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Coinbase (COIN) stock took a hit this quarter, falling by around 31%. It represents its worst performance since the FTX meltdown in late 2022, according to Yahoo Finance data.

The drop mirrors the struggles of Bitcoin, which is set to close one of its weakest quarters with an 11% year-to-date loss, despite a 16% gain over the past year, according to TradingView.

Bitcoin-tied stocks like Coinbase often move in lockstep with Bitcoin’s price, a correlation evident when the leading crypto stumbles.

For Coinbase, exposure to altcoins like Ether—hit harder than Bitcoin—has amplified its losses, given that its revenue is tied to trading volumes across multiple tokens.

Ether has crashed 45% so far this year, now hovering around $1,800.

The pain extended beyond Coinbase; Bitcoin miners also faced sharp declines this quarter.

MARA Holdings (MARA) shed 31%, Riot Platforms (RIOT) fell over 30%, and Core Scientific (CORZ) plummeted 48%. Meanwhile, CleanSpark (CLSK) lost 27%, while Hut 8 (HUT) slumped 43%.

Strategy (MSTR), heavily invested in Bitcoin, saw a modest dip.

In contrast, Robinhood Markets (HOOD) defied the gloom, soaring nearly 12%.

Analysts warn that worse may be ahead as President Trump’s “Liberation Day” looms on April 2, when aggressive tariffs are set to take effect.

Investor sentiment is still weighed down by macro concerns, despite the crypto industry’s legislative headway in Washington. Tariffs, potential trade wars, and recession fears are driving a retreat from riskier assets.

“Since the US Presidential inauguration, the outlook of Bitcoin has changed from a trusted hedge against inflation to a more risk-on asset with a longer-term high growth prospect,” said Innokenty Isers, Chief Executive Officer at Paybis, in a recent comment.

According to Isers, Bitcoin might not be the preferred inflation hedge for risk-averse investors in the current economic climate.

He suggested that the ongoing trade war and the potential for rising inflation could reduce the amount of money allocated to Bitcoin as a safe-haven asset.

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Ethereum’s price fluctuations have placed whales on MakerDAO in a vulnerable position, with a combined 125,603 ETH worth around $238 million at risk of liquidation.

Data tracked by blockchain analytics platform Lookonchain shows that one whale, controlling around 64,793 ETH, is close to its liquidation price of $1,787.

With ETH trading at $1,841 at press time, this whale is only $54 away from its liquidation price.

The trader narrowly avoided liquidation on March 11 by partially repaying their debt after a sharp ETH price drop.

However, the current downturn has put their position back in jeopardy, with the health rate now at 1.04. Continued price decreases could trigger automatic liquidation.

Another whale deposited 60,810 ETH as collateral to borrow 75.69 million DAI, with a liquidation threshold of $1,805. The position faces automatic liquidation if ETH prices fall below this level.

ETH dips below $1,900 amid ETF drag, hacker dump, and market slump

Ethereum has fallen below $1,900, registering a 6% decrease in the past seven days amid market-wide turbulence. Apart from that, a series of negative catalysts have weighed heavily on crypto’s price.

Rising inflation fears and disappointing US economic data have led investors to reduce exposure to risk assets, including crypto assets. President Trump’s announcement of reciprocal tariffs set to take effect on April 2 has further heightened market uncertainty.

Bitcoin briefly dipped below $82,000 in early Saturday trading before recovering slightly to $82,800.

Currently, BTC is trading around $82,400, reflecting a nearly 2% decline over the past week, according to TradingView data. The Bitcoin pullback is also dragging down altcoins, including Ethereum.

On the ETF market, US-listed spot Ethereum funds showed continued sluggish performance.

According to Farside Investors’ data, between March 5 and March 27, investors pulled over $400 million from these funds. The trend reversed yesterday as the ETFs collectively drew in nearly $5.

While the slow uptake has dampened investor enthusiasm, there’s anticipation that the potential enabling of the staking feature could help boost ETF demand. A number of ETF managers are seeking SEC approval to add staking to their existing spot Ethereum ETFs.

Another factor potentially influencing ETH’s price is the sell-off triggered by a hacker dumping a large amount of stolen Ethereum.

According to an early report from Lookonchain, hackers recently offloaded 14,064 Ethereum from THORChain and Chainflip.

Hackers are dumping $ETH!

2 new wallets(likely related to hackers) received 14,064 $ETH from #THORChain and #Chainflip, then dumped for 27.5M $DAI at an average selling price of $1,956.https://t.co/hSP1PRGpuLhttps://t.co/6axvL6d7Dg pic.twitter.com/7RoYCGMdWD

— Lookonchain (@lookonchain) March 28, 2025

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BlackRock’s Global Allocation Fund has increased its holdings in the iShares Bitcoin Trust (IBIT) by 91% to 821,664 shares valued at around $47 million as of January 31, according to a Thursday SEC filing.

The globally diversified investment strategy, designed to maximize total return while managing risk, added 390,894 IBIT units to its portfolio between November 2024 and January 2025.

The fund has steadily expanded its IBIT holdings from 43,000 shares in April 2024 to 198,874 shares in July 2024.

Apart from the Global Allocation Fund, BlackRock previously disclosed holding $78 million in IBIT shares across two investment funds—the Strategic Income Opportunities (BSIIX) and the Strategic Global Bond (MAWIX).

According to the firm’s most recent disclosure, the BSIIX fund owned 2,140,095 IBIT shares worth approximately $77 million, while the MAWIX fund maintained 40,682 shares valued at about $1.4 million, as of September 30.

BlackRock’s Bitcoin Trust has drawn massive investments from hedge funds, pension funds, and institutional investors since its launch.

Mubadala Investment, the Abu Dhabi sovereign wealth fund, reported last month that it had purchased almost $437 million worth of IBIT shares during the first quarter of 2024, representing one of the first significant investments in crypto assets by a major sovereign wealth fund.

The State of Wisconsin Investment Board (SWIB) also doubled down on IBIT, revealing a $321 million investment by the end of 2024.

As of March 25, BlackRock’s Bitcoin fund had around $49,5 billion in assets under management, according to the fund’s official website.

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Hyperliquid delisted JELLYJELLY after a shadowy whale’s audacious shorting spree sent shockwaves through the exchange, nearly sinking its HLP Vault with a $12 million loss in a matter of minutes.

After evidence of suspicious market activity, the validator set convened and voted to delist JELLY perps.

All users apart from flagged addresses will be made whole from the Hyper Foundation. This will be done automatically in the coming days based on onchain data. There is no…

— Hyperliquid (@HyperliquidX) March 26, 2025

The situation started earlier today when a trader opened an $8 million short position on JELLYJELLY, a low-cap token valued at around $20 million at the time, according to data tracked by Abhishek Pawa, AP Collective founder. The trader then deliberately removed margin, forcing Hyperliquid’s liquidity vault (HLP) to inherit and auto-liquidate the massive short position.

The trader allegedly bought JELLYJELLY tokens elsewhere, pumping the token’s price on-chain, driving it higher and forcing their own position into liquidation.

The liquidator vault absorbed the remaining short position, which was around $12 million unrealized loss as JELLYJELLY’s price continued to climb. The token’s market cap peaked at around $50 million before delisting.

Taking advantage of the manipulated short squeeze and Hyperliquid’s forced liquidations, a newly created wallet starting with “0x20e8” opened a long position on JELLYJELLY. As the price skyrocketed, the trader swiftly pocketed over $8 million in profits.

At the time, if JELLYJELLY’s price continued to rise and reached a $150 million market cap, Hyperliquid’s liquidator vault faced the risk of full liquidation. Those fears escalated as Binance and OKX announced they would list the token on their futures markets.

Following these announcements, Hyperliquid paused trading of JELLYJELLY. The exchange subsequently confirmed the token’s delisting on X.

Hyperliquid eventually settled 392 million JELLY at $0.0095, earning a $703,000 profit without any losses, according to Lookonchain.

Hyperliquid liquidated 392M $JELLY($3.72M) at $0.0095, making a profit of $703K without any loss.

Then #Hyperliquid delisted $JELLY(jellyjelly).https://t.co/zbnP6ujtGa pic.twitter.com/6EbSms7oXx

— Lookonchain (@lookonchain) March 26, 2025

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Bitget’s CEO, Gracy Chen, warned today about potential risks at crypto trading platform Hyperliquid following controversial handling of the JELLY token incident.

#Hyperliquid may be on track to become #FTX 2.0.

The way it handled the $JELLY incident was immature, unethical, and unprofessional, triggering user losses and casting serious doubts over its integrity. Despite presenting itself as an innovative decentralized exchange with a…

— Gracy Chen @Bitget (@GracyBitget) March 26, 2025

The platform faced turmoil after a trader opened and deliberately self-liquidated a $6 million short position on JellyJelly, forcing Hyperliquid to absorb substantial losses.

The token’s market cap surged from approximately $10 million to over $50 million in under an hour due to the forced squeeze.

The CEO criticized Hyperliquid’s operational structure, stating:

“Despite presenting itself as an innovative decentralized exchange with a bold vision, Hyperliquid operates more like an offshore CEX with no KYC/AML, enabling illicit flows and bad actors.”

The Bitget CEO highlighted structural concerns about Hyperliquid’s platform, including “mixed vaults that expose users to systemic risk, and unrestricted position sizes that open the door to manipulation.”

Binance announced plans to list JELLY perpetual futures amid the controversy, which some users interpreted as a move to target Hyperliquid’s position.

BREAKING 🚨

Binance will offer perps listing for $JELLY

They’ve declared war against Hyperliquid pic.twitter.com/zjJKGxHD6f

— Abhi (@0xAbhiP) March 26, 2025

The token has risen 62% in the past 24 hours, while Hyperliquid’s HYPE token has fallen 14.4%, according to CoinGecko data.

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Bitcoin’s resurgence to $88,500 has reignited optimism among retail traders, but blockchain analysis firm Santiment’s analysis of social media predictions suggests caution.

In late February and early March, Bitcoin faced major pressure, with prices dropping to $78,000 twice. The decline was driven by several factors, including President Trump’s economic policies and tariffs, as well as macroeconomic factors.

Concerns about inflation and potential tighter monetary policies by the Fed contributed to risk-off sentiment, making Bitcoin and altcoins less appealing compared to safer assets.

During the same period, gold prices reached new highs, touching $3,057 in March 2025 after hitting $2,956 per ounce in February.

The price decline led to widespread fear among traders and investors. However, the second half of March brought a sharp reversal, with Bitcoin rebounding to $88,500.

The recent price recovery has shifted market sentiment toward mild greed, according to Santiment.

Santiment’s social media analysis shows traders are making bullish price predictions ranging from $100,000 to $159,000 for Bitcoin, while bearish forecasts span $10,000 to $69,000.

Santiment warns that crowd sentiment often signals the opposite of what actually happens next.

History suggests that when the majority of social media users predict soaring prices, the market is more likely to experience a downturn, the firm states. Conversely, when pessimism dominates and predictions turn bleak, prices tend to recover.

Santiment suggests caution during periods of extreme market sentiment. When social media is flooded with posts declaring “to the moon” or “lambo time,” it may be a warning sign of an impending correction.

“When you see “crypto is dead” or “bitcoin is a scam”, this should be music to your ears,” the firm noted.

Bitcoin traded at around $87,200 at press time, showing a 6% gain over the past week, according to CoinGecko data.

Arthur Hayes, co-founder of BitMEX, forecasts Bitcoin will surpass $110,000, propelled by the US Fed transitioning from quantitative tightening to easing. This shift may inject liquidity into the market, bolstering the price of Bitcoin.

Markus Thielen, 10X Research founder, suggests that while easing measures and relaxed tariff discussions could support Bitcoin’s recovery, immediate catalysts for a dramatic surge appear limited.

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An infamous trader known as the ‘Hyperliquid whale’ has publicly defended himself against cybercrime allegations made by on-chain investigator ZachXBT.

ZachXBT on Tuesday accused the crypto whale, now operating under the X handle @qwatio and using the name MELANIA, of cybercriminal activity.

The claim came after the trader opened a massive $445 million short position on Bitcoin using 40x leverage, betting on a price decline. This position drew market attention and led to an attempted “short squeeze” by other traders, which ultimately failed.

The crypto whale avoided liquidation despite being aggressively “hunted” and closed the position with over $9 million in profit on Tuesday.

ZachXBT reported that while the community was intrigued by the so-called ‘Hyperliquid whale’, this individual was merely gambling with illicit funds.

The analyst did not reveal the trader’s identity at the time but confirmed there was no connection to the Lazarus Group.

On Wednesday, the Hyperliquid whale took to X to deny these accusations. The trader directly confronted ZachXBT’s claims that he was using stolen funds for high-leverage trades.

“RE: Baseless speculations,” the trader stated, challenging ZachXBT to specify which stolen funds were in question, noting his wallet received thousands of transactions from various dubious sources.

In response, ZachXBT said that he will release detailed evidence at 1 PM UTC tomorrow.

The investigator also shared preliminary evidence indicating that Hyperliquid whale’s X account was recently acquired.

ZachXBT showed some hints suggesting that the trader’s wallet received funds from victims of wallet-draining malware in January 2025.

The wallet also received funds from potentially illicit sources, such as shady exchanges and online casinos, which are often associated with money laundering, according to ZachXBT’s findings.

The infamous trader also opened a 5x leveraged long position on the MELANIA token, and still holds this position, according to Hypurrscan data.

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