PA Daily | BlackRock to launch Bitcoin ETP in Europe; Movement to repurchase $38 million MOVE

Today's news tips:

BlackRock to Launch Bitcoin ETP in Europe

Oklahoma House passes Strategic Bitcoin Reserve Act

Arthur Hayes predicts that ETH will rise to $5,000 first, ahead of SOL's rise to $300

Movement: A $38 million MOVE buyback program will be carried out on Binance within three months, and the market makers who sold a large number of tokens after TGE have been cut off.

Binance Launches Solv Protocol (SOLV), the 7th Phase of BNSOL Super Staking

893 BTC transferred from Mt. Gox hot wallet to Kraken exchange

OKX will launch NAVI Protocol (NAVX)

Trump posted “FIGHT, FIGHT, FIGHT!!!”, and the FIGHT token on Solana chain rose twice

Regulatory/Macro

BlackRock to Launch Bitcoin ETP in Europe

BlackRock, the world's largest asset management company, announced that it will launch iShares Bitcoin ETP in Europe. It will be listed on Xetra and Euronext Paris on Tuesday with the code IB1T, and on Euronext Amsterdam with the code BTCN. The product will initially implement a temporary fee reduction of 10 basis points, reducing the fee ratio to 0.15%, and the discount will last until the end of the year.

DigiFT launches two on-chain tokenized index funds to track leading AI stocks and major crypto assets

DigiFT, a licensed crypto exchange in Singapore, announced that it will launch an index fund that fully tokenizes fund shares and their underlying stock assets and enables on-chain transactions, open to qualified and institutional investors. The first products include AI Stock Index Fund (covering Apple, Tesla, Microsoft, Nvidia, etc.) and Web3 Index Fund (tracking crypto assets such as BTC, ETH, SOL), managed by Hash Global, and Amber Premium is the issuing partner. The fund runs on smart contracts, supports USDT and USDC subscription and redemption, does not require a bank account, and has real-time on-chain transparency and a 24/7 clearing cycle.

Binance reported that an employee used his old position to make insider trading profits. The person involved has been suspended and will face legal prosecution

According to Binance's official announcement, its internal audit team received a report on March 23 that an employee was suspected of using insider information to conduct "front-running" to seek improper benefits. After internal investigation, it was confirmed that the employee previously worked in a business development position in BNB Chain and was transferred to the Binance Wallet team for only one month. Although the current position does not have access to relevant project information, the employee used the project token generation event (TGE) plan mastered by the previous position to purchase a large number of project tokens in advance through multiple associated wallets, and partially cashed out after the news was announced to obtain considerable profits, which constituted a serious violation of company regulations. Binance has immediately suspended the employee involved and will cooperate with the law enforcement agencies in their jurisdiction to deal with it in accordance with the law, and the relevant assets will also be disposed of in accordance with regulations. At the same time, Binance issued a total of US$100,000 in rewards to users who submitted valid clues through the official reporting mailbox ([email protected]), which was evenly divided among 4 real-name reporters. It was reported last weekend that a suspected Binance Wallet employee made a profit of more than US$110,000 by trading UUU on the BSC chain.

Circle and SBI jointly promote USDC to enter the Japanese market, officially launched on March 26

Circle Japan KK, the Japanese subsidiary of Circle, the issuer of USDC stablecoin, will cooperate with SBI Holdings Group to fully launch USDC stablecoin in Japan through SBI VC Trade on March 26. USDC has been approved by the Japanese Financial Services Agency and has become the first global dollar stablecoin to be legally circulated in Japan. Exchanges such as Binance Japan, bitbank and bitFlyer also plan to launch USDC in the future.

Oklahoma House passes Strategic Bitcoin Reserve Act

The Oklahoma House of Representatives passed HB1203, the Strategic Bitcoin Reserve Act, with an overwhelming majority of 77 votes to 15. The bill aims 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. Oklahoma thus joins Texas, Arizona and Utah as a few states that have passed such legislation in one chamber. The bill will be submitted to the state Senate for deliberation.

Kentucky officially signs Bitcoin Bill of Rights, protecting the rights of self-custody and node operation

The governor of Kentucky, USA, officially signed HB701 into law on March 24, local time, to protect residents' rights to use digital assets, self-hosted wallets, and run blockchain nodes. The bill explicitly excludes such behaviors from money transmission licenses and securities supervision, and restricts local governments from discriminatory management of related technical activities.

U.S. stocks closed: Nasdaq rose more than 2%, Tesla rose nearly 12%

At the close of U.S. stocks on Monday, the Dow Jones Industrial Average rose 1.42%, the S&P 500 rose 1.76%, and the Nasdaq rose 2.27%. Nvidia (NVDA.O) rose 3%, and Tesla (TSLA.O) rose 11.9%. Among blockchain concept stocks, MARA Holdings (MARA) rose 18.01%, Strategy (MSTR.O) rose 10.43%, and Coinbase (COIN.O) rose 6.94%.

Trump Media to Launch ‘Made in America’ Themed ETF in Partnership with Crypto.com

According to The Block, Trump Media & Technology Group (TMTG) announced that it has signed a preliminary agreement with Crypto.com to launch a series of digital assets and stock ETFs and ETPs with the theme of "Made in the USA" through its fintech brand Truth.Fi. The series of funds plans to cover a variety of crypto assets such as Bitcoin and Cronos, and focus on innovative companies and industries in the United States. Crypto.com will provide backend technology, custody services and token supply. These products are expected to be launched in 2025, subject to regulatory approval, and will be launched in many places in the United States, Europe and Asia through platforms such as Foris Capital US.

Viewpoint

Matrixport: The correlation between Bitcoin and Nasdaq is approaching 70%, which may lead to a divergence in trends

Matrixport analysis shows that the 30-day actual correlation between Bitcoin ETF IBIT and Nasdaq is close to 70%, a level that has only appeared twice in history, indicating that Bitcoin is currently driven by macro factors and is moving in the same direction as other risk assets. The high correlation is mainly due to the market's reassessment of earnings expectations before the first quarter financial report and uncertainty in tariff policies. However, historical data shows that such a high correlation is difficult to sustain, and Bitcoin and Nasdaq may diverge in the future.

Arthur Hayes predicts that ETH will rise to $5,000 first, ahead of SOL's rise to $300

Arthur Hayes wrote that he believes Ethereum (ETH) will be the first to break through the $5,000 mark, faster than Solana (SOL) rising to $300, suggesting that he is more confident in ETH's short-term performance.

Project News

Movement: A $38 million MOVE buyback program will be carried out on Binance within three months, and the market makers who sold a large number of tokens after TGE have been cut off.

The Movement Network Foundation issued a statement saying that it received a notice from Binance on March 11 that a market maker was suspected of improper operations on multiple tokens including $MOVE. The market maker sold a large number of tokens after the $MOVE TGE, violating its agreement to provide two-way liquidity support. The Foundation was unaware of this and immediately cut off its relationship with it upon learning of it, notified other exchanges and assisted Binance in its investigation. Movement Network stated that it has recovered the relevant funds and plans to use the recovered $38 million to repurchase $MOVE on the open market and establish the "Movement Strategic Reserve" strategic reserve fund. The repurchase will be carried out on Binance within the next three months, and the purchased $MOVE will be regularly transferred to the official on-chain wallet.

OKX will launch NAVI Protocol (NAVX)

According to the announcement of Ouyi, NAVX will be launched on March 25, 2025. Deposits will be open at 2 pm on the same day, the call auction time will be from 5 pm to 6 pm, and NAVX/USDT spot trading will officially open at 6 pm. Withdrawal service is expected to be open at 6 pm on March 26.

Binance Launches Solv Protocol (SOLV), the 7th Phase of BNSOL Super Staking

According to Binance's announcement, BNSOL Super Staking will launch the seventh phase of the project - Solv Protocol (SOLV), a Bitcoin staking platform powered by its innovative Staking Abstraction Layer (SAL). From 08:00 on March 27, 2025 to 07:59 on April 11, 2025 (Eastern Time Zone 8), users who hold BNSOL in their Binance accounts and Binance wallets, or stake SOL to BNSOL, will receive SOLV APR Boost airdrop rewards. SOLV APR Boost airdrop rewards are additional token airdrops provided on top of the Binance SOL staking base annualized interest rate, providing users with a higher rate of return.

Bithumb will list Redstone (RED) and Nillion (NIL) Korean Won trading pairs

According to the announcement of the Korean exchange Bithumb, Redstone (RED) and Nillion (NIL) will be listed on the Korean won trading market on March 25, 2025. RED will be available for trading at 4 pm (local time) on the same day, based on the Ethereum network; NIL is expected to be launched at 7 pm (local time) and use the Nillion main network. Neither of them supports recharges on other networks.

Trump posted “FIGHT, FIGHT, FIGHT!!!”, and the FIGHT token on Solana chain rose twice

After US President Trump posted “FIGHT, FIGHT, FIGHT!!!” on Truth Social and X platform this morning, the FIGHT token on the Solana chain rose sharply twice in a short period of time, and the price once exceeded US$0.0018. The current 24-hour increase is over 60%.

Arbitrum DAO proposes to withdraw 225 million ARB game incentive plan, questioning mismanagement

According to The Block, Arbitrum DAO is considering whether to withdraw the remaining funds of the "Gaming Catalyst Program (GCP)" launched in 2024. The program originally allocated 225 million ARB (about 215 million US dollars at the time) to support the Web3 gaming ecosystem within three years. The proposal pointed out that the project was too optimistic when it was approved, and now there are problems such as lack of transparency, management changes, and the withdrawal of key supporters. GCP board members responded that 25 game chain projects are using Arbitrum technology. So far, the current community has not reached a consensus on this.

Dogecoin Foundation sets up official reserve, first purchases 10 million DOGE

According to The Block, the Dogecoin Foundation has established an "official Dogecoin reserve" through its newly established commercial organization House of Doge, and has purchased 10 million DOGE, which is about $1.8 million at market price. The reserve is intended to serve as a verification demonstration of DOGE's efficient payment capabilities. The Foundation plans to promote the application of DOGE in commercial payment scenarios and will announce the first strategic cooperation in the coming months. DOGE prices rose 10% in the past 24 hours, but have fallen by about 40% since November 2024.

Binance HODLer Airdrop Launches Particle Network (PARTI)

According to the official announcement, Binance HODLer airdrop is now live on the 13th project ParticleNetwork (PARTI). From 08:00 on March 7 to 07:59 on March 11 (ET8), users who use BNB to subscribe to the coin earning platform products will receive PARTI airdrop rewards. HODLer airdrop information is expected to be launched within twelve hours, and the new tokens will be distributed to users' spot wallets at least 1 hour before trading begins. Binance will launch PARTI at 21:00 on March 25 (ET8), and open PARTI/USDT, PARTI/USDC, PARTI/BNB, PARTI/FDUSD and PARTI/TRY trading pairs.

Important data

893 BTC transferred from Mt. Gox hot wallet to Kraken exchange

On-chain data showed that at 14:54 Beijing time, 893 BTC transferred from the Mt. Gox hot wallet were transferred to the Kraken exchange.

Cumberland transferred more than $117 million in stablecoins to exchanges in the past 24 hours

According to The Data Nerd, market maker Cumberland transferred a total of $117.54 million in stablecoins to Binance, OKX, Kraken, Bybit and Coinbase in the past 24 hours, including $29.8 million in USDT and $87.34 million in USDC.

Mt. Gox Cold Wallet Just Moved Over $1 Billion in Bitcoin

According to Arkham monitoring data, Mt.Gox cold wallet transferred a total of 11,501.58 BTC (about 1.01 billion US dollars) to two addresses at 08:21 (UTC+8), of which 893 BTC were transferred to the hot wallet and 10,608 BTC were transferred to another change address (starting with 1DcoA). The transaction only cost about $1.98 in fees.

Financing

Crypto exchange Kraken plans to raise up to $1 billion in debt to pave the way for an IPO

According to Bloomberg, the crypto exchange Kraken is considering raising up to $1 billion in debt financing to support future growth and prepare for a possible initial public offering in the first quarter of 2026. Kraken has worked with Goldman Sachs and JPMorgan Chase to advance the plan and may raise some equity financing at the same time. Kraken has previously spent $1.5 billion to acquire futures platform NinjaTrader, with revenue reaching $1.5 billion in 2024, a year-on-year increase of 128%.

Solana Ecosystem Restaking Protocol Fragmetric Completes $5 Million Financing, Led by RockawayX

Solana Ecosystem Re-Pledge Agreement Fragmetric Completes $5 Million in Financing, Led by RockawayX, with Participants from Robot Ventures, Amber Group, Hypersphere, and BitGo. Currently, Fragmetric has received a total of $12 million in financing. According to previous news , Solana Re-Pledge Agreement Fragmetric Completed $7 Million in Seed Round Financing, Led by Finality Capital Partners and Hashed.

Rain, a debit card issuer that allows stablecoin settlement, completes $24.5 million financing, led by Norwest Venture Partners

Rain, a company that issues debit and credit cards, has raised $24.5 million in funding, led by Norwest Venture Partners, with participation from Galaxy Ventures, Goldcrest, Thayer and Hard Yaka. Rain's valuation in this round of financing has not been disclosed. Rain is a company that issues debit and credit cards that allow customers to settle payments using stablecoins. Rain will use the funds raised in this round to expand its team, develop new technologies and apply for additional regulatory licenses.