PA Daily | Nasdaq submits Grayscale Avalanche ETF application to the US SEC; Trump pardons three co-founders of BitMEX

Today's news tips:

1. South Carolina lawmakers proposed the "Strategic Digital Asset Reserve Act", which would allow 10% of state funds to be invested in Bitcoin

2. Market news: Nasdaq has submitted 19b-4 application documents for Grayscale Avalanche ETF

3. The U.S. FDIC has rescinded its policy requiring banks to obtain a license before providing crypto services

4. Panama issues a draft bill to regulate cryptocurrencies, and digital assets are recognized as a legal means of payment

5. Greeks.live: Ethereum fell below the key support level of $2,000, and traders are generally bearish

6. Hyperliquid adds a fully on-chain validator voting function to vote on asset delisting

7. Trump pardons three co-founders and a former employee of crypto exchange BitMEX

8. The annual rate of the US core PCE price index was 2.8%, higher than expected

Regulatory/Macro

South Carolina lawmakers propose the Strategic Digital Asset Reserve Act, which would allow 10% of state funds to be invested in Bitcoin

South Carolina Rep. Jordan Pace has introduced the Strategic Digital Asset Reserve Act (Bill H4256), which, if passed, would allow the state to establish a reserve of up to 1 million bitcoins. The bill, introduced in the state legislature earlier this month, authorizes the South Carolina Treasurer to invest up to 10% of unspent state funds in digital assets, including Bitcoin. The investment funds will come from various funds, such as the General Fund and the Budget Stabilization Reserve Fund. However, the total digital assets held by the state shall not exceed 3% of South Carolina's overall portfolio.

The bill requires the state treasurer to ensure that all assets are stored in highly secure custody solutions, including cold storage methods that provide protection from cyber threats. The bill also requires that all public addresses of the reserve must be published on the official state website so that residents can verify transactions and assets. In addition, the bill introduces a public donation mechanism that allows South Carolina residents to donate digital assets to the reserve. The provision is intended to promote community participation and encourage broader adoption of Bitcoin in the state.

The bill is currently under review and will need to be approved by the South Carolina Legislature before it can take effect. Once signed into law, the bill will be in effect until September 1, 2035, unless lawmakers renew it.

Market News: Nasdaq has submitted 19b-4 application documents for Grayscale Avalanche ETF

According to market news, Nasdaq has submitted the 19b-4 application documents for the Grayscale Avalanche ETF to the US SEC.

The annual rate of the US core PCE price index was 2.8%, higher than expected

According to Jinshi, the annual rate of the US core PCE price index in February was 2.8%, which was expected to be 2.7%. The monthly rate of the US core PCE price index in February was 0.4%, which was expected to be 0.30%.

Nasdaq-listed Dominari Holdings holds $2 million in Bitcoin spot ETF IBIT

Nasdaq-listed Dominari Holdings said it will use its remaining cash and part of its profits to purchase BlackRock’s Bitcoin spot ETF IBIT. Dominari currently holds $2 million worth of IBIT in its Bitcoin vault and is also considering buying altcoins within the year.

US FDIC reverses policy requiring banks to obtain licenses before offering crypto services

The U.S. Federal Deposit Insurance Corporation (FDIC) announced that banks can engage in cryptocurrency and other legally permitted activities without seeking prior regulatory approval as long as they can properly manage risks. The policy change revokes a 2022 requirement that required FDIC regulators to notify the agency before engaging in crypto-related activities. Under the new guidance, banks can provide services involving digital assets without prior permission from the agency.

Trump pardons three co-founders and a former employee of crypto exchange BitMEX

According to CNBC, US President Trump pardoned three co-founders of the cryptocurrency exchange BitMEX and a former senior employee. The co-founders include former BitMEX CEO Arthur Hayes, Benjamin Delo and Samuel Reed, and former business development director Gregory Dwyer. Previously, he pleaded guilty to a charge of violating the Bank Secrecy Act related to failure to maintain anti-money laundering and know-your-customer programs. In 2022, Hayes, Delo and Reed pleaded guilty and agreed to pay a fine of $10 million each.

Trump plans to host El Salvador's president at the White House in April

According to Jinshi, US President Trump plans to host the President of Salvador at the White House in April.

Panama issues draft bill to regulate cryptocurrencies, digital assets are recognized as legal means of payment

Panama has published a comprehensive draft bill to regulate cryptocurrencies and promote the development of blockchain services. According to the bill, digital assets are recognized as legal means of payment, allowing individuals and businesses to freely agree on their use in commercial and civil contracts. It explicitly authorizes the use of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and stablecoins to purchase goods, pay for services and settle debts, provided that both parties agree.

The draft also creates a regulatory framework for virtual asset service providers (VASPs), including wallets, exchanges, and custody platforms. Each company must register in the national database managed by the Financial Analysis Unit (UAF) and obtain proper authorization before providing services in Panama. The bill stipulates that compliance with KYC and Anti-Money Laundering (AML) guidelines must be mandatory in accordance with the recommendations of the Financial Action Task Force (FATF).

In addition, the bill also stipulates that any unregistered or non-compliant entity may face administrative sanctions or criminal penalties.

Viewpoint

Greeks.live: Market sentiment is cautious, traders focus on $81,000 put options as a potential bottom

Adam, an analyst at Greeks.live, said that group members were generally cautious to bearish. Traders focused on selling put options at $81,000 as a potential bottom. Bitcoin currently has a negative funding rate, while the volatility indicator DVOL has soared, reflecting increased market uncertainty. Many traders have deployed $81,000 put options on different expiration dates (that day, April 11, and April 18). The market consensus is that the current price trend is highly volatile.

Bubblemaps: Hayden Davis transferred about $1 million of MELANIA to CEX in the past 14 days

According to Bubblemaps’ tweet, Hayden Davis, head of the LIBRA project, is still selling Melania’s token MELANIA. In the past 14 days, Hayden has sent $1,065,153 worth of $MELANIA to centralized exchanges and withdrawn $2,050,666 from the liquidity pool.

Earlier news , Bubblemaps disclosed that LIBRA and MELANIA tokens were suspected to be operated by the same conspiracy group.

ZachXBT: A Coinbase user was suspected of being defrauded of approximately $34.9 million in BTC yesterday

Chain detective ZachXBT said in the official channel, "Yesterday a Coinbase user was suspected of being defrauded of $34.9 million (400.099 BTC). After discovering this scam, it was noticed that there were several suspected cases of Coinbase users being defrauded in the past two weeks. Each stolen fund was transferred from Bitcoin to Ethereum through Thorchain/Chainflip and converted to DAI. Coinbase did not mark these addresses in its compliance tools."

Michael Saylor: Bitcoin market cap will eventually reach $500 trillion

According to Watcher.Guru, Michael Saylor said that Bitcoin's market value will eventually reach $500 trillion.

Greeks.live: Ethereum fell below the key support level of $2,000, and traders are generally bearish

Greeks.live analyst Adam said that traders are generally bearish on Ethereum, believing that ETHBTC is weak and the price of Ethereum has fallen below the key support level of $2,000. Most people believe that selling Ethereum call options is one of the best strategies in the near term, while Bitcoin has received some support above $85,000.

In terms of options trading, most people believe that the calendar spread strategy (sell near and buy far) has advantages in the current Ethereum market, especially after a large number of options expired today. At the same time, the price of Bitcoin was supported above $85,000. According to analysis, this is mainly due to the buying of about 1,500 Bitcoins on the Binance exchange and the hedging behavior of market makers. Many traders shared their recent experiences and believed that it is safer to adopt an option hedging strategy than to maintain price exposure, especially in the current market uncertainty.

Vitalik: We should talk less about public goods funding and more about open source funding

Vitalik published an article titled "We should talk less about public goods funding and more about open source funding", which points out that the term "public goods" has a history of a hundred years. In digital ecosystems, especially decentralized digital ecosystems, public goods are extremely important: in fact, there are good reasons to suggest that the average good that people might want to produce is a public good. Open source software, academic research on encryption and blockchain protocols, public educational resources, and more are all public goods.

Vitalik believes that we should talk less about public goods funding and more about open source funding, and shifting the focus from "public goods" to "open source" seems to be the best approach. Open source should not mean "building anything is equally noble as long as it is open source"; it should be about building and open sourcing what is most valuable to humanity. But distinguishing which projects are worth supporting and which are not is already the main task of the public goods funding mechanism, which is well known.

Analysis: BTC needs to rise above $110,000 to drive GameStop, Strategy and MARA stock prices higher

Although the crypto community generally believes that adding Bitcoin to the balance sheet is good news, GameStop's stock price fell below $22, a five-day drop of nearly 15%. In addition, Strategy and Coinbase's stock prices also fell to a certain extent.

Analysts believe that for GameStop, Strategy and Marathon stock prices to rise, Bitcoin may need to reach the so-called "exit velocity," that is, the price breaks through $110,000 and exceeds the average purchase price of these companies. Only then will new demand for these stocks exceed the dilution pressure caused by bondholders' hedging. Before Bitcoin sees a major breakthrough, analysts expect GameStop and other listed companies holding Bitcoin may continue to fluctuate in a range.

Project News

GameStop shares hit with trading restrictions on NYSE as short selling surges

GameStop stock (GME) was restricted from trading on the New York Stock Exchange (NYSE) due to a 234% surge in short trading volume in 24 hours.

Binance Wallet Airdrops 10 Million PARTI to Some Users

According to the official announcement, Binance Wallet has airdropped an additional 10 million PARTI to users who meet the following conditions:

• Successfully participated in PARTI TGE
• Use Binance Wallet’s native exchange function to exchange PARTI (≥ USD 10) before 00:00 on March 26 (UTC+8)
• Users who withdrew BNB (≥ USD 10) to Binance Wallet during 18:00-19:00 (UTC+8) on March 25 but experienced delays.

UniSat Wallet: Will Stop Supporting Atomicals Protocol Starting April 4

UniSat Wallet tweeted that starting from 14:00 (UTC+8) on April 4, the extended wallet will no longer support the Atomicals protocol after updating to version 1.6.0. Users need to transfer their Atomicals assets to a compatible wallet before updating, and they will not be able to view Atomicals assets in UniSat Wallet after April 4. Officials said that this decision was made to simplify the product and effectively manage development resources.

CZ: Received $24,000 through Reachme.io in two days

CZ tweeted that according to Dune, he received $24,000 in the past two days on the paid private messaging platform Reachme.io. The platform has attracted 3,262 users, of which 1,358 are KOLs with more than 1 follower. He received some useful information at the price of 1 BNB / message.

Coinbase International will support Layer3 and Freysa perpetual contracts

According to the announcement of Coinbase International Exchange, Layer3 and Freysa perpetual contracts will be launched on Coinbase International Exchange and Coinbase Advanced. L3-PERP and FAI-PERP markets will be open for trading at or after 17:30 (UTC+8) on April 3.

Coinbase Adds Keyboard Cat (KEYCAT) to Listing Roadmap

According to the official announcement, Coinbase added Keyboard Cat (KEYCAT) to the coin listing roadmap.

Musk announced that xAI will acquire X in full stock: xAI is valued at $80 billion after the merger

According to IT Home, Musk said that xAI acquired X in an all-stock transaction, and the new entity after the merger was unified as XAI HOLDINGS. He revealed that the valuation of xAI after the merger was $80 billion, and the valuation of X was $33 billion (that is, $45 billion minus $12 billion in debt).

Hyperliquid adds fully on-chain validator voting feature to vote on asset delisting

Hyperliquid tweeted that its blockchain has been upgraded to add a fully on-chain validator voting feature for asset delisting. When enough votes are reached to support the delisting, the action will automatically trigger on-chain execution. This permissionless, equity-based voting weighted primitive is built into HyperCore and technically does not require off-chain coordination. As a demonstration of the mechanism, validators 2-5 of the Hyper Foundation will vote on whether to delist the MYRO contract around 21:00 (UTC+8) on March 29. Validator 1 of the Hyper Foundation will abstain from voting until the delegation of participants in the initial delegation program is completed.

As with other chains, most validators will likely make their intended votes clear off-chain in advance to provide clarity and predictability to users. Hyper Foundation will not act or speak on behalf of other validators. In the future, interfaces may be built or provided to summarize validator votes in a more user-friendly manner.

Important data

The total NFT transaction volume in the first quarter was approximately US$1.5 billion, a year-on-year decrease of 63%.

According to CryptoSlam data, the total transaction volume of NFTs from January to March 2025 was US$1.5 billion, down from US$4.1 billion in the same period of 2024, a year-on-year decrease of 63%. The largest drop occurred in March, with transaction volume falling 76% from US$1.6 billion last year to US$373 million.

Despite the slowdown, series such as Doodles, Milady Maker, and Pudgy Penguins continued to outperform expectations. Among the top NFT series, CryptoPunks had a transaction volume of $60 million in the first quarter of 2025, down 47% from $114 million in the first quarter of 2024. Bored Ape Yacht Club (BAYC) fell 61%. Pudgy Penguins had the highest transaction volume in the first quarter of 2025. It reached $72 million, up 13% from $63.5 million in the first quarter of 2024. Doodles transaction volume jumped from $22.6 million in the first quarter of 2024 to $32 million in the first quarter of 2025.

Tether Treasury mints 1 billion more USDT on Tron network

According to Whale Alert monitoring, Tether Treasury minted an additional 1 billion USDT on the Tron network.

Circle mints 250 million new USDC on Solana network

According to Whale Alert monitoring, Circle has minted an additional 250 million USDC on the Solana network.

Of the 27.9 million UNI released from the Uniswap time-lock contract 8 days ago, 3.74 million have been transferred to Binance

According to on-chain analyst Ember, of the 27.9 million UNI (about $192 million) released from the Uniswap time-lock contract 8 days ago (March 21), another 2.5 million (about $15.31 million) flowed into Binance in the past 8 hours. 3.74 million UNI (about $23.53 million) have entered Binance in two days, and the price of UNI has fallen by 10% (from $6.8 to $6.1) since the inflow began. It is expected that a total of 5 million UNI will be transferred to centralized exchanges this time, and the relevant addresses currently hold 1.24 million UNI (about $7.73 million).

According to previous news , of the 27.9 million UNI transferred from the Uniswap time-lock contract seven days ago, 1.24 million UNI have flowed into Binance.

Ethereum spot ETF had a net inflow of $4.6817 million yesterday, and none of the nine ETFs had a net outflow

Bitcoin spot ETF had a net outflow of $93.1572 million yesterday, and none of the 12 ETFs had a net inflow

Financing

Crypto VC Maven 11 Completes Third Fund Raising with $107 Million

European crypto venture capital firm Maven 11 has closed its third fund at $107 million, slightly above its initial $100 million target, and about nine months later than initially expected. The fund is backed by Theta Capital Management and new institutional backers in Europe and Asia, with Maven 11 not naming all LPs, but noting that London-based investment firm Karatage is one of the participants. The size of the third fund is still smaller than Maven 11's second fund, which closed at $120 million in May 2023.

Balder Bomans, CIO and managing partner of Maven 11, said that the fund has supported several startups in the past year, including decentralized trading platform GTE, on-chain competition platform JokeRace, on-chain major brokerage August and Ethereum expansion startup Spire Labs, and has deployed about 15% of the funds, with the remaining funds planned to be deployed in the next 3-4 years. The third fund will support equity and token rounds ranging from $500,000 to $5 million. Its investment focus covers emerging areas such as consumer applications, infrastructure, and the intersection of artificial intelligence and cryptocurrency.