PA Daily | About 137 million USDT transferred to Binance; Senator Lummis's resubmitted Bitcoin bill allows the United States to reserve more than 1 million BTC

Today's news tips:

Metaplanet purchased an additional 162 bitcoins, increasing its holdings to 3,050

Senator Lummis's resubmitted Bitcoin bill would allow the U.S. to reserve more than 1 million Bitcoins

President of The ETF Store: Franklin Templeton Submits XRP Spot ETF Application

SEC postpones approval of multiple crypto spot ETFs including ADA, SOL, XRP

Tesla rebounded 3.7%, and Strategy and Coinbase stock prices both rebounded significantly

Hyperliquid 50x long ETH whale holds $271.6 million position, liquidation price drops to $1,805

More than 136.7 million USDT were transferred from an unknown wallet to Binance 20 minutes ago

Crypto payment company Mesh completes $82 million Series B financing, led by Paradigm

Regulatory/Macro

Metaplanet purchased an additional 162 bitcoins, increasing its holdings to 3,050

According to Metaplanet's announcement, as part of its Bitcoin financial reserve strategy, the company purchased 162 additional Bitcoins at an average purchase price of 12.3937 million yen per Bitcoin, with a total value of 2.08 billion yen. As of this purchase, Metaplanet holds a total of 3,050 Bitcoins at an average purchase price of 12.6071 million yen per Bitcoin, with a total holding value of 38.452 billion yen.

Senator Lummis's resubmitted Bitcoin bill would allow the U.S. to reserve more than 1 million Bitcoins

According to Cointelegraph, U.S. Senator Cynthia Lummis resubmitted the Bitcoin Act (Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2025) to the 119th Congress, which will allow the U.S. government to hold more than 1 million bitcoins. The bill was originally proposed in July 2024, requiring the U.S. government to purchase 200,000 bitcoins per year for five years, with funds coming from adjustments to existing funds from the Federal Reserve and the Treasury Department. After this revision, the U.S. government can hold additional bitcoins through legal means (including civil or criminal forfeiture, donations, or transfers from federal agencies). In addition, BTC that states voluntarily deposit into strategic bitcoin reserves will be stored in separate accounts. In addition, the new bill introduces a formal assessment process for Bitcoin fork assets and airdrop assets. The original bill required that all fork assets must be deposited in the national Bitcoin reserve for at least five years and must not be sold or disposed of without legal authorization. The revised bill allows the Secretary of the Treasury to evaluate and retain the most valuable fork assets based on market value after the mandatory holding period ends, while ensuring that the reserve continues to hold "dominant assets."

Dragonfly report: The United States missed out on more than $5 billion in airdrop revenue due to regulatory issues

According to the "2025 Airdrop Status Report" released by Dragonfly Research, airdrops, as an important growth engine for the crypto industry, have distributed tokens worth more than $26.6 billion. However, due to regulatory uncertainty, American users and businesses are excluded and suffer huge losses. Data shows that about 5.2 million crypto users in the United States are unable to participate in airdrops due to geographical restrictions. Only 12 major projects have resulted in revenue losses of $1.84 billion to $2.64 billion. Extending to more projects, this figure is as high as $3.49 billion to $5.02 billion. In addition, the US government has also lost $418 million to $1.1 billion in federal taxes and $107 million to $284 million in state taxes due to airdrop restrictions. For example, Tether made a profit of $6.2 billion in 2024, but due to its offshore operations, the United States missed out on $1.6 billion in corporate taxes. The report points out that if the United States fails to provide regulatory clarity as soon as possible, innovation will continue to shift overseas, and American users and businesses may continue to lag behind in the global market.

President of The ETF Store: Franklin Templeton Submits XRP Spot ETF Application

According to Nate Geraci, president of The ETF Store, Franklin Templeton, an asset management company with a global management scale of over $1.5 trillion, has officially entered the XRP ETF competition. According to the preliminary prospectus submitted on March 11, Franklin XRP Trust will issue Franklin XRP ETF fund shares, which mainly holds XRP held by the custodian on behalf of the fund, and aims to track the overall performance of XRP prices. Franklin Holdings, LLC will serve as the sponsor of the trust and fund, and Coinbase Custody Trust Company will serve as the custodian of XRP assets.

Metaplanet issues 2 billion yen zero-coupon ordinary bonds to increase Bitcoin holdings

According to the official announcement of Metaplanet, the company's board of directors decided on March 12, 2025 to issue the eighth ordinary bond to EVO FUND, with a total amount of 2 billion yen (about 13.4 million US dollars), and all the funds will be used to purchase Bitcoin. The bond is interest-free, with a par value of 50 million yen per bond, and is expected to mature on September 11, 2025. Metaplanet plans to raise debt repayment funds by exercising the 14th to 17th stock subscription rights. The company expects this move to have limited impact on the financial performance in fiscal 2025.

SEC Accepts Grayscale Hedera Spot ETF Application

According to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) has officially accepted the Hedera (HBAR) spot ETF application submitted by Grayscale.

Texas lawmakers propose to limit state government Bitcoin investment to $250 million, and city and county governments to $10 million

According to Cointelegraph, Texas Congressman Ron Reynolds submitted a bill (HB 4258) on March 10, proposing to limit the amount of money that the state treasurer can use the "Economic Stabilization Fund" (Rainy Day Fund) to invest in Bitcoin (BTC) or other cryptocurrencies to no more than $250 million. In addition, the bill also recommends that the crypto investment of municipal and county governments in Texas should not exceed $10 million. Previously, the Texas Senate passed SB 21 on March 6, allowing the state government to establish a Bitcoin reserve without setting an investment cap. If HB 4258 is passed and signed by Governor Greg Abbott, the new regulations will take effect on September 1, 2025. At the same time, the Trump administration has issued an executive order on March 7 to plan to establish a federal "strategic Bitcoin reserve", but its legality is still questioned by legal experts. Wyoming Senator Cynthia Lummis introduced a bill on March 11, trying to legislate in Congress to formally establish a federal BTC reserve.

SEC postpones approval of multiple crypto spot ETFs including ADA, SOL, XRP

U.S. SEC documents show that the U.S. Securities and Exchange Commission (SEC) has postponed the approval of several cryptocurrency spot ETF applications, including Grayscale Spot Cardano (ADA) ETF, Canary Spot XRP ETF, Canary Spot Solana ETF, Canary Spot Litecoin ETF and VanEck Spot Solana ETF.

Tesla rebounded 3.7%, and Strategy and Coinbase stock prices both rebounded significantly

At the close of U.S. stocks on Tuesday, the Dow Jones Industrial Average initially closed down 1.1%, the S&P 500 fell 0.76%, and the Nasdaq fell 0.18%. Tesla (TSLA.O) rose 3.7%, Nvidia (NVDA.O) rose 1.6%, and Apple (AAPL.O) fell 2.9%. Among blockchain concept stocks, Strategy (MSTR.O) rose 8.91% and Coinbase (COIN.O) rose 6.95%.

Viewpoint

Cathie Wood predicts US GDP growth will reach 7.3% and says the biggest productivity growth in history is coming

According to Decrypt, ARK Invest CEO Cathie Wood said that the US economy is approaching the end of a "rolling recession" and is about to usher in unprecedented productivity growth driven by artificial intelligence (AI) and emerging technologies. She predicts that the US GDP growth rate will reach 7.3%, and believes that the largest productivity growth in history is coming, despite the weak short-term economic data. She believes that technologies such as AI, genetic technology, automation and cryptocurrency will drive global economic change and form a positive cycle with the Trump administration's tax cuts and deregulation policies. In addition, she pointed out that since the resignation of SEC Chairman Gary Gensler, the US government's attitude towards the crypto industry is changing, and Washington is ushering in a "digital asset revolution." Wood believes that the current market funds are mainly concentrated in the "MAG7" (seven major technology giants), but in the future they will turn to a wider range of innovative stocks, and specifically mentioned that ChatGPT still dominates, but Elon Musk's Grok is growing faster, and open source AI models (such as DeepSeek, Meta's Llama, and possible future Grok open source versions) will become an important trend. However, the market reacted negatively to her views, with many investors questioning her investment strategy and believing that she was too optimistic about the Trump administration's economic policies, especially tariff policies and tax cuts that could lead to a wider fiscal deficit, while the ARK Innovation ETF still lags behind the S&P 500 after a sharp drop in 2022. Despite this, Wood still firmly believes that the US economy will enter one of the strongest bull markets in history, and said that if new technologies such as AI drive deflation, the United States will usher in unprecedented economic growth.

GMGN Lianchuang responds to operational doubts: Financially healthy, no need for continued high marketing investment

Rumors that GMGN may be poorly managed and facing a "collapse" have attracted attention on social media. In response, GMGN co-founder Haze posted a post on the X platform to respond to the doubts, saying that the original post author was a GMGN user who questioned GMGN's marketing strategy because he was concerned about the development of the platform and believed that its marketing method was unsustainable. Haze explained that GMGN accurately signed multiple KOLs in November last year, a decision that preceded the rise in GMGN market popularity and Trump's coin issuance. The selection of these KOLs was based on years of trust, and GMGN has already recovered its investment. There is no continuous high marketing investment at present, the team expansion remains restrained, and commercial income and cash reserves are healthy. He emphasized that as a pure chain company, GMGN not only focuses on core businesses such as trading platforms, trading tools, and data analysis, but also continues to optimize infrastructure and user experience, while exploring new directions, new needs and new pain points.

Matrixport: Bitcoin dominance hits a new high in the cycle, and the rise of altcoins fades

According to Matrixport analysis, Bitcoin dominance has risen to a new cycle high, exceeding the previous peak, indicating that the short-term rise of altcoins has ended. From Trump's election in November 2024 to the release of strong US employment data in early December, the altcoin market briefly rebounded, but then the market focus shifted to the Federal Reserve's more hawkish monetary policy stance. Against this backdrop, some traders shifted funds from altcoins to Bitcoin. Although the price of Bitcoin itself has fallen back, its performance is still significantly better than the overall altcoin market. The market currently hopes that the recovery in liquidity will drive Bitcoin prices further up, but given that the Federal Reserve is likely to maintain a hawkish stance, the next round of gains may require more patience.

Project News

Sony and LINE reach blockchain cooperation, four games connected to Soneium network

According to CoinDesk, Sony’s blockchain division has reached a cooperation with Japanese social media giant LINE, planning to connect four LINE mini-games to Sony’s Soneium blockchain network, including Sleepagotchi, Farm Frens, Puffy Match and Pocket Mob. The cooperation will support in-game rewards and payment functions.

Binance will support Conflux (CFX) network upgrade and hard fork

Binance plans to suspend the Conflux (CFX) network token deposit and withdrawal services at 19:00 (ET) on March 17, 2025 to support its network upgrade and hard fork. The project will perform a network upgrade and hard fork at block height 118,580,000.

Solana inflation reduction proposal SIMD-228 reaches quorum, currently 71.85% support

According to SolanaFloor, Solana Governance Proposal SIMD-228 has reached a quorum, with 71.85% of the votes currently in favor of the proposal. The proposal aims to reduce the inflation rate of SOL by up to 80% to optimize the network economic model. Voting will continue until the end of Epoch 755, and the final result is yet to be confirmed.

Important data

Hyperliquid 50x long ETH whale holds $271.6 million position, liquidation price drops to $1,805

According to Lookonchain monitoring, a whale has just deposited an additional $10 million USDC into the Hyperliquid platform and set a limit buy order at $1921. Currently, the whale's Ethereum long position has reached 141,013 ETH (about $271.6 million). Data shows that its average opening price is $1900.28 and the liquidation price is $1805. Earlier news, Hyperliquid 50x bullish ETH whale holds about $270 million in long positions, with a liquidation price of $1,877.

More than 136.7 million USDT were transferred from an unknown wallet to Binance 20 minutes ago

According to Whale Alert monitoring, 136,705,741 USDT (approximately US$137 million) was transferred from an unknown wallet to Binance at 15:39.

The suspected Longling Capital address added another 10,003 ETH, bringing its holdings to 54,005 ETH

According to @ai_9684xtpa, the whale/institution that has been buying low and selling high on ETH since December 2024, added 10,003 ETH one hour ago, with a total value of $18.65 million. Currently, the address holds a total of 54,005 ETH, with a total value of $131 million. The batch increase has reduced the holding cost to $2,433, but the current floating loss is $30.48 million. The address may belong to Longling Capital.

USDC Treasury mints 50 million new USDC on Ethereum

According to Whale Alert monitoring, at 13:48 Beijing time, USDC Treasury minted 50 million new USDC on the Ethereum chain, with a total value of US$50.061 million.

3 wallets purchased $4.3 million worth of PEPE tokens after withdrawing funds from Tornado Cash

According to Lookonchain monitoring, three wallets bought 689.79B PEPE (total value of about $4.3 million) about 11 hours ago, and all the funds came from Tornado Cash. • Address 0x7A7D bought 437.7B PEPE with 1,413.4 ETH (2.72 million USD) • Address 0x9212 bought 158.58B PEPE with $1 million • Address 0x7779 bought 93.51B PEPE with 299 ETH (574,000 USD)

Bitcoin spot ETF had a net outflow of $371 million yesterday, marking the seventh consecutive day of net outflow

According to SoSoValue data, on March 11 (EST), the total net outflow of Bitcoin spot ETFs reached $371 million in a single day, and capital outflows have occurred for seven consecutive days. Among them, BlackRock's Bitcoin ETF IBIT had a net outflow of $151 million in a single day, but its historical net inflow still reached $39.33 billion. Fidelity's Bitcoin ETF FBTC had a net outflow of $107 million in a single day and a historical net inflow of $11.32 billion. As of press time, the total net asset value of Bitcoin spot ETFs was $92.838 billion, the ETF net asset ratio (market value ratio) reached 5.65%, and the historical cumulative net inflow was $35.402 billion.

USDC Treasury minted $250 million USDC on Solana in the early hours of the morning

According to Whale Alert, at 2:33 am Beijing time, USDC Treasury minted $250 million USDC (approximately $250,009,374) on the Solana blockchain.

Financing

Solana Staking Protocol Rakurai Completes $3 Million Seed Round

Rakurai, a high-yield staking protocol in the Solana ecosystem, announced the completion of a $3 million seed round of financing, led by Anagram Ventures, with participation from Colosseum, Slow Ventures, Robot Ventures, Crypto.com Capital, P2P.org, Global Stake, Cyber Fund and other institutions. This round of financing will be used to accelerate the deployment of high-performance nodes and increase TPS (transactions per second) and block rewards through proprietary scheduling and pipeline optimization.

Vest Completes $5 Million Funding and Launches Decentralized Risk Pricing Engine

Vest announced the completion of a $5 million financing to build The Universal Risk Engine. This round of financing was led by Jane Street, Selini Capital, Amber Group, QCP, Big Brain Holdings, Mozaik Capital and other institutions, and executives from financial giants such as BlackRock and Citadel participated. Vest aims to solve the current problems of fragmented and isolated risk pricing data in the financial market, and provide a verifiable neutral framework that enables financial participants to share risk models that dynamically adapt to market conditions, replacing traditional individual risk assessments. Vest's first product, Vest Exchange, is a perpetual contract exchange that uses blockchain and zero-knowledge proof (zk proofs) technology to ensure a transparent and fair trading environment and avoid market manipulation. In addition, Vest announced that it will launch an early test user reward program on March 12 to encourage community participation and testing of the new platform.

Crypto payment company Mesh completes $82 million Series B financing, led by Paradigm

Crypto payment company Mesh announced the completion of $82 million in Series B financing to expand its global payment settlement network based on stablecoins. This round of financing was led by Paradigm, with participation from ConsenSys, QuantumLight, Yolo Investments, Evolution VC, Hike Ventures, Opportuna and AltaIR Capital. Most of the investment funds were settled through PayPal's PYUSD stablecoin. Mesh is building a blockchain payment network that enables users to pay with crypto assets such as Bitcoin (BTC), Ethereum (ETH) and Solana (SOL), while merchants can choose to settle with stablecoins such as Circle's USDC, PayPal's PYUSD or Ripple's RLUSD. Bam Azizi, co-founder and CEO of Mesh, said the funds will be used for global expansion to make crypto payments as convenient as credit card payments.

Axelar Foundation Reveals $30M AXL Token Sale to Expand Interoperability Protocol

The Axelar Foundation has announced a $30 million strategic sale of AXL tokens. The foundation said on Tuesday that several cryptocurrency investors participated in the token sale, including Arrington Capital, Distributed Global, Electric Capital, Laser Digital, C² Ventures, Plassa Capital and Wagmi Ventures. However, the foundation declined to disclose the sale price or valuation of the AXL tokens. The Axelar Foundation plans to expand the use of the US dollar through stablecoins and support institutional tokenization of real-world assets (RWA) through its interoperability protocol.

Decentralized creative AI platform Sogni AI completes $2 million in financing

Decentralized creative AI platform Sogni AI has completed a $2 million financing round, led by Comma3 Ventures and Republic Ventures, with participation from Contango Digital, Oyster Ventures, ARC, DEXT Force Ventures, Nosana, Formless Capital, Gecko Ventures and more Web3 investors and industry veterans.

Arda, a real estate tokenization company founded by former JPMorgan executives, completes $3 million in Pre-Seed round of financing

Real estate tokenization company Arda has received $3 million in Pre-Seed round financing from Lightshift Capital. Arda will use the funds raised in this round to develop product prototypes, recruit more engineers, and establish partnerships with real estate developers and other companies in the field.

Jsquare announces $50 million Pioneer Fund Phase I in the U.S., focusing on the core track of Web3

According to Jsquare's official news, during ETHDenver, Jsquare co-founder and Pioneer Fund venture partner James Wo announced the official launch of Pioneer Fund Phase I at the "Proof of Brew: Tasting the Crypto" event hosted by Jsquare. The fund size is US$50 million, focusing on investing in AI, consumer applications, RWA, DeFi, PayFi and other Web3 fields. Joanna Liang, founding partner of Jsquare, said that the launch of Pioneer Fund is an important milestone in promoting the growth of the blockchain ecosystem, marking the fund's entry into open and compliant operations, which is in line with the market expansion trend. She emphasized that Jsquare will not only provide financial support, but will also provide strategic guidance to the project through its global network and resources to help it become an industry leader.