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ARP's Crypto Digest
ARP Digital
March 31, 2025
General Digital Asset Market View:
Source: Farside, ARP Digital Research Team Q1’25
Investors reacted to Friday’s US Personal Income and Outlays Report, which saw the US BTC-spot ETF market snap a ten-day inflow streak. Additionally, key flow data for March 28 included:
Fidelity Wise Origin Bitcoin Fund (FBTC) had net outflows of $93.2 million.
iShares Bitcoin Trust (IBIT) saw zero net flows alongside the other eleven issuers.
Despite Friday’s outflows, ETF issuers posted $196.4 million in net inflows for the week ending March 28, cushioning downside pressure. Flow trends emphasized short-term bearishness but long-term demand resilience.
BTC’s seven-month rally (Sep 2023–May 2024), driven by US spot ETF launches, may face uncertainty despite weak sentiment. A new catalyst could be the Bitcoin Act, reintroduced by Senator Cynthia Lummis on March 11, proposing the US government buy 1M BTC over five years with a 20-year holding period.
Macro:
The reciprocal tariff measures due to be announced on April 2 will be the key event next week. In data, the focus will be on the US March jobs report and ISM indices, PMIs across the G-7 economies (incl China) and the remaining flash CPI prints in Europe. Central bank speakers include Fed Chair Powell and ECB President Lagarde. We also get the ECB’s account of its March meeting on Thursday. On Tuesday, there will be two special congressional elections in Florida to fill the seats of Matt Gaetz and Michael Waltz in the US House of Representatives. In geopolitics, the focus will be on a meeting of NATO foreign ministers on April 3–4.
More Crypto:
Source: RWA.xyz
The RWA (Real-World Assets) industry has taken center stage in 2025, posting an astonishing 237% surge and doubling its market capitalization to $19 billion in less than three months. From real estate and bonds to commodities, traditional assets are being tokenized on blockchain, ushering in a new era for financial investment.
Source: Cryptorank
Liquid staking has been significantly underperforming compared to many other sectors this month.
Lido, usually the leading protocol in the liquid staking narrative, has only made $5.4 million in revenue over the past 30 days.
Source: Blockworks
Data from Blockworks shows that the memecoin era is slowly declining.
Compared to early 2025, the market cap of the top coins is no more than $4B, which is almost 3 times less than it was in January. Also, the number of new memecoins being created has also decreased threefold.
What Happened This Week:
BlackRock’s Global Allocation Fund discloses $47.4 million in Bitcoin ETF holdings.
The FDIC says institutions & banks can engage in crypto activities without prior approval.
South Korea’s court temporarily lifts Upbit’s 3-month ban on serving new clients.
Ripple & the SEC have settled, dropping appeals from both sides. Ripple’s gets $75M from escrow and the SEC keeps $50M.
Binance suspends employee for insider trading following internal investigation.
What to Look Out For:
Terraform Labs to open crypto creditor claims portal on March 31 in bankruptcy unwind.
GameStop $GME is raising $1.3 billion to buy Bitcoin.
Fidelity, a $6 trillion asset manager, is set to launch a crypto stablecoin.
President Trump says he hopes Fed Chair Jerome Powell lowers interest rates.
Abu Dhabi’s ADGM and Chainlink Partner to Develop Compliant Tokenization Frameworks.
What we enjoyed reading and listening to:
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