PA Daily | Binance Wallet launches "Trading with CEX funds on DEX" function; Recently, about 8,000 Bitcoins that have been silent for 5 to 7 years have been transferred
Reprinted from panewslab
03/30/2025·1MToday's news tips:
1. Macro outlook next week: Trump overturns the table, April 2 may become a watershed in global assets
2. Predicted Market Kalshi sued Nevada and New Jersey Gambling Commission after receiving the ban
3. The total number of users of the five major crypto exchanges in South Korea reached 16.29 million, accounting for 32% of the total population
4. CryptoQuant analyst: Recently, about 8,000 Bitcoins that have been silent for 5 to 7 years have been transferred
5. Binance Wallet launches "Trade on DEX with CEX funds" function
6. Bloomberg: FTX will start paying bankruptcy claims from major creditors on May 30
7. NFT transaction volume rebounded 4.5% to $102.8 million in the past seven days, while CryptoPunks transaction volume surged by 140%
8. Cryptocurrency single-day trading volume fell 70% from the peak of US$126 billion in the U.S. election
Regulatory/Macro
Macro outlook next week: Trump overturns the table, April 2 may become a watershed in global assets
Next Wednesday (April 2) is the day of Trump's reciprocal tariff announcement that globally pays attention to. Before that, investors are more cautious because it is unclear what specific tariffs Trump will implement. Bank of America Forex analysts Athanasios Vamvakidis and Claudio Piron said in a note that risks are balanced before next week’s deadline arrives. It is already a market expectation to impose tariffs on specific products. Comprehensive tariffs will be a negative surprise. The dollar is not expected to continue to strengthen under this situation. Against the backdrop of high risk aversion in the market, gold hit new highs this week, with a historical record rising to $3,086.75 per ounce, setting the 18th record high of the year, with a quarterly increase of 17%, the largest since 1986. Here are the key points that the market will focus on in the new week:
Monday 21:45, US March Chicago PMI
Tuesday at 21:45, U.S. S&P Global Manufacturing PMI Final Value
Wednesday at 20:15, U.S. ADP employment in March
ECB President Lagarde delivered a speech at 01:00 on Thursday
On Thursday, 19:30, the ECB released minutes of March monetary policy meeting
Thursday at 19:30, U.S. Challenger Corporate Layouts in March
Fed Vice Chairman Jefferson delivered a speech on Friday at 00:00
Friday at 20:30, the unemployment rate in the United States in March, the non-farm employment population after the seasonal adjustment in March, and the average annual rate of hourly wages per month in the United States in March
Fed Chairman Powell delivered a speech at 23:25 on Friday
Predictive Market Kalshi sues Nevada and New Jersey Gambling Commission after receiving ban
Prediction Market Kalshi sued gambling regulators in Nevada and New Jersey after receiving a cessation order banning it from offering sports-related contracts in Nevada and New Jersey. It is said that as an exchange regulated by the Commodity Futures Trading Commission, it is subject to exclusive supervision by the federal government, and the Commodity Trading Act takes precedence over state laws.
On March 4, the Nevada Gaming Administration Commission (GCB) sent a letter to Kalshi asking it to stop offering event-based contracts in the state. "Kalshi's business is to provide event-based contracts that constitute a system or method for betting on sports events and other events. Therefore, by providing event-based contracts in Nevada, Kalshi operates as an unauthorized sports betting agency, in violation of NRS 463.160(1)(a) and NRS 463.245(2)."
On March 27, Kalshi received a similar notice from the New Jersey Gaming Law Enforcement Department (DGE) asking the market to stop providing sports-related contracts. The letter reads Kalshi's actions “violate the New Jersey Sports Betting Act, which only allows licensed entities to provide sports betting to customers located in New Jersey.”
The core of the dispute is whether contract transactions based on events or sports constitute gambling (controlled by the state) or financial derivatives transactions (regulated by the federal government only).
As of the end of February this year, the total number of users of the Korean virtual asset exchange has exceeded 16 million, reaching 16.29 million, accounting for about 32% of the total population of the country (about 51.68 million). Taking last year's U.S. presidential election as a turning point, the number of new investors has steadily increased by hundreds of thousands per month, and has now exceeded the number of stock investors (about 14.1 million). This data is the total number of account holders of the five major Korean exchanges: Upbit, Bithumb, Coinone, Korbit, and Gopax. If the same person opens an account on multiple exchanges, it will be counted repeatedly.
As the number of investors continues to increase at a rate of hundreds of thousands, some market participants predict that the number of investors will soon reach 20 million. As of the end of February this year, Upbit, the largest exchange in South Korea, had an account number of 9.82 million investors. By the end of March, this figure is expected to be close to 10 million. After Upbit, the largest number of users are Coinone (3.2 million), Bithumb (2.36 million), Korbit (770,000) and Gopax (150,000). In the past year, Bithumb users have increased from 1.33 million to 2.36 million, an increase of 77.4%, far exceeding Gopax (52.4%), Korbit (10.9%), Upbit (14.2%), Coinone (8.6%), etc.
Starting today (March 30), many European countries will start to implement summer time, and the trading time of European financial markets will be one hour ahead of winter time; that is, starting next Monday, the trading time of European stocks will be 15:00-23:30 Beijing time; the release time of economic data of European countries will also be one hour ahead of winter time.
Viewpoint
Matt Mena, a cryptocurrency research strategist at 21Shares, said that U.S. stocks fluctuated in macro uncertainty, while BTC, in contrast, showed resilience and defended the $84,000-85,000 support area. The Coin Bureau founder Nic Puckrin pointed out that the PCE data released on Friday could lead the Fed to delay its recent rate cut plan, and Bitcoin is not expected to return to its all-time highs before the Fed cuts again.
However, long-term positive catalysts for the crypto market are forming, with crypto-friendly Paul Atkins coming soon to be recognized as chairman of the U.S. Securities and Exchange Commission, which may unlock the pledge of Ethereum ETFs and approve other digital asset ETFs; in addition, the proposed U.S. strategic Bitcoin reserve legislation is expected to be introduced in May. If formal implementation is made, Bitcoin will be tied with gold as a sovereign asset.
David Pakman, managing partner at CoinFund, said the global stablecoin supply could surge from its current scale of about $225 billion to $1 trillion, which could then become a key catalyst for cryptocurrency market growth. David Pakman added that this scale growth is actually not large compared with the global financial market. The volume of stablecoin trading has increased by more than 22 times since 2021, indicating that on-chain capital flows have increased. The current supply of stablecoin only means that the market may still be in the middle of the cycle and has not reached the peak of the bull market.
CZ: 99% of people in the crypto industry make quick money, only 1% are building
Binance Lianchuang CZ posted on the X platform that 99% of people in the crypto industry are trying to make quick money, while 1% are building (building), but the latter is actually the one that really makes money.
CryptoQuant analyst Maartunn reported that about 8,000 Bitcoins that have been silent for five to seven years have been transferred recently, exacerbating current bearish concerns about cryptocurrencies, which were transferred in a block worth $674 million. The transfer occurred after a series of idle Bitcoin wallets were recently activated. On March 24, a Bitcoin wallet that had been idle for 14 years suddenly transferred 100 bitcoins, worth $8.5 million. Meanwhile, in early March, nearly 250 bitcoins were transferred, worth $22 million.
Generally speaking, a large amount of BTC is transferred from a long-term dormant state, often interpreted as a signal of upcoming selling pressure, which leads to a sharp pullback in prices, but there are other non-bearish motivations, such as institutional investors or whale internal wallet sorting. However, there are other potential non-bearish motivations behind such transactions, such as internal wallet shuffles of institutional investors or large holders and cold storage restructuring.
Corn Lianchuang: The scarcity of Bitcoin is not protected by code, but by humans
Corn co-founder Zak Cole tweeted that on August 15, 2010, a mistake in Bitcoin block 74638 created 184 billion BTC out of thin air. Since the code did not check for integer overflow, the two addresses received about 92.2 billion. The only reason why Bitcoin didn't die that day was because someone noticed it. Within five hours, the fixes were pushed, the patched clients were released, the nodes were upgraded, and the invalid blocks were removed from the consensus. The scarcity of Bitcoin is not protected by code, it is protected by people. Bitcoin’s monetary policy is not saved by the protocol, but by the humans running the protocol. This is the truth behind the “no trust” narrative. The code didn't save Bitcoin, the community did it. Scarcity is never a guarantee, but a struggle. Still so now.
Report: Average stablecoin liquidity per token decreased by 99% from March 2021 to 2025
According to a recent report by research firm Decentralised, new capital inflows have stagnated amid a surge in tokens, resulting in underfunding for many crypto projects. The average stablecoin liquidity for each token fell from $1.8 million in 2021 to just $5,500 in March 2025, a drop of 99.7%. This decline indicates that token issuances continue to increase (currently more than 40 million assets), diluting available capital, while demand or user retention has not increased accordingly. The inflow rate of new tokens exceeds the rate of capital pool expansion, resulting in a decline in liquidity, weakening of communities and reduced participation. Without a lasting source of income, user interest will often dissipate after short-term incentives such as airdrops. Without a sustainable economic structure, attention becomes a liability, not an asset.
Project News
Binance Wallet launches "Trade on DEX with CEX funds" function
According to the official announcement, the Binance Wallet team launched the "Trade on DEX with CEX funds" function. Through this function, Binance users can use Binance Trading Platform (CEX) funds to millions of tokens on the Binance Wallet transaction chain. After this product update, Binance trading platform users can now use their spot or fund account balance to trade directly in the Binance Wallet [Transaction] option. Users can purchase decentralized tokens on four supported chains (Ethereum, Solana, Base and BNB smart chains) by using stablecoins and/or USDC. This feature bridges the gap between centralized and decentralized transactions, providing Binance users with a more seamless way to purchase on-chain tokens.
According to TheMinerMag, Bitcoin mining company MARA may launch a $2 billion ATM equity issuance plan. The company disclosed in its regulatory filing on Friday that the relevant agreement was signed with an investment banking consortium on March 28, including Barclays, BMO Capital Markets, BTIG, Cantor Fitzgerald, Guggenheim Securities, HC Wainwright and Ruisu Securities.
Bloomberg: FTX will start paying bankruptcy claims from major creditors on May 30
Former cryptocurrency company FTX will start paying its key creditors at the end of May, using the $11.4 billion cash reserves it has collected since the company's closure, Bloomberg reported. Bankruptcy attorney Andrew Dietderich told the judge who recently took over Chapter 11 case management that while secondary creditors holding the “facilitative creditor’s claim” have begun to receive payments, the company will make its first payment to the main creditor group on May 30. The company's main creditors include investors who owe millions of dollars and institutions that own cryptocurrencies on the FTX platform.
Sonic Labs has canceled its plan to launch an algorithmic stablecoin pegged to the US dollar, and instead opted to develop alternative stablecoin products denominated in UAE Dirhams. Sonic Labs co-founder Andre Cronje confirmed the news on the X platform and said: "We will no longer issue algorithmic stablecoins pegged to the US dollar, but will issue alternatives related to digital dirhams, which are settled in US dollars but are definitely not algorithmic stablecoins based on US dollars."
It is reported that the UAE has previously announced that it will launch the central bank digital currency (CBDC) digital dirham in the fourth quarter of 2025.
Bryan Pellegrino, CEO of LayerZero, tweeted, "Seeing a lot of discussions about airdrops, some users mentioned that they don't want to spend another month chasing the witch. The distribution mechanism of the next round will be completely different from the first round, and may be based entirely on RFP (request proposals) or completely different ways, only for real use."
According to Slow Fog Monitoring, DeFi protocol SIR.trading is suspected to be hacked and is expected to lose $350,000.
Important data
After the US election on November 5, cryptocurrency trading volume soared to $126 billion against the backdrop of high market enthusiasm and active speculation. It is currently down to $35 billion, down about 70% from its peak, returning to pre-election levels. Recent tariff announcements against major U.S. trading partners have brought uncertainty, weakening trading enthusiasm in traditional and cryptocurrency markets. In addition, trading volume maintains historical correlation with total market value, and the trends of the two have been similar in recent months. The total market value of cryptocurrencies reached about $3.9 trillion at its peak, then fell back to its current level of about $2.9 trillion, down 25%.
A shrinking trading volume may herald a variety of potential changes to the market in the coming months. Historically, long-term declines in trading volume tend to precede significant fluctuations in the market, as the reduction in liquidity may amplify the price impact when large participants begin to reconfigure.
Market participants may be waiting for the Trump administration’s comprehensive approach to cryptocurrency regulation to be clearer before participating more actively. The decline in trading activity and relatively stable market value indicate that the accumulation phase may be underway, and investors pay more attention to positioning rather than active trading. The upcoming regulatory announcements, particularly about cryptocurrency classification and regulatory structures, could be a potential catalyst for reigniting trading activities.
According to CryptoSlam data, NFT trading volume this week rebounded 4.5% from last week to $102.8 million. The number of NFT buyers increased by 28.9% to 451,436, while the number of NFT sellers increased by 26.5% to 285,272. However, the number of NFT transactions fell 2.8% to 1,614,680.
Ethereum online transaction volume reached US$32 million, an increase of 19.4% over the previous week; Polygon online transaction volume was US$18.1 million, an increase of 33.1%; Solana online transaction volume fell 4.4% to US$8.7 million. Among them, the transaction volume of the CryptoPunks series soared by 141.4%, reaching US$6.3 million.
The last seven days of high value transactions include:
- CryptoPunks #6935 sold for 135 ETH ($271,890)
- CryptoPunks #3007 sold for 120 ETH ($239,342)
- CryptoPunks #2301 sold for 115 ETH ($234,959)
- Autoglyphs #364 Sold for 105 ETH ($210,172)
According to Onchain Lens monitoring, a whale spent $15.72 million in previous TRUMP transactions and purchased 333,664 TRUMPs for $10.22.
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