- CEX Hot Coins
CEX Trading Volume Top 10 and 24-hour Price Change:
BTC: +4.04%
ETH: +3.78%
SOL: +1.93%
ADA: +3.35%
XRP: +4.49%
TRUMP: +2.41%
DOGE: +2.69%
KAITO: +17.61%
SUI: +5.54%
PNUT: +2.58%
24H Price Increase Ranking (Data Source: OKX):
ONDO: +19.87%
KAITO: +18.84%
BCH: +16.58%
CFG: +13.10%
APT: +12.60%
LINK: +12.57%
JTO: +12.15%
MOVE: +11.65%
CRO: +11.15%
INJ: +10.93%
- Top 5 On-chain Meme Coins (Data Source: GMGN):
WILDNOUT
BTRUMP
DD
47th
FAFO
- 24H Trending Coins
DD, or DJ Daniel, is a 13-year-old boy from Texas, USA, suffering from a rare brain and spinal cord cancer. In 2018, doctors estimated he would only survive for five months, but over six years later, he is still fighting and dreams of becoming a police officer. Trump specifically mentioned DJ in a previous speech, praising his perseverance and love for the police, and awarded him an honorary badge on the spot, which subsequently garnered some market attention for this meme coin.
Headlines
MT.GOX begins transferring $1 billion worth of Bitcoin
According to Arkham data, the once largest Bitcoin exchange, MT GOX, has begun transferring approximately $1 billion worth of Bitcoin assets. This move has attracted significant attention in the cryptocurrency market and could have a major impact on Bitcoin prices.
MT.GOX went bankrupt in 2014 after suffering a hack that resulted in the loss of about 850,000 Bitcoins. After a lengthy creditor compensation process, the exchange is now starting to return funds to users. The movement of this large amount of Bitcoin could lead to market volatility, as some long-term creditors may choose to sell the Bitcoins they receive.
Coinbase is restarting its plan to tokenize its COIN stock and other securities
Following the establishment of a new cryptocurrency working group by the U.S. Securities and Exchange Commission, Coinbase is restarting its plan to tokenize its COIN stock and other securities in the U.S. This plan was initially attempted in 2020 but was abandoned due to regulatory hurdles. With the SEC's new cryptocurrency working group, the company sees new opportunities to integrate blockchain into traditional finance. Coinbase CFO Alesia Haas stated during the Morgan Stanley TMT conference that Coinbase may introduce some widely adopted crypto products from international markets to the U.S. market and looks forward to seeing more assets on-chain for more efficient trading. The operation of security tokens is similar to traditional securities, but trading on-chain can provide investors with voting rights and profit-sharing mechanisms while improving trading efficiency.
Insiders: U.S. sovereign wealth fund funding will come from tariffs
Two insiders stated that Michael Grimes, a tech investment banker who left Morgan Stanley last month to take a senior position at the U.S. Department of Commerce, is expected to lead the U.S. sovereign wealth fund announced by Trump. The fund will be supported by tariffs imposed on foreign goods, and current discussions are still in the early stages, with plans subject to change. Trump previously indicated that the proposed new fund could be funded by "tariffs and other wise things." An insider mentioned that tariff revenue could be provided by the so-called "External Revenue Service," which Trump hopes to establish to handle the revenue generated from taxation. Grimes led several high-profile tech company IPOs at Morgan Stanley, including Meta, Uber, and Airbnb. He also provided advisory services during Musk's acquisition of Twitter. Morgan Stanley was also a major investment bank for Tesla's IPO.
Market news: Robinhood CEO says Trump may legislate on stablecoins this year
According to market news, Robinhood CEO Vladimir Tenev stated that Trump may legislate on stablecoins this year.
The U.S. crypto reserves may be announced on Friday at the first White House crypto summit. U.S. Secretary of Commerce Howard Lutnick stated that Trump is very interested in Bitcoin's strategic reserves, and other tokens may be treated differently. He revealed that under Trump's plan, Bitcoin will receive a "unique status." Howard Lutnick added, "The Bitcoin strategic reserve is of interest to the president. He talked about this during the campaign, and I think you will see it implemented on Friday, so Bitcoin is one thing, while other currencies and other crypto tokens, I think, will be treated differently—positively but differently."
Industry News
Canary submits S-1 application for its AXL ETF
According to market news, Canary has submitted an S-1 application for its AXL ETF.
Bitwise submits S-1 registration statement for its Aptos ETF
According to market news, Bitwise has submitted an S-1 registration statement for its Aptos ETF. Previously reported, the Bitwise Aptos ETF was registered in the state of Delaware on February 27.
Franklin Templeton pointed out in a report on Tuesday that the growth rate of the Solana DeFi ecosystem far exceeds that of Ethereum, with higher revenues, yet its token valuation remains significantly low, indicating a "value asymmetry." The report compared leading DeFi projects in the Solana and Ethereum ecosystems. Data shows that the average annual transaction fee growth for Solana projects reached 2400%, with a valuation multiple of only 9x, while Ethereum's related projects saw a fee growth of only 150%, but a valuation multiple as high as 18x. The report further noted that DeFi may be entering a new era dominated by the Solana Virtual Machine (SVM), challenging the historical dominance of the Ethereum Virtual Machine (EVM) in the DeFi space. Nevertheless, Franklin Templeton remains optimistic about Ethereum's long-term development, believing that its Layer 2 scaling strategy has made progress, enhancing the scalability of the entire network. However, in terms of market pricing, the value mismatch of Solana DeFi tokens may not persist long-term, as the Solana ecosystem continues to demonstrate resilience in decentralized computing platforms, and the market may gradually adjust its valuation to align the prices of leading DeFi projects on Solana with Ethereum's blue-chip protocols.
The Ethereum Foundation published a post on its official blog stating that the Pectra network upgrade had previously been launched on the Sepolia testnet, but an issue was later discovered with the permissioned deposit contract on Sepolia, causing many execution layer clients to be unable to include transactions in blocks. The cause of the problem was quickly identified, and the client teams immediately began working on a fix. This issue is specific to the configuration of the Sepolia testnet and cannot occur on the Ethereum mainnet. Validators have now deployed a fix, restoring the network to normal throughput. All Sepolia node operators must now upgrade their execution layer clients to maintain network compatibility.
The Ripple-supported National Cryptocurrency Association (NCA) of the U.S. has been officially established and has received $50 million in funding for two years, aimed at helping Americans better understand the crypto industry and providing resources for anyone who uses, holds, or wants to learn more about cryptocurrencies. It is reported that the NCA will provide crypto knowledge resources, video tutorials, practical guides, and plans to conduct nationwide promotional activities, community events, and courses, and will release a survey report on 10,000 American crypto holders this month. Data shows that 21% of Americans may have used cryptocurrencies, and 76% believe that cryptocurrencies have a positive impact on their lives.
The Ethereum MVRV metric reached 1.01 yesterday, marking the lowest level since October 2023, when ETH was trading slightly below $1600.
MVRV can be used to identify market tops and bottoms. Historical data shows that values around 1.01 typically indicate a local bottom, but such low values are rare during bull markets.
Generally, this metric tends to decline significantly during bear markets, and at deeper cycle lows, MVRV may even drop below 0.70.
Project News
MegaETH: No airdrop rewards for testnet interactions
MegaETH announced that it will not provide airdrop rewards for interactions on the public testnet. The purpose of the testnet is to conduct real-world testing, allowing developers to explore technology and users to experience applications; (providing airdrops for the testnet) does not align with our style. Previously, MegaETH announced that it would deploy the testnet on March 6.
Trump family project WLFI spends $21.5 million in 2 hours to purchase ETH, WBTC, and MOVE
According to @OnchainLens, the Trump family project World Liberty Finance spent $21.5 million USDC in the past 2 hours to purchase 4,468.39 ETH at $2,238 for a total of $10 million, 110.6 WBTC at $90,415 for a total of $10 million, and 3,420,039 MOVE at $0.438 for a total of $1.5 million.
The Kaito team responded to the previous large on-chain transfer, stating that it was not a movement of tokens from the team's holding address, but rather a normal borrowing operation by market makers. The borrowing has been completed on schedule, and the tokens have all been returned to the original wallet. Previously, on-chain analyst Ai Yi monitored that the Kaito team was suspected of selling 2 million KAITO, worth about $4.1 million. The address "0x8D0…4afA9" received 25 million KAITO from a multi-signature address two weeks ago and transferred 5 million to a new address 22 hours ago, with 2 million already deposited into Binance.
Insiders: Jump is expanding its U.S. workforce and recruiting crypto engineers
Chicago-based trading giant Jump is restoring its U.S. cryptocurrency business to full strength after scaling back due to regulatory scrutiny and uncertainty over the past few years. According to an insider, while Jump has maintained its digital asset trading and market-making activities in other regions globally, cryptocurrency trading volume in the U.S. is now accelerating. Additionally, another insider stated that Jump is seeking to hire a group of crypto engineers and plans to fill positions for U.S. policy and government liaisons at the appropriate time. Another potential area of exploration for Jump is participation in the U.S. crypto ETF market, but the company declined to comment on related matters.
Circle: Upgrading Linea bridging standard to support native USDC in the coming weeks
Circle announced that native USDC is about to launch on Linea, and in the coming weeks, Circle will upgrade the bridging USDC standard on Linea to implement natively issued USDC. Linea will soon support CCTP V2 after its mainnet launch, enabling faster cross-chain settlement than finality.
Investment and Financing
CoreWeave plans to acquire AI developer platform Weights & Biases for $1.7 billion before IPO
AI supercomputing company CoreWeave plans to acquire AI developer platform Weights & Biases for $1.7 billion before its IPO. The financial terms of the deal have not been disclosed, and the transaction has been submitted and is expected to be completed in the first half of this year. CoreWeave submitted its IPO application yesterday, expecting to raise $4 billion with a valuation exceeding $35 billion.
Foundation Capital announced the raising of its eleventh fund at $600 million, a 20% increase from the previous fund. The company focuses on seed-stage investments and was one of the first institutional investors in Solana and Cerebras, with a focus on emerging markets such as artificial intelligence and cryptocurrency.
When investing in Cerebras in 2016, the AI chip market was not yet established, and now Cerebras has a valuation of $4.25 billion. The company has returned $1.4 billion to investors over the past three years, with recent successful exits including EvolutionIQ ($730 million) and Venafi ($1.5 billion).
The fund expansion aims to address the growing scale of seed and Series A financing while maintaining a 15%-20% ownership stake. Last year, senior partner Charles Moldow retired, and the company is now managed by four partners.
Regulatory Trends
South Korea's Bitcoin ETF decision enters a critical stage, referencing Japan's model
South Korea is gradually approaching a decision on Bitcoin ETFs. The Financial Supervisory Service of South Korea has reviewed the legislative trends of the Japanese Financial Services Agency regarding digital assets and shared them with domestic relevant institutions. Japan previously took a cautious stance on digital assets but is now considering positioning cryptocurrencies as financial products and may lift the ban on crypto ETFs.
Kim So-young, vice chairman of the Financial Services Commission of South Korea, stated that they will "carefully review" spot Bitcoin ETFs. Notably, over 30% of South Koreans invest in crypto assets, and despite political turmoil, the government is pushing forward with crypto regulation, including allowing charities and universities to sell cryptocurrency donations starting in the second half of 2025.
Singapore's Minister of State for Home Affairs, Sun Xueling, reiterated the determination of various government agencies to combat fraud during the budget debate for the Ministry of Home Affairs on Tuesday. She emphasized that existing anti-fraud measures, regulations, and education will be further strengthened. She specifically mentioned cryptocurrency scams, which accounted for a quarter of the total losses from fraud last year. She pointed out that scammers have recently noticed that banks are closely monitoring transactions, making it difficult to exploit loopholes, and they have instead instructed victims to convert their money into cryptocurrency before remitting it to evade scrutiny. Some scammers also directly steal assets from victims' cryptocurrency wallets. In response to the persistent issue of scams, the Ministry of Home Affairs does not rule out the use of caning to punish those who commit serious fraud offenses.
Russian Ministry of Finance may allow qualified investors to trade cryptocurrencies
The Russian Ministry of Finance and the Central Bank of Russia are discussing the launch of domestic cryptocurrency trading within an experimental legal framework (ЭПР). Alexey Yakovlev, head of the Financial Policy Department, revealed this to reporters.
Trading participants will belong to the "super-qualified" investor category, the criteria for which are still being developed.
"We are studying how to launch a domestic cryptocurrency trading market within the experimental legal framework. However, this involves 'super-qualified' investors, which is a category that has not yet been defined, and we are determining its standards," Yakovlev stated at the Asset Management Market Leaders Forum.
Yakovlev added that the Ministry of Finance hopes this proposal can be implemented soon. "There are three key factors: the experimental legal framework, super-qualified investors, and control of all risks. If these three factors can be achieved, then we may propose a plan and submit it for government review. Currently, this is still in the discussion phase among the Ministry of Finance, the Central Bank, and market participants."
On August 1, 2024, Russian President Vladimir Putin signed a law allowing cross-border payments and cryptocurrency trading within the experimental legal framework starting September 1, 2024. The Central Bank has been designated as the authorized regulatory body in this area.
Voices
U.S. SEC Commissioner Hester Peirce: The crypto working group has begun to define its scope
According to Fox Business reporter Eleanor Terrett, U.S. Securities and Exchange Commission Commissioner Hester Peirce stated, "The crypto working group has begun to determine what falls outside the SEC's jurisdiction, and it is important to understand what is within the SEC's scope and what is not." Hester Peirce also emphasized the importance of public participation in the rule-making discussion, stating that those affected by the rules should have the right to participate in their formulation.
Matthew Sigel, Director of Digital Asset Research at VanEck, stated, "It is estimated that the combined effect of proposals SIMD 096 and SIMD 0228 will reduce SOL's annual selling pressure by $677 million to $1.1 billion. While SIMD 096 increases tax-related selling pressure by eliminating the 50% priority fee burn mechanism, SIMD 0228 is expected to fully offset this impact." It is reported that Solana's SIMD 0228 proposal is now open, aiming to shift SOL issuance to a market-driven model. The proposal sets a target staking rate of 50% to enhance the network's security and decentralization. If more than 50% of SOL is staked, the issuance will decrease, thereby suppressing further staking by lowering yields; if less than 50% of SOL is staked, the issuance will increase to raise yields and encourage staking. The minimum inflation rate will be 0%, while the maximum inflation rate will be determined based on the current issuance curve of Solana.
Bitwise CIO: U.S. crypto strategic reserves are the first shot in the global BTC arms race
Bitwise Chief Investment Officer Matt Hougan stated in his investment memo: "Trump is like a game changer; the establishment of the U.S. crypto strategic reserves will be seen as the first shot in a Bitcoin arms race and will trigger a domino effect. Honduras, Mexico, or Guatemala, just look at El Salvador, now it's America's turn to acquire Bitcoin. Will countries like Dubai, Qatar, or Saudi Arabia envy America's leading position? Countries may view Bitcoin as an important monetary asset."
Binance co-founder CZ stated that predicting crypto trends for the next 10 years is simple, but predicting tomorrow's movements is difficult.
JPMorgan: If XRP ETF is approved, it could attract $8 billion in inflows in the first year
Trump announced last week that he plans to include tokens such as XRP in the U.S. crypto strategic reserves. Investors are betting on the chances of XRP ETF approval, with the related prediction probability on Polymarket reaching 78%. JPMorgan analysts predict that if the XRP ETF is approved, it could attract $8 billion in inflows in the first year.
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