Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | February 23 - March 1, 2025

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Crypto Weekly Recap

Bitcoin:

• Weekly performance: -11.69%
• US Spot BTC ETFs: -$2.61B
• BTC closed February with a -17.39% loss.
• Liquidity remained a major issue as BTC's fragility triggered panic, as highlighted by AltCryptoTalk founder Sjuul.
• Global crypto investment products saw $508M in net outflows last week, marking a second consecutive week of withdrawals.
• BTC plunged from nearly $97K over the weekend to a yearly low of $78.5K on Friday, falling into its CME gap range.
• Macro uncertainty from risk aversion, Trump’s tariff announcements, stock declines, and ETF sell-offs (including BlackRock's BTC transfers to Coinbase Prime) triggered broad market crashes. The Bybit hack added pressure but was resolved quickly.
• In a low-liquidity market, even bullish news like SEC’s closed investigations and Strategy’s $2B BTC purchase failed to lift prices, instead raising concerns over potential forced BTC liquidations as MSTR stock dropped.
• US spot BTC ETFs saw eight straight days of outflows, peaking at a record $1.14B on Tuesday, bringing the weekly total to - $2.61B, before a modest $94.34M inflow on Friday.
• Before the biggest crash, short-term holders moved 79,300 BTC (~$7B) to exchanges on Wednesday.
• Days later, BTC hit $78.5K for the first time in over three months, while the Fear & Greed Index dropped to 10, its lowest since June 2022, before recovering to 20 as BTC bounced back to $85K but remained in Extreme Fear.
• The United States Strategic Bitcoin Reserve legislation remains in progress, with 18 states pending, 2 considering, and 5 rejecting the proposal.
• Analysts warned that despite the rebound, new buyers might struggle to sustain momentum, risking a retest of recent lows—though recent drawdowns could offer prime buying opportunities for long-term investors.

Ethereum:

• Weekly performance: -16.07%
• US Spot ETH ETFs: -$335.35M
• ETH closed February with a -31.95% loss.
• Dropped from $2,800 over the weekend to under $2,100 on Friday before rebounding above $2,200.
• Despite Solana’s struggles with FUD, unlock sell-offs, and user decline, ETH faced its own issues: Bybit hacker’s dump, low activity, ETF outflows, Pectra testnet failure, and leadership debates.
• Ether options traders adopted cautious strategies, anticipating a bearish March.
• Analysts remain optimistic. CryptoQuant CEO Ki Young Ju highlighted four bullish catalysts for ETH in 2025. On-chain data shows no significant sell pressure despite the Bybit hack.
• Approved and active U.S. ETFs could spark a "Large Cap ETF altseason," benefiting ETH. Whale accumulation is rising, with wallets holding 10,000–100,000 ETH up 24% YoY.
• $2,000 is a key support level; losing it could lead to a drop toward $1,500.

Altcoins:

• Infini exploited for $49M in a stablecoin neobank attack.
• Raydium’s token fell as Pump.fun tested its AMM feature.
• Ox.Fun, backed by Su Zhu, denied insolvency claims amid a JefeDAO feud.
• Celo, Chainlink, and Hyperlane launched cross-chain USDT on OP Superchain.
• Tron to introduce 'Gas Free' USDT transactions next week.
• CZ disclosed his crypto portfolio and took a new role at YZi Labs.
• Bgin Blockchain plans a $50M IPO for its crypto mining equipment.
• Jailed FTX founder SBF’s tweets fueled an FTT price surge.
• Hamster Kombat launched a gaming-focused Layer-2 on TON.
• Pump.fun’s X account was hacked to promote a fake governance token.
• Polygon could lose $300M in TVL as Aave votes to halt PoS chain lending.
• Hackers are using fake GitHub projects to steal crypto, per Kaspersky.
• Binance responded to an SMS phishing attack, planning a new security feature.
• Ex-House Financial Services Chair Patrick McHenry joined a16z as senior advisor.
• Mask Network founder’s account hacked in a $4M crypto theft.
• Solana’s proposal to cut inflation by 80% heads to a community vote, to be listed on CME futures on Mar. 17.
• Phantom acquired SimpleHash to provide real-time token data.
• Ondo Finance joined Mastercard’s MTN for on-chain treasuries.
• Uniswap partnered with Robinhood, MoonPay, and Transak for native off-ramps.
• Bittensor introduced $25M in on-chain coverage to protect network participants.
• CoW Swap’s market share hit 26%, challenging 1inch in DEX aggregation.
• Coinbase-backed Base rolled out upgrades aiming to double Solana’s speed.
• Bitwise raised $70M to expand its crypto offerings.
• Sixth Street invested $200M in blockchain lender Figure.
• Ethena raised $100M to launch its new USDe stablecoin.
• MEXC invested $20M in Ethena’s synthetic stablecoin USDe.

Bybit’s $1.4 Billion Hack Linked to SafeWallet Breach

Bybit's $1.4 billion hack, attributed to North Korea's Lazarus Group, exposed significant vulnerabilities in third-party custody solutions, particularly SafeWallet. A forensic investigation revealed that compromised developer credentials facilitated unauthorized transactions through SafeWallet's multi-signature system. The breach was executed via a malicious JavaScript payload affecting SafeWallet's AWS infrastructure. In response, SafeWallet initiated a security overhaul. Bybit blames SafeWallet for the lapse and offers reimbursement to affected users. The FBI confirmed the attack's origin and warned of rapid laundering of stolen assets, with $400 million moved soon after. Additionally, THORChain's involvement in the laundering process sparked criticism and protests.

SEC Eases Crypto Crackdown, Closes Major Investigations on Major Crypto Firms

The SEC has significantly eased its crypto crackdown, closing investigations into major firms like OpenSea, Robinhood, Uniswap, Coinbase, and Gemini, signaling a shift towards a more collaborative regulatory approach. Notable metrics include Robinhood's stock rising 2.4% following the dropped probe, and a 700% surge in crypto-related transaction revenue, contributing nearly half of Robinhood's $672 million Q4 income. The SEC's actions reflect a shift under President Trump’s administration, aiming to balance regulation with innovation, as the crypto industry seeks compliance frameworks while maintaining growth. Ongoing investigations, such as that of Ripple, remain unaffected by this policy change.

OKX Settles $500M Compliance Case; New Crypto Regulations in Dubai and Pakistan

Recent developments in the crypto landscape include OKX's $500 million settlement with U.S. authorities for compliance lapses, including over $5 billion in suspicious transactions. In legislation news, Rep. Sam Liccardo's MEME Act seeks to prohibit politicians from endorsing memecoins, linked to Trump’s recent launches. South Korea's Upbit faces a three-month customer ban due to KYC violations. The Ethereum Foundation donated $1.25 million for Tornado Cash developer Alexey Pertsev’s legal defense. Dubai's VARA introduced regulations for transparency and market integrity, while Pakistan plans a National Crypto Council to regulate digital assets amid growing crypto interest.

Crypto ETF Momentum Builds: HBAR, Solana, Cardano, Polkadot, and Aptos Proposals Gain Traction

The recent surge in cryptocurrency ETFs includes Nasdaq's filing for the Canary HBAR Spot ETF and Franklin Templeton's proposal for a Solana ETF with staking features. Grayscale's Cardano ETF filing has boosted approval odds to 64%. Nasdaq also filed for a Grayscale Polkadot ETF, while Solana futures ETFs debuted on the DTCC, enhancing optimism for spot approvals. Bitwise registered an Aptos ETF, triggering a 10.63% price surge for APT. The SEC has delayed its Ether ETF options decision until May 2025, highlighting the evolving landscape of crypto investments as institutional interest continues to grow.

Bitcoin Accumulation Surge: Strategy, El Salvador, and Metaplanet Lead 

This week, major players in Bitcoin accumulation include Strategy, which acquired 20,356 BTC for $1.99B, raising its total to nearly 500,000 BTC and resulting in a $14.8B unrealized profit. El Salvador increased its holdings to 6,088 BTC with a recent purchase of 7 BTC, while Metaplanet added 135 BTC, targeting 10,000 BTC by year-end. HK Asia Holdings grew its Bitcoin stash to 8.88 BTC, leading to a 1,700% stock surge in 2025. Rezolve Ai launched a $1B initiative to enhance Bitcoin payment solutions, reflecting a strategic shift toward cryptocurrencies amid market fluctuations and inflation concerns.

Controversy Erupts Over Ethereum Foundation's New Advisory Council Amid Transparency Concerns

The Ethereum Foundation's new advisory council, the Silviculture Society, has sparked controversy, raising concerns about transparency and governance. The 15-member council, formed as an experiment to enhance communication, operates without authority or financial compensation. Uniswap founder Hayden Adams criticized the initiative, suggesting it fails to address longstanding demands for clearer communication and transparency. While Ethereum co-founder Vitalik Buterin defended the group, highlighting its alignment with cypherpunk values, unease persists due to recent leadership changes and scrutiny of the Foundation’s treasury management following Ethereum’s market underperformance in 2024. Calls for better financial disclosures are intensifying within the community.

Institutions Embrace Crypto: DekaBank, Citadel, BlackRock, and Bank of America

Institutions are increasingly engaging in cryptocurrency, with DekaBank launching trading and custody services for institutional clients, while Citadel Securities explores market-making for major exchanges. Bank of America plans a stablecoin launch pending U.S. legislation, as the stablecoin market reaches $232 billion. Metro department store in Singapore accepts stablecoin payments, and PayPal expands its PYUSD stablecoin to 20 million businesses despite market challenges. Notably, Deutsche Telekom joins the Injective blockchain as a validator, and BlackRock adds the iShares Bitcoin Trust ETF to its model portfolios, reflecting a strategic shift towards institutional adoption amid evolving market dynamics.

MetaMask Unveils 2025 Roadmap with Exciting Features to Come

MetaMask's 2025 roadmap aims to enhance Web3 engagement through features like programmable accounts, gas-free transactions, and multichain support. Key updates include integrating Solana by May and Bitcoin by Q3 2025, along with a Multichain API launching in June for seamless dapp connectivity across networks. Users will benefit from ERC-5792 batched transactions and gas-included swaps for all transactions, simplifying interactions. The introduction of the MetaMask Delegation Framework enhances security by allowing customizable permissions. The revamped UI, Profile Sync, and support for multiple Secret Recovery Phrases will further streamline the user experience.

Top Weekly Altcoin Gainers and Losers

Gainers:

Story IP (+25.45%)

Berachain BERA (+18.52%)

Celestia TIA (+17.77%)

Aptos APT (+6.64%)

Hedera HBAR (+6.33%)

Losers:

Lido DAO LDO (-27.67%)

Bittensor TAO (-26.39%)

Aave AAVE (-23.97%)

Mantle MNT (-22.12%)

Kaspa KAS (-21.35%)