Today's Highlights
- Binance names KernelDAO (KERNEL) as its fourth Megadrop project.
- Upbit lists COMP in its Korean Won (KRW) market.
- PumpBTC confirms chain-based airdrop claims start April 2.
- Tether purchases 8,888 BTC ($735M) in Q1 2025.
- Arthur Hayes predicts Bitcoin could hit $250K by year-end despite market volatility.
Regulatory & Macro Updates
Metaplanet Expands Bitcoin Holdings to 4,046 BTC
Japan’s Metaplanet acquired 696 BTC (~$101.5M), averaging ¥14.58M per BTC. The firm’s Q1 2025 earnings included ¥770M from Bitcoin put options.
Backpack Completes FTX EU Acquisition
Backpack initiates user fund repatriation for FTX EU clients, focusing on frozen fiat balances. Future plans include reactivating MiFID II licensing for EU crypto derivatives.
U.S. Government Bitcoin Audit Deadline: April 5
Federal agencies will disclose BTC holdings per Trump’s executive order. Current reserves: 198,012 BTC (~$16B). Historically, the U.S. sold **195K BTC** for $366M—now worth $17B+.
Rhode Island Bill Proposes $10K Monthly Tax-Free Bitcoin Transactions
The SB 0451 bill exempts state capital gains tax on 10 monthly trades (≤$1K each). Aims to boost blockchain adoption among small businesses.
Market Insights
Matrixport: Bitcoin ETF Outflows Signal Weak Retail Interest
Bitcoin ETFs see two consecutive months of net outflows. Gold outperforms as a safe-haven asset, while BTC relies on arbitrage-driven inflows.
Arthur Hayes’ Bold Bitcoin Prediction
Despite U.S. stock market declines, Hayes forecasts BTC at $250K by December 2025, citing Fed policy shifts and institutional interest.
Fidelity: Bitcoin’s Acceleration Phase Nears End
Analysts suggest BTC could peak at $110K, with current trends mirroring past cycles. Institutional adoption remains a wildcard.
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Project Updates
Binance Megadrop: KernelDAO Details
- Total supply: 1B KERNEL tokens.
- Megadrop rewards: 40M tokens (4%).
- Initial circulation: 162.3M tokens (16.23%).
Upbit Lists COMP/KRW Trading Pair
Effective April 1, 16:35 KST, supporting Ethereum-based COMP.
OKX to Delist MAX/USDT, KISHU/USDT, 1INCH/USD, GRT/USD
Trading halts on April 8, 16:00 UTC.
Key Data
Tether’s Q1 Bitcoin Purchase: 8,888 BTC ($735M)
Tether’s total BTC holdings: 92,647 BTC ($76.4B), averaging **$41,147 per BTC**.
Compound Founder Sells 50K COMP ($3.19M)
Robert Leshner offloads via Galaxy Digital, coinciding with Upbit listing hype (COMP +66.69%).
zkLend Hacker Loses 2,930 ETH to Phishing
Funds stolen via a Tornado Cash phishing scam.
Funding & Investments
a16z Speedrun Opens Applications
Early-stage startups can secure up to $1M. Deadline: May 11, 2025.
Pantera’s Fund V Targets $1B Raise
Offers exposure to VC equity, private tokens, and liquid crypto assets. Minimum investment: $10M.
OpenAI’s Record $40B Funding Round
Led by SoftBank, valuing the company at $300B. Funds to accelerate AI research and infrastructure.
FAQs
Q: How does Binance Megadrop work?
A: Users lock BNB or complete tasks to earn KERNEL tokens before the official listing.
Q: What’s the tax implication of Rhode Island’s Bitcoin bill?
A: Exempts state capital gains tax on small trades; federal taxes still apply.
Q: Why did COMP surge 66%?
A: Upbit’s KRW listing drove demand, though founder sales caused volatility.
Q: Is Bitcoin’s current dip a buying opportunity?
A: Analysts like Arthur Hayes argue yes, citing long-term bullish fundamentals.