Market Insights: Mar 2025 | Week4
Wavebridge Research/
US Bitcoin Spot ETFs See Record $744M Weekly Net Inflows
The Bitcoin network recently reached a major milestone. On 22 March 2025, the 888,888th block was mined by miner Antpool. There are currently 8.84 million bitcoins in circulation, representing approximately 94.47% of the total supply, and after the 33rd halving in 2140, all 21 million bitcoins will have been issued and will no longer be available for mining. There have been positive developments in the US Bitcoin spot ETF market recently: after five weeks of outflows, ETFs have bounced back to record weekly net inflows totalling $744 million, with Monday 17 March seeing the largest single-day net inflow in a month with $274 million, followed by six consecutive days of net inflows, including a further $83.9 million on 21 March. Meanwhile, there was also a notable shift in the US government's bitcoin policy. The Trump administration has formalised a strategy for expanding its bitcoin holdings, and the head of the Presidential Working Group on Digital Assets has stated that the US government wants to acquire as many bitcoins as possible. In addition, Senator Cynthia Loomis has reintroduced the ‘2025 BITCOIN Act’, which, if passed, would allow the US to purchase 200,000 bitcoins per year for five years, potentially bringing the total number of bitcoins held to over one million.
Binance Smart Chain Leads DEX Market with $13.57B in Trading Volume
The crypto market has been active in recent days, with XRPL growing to $80.63 million in total deposits and the amount of XRP locked in DeFi protocols surpassing 34.48 million. The real-world asset tokenisation (RWA) market is booming, with total deposits reaching $10.16 billion, and Tether is looking to increase transparency by engaging a Big 4 accounting firm for an external audit. In the DEX market, Binance Smart Chain tops the list with $13.566 billion in trading volume, while a possible collaboration between Ripple and SWIFT is being discussed to integrate XRP-based international remittance technology. Meanwhile, Solana network revenues plummeted 97% to $1.8 million due to a decline in meme coin openings, while the XRP network is seeing a surge in network activity with large investors increasing their holdings and unique wallet activity. The Bitcoin market is also in the spotlight with a whale investor building a massive short position worth $515 million.
Trump Proposes USD-Backed Stablecoins to Boost Economic Growth
US President Trump has suggested the use of stablecoins backed by the US dollar, claiming that the cryptocurrency industry could spur explosive economic growth and extend the dominance of the US dollar. The administration is considering revaluing gold certificates and using them to secure bitcoin, with the current valuation of gold certificates set at $42. 22 per ounce, while the actual price of gold has exceeded $3,000 per ounce, suggesting that potential proceeds could be used to purchase bitcoin. In addition, Digital Asset Advisory Council Executive Director Bo Hines said that stablecoin legislation is imminent, and that the Innovation Guidance Act, which recently passed the Senate, includes issuer collateralisation standards and anti-money laundering provisions. Meanwhile, the SEC issued guidance clarifying that proof-of-work (PoW) cryptocurrency mining activities do not constitute securities trading, meaning miners do not need to register with the SEC, and the agency's staffing exodus began in earnest with more than 600 voluntary departures from the organisation. SEC chairman nominee Paul Atkins is facing a confirmation hearing, the Treasury Department lifted sanctions against TornadoCash, causing the price of the TORN token to surge; the New York Stock Exchange and Canary Capital requested approval for an Ethereum ETF and an SUI-based spot ETF, respectively; and the IMF revised its balance of payments standards to reflect digital asset flows, providing a classification for cryptocurrency activity to be included in national statistics.
Ripple Files Trademark for ‘Ripple Custody,’ Signaling Expansion into Crypto Custody
The European Central Bank (ECB) is moving forward with plans for a digital euro, a move aimed at reducing reliance on US payment providers, curbing the proliferation of foreign currency-based stablecoins, and strengthening the independence of European finance. Meanwhile, the Australian government unveiled a national strategy to integrate digital assets across the economy, while Pakistan announced plans to use surplus electricity to attract a bitcoin mining industry. The Bolivian government announced plans to utilise digital assets as a payment method for electricity imports to address a severe foreign currency shortage. In Turkey, the declining purchasing power of the national currency, the lira, has led many citizens to use Bitcoin as a store of value, while Ripple Labs filed a trademark for ‘Ripple Custody’, signalling a possible expansion of the brand into the cryptocurrency custody services market. Coinbase is in the process of acquiring Deribit in a $5 billion deal, and Strategy has announced that it has raised $722 million in new funding to continue buying bitcoin. These moves demonstrate the growing interest in and use of cryptocurrencies and digital assets around the world.