PA Daily Report | Erik Voorhees accumulated 33,544 ETH in the past week; Bitcoin spot ETFs saw net inflows of $767 million last week.

Today's top news highlights:

A South Korean court rejected the Flow Foundation's application to halt the delisting of FLOW from the country's three major exchanges.

Binance: Katana (KAT)'s Prime Sale requires 241 Alpha points to participate.

MetaPlanet Revises Bitcoin Capital Allocation Policy: Retains Option to Buy BTC During Bear Markets

Tether CEO: Tether's AI team will release a "breakthrough" this week.

The 315 Gala exposed that a large AI model had been "poisoned," revealing that "brainwashing" AI has become an industry chain.

Eugene turns bullish: If Bitcoin breaks through $74,000, the crypto market may see a broad rally.

Bitcoin spot ETFs saw net inflows of $767 million last week, marking the third consecutive week of net inflows.

CoinShares: Digital asset investment products saw net inflows of $1.06 billion last week.

Regulation & Macro

Bithumb will face penalties from South Korean regulators, with fines potentially exceeding Upbit's 35.2 billion won.

The Financial Information Analysis Institute, under the Financial Services Commission of South Korea, will convene a penalty review committee on the 16th to consider the level of punishment for Bithumb's violation of the Specific Financial Information Act. Bithumb is suspected of violating anti-money laundering obligations and had previously received advance notices including a six-month suspension of some operations and a warning to its representative director. The penalty is more severe than the three-month suspension of some operations that Upbit previously received.

Bithumb had a higher number of virtual asset transactions with unreported overseas exchanges than Upbit, and the number of transactions is a major criterion for determining the severity of penalties. Upbit was fined 35.2 billion won for 44,948 transactions, while Korbit, with only 19 transactions, was fined 2.7 billion won. The media outlet speculated that Bithumb's fine might exceed Upbit's, reaching around 37 billion won.

A South Korean court rejected the Flow Foundation's application to halt the delisting of FLOW from the country's three major exchanges.

The Seoul Central District Court in South Korea rejected the application for a temporary injunction filed by the Flow Foundation and Dapper Labs against Upbit, Bithumb, and Coinone, which aimed to suspend the three exchanges' decision to terminate support for FLOW trading.

Previously, these three exchanges decided to terminate trading support for the Flow token due to the FLOW hack in February. The court held that there was insufficient evidence to suspend the delisting decision, and that the exchanges' assessment of the unresolved risks was not obviously erroneous; therefore, protecting potential investors should be the priority. FLOW can still be traded on the South Korean cryptocurrency exchange Korbit, but it was delisted from Upbit, Bithumb, and Coinone as scheduled at 3 PM local time today.

The U.S. Senate has not yet received documents related to the hearings of Federal Reserve Chairman nominee Warsh.

Project Updates

Binance: Katana (KAT)'s Prime Sale requires 241 Alpha points to participate.

According to the official announcement, users with 241 or more Binance Alpha Points can participate in Katana's (KAT) Prime Sale through the Alpha Events page. Participation in this event will consume 15 points.

MetaPlanet Revises Bitcoin Capital Allocation Policy: Retains Option to Buy BTC During Bear Markets

Japanese Bitcoin treasury company MetaPlanet announced revisions to its Capital Allocation Policy, aiming to maintain its long-term Bitcoin holding strategy while increasing flexibility in fundraising and buybacks. The company currently holds approximately 35,100 BTC and will continue to raise funds through diverse methods, including perpetual preferred stock, common stock issuance, corporate bonds, and BTC-collateralized credit lines. The new policy explicitly states that it will prioritize share buybacks to increase its BTC holdings per share when its mNAV falls below 1, while retaining the possibility of rights offerings to increase BTC holdings during bear markets when it determines that it is beneficial to shareholders in the medium to long term, and keeping leverage below approximately 10% of BTCNAV.

Russia fines Telegram 35 million rubles for failing to remove banned content.

According to Interfax news agency, Russia has fined Telegram 35 million rubles (approximately US$432,000) for failing to remove banned content.

Tether CEO: Tether's AI team will release a "breakthrough" this week.

Tether CEO Paolo Ardoino posted on the X platform that the Tether AI team will release a "truly groundbreaking result" this week.

Aave and CoW Swap released drastically different post-incident analyses of a $50 million DeFi trading incident.

According to The Block, Aave and CoW Swap released drastically different post-incident analyses over the weekend regarding the $50 million DeFi trading incident. On that day, a user...

Users exchanged over $50 million worth of aEthUSDT for approximately $36,000 worth of aEthAAVE using the CoW Swap widget on the Aave interface. Aave attributed the loss to an "illiquid market," emphasizing that users had manually acknowledged 99.9% of price impact warnings and announced the deployment of the "Aave Shield" feature to block swaps with price impacts exceeding 25% by default. The CoW Swap revealed a more complex cascading failure: rigid gas caps led to the rejection of better offers, the optimal solver winning two auctions but failing to execute, and the transaction potentially leaking from the private mempool.

Aave released a recap of the Swap incident: users exchanged $50.43 million worth of aEthUSDT for approximately $36,000 worth of AAVE, due to a liquidity shortage that caused an extreme price shock.

Aave released a recap of the March 12th Swap incident, stating that a user attempted to exchange approximately 50.43 million aEthUSDT (worth about $50.43 million) for aEthAAVE via the integrated CoW Swap route on its front-end interface. However, due to the transaction size far exceeding market liquidity, the user ultimately only received about 327 aEthAAVE, worth approximately $36,000. Aave stated that the transaction occurred on the third-party CoW Swap protocol and did not affect the security of Aave's core lending protocol. The transaction quote showed a 99.9% impact on the price, and the interface explicitly warned of a "potential 100% value loss," requiring users to confirm before proceeding.

The Sky Protocol proposal provides 70 million USDS to support the expansion of the Sky Agent Network.

Sky Protocol (formerly MakerDAO) has announced a proposal to allocate approximately 70 million USDS as initial capital (Genesis Capital) to multiple Sky Agents to support the further expansion of the Sky Agent Network during its launch phase. These independent capital allocators will participate in capital deployment and provide revenue streams for the Sky Savings Rate. According to the proposal, the capital allocation includes: 10 million USDS to Keel Finance; 25 million USDS each to the new executive agents Amatsu and Ozone; and an additional 10 million USDS to a yet-to-be-announced sixth launch phase agent.

The 315 Gala exposed that a large AI model had been "poisoned," revealing that "brainwashing" AI has become an industry chain.

According to a report by CCTV Finance cited by Jinshi, based on insider information, reporters quickly found a service called GEO on multiple online platforms. Service providers offering this service claim that users only need to pay a fee to have their products listed in major AI models and to have their product advertisements become the "standard answers" given by AI models. The popularity of GEO services has spawned many companies and platforms specializing in press release distribution. They have long undertaken various press release distribution services to ensure that AI models cite and crawl their content, becoming a crucial part of targeting AI models and "poisoning" their data.

Sources: ByteDance suspends global launch of Seedance 2.0 due to copyright dispute.

According to a report by The Information, cited by IT Home, two sources familiar with the matter stated that ByteDance, TikTok's Chinese parent company, has suspended the global release of its latest video generation model, Seedance 2.0, following a series of copyright disputes with several major Hollywood studios and streaming platforms. The report states that ByteDance originally planned to launch the new video model to global users in mid-March, but has now halted the plan. The report adds that ByteDance's legal team is investigating and resolving potential legal issues, and engineers are also adding protective mechanisms to prevent the model from generating content that could lead to further intellectual property infringement.

Opinions & Analysis

Eugene turns bullish: If Bitcoin breaks through $74,000, the crypto market may see a broad rally.

Trader Eugene, affectionately known as "Dove," announced on his personal channel that he has turned bullish, noting the resilience of the crypto market amidst declining global risks—the first sign of relative strength since the $60,000 drop. While he may not have bought at the bottom, he prefers to buy on strength after a breakout from a consolidation range to manage risk. Several altcoins are showing natural rounded bottom patterns, suggesting a higher probability of short-term upward movement in the crypto market. He believes that once the $74,000 level is effectively broken, the crypto market will see a broad rally, with major coins like ETH and SOL expected to recover their previous ranges, returning to the $2,400 and $100 levels respectively.

Experts say that stablecoins account for less than 1% of real payments, with the vast majority being on-chain "watered-down" transactions.

The latest statistics show that the global stablecoin on-chain transaction volume, after deduplication, was approximately $25 trillion in 2025, but transactions with actual payment backgrounds accounted for less than 1%. Experts analyze that the vast majority of these transactions fall into three categories of "watered-down" transactions: first, internal fund transfers between wallets and protocols under the same institution or controlling entity; second, on-chain protocols splitting and transferring the same funds multiple times during the exchange process to artificially inflate transaction volume; and third, stablecoins acting as intermediaries for cryptocurrency exchanges and being used for high-frequency speculation. In the same year, 15 leading cryptocurrency payment institutions processed approximately $132 billion in stablecoin payments, while international card organizations processed approximately $4.5 billion in related transactions.

Important data

The founder of ShapeShift has accumulated 33,544 ETH in the past week, with a paper profit of $4.327 million.

According to on-chain analyst @ai_9684xtpa, after ShapeShift founder Erik Voorhees continued to increase his ETH holdings today, he has accumulated 33,544 ETH in the past week, buying from $2,104 to $2,206, with an average cost of $2,122 and a floating profit of $4.327 million.

Bitcoin spot ETFs saw net inflows of $767 million last week, marking the third consecutive week of net inflows.

The Bitcoin spot ETF with the largest net inflow last week was BlackRock ETF IBIT, with a weekly net inflow of $601 million. IBIT's historical total net inflow has reached $63.07 billion. The second largest was Fidelity ETF FBTC, with a weekly net inflow of $148 million. FBTC's historical total net inflow has reached $10.99 billion.

The Bitcoin spot ETF with the largest net outflow last week was Grayscale Bitcoin Trust (GBTC), with a weekly net outflow of $25.8498 million. GBTC's total historical net outflow has now reached $25.93 billion.

Ethereum spot ETFs saw net inflows of $161 million last week, marking the third consecutive week of net inflows.

The Ethereum spot ETF with the largest net inflow last week was the Fidelity ETF FETH, with a weekly net inflow of $90.1703 million. FETH's historical total net inflow has now reached $2.38 billion. This was followed by the Grayscale Ethereum Mini Trust (ETH), with a weekly net inflow of $21.0081 million. ETH's historical total net inflow has now reached $1.84 billion.

The Ethereum spot ETF with the largest net outflow last week was the Grayscale Ethereum Trust (ETHE), with a weekly net outflow of $13.4148 million. The total historical net outflow for ETHE has now reached $5.14 billion.

A whale bought 7,769 ETH in the past 3 hours, equivalent to approximately $17.46 million.

According to Onchain Lens monitoring, whale billΞ.eth (@0xbilly) bought 7,769 ETH ($17.46 million) at an average price of $2,248 in the past three hours.

CoinShares: Digital asset investment products saw net inflows of $1.06 billion last week.

According to CoinShares' latest weekly report, digital asset investment products saw a net inflow of $1.06 billion last week, marking the third consecutive week of inflows. Related ETP assets under management have grown by 9.4% to $140 billion since the outbreak of the Iranian crisis. Regionally, the US accounted for 96% of the total inflows, followed by Canada and Switzerland with inflows of $19.4 million and $10.4 million respectively. Hong Kong recorded its largest single-week inflow since August 2025 at $23.1 million, while Germany experienced its first net outflow of the year at $17.1 million. By asset class, Bitcoin attracted $793 million, accounting for approximately 75% of the inflows, with short-Bitcoin products also seeing inflows of $8.1 million. Ethereum received $315 million, with year-to-date inflows nearly turning positive, while XRP experienced a combined outflow of $76 million over two consecutive weeks.