Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | March 23 - 29, 2025

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Crypto Weekly Recap

Bitcoin:

• Weekly performance: -1.86%
• US Spot BTC ETFs: +$196.48M
• Digital asset investment products saw $644M in inflows, ending a five-week outflow streak, with Bitcoin leading at $724M.
• On Monday, BTC peaked at $88,600 as technicals improved and the White House softened its stance on tariffs.
• On Wednesday, BTC pulled back to $86,173 due to technical resistance and renewed downside caution.
• On Thursday, the market consolidated with a high of $87,790 as traders awaited regulatory clarity and reacted to Trump's 25% auto tariff announcement.
• On Friday, BTC dropped sharply to $83,530 amid hot core PCE inflation data, profit-taking, and Trump's threats of deeper tariffs on Canada and the EU.
• BTC hovered above $83,900, signaling ongoing caution over macro risks and potential consolidation.
• BTC was on track for its worst Q1 close since 2020, down approximately 10.45%, with news like Strategy's 500K+ BTC holdings and GameStop’s plans failing to sustain a rally.
• April 2 was marked as "Liberation Day," with new tariffs planned on countries imposing trade barriers on the U.S., triggering volatility prep across financial markets.

Ethereum:

• Weekly performance: -4.65%
• US Spot ETH ETFs: -$8.64M
• ETH has been down 43.91% this quarter, on track for its worst quarterly performance since Q1 2018 (-46.61%).
• Ethereum’s transaction fee revenue dropped ~95% from its Q4 2021 peak to $217M in Q1 2025, with just $100K generated on Monday due to lower L2 and NFT activity, as per DefiLlama.
• Ethereum's burn rate hit a record low at 53.07 ETH (~$106K), reflecting weak network demand despite stablecoin supply hitting a record $132.4B.
• ETH traded above $2,000 early in the week but fell below that level by Wednesday as bearish TA and correction pressure weighed on price.
• On Friday, ETH plunged to ~$1,860 amid macro uncertainty, risk-off sentiment, and a $46M exploit tied to hacked Coinbase-linked wallets, including a 14,064 ETH ($27.5M) dump.
• ETH held on centralized exchanges dropped to 14%, nearing its all-time low, per Glassnode.
• Ethereum’s Pectra upgrade was confirmed for April 30 following a successful Hoodi testnet.
• Key focus areas this week included:
  • Stablecoin developments from both crypto-native and TradFi players.
  • BSC ecosystem activity, boosted by CZ’s engagement via Reachme.io and Binance’s listing vote, which saw 4 tokens listed.
  • DeFi growth on alt L1s like Sonic and Berachain, which saw rising TVL and user activity.
  • Ghibli-themed meme coins surge as ChatGPT-4o reveals new anime feature.

Altcoins:

Stablecoins & Payments

• World Network in talks with Visa to launch stablecoin wallet
• Circle’s USDC becomes first approved stablecoin in Japan

Banking, IPOs & Regulatory Moves

• Kraken explored $1B debt raise with Goldman Sachs and JPMorgan
• eToro filed publicly for a U.S. IPO
• Polymarket and UMA to enhance monitoring after Ukraine Rare Earth issue
• Binance suspended Wallet staff and banned MOVE market maker
• Global crackdown recap: Brazil, Korea, Panama, and more
• U.S. recap: FDIC, DeFi risks, state-level Bitcoin initiatives

Crypto Exchange & Institutional Developments

• Institutional recap: crypto product expansion across key markets
• Coinbase in advanced talks to acquire Deribit for $4–$5B
• PumpSwap overtook Raydium as top Solana DEX

L1 & L2 Blockchain Ecosystems

• Celo transitioned into Ethereum L2 using Optimism
• Cosmos devs tested IBC between Hub and Ethereum
• Nillion Network went live on mainnet
• Berachain launched proof-of-liquidity and started governance
• Sei Foundation proposed acquiring 23andMe for genetic blockchain data
• Sony’s Soneium and Animoca brought anime IPs to Web3

Funds, Investments & Token Activity

• DWF Labs launched $250M blockchain fund
• Trump-backed WLFI bought 3.54M MNT post Mantle hard fork
• Dogecoin Foundation launched DOGE reserve with 10M token buy
• dYdX allocated 25% of net protocol fees for token buyback
• Grayscale added Maple, Geodnet, Story Protocol in Q2 2025 update
• RWA tokenization topped $10B driven by BlackRock and startups

Security, Hacks & Legal Issues

• Dohrnii Labs accused Blynex of illegal token liquidation
• Melania Token dropped after rug pull allegations against Hayden Davis

Shutdowns & Project Closures

• Linear Finance shut down DeFi protocol, LINA dropped
• Harpie shut down on-chain firewall due to financial issues

Cryptocurrency Legal Shakeup: Ripple Settles SEC, Galaxy Digital’s $200M LUNA Deal, SEC Investigations Closed

Recent developments in the cryptocurrency sector have triggered significant legal and regulatory changes. On March 25, 2025, Ripple settled its SEC lawsuit for $50M, raising hopes for a spot XRP ETF approval, now predicted at 86% likelihood by year-end. The SEC also closed investigations into Crypto.com and others, signaling regulatory shifts. Galaxy Digital agreed to a $200M settlement over LUNA, while Terraform Labs opens a creditor claims portal on March 31. Sam Bankman-Fried moved to an Oklahoma prison after a controversial Tucker Carlson interview. Coinbase's CLO criticized the Treasury's lifted sanctions on Tornado Cash, highlighting regulatory tensions. Meanwhile, crypto influencer BitBoy was arrested in Florida linked to ongoing legal disputes.

Stablecoin Market Surge: WLFI's USD1 Launch, USDC Doubles, and New Initiatives in Banking and Trade

The stablecoin market continues to evolve rapidly, with several significant developments reported on March 29, 2025. WLFI launched the USD1 stablecoin, backed by U.S. Treasury bills, amid fraud alerts and regulatory concerns due to connections with Donald Trump. Custodia and Vantage introduced Avit, the first US bank-backed stablecoin on Ethereum. USDC supply surged to $60 billion, doubling in a year and capturing 25.4% market share, while Tether leads with $144 billion. JPMorgan forecasts yield-bearing stablecoins may reach 50% market share. Additionally, Bitso plans to launch MXNB, a Mexican peso-pegged stablecoin, to enhance trade in Latin America. The stablecoin market now exceeds $234 billion.

Crypto Weekly: Trump Media Launches ETFs; Fidelity and BlackRock Expand Offerings

The weekly crypto recap highlights significant developments, including Trump Media's partnership with Crypto.com for "Truth.Fi" ETFs, aiming to raise $250 million, and Cboe BZX's filing for the Fidelity Solana Fund amidst rising interest in Solana ETFs. BlackRock launched a Bitcoin ETP in Europe, waiving 10 basis points to attract investors, while Fidelity plans the "OnChain" Ethereum-based Treasury Fund. 21Shares introduced Bitcoin, Solana, and XRP ETPs, anticipating an altcoin rally. BlackRock’s BUIDL Fund grew to $1.7 billion, and HashKey and Bosera are set to launch tokenized money market ETFs in April 2025, signaling a growing integration of traditional finance with digital assets.

Hyperliquid Delists JELLYJELLY Amid $20M Manipulation Attack, Faces Centralization Criticism

Hyperliquid, a decentralized perpetuals exchange, faced a major crisis on March 26, 2025, when a coordinated market manipulation attack on the JELLYJELLY token resulted in estimated losses of $12 million to $20 million from its Hyperliquidity Provider vault. Following the attack, JELLYJELLY's market cap collapsed from $250 million to $25 million. Hyperliquid swiftly delisted JELLYJELLY and halted trading, promising reimbursements to affected users. The incident sparked backlash over Hyperliquid's centralized responses and governance, leading to proposed risk management updates like dynamic open interest caps and a revised liquidation handling system, amid broader concerns for DeFi platform stability.

Cryptocurrency Legal Shakeup: Ripple Settles SEC, Galaxy Digital’s $200M LUNA Deal, SEC Investigations Closed

The FDIC has relaxed regulations, allowing U.S. banks to engage in crypto services without prior approval. The Senate passed a bill to repeal the IRS's DeFi broker rule, pending President Trump's signature, which could stimulate blockchain innovation. States like Arizona and North Carolina are exploring Bitcoin reserves, with proposals allowing pension fund allocations up to 5% and South Carolina suggesting a Digital Assets Reserve to combat inflation. Meanwhile, the SEC has partnered with DOGE for better regulation and will host four crypto roundtables from April to June 2025 to address trading and DeFi, signaling a shift toward regulatory clarity.

Abracadabra.Money Loses $13M in DeFi Exploit; Offers $2.6M Bounty for Recovery

Abracadabra.Money experienced a major security breach on March 25, 2025, losing approximately $13 million in Ethereum due to an exploit of its "cauldron" lending vaults linked to GMX liquidity tokens. The attacker drained 6,260 to 6,262 ETH and obscured their identity using Tornado Cash. Despite prior audits, the vulnerability persisted, prompting Abracadabra to disable borrowing and offer a 20% bug bounty worth $2.6 million. GMX distanced itself from the incident, affirming its contracts were unaffected. Following the breach, Abracadabra's DAO treasury repurchased 6.5 million MIM, addressing about 50% of the losses, while emphasizing enhanced security measures.

FTX to Start Major Creditor Payouts by May 30 Amidst 27 Quintillion Claims

FTX plans to begin repaying major creditors by May 30, 2025, after amassing $11.4 billion following its 2022 collapse. While smaller creditors have been compensated, the process for major debt holders is complicated by a staggering 27 quintillion claims, many of which are questionable. Lawyer Andrew Dietderich noted that some claims conflict with “know your customer” rules, prolonging resolution efforts. Additionally, Bitcoin's value has surged, frustrating creditors hoping for digital asset repayments. FTX's interest earnings on the $11.4 billion are lower than the 9% owed to waiting creditors, emphasizing the urgency to settle legitimate claims efficiently.

CZ Launches Paid Messaging on ReachMe.io as BNB Meme Token Contest Sparks Controversy

CZ launched ReachMe.io with a tiered pricing system to message verified users, including himself, starting at 0.04 BNB and increasing to 1 BNB ($635). Message fees are used to support BNB Chain projects, with strict content rules and no refunds. Simultaneously, the BNB Chain Meme Liquidity Support Program (launched Feb. 18) stirred controversy after two “Broccoli” tokens competed. Both scored 5.7, but the “714” token won via higher trading volume. Supporters of “F2B” challenged this, citing outdated metrics. BNB Chain clarified the scoring used updated ranks and dismissed floating-point anomalies as technical artifacts.

Polymarket Faces Credibility Crisis After $7M Manipulation Scandal Involving Whale-Driven Vote

Polymarket faces a severe credibility crisis after a $7 million prediction market was resolved as "Yes" regarding Ukraine providing rare earth minerals to Donald Trump, violating its own rules. A single trader manipulated the outcome using 5 million UMA tokens, constituting 25% of the voting power. This market, which saw over $7 million in trading volume, has reignited accusations of manipulation and governance flaws, especially as past markets with lower liquidity were resolved negatively. With a cumbersome $750 dispute bond and concentrated voter control, Polymarket promises upgrades but faces backlash from frustrated traders who lost capital.

Top Weekly Altcoin Gainers and Losers

Gainers:

Cronos CRO (+25.59%)

Berachain BERA (+15.15%)

Zcash ZEC (+12.90%)

Maker MKR (+11.03%)

Render RENDER (+8.08%)

Losers:

PancakeSwap CAKE (-25.62%)

Hyperliquid HYPE (-22.62%)

Kaspa KAS (-19.68%)

Pi Network PI (-17.68%)

Flare FLR (-13.69%)