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In March 2025, cryptocurrency valuations fell slightly, but there were many signs this month that institutional activity was accelerating—continuing the ripple effect that began in November’s U.S. election. After recent changes in U.S. crypto, institutions appear to have enough confidence in the medium-term outlook to make large-scale investments in digital assets. Click to read�
Last week (March 24), Galaxy Digital agreed to pay $200 million to law enforcement agencies to end the investigation. In fact, $200 million is a fine, which is the consideration that will prevent the New York Attorney General from investigating. I originally wanted to tell you this week how Galaxy used Luna to drive up shipments to deceive his fans? Because I read the documents from the New York Attorney General's office, the investigation into how Galaxy is raised (Pump) and shipped (Dump) is quite careful. Click to read
3. Confrontation with finance: How Trump's family stablecoins stir up the legislative gameCongress is rapidly pushing for a new crypto legislation that could make stablecoins more important in the financial system, and had already put banks in a passive position even before President Trump joined the battle. Trump said he hopes the stablecoin rules will become his first cryptocurrency legislation focus. The caught off guard began to increase lobbying efforts to make substantial changes to regulations, from who can issue stablecoins to the design of stablecoins to maintain their position in the financial system. Click to read
4.Circle IPO S1 Interpretation: Analysis of the Future Trend and Investment Value of the Stable Coin MarketTotal revenue in 2024 ~$1.7B (+16% YoY), and revenue is highly dependent on "USDC Scale × Interest Rate". The bull market has led to a rebound in USDC scale, but the market share of USDT competition has not rebounded much; interest rate sensitivity is strong, and the previous interest rate hike cycle was profitable, but now entering the interest rate cut cycle will compress income. Click to read
5. Can Ethereum still buy the bottom?Under the dual pressure of the continuous escalation of the tariff war and the intensification of economic recession risks, the crypto market has started a new round of panic killing, and the risk of pledges on the ETH chain has once again become a hot topic in the market. Since the potential liquidation scale of the price range of 1760-1660 is as high as 320,000 ETH, arbitrage bears have frequently launched fixed-point sniping at the giant whales in this area, trying to activate the chain liquidation mechanism. However, it is interesting that whenever the currency price falls to the liquidation price, the two giant whales with pledge sizes of 64,800 ETH and 60,800 ETH can always add margin in time at critical moments to resolve the liquidity crisis. This high-intensity tug-of-war on offense and defense also caused the long and short ETH prices to fluctuate violently around 1760. Click to read
