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PayPal Enables Crypto Checkout for U.S. Merchants

CW31. Bitget debuts Unified Account for integrated trading. Binance launches RWUSD, a principal-protected product tied to tokenized U.S. Treasuries. PayPal allows U.S. merchants to accept over 100 cryptocurrencies, signaling further real-world adoption of digital assets.

ETH Microstrategies: U.S. Firms Accumulate and Stake ETH

CW30. SharpLink Gaming and other U.S.-listed firms are building large ETH reserves and staking them, signaling a shift from the Bitcoin-focused model. Binance adds yield-bearing stablecoins USYC and cUSDO as collateral, while Solana plans to boost network compute capacity to 100M units.

$9.5B Satoshi-Era BTC Whale Moves 80K Coins to Galaxy Digital

CW 29. A long-dormant Bitcoin whale moved 80K BTC, now worth $9.5B, to Galaxy Digital after 14 years of holding. Standard Chartered became the first global bank to offer deliverable BTC/ETH spot trading to institutions. Kraken launched regulated crypto futures trading in the U.S.

Stablecoin DeFi yield farming in 2025, efforts required and target yield

Background DeFi summer was 2022, kicked off by Compound. Then in the later years new innovations kept emerg along with new chains and protocols, though some protocols unfortunately lost users and quitted (e.g. Alpaca finance closed, or the whole chain Heco closed, and LUNA/UST ponzi collapse). Now at

GMX V1 GLP Pool Exploit Drains $40 Million

CW28. Circle teams with OKX for zero-fee USD↔USDC conversions and agrees a revenue-share deal with Bybit. GMX’s V1 GLP pool was exploited for $40 million, triggering $500 million in withdrawals and a 10% white-hat bounty. Major stablecoin issuers hold $182.4 billion in U.S. Treasuries.

BlackRock’s Bitcoin ETF Surpasses Its S&P 500 Fund

CW 27. Robinhood expands in crypto: commission-free stock tokens on ARB chain, a Layer 2 blockchain, plus EU perpetual futures and staking. BlackRock’s iShares Bitcoin ETF now generates more fees than its S&P 500 fund. At ETHCC, Vitalik Buterin proposed three crypto security tests.

Fannie & Freddie to Explore Crypto in Mortgage Risk Models

CW 26. The FHFA has directed Fannie Mae and Freddie Mac to evaluate crypto as a reserve asset in mortgage loan risk assessments. Coinbase will launch nano Bitcoin and Ether perpetual-style futures in the U.S. Circle’s stock hit a peak valuation exceeding USDC’s market cap.

Coinbase Secures MiCA License in Luxembourg

CW25. Coinbase has obtained a MiCA license in Luxembourg, establishing it as its EU hub. Bybit plans to launch a Solana-based DEX called Byreal with CEX-DEX integration. KuCoin, amid regulatory pressure, steps up compliance by restricting non-KYC users and joining BitGo’s settlement network.

SEC Signals Softer Stance on DeFi Development

CW24. The SEC and CFTC offered contrasting tones on DeFi, with the SEC expressing support for innovation while warning against fraud. Coinbase introduced a Bitcoin rewards card and launched Coinbase Business. Meanwhile, ZKJ and KOGE tokens crashed after Binance revised Alpha Point rules.

Circle Stock Soars After NYSE Debut

CW23. Circle (CRCL) surged over 200% in its NYSE debut, reflecting renewed interest in stablecoins. Meanwhile, Singapore restricts crypto firms from serving overseas clients, as Hong Kong positions itself as a regional hub. JPMorgan will accept crypto ETFs as loan collateral.

Arkham Unmasks $54.5B in MicroStrategy Bitcoin Holdings

CW 22. Alpaca Finance announced its shutdown, raising questions about the future of its smart contracts post-closure. FTX begins a second round of creditor repayments totaling $5B, with recovery rates up to 120%. Arkham has identified MicroStrategy’s BTC wallets, revealing $54.5B in holdings.

U.S. Introduces GENIUS Act to Regulate Stablecoins

CW 21. The GENIUS Act proposes a U.S. regulatory framework for stablecoins, focusing on transparency, reserve backing, and oversight. Meanwhile, crypto exchanges and stock brokers are converging, offering cross-asset trading. The SEC has acknowledged BlackRock’s Ether ETF proposal.

Coinbase Joins S&P 500, Shares Surge 24%

CW 20. Coinbase will join the S&P 500, replacing Discover, marking a milestone for the crypto industry. Its shares rose nearly 24% on the news. Binance launched a new Alpha Points usage mechanism for TGEs and airdrops. CoinMarketCap unveiled its own launchpad, CMC Launch.

Strategy Index: Long Short I and Funding Arb II

Drawing on real trading data from 11 crypto trading teams managing over $2B, 1Token’s latest benchmark research provides actionable insights and in-depth analysis of Funding Arbitrage and Long Short strategies for Q1 2025, among the most prominent trading approaches in the cryptocurrency market.