BTC's upward shift could fuel Altcoin surge
Mainstream data observations:
Fear & greed index: Increased from 45 to 46, indicating a neutral market sentiment with slight improvement compared to recent levels.
BTC whale liquidation level: Price at $86,050.70; liquidation amount $3.441 million.
ETH whale liquidation level: Price at $2,036.12; liquidation amount $149.7K.
BTC long/short ratio: Dropped from 1.0194 on March 24 to 1.0016 on March 25, a decrease of 1.74%.
Total stablecoin market cap: $237.7 billion, showing a slight decline of -0.5%.
Lending rates in major markets: AAVE: 5.00%, Compound: 5.06%
Market overview: BTC surged to a high of $88,752 before entering a consolidation phase. After the close of the US stock market, BTC began pulling back. However, its recent rebound has sparked a recovery in altcoins. Should BTC hold above $86,000, it may push towards $92,000.
BTC’s market dominance remains strong at 61.52%. Meanwhile, TOTAL3 (the total market cap excluding BTC and ETH) has recovered from a March 11 low of $711.4 billion to $829 billion. If BTC continues its upward momentum, a significant bottom reversal for altcoins is likely, with TOTAL3 potentially targeting $1 trillion
Macro overview: According to the White House, Donald Trump is exploring changes to the “reciprocal tariff” plan set for April 2, potentially offering preferential policies to certain countries while maintaining reciprocity. This marks a shift from his previous aggressive stance on broad tariff hikes to a more flexible, targeted approach. The Wall Street Journal reported on March 24 that Trump may scale back the comprehensive tariff plan in favor of more selective reciprocal tariffs, a move that has boosted market confidence. This shift in trade policy helped drive a 2.27% gap-up rally in the Nasdaq Index, while easing trade tensions have created a favorable environment for BTC.
BTC-related: On March 24, MicroStrategy announced that it purchased 6,911 BTC between March 17 and March 23, spending approximately $584 million in total. The average purchase price was $84,529 per BTC. With this acquisition, MicroStrategy’s total BTC holdings have reached 506,137 BTC, acquired at a total cost of $3.37 billion, with an average cost basis of approximately $66,608 per BTC. MicroStrategy’s continued accumulation has reinforced bullish sentiment in the BTC market.
BTC ETF: BTC ETFs have seen net inflows for seven consecutive days, with a total net inflow of $840 million over the past week. Additionally, according to a March 25 report by CoinDesk, Todd Rosenbluth, Head of Research at TMX VettaFi, and Cinthia Murphy, Senior Investment Strategist, shared findings from a survey of US financial advisors. The results indicate a growing interest in cryptocurrency exchange-traded funds (ETFs), with 57% of advisors planning to increase their crypto ETF allocations this year, while only 1% intend to reduce their exposure. This continued interest from investment advisors is expected to accelerate BTC adoption, laying a strong foundation for BTC to potentially surge toward the $150,000 mark.
Market snapshot– Kraken:Bloomberg reported that Kraken is working with Goldman Sachs and JPMorgan to explore a debt financing round ranging from $200 million to $1 billion. In 2024, Kraken generated $1.5 billion in revenue, marking a 128% year-over-year increase, with an adjusted EBITDA of $380 million. Following the SEC’s dismissal of its lawsuit against Kraken in March 2025, the exchange has been actively preparing for an IPO. Based on a valuation model similar to Coinbase’s 2021 IPO, which was valued at 10x revenue, Kraken's estimated valuation would fall between $15 billion and $20 billion. For comparison, Coinbase debuted at a $100 billion valuation with $6.6 billion in annualized revenue, partially due to being the first publicly listed blockchain exchange, which brought valuation premiums. Coinbase currently has a market cap of $60 billion. Kraken’s potential IPO further validates the viability of crypto exchanges in traditional markets and could enhance broader BTC adoption.
Key events
- World Liberty Financial (WLFI), a DeFi project with ties to the Donald Trump family, has launched stablecoin USD1 and is conducting multiple tests.
- Crypto and digital identity project World Network, is in discussions with payment giant Visa to integrate card features into its self-custody crypto wallet.
- Arbitrum DAO, the decentralized governance organization behind the Arbitrum L2 scaling solution for Ethereum, is considering withdrawing 225 million ARB from its gaming incentive program, citing concerns over poor project management and lack of transparency.
- BNB Chain has introduced a $100 million permanent liquidity support initiative, rewarding native tokens of the top 10 exchanges within its ecosystem.
- Sui ecosystem lending platform Suilend has launched the Ika Staked SUI (iSUI), with an initial deposit cap of 250,000 SUI.
- According to monitoring by HODL15Capital, five companies increased their Bitcoin holdings last week, adding a total of 7,349 BTC.
- Decentralized derivative protocol dYdX has initiated its first DYDX buyback program, allocating 25% of net protocol fees monthly for repurchases.
- Aptos ecosystem liquidity staking protocol Amnis Finance has announced the launch of its governance token AMI, with 8% allocated for airdrops.
Hot projects
Exchange updates
- WOO X has listed BR/USDT and SIREN/USDT perpetual contracts with up to 10x leverage.
- Binance has added Nillion (NIL) to Earn, Buy Crypto, Convert, Margin, and Futures, launched the Binance HODLer airdrop for Particle Network (PARTI), and introduced Bubb (BUBB) and AGON Agent (AGON) on Binance Alpha.
- Bitget has launched NIL/USDT perpetual contracts with up to 75x leverage while Bitget Seed introduced the Downald Trump (Downald) project.
- Bybit will list Amnis Finance (AMI) on March 26 and Walrus (WAL) on March 27.
- OKX has listed Particle Network (PARTI) and launched the OKX Wallet’s standalone app on the Google Play Store, available for download by searching.
Industry landscape
- US Oklahoma House of Representatives has passed a strategic Bitcoin reserve bill, aiming to support the state government's holding of Bitcoin as a reserve asset, allowing up to 10% of public funds to be invested in Bitcoin or digital assets with a market value of more than $500 billion.
- US SEC has announced support for the "SEC Crypto 2.0" plan and established a new presidential cryptocurrency working group to advance digital asset regulation.
- Crypto card issuer Rain has completed a $24.5 million funding round, led by Norwest Venture Partners.
- Crypto exchange Kraken is exploring a potential $1 billion debt funding round, currently in the early stages.
- Solana ecosystem re-staking protocol Fragmetric has completed a $5 million strategic funding round, led by RockawayX.
- AI agent-focused blockchain Hibit has secured $5 million in a funding round, participated in by Bochsler Finance.
Emerging projects
Other opportunities
Risk: Investors should proceed with caution and conduct their research.
Disclaimer
The development and market cap of stablecoins mentioned in the above content are speculative and based on market analysis at the time of writing and should not be interpreted as guaranteed outcomes. Market conditions can fluctuate widely and unpredictably due to numerous factors such as regulatory changes, market demand, and global economic developments.
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