Good Morning,

Here's a quick preview of today’s content: Circle begins preparing for IPO with the help of massive banking institutions, Robinhood is mega bullish on tokenization, Larry Fink’s Blackrock turns extra bearish on USD (no surprisingly), BTC dominance reaches 3 year high, Hedera showcases new secure enterprise network, and so much more.

Happy Tuesday – Let’s dive in.

Market Snapshot

As of 3/31/2025. Data per CoinMarketCap.

  • Bitcoin Rebounds Slightly: After a weekend sell-off, Bitcoin recovered to $83,000, though market sentiment remains weak due to concerns over Trump's proposed aggressive tariffs

    • Long-Term Holding Grows: The 1Y+ HODL wave indicator shows more investors are holding Bitcoin long-term, suggesting confidence in its future despite short-term volatility

  • Tariff Uncertainty Looms: Markets are focused on Trump’s upcoming tariff policies, set to be unveiled on April 2 (“Liberation Day”), with fears over their economic impact causing widespread caution

    • Potential Turning Point: Analysts suggest April 2 could mark the peak of tariff-related fear, possibly ending a bearish narrative that has weighed on crypto and broader markets

Headline Roundup
The major headlines driving crypto markets

  • Circle hires the gold standard of Wall Street banks to underwrite the upcoming IPO that may file as early as next month (BA)

  • Eric Trump and Donald Trump Jr. enter the Bitcoin mining business with new venture (BA)

  • Japan’s Nikkei dips 4% as MetaPlanet issues $13.3M in new bonds to buy more Bitcoin (MI)

  • Coinbase CEO slams stablecoin rules, see his full statement here (TD)

  • Vlad Tenev wants to tokenize SpaceX and OpenAI on Robinhood (BA)

  • Senator Tommy Tuberville introduces bill for Americans to invest retirement accounts into crypto (WG)

  • Elon Musk teases Vine revival with Solana-based meme coin launch (DE)

  • MicroStrategy with another massive $1.9B purchase between March 24-30, at an average price of $86,969 (BA)

  • FTX to begin $11.4B in creditor repayments on the 30th after 27-month legal battle (TD)

  • BlackRock CEO warns USD could lose reserve status to Bitcoin as debt rises (TD)

  • OKX Chief Legal Officer Mauricio Beugelmans leaves the exchange (CD)

  • Tether has acquired an additional 8,888 Bitcoin, valued at approximately $735M, in the first quarter of 2025 (TD)

  • Elon Musk denies U.S. government plans to use Dogecoin (DE)

  • NFT marketplace X2Y2 shuts down to pivot into crypto AI sector (TB)

  • Pumpswap DEX surges to $10B in volume over 10 days, capturing 67.4% of Solana market (TD)

  • Bithumb records $110M in net profits for 2024 (TB)

  • ETH/BTC ratio drops to 0.02193, lowest level since June 2020, with BTC above $80K (TD)

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M&A Announcements

  • Archax acquires FINRA-regulated broker-dealer to offer tokenized assets in the U.S. (CD)

Launches

  • Hedera unveils HashSphere, a new EVM-compatible enterprise blockchain using Hashgraph tech (TB)

  • Chainlink has launched its Payment Abstraction system on the Ethereum mainnet (TD)

  • Gunzilla Games officially launches GUN token and hits $68M market cap (BW)

  • Visa to launch tokenized asset platform on Ethereum with pilot programs set for 2025 (TD)

  • Nasdaq files to launch new Grayscale Avalanche (AVAX) exchange-traded fund (DH)

Venture Capital

  • Ambient closes $7.2M seed round from a16z’s crypto accelerator and Delphi Digital for AI blockchain solution (CD)

  • The9 Limited, an internet GameFi company, receives $8M investment from crypto funds Elune Capital, Fine Vision Fund, and Bripheno (PN)

  • V3V ventures announces investment into Aptos staking protocol Amnis Finance (V3)

Regulation

  • Rhode Island bill would allow residents to spend $10K monthly in Bitcoin tax-free (BM)

  • U.S. CFTC withdraws 2 crypto advisories citing market growth and need for fairness (CD)

  • Brazil bars major pension funds from investing in cryptocurrencies (CD)

  • Crypto was once banned in Bolivia, now it has new protective policies (CT)

Cybersecurity

  • T-Mobile to pay $33M settlement from Sim Swap Hacks that lead to $38m of stolen crypto (TN)

  • Crocodilus malware is draining crypto wallets via Android devices (DE)

  • SIR.trading defi protocol loses $355k from exploit (CN)

  • Iran investigates corruption after officials found with $21M in crypto (DE)

  • North Korean cyber attacks are improving drastically in sophistication (CT)

  • Palo Alto Networks reveals Q1 saw 60+ hacks resulting in $1.6B+ stolen assets (CC)

Extra Reads

  • How Brian Armstrong’s vision for a “PayPal for Bitcoin” evolved into Coinbase, one of the most influential companies in crypto

Here’s the full story of the journey here

  • Some feel that Trump's crypto dealings are making regulation more complicated

Here’s what the House Financial Services Committee Chair French Hill had to say about it

Chart of the Day

Ethereum investors have not made a return from any purchase point in 2021

Meme Dump

Pls send us crypto memes to be featured in the newsletter 🤝

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