- Sebastjan Bele
- Updated: March 27, 2025
- Reading time: 6 min
Bitcoin Reclaimed $85K, FED Held Interest Rates, XRP Lawsuit Dropped & Stablecoin Growth
Bitcoin is hovering around $87K, holding steady as sentiment begins to shift more bullish, fueled by technical support and fresh headlines.
Binance made headlines by identifying a market maker allegedly responsible for aggressively dumping MOVE tokens, raising concerns over insider-driven volatility on centralized exchanges.
Meanwhile, Hyperliquid delisted the memecoin JELLYJELLY after a whale manipulation fiasco, continuing the trend of exchanges cracking down on low-liquidity token antics.
On the institutional front, GameStop announced a $1.3 billion convertible note offering to acquire Bitcoin, mirroring MicroStrategy’s strategy. At the same time, BlackRock expanded its crypto footprint by launching a Bitcoin ETP in Europe, following its ETF success in the U.S.
In a notable policy shift, the U.S. Senate voted to repeal a controversial crypto tax rule, which had been finalized just before Trump took office.
News:
Table of Contents
Markets
Best Performers
For the second week in a row, Four (FORM) tops the charts, gaining 37.38%, as momentum around the token continues to build.
Berachain (BERA) follows in second place, up 31.49%, driven by the launch of the next phase of its Proof-of-Liquidity (PoL) system, which has captured community and developer attention.
Curve DAO Token (CRV) saw a 28.01% gain, as developer activity hit all-time highs, sparking renewed interest in the DeFi blue chip.
Cronos (CRO) rallied 22.91% ahead of its zkEVM v26 Mainnet upgrade, showing strong anticipation from the community.
Rounding out the list, Bonk (BONK) posted a solid 19.91% gain.
Chain Volumes
It’s been a relatively quiet week in terms of chain volume, with Binance Smart Chain (BSC) and Ethereum (ETH) continuing to dominate the top two spots, though both saw slight declines in weekly volume.
Among the top 10 chains, only Hyperliquid (+38.41%) and Sonic (+7.51%) posted meaningful increases in trading activity, while the rest experienced modest to significant pullbacks.
Berachain, although not in the top 10, deserves a shoutout—it saw a massive 105% increase in weekly volume, signaling strong momentum and growing attention toward the network’s ecosystem developments.
US Spot ETF Balances
US Bitcoin Spot ETFs
Current weekly inflows = $6.18 billion
Total Assets Under Management (AUM) = $101.90 billion*
US Ethereum Spot ETFs
Current weekly inflows = $100 million
Total Assets Under Management (AUM) = $8.91 billion*
*The data for BTC / ETH ETFs can vary, so we use Coinglass as our source.
Market Commentary
Bitcoin has reclaimed its EMA200 and is now trading around $87K, while Ethereum holds just above $2,000—a sign of tentative support across majors. The total crypto market cap now stands at $2.86 trillion, marking a 1.42% increase from last week’s $2.82 trillion.
However, when zooming out to the period since Trump’s inauguration on January 20th, a broader shift in market sentiment becomes evident:
- Bitcoin is down 14.15%
- Ethereum is down 38.26%
- Gold has surged 16%
- S&P 500 has dropped 4.58%
- NASDAQ is down 7.09%
Interestingly, while U.S. markets and crypto have seen pressure, Asia is seeing green:
- Shanghai Composite Index is up 3.27%
- Hang Seng Index is up 18.50%
Bitcoin dominance sits at 60.7%, while the Fear & Greed Index stands at 40 (Fear)—signaling a cautious market tone despite the recent bounce.
What’s Next?
It looks like EMA200 is holding as support for Bitcoin, providing a solid base for bulls. On lower timeframes, BTC continues to form a healthy structure of higher highs (HH) and higher lows (HL), though it currently appears to be range-bound between $86K and $88K.
Historically, Q2—and especially April—has been a strong period for risk assets, second only to the traditional December rally. The S&P 500 has averaged an annualized return of 19.6% in Q2, while Bitcoin typically sees its second-best median gains during this time, trailing only its performance in Q4.
For now, the plan remains the same: the next upside target is $92K, which continues to act as major resistance. As mentioned in previous weeks, a confirmed breakout above $92K could quickly send BTC toward $100K, with new all-time highs potentially in reach shortly thereafter.
As for equities, one key risk to monitor is the potential for “pin risk”: if the S&P 500 were to slide toward the $5,565 level—where the JPMorgan Hedged Equity Fund holds substantial long put positions—it could lead to a sharp increase in U.S. market volatility.
Meme of the Week
We hope you enjoyed this week’s edition of Diary of a Market Maker ! Stay tuned for more insights, updates, and market-moving highlights as we continue to keep you informed and entertained in the ever-evolving world of crypto.
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Until next time, happy trading and stay ahead of the curve!
Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial, investment, or other professional advice. All opinions expressed herein are solely those of the author and do not represent the views or opinions of any entity with which the author may be associated. Investing in financial markets involves risk, including the potential loss of principal. Readers should perform their own research and consult with a licensed financial advisor before making any investment decisions. Past performance is not indicative of future results.
Jakob Brezigar
Jakob, an experienced specialist in the field of cryptocurrency market making, boasts an extensive international presence. With Orcabay, he has skillfully managed major operations and deals for a wide array of global stakeholders.
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