15M token unlock
February 15 - SEI, $13M token unlock
February 16 - AVAX, $42M token unlock
February 16 - ARB, $44M token unlock

*Nota Bene:

As mentioned last week, focus shifted towards whether markets would recover after the US announced global trade tariffs. BTC displayed its volatility, opening up the week trading above $100k before sliding down to $94k.This was partly stimulated by liquidations somewhere in the region of $2B to $6B on Monday which saw billions worth of long positions being taken out.

The downtrend stimulated institutional buying with BTC seeing S$407M worth of global inflows while ETH recorded significant inflows of $793M. This helped BTC to trade at around $97k as the week ended, while digital asset investment products saw inflows totalling approximately $1.3B.

Despite the downturn, there were positive developments on the US regulatory front as SEC commissioner Pierce released the SEC's crypto roadmap & a new stablecoin bill was introduced in the house. Interestingly, while stablecoin issuance has been strong since the beginning of 2025, the past week saw $6.8B in new issuance with over two-thirds being captured by USDT & USDC.

Looking forward, price momentum in the week ahead will probably be dictated by macro news considering the coming US inflation announcement & the possibility of steel, aluminum & any additional tariffs on goods imported into the US.

February Weekly Update #3

February 10th to 16th Recap:

▫️ Strategy acquired an additional 7,633 BTC for $742.4M at $97,255 per BTC
▫️ SEC signalled path to resolving cases against Coinbase & Binance
▫️ State of Wisconsin Investment Board reported $321.5M in iShares Bitcoin ETF
▫️ BlackRock's iShares Bitcoin Trust (IBIT) hit a new ATH of 77% market share in spot BTC ETF volume in January
▫️ SEC acknowledged Grayscale DOGE & XRP spot ETFs filings
▫️ BTC liquidity on U.S. exchanges increased to 2021 bull run levels, with Kraken & Coinbase in the lead
▫️ Coinbase’s 2024 Q4 revenue surged to $2.3B driven by postelection crypto rally
▫️ Robinhood reported 2024 Q4 revenue more than doubled to hit $1B
▫️ Abu Dhabi's sovereign wealth fund disclosed $436M of BTC ETF buys in Q1
▫️ SEC Commissioner Hester Peirce stated “many” memecoins fall outside SEC jurisdiction
▫️ Aston Martin announced sponsorship deal with Coinbase paid entirely in USDC
▫️ Grayscale filed for Cardano ETF with the NYSE
▫️ Franklin Templeton extended $594M Money Market Fund to Solana network
▫️ Ethereum Foundation injected almost $120M worth of ETH into DeFi lending protocols
▫️ DeFi platform Legends raised $15M from a16z & Coinbase
▫️ Ordinals, Runes & BRC-20 type transactions shown to represent 30% of daily Bitcoin txs
▫️ Uniswap Labs released Unichain on mainnet
▫️ Aave's revealed to have hit a new ATH in monthly revenue of $138M in Jan
▫️ Ethereum L1 users revealed to have spent $570M in January, $420M on apps & $150M on tx fees
▫️ Ethereum devs released client software for Pectra upgrade on testnets

🔼 Bitcoin Weekly High: $98,700
🔽 Bitcoin Weekly Low: $95,286

🔼 Ethereum Weekly High: $2,783
🔽 Ethereum Weekly Low: $2,623

February 17th to 23rd Upcoming Events:

▪️ February 21 - MRS, $44M token unlock
▪️ February 21 - IMX, $18M token unlock
▪️ February 23 - MURA, $40M token unlock

*Nota Bene:

The higher than expected US inflation reading was partly responsible for minor sell-offs in the week, however, positivity was also present in the form of Trump's tariff delays. This enabled BTC to recover slightly but the overall feeling of uncertainty led to volatility across the week for the wider digital asset market.
The uncertainty was reflected in institutional behaviour as digital asset investment products saw their first significant outflows for the year with US BTC ETFs experiencing $580M in outflows while US ETH ETFs fared relatively better with $26M of outflows.

Considering the volatility in global markets across the board, crypto markets have mainly witnessed sideways movements with larger caps holding up fairly well while lower caps continue to bleed slowly.
With no significant price catalysts in the week ahead and a shorter trading week for US markets, another week of sideways price action looks likely. However, SOL holders should keep an eye on the charts with the March 1st unlock of 9.75M SOL drawing closer.

February Weekly Update #4

February 17th to 23rd Recap:

▫️ Strategy announced a $2B Convertible Senior Notes offering
▫️ Bybit hacked for over $1.4B in ETH & CEO Ben Zhou offered 10% recovery bounty
▫️ Bybit hack news led to over $500M of liquidations on Friday
▫️ Arkham Intelligence linked North Korea's Lazarus Group to ByBit exchange hack
▫️ SEC agreed to dismiss lawsuit against Coinbase
▫️ US Senate confirmed pro-crypto Howard Lutnick as Secretary of Commerce
▫️ FTX announced next distribution record date set for April 11, 2025 with distribution on May 30, 2025
▫️ SEC voluntarily dismissed appeal in case to push 'dealer rule' on crypto/DeFi & ended investigation into OpenSea
▫️ Binance.US resumed USD services
▫️ SEC acknowledged 21Shares' proposal to permit staking on ETH ETF
▫️ Curve Finance founder raised funds at $50M token valuation for new project Yield Basis
▫️ Stablecoin supply revealed to have surpassed $215B
▫️ Monthly tx fee spend on Solana reached a new ATH of around 550M in January
▫️ Uniswap Labs released Unichain on mainnet
▫️ Galaxy data revealed 2nd highest daily amount of liquidations on Aave V3 (on ETH) since inception on Feb 3rd
▫️ The 7DMA of tx fees on ETH fell 70% to $0.77 while the median gas price averaged 1.61 GWEI
▫️ Quarterly tx volume on Base reached a new ATH close to 700M in Q4 24
▫️ Hyperliquid completed HyperEVM launch on mainnet

🔼 Bitcoin Weekly High: $99,411
🔽 Bitcoin Weekly Low: $93,938

🔼 Ethereum Weekly High: $2,839
🔽 Ethereum Weekly Low: $2,621

February 24th to March 2nd Upcoming Events:

▪️ February 26 - Nvidia earnings announcement
▪️ February 28 - OP, $33M token unlock
▪️ March 1 - SUI, $65M token unlock
▪️ March 1 - SOL, $2B FTX estate unlock
▪️ March 2 - ENA, $16M token unlock


*Nota Bene:

Despite showing signs of volatility in the week, the market appeared to be attempting to stabilize, however, things were thrown into disarray on Friday as news of the $1.4B Bybit hack began to spread, leading to an inevitable downward spiral.

Over the week, digital asset investment products saw global outflows of around $508M as uncertainty around inflation, trade tariffs, and US monetary policy persisted. The recent trend in diverging ETF flows between BTC & ETH continued as US BTC ETFs bled to the tune of $539M while ETH ETFs attracted around $13M of inflows.

Looking forward, with regards to macro, investors remain curious whether the US administration is only paying lip-service to spending cuts or will actually make a meaningful dent into the $2T a year deficit. It makes sense to keep an eye on the House vote on a senate budget proposal as liberal fiscal policies have been linked to BTC price performance.

Crypto-wise, we can expect further fallout & volatility as a result of the massive ByBit hack possibly centered around speculation on the price of ETH. ByBit are expected to make ETH purchases in order to cover the lost amount, while ETH shorts & selling pressure as a result of the hack may also be a telling factor. The substantial SOL unlock on March 1 may also lead to sentiment turning bearish for the coming week.

March Weekly Update #1

February 24th to March 2nd Recap:

▫️ Strategy acquired an additional 20,356 BTC for $1.99B at $97,514 per BTC
▫️ Trump confirmed US Crypto Strategic Reserve including BTC, ETH, XRP, SOL, & ADA
▫️ $1.4B Bybit hack confirmed as the largest crypto hack of all time
▫️ Bybit released their audit report, highlighting a compromise within SAFE's servers
▫️ Market downturn led to over $4B of liquidations
▫️ BlackRock added to its BTC ETF model portfolio for first time
▫️ SEC closed investigations into Gemini & Robinhood
▫️ CME Group announced SOL futures March 17 launch date
▫️ OKX resolved DOJ charges & agreed to pay over $500M penalty
▫️ Gotbit founder extradited to the U.S. to face charges of market manipulation & fraud conspiracy
▫️ SEC dropped the Consensys MetaMask case
▫️ Bitwise registered Aptos ETF entity in Delaware
▫️ Raise closed $63M funding round led by Haun Ventures to build crypto/gift card platform
▫️ Coinbase plus AI projects including NEAR form alliance to develop open AI services
▫️ MetaMask announced plan to support BTC & SOL in wallet revamp
▫️ Phantom wallet acquired token data platform SimpleHash
▫️ Token Terminal revealed there’s almost 2M tradable assets on Uniswap

🔼 Bitcoin Weekly High: $96,296
🔽 Bitcoin Weekly Low: $78,457

🔼 Ethereum Weekly High: $2,820
🔽 Ethereum Weekly Low: $2,083

March 3rd to 9th Upcoming Events:

▪️ March 3 - SUI, $110M token unlock
▪️ March 5 - ENA, $746M token unlock
▪️ March 5 - Ethereum activates the Pectra upgrade on Sepolia testnet
▪️ March 7 - Trump hosts Crypto Summit
▪️ March 9 - MOVE, $20M token unlock

*Nota Bene:

Yet another tumultuous week in the markets saw BTC drop by approximately 16%, touching lows of $78.5k before going on to recover to $93k. The recovery followed positive news from the White House regarding a US crypto strategic reserve.

US ETFs continued to bleed, however, as BTC ETFs saw $2.3B worth of outflows while ETH ETFs followed suit with $335M of outflows. Globally, digital asset investment products saw a record $2.9B of weekly outflows, bringing the total for three consecutive weeks of outflows to $3.8B.

Looking forward, both crypto & traditional markets are highly sensitive to Presidential announcements with Trump in the midst of repositioning US fiscal & trade policies. As a result, the White House crypto summit will be worth monitoring for any significant announcements, while big unlocks for ENA, SUI & BERA may have an adverse effect on alt price action in the week ahead.

March Weekly Update #2

March 3rd to 10th Recap:

▫️ Trump signed Executive Order to establish US Strategic Bitcoin Reserve & Digital Asset Stockpile
▫️ US Office of the Comptroller of the Currency (OCC) reaffirmed that crypto activities are permissible in the federal banking system
▫️ Mt. Gox moved over $1B worth of BTC to a new address
▫️ World Liberty Financial & Sui signed collaboration & strategic reserve deal
▫️ Volatility Shares filed XRP ETF, 2x XRP ETF, & -1x XRP ETF
▫️ SEC dropped lawsuits against Kraken & Yuga Labs
▫️ Binance announced intention to delist non-MiCA compliant stablecoin pairs for EEA users on March 31
▫️ Foundation Capital raised $600M for Fund 11 focusing on early stage startups
▫️ Across Protocol raised $41M in ACX token sale to investors including Paradigm, Bain Capital Crypto, Coinbase Ventures, & Multicoin Capital
▫️ THORChain saw record $4.6B volume after $1.4B Bybit hack
▫️ SEC started process to drop case against Cumberland DRW
▫️ Berachain staking protocol Infrared raised $14M in Series A token round
▫️ Aave published tokenomics update, incorporating buybacks & fee switch
▫️ Fees paid on Solana network hit $71M in February, the lowest in 4 months
▫️ All-time trading volume on Uniswap surpassed $2.5T

🔼 Bitcoin Weekly High: $92,560
🔽 Bitcoin Weekly Low: $80,126

🔼 Ethereum Weekly High: $2,315
🔽 Ethereum Weekly Low: $1,999

March 10th to 16th Upcoming Events:

▪️ March 12 - US Inflation announcement
▪️ March 12 - APT, $58M token unlock
▪️ March 15 - STRK, $10M token unlock
▪️ March 16 - ARB, $30M token unlock

*Nota Bene:

Despite the White House confirming the Strategic Bitcoin Reserve & Digital Asset Stockpile the market took a downturn as BTC dropped around 14% WoW. The lack of upward price action suggested that the market was underwhelmed at the revelation that the US government would hold seized BTC as opposed to making additional purchases of the asset.

Unsurprisingly, US digital assets ETFs traded down as BTC ETFs bled to the tune of $739M while ETH ETFs recorded outflows worth $94M. Globally, digital asset investment products recorded their 4th consecutive week of outflows, worth $876M, which brought the four week total to a substantial $4.75B of outflows.

While the market may begin to look at current prices ($80 BTC), a favourable inflation announcement on Wednesday could move markets higher further, however, with leveraged traders remaining active during this period a sudden short term move in either direction remains on the cards.

March Weekly Update #3

March 10th to 16th Recap:

▫️Strategy filed to offer up to $21B in preferred stock to raise funds for purposes including potential BTC buys
▫️Trump-backed World Liberty Financial (WLFI) completed $590M token sale
▫️Bank of Russia permitted restricted crypto purchases for investors
▫️Mt. Gox moved over $900M worth of BTC to a new address
▫️Abu Dhabi investment group MGX made $2B investment in Binance
▫️Cantor Fitzgerald selected Anchorage Digital & Copper as custodians for $2B BTC financing business
▫️Spanish bank BBVA received go ahead to offer BTC and ETH trading
▫️Fidelity filed to add staking for ETH ETF
▫️Deutsche Boerse’s Clearstream to offer BTC & ETH custody
▫️Franklin Templeton filed S-1 for XRP ETF & VanEck filed S-1 for AVAX ETF
▫️Coinbase announced plan to launch 24/7 & perpetual style futures in the US
▫️US court allowed 3AC to expand FTX claim to $1.5B
▫️BlackRock's BUIDL crossed $1B, becoming largest tokenized fund tracking onchain treasuries
▫️MoonPay acquired stablecoin firm Iron in $100M deal
▫️Crypto payments firm Mesh raised $82M
▫️StarkWare established BTC reserve amid vision for Starknet to unify BTC & ETH
▫️95% of Solana's total fees came from 1.26% of its wallet addresses over last 30 days
▫️Nearly 25% of total ETH supply revealed to be deposited in DeFi
▫️Solana revealed to occupy a 57% share of the total revenue generated by the top chains in February

🔼 Bitcoin Weekly High: $77,467
🔽 Bitcoin Weekly Low: $80,163

🔼 Ethereum Weekly High: $1,955
🔽 Ethereum Weekly Low: $1,804

March 17th to 23rd Upcoming Events:

▪️March 18 to 20 - NY Digital Asset Summit
▪️March 19 - US Interest rate announcement 🇺🇸 📈 📉
▪️March 19 - IMX, $14M token unlock 🔓
▪️March 23 - MRS, $240M token unlock 🔓

*Nota Bene:

Despite ongoing market volatility, BTC still registered a moderate gain of 2% over the week. However, US BTC & ETH ETFs experienced significant outflows, totaling $830M and $190M, respectively.

Globally, digital asset investment products saw a 5th week of consecutive outflows, totalling $1.7B with BTC accounting for 978M of outflows, while ETH accounted for $176M worth of outflows.
As things stand, tariff concerns continue to exert structural pressure on both crypto & equity markets, overshadowing even positive US inflation data. The upcoming US interest rate decision will be a crucial catalyst, with market participants closely monitoring the Federal Reserve's guidance, even as rates are expected to remain unchanged.

April Weekly Update #1

March 24th to 30th Recap:

▫️Strategy acquired an additional 6,911 BTC for $584.1M at $84,529 per BTC
▫️FDIC clarified that banks can engage in permitted crypto activities without prior approval
▫️GameStop updated investment policy to include BTC as a treasury reserve asset & announced private offering of $1.3B convertible senior notes to purchase BTC
▫️Crypto dot com announced partnership with Trump Media to launch ETFs
▫️World Liberty Financial announced plan to launch USD1, an institutional-ready stablecoin
▫️Kentucky enacted “Bitcoin Rights” bill into law supporting self-custody of cryptocurrencies
▫️BlackRock launched BTC ETP in Europe & expanded $1.7B tokenized money market fund to Solana
▫️Interactive Brokers expanded crypto trading to include SOL, XRP, ADA & DOGE
▫️Custodia & Vantage Bank launched demand deposit backed stablecoin on ETH
▫️Terraform Labs announced intention to open crypto creditor claims portal on March 31
▫️SEC ended investigations into Crypto dot com & Immutable
▫️Fidelity filed for SOL ETF with CBOE & Grayscale filed for AVAX ETF with Nasdaq
▫️Tokenized real-world assets hit a new ATH of $10B in TVL
▫️Crypto market maker DWF Labs established $250M liquid fund
▫️Crypto VC Maven 11 raised $107M for third fund focused on Web3 start-ups
▫️French state-owned bank Bpifrance launched €25M fund for new French crypto tokens
▫️Stablecoin supply on Ethereum reached a new ATH of $132.4B
▫️Base revealed to dominate ERC-4337 adoption, holding at least 38% of weekly successful UserOps since Dec 16, 2024
▫️All-time volume on Uniswap v4 crossed $2.5B, fueled by activity on ETH, ARB, Base & BNB

🔼 Bitcoin Weekly High: $88,538
🔽 Bitcoin Weekly Low: $82,299

🔼 Ethereum Weekly High: $2,098
🔽 Ethereum Weekly Low: $1,817

March 31st to April 6th Upcoming Events:

▪️April 1 - SUI, $143M token unlock 🔓
▪️April 3 - W, $108M token unlock 🔓
▪️April 5 - ENA, $63M token unlock 🔓
▪️April 4 - US unemployment rate announcement 🇺🇸

*Nota Bene:

With global markets trading down, BTC mirrored the trend with a 7% WoW drop & is trading around $82k at the time of writing. US BTC ETFs gained $196M while ETH ETFs lost $8.7M based on 4 days of trading data reported last week.

Globally, digital asset investment products saw $226M of inflows with BTC experiencing $195M of inflows while ETH saw $14.5M worth of inflows. US BTC ETFs offset outflows in other markets possibly in reaction to US core personal consumption expenditure data coming in above expectations. This may imply that the US Federal Reserve is likely to remain hawkish despite recent data alluding to weak growth.

Looking forward, Trump tariffs look increasingly likely to be extensive, & they continue to spook investors who fear these tariffs may spark a recession. Crypto market price action will most likely continue to be driven by macro in the week ahead with the US government planning to announce tariffs targeting major global economies on April 2nd. The magnitude of the announcement can be expected to dictate the strength of price swings in the markets.