GM Anon!

Markets seem to have found some footing, with signs of life returning to the arena. After a period of uncertainty, this week’s major event—the FOMC meeting—had everyone holding their breath.

As expected, the Fed kept the federal funds rate unchanged at 4.25%-4.5% during its March 2025 meeting, extending the pause in its rate-cut cycle that began in January. With this decision now behind us, many are speculating that we've found a bottom, and after some consolidation, the march higher could soon resume.

Let’s dive into what went down this week!

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TLDR

• Fed Holds Rates – FOMC keeps rates steady at 4.25%-4.5%, as expected.

• Market Stabilizing – Signs of bottoming in majors; momentum slowly returning.

• Trump Goes Full Crypto – First sitting U.S. president to back Bitcoin & stablecoin legislation publicly.

• ETF Inflows Rebound – Over $220M in ETF inflows (Mar 18–19); institutions may be re-entering.

• BTC Whales Stack – Whales added 200K BTC this month despite recent volatility.

• Converge Chain Launch – New institutional-focused Ethereum L2 launching Q2 2025.

• Sui ETF Incoming – Canary Capital files for the first SUI ETF, more altcoin ETF filings expected.

• Majors Bounce – TON, UNI, BONK, BNB, APT, NEAR and others post solid gains.

• Meme Bloodbath – Memecoin index down 90%; Pump.fun revenue collapses 93%.

• Base & Solana Lead – Fresh inflows into Base and Solana signal narrative rotation.

Trump Backs Stablecoin Regulation, Calls for U.S. Bitcoin Dominance

In a historic move, President Donald Trump became the first sitting U.S. president to address a crypto summit, delivering a speech at the Digital Asset Summit (DAS) in New York. He urged Congress to pass stablecoin legislation, arguing that regulatory clarity is essential for maintaining U.S. dollar dominance in a blockchain-powered financial system.

Trump also declared an end to the "regulatory war on crypto," slamming past enforcement actions and unveiling the U.S. Strategic Bitcoin Reserve to secure government-held BTC. His pro-crypto stance has already put pressure on Congress to act, as stablecoin market capitalization surpasses $230 billion.

While legislation is still in progress, Trump's endorsement signals a clear shift toward a more crypto-friendly U.S. policy—one that could shape the next era of digital asset adoption.

Bitcoin Whales Are Buying the Dip & ETFs

Bitcoin’s price has been all over the place, dropping from a March high of $99,000 to a low near $77,000—a sharp 22% correction. But while retail traders panic, whale wallets (those holding at least 1,000 BTC) have taken full advantage of the volatility.

According to CryptoQuant, large investors have added 200,000 BTC in just the last month. This follows a trend from late 2024, when whales scooped up over 1 million BTC in just a few months. Despite short-term price swings, big money clearly sees Bitcoin as a long-term play.

It’s not just private investors jumping in—institutions and even governments are expanding their Bitcoin reserves:

• Metaplanet, a Japanese investment firm, raised ¥2 billion ($13.3 million) in zero-interest bonds to fund more BTC purchases, bringing its holdings to 3,200+ BTC.

• Strategy (formerly MicroStrategy) continues to lead the corporate pack, maintaining its aggressive accumulation strategy.

• El Salvador now holds over 6,100 BTC, doubling down on Bitcoin despite the IMF’s warnings about its crypto-focused economic strategy.

Smart money isn't selling. They’re stacking.

Lastly, after recent outflows, we're seeing a shift with multiple ETFs posting inflows. March 18-19 saw a combined $220M+ in net inflows, signaling renewed investor confidence. Are institutions stepping back in? 

Converge: A Blockchain Built for Institutions

If there’s one thing keeping institutions from diving into DeFi, it’s compliance concerns. Ethena Labs and Securitize are looking to fix that with Converge, an Ethereum-compatible blockchain designed to be a settlement layer for tokenized assets.

Launching in Q2 2025, Converge will integrate Securitize’s $2 billion in tokenized assets—including BlackRock’s BUIDL fund and credit products from Apollo, Hamilton Lane, and KKR. Ethena is also bringing its $6 billion DeFi ecosystem over, meaning stablecoins like USDe, USDtb, and iUSDe will be transacting on the network.

Guy Young, Ethena’s founder, put it simply: “We’re building Converge to be the go-to settlement layer for institutional-grade DeFi and tokenized assets.” And it’s not just talk—Aave Labs, Pendle, Morpho, and Maple Finance have already committed to building on it. Security is covered by Anchorage, Copper, Fireblocks, and Zodia, while LayerZero and Wormhole will handle cross-chain transfers.

As institutional demand for tokenized assets skyrockets, Converge could quickly become the blockchain of choice for firms that want exposure to DeFi without the regulatory headaches.

Canary Capital Pushes for the First Sui ETF

Institutional demand for crypto ETFs isn’t slowing down. The latest move? Canary Capital is pushing for the first-ever Sui ETF, filing an S-1 registration with the SEC. If approved, it would trade on major stock exchanges, allowing investors to gain exposure to SUI without holding the tokens themselves.

Canary’s CEO, Steven McClurg, sees Sui’s rapid developer adoption as a key factor: “We’ve seen a massive influx of developers into the Sui ecosystem. Given its speed and efficiency, we believe it’s set to become a major blockchain for future projects. For a chain that’s been around for less than two years, it’s already a top-20 token.”

The Sui ETF filing follows a broader wave of crypto ETF expansion. Since the SEC approved spot Bitcoin and Ethereum ETFs in 2024, firms have been rushing to launch altcoin ETFs. Canary Capital has already filed for ETFs covering Litecoin, Hedera, Axelar, XRP, and Solana. Meanwhile, heavyweights like Franklin Templeton, Bitwise, and VanEck are gunning for ETFs linked to XRP, Aptos, and Avalanche (AVAX).

Adding to the momentum, World Liberty Financial (WorldFi) has also been eyeing Sui, planning to include it in its strategic reserves. WorldFi’s move signals growing institutional confidence in Sui’s long-term potential, aligning with the broader trend of financial firms backing the ecosystem.

The SEC has delayed many of these decisions, but with regulators showing a more open stance toward crypto, the door could be opening for broader institutional adoption.

Majors & Memes

Over the past 7 days, standout performers included TON, HYPE, UNI, BONK, BNB, APT, DOT, NEAR, and MKR, among others. These assets posted solid gains after what’s felt like a relentless stretch of downside across the broader market.

The bounce suggests a potential shift in momentum, with some traders beginning to rotate back into higher-conviction plays following weeks of risk-off sentiment. While it’s too early to call a full reversal, the rebound in these names hints at growing confidence—at least in the short term.

Memecoins Crash as the Hype Runs Out

The memecoin market has gone from euphoric to disastrous. The GMCI Meme Index has nosedived 90% from its December 2024 peak, wiping out billions. DOGE, SHIB, PEPE, and TRUMP tokens have all been hammered, but the real tipping point came from the Libra (LIBRA) scandal.

LIBRA, a memecoin linked to Argentine President Javier Milei, collapsed 94% within hours of launch after insiders reportedly cashed out $107 million before retail investors could react. Dubbed “Libragate,” the fiasco exposed just how fragile the memecoin ecosystem really is.

Solana, which had been the center of the memecoin boom, is feeling the pain. Weekly revenue from memecoin activity on the network has cratered 93%, plunging from $55.3 million in January to just $4 million in March. Solana’s DeFi ecosystem has also taken a hit, with total value locked dropping from $12 billion to $6.5 billion. Pump.fun, which drove much of the speculation, has seen its daily revenue nosedive from $15 million to $1 million.

Even with the carnage, the SEC has made it clear that memecoins aren’t securities, removing some regulatory uncertainty. However, that doesn’t mean rug pulls and insider dumps won’t face scrutiny—fraud is still fraud

Flows, Revenues & Narrative

Flows into Base and Solana have surged once again over the past seven days, pointing to renewed investor conviction in both ecosystems. Berachain, which had been attracting strong inflows earlier this month, is now starting to see some outflows—a potential signal of rotation or cooling sentiment.

These capital shifts align with broader narrative trends playing out across the market. Over the past week, GameFi has been the standout, leading narrative price performance with a gain of over 20%. Modularity, DeSci, and CEX-related tokens have also seen strong momentum, reflecting a more risk-on environment as capital chases high-conviction themes.

Meanwhile, on the revenue front, PancakeSwap and Binance Chain have outpaced Solana-based protocols in earnings over the last 7 days. This marks a notable shift in protocol-level monetization leadership. One casualty of this reshuffling: Pump.fun, which has slipped out of the top 10 revenue-generating protocols after weeks of dominating headlines.

Lastly, this past week, Ethereum exchange balances saw one of the largest inflows in months—typically a signal that traders are gearing up for volatility or looking to take profits. While not always bearish, these kinds of spikes often precede increased market activity and short-term selling pressure.

Mindshare

Over the past 7 days, Mindshare has seen some notable shifts, with certain tokens dominating attention while others have faded into the background.

• Fartcoin, PVS, and YZY continue to lead attention, with YZY making a strong push in engagement throughout the week.

• pwease and jellyjelly have remained consistently relevant, holding a solid share of attention without major surges.

• titcoin, arc, and GUESS experienced fluctuations but stayed within the upper tier of engagement.

• DOGEAI and $COLLAT have seen a decline in visibility, struggling to keep up with the momentum of top contenders.

Smart Money Moves

As we wrap up the week, let’s take a look at Smart Money Accumulation in the Solana ecosystem.

There’s been a clear divergence in positioning—some tokens saw heavy accumulation, while others faced steep sell-offs. Shoggoth (+31.64%) and ALON (+2.61%) saw steady inflows, suggesting growing interest, while YZY exploded by over 1000%, pointing to fresh positioning or a concentrated accumulation effort.

On the flip side, Fartcoin (-27.3%), jellyjelly (-30.79%), and pwease (-34.37%) saw sharp declines, likely due to profit-taking or shifting liquidity. arc (-46.87%) and DOGEAI (-36.98%) also took a hit, indicating fading momentum. Meanwhile, TRUMP (-0.33%) remained relatively stable, showing signs of consolidation rather than a major directional shift.

Overall, it’s been a mixed week—select tokens are gaining traction while others are seeing outflows. Keeping an eye on YZY and Shoggoth for potential continuation, while outflows from arc and DOGEAI suggest caution ahead.

In the Ethereum ecosystem, accumulation trends remain strong, with CULT (+5.35%), BOOE (+5.11%), and BITCOIN (+4.02%) leading the way in inflows. DOGE (+3.84%) and SHRUB (+2.59%) also saw steady buying, indicating growing confidence among smart money players.

On the other hand, WOLF (-2.94%), ANDY (-0.37%), and PEPE (-0.03%) faced mild outflows, though nothing significant. GREED 3 (0.0%) held steady, suggesting a neutral stance for now.

Overall, Ethereum’s memecoin sector is showing resilience, with CULT and BOOE seeing the most notable bids. Meanwhile, WOLF and PEPE appear to be cooling off slightly, but no major rotation signals just yet. A continuation of accumulation into next week could set the stage for further upside.

That wraps up this post—we hope you found the insights valuable. See you next week, anon! 🚀