ETF inflows boost BTC

March 24, 2025

Reading time: 5 minutes

Bitcoin bottom forms as Fed eases, Trump softens on tariffs - analyst

Key points:

  • Bitcoin saw a 2.98% price bounce in 24 hours and could be headed for recovery.

  • BTC reversal indicators were pulling back to levels where bull markets tend to resume.

News - Bitcoin could rebound toward the $90,000 mark after forming a bottom after Trump appeared willing to ease tariffs, and the Federal Reserve resisted short-term pressure to raise rates, noted crypto analyst Markus Thielen.

In a March 23 report, the CEO and founder of 10x Research, Markus Thielen, observed that Trump softening his earlier rhetoric ahead of the April 2 reciprocal tariffs signaled flexibility. In turn, it supported more stable market conditions and Bitcoin forming a bottom.

Additionally, the Federal Reserve meeting on March 18-19 signaled they would look past short-term inflationary pressures. The mildly dovish Fed stance also helped support a recovery in stock prices, giving space for Bitcoin’s price to climb.

10x Research’s indicators turn bullish - The Bitcoin reversal indicators have turned bullish, noted Thielen. Moreover, the 21-day moving average was at $85,200, and BTC was up 2.98% in the past 24 hours.

The Bitcoin reversal indicators have pulled back to where, historically, the bull markets have resumed. Two examples were the September 2023 reversal, after the exchange-traded fund (ETF) narrative, and the November 2024 rally after the U.S. Presidential election. “In short, the technical backdrop has now reset to a point where a renewed uptrend could plausibly unfold,” he said.

Altcoins were also breaking out of their downtrends in the past three months and trading at more attractive levels for buyers. Bitcoin saw a bounce but was expected to face severe resistance at the $90,000 mark.

The Bitcoin spot ETFs saw inflows in recent days for the first time since late January. Thielen mentioned that they expect a reduction in Bitcoin ETF arbitrage selling as the arbitrage opportunities have “primarily been closed for weeks now”.

Fidelity files for OnChain U.S.Treasury Fund, joins asset tokenization race

Key points:

  • Fidelity Investments became the most recent giant to enter the tokenized asset space

  • The fund currently uses the Ethereum network, and the product is expected to become effective on May 30 pending regulatory approval.

News - U.S.-based asset manager Fidelity Investments has filed paperwork to register a blockchain-based, tokenized version of its U.S. dollar money market, according to a Friday filing to the Securities and Exchanges Commission.

The company seeks to register an “OnChain” share class of its Fidelity Treasury Digital Fund (FYHXX) and use blockchains as a transfer agent. The fund, FYHXX, holds cash and U.S. treasuries and was launched late last year. Moreover, the filing said the OnChain share class currently uses the Ethereum network, and the firm may use other blockchains in the future. Registration is subject to regulatory approval, and the product is expected to become effective on May 30.

Tokenization of real-world assets - Fidelity has $5.8 trillion in assets under management (AUM). Its entry into the tokenization space marks it as the latest giant in the space. The process of tokenization of real-world assets (RWAs) refers to global banks and asset managers putting traditional financial instruments such as government bonds, credit, and funds on the blockchain. This helps with around-the-clock settlements and efficiency.

Blackrock (BLK) launched a similar tokenized T-bill in partnership with digital asset firm Securitize. The fund is called BUIDL and has become the market leader with nearly $1.5 billion of assets. Franklin Templeton’s fund was the first on-chain money market product and has gathered nearly $689 million in assets since its 2021 debut.

UK should tax crypto buyers to boost stock investing, says investment bank chair

Key points:

  • Crypto was a non-productive asset that doesn’t feed back into the economy, stated the bank chairperson.

  • A tax cut on stock purchases and applied to crypto purchases could help spur the local economy.

News - The UK should tax crypto purchases to sway the public to invest in local stocks, which can boost the country’s economy, said Lisa Gordon, chairperson of the UK investment bank Cavendish.

Currently, the UK has a 0.5% tax on shares listed on the London Stock Exchange. The tax revenue from this exchange, the country’s largest securities market, amounts to $3.9 billion a year. Gordon said a cut to this tax and applied instead to crypto purchases could sway people into putting their savings into shares of local companies. This could then spark other firms to go public and help the economy.

A mentality shift toward saving instead of investing - A 2022 Financial Conduct Authority (FCA) survey found that 70% had a savings account, while 38% either directly held shares or through an account that allowed 20,000 Euros in tax savings a year. The survey found that 3 out of 4 adults in 18-24 year olds held no investments.

“It should terrify all of us that over half of the under-45s own crypto but no equities,” she said in a report on March 23. “Equities provide growth capital to companies that employ people, innovate, and pay corporation tax.” In comparison, crypto was a “non-productive asset” that “doesn’t feed back into the economy”, according to Gordon.

The FCA said in November that crypto ownership rose to 12% in adults, numbering 7 million. Gordon added that many had “shifted to saving than investing,” and that this “is not going to fund viable retirement.”

US to return $7M to victims of ‘spoofed’ crypto investment websites

Key points:

  • The U.S. Secret Service seized some of the stolen funds from a foreign bank and began civil forfeiture action.

  • Crypto crime has entered a professional era, and market participants need to be on their toes always.

News - U.S. authorities are seeking to return $7 million to victims of a social engineering scam that tricked them into sending money to fake cryptocurrency investment platforms.

The scam involved fraudsters contacting the victims and earning their trust before directing them to websites masquerading as legitimate crypto platforms. Once the victims made a deposit, the funds were funneled through over 75 accounts under the names of shell companies. They were then sent abroad deceptively characterized as domestic wires, despite being transferred to a bank outside the U.S.

The United States Secret Service seized some of the stolen funds from a foreign bank in 2023 and began the civil forfeiture action by filing a claim in a U.S. District Court. However, the bank made a claim against the cash as well. Eventually, the U.S. authorities reached a settlement agreement for $7 million of the seized funds.

Crypto crime has entered a professional era - In a 2025 Crypto Crime Report, blockchain analytics firm Chainalysis stated that crypto crime has entered a professionalized era dominated by efficient cyber entities.

On March 21, Australian federal police said they had to alert 130 people of a message scam aimed at crypto users. It spoofed the same “sender ID” as legitimate platforms like Binance.

Another string of scam messages spoofing as Gemini and Coinbase, intended to trick users into setting up a new wallet using pre-generated recovery phrases controlled by the fraudsters. 

On March 18, cybersecurity firm Malwarebytes sent a warning about a syndicate using a new form of crypto-stealing malware hidden inside a "cracked” version of TradingView Premium.

Did you know?

  • Crypto crime is getting more sophisticated, one such attack type is address poisoning. It refers to malicious actors taking advantage of flaws in network protocols and rerouting traffic, interrupting services, or obtaining unauthorized access to sensitive data by inserting bogus data or changing routing tables. Some ways in which such attacks can be prevented are by using fresh addresses for each transaction, and by utilizing hardware wallets.

  • CryptoKitties, a blockchain game developed in 2017, allows users to breed and trade unique digital kittens, each represented as a unique non-fungible token. The CryptoKitties craze in December 2017 took the prices of some kittens to over six figures. It also caused network congestion issues, similar to the one caused by the Bitcoin Ordinals craze in January 2023. The rise in ordinals led to quickly rising transaction fees on the Bitcoin chain. While the two events underline the relative fragility of the network to sudden, extremely high on-chain activity, they also highlight the unique use cases of the two networks beyond settling financial transactions.

  •  The Solana block time is as low as 400ms, extremely quick compared to Ethereum’s 12 seconds. Data from the Solana explorer showed that the average slot time for the past hour was 401ms. Slot time refers to the fixed interval that a validator has to produce a block. Hence, new blocks might not be produced every 400ms, but this impressive capability lets the Solana network process 65,000 transactions a second.

Top 3 coins of the day

Official Trump (TRUMP)

Key points:

  • TRUMP saw a strong lower timeframe price bounce, but it has not yet established a clear uptrend.

  • The breakout past the $12.2 local resistance could set the meme coin up for its next rally.

What you should know:

Official Trump [TRUMP] saw modest gains on Sunday, climbing 12.7% to retest the $12.22 resistance level. This level lined up well with the local high from the previous weekend. Additionally, it was also the 61.8% Fibonacci retracement level, plotted based on the move downward to $9.54 that TRUMP saw earlier in March. The OBV has been slowly rising over the past ten days, indicating increased buying pressure. Also, the Awesome Oscillator exhibited bullish momentum on the 4-hour chart. Together, the chances of a move beyond the $12.2-$12.4 local resistance appeared good for the coming week. However, the higher timeframe trend was bearish, and TRUMP buyers should be cautious of holding on for too long until the trend shifts bullishly.

Solana (SOL)

Key points:

  • Solana was up 27.86% in just under two weeks.

  • Despite the quick bounce, the 1-day chart remained firmly bearish.

What you should know:

Solana has bounced 27% since March 11, but this was not a sign of recovery for the leading L1 token. The price has retraced all of the gains it made from September to January and reverted to the $125 demand zone from before the September rally. The OBV remained in a higher timeframe downtrend, like the price, indicating that the bearish pressure of recent months was not undone by the recent price bounce. Additionally, the MACD formed a bullish crossover but remained below the zero line, indicating bearish momentum has not been overthrown. From a market structure perspective, the $178.7 level was the recent lower high for the bulls to beat on the 1-day timeframe to shift the structure bullishly. On the way there, the $150 level was likely to act as resistance.

Chainlink (LINK)

Key points:

  • Chainlink was up 4.2% on Monday at the time of writing, but the longer-term trend was bearish.

  • The $17 level marked a key resistance overhead that needed to be flipped to support.

What you should know:

Like most other altcoins, Chainlink has retraced most of the gains it made during the November rally. This was why Fibonacci retracement levels were valuable tools to gain insight into most coins on the daily timeframe. At the time of writing, the price was hovering around the 78.6% retracement level at $14.54. While the price was up 4.2% for the day, the price chart showed a dominant bearish trend. The key resistance zone to the north was at $17. Analysis showed that the $17.06 level needed to be breached to flip the structure bullishly. The technical indicators were a mixed bag. The CMF was in neutral territory and did not signal sizeable capital inflows or outflows, while the MACD outlined bearish momentum. On the other hand, the OBV has not fallen below the February lows. This signaled accumulation in recent weeks and was a bullish sign for Chainlink price trends.

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