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.

April Weekly Update #2

March 31st to April 6th Recap:

▫️Strategy acquired an additional 22,048 BTC for $1.92 B at $86,969 per BTC
▫️GameStop announced $1.48B in net proceeds from notes, to be used for BTC acquisition & corporate purposes
▫️Circle paid $210M in stock to acquire Coinbase’s stake in Centre & filed for IPO
▫️Tether revealed to have purchased 8,888 Bitcoin in Q1, bringing total holdings to $7.8B
▫️Bitwise launched three active option income strategy ETFs; $IMST, $ICOI,& $IMRA which distribute monthly income based on the performance of MSTR, COIN, & MARA.
▫️Fidelity announced that investors can directly invest in crypto through new IRA plan
▫️PayPal added SOL & LINK for customers in the U.S. & U.S. territories
▫️Grayscale filed for SOL ETF & SEC acknowledged filing for Fidelity SOL ETF
▫️SEC indicated that Covered Stablecoins are not considered securities
▫️Dollar stablecoin market cap hit a new ATH of $234.6B on March 27, 2025, up by 15% since the start of 2025
▫️Codex raised $16M to build a stablecoin specific blockchain platform
▫️0xbow launched ‘Privacy Pools’, inspired by Vitalik Buterin’s research with Vitalik one of the first to deposit funds
▫️Uniswap DAO voting resulted in $113M 'Treasury Delegation' program to continue to allocate UNI tokens to delegates
▫️Ethereum developers confirmed May 7 date for Pectra upgrade
▫️Memecoins accounted for 92% of Solana’s DEX volume, despite daily volumes on Solana falling from $12B in January to $720M in March
▫️Ethereum reclaimed 1st spot for DEX trading in March, overtaking Solana for the 1st time since September
▫️DeFi TVL fell 30% from December high to sit at under $95B

🔼 Bitcoin Weekly High: $87,869
🔽 Bitcoin Weekly Low: $78,923

🔼 Ethereum Weekly High: $1,933
🔽 Ethereum Weekly Low: $1,588

April 7th to 13th Upcoming Events:

▪️April 9 - MOVE, $16M token unlock 🔓
▪️April 10 - US inflation announcement 🇺🇸
▪️April 11 - 2nd SEC Crypto Task Force Roundtable 🇺🇸
▪️April 12 - APT, $50M token unlock 🔓
▪️April 12 - AXS, $21.8M token unlock 🔓

*Nota Bene:

As outlined last week, the Trump administration’s sweeping tariff announcements went on to cause severe declines in global markets with crypto markets following suit over the weekend.

BTC recorded another 7% WoW drop trading at around $77.2k at the time of writing while most altcoins saw a percentage loss in the double digits. US BTC ETFs lost $165M in value while ETH ETFs saw outflows worth $50M. Globally, digital asset investment products saw outflows totalling $240M with BTC seeing $207M in outflows, with ETH seeing $37M in outflows with some Canadian buying offsetting the general pattern of outflows.

With the sudden loss of value in the markets over the weekend we can expect to see more outflows on Monday unless institutions see something we have yet to identify.

In the week ahead it will be telling if the Trump administration shows any flexibility in negotiating tariffs which may lead to some recovery but as it stands recession fears have taken center stage. In any case, the frequency of announcements & overall uncertainty with regards to the state of global trade tariffs have the bears firmly in control.

April Weekly Update #3

April 7th to April 13th Recap:

▫️Trump signed resolution to repeal IRS DeFi broker crypto rule
▫️Over $1B worth of liquidations on Monday
▫️Ripple acquired multi asset prime broker Hidden Road for $1.25B
▫️Galaxy Digital received SEC approval for U.S. listing, with Nasdaq debut in May outlined
▫️US Justice Department disbanded crypto enforcement unit
▫️Jack Dorsey’s Block fined $40M for KYC/ AML & crypto compliance failures
▫️CryptoPunk trader pleaded guilty to hiding $13M profits from IRS, faces up to 6 years in prison
▫️SEC approved options on multiple spot ETH ETFs
▫️US Senate confirmed Paul Atkins to lead the SEC under Trump
▫️New York judge ruled against most of DCG’s motion to dismiss NYAG’s civil securities fraud suit
▫️SEC dropped unregistered securities claims against Helium tokens after Nova Labs agreed to $200k settlement
▫️21Shares filed S-1 for Dogecoin ETF
▫️BlackRock added Anchorage Digital as new crypto custodian
▫️Binance announced plan to launch LDUSDT, a second 'reward-bearing margin asset' for its futures platform
▫️Ben Leventhal raised another $50M for crypto dining app Blackbird
▫️Magic Eden acquired crypto trading app Slingshot
▫️Former Ethereum Foundation developer Virgil Griffith released from prison
▫️Daily active addresses on Sui Network jumped to 2.2M
▫️Data revealed that Raydium accounts for close to 50% of total DEX volume on Solana in 2025
▫️MegaETH revealed to lead EVM chains in computational throughput

🔼 Bitcoin Weekly High: $85,778
🔽 Bitcoin Weekly Low: $75,005

🔼 Ethereum Weekly High: $1,682
🔽 Ethereum Weekly Low: $1,406

April 14th to 20th Upcoming Events:

▪️April 15 - STRK, $16M token unlock 🔓
▪️April 15 - “Vitalik: An Ethereum Story,” premiers globally on Apple TV & Prime Video 📺
▪️April 15 - SEI, $10M token unlock 🔓
▪️April 16 - ARB, $28M token unlock 🔓
▪️April 17 - Slashing goes live on EigenLayer mainnet
▪️April 18 - TRUMP, $325M token unlock 🔓

*Nota Bene:

With the markets in a state of uncertainty due to the developing trade tariff wars, a 90 day pause in tariffs for most countries by the US was viewed favorably as BTC climbed around 5% WoW.

Despite the price gain, US BTC ETFs lost $707M while ETH ETFs lost $82M over the 4 day period with available reporting data. Globally, digital asset investment products saw $795M in outflows last week

While the overall macro outlook remains uncertain, crypto industry-specific developments continue in a positive trend as regulatory clarity around stablecoins (non-interest bearing), crypto-friendly appointments, & the DoJ pulling back on non-criminal oversight are all positive for the space. Additionally BTC on-chain data (30-day sum of long-term holdings) showed long-term holders accumulating at current price levels which shows that a significant cohort sees value at these price-levels.

Looking forward, volatility is expected to continue in the week ahead, with any tariff updates on China or otherwise potentially being the main catalysts behind sharp moves in either direction.

April Weekly Update #4

April 14th to 20th Recap:

▫️Strategy acquired an additional 3,459 BTC for $285.8M at $82,618 per BTC
▫️MANTRA's token fell 90% in 24 hour crash, losing $5.25B in market cap
▫️Securitize acquired MG Stover's digital asset fund administration unit; resulting in $38B in assets under administration
▫️Semler Scientific filed $500M offering to fund BTC purchases after reporting $42M BTC paper loss
▫️Crypto exchange OKX relaunched in U.S. after settling with DOJ for $500M
▫️BTC miner CleanSpark announced $200M BTC-backed credit facility from Coinbase
▫️Tether announced strategic investment in self custody wallet provider Fizen
▫️Solana-based Solayer introduced new non-custodial crypto debit card
▫️Privacy focused exchange eXch shutting down operations amid links to laundering Bybit hack funds
▫️ZKsync disclosed $5M attack from compromised airdrop admin account
▫️World Liberty Financial received $25M investment from DWF Labs
▫️Treehouse Labs secured a strategic funding round at a $400M valuation
▫️MIT-incubated Optimum raised $11M seed round to build blockchain agnostic memory layer enhancement protocol
▫️Applications on Ethereum revealed to have generated $1.01B in fees during Q1 2025
▫️Applications on Base revealed to have generated $193.4M in fees during Q1 2025
▫️DeFi revealed to now comprise 60% of all crypto lending
▫️Arbitrum became the first L2 to cross $300B in volume on Uniswap

🔼 Bitcoin Weekly High: $85,940
🔽 Bitcoin Weekly Low: $83,205

🔼 Ethereum Weekly High: $1,674
🔽 Ethereum Weekly Low: $1,557

April 21st to 27th Upcoming Events:

▪️April 23 - MURA, $4M token unlock 🔓
▪️April 25 - VENOM, $8.3M token unlock 🔓
▪️April 25 - 3rd US Crypto Policy Roundtable 🇺🇸

*Nota Bene:

The past week proved to be quite neutral for both global markets & crypto as BTC traded a little shy of 2% up WoW. This was reflected in ETF flows as US BTC ETFs gathered only $13M in flows while ETH ETFs lost $32M over the shortened four day trading week.

By contrast, digital asset investment products in Europe & Canada reflected a more positive sentiment, with inflows of $43.7M in Switzerland, 22.3M in Germany, & $9.4M in Canada leading to combined inflows worth $75.4M.

Rather unsurprisingly, US trade policy continues to dominate markets as Trump's announcement around exempting electronics from tariffs led to a rally in the market early this week before normalizing. However, crypto-specific regulatory news continues to veer towards positivity as Fed Chair Powell voiced support for stablecoin regulation and responsible banking involvement with the crypto industry. In the coming week, tariffs again will continue to be the major price catalyst with any announcements concerning US trade deals with Japan or Italy probably moving markets favorably.

April Weekly Update #5

April 21st to 27th Recap:

▫️Strategy acquired an additional 6,556 BTC for $555.8M at $84,785 per BTC
▫️Cantor struck $3B crypto venture deal with Softbank & Tether
▫️DeFi Development Company, filed $1B shelf offering with SEC to boost SOL treasury
▫️SOL Strategies secured $500M convertible note facility to expand SOL holdings
▫️U.S. Federal Reserve withdrew guidance for banks related to their crypto-asset & dollar token activities
▫️DeFi Development (JNVR) raised SOL holdings to $48M with discounted token purchase via BitGo
▫️Tether announced additional share purchases in Juventus FC to cross 10% stake
▫️BlackRock’s BUIDL fund surpassed $2.3B in supply, one month after crossing the $1B mark
▫️Mantle launched $400M Mantle Index Four (MI4) fund with Securitize as tokenization partner
▫️21Shares filed for SUI ETF & Bitwise registered a NEAR ETF in Delaware
▫️RockawayX raised $125M for 2nd fund to primarily invest in Solana projects
▫️Paradigm injected close to $50M into decentralized AI startup Nous Research at $1B valuation
▫️Paradigm-backed restaking protocol Symbiotic raised $29M in Series A funding
▫️Stablecoin transaction volumes revealed to have eclipsed Visa's for the first time in 2024 at close to $14T
▫️Messari revealed that 6 entities currently issue over 90% of all tokenized treasuries
▫️TRON network surpassed $70B in circulating USDT
▫️Applications on BNB revealed to have generated $170.2M in fees during Q1 2025

🔼 Bitcoin Weekly High: $95,586
🔽 Bitcoin Weekly Low: $85,171

🔼 Ethereum Weekly High: $1,844
🔽 Ethereum Weekly Low: $1,566

April 28th to May 4th Upcoming Events:

▪️April 30 - OP, $25M token unlock 🔓
▪️April 30 - Hong Kong's BTC & ETH ETFs to begin trading 🇭🇰
▪️May 1 - SUI, $266M token unlock 🔓
▪️May 1 - ZETA,, $11M token unlock 🔓
▪️May 2 - ENA, $14M token unlock 🔓
▪️May 2 - US unemployment rate announcement 🇺🇸

*Nota Bene:

Trump softening his tone on China & displaying a willingness to negotiate led to a positive week for crypto & the markets broadly. As a result, the total crypto market cap & BTC both recorded over 10% WoW gains with BTC touching $95.3k before trading at around $94k at the time of writing.

ETF flows matched the bullish sentiment as US BTC ETFs generated $3.03B worth of inflows while ETH ETFs drew in a comparatively low $156M of inflows highlighting the narrative issues ETH is facing. Globally, digital asset investment products saw a total of $3.4B last week, the 3rd largest inflows on record, & the largest inflows since mid-December 2024. BTC products attracted $3.18B in inflows while ETH products saw $183M worth of inflows breaking an 8-week run of outflows.

BTC specifically benefited from the macro developments & other positive news including Cantor Equity Partners’ announcement of a BTC holding company (Twenty One Capital). Interestingly, BTC promisingly moved sharply inverse to gold, a trend which could cement the digital asset’s position in a range of client portfolios if it remains constant.

While tariff-related headline risks remain in the week ahead it will be worth paying attention to see if macro news such as a potentially weaker US unemployment announcement on Friday impacts prices.

May Weekly Update #1

April 28th to May 4th Recap:

▫️Strategy acquired an additional 15,355 BTC for $1.42B at $92,737 per BTC
▫️Tether revealed quarterly operating profit over $1B in Q1 2025, & holdings close to $120B in U.S. Treasuries
▫️Kraken announced Q1 revenue hit $472M, marking a 19% year-over-year increase
▫️Strategy announced plan to offer up to $21B in class A stock via ATM sales agreement
▫️Metaplanet revealed plan to establish US subsidiary, capitalized with $250M to fund BTC treasury strategy
▫️Libre & TON Foundation launched $500M Telegram Bond Fund ($TBF) on TON Blockchain
▫️EU announced plan to ban anonymous crypto accounts & currencies by 2027 under new AML rules
▫️Arizona Legislature passed Bitcoin reserve bills
▫️SEC ended investigation into PayPal’s PYUSD stablecoin
▫️Mango Markets exploiter Avaraham Eisenberg sentenced to 52 months in prison
▫️Coinbase launched the institutional Coinbase Bitcoin Yield Fund offering 4% to 8% yield on BTC
▫️Crypto VC dao5 closed $222M second fund after investments in Berachain & Bittensor
▫️Camp Network raised $25M for AI blockchain platform helping firms collect AI copyright royalties
▫️Andreessen Horowitz led $25M round for ZK privacy project Miden, an offshoot of Polygon Labs
▫️Quarterly tx fee revenue on ETH revealed to be down 95% from ATH in Q4 2021
▫️SOL shown to have outpaced every other chain in revenue generation for Q1 2025
▫️Circle's stablecoin supply shown to be up 37.22% since early 2025
▫️15.4M unique addresses interacting with a chain in the ETH ecosystem in a given week represented a new ATH
▫️ETH researcher Dankrad Feist proposed 100-fold 'exponential' gas limit boost to improve mainnet scaling

🔼 Bitcoin Weekly High: $97,754
🔽 Bitcoin Weekly Low: $93,412

🔼 Ethereum Weekly High: $1,866
🔽 Ethereum Weekly Low: $1,749

May 5th to 11th Upcoming Events:

May 5 - ENA, $50M token unlock 🔓
May 7 - KAS, $13M token unlock 🔓
May 7 - US interest rate announcement 🇺🇸
May 7 - Ethereum’s Pectra Upgrade Mainnet Activation
May 9 - MOVE, $8M token unlock 🔓
May 11- LAYER, $80.5M token unlock 🔓

*Nota Bene:

Global markets generally had a positive week as BTC tread water price-wise & closed the week neutral WoW despite strong flows into ETFs. US BTC ETFs recorded $1.8B worth of inflows while US ETH ETFs also recorded another positive week with $108M worth of inflows.

Globally, digital asset investment products recorded a third consecutive week of inflows worth $2B with BTC recording $1.8B worth of inflows while ETH saw $149M worth of inflows.
Strength in both traditional & digital asset markets was partly caused by a surprisingly strong Big Tech earnings season compounded by a strong US jobs report that highlighted the relative strength of the US economy despite lingering tariff threats.

Looking forward, with the Fed rate announcement in the week ahead along with the consensus being that rates will hold steady; the tone of the economic guidance given by Fed Chair could result in notable market movements soon afterwards.

May Weekly Update #2

May 5th to 11th Recap:

▫️Strategy acquired an additional 1,895 BTC for $180.3M at $95,167 per BTC
▫️Coinbase announced $2.9B deal to acquire crypto options platform Deribit
▫️New Hampshire passed the 1st US state 'Strategic Bitcoin Reserve' bill
▫️Arizona became 2nd US state to enact crypto reserve bill
▫️Dubai based MBS Global Investments announced plan to build $9B blockchain hub in the Maldives
▫️Cumulative inflows into the BTC ETFs hit a new ATH of $40.62B
▫️US Senate voted to halt stablecoin bill amid rising concerns over Trump's crypto involvement
▫️Senate Democrat opened investigation into Trump's crypto businesses
▫️SEC reached $50M settlement with Ripple ending landmark case
▫️Bitwise filed S-1 for NEAR ETF
▫️Celsius founder Alex Mashinsky sentenced to 12 years for crypto fraud
▫️Stablecoin tx volumes revealed to have hit a new ATH of $1.82T last month
▫️98% of tokens on Pump. Fun reported to have been rug pulls or an act of fraud
▫️Jump Crypto secured 'strategic' equity stake in Securitize
▫️Web3 consumer rewards platform T-Rex secured $17M in pre-seed funding
▫️Arbitrum DAO approved 35M ARB allocation to tokenized US Treasurys from Franklin Templeton, Spiko, & WisdomTree
▫️VCs shown to have invested $4.8B (+54% QoQ) into crypto/web3 across 446 deals in Q1, 2025
▫️Lido 'secure' after oracle compromise sparked emergency DAO vote
▫️ETH developers activated Pectra upgrade with 11 changes to improve UX, validator ops & L2 scaling
▫️DEX TVL on ETH revealed to be down around 90% from ATHs, while monthly DEX volume is down around 55%
▫️Unichain hit a 50% market share & overtook ETH as the leading chain for Uniswap v4
▫️The weighted average cost to produce 1 BTC among publicly listed miners revealed to have jumped by 47% to $82,162 in Q4 2024

🔼 Bitcoin Weekly High: $104,869
🔽 Bitcoin Weekly Low: $93,799

🔼 Ethereum Weekly High: $2,589
🔽 Ethereum Weekly Low: $1,760

May 12th to 18th Upcoming Events:

▪️May 12 - SEC Crypto Crypto Task Force Roundtable on Tokenization 🇺🇸
▪️May 13 - US Consumer Price Index announcement 🇺🇸
▪️May 14 to 16 - Consensus Toronto 2025
▪️May 15 - STRK, $24M token unlock 🔓
▪️May 15- SEI, $14.5M token unlock 🔓
▪️May 16 - IMX, $18M token unlock 🔓
▪️May 16 - ARB, $41M token unlock 🔓
▪️May 17 - AVAX, $42M token unlock 🔓

*Nota Bene:

The markets soared in the week as multiple positive news developments hit media outlets, with the most significant being the announcement of a US/UK deal & Trump calling a "total reset" on US-China trade ties.

At the time of writing BTC is trading up 10% WoW, touching $105k over the weekend while ETH rallied a massive 40% WoW crossing $2,500. Possibly powered by a successful Pectra mainnet deployment.

Strong weekly BTC ETF flows continued with US BTC ETFs accumulating $921M as US ETFs reached a record $62.9B in cumulative net inflows since launching in January 2024. Globally, digital asset investment products saw $882M in inflows last week, as outflows in Canada, Hong Kong, & Sweden brought the inflow total down slightly. However, the positive 7 day period marked 4 consecutive weeks of gains & brought YTD inflows to $6.7B.

Considering last week’s rally, the week ahead could be one of consolidation unless further promising details regarding US-China trade negotiations emerge or a weaker than expected US Consumer Price Index reading is announced on Tuesday.

May Weekly Update #3

May 12th to 18th Recap:

▫️Strategy acquired an additional 13,390 BTC for $1.34B at $99,856 per BTC
▫️Coinbase announced as 1st crypto firm to join the S&P 500
▫️FTX Recovery Trust announced plan to pay over $5B to creditors in 2nd distribution on May 30
▫️Twenty One Capital purchased 4,812 BTC for $458.7M at an average price of $95.3K via Tether
▫️Singapore’s Basel Medical Group announced $1B BTC acquisitions for corporate treasury
▫️Dubai government announced move to accept crypto payments through Crypto. com partnership
▫️Nasdaq-listed GD Culture Group announced $300M share sale to acquire BTC & TRUMP
▫️Cyber criminals bribed overseas support agents to steal Coinbase customer data
▫️Nakamoto Holdings raised $710M & announced merger with KindlyMD to establish BTC Treasury
▫️Thailand announced plan to issue $150M digital investment “G Token”
▫️SEC delayed Grayscale spot Solana ETF
▫️Sonic Labs secured court order to liquidate Multichain Foundation to recoup losses from $210M exploit
▫️Anchorage Digital announced plan to acquire USDM issuer Mountain Protocol in stablecoin expansion move
▫️VanEck launched the VanEck Treasury Fund (VBILL) with Securitize on AVAX, BNB, ETH, & SOL
▫️Yuga Labs sold CryptoPunks IP to the Infinite Node Foundation
▫️Tether's USDT supply surpassed $150B
▫️Aave's TVL hit a new ATH at $25B
▫️Stablecoin usage on Base hit a new ATH in Q1 '25 with $3.81T in quarterly tx volume
▫️ETH stablecoin volume hit a new ATH in April at $908B

🔼 Bitcoin Weekly High: $105,844
🔽 Bitcoin Weekly Low: $101,500

🔼 Ethereum Weekly High: $2,715
🔽 Ethereum Weekly Low: $2,425

May 19th to 25th Upcoming Events:

▪️May 19 - Coinbase added to the S&P 500 index 📈
▪️May 19 - PYTH, $24M token unlock 🔓
▪️May 22 - US Initial jobless claims results 🇺🇸
▪️May 22 - MRS, $176M token unlock 🔓

*Nota Bene:

In line with last week's prediction, the past 7 days saw mostly sideways price action with BTC currently trading 0.8% up at time of writing. The US inflation rating came in softer than expected, especially considering economists had expected tariff related increases that didn't show in this month's CPI reading of 2.3% YoY & 0.2% MoM.

There was another strong week of US ETF flows as BTC ETFs drew in $608M while ETH ETFs amassed $41M of inflows. Globally, digital asset investment product inflows hit $785M with BTC seeing 557M worth of inflows while ETH saw $205M in inflows, driven by the Pectra upgrade & leadership changes. Regionally, there were significant inflows in the US ($608M) & Germany ($86.3M) while Sweden, Canada, & Brazil saw outflows. Looking forward as major equity indices rallied considerably last week & there are no obvious near-term crypto price catalysts, another week of consolidation looks most likely.