PA Daily | Nasdaq submits Grayscale Avalanche ETF application to US SEC; Trump pardons three co-founders of BitMEX
Reprinted from panewslab
03/29/2025·1MToday's news tips:
1. South Carolina lawmakers propose “Strategic Digital Asset Reserves Act” that will allow 10% of state funds to invest in Bitcoin
2. Market News: Nasdaq has submitted 19b-4 application documents for Grayscale Avalanche ETF
3. US FDIC revokes policy that requires banks to obtain licenses before providing crypto services
4. Panama issued a draft bill to regulate cryptocurrencies, and digital assets are recognized as legal means of payment
5.Greeks.live: Ethereum fell below the key support level of $2,000, traders generally bearish
6. Hyperliquid has added a full-chain validator voting function, which can vote on assets removed from the shelves.
7. Trump pardons three co-founders and a former employee of crypto exchange BitMEX
8. The annual rate of the US core PCE price index is 2.8%, higher than expected
Regulatory/Macro
South Carolina Rep. Jordan Pace introduced the Strategic Digital Asset Reserves Act (Bill H4256), which, if passed, would allow the state to establish a reserve of up to 1 million bitcoins. The bill, introduced earlier this month in the state legislature, authorizing the South Carolina Treasury Secretary to invest up to 10% of unused state funds in digital assets, including Bitcoin. Investment funds will come from various funds, such as general funds and budget stable reserve funds. However, the total amount of digital assets held by the state shall not exceed 3% of South Carolina's overall investment portfolio.
The bill requires state finance ministers to ensure that all assets are stored in highly secure custodial solutions, including refrigeration methods that provide cyber threat protection. The bill also requires that all public addresses reserved must be published on the official state website so that residents can verify transactions and assets. In addition, the bill introduces a public donation mechanism that allows South Carolina residents to donate digital assets to reserves. The rule is designed to promote community engagement and encourages wider adoption of Bitcoin in the state.
The bill is currently under review and requires approval from the South Carolina Legislature to take effect. Once signed into law, the bill will come into effect and will be valid on September 1, 2035 unless renewed by the legislator.
Market News: Nasdaq has submitted 19b-4 application documents for Grayscale Avalanche ETF
According to market news, Nasdaq has submitted a 19b-4 application document for Grayscale Avalanche ETF to the US SEC.
The annual rate of the US core PCE price index is 2.8%, higher than expected
According to Jinshi, the US core PCE price index annualized 2.8% in February, with an expected 2.7%. The US core PCE price index in February was 0.4%, and expected to be 0.30%.
Nasdaq-listed Dominari Holdings Holds $2 million in Bitcoin Spot ETF IBIT
Nasdaq-listed company Dominari Holdings said it will use its remaining cash and some profits to buy BlackRock's Bitcoin spot ETF IBIT. Dominari currently holds $2 million worth of IBIT in its Bitcoin vault and is also considering buying altcoins within the year.
US FDIC revokes policy that requires banks to obtain licenses before providing crypto services
The Federal Deposit Insurance Corporation (FDIC) announced that banks can engage in cryptocurrencies and other legally permitted activities without prior regulatory approval as long as they can properly manage risks. The policy change revokes a 2022 requirement that FDIC regulators notify the agency before engaging in crypto-related activities. Under the new guidelines, banks can provide services involving digital assets without the agency’s prior permission.
Trump pardons three co-founders and a former employee of crypto exchange BitMEX
According to CNBC, U.S. President Trump pardoned three co-founders of cryptocurrency exchange BitMEX and a former senior employee. Co-founders include former BitMEX CEO Arthur Hayes, Benjamin Delo and Samuel Reed, and former head of business development Gregory Dwyer. It has previously admitted to a charge of violating the Bank Secrecy Act that is related to failure to maintain anti-money laundering and understanding client plans. In 2022, Hayes, Delo and Reed pleaded guilty and agreed to pay a $10 million fine each.
Trump plans to host El Salvador's president at the White House in April
According to King Thousand, U.S. President Trump plans to host El Salvador's president at the White House in April.
Panama has unveiled a comprehensive draft bill that aims to regulate cryptocurrencies and promote the development of blockchain services. Under the Act, digital assets are recognized as legal means of payment, allowing individuals and businesses to freely agree on their use in commercial and civil contracts. It is explicitly authorized to use cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and stablecoins to purchase goods, pay for services and repay debts, provided that both parties agree.
The draft also creates a regulatory framework for Virtual Asset Service Providers (VASPs), including wallets, exchanges and custodial platforms. Each company must be registered in a national database managed by the Financial Analysis Department (UAF) and be properly authorized before Panama provides services. The bill stipulates that compliance with KYC and anti-money laundering (AML) guidelines must be mandatory in accordance with the recommendations of the Financial Action Task Force (FATF).
In addition, the bill provides that any unregistered or non-compliant entity may face administrative sanctions or criminal penalties.
Viewpoint
Greeks.live analyst Adam said group members are generally cautious to bearish. Traders focus on selling put options at $81,000 as potential bottom. Bitcoin currently has negative capital rates, while the volatility indicator DVOL has soared, reflecting the increase in market uncertainty. Many traders have laid out $81,000 put options on different expiration dates (the same day, April 11, and April 18). The market consensus believes that the current price trend is highly volatile.
Bubblemaps: Hayden Davis transfers about $1 million to CEX in the past 14 days
According to Bubblemaps' tweet, Hayden Davis, the head of LIBRA project, is still selling Melania tokens MELANIA. In the past 14 days, Hayden sent $MELANIA worth $1,065,153 to the centralized exchange and pulled $2,050,666 from the liquid pool.
Previous news , Bubblemaps disclosed that LIBRA and MELANIA tokens are suspected to be operated by the same cabal.
ZachXBT: A Coinbase user was suspected of being cheated of about $34.9 million in BTC yesterday
On-chain Detective ZachXBT said on its official channel, "Yesterday a Coinbase user was suspected of being cheated of $34.9 million (400.099 BTC). After discovering this scam, it was noted that there were several suspected Coinbase users being cheated in the past two weeks. Each stolen funds were cross-chain from Bitcoin to Ethereum through Thorchain/Chainflip and exchanged for DAI. Coinbase did not mark these addresses in its compliance tools."
Michael Saylor: Bitcoin market cap will eventually reach $500 trillion
According to Watcher.Guru, Michael Saylor said that Bitcoin’s market value will eventually reach $500 trillion.
Greeks.live: Ethereum falls below the key support level of $2,000, traders generally bearish
Greeks.live analyst Adam said traders were generally bearish about Ethereum, believing that ETHBTC was weak and that Ethereum price had fallen below the key support level of $2,000. Most people think selling Ethereum call options is one of the best strategies in the near future, and Bitcoin has some support above $85,000.
In terms of options trading, most people believe that the calendar spread strategy (sell near and buy far) has an advantage in the current Ethereum market, especially after a large number of options expire today. Meanwhile, the price of Bitcoin is supported above $85,000. According to analysis, this is mainly attributed to the buying and protecting of about 1,500 Bitcoins on the Binance Exchange and the hedging behavior of market makers. Several traders shared recent experiences and believed that it is safer to adopt an option hedging strategy than to maintain price exposure, especially in the current situation of increasing market uncertainty.
Vitalik: Talk less about public product funding and more about open source funding
Vitalik published an article titled "We should talk less about public goods funding and more about open source funding", which pointed out that the word "public products" has a century of history. In digital ecosystems, especially in decentralized digital ecosystems, public products are extremely important: In fact, there are good reasons to show that the average goods people may want to produce are public products. Open source software, academic research on encryption and blockchain protocols, open educational resources and more are public products.
Vitalik believes that it is also the best practice to talk less about public product funding and open source funding. Open source should not mean "building anything is equally noble as long as it is open source"; it should be about building and open source what is most valuable to humanity. However, it is well known that distinguishing which projects are worthy of support and which projects are not worthy of support is the main task of the public product financing mechanism.
Analysis: BTC needs to rise above $110,000 to push GameStop, Strategy and MARA share prices up
Although the crypto community generally believes that adding bitcoin to the balance sheet is good news, GameStop shares fell below $22, a five-day drop of nearly 15%, and Strategy and Coinbase shares also fell to a certain extent.
Analysts believe that if GameStop, Strategy and Marathon stock prices are to rise, Bitcoin may need to reach the so-called "exit rate", which is to break through $110,000 and exceed the average purchase price of these companies, before the new demand for these stocks can exceed the dilution pressure brought by bondholders hedging. Before Bitcoin shows a major breakthrough, analysts expect GameStop and other listed companies holding Bitcoin may continue to maintain range volatility.
Project News
GameStop Stock (GME) is subject to trading restrictions on the New York Stock Exchange (NYSE) as short trading volume surged 234% in 24 hours.
Binance Wallet airdrops 10 million PARTIs to some users
According to the official announcement, Binance Wallet has airdropped an additional 10 million PARTI to users who meet the following criteria:
- Successfully participated in PARTI TGE
- Redeem PARTI using the Binance Wallet native redemption function before March 26 00:00 (UTC+8)
- Extract BNB (≥10 USD) to Binance Wallet during March 25 18:00-19:00 (UTC+8) but encounters delayed users.
UniSat Wallet: Support for Atomicals will be stopped from April 4
UniSat Wallet tweeted that from 14:00 on April 4 (UTC+8), the Atomicals protocol will no longer be supported after the extension wallet is updated to version 1.6.0. Users need to transfer Atomicals assets to compatible wallets before updating, and they cannot view Atomicals assets in UniSat Wallet after April 4. Officials said the decision stems from simplifying products and effectively managing development resources.
CZ: Received $24,000 through Reachme.io within two days
CZ tweeted that according to Dune, it has received $24,000 on paid private message platform Reachme.io in the past two days. Currently, the platform has attracted 3262 users, of which 1358 are KOLs with more than 1 followers. It received some useful information for 1 BNB/message.
Coinbase International Station will support Layer3 and Freysa perpetual contracts
According to Coinbase International Exchange announcement, Layer3 and Freysa perpetual contracts will be launched in Coinbase International Exchange and Coinbase Advanced. The L3-PERP and FAI-PERP markets will open trading at or after April 3 at 17:30 am (UTC+8).
Coinbase Add Keyboard Cat (KEYCAT) to the Coin Listing Roadmap
According to the official announcement, Coinbase added Keyboard Cat (KEYCAT) to the currency listing roadmap.
Musk announces xAI full stock acquisition X: xAI valuation after merger is $80 billion
According to IT Home, Musk said that xAI acquired X in the form of an all-stock transaction, and the merged new entity is unified as XAI HOLDINGS. It revealed that the combined xAI is valued at $80 billion and X is valued at $33 billion (i.e. $45 billion minus $12 billion in debt).
Hyperliquid tweeted that its blockchain has been upgraded, adding a full-on-chain validator voting feature for asset removal. When sufficient voting is reached for removal, the operation will automatically trigger on-chain execution. This permissionless equity-based voting weighted primitive is built into HyperCore and technically does not require off-chain coordination. As a demonstration of this mechanism, Hyper Foundation's Verifiers 2-5 will vote at around 21:00 (UTC+8) on March 29 to decide whether to remove the MYRO contract. Hyper Foundation Validator 1 will abstain from the vote before the initial delegation of the participants in the delegation is completed.
Like other chains, most validators may specify their intent votes off-chain in advance to provide clarity and predictability to users. Hyper Foundation does not act or speak on behalf of other validators. Interfaces may be built or provided in the future to sum up validator votes in a more user-friendly way.
Important data
According to CryptoSlam data, the total transaction volume of NFTs was US$1.5 billion from January to March 2025, down from US$4.1 billion in the same period in 2024, a year-on-year decrease of 63%. The decline was the biggest in March, with transactions down 76% from $1.6 billion last year to $373 million.
Despite slowing growth, series such as Doodles, Milady Maker and Pudgy Penguins have performed better than expected. In the top NFT series, CryptoPunks traded $60 million in the first quarter of 2025, down 47% from $114 million in the first quarter of 2024. Bored Ape Yacht Club (BAYC) fell 61%. Pudgy Penguins had the highest transaction volume in the first quarter of 2025. reached $72 million, an increase of 13% from $63.5 million in the first quarter of 2024. Doodles transaction volume jumped from $22.6 million in the first quarter of 2024 to $32 million in the first quarter of 2025.
Tether Treasury adds 1 billion USDT to Tron Network
According to Whale Alert monitoring, Tether Treasury has added 1 billion USDTs to the Tron network.
Circle adds 250 million USDC to Solana network
According to Whale Alert monitoring, Circle has added 250 million USDC to the Solana network.
According to on-chain analyst Ember Monitor, of the 27.9 million UNI (about $192 million) released from the Uniswap time-locked contract eight days ago (March 21), another 2.5 million (about $15.31 million) flowed into Binance in the past eight hours. 3.74 million UNIs (about $23.53 million) have entered Binance in two days, and UNI prices have fallen 10% since the inflow began (from $6.8 to $6.1). It is estimated that a total of 5 million UNIs will be transferred to a centralized exchange this time, and the relevant address is still 1.24 million UNIs (about 7.73 million US dollars).
Previous news : out of the 27.9 million UNI transferred from the Uniswap time lock contract seven days ago, 1.24 million UNI has flowed into Binance.
Ethereum spot ETF net inflows of US$4.6817 million yesterday, and no net outflows of nine ETFs
Bitcoin spot ETF net outflows of US$93.1572 million yesterday, and no net inflows of 12 ETFs
Financing
European crypto venture capital firm Maven 11 has completed the fundraising of its third fund, with a fundraising scale of US$107 million, slightly higher than its initial target of US$100 million, and the financing ended about nine months later than initial expectations. The fund has been supported by Theta Capital Management and supporters of new institutions in Europe and Asia, with Maven 11 not revealing all LPs, but it noted that London-based investment firm Karatage was one of the participants. The size of the third phase fund is still smaller than the second phase of Maven 11, which closed in May 2023 at USD 120 million.
Balder Bomans, chief information officer and managing partner of Maven 11, said the fund has supported several startups over the past year, including decentralized trading platform GTE, on-chain competition platform JokeRace, major on-chain brokerage August and Ethereum expansion startup Spire Labs, which has deployed about 15% of the funds, with the remaining funds planned to be deployed within the next 3-4 years. The third fund will support equity and token rounds, ranging in size from $500,000 to $5 million. Its investment focuses on emerging areas such as consumer applications, infrastructure and cross-artificial intelligence with cryptocurrency.
