Weekly Market Insight: March Week 2

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Market Updates

10 Mar 2025

Headline News

President Trump signed an Executive Order to establish a Strategic Bitcoin Reserve and a U.S. Digital Stockpile. The Reserve will be capitalised with Bitcoin owned by the federal government that was forfeited as part of criminal or civil proceedings. The government will not sell the Reserve holding, additional acquisition of Bitcoin and other digital assets will be conducted in a budget-neutral approach. The Stockpile will be actively managed by the Treasury Department.
Bitcoin price dropped by approximately 14% last week, as the Bitcoin Reserve announced not including strategies to acquire additional Bitcoin, and investors quickly shifted the focus back to macroeconomic uncertainty.

Macro-Outlook

President Trump paused the tariffs on Mexican and Canadian goods until April 2, just two days after enacting the tariffs and facing retaliation tariffs from Canada and China, where Trump did not lift the additional 10% tariffs imposed additional to the 10% on Chinese goods that went effective on February 4.
The U.S. ISM manufacturing PMI fell to 50.3 in February, slightly below market expectation of 50.5. Meanwhile, ISM services PMI increased to 53.5, beating the market forecast of 52.6%. The higher than expected ISM services PMI in February aligned with the upward revised S&P services PMI released in February, indicating the continuous expansion in the U.S. services sector.
The U.S. Non-Farm Payrolls increased to 151K in February, lower than market expectation of 160K. The unemployment rate in February increased to 4.1%, slightly higher than the market forecast of 4%.

Upcoming Economic Calendar including,

Tuesday, March 11, 10:00pm: The U.S. JOLTs Job Openings in January
Wednesday, March 12, 8:30pm: The U.S. Inflation Rate in February
Thursday, March 13, 8:30pm: The U.S. PPI in February
Friday, March 14, 10:00pm: Michigan Preliminary Consumer Sentiment in March

Weekly-Cryptos-Overview

The US SEC has reportedly dropped the investigation towards Yuga Labs and Kraken.
Utah's Bitcoin Reserve Bill HB230 was revised to remove the "Bitcoin Reserve" provisions entirely and only remain basic protections of mining activities and nodes running.

Layer 1 and Layer 2s

MegaETH has launched its testnet, and the team clarified that no aidrop intended for testnet users.
Solayer launched native SOL staking, delivering direct yield of 9.5% to stakers.

Dapps

Pendle launched the sUSDX yield market as the first permissionless community listing yield market. Listing UI and toolkits will go live soon. The community market which undergo additional audits and evaluation will be listed in Pendle Prime, fostering users' trust.
Maple Finance announced onboarding Bitwise, which manages over $12 billion in client assets, to its on-chain credit while helping the asset manager to meet institutional regulatory standards.
Fetch.ai launched ASI-1 Mini, its first web3-native large language model, specifically built and optimised for supporting complex agentic workflow.
Hey Anon launched Ask Anon, a plug-in that is embedded in DeFi protocols and facilitates users' DeFi requests.
Aevo introduced Option OTC 2.0, an on-chain options OTC desk, bringing institutional grade liquidity with zero exchange fees.
Worldcoin launched a beta version of private messenger with an in-build payment feature in its mobile app.
Across raised $41 million from Paradigm with the sales of ACX token. Although the vesting schedule is unknown, the seed raise and strategic raise are scheduled to unlock in June 2025 (23% of circulating supply) and periodically cliff unlock until February 2026.
Stake, the multi-VM interoperability protocol, introduced Stake AMM. The new AMM could operate across multiple VM networks and unified the liquidity across VMs into a single pricing curve.
Mass launched over 30+ tokenised equity markets on its mobile trading platform with the collaboration with Dinari Global, which is the custodian of the underlying equities tokens.
Backed Finance has launched its 9th equity token, wbCOIN, a tokenised Coinbase stock on Base.

Upcoming Alpha and Governance

Solana's SIMD-0228, the proposal to implement a market-based emission, is currently in the process of voting.
Ethereum Pectra is expected to be scheduled soon and some expect the upgrade will be around late-March.
AAVE proposed to start the implementation of Aavenomics, including an AAVE buyback and distribute program immediately at the pace of $1 million per week for the first 6 months, empowers liquidity committees to gradually reduce liquidity incentives, deprecating LEND and more.
AAVE also proposed to launch Aave Savings Rate to onboard more GHO holders. The rate is designed to take the USDC lending rate as reference and is expected to be higher than Sky Savings Rate.
Jito proposed upgrading JTO utilities and tokenomics, including buyback, burn, protocol-owned-liquidity and gauge mechanism for reward distribution.
Fluid proposed to expand its service to Polygon PoS.
Sui and World Liberty Finance are working to explore collaboration opportunities and including SUI in WLFI's token reserve.
Celo announced Layer-2 mainnet will be activated on March 26.
Synthetix introduced 420 Pool, a new staking pool for SNX holders to participate in various yield opportunities such as sUSDe and used the reward to buyback SNX.

Token Unlock

IO token unlocked on March 11, amount representing 2.17% of the token supply.
APT token unlocked on March 12, amount representing 1.91% of the token supply.
STRK token unlocked on March 15, amount representing 2.47% of the token supply.
ARB token unlocked on March 16, amount representing 2.08% of the token supply.
VANA token unlocked on March 16, amount representing 1.46% of the token supply.
APE token unlocked on March 16, amount representing 1.91% of the token supply.
STRK token unlocked on March 15, amount representing 2.47% of the token supply.
IMX token unlocked on March 21, amount representing 1.38% of the token supply.
PLUME token unlocked on March 21, amount representing 5.41% of the token supply.
ID token unlocked on March 22, amount representing 18.1% of the token supply.
OP token unlocked on March 31, amount representing 1.98% of the token supply.
GRASS token unlocked on March 31, amount representing 1.51% of the token supply.

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