Weekly Market Insight: March Week 1

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Market Updates

03 Mar 2025

Headline News

Trump reaffirmed imposing 25% tariffs on Canada and Mexico and a new 10% tariff on Chinese goods on March 4. The Bitcoin price once plummeted below $80,000 during the week, Bitcoin ETFs also experienced the record net-outflow of $1.14 billion on February 25. The crypto fear and greed index dropped to the lowest point since June 2022.
During the weekend, Trump stated the Presidential Working Group is working to include BTC, ETH, XRP, SOL and ADA into the Crypto Strategic Reserve on his Truth Social post. Bitcoin price surged by 11% within 3 hours after the post.

Macro-Outlook

The U.S. Durable goods orders in January increased by 3.1%, higher than the market expectation of 2%. The U.S. second estimate of Q4 GDP was down to 2.3%, in line with the advance estimate.
The U.S. PCE index in January dropped to 2.5%, aligned with the market expectation. The personal income in January increased by 0.9%, higher than the market estimation of 0.3%. However, personal spending in January reduced by 0.2%, well below the market estimation of a 0.1% gain.

Upcoming Economic Calendar including,

Monday, March 3, 11:00pm: U.S. ISM Manufacturing PMI in February
Wednesday, March 5, 11:00pm: U.S. ISM Service PMI in February
Thursday, March 6, 9:15pm: The European Central Bank Interest Rate Decision
Friday, March 7, 9:30pm: U.S. Non-Farm Payrolls and Unemployment Rate in February
Saturday, March 8, 1:30am: Fed Chair Powell Economic Outlook

Weekly-Cryptos-Overview

Solana futures ETFs from Volatility Shares are listed on DTCC.
The SEC reportedly terminated the federal investigation into Uniswap Labs. The Winklevoss also stated the SEC has closed its investigation into Gemini. Securities lawsuit involving MetaMask is reportedly dismissed according to the Consensus team.
The SEC also issued a statement clarifying that memecoins inspired by internet memes, characters or trends, typically lacking practical functionality, are not considered securities.

Layer 1 and Layer 2s

The Ethereum Foundation announced Hsiao-Wei Wang and Tomasz Stanczak as the new co-Executive Directors. Pectra upgrade is officially live on Holesky testnet.
Base introduced three new building blocks, including Flashblocks, which reduce the block time from 2 seconds to 200ms, Base Appchains, a customised Layer-3, and Smart Wallet Sub Accounts.
Avalanche introduced Avalanche Visa Card, supporting USDC, USDT and AVAX to make crypto payments.
Quai Network mainnet is now live, featuring unique Proof-of-Entropy-Minima (PoEM) which enables an efficient mining process and dynamic sharding to achieve high-throughput transactions. The protocol adopted dual-token design where QUAI is the native for its EVM layer with constrained supply, and QI is an UTXO model token with accommodative supply.
Lucent Network, previously Clover Finance, announced it will use SOON's SAS Stack to build an SVM-based AI-driven network. The new chain features autonomous liquidity layer powered by AI, no-code token creation and an abstract layer using web 2 social sites such as X and Telegram. SOON is an Ethereum Layer-2 SVM rollup, featuring ultra high performance network and Super Adoption Stack (SAS), a rollup framework that packs with SOON performance capability.
RealNOI tokenised $570 million worth of real estate on Chintai Network.
Story Protocol partners with Space ID Protocol to launch the .ip domain name service on Story Network.
Saga launched the Liquidity Integration Layer (LIL), the network enshrined liquidity which enables seamless liquidity access for chainlets and applications.

Dapps

MetaMask announced a new roadmap, including supports native Solana and Bitcoin networks soon, better UI, gas abstraction, smart transactions that prevent failed transactions and MEV, new MetaMask mastercard and more.
Ondo Finance also announced a partnership with Mastercard to onboard OUSG to businesses on the Mastercard's Multi-Token Network (MTN).
Uniswap launched offramp service partnering with Robinhood, Moonpay and Transak.
Sky's first Star protocol that uses its Agent Framework, Polaris, is launched on Berachain, bridging over $7.5 billion of USDS into Berachain. Sky’s Agent Framework appears to be a structure within the Sky ecosystem that supports various autonomous decentralized projects, referred to as "Stars."
Kaito Staking went live alongside 9 new projects to be voted to be launched on Yaps.
Pendle is now live on Sonic, offering pools for Ring Protocol's stkscUSD and stkscETH. Ring Protocol is yield strategies protocol where users deposit ETH, BTC and stablecoins for yield-bearing scETH, scBTC and scUSD. The deposited ETH, BTC and stablecoins will be used for various farming strategies.
Vana, the decentralised data protocol, received undisclosed investment from YZi Labs and with CZ joining as advisor.
Thorchain experienced the record high swap volume as the result of Lazarus Group's transactions by using the stolen ETH from Bybit. Chief developer Pluto announced his resignation. Community developers implemented a screening list for nodes to not interact with addresses in the list.
Reserve Protocol launched index markets such as Bloomberg Galaxy Crypto Index, CoinDesk DeFi Index, Virtuals Index and more.
Axelar launched Cobalt upgrade, burning 98% of network gas fees and as Axelar engine becomes permissionless interop connections, newly connected blockchains will have to contribute AXL into a reward pool.
Echelon, a lending protocol on Aptos, supports sUSDe from Ethena. 5% of Echelon's token supply will be allocated for sUSDe.

Upcoming Alpha and Governance

Crypto Summit will be held at the White House on March 7.
Utah Strategic Bitcoin Reserve Bill, HBO230, is currently in the final stage of legislation. The Senate vote has been paused since February 27 for unclear reasons. Final announcement could be expected soon as legislative session ends on March 7. Arizona is the second state that has Bitcoin reserve bills close to being passed, and now heads to the Arizona House for further debate.
Solana community proposed to implement a programmatic, market-based emission mechanism based on the staking participation rate. The proposal potentially dramatically reduces the current annual inflation of 4.69%.
Sonic's fee monetisation is currently under internal review and expected to be released soon (currently dapps smart contracts are registered manually).
Frax Finance is currently in discussion of Frax North Star Proposal, which includes token rebranding, Fraxtal gas token, tail emission plan to incentivise veFRAX stakers, FXTL point conversions, introducing revenue from FXBs as the first multi-token rewards to veFRAX stakers.
DYDX proposed establishing a buyback program using 25% of the net protocol revenue. The proposal includes a 25% revenue reduction of Megavault to facilitate this initiative.
Celestia proposed to set a minimum DA fee which potentially increases the protocol revenue by 4x.
The Jupiter founder, Meow proposed to allocate his entire 280 million JUP to fund the teams from jup.ag, jupiverse and jupnet. In return, he will receive 500 million JUP in 2030.
Cronos, the Ethereum Layer-2 network developed by Crypto.com, proposed to reissue 70 billion CRO that were burned in 2021 as part of its Cronos Strategic Reserve initiative.
Movement public mainnet is expected to be launched soon.

Token Unlock

JTO token unlocked on March 7, amount representing 3.84% of the token supply.
MOVE token unlocked on March 9, amount representing 2.08% of the token supply.
IO token unlocked on March 11, amount representing 2.17% of the token supply.
APT token unlocked on March 12, amount representing 1.91% of the token supply.
STRK token unlocked on March 15, amount representing 2.47% of the token supply.
ARB token unlocked on March 16, amount representing 2.08% of the token supply.
VANA token unlocked on March 16, amount representing 1.46% of the token supply.
APE token unlocked on March 16, amount representing 1.91% of the token supply.
STRK token unlocked on March 15, amount representing 2.47% of the token supply.
IMX token unlocked on March 21, amount representing 1.38% of the token supply.
PLUME token unlocked on March 21, amount representing 5.41% of the token supply.
ID token unlocked on March 22, amount representing 18.1% of the token supply.

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