Trading Desk Insights
Risk assets took a hit on Tuesday as the market waited to hear from President Trump about his plans for tariffs. The uncertainty around this has been causing a lot of volatility in global financial markets. Tuesday also kicked off the second quarter, following a rocky first quarter. The Washington Post reported that the Trump administration might impose tariffs of around 20% on most imports into the U.S. The White House is expected to announce these tariffs on Wednesday, covering goods from nearly all countries, despite investors hoping for a more targeted approach.
Bitcoin bounced back 5% from its recent lows, reaching $85,000. However, we still need to break through the 20-day and 200-day moving averages to get back to a neutral position. Right now, puts are more expensive than calls, suggesting there's a bearish outlook for the market heading into the May expiration. This likely reflects investor nerves about Trump’s anticipated tariff announcement, as a strong move could put pressure on risk assets, including cryptocurrencies. Long-term Bitcoin holders and newer whales are showing resilience, holding their positions and helping stabilize Bitcoin's price.
ETH reclaimed its position as the top DEX in March, beating Solana for the first time since September. ETH DEXs saw a total trading volume of $64.5 billion in March, outpacing Solana’s $49.7 billion by 23%, despite Solana usually taking the lead during the memecoin boom.
In other news, there are reports that the Treasury and other federal agencies will reveal their Bitcoin and crypto holdings on April 5, in line with a March 11 directive to disclose these assets within 30 days of Trump’s executive order to create a strategic crypto reserve.
The News Room
US policy proposal calls on Treasury to issue $2 trillion in Bitcoin-enhanced bonds to offset debt, fund strategic reserve
A recent proposal from the Bitcoin Policy Institute suggests that the U.S. Treasury issue $2 trillion in "Bitcoin-Enhanced Treasury Bonds" to reduce national debt and establish a Strategic Bitcoin Reserve. These bonds would allocate 90% of proceeds to traditional government financing and 10% to purchasing Bitcoin, potentially adding $200 billion to the reserve. The bonds would offer a 1% annual interest rate, lower than the current 10-year Treasury yield of approximately 4.5%, in exchange for exposure to Bitcoin's potential gains. If Bitcoin's value appreciates as historically observed, the program could significantly offset national debt by 2045. Additionally, the proposal includes tax-exempt interest payments and Bitcoin-linked gains, aiming to make the bonds accessible to a broad range of investors
Vitalik proposes new roadmap for Ethereum to enhance L2 security, finality
Ethereum co-founder Vitalik Buterin has introduced a comprehensive roadmap aimed at enhancing the security and finality of Layer-2 (L2) rollups on the Ethereum network. Central to this proposal is a hybrid-proof architecture that integrates zero-knowledge proofs, optimistic rollups, and trusted execution environments (TEEs), ensuring a balanced and robust security model without over-reliance on any single system. This framework aims to achieve faster transaction finality and bolster trust within Ethereum's scaling solutions, marking a significant step forward in the network's evolution.
Tether strengthens Bitcoin portfolio with 8,888 BTC acquisition, sits on unrealized profit of $3.86 billion
Tether, the issuer of the USDT stablecoin, acquired 8,888 BTC in Q1 2025, bringing its total holdings to 92,647 BTC, valued at approximately $7.64 billion. This positions Tether among the top six largest Bitcoin wallets globally, with an estimated unrealized profit of $3.86 billion. Since May 2023, Tether has consistently purchased 8,888 BTC each quarter, allocating 15% of its quarterly profits to Bitcoin as part of a strategy to diversify its reserves, which also include gold and cash equivalents.
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
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