EM Insight

🧧Guidelines for automatic transaction refunds - lifetime for traders or trading on #Binance:

💵Don't underestimate small money, high-frequency trading can even result in refunds that exceed the initial capital many times over.

1/ Register through the link: Binance.com

2/ The words 'Link' will appear with your referral, just click ok to complete.

3/ When the link is successfully established, the words 'retrieve' will appear as shown in the successful image.

👉When trading, you will get cash back to your spot wallet and future wallet.

If successful, you can send the last 3 digits of your ID for me to check again.

📍Ethereum adjusts strategy to kick L2s out of the henhouse
📌 At ETHCC, the Ethereum Foundation along with Gnosis and Zisk introduced the Ethereum Economic Zone (EEZ) - a "common economic zone" for L2s to share liquidity, interact directly, and process cross-network transactions almost in one step.
📌 The issue is quite clear as there are more than 20 L2s leading to liquidity being fragmented. L2s are draining ETH's blood to survive. Users must continuously bridge -> incurring costs and increasing security risks. Dapps are built separately on each network leading to a disjointed experience with no common direction.
📌 EEZ shows EF's direction for the upcoming season is transactions between L1s and L2s or between L2s in the same flow, reducing dependence on bridges and shifting entirely to zero-knowledge proof. The important thing is to reduce the number of unnecessary tokens created to return to the ETH center.

📍$1.68B options BTC nearing expiration – the focus is on the $75K mark, where the largest positions (max pain) are concentrated, causing prices to be "pinned" around this area due to market maker hedge activity.

📌 Put/Call < 1 indicates a bullish tendency, but $75K remains strong resistance due to the dense positions, so BTC has touched it multiple times but has not been able to break through; if it cannot break, the price may easily be pulled back to $70K, or even $65K–$60K.

📌 Expiry does not create long-term trends but mainly causes volatility: before expiry, prices are restrained around large areas, and after expiry, when hedge forces disappear, a strong move can easily occur.

📍$75K is the mark for derivative capital flow, not technical – if it breaks through, a trend will open; otherwise, it will continue to be compressed and may be pushed down before proceeding. $BTC

📍ETF Bitcoin had an inflow in March of ~$2.5B this month, almost completely erasing the negative capital flow since the beginning of the year (YTD)
The inflow into Bitcoin ETF is returning quite well even when the price $BTC has not increased much from the bottom. The total inflow for March has reached approximately $2.5B, and just one more good session is needed to completely erase the negative capital flow from the beginning of the year.
📌 Highlights are in the $IBIT ETF:
- Has clearly surpassed the negative YTD level, returning to a positive zone
- Ranked in the top ~2% of ETFs with the strongest cash flow this year
- Just considering the last month with an inflow of over $2.2B
Notably, all of this has occurred in the context where BTC had previously dropped ~40% in 6 months and was forgotten by the media. However, it is also important to note that $GBTC and $FBTC are still experiencing large outflows (YTD approximately -$730M and -$1.1B respectively). It is still too early to say this is the market bottom, but buy signals have appeared. $BTC $BNB

The strategy announces plans to continue raising ~$44B to continue buying Bitcoin, mainly through the issuance of stocks and preferred shares. Notably, they do not raise it all at once, but sell gradually according to a flexible mechanism -> as long as the market can absorb it, they can continue to raise funds.

$BTC

📍The US is concerned about MrBeast after the Step acquisition -> crypto risks directly approaching minors

US lawmakers have raised alarms after MrBeast acquired Step – a financial app with over 7 million users, mostly teenagers. The main concern is the platform's ability to integrate crypto and promote it directly to a group of users lacking sufficient financial experience.
Step is essentially a banking and investment app for Gen Z. When combined with MrBeast's massive influence, it becomes a financial distribution channel with a reach that traditional organizations find hard to achieve. This shifts the risk from the product itself to how the product is presented to users.
The response from the US indicates that the concern is not just about crypto, but about who is controlling the financial behavior of the younger generation. When a highly influential creator holds a financial platform, the line between entertainment and finance becomes blurred, leading to risks that the current system has yet to manage. $BTC

📍ParaFi raises $125M -> organizational funds are coming back but focusing only on stablecoins and RWA
ParaFi has just raised an additional $125M, increasing AUM to approximately $2B. As of early 2025, total funds raised are ~ $325M. The capital is coming back, but the way it is allocated is the noteworthy point.
This fund no longer follows familiar narratives like NFT or GameFi. The portfolio is directly targeting stablecoins, tokenization (RWA), and on-chain financial infrastructure for organizations. This indicates that large capital is no longer seeking short-term speculative opportunities but is shifting towards layers capable of holding and circulating long-term capital.
After the cleansing cycle of 2022–2024, most weak models have been eliminated. The remaining market mainly consists of infrastructure and products with real cash flow. ParaFi is betting on this very core, which determines how capital operates instead of just following price.
ParaFi's portfolio (Bitwise, Anchorage, Polymarket) clearly shows the direction: focusing on infrastructure, compliance, and bridging with traditional finance. This means that crypto is gradually being "reshaped" according to the logic of organizations, rather than operating spontaneously as before.

📍SPY & QQQ recorded -$64B outflow in 3 months
📌 This is the largest outflow recorded over a 90-day period. Marking a strong reversal from +$50B inflow in November.
In terms of AUM, the 3-month outflow of -5% is the highest since Q1/2023. The peak outflow percentage in the decade was -8% in April 2018.
📌 This scale is nearly double the peak outflow of the decade (2018). Even COVID 2020 or the sell-off in 03-04/2025 has never witnessed such a large outflow.
📌$SPY is an ETF that mimics the S&P 500 index (the 500 largest companies in the U.S.), while $QQQ is an ETF that follows the Nasdaq 100, focusing on the technology and growth sectors.
Money is retreating to the sidelines; perhaps we will soon witness a significant wave of DXY as all asset classes decline and the Fed's hawkish stance in the recent FOMC.

📌 Bluesky raised $100M Series B (led by Bain Capital Crypto), bringing total funding to >$120M.
📌 Notably: this round was completed earlier but announced only after the CEO change
-> Founder stepped back to focus on the product, promoting an operator to scale.
📌 Bluesky has reached ~40M users, pursuing a decentralized social model (AT Protocol).
📌 Capital is still flowing into the narrative of "decentralized social", but the implementation is becoming more practical: optimizing operations, preparing to scale, and facing clear growth pressure from VCs.
📌 Bluesky is entering a phase where it must demonstrate operational capabilities and expansion, rather than just sticking to the technology narrative.$BNB

📌MLB officially partners with Polymarket -> bringing the prediction market into the "soft licensed" area. Polymarket uses official data and branding of the tournament to open markets around matches and seasons.
📌 MLB is also coordinating with the CFTC to enhance market oversight. Sensitive bets like each pitch, coach's decisions, or referee actions will be restricted -> to avoid the risk of match manipulation.
📌 The prediction market is shifting from the gray area -> moving closer to the mainstream financial system. But the price to pay is: Less freedom and more regulations to comply with. Prediction is becoming like $BTC during the phase of preparing for ETF approval. $BNB

📍The whale returns to accumulate ETH, while BTC is being sold off by old holders
A large wallet just spent $111.6M USDT to buy 50,706 ETH, at an average price of ~$2,201, after being inactive for nearly 7 months. Previously, this same wallet sold 28,683 ETH around ~$3,892 last year.
ETH is showing a tighter supply structure:
- The amount of ETH staking remains high
- Balances on exchanges continue to decrease
- ETF cash flow shows signs of returning
On the other hand, Bitcoin is under pressure from long-term holders:
- A wallet from 2013 has sold an additional 1,000 BTC
- The total amount sold since the end of 2024 exceeds 3,500 BTC
- Another address related to early investors has also sold an additional 650 BTC
Cash flow is not leaving the market. But the way it is distributed is changing, ETH is showing signs of accumulating again,
while BTC is still being distributed by the old holder class. $BTC $ETH

📍S&P 500 steps onto on-chain
S&P Dow Jones officially licenses the S&P 500 to go on blockchain through Trade[XYZ] - a platform in the Hyperliquid system. This is the first time a perpetual contract tracking the S&P 500 has been licensed, no longer a synthetic "homemade" version as before.
Index data is sourced directly from S&P Dow Jones -> standardizing the price source. Users can trade S&P 500 24/7, use leverage, settle in USDC, without going through traditional brokers or being limited by trading hours.
- The most powerful benchmark of Wall Street begins to appear on on-chain
- DeFi no longer simulates TradFi, but is being granted direct access
- Hyperliquid is expanding from perp crypto -> liquidity layer for global financial assets
- Stocks, commodities, indices… all are gradually being "packaged" and brought onto a never-sleep trading system. $HYPE

🟠 Aster launches its own layer-1, focusing on solving the "position exposure" problem of DeFi

Aster Chain has gone mainnet, with a highlight being default privacy: using ZK + stealth addresses to limit front-running and liquidation hunting.

Performance has been boosted (~50ms, up to 100k TPS, no gas fees) -> aiming to bring perp DEX closer to CEX experience.

The bigger story: the race for perp DEX is shifting from products to infrastructure. Aster is aligned with Hyperliquid: building its own chain to control the entire execution.

$ASTER

📍 The SEC has for the first time issued standards defining crypto
📌 The SEC and CFTC have released a framework for classifying digital assets, clarifying that only a small group of tokens are considered securities.
📌 The SEC and CFTC have begun to reach a consensus on transitioning to a unified framework. Digital assets are classified into 5 main groups:
- Digital commodities: decentralized assets, not dependent on the issuing entity (BTC, ETH…)
- Digital tools: tokens used within the ecosystem (fees, access rights…)
- Digital collectibles: NFTs, digital items, memecoins
- Stablecoins: depending on structure - may be considered securities if there are yield factors
- Digital securities: traditional financial assets that are tokenized (default considered securities)
📌 How the SEC views it: A token is only considered a security when sold as an investment, with an expectation of profit from the issuer. This status is not fixed and may change over time (legal lifecycle). Airdrops, staking, mining, and stablecoins will not be considered securities.
📌 The SEC has shifted from treating all tokens the same to classifying them based on their nature and issuance method. The legal lifecycle allows a token to be considered a security at first, but if it meets certain conditions, it can escape the "security" status.
📌 This classification is to clearly identify what fits within the system -> retain, while the rest serving speculative purposes will be filtered out. $BTC $ETH $BNB

📍 The SEC begins to “rewrite the rules” for crypto
📌 SEC + CFTC presents a framework for classifying 5 groups of digital assets
→ Key point: most crypto is no longer considered securities
📌 Main groups:
🔸 Commodities - BTC, ETH
🔸 Tools - tokens in the ecosystem
🔸 Collectibles - NFT, memecoin
🔸 Stablecoin - depending on structure
🔸 Securities - tokenized traditional assets
-> Only the last group is regulated as securities
📌 Important change: The SEC has shifted from “equating” to assessing based on nature + issuance method
📌 New concept: the legal lifecycle allows tokens to be securities at first. Once sufficiently decentralized, they can escape the “security” status.
📌 This is a standardization step to control cash flow, not a relaxation.
$BTC

📍Trump calls on the Fed to cut interest rates immediately

Trump spoke directly to reporters at the White House - stating that the Fed should hold a special meeting to cut interest rates right now. $BTC

📍 Messari changes CEO, lays off staff, and shifts focus to AI
Messari has just changed its CEO as Eric Turner stepped down from the leadership position, handing over the seat to CTO Diran Li. At the same time, the company is laying off part of its staff and shifting its strategic direction towards developing AI tools for on-chain data research.
📌 This seems to be a concerning event as the CEO of a major company has also shown instability in the bear market, but considering the history of the mature market, this is just a small ripple in the cycle.
📌 The departure of a CEO at a data company like Messari is actually quite normal compared to what the market has experienced:
- Terra (LUNA) wiped out tens of billions of USD in just a few days
- Three Arrows Capital collapsed, triggering a domino effect throughout the ecosystem
- The change of CEO or restructuring at Messari is not even a fraction of the previous systemic crashes.
📌 Messari has chosen AI over crypto. How will the crypto market change in the next season due to the AI frenzy? $BTC

📍 Bitcoin bounces back to $74K as ETF money flow returns

Bitcoin has recently experienced a strong rally, at one point exceeding $74,000, marking the first return to this price range after several weeks of being held below the $70K mark. The recovery comes amid a backdrop of money flow starting to return to spot Bitcoin ETFs, improving market sentiment and activating new buying power from institutional investors.

📌 The rise of BTC has also lifted the entire crypto market. Ethereum has recovered to the $2K+ range, while many altcoins and stocks related to the crypto industry have seen significant gains during the day.

📌 Previously, Bitcoin had undergone several weeks of correction, at one point dropping to around $63K as geopolitical tensions and risk-off sentiment caused money to flow away from risky assets.

The returning ETF capital is becoming an important supportive factor, helping Bitcoin quickly regain upward momentum after a prolonged correction. $BTC

🟠EF just sold 5,000 $ETH OTC to BitMine, at an average price of about $2,042/ETH, equivalent to over $10M.
This sale did not occur on an exchange, so it does not create direct selling pressure on the market. The money raised will be used by the Ethereum Foundation to fund protocol development, support projects, and grant funding for the ecosystem. $ETH

Although the development team has not officially released information, Pumpfun seems to have registered a series of subdomains for other blockchains such as Base, BSC, Monad, and Ethereum.

This is usually a technical preparation step before launching products on new chains.

$PUMP