Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | March 30 - April 5, 2025

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Crypto Weekly Recap

Bitcoin:

• Weekly performance: +1.45%
• US Spot BTC ETFs: -$172.69M
• Bitcoin had its worst Q1 since 2018, closing at a 11.82% loss.
• The crypto market showed mixed signals from Mar. 30 to Apr. 5, 2025, driven by macro news and project updates.
• BTC traded flat before jumping to $88K on Apr. 1, just ahead of Trump’s tariff reveal on Apr. 2 following news of a baseline 10% rate.
• Gains quickly reversed after further tariffs hit, with some rates exceeding 40% (i.e. Vietnam’s 46%, Cambodia’s 49%, etc.), triggering broad drops in stocks and crypto.
• Stocks lost over $2T on day one of the tariff news; BTC briefly fell below $82K as crypto liquidations topped $500M, DXY fell to its lowest level since October 2024.
• On Apr. 4, retaliation plans like China’s 34% tariffs on U.S. imports pushed stocks down $3.25T—surpassing crypto’s $2.68T market cap.
• Gold also dipped as hedge funds sold to cover equity losses and took profits.
• Despite the TradFi sell-off, BTC held firm near $83.7K, decoupling from stocks, which analysts viewed as a bullish sign.
• It came as Mr. Trump urged Fed Chair Powell to cut interest rates, but Powell highlighted the need for a cautious approach to adjust policies.
• Stablecoin supply surged by over $30B in Q1 2025, suggesting that investors have turned “wait and see” mode on instead of catching the dip.
• Prediction markets indicate a significant chance of a U.S. recession in 2025, with traders at Polymarket estimating a 56% probability, raised from 37% recently.

Ethereum:

• Weekly performance: +1.53%
• US Spot ETH ETFs: -$49.93M
• ETH still failed to break above $2K for another week, after having worst Q1 since 2018 at a 45.41% loss.
• U.S. tariff uncertainty drove ETH down from $1,935 to as low as $1,760.
• ETH transaction fees hit historic lows, earning under $500K daily, down from a 12-month peak of $30M in Mar. 2024, according to TheBlock’s data.
• Falling fee revenue raised concerns over validator incentives as ETH issuance became more crucial.
• DeFi TVL dropped 30% from its Dec. peak to under $95B amid global economic pressure.
• DeFi revenues fell sharply in March, with most major protocols on Ethereum, Solana, and BNB Chain down over 50%.
• Anticipation around the Ethereum Pectra upgrade on May 7, 2025, had potential to shape investor sentiment.
• Overall ETH sentiment remained cautious, with investors awaiting clearer macro signals before major moves.
• Market headwinds fueled a wider crypto detox: thin liquidity and derisk sentiment led to altcoin fallouts, Binance added 10 tokens to its monitoring list, and more projects announced shutdowns or pivots to stay afloat.

Altcoins:

• Weekly Recap – Institutional Crypto: IPOs, token launches, and acquisitions marked crypto’s push into mainstream finance.
• Weekly Recap – Global Regulation: Japan, Brazil, and Binance drove major regulatory headlines worldwide.
• Weekly Recap – U.S. Regulation: States, the SEC, and Trump shaped the evolving U.S. crypto policy landscape.
• Terraform Labs creditors were given one month to file loss claims.
• New ‘Crocodilus’ Android malware stole sensitive crypto wallet credentials.
• MetaMask launched a crypto card in Argentina.
• Dogecoin dropped after Elon Musk denied ties to the D.O.G.E Department.
• Backpack began FTX EU asset recovery for customers.
• ZKLend hacker lost all funds to a Tornado Cash phishing site.
• WIF fundraiser said Vegas Sphere refunds would begin on April Fools' Day.
• A hacker stole $70M from UPCX, targeting a dev wallet via smart contract.
• Ripple launched RLUSD on Kraken as the stablecoin neared a $250M market cap.
• Binance Wallet’s PumpBTC event was 247x oversubscribed but prices fell quickly.
• 89% of Binance-listed tokens in 2025 posted negative returns.
• Usual and Sherlock launched a record $16M bug bounty for critical crypto flaws.
• JUP hit an all-time low amid DAO budget conflicts and rising inflation.
• 0x’s Matcha expanded to Solana with cross-chain support and anti-rug pull tools.
• ParaSwap rebranded to Velora and rolled out Delta v2.5 upgrade.
• HBAR Foundation joined the OnlyFans founder’s bid to acquire TikTok.
• Treasure DAO announced a major pivot to extend its runway to February.
• Cardano Foundation launched Veridian, a quantum-resistant digital ID platform.
• Coinbase applied to the CFTC for approval to offer XRP futures.
• Pump.fun resumed livestreaming after halting due to meme coin controversies.
• EigenLayer set April 17 as the date to activate mainnet slashing.

Trump's 'Liberation Day' Tariffs Spark Global Market Turmoil and Recession Fears

On April 2, 2025, President Trump announced sweeping tariffs, termed "Liberation Day," imposing a 10% baseline tariff on all imports and significantly higher rates on specific countries, notably 54% on China. Markets reacted negatively, with S&P 500 futures dropping 3.9% and Bitcoin falling from $88,000 to $82,000. Economists warn of recession risks, with some estimating a potential 1% GDP decline and inflation pressures rising to 4%. Key sectors, especially tech and auto, face price hikes, while geopolitical tensions escalate as nations prepare retaliatory measures. Analysts suggest ongoing policy volatility will create an uncertain economic landscape.

SEC Rules Dollar-Pegged Stablecoins Are Not Securities, Easing Regulatory Burdens

On April 4, 2025, the SEC announced that fiat-backed stablecoins, specifically those pegged to the U.S. dollar, are not classified as securities. This ruling exempts "Covered Stablecoins" from the registration requirements of the Securities Act of 1933 and the Securities Exchange Act of 1934, easing compliance for issuers. Key criteria include full backing with liquid reserves and no expectation of profit for holders. Unlike yield-bearing tokens, these stablecoins serve primarily as “digital dollars.” This decision is a significant step toward regulatory clarity, aligning with ongoing legislative efforts to formalize a national stablecoin framework.

Altcoin Crash: ACT Plummets 50% as Binance Margin Changes Ignite Panic Selling

On April 1, 2025, altcoins experienced a dramatic crash, led by the Solana-based memecoin ACT, which plummeted nearly 50% in 30 minutes, wiping its market cap from $900 million to $95 million—an 85% decline. Trading volume surged by 1,481% amidst panic selling. Margin adjustments on Binance and significant sell-offs by VIP users fueled speculation of deeper market issues. Other tokens like DeXe and dForce also saw sharp losses. Traders rallied under #BoycottBinance, criticizing the exchange for listing low-quality tokens. Wintermute market-making activity raised further concerns over market manipulation amidst this turmoil.

Justin Sun Battles Dual Crisis as TUSD Faces Fraud Allegations and FDUSD Depegs

Justin Sun faces a dual crisis with TrueUSD (TUSD) amidst allegations of fraud and insolvency involving First Digital Trust (FDT), which misallocated $456 million in reserves into illiquid investments, compromising TUSD’s liquidity. After Sun's emergency $400 million intervention, he publicly accused FDT of insolvency, causing its FDUSD stablecoin to drop to $0.8726 before recovering. FDUSD, crucial for Binance's liquidity, saw wintermute capitalizing on the volatility, acquiring FDUSD at low prices. Although FDUSD regained its peg, S&P Global Ratings flagged governance and liquidity concerns, highlighting structural fragilities in the stablecoin market, with FDUSD's daily volume exceeding $7.78 billion.

Corporate Bitcoin Investments Surge: Saylor, Metaplanet, and GameStop Lead Billions in Acquisitions

Increasing corporate investment in Bitcoin was reported this week. Michael Saylor's Strategy invested $1.92 billion, increasing its holdings to over 528,000 BTC. Metaplanet boosted its position to 4,206 BTC, while GameStop plans to purchase Bitcoin after raising $1.5 billion. Tether acquired 8,888 BTC for $735 million, holding 92,646 BTC overall. MARA Holdings seeks $2 billion to expand its Bitcoin reserves. Jetking plans to raise $793,000 for Bitcoin purchases, and Enish aims to buy $667,260 worth. Meanwhile, Genius Group was forced to sell holdings due to a court order, reducing its assets from 440 to 430 BTC.

Grayscale, Fidelity, and Major Firms Drive Surge in Crypto Investment Products

Recent developments in cryptocurrency investment products reveal significant initiatives from major financial firms. Grayscale is converting its Digital Large Cap Fund into an ETF and launched two Bitcoin ETFs focused on income generation. Fidelity introduced crypto-focused IRAs and a no-fee Bitcoin 401(k), while exploring a Solana ETF amid market fluctuations. Franklin Templeton plans a Bitcoin ETP in Europe, and VanEck proposed the first Binance Coin ETF. Additionally, WisdomTree launched 13 tokenized funds. These moves reflect a growing institutional interest in regulated crypto assets, highlighting the shift towards integrating digital currencies into mainstream financial products.

Circle Files for IPO as USDC Surges Amid Regulatory Scrutiny and Profitability Concerns

Circle has filed for an IPO with the SEC amid a changing regulatory environment and growing USDC adoption. Post a failed SPAC merger in 2022, Circle's valuation has declined to $5 billion, raising investment concerns. USDC powered over $25 trillion in on-chain activity since 2018, with a market share of 26% in 2024. Revenue surged to nearly $1.7 billion, but reliance on Coinbase for distribution and sensitivity to interest rate changes pose challenges. Circle holds minimal BTC and ETH compared to Tether, fueling skepticism about its asset strategy and long-term profitability as competition intensifies in the stablecoin market.

Top Weekly Altcoin Gainers and Losers

Gainers:

EOS EOS (+42.40%)

Pendle PENDLE (+23.85%)

Fartcoin FARTCOIN (+22.33%)

Zcash ZEC (+12.26%)

Cosmos ATOM (+11.89%)

Losers:

Berachain BERA (-24.65%)

Immutable IMX (-22.51%)

Story IP (-18.64%)

Jito JTO (-16.80%)

Movement MOVE (-16.55%)