Organized by: Luan Peng, ChainCatcher
"What Important Events Happened This Week (3.3-3.9)"
Coinbase co-founder and CEO Brian Armstrong commented on social media regarding "Trump's push for a cryptocurrency reserve plan," stating that BTC may be the best choice for asset allocation in strategic reserves. As a successor to gold, BTC has the simplest and clearest narrative. If people want more variety, a market cap-weighted index of crypto assets could be created to maintain fairness. However, choosing only BTC might be the simplest option.
2. Australian Government Currently Has No Plans to Establish a Cryptocurrency Strategic Reserve
According to Cointelegraph, the current Australian government has stated that there are no plans to establish a cryptocurrency strategic reserve.
A spokesperson for Australian Assistant Treasurer and Minister for Financial Services Stephen Jones told Cointelegraph that the Albanese government is focused on regulating digital asset platforms and is developing a regulatory framework suitable for digital assets.
Tom Matthews, Head of Corporate Affairs at Australian exchange Swyftx, believes that while the idea of a crypto reserve is popular, it could be "fraught with complexities" and may lead to concentration risks for certain tokens. Jonathan Miller, Managing Director of Kraken Australia, stated that cryptocurrencies have established themselves as investment-grade assets.
French crypto market maker and liquidity provider Flowdesk has completed a $52 million Series B extension, with 80% being equity financing and approximately 20% ($10.2 million) being debt financing. The equity financing round was led by European investment firm HV Capital, with participation from Eurazeo, Cathay Innovation, and ISAI VC, while the debt financing portion was provided by a fund managed by BlackRock. HV Capital also secured a board seat at Flowdesk.
Flowdesk plans to use the funds to expand its business, including launching a dedicated crypto credit business and establishing an office in the UAE. Co-founder and Global CEO Guilhem Chaumont stated that debt financing is a strategic choice for the company to optimize its balance sheet while maintaining sustainable growth and avoiding equity dilution. Flowdesk previously completed a $50 million Series B financing in January 2024, with a valuation exceeding $250 million.
Founded in 2020, Flowdesk's main business includes market making, liquidity provision (including crypto ETFs), OTC trading, brokerage services, and financial management.
4. Metaplanet Completes Approximately $87 Million Financing to Increase Bitcoin Holdings
According to a Metaplanet announcement, the company has completed a large-scale exercise of stock subscription rights for Series 13 and 14 through a third-party directed issuance, raising approximately 12.97 billion yen (about $87 million).
This financing was supported by EVO FUND, with part of the funds used to redeem previously issued Series 7 ordinary bonds early. Metaplanet plans to use the funds to continue increasing its Bitcoin holdings to strengthen its digital asset investment strategy.
5. New York Times: Trump Himself May Be the Winner of the Crypto Strategic Reserve
According to an analysis by the New York Times, Trump himself may be the winner of the crypto strategic reserve, having spent millions of dollars on cryptocurrencies through his family's crypto projects, some of which may be included in the U.S. strategic reserve.
Cornell University economist Eswar Prasad added, "Trump's crypto strategic reserve lacks rationality and strategy; it is merely beneficial for Bitcoin holders at this stage, but certainly a bad thing for taxpayers."
Binance co-founder Zhao Changpeng posted on X platform that predicting crypto trends for the next 10 years is simple, but predicting tomorrow's trends is difficult.
7. Hong Kong Legislative Council Member Wu Jiezhuang: There is No Official Cryptocurrency in Hong Kong
Hong Kong Legislative Council member Wu Jiezhuang stated, "There is no official cryptocurrency in Hong Kong. Some citizens and Web3 practitioners have inquired about someone impersonating the Chief Executive on the X platform, claiming to launch Hong Kong Coin on the Solana chain. The government has clarified that this information is not true and is a deliberate scam. Citizens are reminded to be cautious and not to be misled by scams."
Previous reports indicated that the X account of Hong Kong Chief Executive John Lee was suspected to have been hacked, posting content related to tokens.
8. White House Cryptocurrency Chief: Trump Signs Executive Order to Establish Strategic Bitcoin Reserve
David Sacks, the White House AI and cryptocurrency chief, stated, "Just a few minutes ago, President Trump signed an executive order to establish a strategic Bitcoin reserve. This reserve will be capitalized with Bitcoin owned by the federal government, which is part of criminal or civil asset forfeiture proceedings. This means it will not cost taxpayers a dime. It is estimated that the U.S. government owns about 200,000 Bitcoins; however, a complete audit has never been conducted. The executive order calls for a comprehensive accounting of the federal government's digital asset holdings.
The U.S. will not sell any Bitcoin deposited in the reserve. It will be kept as a store of value. For the cryptocurrency commonly referred to as "digital gold," the reserve acts like a digital Fort Knox. The premature sale of Bitcoin has already cost U.S. taxpayers over $17 billion. Now the federal government will formulate a strategy to maximize the value of its Bitcoin holdings.
The Treasury Secretary and Commerce Secretary are authorized to develop budget-neutral strategies to acquire more Bitcoin, provided these strategies do not incur incremental costs to U.S. taxpayers. Additionally, the executive order establishes a U.S. digital asset reserve, which includes digital assets other than Bitcoin seized in criminal or civil proceedings. Apart from assets obtained through forfeiture, the government will not acquire other assets for the reserve. The purpose of the reserve is to manage government digital assets under the leadership of the Treasury.
From the promise to the fulfillment of the promise, President Trump has committed to establishing a strategic Bitcoin reserve and a digital asset reserve, and these commitments have now been fulfilled. This executive order emphasizes President Trump's determination to make the U.S. the "world's cryptocurrency capital." I want to thank the President for his leadership and vision in supporting this cutting-edge technology and for his swift action in supporting the digital asset industry. His administration is indeed moving at "the speed of technology."
I also want to thank the President's digital asset market working group—especially Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick—for their assistance and support in completing this work. Finally, Bo Hines played a key role as the executive director of our working group."
9. Binance Updates March Reserve Proof: New TRUMP Added, 35 Tokens Have Reserve Ratios Exceeding 100%
Binance released its reserve proof for March 2025. As of March 1, Binance's BTC reserve ratio reached 100.77%, ETH reserve ratio was 100.00%, USDT reserve ratio was 104.42%, and BNB reserve ratio reached 110.92%.
Additionally, Binance's reserve proof has added the TRUMP token, with a reserve ratio of 100.38%. Binance's reserves currently cover a total of 35 tokens, all with reserve ratios exceeding 100%.
10. Binance Imposes Monitoring Label on GoPlus Security (GPS)
According to Binance's announcement, Binance will impose a monitoring label on GoPlus Security (GPS) on March 7, 2025.
Previously, GPS experienced a significant price drop after being listed on the spot market and was involved in market-making activities.
11. Zhao Changpeng: Voting by User Count Benefits Large Communities, Value Voting Benefits Whales
Zhao Changpeng responded to community users on the X platform, stating that it is still unknown how Binance's voting mechanism for listing and delisting tokens will be categorized. Voting by user count benefits large communities, while value voting benefits whales and large holders. Regardless, there will always be complaints about delisting in the community.
ChainCatcher previously reported that according to Binance's announcement, Binance will optimize its token listing mechanism, adding "voting for listing" and "voting for delisting" community governance models, giving users more decision-making power while not profiting from token listings, and will disclose project marketing costs and batch airdrop tokens.
12. David Sacks: ADA, SOL, XRP Mentioned Only Because They Are in the Top Five by Market Cap
According to Aggr News, David Sacks, the cryptocurrency policy head of the Trump administration, stated that Cardano (ADA), Solana (SOL), and XRP were mentioned in discussions about the strategic Bitcoin reserve and digital asset reserve solely because they rank among the top five by market capitalization, with no special preference or policy inclination.
13. Powell: No Rush to Cut Rates Until Trump's Policy Impact Becomes Clearer
Federal Reserve Chairman Powell stated that there will be no rush to cut rates until it becomes clearer how the new government's policies will impact the economy.
Powell said, "The new government is implementing significant policy changes in four different areas: trade, immigration, fiscal policy, and regulation. The uncertainty surrounding these changes and their potential impacts remains high. Our focus is on distinguishing signals from noise as the outlook changes. We don't have to rush; we are fully capable of waiting for a clearer outlook."
Although Powell stated that the economy "continues to be in good shape," data also indicates that consumer spending may slow, and businesses and corporations are facing "increased uncertainty about the economic outlook." Powell added that key indicators remain robust, and while progress on inflation and employment is ongoing, it is uneven.
14. Trump: Treasury and Commerce Departments Will Explore New Ways to Accumulate More Bitcoin
U.S. President Trump stated at the White House cryptocurrency summit that the Treasury and Commerce Departments will explore new ways to accumulate more Bitcoin for reserves, without wanting taxpayers to bear any costs. He will order federal agencies to inventory the digital assets currently held by the U.S. government and determine how to transfer them to the Treasury, with digital assets being stored in a new U.S. digital asset reserve.
15. Coinbase Adds Aethir (ATH) and Syrup (SYRUP) to Token Listing Roadmap
Coinbase announced on the X platform that it has added Aethir (ATH) and Syrup (SYRUP) to its token listing roadmap.
According to The Paper, Supreme People's Procuratorate Chief Ying Yong presented the work report at the third session of the 14th National People's Congress, stating that in 2024, procuratorial organs will prosecute 825 people for securities-related crimes such as financial fraud and insider trading, and 3032 people for money laundering crimes involving the transfer of criminal proceeds using "virtual currency."
17. Former Avalanche Foundation Director Confirms Resignation of Three Board Members
Former Avalanche Foundation director Omer (@demirelo) released a statement on the X social platform confirming that three board members, including Aytunç Yildizli and Vikram Nagrani, officially resigned from the foundation and its subsidiaries earlier this week.
Executive director Aytunç Yildizli ceased to perform his duties on February 28, 2025, and since then, the board has been in a wait-and-see mode, trying to find a way forward.
Omer stated, "During my and Aytunç Yildizli's and Vikram Nagrani's 18-month tenure, we pushed for several important initiatives, including establishing the Avalanche Foundation's brand image, releasing the first annual report, launching incentive programs such as infraBUIDL () and infraBUIDL (AI), and developing the AiFRED project, as well as strengthening internal coordination within the ecosystem and shifting growth strategies towards new market development and strategic cooperation. This collective voluntary resignation decision was 'well-considered,' and we will continue to focus on the development of the Avalanche ecosystem in the future, wishing the Avalanche ecosystem and community all the best."
18. Robinhood Pays $26 Million Fine to Settle with FINRA
According to Bloomberg, two subsidiaries of Robinhood Markets Inc. have agreed to pay $26 million to settle charges brought by the Financial Industry Regulatory Authority (FINRA). FINRA accused Robinhood of failing to respond to warning signs of potential misconduct and failing to verify the identities of thousands of customers.
The fine from the brokerage industry regulator follows another $45 million settlement reached by Robinhood Securities and Robinhood Financial with the U.S. Securities and Exchange Commission (SEC) in January. The SEC accused the retail trading company of failing to maintain records, not reporting suspicious activities on time, and other issues.
In the settlement agreement, both companies accepted the findings of the FINRA investigation but neither admitted nor denied the charges and agreed to commit to rectifying the related issues.
19. White House: The U.S. Will Become the World's Bitcoin Superpower, the Golden Age Has Begun
The official X account of the White House stated, "The U.S. will become the Bitcoin superpower in the world. America's golden age has begun!"
Crypto KOL Ansem (@blknoiz06) posted on the X platform, stating, "I believe Ye is one of the few individuals globally with enough influence to significantly impact the mainstream adoption of cryptocurrency, with many unique and novel ways to integrate cryptocurrency into his existing network."
Ansem revealed details of discussions with Ye about cryptocurrency, saying, "Honestly, Ye has shown a genuine interest in learning about cryptocurrency and how it works, while 99% of outsiders wouldn't even care to the extent of asking questions." When asked why Ye is interested in cryptocurrency, Ansem responded to user comments, stating, "He has indeed experienced being banned on different social and financial applications, which is impossible on services built on cryptocurrency infrastructure."
Previous reports indicated that the well-known rapper Kanye stated he is learning about Bitcoin from crypto KOL Ansem.
"What Are the Noteworthy Articles to Read This Week (3.3-3.9)"
1. Jump Trading's Dark History: A Comprehensive Recovery of Crypto Business Faces an Awkward Situation
In August last year, a hasty and massive sell-off by Jump Trading pushed the crypto market into a deep abyss, further triggering the "805 crash." At that time, rumors about Jump "this big guy" collapsing intensified.
In the six months that followed, the few news items about Jump were almost all centered around its internal and external lawsuits and legal battles.
Recently, CoinDesk cited sources saying that Jump is currently fully restoring its cryptocurrency business. Jump Trading's official website shows that Jump is hiring a batch of cryptocurrency engineers for its offices in Chicago, Sydney, Singapore, and London. Additionally, another source added that Jump plans to begin supplementing U.S. policy and government liaison positions at the appropriate time.
Jump was once referred to as the "absolute king" of the trading world. With ultra-low latency trading systems and complex algorithm designs, Jump became one of the key liquidity providers in traditional finance. As the scale of the crypto market continued to expand, Jump began market-making for cryptocurrencies and investing in crypto projects, officially establishing its crypto business division, Jump Crypto, in 2021.
However, the gamble that accompanied the birth of Jump Crypto also laid the groundwork for its later tragedy.
Early this morning, the U.S. White House crypto summit officially kicked off, with the White House providing about 25 minutes of live coverage. Despite high expectations from the outside world for this summit, the live content did not reveal any new policies or significant information.
President Trump’s speech at the summit was relatively brief, serving more as an opening host. The remarks from attendees were mostly ceremonial, focusing on the progress of cryptocurrency policies since the Trump administration took office and support for Trump himself.
Although the summit lacked substantial policy updates, the market is still closely watching the potential signals behind it. This article will summarize all the noteworthy information from the summit and review the interview content of David Sacks, the White House AI and cryptocurrency chief, prior to the summit.
3. Full of Gamesmanship, Eight Highlights of the White House Crypto Summit Six Hours Later
Although Trump has already signed the executive order for the Bitcoin strategic reserve, many details remain undecided, leading to significant market divergence regarding its future impact. This has made the upcoming four-hour White House crypto summit, starting a few hours later, full of highlights. (Note: Closed-door meeting from 2:30 to 6:30 on March 8)
With the non-farm payroll data set to be released tonight at 9:30, the crypto market tonight is bound to be filled with gamesmanship, making it another sleepless night for the Chinese crypto community. This article summarizes the important topics or predictions for tonight's White House crypto summit as a pre-meeting reference.
4. Revealing the History of Tether: The Undercurrents and Manipulation in the Crypto Market
This article is organized from Zeke Faux's book "Number Go Up." Zeke Faux, due to his strong interest in cryptocurrency, began to delve into research and investigation of Tether (USDT), ultimately writing this book that reveals the manipulation behind Tether and its impact on the crypto market.
This compilation organizes the original text, mainly focusing on Giancarlo Devasini's rise in the global crypto market through the manipulation of the Tether stablecoin USDT. Despite Tether's initial promise to back its tokens with a 1:1 dollar reserve, it has faced regulatory scrutiny due to opaque fund flows, frequent issuance, and experiences with hacking incidents and mysterious fund operations, particularly becoming a tool for illegal fund transfers in Southeast Asia. Nevertheless, he continues to push projects like the Bitcoin bond plan to expand the business landscape.
5. Optimists Cheer, Pessimists Worry: How Does the Market View the U.S. Crypto Strategic Reserve?
This morning, President Trump signed an executive order to establish a Bitcoin strategic reserve and a U.S. digital asset reserve.
White House AI and crypto czar David Sacks pointed out that over the past decade, the U.S. government has sold approximately 195,000 Bitcoins, earning only $366 million. If these Bitcoins had been held long-term, their current value would exceed $17 billion.
Sacks bluntly stated, "This is the cost of American taxpayers not having a long-term strategy!"
So, how does the crypto strategic reserve actually work? How will this policy affect the market? Let’s look at the different interpretations from the market.
Today, the RED token, which had been actively trading on Binance for several days, was urgently halted just before its official listing. The official explanation for the halt was that the project team temporarily changed the community airdrop distribution plan, announcing an additional 2% of the total RED token supply would be allocated to community members who were initially overlooked in the airdrop.
Whether this reflects the community's resistance to unfair airdrop distribution or a compromise by the RED project team to maintain token prices remains unclear.
But at least this time, it shows that brave voices can make a difference.
7. SOON Network: Expanding SVM Beyond Solana | Early Project Focus
After the pump wave, the Solana ecosystem needs to build more valuable projects to retain users and continue expanding its influence.
But how can more users from the ecosystem use the Solana chain with speed and low cost?
SOON Network stands out as a rollup stack aimed at providing top-tier performance for all Layer 1s, with a tailored architecture to meet the high-performance demands of modern decentralized applications.
With only 33 hours left until the first White House cryptocurrency summit, the crypto market's attention is undoubtedly focused on this high-profile meeting that could impact the industry's future.
The meeting will take place from 2:30 AM to 6:30 AM Beijing time on March 8, with President Trump personally attending and speaking, alongside AI and crypto czar David Sacks, SEC Acting Chair Mark Uyeda, CFTC Acting Chair Caroline Pham, and many leaders from the crypto industry.
However, the official invitation email revealed no details other than the time and location. The specific agenda and discussion topics of the meeting remain shrouded in mystery. This article will summarize current market predictions regarding the meeting's content and explore important policy trends.
9. 5000U Turns into 400U: Unveiling the Truth Behind KOL Round Financing's "Capital Hunting"
Once a booming KOL round financing, it has now become a "nightmare" for many KOLs:
"Last year, I invested in more than ten KOL rounds, and I lost money on all of them. Most didn't even issue tokens; they just disappeared." "Let me put it this way, basically all KOL rounds this time didn't make much money." "I invested in more than a dozen last year, and only 2 were successfully issued. I put in 5000U and got out 400U."
What was once thought to be a shortcut to participate in quality projects at low cost and achieve wealth appreciation has resulted in total losses. Some jokingly lamented, "Lost face while losing money."
KOL rounds seem to be on the verge of becoming a derogatory term, transforming from a wealth code into a "capital hunting ground."
10. DeFi Unbinding and Taxation Fantasies: Are Trump's Two New Crypto Cards Still Worth Expecting?
Although the market only rallied for a day due to Trump's strategic reserve declaration, the Trump administration seems to have not given up on playing the crypto card.
Yesterday, two pieces of potentially favorable policy news for crypto were released.
First, White House AI and crypto chief David Sacks stated on the X platform that the White House would support the Congressional Review Act to repeal the "DeFi broker rule."
This morning, the U.S. Senate passed the Congressional Review Act by a vote of 70 to 27 to repeal the DeFi broker rule, pending approval by the House of Representatives and signature by President Trump to become law.
Second, Mike Alfred, founder of Alpine Fox LP, revealed on the X platform that at Friday's White House crypto summit, the Trump administration might announce the cancellation of the zero capital gains tax policy on cryptocurrency sales.
11. The Life-and-Death Game of 100x Leverage: Reviewing Recent Crazy Bets and Gambles by Crypto Whales
Since February 25, Bitcoin prices have entered a period of intense volatility, experiencing significant "N-shaped" fluctuations with changes exceeding 15% within a week. The crypto greed and fear index has remained in the "fear" zone, while retail investors are anxious amid liquidation alarms, top whales are sensing "blood in the water"…
In this market game, some have accurately bottomed out and topped out, making millions; others have bet in the wrong direction and faced liquidation. Who is stirring the market? And who is faltering in the turmoil?
This issue will delve into the recent miraculous operations of whales in the market, decoding how crypto whales engage in "capital games on the edge of a knife" in the contract battlefield.
As the SIMD-0228 proposal is the first of its kind on the Solana network, the community remains cautiously optimistic about its expected effectiveness.
"Cross-chain" has always been a necessary product in the crypto industry.
Recently, the cross-chain field has welcomed many positive developments. On February 19, the cross-chain asset packaging protocol Universal announced the completion of a $9 million financing led by a16z. Following that, on February 20, the Ethereum Foundation announced the launch of the modular cross-chain operation open-source framework Open Intents Framework, providing developers with powerful tools to build and deploy intent product experiences, further promoting the development of cross-chain technology.
On February 26, early Ethereum ecosystem participant, Delta Fund founder, and former ConsenSys Ventures partner Kavita Gupta publicly announced the launch of the cross-chain aggregation protocol Inclusive Layer. This protocol centers on user intent and aims to break down barriers between EVM and non-EVM ecosystems, providing users and developers with a more seamless cross-chain experience.
On March 2, Trump made a statement regarding cryptocurrency reserves, indicating that his digital asset executive order directs the presidential task force to advance a crypto strategic reserve that includes XRP, SOL, and ADA, "ensuring that the U.S. becomes the world's crypto center." Trump later added that BTC and ETH are also included in the reserves. Following the announcement, the five assets mentioned by Trump saw significant price increases, providing a boost to the continuously declining crypto market.
See also: "Trump's 'Market Rescue': A Look at This Week's Most Noteworthy 'Macro Events' and 'American Coin'"
In addition to the already listed BTC and ETH spot ETFs, the approval and advancement of ETFs for XRP, SOL, ADA, and other "American coins" may also enter an acceleration phase.
Earlier this year, with the new government in power, the U.S. Securities and Exchange Commission announced the establishment of a new cryptocurrency task force led by Commissioner Hester Peirce, which insiders view as a gateway to updated regulations and more cryptocurrency fund approvals. This could accelerate the approval of a broader range of cryptocurrency ETFs, including SOL, XRP, LTC, DOT, and DOGE, thus heating up the crypto ETF market.
Altcoins are about to welcome a new wave of applications and listings. Currently, multiple entities are applying for spot ETFs for assets such as SOL, XRP, LTC, DOT, ADA, TRUMP, DOGE, HBAR, BONK, and APTOS.
15. Rational Return: Has Crypto Lost Trust in Trump?
Last night, the cryptocurrency market went into a frenzy due to a post by Trump mentioning the "crypto strategic reserve," with XRP, SOL, and ADA surging over 30% in a single day, while Bitcoin and Ethereum followed suit, leading to a $300 billion increase in the total market capitalization of the crypto market.
The "pump" effect was evident, but the market does not seem to have rekindled the past fervor for policy-driven bull markets.
Rationality is returning to crypto.
In this cycle, Ethereum is facing numerous challenges: the frenzy of meme coins has siphoned off funds and attention, the prosperity of Layer 2 has backfired on the mainnet's value, and the Ethereum Foundation has been criticized for its "inaction." The market is rife with doubts about Ethereum, which was once hailed as the "king of public chains," is now being mocked by the community as a "declining old order," and Vitalik has fallen from his "altar."
With the market's cold gaze, internal ecological strife, and weak token prices, Ethereum can no longer sit idly by…
In response to the community, developers, and investors, a "self-rescue operation" has officially begun. The adjustments within the Ethereum Foundation and the establishment of new departments are undoubtedly the first shots fired in this transformation.
Backpack has prioritized the most challenging work, integrating it into the social framework of major markets.
18. Trump's "Market Rescue": A Look at This Week's Most Noteworthy "Macro Events" and "American Coin"
This week may be the most critical week affecting the future of crypto.
In a prison where muffins and instant noodles serve as currency, missing the shifts in the outside world, SBF discussed his worldview in a recent interview.
The crypto industry has long walked the line between innovation and fraud, and regulators need to clarify what kind of industry they actually want to support.
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