Crypto Morning News: Binance says ACT's plunge was caused by sell-offs from four users; Backpack completes acquisition of FTX EU
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Crypto Morning News: Binance says ACT's plunge was caused by sell-offs from four users; Backpack completes acquisition of FTX EU
The U.S. government will complete the audit of its holdings in Bitcoin and other crypto assets by April 5.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Developments
Trump Administration Considering Launch of "BitBonds" to Support Strategic Bitcoin Reserve Plan
According to TheBlock, the Bitcoin Policy Institute proposed an innovative financial instrument called "BitBonds" on April 1, 2025, aimed at implementing President Trump’s executive order signed in March establishing a strategic Bitcoin reserve. These bonds would attract investors with a low interest rate of 1%, which is 3.5% lower than traditional Treasury yields. Of the revenue generated, 90% would go toward government funding and 10% would be used to purchase Bitcoin.
Experts estimate that if $2 trillion in BitBonds are issued—approximately 20% of the refinancing needs for 2025—the U.S. could save $70 billion annually in interest expenses, totaling $700 billion over ten years, while expanding its Bitcoin reserves without additional burden on taxpayers. The plan is seen as an innovative solution to address the challenge of $9.3 trillion in short-term U.S. debt maturing.
The U.S. Government Will Complete Its Audit of Bitcoin and Other Crypto Holdings by April 5
According to Crypto Briefing, the U.S. Department of Treasury and other federal agencies will complete their first comprehensive audit of government-held Bitcoin and other digital assets by April 5. This audit stems from a recent executive order issued by President Trump requiring all federal agencies to report their digital asset holdings within 30 days.
Circle Submits S-1 Filing to SEC for NYSE IPO
Per documents filed on the U.S. SEC website, Circle has submitted an S-1 registration statement to the Securities and Exchange Commission for an initial public offering under the ticker symbol “CRCL,” applying to list on the New York Stock Exchange. The IPO price range has not yet been determined.
In addition, according to The Block, Circle acquired the remaining 50% stake in the Centre Consortium for $210 million worth of stock in 2023—a stake previously held by Coinbase. The Centre Consortium is the joint venture responsible for issuing the USDC stablecoin, with both Coinbase and Circle having been partners in the venture.
Market Rumor: VanEck Registers BNB ETF in Delaware
Market sources indicate that VanEck has registered a VanEck BNB ETF in Delaware, potentially signaling plans to launch a BNB-based investment product in the United States.
Binance: Four Users Sold $1.05M Worth of ACT Spot Tokens, Causing Price Drop
In response to yesterday’s sharp decline in the ACT token, Binance released an investigation report on price volatility. The report found that three VIP users cross-sold approximately 514,000 USDT worth of ACT tokens in the spot market, while one non-VIP user transferred in and sold another 540,000 USDT equivalent. During the price drop, some users’ futures contracts were liquidated, triggering broader declines across other tokens.
Binance stated that to mitigate potential risks, it has proactively reduced leverage limits on the ACTUSDT perpetual contract. However, since all ACT tokens are fully circulating in the secondary market, the platform cannot intervene in user selling activities. It will continue monitoring developments and adjust risk controls accordingly.
Wintermute Founder: Only Conducted Arbitrage After Volatility Occurred
Evgeny Gaevoy, founder and CEO of Wintermute, responded to the recent steep decline in ACT and other meme tokens.
Gaevoy clearly stated that Wintermute was not involved in the sell-off and said they are also trying to understand what caused the event. He explained that Wintermute only conducted arbitrage operations on automated market maker (AMM) pools after significant price movements had already occurred.
GameStop Completes $1.3 Billion Convertible Bond Issuance, May Begin Bitcoin Purchases
According to CoinDesk, video game retailer GameStop has completed its issuance of convertible bonds. Its $1.3 billion in five-year convertible notes have been fully subscribed, with total proceeds reaching $1.5 billion including the overallotment option, resulting in net proceeds of $1.48 billion after fees.
Last week, during its fourth-quarter earnings announcement, GameStop CEO Ryan Cohen revealed that the board had approved an updated investment policy to include Bitcoin on its balance sheet. Proceeds from this financing are expected to partially fund Bitcoin purchases.
Wang Chun, Co-founder of F2Pool: Today We Became the 681st Human to Cross the Kármán Line, the 626th to Orbit Earth
Wang Chun, astronaut aboard SpaceX’s Crew Dragon and co-founder of F2Pool, posted on X: “Today, we became the 681st human to cross the Kármán line, the 626th to orbit Earth.”
Earlier reports indicated that SpaceX’s Crew Dragon launched its sixth crewed mission (Fram-2) on April 1, 2025, carrying four astronauts: Wang Chun, Yannick Mikkelsen, Rabea Rogge, and Anieric Phillips.
Wang Chun, a Chinese-born entrepreneur who made his fortune through Bitcoin investments (as co-founder of F2Pool), has participated in multiple commercial space projects. This mission, funded almost entirely by Wang’s team at nearly $200 million, marks the first privately contracted polar-orbit mission in commercial space history. Wang serves not only as mission initiator and primary funder but also as commander.
Backpack Completes Acquisition of FTX EU, Initiates User Fund Recovery Today
According to official announcements, globally compliant crypto exchange Backpack has officially completed its acquisition of FTX EU. Starting today, Backpack EU has initiated asset recovery procedures and fund distribution processes, offering clear and accessible services to return previously frozen fiat assets to former FTX EU users.
Following the acquisition, Backpack will reactivate licenses formerly held by FTX EU and plans to offer full cryptocurrency derivatives trading services across the European Union.
Shaw: ElizaOS v2 and auto.fun Project Set to Launch Soon
According to social media posts by Shaw, founder of ElizaOS, the Launchpad project auto.fun will launch alongside its first set of partners in two weeks. Meanwhile, the "v2" version of ElizaOS (formerly known as ai16z) is ready and will soon begin marketing promotion and official rollout.
Shaw said he will travel to Hong Kong next week, followed by Paris, to conduct on-site previews and promotional events for these two projects.
Berachain Ecosystem Trading Aggregator Ooga Booga Announces Tokenomics, 10% Allocated for Airdrop
Berachain ecosystem liquidity aggregator Ooga Booga has unveiled its token economic model:
- Team allocation: 18%, locked for 6 months, then linearly unlocked over 24 months;
- Advisor allocation: 1.35%, locked for 6 months, then linearly unlocked over 24 months;
- Investor allocation: 19.15%, no lock-up, linearly unlocked over 24 months;
- Community incentives: 20%, 100% unlocked at TGE;
- Ecosystem: 30%, 100% unlocked at TGE;
- Public sale: 1.5%, 100% unlocked at TGE;
- Airdrop: 10%, 100% unlocked at TGE.
Market Data
Suggested Reading
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This article explores the psychological parallels between romantic relationships and investment behaviors, highlighting blind spots in personal decision-making regarding emotions and finance. It emphasizes the importance of self-reflection and includes several related updates from the blockchain industry.
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Crypto VC Roundtable: Behind the Hyperliquid Crisis, DEX Governance Challenges and CEX Power Plays
This article provides an in-depth analysis of the Hyperliquid incident and the governance issues it exposed within decentralized exchanges (DEXs). It also examines stablecoin legislation, blockchain applications in privacy protection and data monetization, and the relationship between narrow banking concepts and cryptocurrencies. Additional topics include DeFi dynamics, exchange competition, and gene data on-chain initiatives.
This article details the journey of Movement co-founder Cooper Scanlon—from dropping out of college to entering the crypto space and building a multi-billion-dollar project now seeing accumulation from members of the Trump family. It explores Movement’s unique advantages, future roadmap, and insights into the current state and trends of U.S. crypto regulation.
Arthur Hayes’ Latest Essay: Fed Policy Shift Signals Emerging, Can Bitcoin Break $250K by Year-End?
This article analyzes Federal Reserve Chair Powell’s policy dilemma, arguing that under pressure from massive government debt and political influence, the Fed is gradually abandoning its independence and shifting toward quantitative easing (QE) to support fiscal spending. It examines how Trump-era policies affect the economy and crypto markets, explores Bitcoin’s potential value appreciation in the current liquidity environment, and forecasts a possible year-end price target of $250,000. The essay also delves into the interplay between monetary and fiscal policy, shifts in global trade dynamics, and historical precedents informing today’s economic strategies.
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