Today's news tips:
1. Macro outlook for next week: Trump overturns the table, April 2 may become a watershed for global assets
2. Prediction Market Kalshi Sues Nevada and New Jersey Gaming Commissions After Receiving Injunctions
3. The total number of users of South Korea’s top five crypto exchanges reached 16.29 million, accounting for 32% of the total population
4. CryptoQuant analyst: About 8,000 bitcoins that have been dormant for 5 to 7 years have been transferred recently
5. Binance Wallet launches the "Trade on DEX with CEX Funds" feature
6. Bloomberg: FTX will start paying bankruptcy claims from major creditors on May 30
7. In the past 7 days, NFT transaction volume rebounded by 4.5% to US$102.8 million, and CryptoPunks transaction volume surged by 140%.
8. Cryptocurrency daily trading volume fell from a peak of $126 billion during the US election to $35 billion, a 70% drop
Regulatory/Macro
Next Wednesday (April 2) is the day for Trump's reciprocal tariff announcement, which is of global concern. Before that, investors are more cautious because it is unclear what specific tariffs Trump will implement. Bank of America foreign exchange analysts Athanasios Vamvakidis and Claudio Piron said in a report that the risks are balanced before the deadline next week. The imposition of tariffs on specific products is already expected by the market. Comprehensive tariffs would be a negative surprise. It is expected that the US dollar will not continue to strengthen in this case. Against the backdrop of rising risk aversion in the market, gold has repeatedly set new highs this week, with the historical record rising to $3086.75/ounce, setting the 18th record high this year, and the quarterly increase reached 17%, the largest since 1986. The following are the key points that the market will focus on in the new week:
Monday 21:45, US Chicago PMI for March
Tuesday 21:45, US March S&P Global Manufacturing PMI final value
Wednesday 20:15, US March ADP employment data
ECB President Lagarde will deliver a speech at 01:00 on Thursday
At 19:30 on Thursday, the European Central Bank will release the minutes of its March monetary policy meeting.
Thursday 19:30, US Challenger Enterprise Layoffs in March
At 00:00 on Friday, Federal Reserve Vice Chairman Jefferson delivered a speech
Friday 20:30, U.S. unemployment rate in March, U.S. seasonally adjusted non-farm payrolls in March, U.S. average hourly wage annual/monthly rate in March
Fed Chairman Powell will deliver a speech at 23:25 on Friday
Prediction Market Kalshi Sues Nevada and New Jersey Gaming Commissions After Received Injunctions
Prediction market Kalshi sued gaming regulators in Nevada and New Jersey after receiving cease-and-desist orders prohibiting it from offering sports-related contracts in those states. Kalshi argued that as an exchange regulated by the Commodity Futures Trading Commission, it is subject to exclusive regulation by the federal government and that the Commodity Exchange Act preempts state laws.
On March 4, the Nevada Gaming Control Board (GCB) sent a letter to Kalshi asking it to stop offering event-based contracts in the state. The letter reads: "Kalshi is in the business of offering event-based contracts that constitute a system or method for placing bets on sporting and other events. Therefore, by offering event-based contracts in Nevada, Kalshi is operating as an unlicensed sports betting organization in violation of NRS 463.160(1)(a) and NRS 463.245(2)."
On March 27, Kalshi received a similar notice from the New Jersey Division of Gaming Enforcement (DGE), asking the market to stop offering sports-related contracts. The letter stated that Kalshi’s actions “violated New Jersey Sports Betting Law, which only permits licensed entities to offer sports betting to patrons located in New Jersey.”
At the heart of the dispute is whether trading in contracts based on events or sports constitutes gambling (which is controlled by state governments) or financial derivatives trading (which is regulated only by the federal government).
As of the end of February this year, the total number of users of virtual asset exchanges in South Korea has exceeded 16 million, reaching 16.29 million, accounting for about 32% of the country's total population (about 51.68 million people). With last year's US presidential election as a turning point, the number of new investors has steadily increased by hundreds of thousands each month, and has now exceeded the number of stock investors (about 14.1 million). This data is the sum of account holders of South Korea's five major exchanges: Upbit, Bithumb, Coinone, Korbit, and Gopax. If the same person opens an account in multiple exchanges, it will be counted repeatedly.
As the number of investors continues to increase by hundreds of thousands, some market participants predict that the number of investors will soon reach 20 million. As of the end of February this year, the number of account investors on Upbit, South Korea's largest exchange, was 9.82 million. As of the end of March, this number is expected to be close to 10 million. After Upbit, the largest number of users are Coinone (3.2 million), Bithumb (2.36 million), Korbit (770,000), and Gopax (150,000). In the past year, the number of Bithumb users has increased from 1.33 million to 2.36 million, an increase of 77.4%, a growth rate far exceeding Gopax (52.4%), Korbit (10.9%), Upbit (14.2%), Coinone (8.6%), etc.
Starting today (March 30), many European countries began to implement daylight saving time, and the trading hours of financial markets in Europe will be one hour earlier than winter time; that is, starting from next Monday, the trading hours of European stocks will be 15:00-23:30 Beijing time; the release time of economic data of European countries will also be one hour earlier than winter time.
Viewpoint
Matt Mena, a cryptocurrency research strategist at 21Shares, said that while U.S. stocks have fluctuated amid macro uncertainty, BTC has shown resilience and is defending the $84,000-85,000 support area. Nic Puckrin, founder of The Coin Bureau, pointed out that the PCE data released on Friday could cause the Fed to postpone its recent rate cut plans, and Bitcoin is not expected to return to its historical highs before the Fed cuts rates again.
However, long-term positive catalysts for the crypto market are taking shape. One of them is that crypto-friendly Paul Atkins is about to be confirmed as the chairman of the U.S. Securities and Exchange Commission, which may unlock Ethereum ETF pledges and approve other digital asset ETFs; in addition, the proposed U.S. strategic Bitcoin reserve legislation is expected to be introduced in May. If formally implemented, Bitcoin will be listed alongside gold as a sovereign-level asset.
David Pakman, managing partner of CoinFund, said that the global stablecoin supply could surge from the current size of about $225 billion to $1 trillion, which could become a key catalyst for the growth of the cryptocurrency market. David Pakman added that this scale of growth is actually not large compared to the global financial market. Since 2021, the volume of stablecoin transactions has increased by more than 22 times, indicating an increase in on-chain capital flows, and the current stablecoin supply can only indicate that the market may still be in the middle of the cycle and has not yet reached the peak of the bull market.
CZ: 99% of people in the crypto industry are looking for quick money, only 1% are building
Binance co-founder CZ posted on the X platform that 99% of people in the crypto industry are looking to make quick money, while 1% are engaged in construction, but the real money is made by the latter.
CryptoQuant analyst Maartunn reported that about 8,000 bitcoins that have been dormant for five to seven years were recently moved, exacerbating the current bearish concerns about cryptocurrencies. These bitcoins were moved in a block with a value of $674 million. The transfer came after a series of idle bitcoin wallets were activated recently. On March 24, a bitcoin wallet that had been idle for 14 years suddenly transferred 100 bitcoins worth $8.5 million. At the same time, six ancient bitcoin wallets also moved nearly 250 bitcoins worth $22 million in early March.
Generally speaking, large amounts of BTC are moved out of long-term dormancy, which is often interpreted as a signal of impending selling pressure, leading to a sharp price correction, but there are other non-bearish motivations, such as institutional investors or whales' internal wallet consolidation. However, there are other potential non-bearish motivations behind such transactions, such as internal wallet shuffles by institutional investors or large holders and cold storage reorganizations.
Corn Lianchuang: Bitcoin's scarcity is not protected by code, but by people
Corn co-founder Zak Cole tweeted that on August 15, 2010, a bug in Bitcoin block 74638 created 184 billion BTC out of thin air. Because the code did not check for integer overflow, two addresses received about 92.2 billion each. The only reason Bitcoin didn't die that day was that someone noticed. Within five hours, fixes were pushed, patched clients were released, nodes were upgraded, and invalid blocks were removed from consensus. Bitcoin's scarcity is not protected by code, it is protected by people. Bitcoin's monetary policy is not saved by the protocol, but by the humans who run the protocol. This is the truth behind the "trustless" narrative. The code didn't save Bitcoin, the community did. Scarcity has never been a guarantee, but a struggle. It still is.
Report: Average stablecoin liquidity per token drops 99% between March 2021 and 2025
According to a recent report from research firm Decentralised, stagnant new capital inflows amid a surge in the number of tokens have left many crypto projects underfunded. Average stablecoin liquidity per token has fallen 99.7% from $1.8 million in 2021 to just $5,500 in March 2025. The drop suggests that increasing token issuance (currently over 40 million assets) has diluted available capital without a corresponding increase in demand or user retention. The inflow of new tokens has outstripped the expansion of capital pools, leading to declining liquidity, weaker communities, and lower engagement. Without a lasting revenue stream, user interest often dissipates after short-term incentives such as airdrops. Without a sustainable economic structure, attention becomes a liability rather than an asset.
Project News
Binance Wallet Launches the “Trade on DEX with CEX Funds” Feature
According to the official announcement, the Binance Wallet team launched the "Trade in DEX with CEX Funds" feature, through which Binance users can use Binance Exchange (CEX) funds to trade millions of tokens on the chain in Binance Wallet. After this product update, Binance Exchange users can now use their spot or fund account balances to trade directly in the Binance Wallet [Trading] option. Users can purchase decentralized tokens on the four supported chains (Ethereum, Solana, Base, and BNB Smart Chain) by using stablecoins and/or USDC. This feature bridges the gap between centralized and decentralized transactions, providing Binance users with a more seamless way to purchase on-chain tokens.
According to TheMinerMag, Bitcoin mining company MARA may launch a $2 billion ATM equity issuance plan. The company disclosed in a regulatory filing on Friday that the relevant agreement was signed on March 28 with an investment bank consortium, including Barclays Bank, BMO Capital Markets, BTIG, Cantor Fitzgerald, Guggenheim Securities, HC Wainwright and Mizuho Securities.
Bloomberg: FTX will begin paying bankruptcy claims from major creditors on May 30
Former cryptocurrency company FTX will begin paying its major creditors in late May, using $11.4 billion in cash reserves the company has gathered since shutting down, according to Bloomberg. Bankruptcy attorney Andrew Dietderich told the judge who recently took over the management of the Chapter 11 case that while secondary creditors holding what are classified as “convenience claims” have already begun to receive payments, the company will make its first payment to the major creditor group on May 30. The company’s major creditors include investors owed millions of dollars and institutions that own cryptocurrencies on the FTX platform.
Sonic Labs has canceled its plan to launch an algorithmic stablecoin pegged to the U.S. dollar, and instead chose to develop an alternative stablecoin product denominated in the UAE dirham. Andre Cronje, co-founder of Sonic Labs, confirmed the news on the X platform and said: "We will no longer issue an algorithmic stablecoin pegged to the U.S. dollar, but will issue an alternative associated with the digital dirham, which is settled in U.S. dollars but is definitely not an algorithmic stablecoin based on the U.S. dollar."
It is reported that the UAE has previously announced that it will launch the central bank digital currency (CBDC) digital dirham in the fourth quarter of 2025.
Bryan Pellegrino, CEO of cross-chain interoperability protocol LayerZero, tweeted, “Seeing a lot of discussion about airdrops, some users mentioned that they don’t want to spend another month hunting witches. The next round of allocation mechanism will be completely different from the first round. It may be based entirely on RFP (request for proposal) or a completely different approach, limited to real use.”
According to SlowMist monitoring, the DeFi protocol SIR.trading was suspected to have been hacked, with an estimated loss of US$350,000.
Important data
After the US election on November 5, cryptocurrency daily trading volume soared to $126 billion amid high market enthusiasm and active speculation. It has now fallen to $35 billion, down about 70% from its peak and back to pre-election levels. Recent tariff announcements against major US trading partners have created uncertainty, weakening trading enthusiasm in both traditional and cryptocurrency markets. In addition, trading volume has maintained a historical correlation with total market capitalization, with the two moving in similar directions in recent months. The total cryptocurrency market capitalization peaked at about $3.9 trillion and has since fallen back to its current level of about $2.9 trillion, a 25% drop.
Shrinking volumes could signal a variety of potential changes in the market in the coming months. Historically, prolonged declines in volume have preceded major market moves, as reduced liquidity can amplify price impacts when large players begin to reallocate.
Market participants may be waiting for more clarity on the Trump administration’s overall approach to cryptocurrency regulation before engaging more actively. Declining trading activity and relatively stable market capitalization suggest an accumulation phase may be underway, with investors more focused on positioning than active trading. Upcoming regulatory announcements, particularly regarding cryptocurrency classification and regulatory structure, could serve as a potential catalyst to reignite trading activity.
CryptoSlam data shows that NFT transaction volume rebounded 4.5% to $102.8 million this week from last week. The number of NFT buyers increased by 28.9% to 451,436, and the number of NFT sellers increased by 26.5% to 285,272. However, the number of NFT transactions fell by 2.8% to 1,614,680.
Ethereum network transaction volume reached $32 million, up 19.4% from last week; Polygon network transaction volume was $18.1 million, up 33.1%; Solana network transaction volume fell 4.4% to $8.7 million. Among them, the transaction volume of the CryptoPunks series soared 141.4% to $6.3 million.
High-value transactions over the past seven days include:
- CryptoPunks #6935 sold for 135 ETH ($271,890)
- CryptoPunks #3007 sold for 120 ETH ($239,342)
- CryptoPunks #2301 sold for 115 ETH ($234,959)
- Autoglyphs #364 sold for 105 ETH ($210,172)
A whale who once lost $15.72 million in trading TRUMP bought more than 333,000 TRUMPs again
According to Onchain Lens monitoring, after a whale lost $15.72 million in the previous TRUMP transaction, it spent another 3.41 million USDC to buy 333,664 TRUMPs at $10.22.
