Bitcoin on edge before tariff day

April 01, 2025

Reading time: 5 minutes

Ethereum reclaims DEX throne, surpasses Solana amid meme market slowdown

Key points:

  • Ethereum overtook Solana in DEX trading volume in March for the first time since September 2024.

  • Declines in meme token activity on Solana platforms like Raydium and Pump.fun contributed to the shift.

News - Ethereum (ETH) reclaimed the top spot as the leading blockchain for decentralized exchange (DEX) trading volume in March, surpassing Solana for the first time in six months. According to DeFiLlama data, Ethereum-based DEXs registered $64.6 billion in volume, compared to Solana’s $52.6 billion.

The reversal comes amid a broader market cooldown that hit memecoin trading particularly hard. Solana-based DEXs like Raydium and Pump.fun, which were central to the memecoin frenzy earlier this year, saw significant declines in activity. Raydium’s daily volume failed to cross $1 billion throughout March, while Pump.fun’s volume dropped from a $7.75 billion peak in January to $2.53 billion last month.

Ethereum's stability outshines Solana's slump - While Solana’s momentum waned, Ethereum benefited from consistent volumes on established platforms. Uniswap alone facilitated over $30 billion in trades, with Curve and Fluid contributing to Ethereum’s resilience in the DeFi space. Analysts attribute Ethereum’s strength to its robust infrastructure, established network effects, and continued institutional participation.

Despite the DEX volume win, ETH itself fell 18% in March to $1,822, underperforming SOL’s 15.8% decline. Observers blame ETH’s inflationary tokenomics and the growing traction of Layer-2 networks, which may siphon usage from the mainnet.

What’s next? - Analysts see Ethereum’s upcoming Pectra upgrade and growing ETF inflows as bullish catalysts for Q2. As Solana recalibrates and Ethereum strengthens its base, the race for DeFi dominance could intensify in the months ahead.

Bitcoin wobbles ahead of April 2 tariff reveal, but whales signal long-term confidence

Key points:

  • Bitcoin dropped 11.82% in Q1 2025, its worst quarterly performance in seven years, as traders eye $84.5K amid tariff uncertainty.

  • Despite short-term volatility, whale accumulation and falling exchange supply suggest bullish momentum may be building.

News - Bitcoin (BTC) entered April on shaky ground after recording a 11.82% decline in Q1 2025—the worst quarterly performance since 2018. The market remains cautious as U.S. President Donald Trump’s anticipated trade tariff announcement, dubbed “Liberation Day,” looms on April 2.

BTC traded around $83,000 at Wall Street open on April 1, showing erratic price action within its weekly range. Traders are watching the $84.5K level closely, with technical analysts suggesting BTC has “more to prove” before reclaiming bullish momentum. Despite support holding at $80K and a bounce from the 50-week SMA at $76.6K, resistance at $84.5K remains a critical barrier.

Tariffs, rate cuts, and risk sentiment - Markets are bracing for potential economic impact from Trump’s new round of tariffs, which could stoke recession fears. Trading firm QCP Capital warned that aggressive tariff policies may “deepen recession fears and send risk assets spiraling,” though a softer rollout could offer temporary relief.

Meanwhile, expectations for a Fed rate cut in June remain intact, historically seen as positive for crypto. However, analysts from The Kobeissi Letter pointed out that equity markets have historically struggled during recessionary rate-cutting cycles.

On-chain trends point to accumulation - Despite macro headwinds, long-term Bitcoin metrics are flashing bullish. The number of whale addresses holding between 1,000 and 10,000 BTC rose 2.6% over the last five weeks, reaching a 4-month high of 1,993 wallets.

Exchange supply dropped to 7.53% on March 31—the lowest since February 2018—indicating rising investor preference to self-custody coins. Additionally, short-term holder activity fell to its lowest since June 2021, suggesting reduced selling pressure and ongoing consolidation.

What’s next? - According to analysts like Axel Adler Jr., Bitcoin’s selling pressure may have exhausted, and a consolidation phase is likely in April–May. If macro conditions ease and institutional demand persists, Bitcoin could be poised for a breakout later this quarter.

Metaplanet adds 696 BTC, eyes 21,000 BTC treasury goal

Key points:

  • Metaplanet acquired 696 BTC for ~$67M, bringing its total holdings to 4,046 BTC.

  • The Japanese firm used cash-secured put options and bond sales to fund the purchases.

News - Japanese investment firm Metaplanet has added 696 BTC to its growing Bitcoin treasury, raising its total holdings to 4,046 BTC—worth over $340 million at current prices. The company disclosed the acquisition in an April 1 announcement, noting that the Bitcoin was bought using proceeds from recently exercised cash-secured put options and a ¥2 billion ($13.3M) bond issuance.

The latest purchase cements Metaplanet’s position as the ninth-largest corporate Bitcoin holder globally, behind names like Tesla and Block. Metaplanet paid an average of ¥14.6 million ($97,500) per coin, although its Bitcoin Income Generation strategy allowed it to reduce the effective cost basis to around $88,800 through premium income from options sold earlier in Q1.

Why it matters - The Tokyo-listed firm, often dubbed “Asia’s MicroStrategy,” has been vocal about its mission to lead Bitcoin adoption in Japan. It plans to accumulate 21,000 BTC by 2026. Metaplanet’s aggressive Bitcoin strategy also included a 10-to-1 stock split earlier this year to make its shares more accessible to retail investors after rapid price appreciation.

Zooming out - Metaplanet’s move comes amid a wave of institutional dip-buying. MicroStrategy, now rebranded as Strategy, also recently bought over 22,000 BTC. Despite macro headwinds, including an anticipated tariff announcement from U.S. President Donald Trump, institutional confidence in Bitcoin appears undeterred.

Bybit to pull the plug on NFT marketplace amid market crash

Key points:

  • Bybit will discontinue its NFT and inscription marketplaces on April 8, 2025, at 4:00 PM UTC.

  • The move follows declining volumes, a $1.46B security breach, and a wider market downturn.

News - Crypto exchange Bybit has announced it will shut down its NFT Marketplace, Inscription Marketplace, and Initial DEX Offering (IDO) platform on April 8. The move is part of a broader effort to streamline operations amid falling NFT trading volumes and the aftermath of a major security breach.

The closure comes just weeks after Bybit lost $1.46 billion in a hack linked to North Korean actors. While CEO Ben Zhou claimed recovery efforts are ongoing, a portion of the stolen funds has been rendered untraceable through crypto mixers.

This decision also mirrors a broader trend—X2Y2, another major NFT marketplace, recently shuttered its services, citing low activity.

Market woes and utility pivot - Once peaking at over $113 million in daily volume in December 2024, NFT trading has plunged more than 95%, now sitting at just $5.34 million. Unique Network president Charu Sethi noted that while the speculative trading era for NFTs may be fading, utility-driven use cases in gaming, AI, and content authentication are picking up.

Bybit users have been advised to withdraw their assets before the sunset date. For IDO participants, the platform recommends moving airdropped tokens from the Web3 Cloud Wallet to personal wallets secured by seed phrases or private keys.

What’s next? - While the NFT market continues to cool, projects like Pudgy Penguins and Doodles have defied the trend. But for exchanges like Bybit, the message is clear: speculation is out, and sustainability is the new game.

Interesting facts

  • Crypto’s influence on politics is growing fast. In the 2024 U.S. election cycle, crypto-focused super PACs spent over $85 million, making it one of the most well-funded issues in lobbying—surpassing spending by oil and pharma groups during the same period.

  • Chainlink has emerged as a key player in the tokenization of real-world assets (RWAs), with major financial institutions using its oracle infrastructure to bring on-chain data for assets like bonds, commodities, and interest rates.

  • The Vatican Library has explored NFT technology for digital preservation. In a 2023 partnership with NTT DATA Italia, it began creating non-commercial NFTs to authenticate digitized manuscripts and artworks—aiming to preserve cultural heritage and provide secure access to rare materials.

Top 3 coins of the day

Curve DAO Token (CRV)

Key points:

  • CRV climbed over 7% in a single day, reaching $0.54, as developer activity surged to an all-time high.

  • The RSI hovered just below overbought territory while price reclaimed the 9-day SMA, indicating bullish intent.

What you should know:

CRV posted a strong rebound after slipping earlier in the week, registering a notable 7.48% daily gain to trade around $0.54 at press time. This upward momentum followed a sharp increase in developer activity on the Curve platform, which hit a new all-time high. The rise in backend engagement appeared to boost confidence in CRV’s long-term utility, leading to increased buying interest. On the technical front, CRV successfully reclaimed its 9-day simple moving average (SMA), a key short-term indicator. The Relative Strength Index (RSI) also rose to 58, approaching overbought conditions but still leaving room for further upside. If bullish sentiment continues, the next resistance zone to monitor lies near $0.60. On the downside, support remains around $0.48 in the event of a retracement. Traders should watch for sustained volume and ecosystem updates that could reinforce this upward push.

Sui (SUI)

Key points:

  • SUI surged nearly 10% in 24 hours, closing at $2.48 despite bearish sentiment tied to a massive token unlock.

  • While the 9-day SMA was reclaimed, the DMI indicated lingering uncertainty in trend strength.

What you should know:

SUI defied expectations with a 9.76% price rally to $2.48, even as the market braced for the unlock of over 64 million tokens on April 1, 2025. Typically seen as a bearish catalyst, the event sparked widespread fear of a sell-off. However, the token’s price action suggested investor resilience, possibly driven by the network’s growing DeFi footprint and a reported $5 billion in DEX volume. Technically, the price broke above the 9-day simple moving average (SMA), hinting at a potential shift in short-term sentiment. However, the Directional Movement Index (DMI) showed a narrowing gap between the +DI and -DI lines, pointing to a lack of strong directional conviction. As the token navigates post-unlock volatility, immediate resistance lies near $2.65, while $2.30 remains the key support level to monitor in the short term.

DeXe (DEXE)

Key points:

  • DEXE plunged by over 18% to $14.67, marking one of its steepest single-day drops in recent weeks.

  • A suspected trading bot glitch on Binance triggered the sell-off, as reflected by high volume and a sharp dip below the 9-day SMA.

What you should know:

DEXE experienced a dramatic price correction, falling by more than 18% within 24 hours. The drop followed a suspected trading bot malfunction on Binance, which reportedly caused multiple tokens—including DEXE—to plummet by over 50% momentarily before partial recovery. While the price had rebounded slightly by press time, the volatility shook investor confidence and attracted significant sell-side pressure. Technically, the token closed well below its 9-day simple moving average, confirming bearish momentum. The Awesome Oscillator also dipped into red territory, signaling a momentum reversal after a relatively flat phase. With selling volume surging and DEXE now testing the $14 support zone, traders should closely watch for stability above this level, or risk a potential slide toward the $12 mark if panic persists.

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