Recap Week12 2025: Fragile

Highlights:

SEC to re-examine proposed crypto custody rule. FOMC decision. Coinbase and research partner EY-Parthenon instutional investors survey. XRP vs SEC. Trump appears at DAS NY. First SEC roundtable. SEC says proof-of-work mining does not implicate US security laws. Stablecoin MarketCap. Quadruple Witching. USAID on the blockchain?

Here we go:

BTC:

• https://www.theblock.co/post/346491/us-bitcoin-etfs-erase-year-to-date-gains-as-cumulative-inflows-drop-to-lowest-value-since-january-2?
• https://www.theblock.co/post/346700/us-spot-bitcoin-etfs-post-largest-daily-net-inflows-in-six-weeks-worth-274-million
• https://cryptoslate.com/vaneck-sees-bitcoin-pullback-as-reset-amid-rising-institutional-demand-but-warns-of-short-term-risks/

ETH:

• https://www.coindesk.com/markets/2025/03/17/ether-in-structural-decline-year-end-price-target-slashed-to-usd4k-standard-chartered
• https://www.theblock.co/post/346639/ethereums-stablecoin-dominance-grows-as-usdc-and-usdt-drive-850-billion-in-volume
• https://www.theblock.co/post/347372/staking-for-ether-etfs-gathers-steam-as-blackrock-talks-up-potential-nyse-files-on-behalf-of-bitwise-fund

SEC Custody:

• https://www.theblock.co/post/346616/acting-sec-chair-uyeda-directs-staff-to-reexamine-proposed-crypto-custody-rule

Coinbase Survey:

• https://www.theblock.co/post/346881/coinbase-study-finds-over-75-of-institutional-investors-to-increase-crypto-exposure

SEC vs Ripple (XRP):

• https://www.theblock.co/post/347037/ripple-ceo-says-legal-battle-with-sec-has-ended-xrps-price-jumps

FOMC:

• https://www.reuters.com/markets/us/with-interest-rates-hold-feds-economic-projections-take-center-stage-2025-03-19/

Trump at DAS NY:

• https://cryptoslate.com/usa-to-become-bitcoin-superpower-as-president-donald-trump-appears-by-video-at-crypto-event/

First SEC roundtable:

• https://www.sec.gov/newsroom/meetings-events/how-we-got-here-how-we-get-out-defining-security-status
• https://www.theblock.co/post/347591/current-approach-is-clearly-a-failure-sec-crypto-task-force-roundtable-debates-future-regulation-of-digital-assets
• https://www.coindesk.com/policy/2025/03/21/sec-earnest-about-finding-workable-crypto-policy-commissioners-say-at-roundtable

SEC PoW:

• https://www.theblock.co/post/347378/sec-says-proof-of-work-mining-does-not-implicate-us-securities-laws

Stablecoin MarketCap:

• https://www.theblock.co/post/347405/total-stablecoin-market-cap-surpasses-230-billion-amid-institutional-interest-and-trump-policies

USAID:

• https://www.theblock.co/post/347477/usaid-blockchain-technology-trump-admin-proposal-elon-musk-doge

MK Opinion

According to Garlinghouse, the SEC is dropping XRP case. Positive for the Digital Assets industry in general when confirmed. If the XRP token is not labelled as a “security”, then none is.

Other SEC news all positive, Stablecoin market cap positive but, and sounding like a broken record, the market is fully correlated to US tech equities it looks like.

US equity outflows affecting Bitcoin/Ethereum ETFs and therefore having impact on the market in general.

Coin | Other News:

Strategy (MSTR):

• https://www.strategy.com/press/strategy-acquires-130-btc-and-now-holds-499-226-btc_03-17-2025
• https://cryptoslate.com/strategy-raises-eyebrows-with-10-dividend-strf-offering-amid-bitcoin-focus/
• https://protos.com/15-discount-and-17-yield-boost-made-strategy-strf-sale-upsized/

Ethena (ENA) - Securitize

• https://www.coindesk.com/business/2025/03/17/tokenization-specialists-securitize-and-ethena-unveil-institutional-defi-blockchain

Ethena (ENA) - BaFin/MICAR:

• https://cointelegraph.com/news/german-financial-regulator-prohibits-sales-ethena-gmbh-usde

Solana (SOL):

• https://www.theblock.co/post/346610/solana-futures-debut-today-on-cme-heres-what-you-need-to-know
• https://www.theblock.co/post/346855/cme-traders-solana-futures-sol-etf-k33

Possible ETFs:

• https://www.theblock.co/post/346624/canary-capital-files-with-sec-for-what-could-be-the-first-sui-etf
• https://cryptoslate.com/hashdex-amends-s-1-filing-for-crypto-index-etf-to-add-7-altcoins-including-sol-and-xrp/?
• https://www.theblock.co/post/347624/csc-registers-fidelity-solana-fund-statutory-trust-in-possible-step-towards-etf-filing

Raydium (RAY):

• https://www.theblock.co/post/346946/solana-based-decentralized-exchange-raydium-is-working-on-a-pump-fun-memecoin-factory-competitor

Memecoin launchpad……

Cosmos (ATOM):

• https://www.theblock.co/post/346955/cosmos-evm

EOS:

• https://www.coindesk.com/business/2025/03/17/eos-rebrands-to-vaulta-as-it-shifts-focus-to-web3-banking

Coinbase (COIN Equity):

• https://cryptoslate.com/coinbases-new-kyc-verified-pools-aim-to-fortify-defi-with-secure-trading/

Uniswap (UNI):

• https://www.theblock.co/post/347172/uni-token-holders-approve-165-5-million-in-new-foundation-funding-laying-groundwork-for-long-promised-fee-switch

Kraken:

• https://cryptoslate.com/kraken-acquires-us-retail-derivatives-platform-ninjatrader-for-1-5-billion/

Trump Media SPAC:

• https://www.theblock.co/post/347207/trump-media-execs-launch-spac-to-raise-179m-eyeing-us-based-crypto-data-security-firms

MegaETH:

• https://www.theblock.co/post/347613/high-throughput-ethereum-scaler-megaeth-debuts-public-testnet-hitting-20000-tps-on-day-one

Coinbase - Deribit:

• https://www.coindesk.com/business/2025/03/21/coinbase-could-be-near-multi-billion-dollar-deal-for-deribit-bloomberg

Tornado Cash (TORN):

• https://www.theblock.co/post/347519/treasury-department-removes-economic-sanctions-against-crypto-mixer-tornado-cash

Actively Managed Strategy:

MKs Short Term Risk Report:

• Justin Sun (TRON, Huobi-HTX, WBTC)
• Tether (USDT)
• Binance (BNB) - Tether (USDT) - Justin Sun triangle
• Erratic behaviour Trump Admin
• Regulation overkill in both stablecoins and DEFI
• Re-Staking uncertainties: dangerous concept that could lead to mass liquidation and the collapse of the rehypothecated tokens
• Capital Markets in general (Yen Carry Trade, China, Credit Event / Yields, FED not delivering)
• Geopolitics
• Memecoin Frenzy, excessive leverage, Agressive and unsustainable “promised” APY’s
• Hacks / Exploits
• Fragmented liquidity across (L2) chains.
• Projects running out of runway
• Michael Saylor - Strategy (MSTR)

MKs Long-Term Outlook:

• Political and Regulatory inflection
• Capital Flows Increasing
• Fundamentals improving (Adoption, Generating Revenue)
• Innovation accelerating

The week ahead by Nomura and Livesquawk:

• https://www.nomuraconnects.com/focused-thinking-posts/the-economy-next-week/?
• https://www.livesquawk.com/report/special_ls-focus-on-the-week-ahead

Upcoming Events:

Will be attending the following conferences/events:

17 april 2025: Beursinside Crypto Congres RAI Amsterdam: https://beursinside.nl/crypto-congres/

19th-25th of May: Dutch Blockchain week:

https://dutchblockchainweek.com/

Agenda:

• https://bdc.consulting/calendar
• https://www.bcnl.foundation/events?page=1&sort=-date

Tokens:

Unlocks:

Source: https://tokenomist.ai/

Have a wonderful weekend, and thanks for reading!

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