Corporate Momentum Builds Around Bitcoin

GM Anon!

Markets are wobbling into the weekend. Hotter-than-expected PCE data rattled risk assets, breaking key levels and forcing a broad risk-off reset. Equities pulled back hard, and crypto didn’t escape the turbulence either — with BTC dipping into key support zones and altcoins struggling to hold up.

Uncertainty is building and positioning is clearly defensive. Traders are offloading risk, rebalancing, and waiting to see how things shake out. But zoom out and it’s not all doom and gloom — this week was packed with bullish developments across institutional adoption, tokenization, and crypto-native momentum.

Let’s dive into what happened this week.

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TLDR

• GameStop raised $1.3B to support its new Bitcoin treasury strategy, joining MicroStrategy and Tesla in corporate crypto adoption.

• Ripple settled with the SEC for $50M, ending a four-year battle and securing legal clarity for XRP in the U.S.

• CME and Google Cloud launched a tokenization pilot, bringing institutional-grade asset tokenization to traditional markets.

• Fidelity began testing a stablecoin and exploring tokenized money market funds amid rising regulatory clarity.

• HyperLiquid was exploited for $13M via the JELLY token, prompting a delisting and a 20% drop in its native token.

• BlackRock’s BUIDL fund surged 57% in TVL to $1.88B, backed by T-bills and attracting institutional capital.

• Solana leads DEX market share at 46.7%, with lending protocol Kamino posting a 28% TVL jump.

• Ethereum’s on-chain volume dropped below $3B, its lowest since mid-2023, signaling a cooling trend.

• Smart money rotated into Solana memecoins, with Ghibli, Fartcoin, and $COLLAT seeing strong inflows.

• Ethereum saw muted smart money activity, with minor inflows to JOE and WOLF, while CULT and SHRUB declined.

Weekly Recap: Institutions Push Further Into Crypto as Regulation and Strategy Align

This week brought a wave of significant moves across the crypto industry, with institutional momentum building, legal clarity advancing, and high-profile players shifting deeper into digital assets.

GameStop led the headlines by announcing a $1.3 billion private offering of convertible notes, a major step toward implementing its new Bitcoin treasury strategy. Following months of speculation—including a now-infamous photo of CEO Ryan Cohen with Michael Saylor—GameStop confirmed it will add BTC and stablecoins to its financial reserves. 

While the market reacted cautiously to potential dilution, with shares in after-hours trading, the company’s net income doubled in Q4, and the pivot puts it in the same league as Strategy and Tesla.

Ripple also scored a major win, finally resolving its four-year legal battle with the SEC. The case ended with a $50 million settlement—far less than the $1.3 billion originally sought—and the SEC has dropped its appeal. 

With legal clarity now in place for XRP, Ripple’s team framed it as a victory for the entire crypto industry. As the regulatory environment begins to shift, particularly under a more crypto-friendly administration, Ripple is now free to pursue U.S. expansion without legal overhang.

Meanwhile, legacy finance continues to warm up to tokenization. CME Group and Google Cloud announced a new pilot that will bring asset tokenization to the capital markets using Google’s Universal Ledger, a permissioned blockchain designed for institutions. 

The program will initially focus on collateral and margin management, with long-term ambitions of enabling 24/7 global settlement infrastructure. The partnership reflects growing confidence in tokenized real-world assets, now a $20 billion market projected to grow into the trillions by the end of the decade.

Fidelity is also making quiet moves. The $5.9 trillion asset manager has begun testing a dollar-pegged stablecoin, and is exploring tokenized money market funds. These developments arrive alongside the GENIUS Act’s push for regulatory clarity and mirror recent stablecoin initiatives from Robinhood, Ripple, PayPal—and Trump’s World Liberty Financial, which launched USD1 just weeks ago.

On the DeFi side, HyperLiquid faced a major setback after a trader exploited the JELLY token, triggering $13 million in unrealized losses. The platform halted trading, delisted the token, and pledged to reimburse users—though confidence took a hit as its native token dropped 20%. The situation echoes past protocol exploits and highlights the risks of thin liquidity and unchecked market manipulation.

Data Points

BSC has seen a sharp uptick in decentralized exchange activity during the second half of March, now accounting for 36% of total DEX market share. This marks a notable resurgence for BSC, especially after months of being overshadowed by other chains. 

Even so, Solana continues to lead the pack, commanding roughly 46.7% of volume and reinforcing its position as the current hub of on-chain trading activity.

That strength is mirrored on the DeFi side. Kamino, one of Solana’s core lending protocols, saw its total value locked jump 28% in the past week. While the memecoin frenzy may have cooled slightly, the rise in Kamino’s TVL suggests that users are shifting toward more sustainable yield opportunities—further deepening Solana’s growing DeFi footprint.

Meanwhile, inflows to Berachain have rebounded sharply. The slowdown seen last week appears to have been short-lived, with new capital pouring back in over the last seven days. This renewed momentum suggests investors remain confident in Berachain’s long-term potential, despite recent market turbulence.

The week also brought a major signal from TradFi. BlackRock’s tokenized fund BUIDL saw a dramatic 57% spike in TVL, climbing to $1.877 billion. Fully backed by U.S. T-bills and cash, BUIDL is drawing in institutional capital seeking on-chain exposure to stable yield. 

It’s a strong indication that tokenized real-world assets are gaining traction, blurring the lines between traditional and decentralized finance.

While some corners of the market are heating up, others are cooling off. Ethereum’s on-chain volume has collapsed to levels not seen since mid-2023, falling below $3 billion per day after peaking near $10 billion earlier this year. 

Whether due to rising fees, a shift to faster L2s, or growing competition from chains like Solana, the drop in activity is a key trend to keep an eye on.

Majors & Memes

Over the past week, majors largely pulled back across the board. ETH led the dip among the top assets with a -6.6% drop, followed closely by SOL and XRP, both down over 7%. 

BTC remained relatively resilient, slipping just over 4%, while BNB and ADA also logged moderate losses. Overall, it was a quiet week for the majors—but most of the market action took place elsewhere, with momentum clearly shifting toward memecoins.

Mindshare of Major Memes

Looking at overall mindshare data from last week into this week, a few trends stand out.

Last week saw Fartcoin, MUBARAK, and DOGE dominate much of the attention, with TIBBIR and ETH also holding a notable presence throughout the mid-March stretch. PAWS had short bursts of visibility, but faded quickly. $BANANA and FWOG also saw periodic spikes but lacked consistency.

This week, however, things have shifted.

Fartcoin has reclaimed dominance, surging in popularity again, especially post-March 25. TIBBIR also picked up steam, climbing back into the spotlight alongside ETH and DOGE, which held relatively steady. Notably, USDT and 0x6d5... gained traction in the past couple of days, while MUBARAK and PAWS saw a drop-off in engagement.

In short: Fartcoin and TIBBIR are leading the mindshare this week, with ETH, DOGE, and a few stablecoin-adjacent names holding steady. Others like PAWS, MUBARAK, and FWOG have cooled off significantly.

Lastly, to summarise meme action across ecosystems this past week: mindshare data is confirming smart money accumulation in several tokens, particularly Ghibli, which surged to dominate attention by the end of the week. 

Earlier in the week, focus was more evenly split across names like Fartcoin, Jellyjelly, and MINT, but as momentum shifted, newer narratives like Ghibli began to lead both attention and positioning. Tokens like titcoin, ALON, and $COLLAT also picked up notable traction, suggesting a rotation into fresher meme plays along older plays.

AI Agents

Checking in on major AI agents as market sentiment begins to shift—Fartcoin still leads by mindshare at 7.95%, though it’s seen a sharp drop in engagement. BNKR continues to dominate the DeFi-AI sector despite slipping slightly, while names like Clanker, MORPH, and AIXBT are gaining traction.

The total market cap for AI agents currently sits at $2.89B, significantly down from its January highs, reflecting a broader cooldown across the sector. In contrast, DeFi-AI remains in its early stages with a market cap of just $502.5M, but its smaller size may leave room for upside as attention gradually shifts toward agents delivering real on-chain functionality.

Smart Money Moves

Smart money flows in the Solana ecosystem shifted notably this past week, with a clear rotation into fresh plays and a rebalancing of some older positions. Leading the charge is Ghibli, a new entrant that has quickly risen to the top of the leaderboard with a substantial $873K in holdings. 

Fartcoin followed closely with a strong +16.12% increase in smart money holdings, pushing its total balance just over the $1M mark. Meanwhile, $COLLAT saw the most aggressive percentage gain this week at +81.45%, indicating fresh positioning and a revival of interest in the token. 

Other notable climbers included ALON (+8.44%), arc (+11.15%), and titcoin (+5.76%), all showing signs of steady inflows and growing wallet confidence.

TRUMP remained relatively stable, inching up by +1.94%, suggesting holders are maintaining conviction rather than chasing short-term moves. 

MLG also posted a mild +4.1% uptick, consistent with low-key accumulation rather than strong bullish positioning.

On the flip side, jellyjelly experienced the sharpest pullback, with a -63.2% drop in holdings—pointing to major exits or reallocations from key wallets. DOGEAI also saw a modest decline of -5.15%, possibly reflecting fading momentum or light profit-taking.

Overall, this week’s activity reflects a pivot toward newer opportunities like Ghibli and renewed conviction in tokens like Fartcoin and $COLLAT, while some older positions like jellyjelly appear to be falling out of favor.

Smart money flows in the Ethereum ecosystem were more subdued this week, with a mixed bag of slight repositioning, exits, and a handful of modest inflows. 

CULT remains the top holding by balance at ~$715K, but it saw a small pullback of -4.33%, hinting at light profit-taking and a cooling trend after previous weeks of accumulation. 

Similarly, SHRUB dropped -9.32%, suggesting reduced conviction, while Mog posted the sharpest decline at -12.96%, indicating a clear rotation out of the position.

On the upside, JOE led inflows with a respectable +4.79%, marking it as the week’s standout in terms of fresh interest. WOLF also posted a slight gain of +0.75%, hinting at steady, low-key support. Meanwhile, BITCOIN, DOGE, PEPE, and wQUIL remained mostly flat, with negligible changes that suggest smart money is either holding or watching from the sidelines.

In contrast to Solana, where newer tokens like Ghibli surged to the top and multiple positions saw double-digit gains (like $COLLAT at +81%), Ethereum's flows this week reflected a more cautious and measured stance. While Solana is seeing fresh bids and stronger conviction, Ethereum appears to be taking a breather—with fewer directional bets and a wait-and-see approach dominating sentiment.

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