ARP's Crypto Digest

General Digital Asset Market View:

Bitcoin ETFs saw a series of consistent inflows. On March 17, BTC ETFs gained $274.6 million, with significant contributions from Fidelity and Ark. The following day, March 18, ETFs saw an inflow of $209.1 million, with BlackRock leading the charge. On March 19, Bitcoin ETFs experienced a smaller but still positive inflow of $11.8 million, marking the fourth consecutive positive day. The trend continued on March 20, with a substantial $165.7 million inflow, primarily driven by BlackRock. On March 21, the positive streak extended with an inflow of $83.1 million, again supported by BlackRock’s significant contributions. 

Macro:

Inflation indicators are due across key economies next week including the US (PCE), the UK, Japan (Tokyo CPI) and France/Spain. On Monday, the focus will also be on the global flash PMIs for March. Other sentiment indicators due include the Conference Board consumer confidence in the US, the Ifo survey in Germany and the ECB’s consumer expectations survey. From a monetary policy POV, we have no major central bank meetings on the calendar but a handful of speakers from the Fed, ECB and BoE. BoJ minutes from their January meeting are also due. In Korea, we will keep a close eye on PM Han’s impeachment ruling on Monday and opposition leader Lee’s appeal trial on Wednesday. At present the short-selling ban is due to be lifted from 31 March as planned. We also have the US CBO debt/statutory limit and long-term funding outlook reports due this week alongside the UK’s spring budget statement.

More Crypto:

Ethereum’s TVL dominance gradually weakens.

Ethereum has been steadily losing ground in TVL over the past year, while Solana, Bitcoin, and other networks continue to gain momentum.

Bitcoin’s MVRV ratio is currently 1.9, down from a recent 2.65, indicating a market recalibration.

Historically, values above 3.5 suggest euphoria and cycle peaks, while levels around 1.0 hint at market bottoms. However, this cycle differs due to ETF demand, institutional involvement, and regulatory shifts, paving the way for further expansion.

What Happened This Week:

• Binance introduces Binance Alpha 2.0, integrating it directly within the Binance Exchange, while it remains available on Binance Wallet.

• FED keeps rates unchanged at 4.25–4.5%.

• SEC officially drops Ripple $XRP lawsuit.

• Trump speaks at Blockworks DAS, urges Congress to pass stablecoin legislation.

• Gold hits another ATH, silver nears 12 year high.

What to Look Out For:

• $CRO holders did not want cryptocom to re-issue 70 billion new tokens. They got outvoted by the company anyway.

• President Trump’s Executive Director says “we want as much [Bitcoin] as we can get.”

• North Carolina Senators introduces a bill to invest up to 10% of public funds into Bitcoin.

• USAID memo reveals plans to “leverage blockchain technology” for distributions.

What we enjoyed reading and listening to:

• Scott Bessent | All-In in DC! — Link

• The Bear Case for Token Buybacks — Link

• The Great Crypto VC Bubble: Why Every New Token Trends to Zero — Link

• The most important graph in AI right now: time horizon — Link

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