U.S. February PCE Higher Than Expected, Market Still Panicked; GME and Others Issuing Bonds to Buy BTC | Hotcoin Research Market Insights: March 24–28, 2025

Cryptocurrency Market Performance

Currently, the total cryptocurrency market capitalization stands at $2.84 trillion, with BTC dominance at 60.8%, amounting to $1.73 trillion. The stablecoin market cap is $233.4 billion, with a 7-day increase of 0.98%, of which USDT accounts for 61.88%.

This week, BTC price fluctuated within a range, currently at $84,094; ETH also traded sideways, currently priced at $1,902. Among the top 200 projects on CoinMarketCap,most recorded declines while a few posted gains, including:

• BERA: 7-day increase of 28.09%
• CRO: 7-day increase of 27.92%
• GRASS: 7-day increase of 27.74%
• SAFE: 7-day increase of 25.94%

U.S. spot Bitcoin ETFs saw a net inflow of $196.4 million, while U.S. spot Ethereum ETFs had a net outflow of $8.7 million. As of March 29, the “Fear & Greed Index” stood at 26 (lower than last week), with market sentiment showing 3 days of fear and 4 days of neutrality.

Market Forecast

This week, the market remained range-bound amid ongoing fear. On-chain stablecoin issuance saw a slight increase, while net inflows into U.S. spot Bitcoin ETFs slowed, and outflows from Ethereum ETFs decelerated. SOL-based MEME projects showed signs of resurgence, with GHIBLI (Studio Ghibli-style) performing well. The U.S. February PCE index exceeded expectations, and the Trump administration threatened high tariffs if the EU and Canada harm the U.S. economy. The probability of the Fed maintaining interest rates in May is 87.8%. The market is expected to remain range-bound between April and June. Potential investment opportunities include BSC and SOL-based projects and the “Hotcoin New Token List” for wealth-building opportunities.

Major Events of the Week

1. March 24: Japanese listed company Metaplanet Inc. announced an additional purchase of 150 BTC, raising its total holdings to 3,350 BTC.
2. March 23: According to DeFiLlama, as of March 22, Ethena’s TVL reached a record high of $6.558 billion, with USDe supply at 5.413 billion and USDtb at 1.142 billion.
3. March 23: PancakeSwap generated $3.45 million in revenue over the past 24 hours, ranking third among crypto revenue platforms. Tether and Circle took the first and second spots with $18.37 million and $6.25 million, respectively.
4. March 25: Crypto prediction platform Polymarket officially launched on the Solana network, enabling deposits in the Solana network. Previously, it operated only on Polygon and USDC deposits
5. March 25: The Dogecoin Foundation officially launched the official Dogecoin Reserve through its new commercial entity and completed its first purchase of 10 million DOGE.
6. March 25: According to Bloomberg, BlackRock, the world’s largest asset manager, announced the launch of a Bitcoin Exchange-Traded Product (ETP) in Europe
7. March 25: CPIC Investment Management, a Hong Kong subsidiary of China Pacific Insurance (CPIC), launched a USD Money Market Fund (MMF) on the HashKey Chain, securing $100 million in subscriptions on the first day.
8. March 26:Hyperliquid liquidated 392 million JELLY tokens at $0.0095 per token, resulting in a $703,000 profit with no loss.
9. March 27: Elon Musk, Sam Altman, and other influencers posted Studio Ghibli-themed AI images on the X.
10. March 27: GameStop announced a $1.3 billion private offering of 0.00% convertible senior notes (due in 2030), with potential to purchase $2 billion in BTC
11. March 27:.Bitcoin NFT project Taproot Wizards launched a Dutch auction at 0.42 BTC starting price.
12. March 27:Bitcoin yield project Corn officially launched its airdrop claim page.
13. March 28: U.S. February Core PCE Price Index (YoY) came in at 2.8%, higher than the forecasted 2.7%.

Macroeconomics

1. March 25: Donald Trump reiterated his call for the Federal Reserve to cut interest rates.
2. March 27: Trump threatened to impose high tariffs if the EU and Canada harm the U.S. economy.
3. March 28: CME’s FedWatch showed an 87.8% probability of rate maintenance in May and a 12.2% probability of a 25bps cut.
4. March 28: The SEC dropped lawsuits against Kraken, Consensys, and Cumberland.
5. March 28: The SEC concluded its investigation into Crypto.com without enforcement action taken.

ETF Overview

From March 24–28:

• U.S. Spot Bitcoin ETF net inflow: $196.4 million
• GBTC (Grayscale) net outflow: $22.48 billion
• IBIT (BlackRock) holdings: $48.182 billion
• U.S. Spot Bitcoin ETF total market value: $96.526 billion
• U.S. Spot Ethereum ETF net outflow: $8.7 million

Upcoming Events

1. Southeast Asia Blockchain Week 2025 (March 30 — April 5, Bangkok, Thailand)
2. MEME.ing (April 2–3, Palau)
3. BUIDL 2025 Global Crypto Summit (April 5, Hong Kong JW Marriott Hotel)
4. ETHGlobal Taipei 2025 (April 4–6, Taipei)
5. Hong Kong Web3 Carnival 2025 (April 6–9, Hong Kong Convention and Exhibition Centre)

Project Updates

1. VanEck to waive fees on HODL Bitcoin ETF until March 31, 2025 if AUM stays under $150M.
2. ZKsync Ignite Season 1 (January 6 — March 31) will distribute 100M ZK tokens to DeFi liquidity providers.
3. Vite Labs to shut down Vite Gateway in April.

Regulatory and Compliance

1. Binance to delist non-MiCA stablecoins for EEA users on March 31, 2025.
2. Cayman Islands new licensing rules for virtual asset providers take effect April 1, 2025.
3. Metaplanet to execute a 10-for-1 stock split on April 1, 2025.

Token Unlocks

1. HOOK: 8.33M tokens ($1.14M, 1.67%) on April 1.
2. dYdX (ETHDYDX): 8.33M tokens ($5.71M, 1.13%) on April 1.
3. Conflux (CFX): 87.5M tokens ($7.46M, 1.71%) on April 1.
4. Gravity (G): 180M tokens ($2.81M, 1.5%) on April 5.

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