Today's news tips:
Spanish Bank BBVA Gets Approval to Offer BTC and ETH Trading Services
Today's Fear and Greed Index dropped to 20, and the level turned to extreme fear
$1.8 billion of ETH flowed out of exchanges last week, the highest since December 2022
Only 17 tokens outperformed BTC in the past 90 days, with BERA up 492%
Regulatory/Macro
North America has implemented daylight saving time (DST) since March 9 (Sunday). The trading hours of financial markets and the release of economic data in the United States and Canada are one hour earlier than winter time. Starting from March 10 (Monday), the US stock market will open at 21:30 Beijing time. Investors need to pay attention to adjust their trading arrangements. It is reported that North American daylight saving time usually starts on the second Sunday of March each year. This year, it is March 9, at 2 a.m. on that day, and the time will be adjusted forward one hour to 3 a.m.
Alberta Securities Commission of Canada warns: CanCap may be a crypto investment scam
According to an investor warning issued by the Alberta Securities Commission (ASC), the recent crypto investment project CanCap promoted on social media and the Internet may involve fraud. The scam pretends to be supported by the Alberta government and uses a fake CBC news article containing a picture of Canadian Prime Minister Justin Trudeau to claim that it supports an investment plan involving digital currencies. After investigation, CanCap is associated with multiple suspicious websites, including ecosmartfunds.com, heepstekk.com, primeinvests.eu, muxcap.io, webtrader.springhill.top and traderboltai.com, and these platforms and related companies are not registered in Canada and have no right to provide investment transactions or advice. The ASC emphasized that CanCap has nothing to do with the legitimate financial company CanCap Group. The ASC warned that crypto scams often use well-known company names, fake celebrity endorsements, fake news reports and current economic events to create credibility, while promising high returns and low risks to attract investors. The ASC recommends that the public visit CheckFirst.ca to verify the registration information of investment companies and be wary of similar fraudulent activities.
Spanish Bank BBVA Gets Approval to Offer BTC and ETH Trading Services
According to CoinDesk, Spanish financial giant Banco Bilbao Vizcaya Argentaria (BBVA) has been approved by the Spanish financial regulator to provide Bitcoin (BTC) and Ethereum (ETH) trading services to customers. BBVA began planning to enter the crypto market as early as 2020, initially planning to operate in Switzerland, where regulations are clear. In January this year, BBVA launched crypto trading services in Turkey through a local subsidiary. BBVA is not the first European bank to enter the crypto market. Deutsche Bank and Société Générale have also been involved in crypto asset custody and stablecoin issuance.
JD.com's official recruitment website shows that it is currently recruiting stablecoin policy researchers. The position requires a deep financial background and policy research capabilities, focusing on domestic and foreign stablecoin policies and regulations, and maintaining communication with regulators. Job responsibilities include policy research, regulatory docking, internal policy support and market analysis to ensure the company's compliance and competitiveness in the field of stablecoins. Job requirements: Must have a bachelor's degree or above in finance, economics or law, at least 10 years of experience in the financial industry, including 5 years of experience in regulatory or financial institution policy research. Those with a background in stablecoins or blockchain industries are preferred, and must be familiar with domestic and foreign regulatory policies, have policy analysis capabilities, understand Web3 and blockchain technology, and be able to write high-quality research reports. In addition, the position requires good communication and coordination skills, the ability to communicate efficiently with regulators and internal company teams, fluent English, and the ability to write English reports.
Utah Senate passes Bitcoin bill, but removes Bitcoin reserve provision
According to Cointelegraph, the Utah Senate has passed the HB230 "Blockchain and Digital Innovation Amendment" bill, but deleted the clause that originally allowed the state treasury to invest in Bitcoin. The bill passed with a vote of 19-7-3 and will be submitted to Governor Spencer Cox to be signed into law. The current version only guarantees the basic cryptocurrency rights of Utah residents, such as Bitcoin custody, mining, running nodes, and participating in staking. The original reserve clause allowed the Treasury to invest up to 5% of its funds in digital assets with a market value of more than $500 billion. Currently, only Bitcoin meets this standard. However, the clause was removed during the final review, and the House of Representatives subsequently accepted the amendment with a vote of 52-19-4.
Today's Fear and Greed Index dropped to 20, and the level turned to extreme fear
According to Alternative.me data, today's cryptocurrency panic and greed index dropped to 20 (yesterday's 27), and the level changed from panic to extreme panic.
Viewpoint
QCP Capital: A more positive bullish outlook may not emerge until the third quarter
QCP Capital, a Singapore-based crypto investment firm, said today that last Friday's non-farm payrolls (NFP) data brought some respite to the stock and cryptocurrency markets, further reinforcing market expectations of a rate cut in May. Bitcoin remained consolidated around $86,000 for most of Saturday, seemingly setting the stage for a steady recovery this week. However, the momentum was interrupted by the Bybit hack during a period of low liquidity on Sunday, when hackers cashed out at least $300 million from a record $1.5 billion cryptocurrency theft, causing BTC and ETH to test key support levels again. As hackers have shown a willingness to cash out rather than risk further losses (the stolen assets have depreciated by 25%), holders may sell in advance to avoid supply pressure from further selling by hackers, which could exacerbate today's price decline. In the past 24 hours, risk reversal demand for put options has increased further, reflecting the market's growing concerns about additional selling pressure. Although $80,000 remains a key support level for BTC in the near term, upside also appears to be limited as the narrative of strategic Bitcoin reserves has been fully priced in by the market. Recent option flows suggest that a more positive bullish outlook may not emerge until the third quarter. Until the cryptocurrency market finds a new narrative, BTC's correlation with the stock market may further increase in the short term. Currently, both risk assets are trading near recent lows, and with tariff risks still present, market volatility may rise before the release of key US macro data - the Consumer Price Index (CPI, Wednesday) and the Producer Price Index (PPI, Thursday).
Jeff Mei, chief operating officer of BTSE, said in an interview with CoinDesk that geopolitical and economic uncertainties are prompting institutions to reduce their holdings of crypto assets, and Bitcoin may fall to the range of $70,000 to $80,000 in the next few weeks. He pointed out that only when the tariff war ends and the Federal Reserve resumes interest rate cuts can the major cryptocurrencies return to their previous historical highs. In addition, Augustine Fan, head of insights at SignalPlus, expressed a pessimistic view on the technical prospects of Bitcoin. He believes that the current technical side of the price trend is very negative, and the high realized volatility further worsens the risk-adjusted performance of Bitcoin, while there are few obvious positive catalysts in the short term. CoinDesk's analysis also pointed out that Bitcoin is testing the 200-day simple moving average (SMA), and if it falls below this key support line, it may mean the break of an important trend line. Both market sentiment and technical aspects show great downward pressure.
Degen Spartan, partner of eGirl Capital, shared his views on social media, citing the classification of investment expert Charles D. Ellis, and regarded modern investment as a "loser's game", that is, victory depends on making fewer mistakes. Degen Spartan believes that the crypto market has gradually evolved from a "winner's game" that required superb technical skills in the early days to a "loser's game", and now only survival is victory. Take the memecoin craze as an example. Although some people have made profits through technical analysis and social influence, more people have lost money due to lack of advantages. From the perspective of the "loser's game", avoiding participation in high-risk activities is a victory in itself. Degen Spartan also reviewed his experience in mining high-yield but worthless tokens, emphasized the importance of clearly recognizing one's own advantages, and advised investors to focus on survival strategies, such as maintaining sufficient cash reserves and avoiding participating in high-risk transactions without advantages. He concluded that the core of the crypto market is "don't die", and by avoiding unnecessary risks, surviving will have the opportunity to wait for future opportunities in the market.
According to Matrixport's latest report, despite the recent attention from the White House Crypto Summit and the confirmation of strategic Bitcoin reserves, the crypto market has not seen a significant rise. The funding rates for perpetual contracts for Bitcoin, Ethereum, and Solana remain in the single digits, indicating that retail investors' interest remains subdued. The report points out that this phenomenon is in stark contrast to April and December 2024, when funding rates soared to double-digit highs. In addition, even the market momentum brought about by Trump's official inauguration is relatively flat, indicating that Bitcoin still needs a more influential catalyst if it wants to usher in a new round of gains.
Arthur Hayes: Bitcoin may test $78K support, and a break below will point to $75K
Arthur Hayes, co-founder of BitMEX, said on social media that the market had a bad start this week and Bitcoin may retest the $78,000 support level. If it falls below, the price will point to $75,000. He pointed out that there are a large number of open options in the $70,000-$75,000 range, and once it enters this range, market volatility may intensify.
Project News
Binance will add multiple spot trading pairs including CHESS/USDC, EGLD/USDC, etc.
According to the official announcement, Binance will launch CHESS/USDC, EGLD/USDC, OSMO/USDC, T/USDC and UTK/USDC spot trading pairs at 16:00 (ET on March 11, 2025), providing users with more spot trading options. In addition, Binance will open trading robot services for the following trading pairs at 16:00 (ET on March 11, 2025): Spot algorithmic orders: CHESS/USDC, EGLD/USDC, OSMO/USDC, T/USDC, UTK/USDC; Spot grid, spot DCA (average cost method): JTO/USDC, TAO/USDC.
Backed Launches Tokenized Coinbase Stock wbCOIN on Base Network
According to the official announcement of Backed, the tokenized version of Coinbase's stock $COIN, $wbCOIN, is now available on the Base network. The token is 1:1 backed by $COIN stock, is freely transferable, and has a legal claim to the value of $COIN stock. Currently, the $wbCOIN <> $USDC trading pair is online, and users can trade on CoWSwap, with liquidity provided by AerodromeFi. Backed emphasized that it has no connection with Coinbase and is only interested in the stock. Previously, Base developer Jesse Pollak said that non-US users can already obtain tokenized COIN stocks through Backed. Last week, Coinbase also said it was restarting plans to tokenize its COIN stocks and other securities in the United States.
WLFI's investment portfolio has lost more than $110 million, with ETH suffering the most losses
According to Ember’s monitoring, WLFI’s investment portfolio has currently suffered a floating loss of approximately $110 million. The 9 tokens purchased by the fund for $336 million are now worth only $226 million. Among them, ETH accounts for the highest proportion (about 65%), so the loss is the most serious. The average purchase price is $3,240, while the current price is about $2,000, with a floating loss of $80.85 million (-37%). In contrast, TRX has the smallest decline, which has only fallen by 5% since WLFI purchased it.
Important data
$1.8 billion of ETH flowed out of exchanges last week, the highest since December 2022
According to IntoTheBlock data, about $1.8 billion of ETH flowed out of exchanges last week, the highest weekly outflow since December 2022. Although market pessimism about ETH prices continues, this trend suggests that many holders view current price levels as strategic buying opportunities.
Strategy holds nearly 500,000 BTC, with new investment losses of $3 billion
According to Lookonchain data, Strategy currently holds 499,096 BTC, with a total value of approximately $40.9 billion and an average purchase price of $66,357. Since November 2024, Strategy has purchased an additional 246,876 BTC, with a total investment of $23.2 billion and an average purchase price of $94,035. However, the current market value of this part of the newly added BTC is $20.2 billion, facing a floating loss of approximately $3 billion.
Only 17 tokens outperformed BTC in the past 90 days, with BERA up 492%
According to CMC data cited by Ember, only 17 tokens have outperformed BTC in the past 90 days, including BERA (+492%), DEXE (+79%), BGB (+72%), TRUMP (+70%), GT (+65%), etc.
Cloverpool data shows that the difficulty of Bitcoin mining has been adjusted at block height 887,040 (Beijing time 03-09 23:58:46), with the difficulty increased by 1.43% to 112.15 T, close to the historical high (114.17). The average computing power of the entire network in the past seven days is 794.85 EH/s.
According to SoSoValue data, from March 3 to March 7, Bitcoin spot ETFs had a net outflow of $799 million per week, with only Grayscale Bitcoin Mini Trust BTC recording a net inflow of $35.77 million, and its total net inflow in history reaching $1.09 billion. In terms of net outflows, Fidelity Bitcoin ETF (FBTC) had a weekly outflow of $201 million and a historical total net inflow of $11.56 billion, making it the ETF with the largest outflow last week. Secondly, Ark & 21Shares Bitcoin ETF (ARKB) had a weekly outflow of $164 million and a historical total net inflow of $2.56 billion. As of press time, the total net asset value of Bitcoin spot ETFs is $98.483 billion, the ETF market value accounts for 5.71% of the total market value of Bitcoin, and the historical cumulative net inflow is $36.142 billion.
A whale’s 65,675 ETH on Maker are facing liquidation, worth about $136 million
According to Lookonchain monitoring, a whale's 65,675 ETH (about $136 million) in Maker is approaching liquidation risk. Its health rate is only 1.05, and the liquidation price is $1,931.83.
El Salvador once again increased its holdings by 5 BTC, bringing its total holdings to 6,111 BTC
On-chain data shows that 2 hours ago, the Salvadoran government increased its holdings by 5 BTC (US$415,000), and its total holdings now reach 6,111 BTC, worth US$492.5 million.
