PA Daily | The United States establishes Bitcoin reserves but will not actively purchase them; SBF receives the second interview in prison
Reprinted from panewslab
03/07/2025·2M
Today's news tips:
YZi Labs invests in Tensorplex Labs to drive decentralized AI
SBF resigns after his second interview in prison
The United States establishes Bitcoin reserves, but will not actively purchase Bitcoin
Binance imposes monitoring tags on GoPlus Security (GPS)
Grok proposes "GrokCoin" as AI theme Memecoin
Market News: CANARY SUI ETF Registered in Delaware
Regulatory/Macro
Trump will speak at the White House Digital Assets Summit at 4 a.m. Beijing time on March 8
According to Tree News' signings to Bloomberg, Trump will speak at the White House Digital Assets Summit at 3 pm Eastern Time on March 7 (04:00 Beijing time on March 8). Previous news, the White House Crypto Summit will start at 2:30 am on March 8, Beijing time.
Japan intends to classify cryptocurrencies as new assets, not securities regulation
Astar Network founder Sota Watanabe revealed on X platform: "In Japan, cryptocurrencies may not be regarded as securities, but are regulated as a new asset class under the new framework of the Financial Instruments and Transactions Act. If the bill is passed, it will be a victory for the cryptocurrency industry. The Japanese government has been in consultation with Japanese industry leaders, which is a positive result of the cooperation between the two sides." Previously, yesterday's news, Japan's ruling party proposed to lower the crypto tax rate cap to 20% for benchmark stock investment.
The United States establishes Bitcoin reserves, but will not actively purchase Bitcoin
According to King Shi, Trump established a Bitcoin war reserve as scheduled, but the White House cryptocurrency head revealed that "except for assets acquired through asset confiscation procedures, the government will not purchase additional assets for the reserve." This suppresses the price of Bitcoin. Previously, there were more expectations that the United States would purchase additional Bitcoin to supplement reserves.
Viewpoint
According to OKG Research analysis, the US government marked wallet address has not been found in XRP, SOL and ADA. These three tokens were previously mentioned by Trump as key tokens to promote the strategic reserve of cryptocurrency. This shows that the path to inclusion in the reserve library may be different from Bitcoin's direct conversion from confiscation to strategic reserves. Currently, the balance of the US government's wallet has increased by nearly $10 billion compared with last year, of which Bitcoin holds about $17.5 billion, dominant. In addition, there are still four tokens with holdings of more than US$10 million, including ETH (including WETH, totaling US$133 million), USDT (122 million US dollars), BNB (including WBNB, totaling US$37.55 million), and USDC (including AUSDC, totaling US$24.96 million). There are also six tokens holdings between 1 million and 10 million US dollars, namely DAI ($8.66M), TRX ($3.64M), UNI ($2.15M), LINK ($1.65M), RNDR ($1.02M) and SAND ($1.02M).
Solana co-founder Anatoly Yakovenko posted on the X platform that the Bitcoin executive order is a "scalpel" and is not a US government's rescue of cryptocurrencies, but further eliminating the regulatory uncertainty that has plagued the industry for the past four years. He noted that the industry still needs stablecoin bills, guidelines to allow banks to deposit and access to cryptocurrencies, and clear rules from the SEC and Commodity Futures Trading Commission on token issuance and DeFi. These measures will help further regulate and develop the cryptocurrency industry.
Alex Thorn, head of research at Galaxy Digital, said on X: "The balance of Bitcoin that can be used as strategic reserves for the U.S. government is currently at most 88,000 BTC, accounting for only 43% of the current government's holdings. This is because of the 198,000 BTC currently held by the U.S. government, 112,000 BTC will be returned to Bitfinex."
Interpretation: Trump's executive order establishes two types of digital asset holding mechanisms
Fox Business News reporter Eleanor Terrett posted on the X platform that Trump's executive order established two different digital asset storage mechanisms: 1. Strategic Reserve, which only stores Bitcoin (BTC). The initial source of funds was about 200,000 Bitcoins obtained by the government through criminal and civil confiscation over the years. It authorized Finance Minister Bessent and Commerce Secretary Lutnick to be allowed to explore ways to obtain more Bitcoin without increasing the burden on taxpayers, and positioned as a national digital reserve of value. 2. Digital Asset Stockpile, which contains other digital assets other than Bitcoin—may include XRP, ADA, ETH, SOL and other assets. The Ministry of Finance is responsible for "responsible management" of digital assets held by the government. The government will only explore using a budget neutral way to buy more Bitcoin, and will not actively seek to increase the number of other digital assets in the reserve. The executive order also requires a comprehensive audit of all digital assets currently held by the government to ensure transparency in asset management.
Regarding "Trump signed an executive order to establish strategic Bitcoin reserves," Coinbase director Conor Grogan posted on the X platform: "According to my estimate, the U.S. government holds 198,109 bitcoins. This executive order will reduce the selling pressure of about $18 billion."
SBF resigns after his second interview in prison
SBF's crisis PR manager has resigned after FTX founder Sam Bankman-Fried (SBF)'s prison interview with Tucker Carlson was released on Thursday without a preview. Mark Botnick has been representing SBF's cryptocurrency exchange FTX in November 2022, resigning on Thursday after learning about the interview. This is the second interview since SBF broke two years of public silence since he was imprisoned. The interviews appear to be part of his attempt to obtain a presidential pardon. In both interviews, SBF praised President Trump, criticized Biden's previous administration, and argued that he began to take the Republican Party more seriously after his failed engagement with former SEC chairman Gary Gensler.
Project News
Binance imposes monitoring tags on GoPlus Security (GPS)
According to Binance announcement, Binance will impose monitoring tags on GoPlus Security (GPS) on March 7, 2025. Previously, GPS experienced a significant price drop after its spot listing, and involved market making.
According to Greeks.live data, a total of 26,000 BTC options and 215,000 ETH options expired on March 7, with Put Call Ratio being 0.72 and 0.73 respectively, with the maximum pain points being 89,000 and 2,300 respectively, and the nominal values were 2.36 billion and 490 million respectively. The market fluctuated violently this week, with BTC's short-term implied volatility (IV) remaining at 90%, and ETH breaking through 110%. The market's panic about the short-term trend of cryptocurrencies has spread, Trump's speech has become the only hot topic, and other tracks have performed poorly. Option market makers have recently reduced their selling strength and allowed IV to rise to avoid risks, while buyers have made great profits in the past two weeks.
Odin.fun developer Bob Bodily posted a message on X platform to respond to rumors of the platform being attacked. He said that there was a bug in the Odin.fun deposit synchronization code, which caused some users to have a balance greater than the amount they deposited. This is why no one can find 74 BTC deposit transactions on the chain. This problem was all fixed about 12 hours ago. All user funds are safe, and no user suffered direct losses due to the vulnerability. The Odin.fun front-end is currently being improved, with deposit and withdrawal status (pending, confirmed, recorded) and browser links so that the whereabouts of funds can be tracked.
Grok proposes "GrokCoin" to create AI-themed Memecoin
Musk's Grok said that if a Memecoin is launched, it will be named "GrokCoin" and is inspired by its AI identity, both interesting and attractive. Grok notes that Memecoin usually stems from internet trends and humor cultures, such as Dogecoin’s dog emoticons origins and quickly gains attention through community interactions on platforms such as X.
According to Jin Shi, Manus co-founder and chief scientist Yichao Peak Ji (Ji Yichao) issued a statement on X, saying: "Our official X account (@ManusAI_HQ) was accidentally frozen yesterday. We are actively working with the X team to resolve the matter. Preliminary observations show that the freeze may be related to third parties' mention of cryptocurrency fraud. To clarify: Manus has never participated in cryptocurrency projects, token issuance or blockchain initiatives, and any cryptocurrency company with similar names that claim to be associated with us is fraudulent. We are taking legal action against these impersonators and encourage users to report suspicious accounts." It is reported that Manus is the world's first universal Agent (autonomous agent) product released by Chinese startup Monica.
The "2030 Lockdown" proposal proposed by Jupiter co-founder Meow is now open for voting, and there will be 3 options for voting: 1. Agree, Meow provides 280 million JUPs in advance and locks it to 2030 in exchange for 220 million JUP rewards. 2. Disagree, 280 million JUPs come from the team's strategic reserves, Meow's JUP is unlocked as planned in June 2026. 3. Abstain.
GoPlus Security posted on X platform: "First of all, GoPlus has set up a special investigation team to conduct a comprehensive investigation of abnormal price fluctuations. Binance also provides additional support to assist in investigating the cause of the incident. First, in response to community feedback that a leaker disclosed the online information in advance and suspected that the person was a member of the GoPlus team or a community administrator, GoPlus immediately launched an internal investigation. The investigation results show that this situation is not true. Because the GoPlus team did not know about the launch plan for the GPS on March 4 in advance. Everything happened suddenly. Our team only learned about the launch news after the announcement was released and immediately cooperated with Binance to meet any additional requirements on our side. In addition, the people who have confirmed that the spread of various rumors have nothing to do with the parties involved, and they have no way to obtain the internal information on the launch through official internal channels. On the day of its launch, GoPlus transferred a total of 500 million GPS tokens to Binance. Among them, 300 million GPS tokens have been issued as a reward for the BNB HODLer program, and the remaining 200 million tokens will be used for future marketing activities. For transparency, Binance has transferred the remaining 200 million GPS tokens to a public wallet address. In response to the situation where the GPS price plummeted 50% within 24 hours, GoPlus is conducting internal investigations with several partners and will fully explain our investigation results to users."
Mint Blockchain: MINT airdrop will be unlocked in three months, with 50% unlocked in the first phase
Mint Blockchain issued a statement on X that the application for MINT will be opened at 14:00 Beijing time on March 7, and the airdrop will adopt a phased unlocking mechanism and will be unlocked in three months. The specific unlocking time is as follows: March 7, 2025: 50% unlock; April 15, 2025: 25% unlock; May 31, 2025: 25%.
Market News: CANARY SUI ETF Registered in Delaware
According to market news, CANARY SUI ETF is registered in Delaware.
Bithumb will launch AVL tokens in the Korean won market
According to the official announcement, South Korean crypto exchange Bithumb will launch AVL tokens in the Korean won market.
Movement will be launched on the main website on March 10
Movement released a video trailer on X platform, which will be launched on the main network on March 10.
Jito Foundation contributors propose new JTO token economic model, including potential buybacks
Jito Foundation contributor Andrew Thurman proposed a new model simulation scheme on JTO token economics that includes potential repurchase token plans. He suggested that the community should focus on how to best utilize revenue rather than simply expanding the size of the vault. Thurman proposes that Jito can try the “recycling and reward” strategy to find a balance between reinvestment of ecosystem growth and reward participants. In terms of "value recovery", Thurman believes there are two main options: buyback and flip fee switches. Both approaches are designed to return value directly to the user. He mentioned that although the fee switch mechanism is simple and easy to implement, there are few success stories, and repurchases are more popular because of the successful use of traditional markets. However, there is currently no risk-free or explicitly successful repo model. To this end, Thurman proposes two new reinvestment models: buyback and barter: Jito DAO can use part of its revenue to barter with DAOs in other projects, avoiding increased circulation by removing JTO tokens in circulation in the market and "soft lock" the tokens. However, this plan may be counterparty risk. Actual rate of return indicator: Specific details have not been disclosed, but aim to further optimize token economics through innovative ways. Thurman stressed that whether it is the application layer or the infrastructure layer, how to find the best balance between value recovery and reward is still a brand new field of design that is worth further exploration.
Important data
DWF Labs deposits 3 million FETs into Bitget
According to Spot On Chain monitoring, DWF Labs first activist in five months, depositing 3 million FETs (worth $1.82 million) into Bitget. The tokens came from 10 million FETs transferred by the Fetch.ai Foundation on September 3, 2024, at the time the price was $1.185. So far, DWF Labs has accumulated 5 million FETs to Binance and Bitget, with an average price of US$0.987, down 16.7% from the initial price. In addition, it still holds 5 million FETs, worth about $3.04 million.
GrokCoin list 1 address purchased 18 SOL GrokCoin, with a return on investment of 7946%.
According to @ai_9684xtpa monitoring, Solana ecosystem has recently seen Memecoin $GrokCoin with a market value of more than $10 million. One list address (9hD5w...jn49o) purchased 17.69 million GrokCoin at a low price of 18 $SOL (about 2560 US dollars), with a price of $0.0001447. The address has sold $18,000 worth of tokens in the past 6 minutes to make a return on its capital, and the remaining 92.6% of its holdings are still floating profits of $185,000, with a return on investment of up to 7946%.
According to SoSoValue data, yesterday (March 6 Eastern Time) Bitcoin spot ETFs had a total net outflow of US$134 million. Yesterday, Grayscale ETF GBTC had a net outflow of US$34.5089 million in a single day, and the current historical net outflow of GBTC was US$22.384 billion. Grayscale Bitcoin Mini Trust ETF BTC has a net outflow of US$0.00 per day. Currently, the total historical net inflow of Greyscale Bitcoin Mini Trust BTC is US$1.086 billion. As of press time, the total net asset value of Bitcoin spot ETF was US$100.602 billion, the net asset ratio of ETF (market value compared to the total market value of Bitcoin) reached 5.7%, and the historical cumulative net inflow has reached US$36.552 billion.
According to Onchain Lens monitoring, a giant whale has obtained a floating profit of about $26 million through multiple short positions on Hyperliquid. The giant whale holds a total of 48 perpetual contract positions on HyperLiquid: 47 of them are short and 1 is long. Among these positions, only 3 are in a loss state, while the remaining 45 positions are highly profitable. In addition, the giant whale also holds 23,947 HYPE tokens (worth $386,000) and 361,250 other tokens (worth $31,800) in the spot market.
Financing/acquisition
Base acquires Iron Fish team, without blockchain or IRON tokens
Base announced that it has acquired the development team of Iron Fish blockchain to accelerate the development of privacy protection technology. The acquisition is limited to the team and does not involve the Iron Fish blockchain or its native token IRON. Base said the Iron Fish team will develop "principle protection primitives" for it, and the Iron Fish project remains independent and not affiliated with Coinbase or Base. Iron Fish is a privacy-focused proof-of-work encryption project that enables transaction privacy through zero-knowledge proofs (zk-SNARKs). Iron Fish confirmed on social platform X to join Base to expand user privacy capabilities, and its founder Elena Nadolinski will continue to serve as a member of the foundation’s board of directors to ensure the project governance structure remains unchanged.
According to Fortune Magazine, Validation Cloud, a crypto infrastructure company that uses artificial intelligence, announced a $15 million Series A financing led by True Global Ventures, with Cadenza, Blockchain Founders Fund, Side Door Ventures and AP Capital participating. The company's valuation in this round of financing has not been disclosed. According to reports, this is Validation Cloud's third round of financing. Since its establishment in 2017, its total financing amount has reached US$30.8 million. Validation Cloud offers three main products to support blockchain based on Proof of Stake (PoS) consensus mechanism. Validation Cloud's products include token staking capabilities, software that connects computers to a proof of stake network, and access to data analyzed by artificial intelligence. The company offers its products on several popular blockchains, including Solana, Ethereum, Base, Aptos and Binance Chain. Validation Cloud's revenue comes from commissions awarded by customers to stake tokens using their services, as well as subscription fees for using their software.
Cryptocurrency broker August completes $10 million Series A funding, led by Dragonfly Ventures
According to Fortune Magazine, cryptocurrency broker August completed a $10 million Series A financing round, led by Dragonfly Ventures, and participated by SCB Limited, 6th Man Ventures and Foresight Ventures. The valuation in this round was not disclosed. August will use the latest funding raised to develop marketing strategies, recruit more employees and continue to develop new technologies. August is a cryptocurrency brokerage firm that helps them get the benefits and returns of cryptocurrency investment through borrowing and trading through lending and trading. Most of August's revenue comes from transaction spreads and charges clients transaction fees on each transaction. The company previously raised $6 million in its seed round in 2023.
YZi Labs invests in Tensorplex Labs to drive decentralized AI
YZi Labs announced it has invested in Tensorplex Labs, a lab dedicated to building decentralized AI applications, infrastructure and tools. This investment aims to accelerate the integration of AI development and decentralized technologies. Tensorplex’s main products: • Tensorplex Dojo: Decentralized AI core infrastructure, integrating human intelligence training AI, and providing rewards to contributors. In the future, Dojo will promote real-time collaboration between human and computers and create the "human API" in the AI era. • Backprop Finance: The DeFi platform of the Bittensor ecosystem, supporting dTAO.
