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- Ethereum’s $10K Target Cut to $4K | Crypto Alpha Week 12 of 2025
Ethereum’s $10K Target Cut to $4K | Crypto Alpha Week 12 of 2025
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TL;DR
MicroStrategy’s $500M Stock Raise for Bitcoin
Brazil Moves to Allow Bitcoin Salary Payments
Ethereum’s $10K Target Cut to $4K
U.S. Treasury Lifts Tornado Cash Sanctions
Solana Futures Launch on CME, Boosting ETF Prospects
Canary Files for PENGU ETF
$NIL Token Launching on Binance March 24
Drop Unveils dNTRN for Liquid Staking on Neutron
Kraken Adds Native USDT & USDC on Avalanche
FreeStyle Basketball Launches on Avalanche
Telegram CEO Durov Leaves France
SEC Drops Ripple Lawsuit
And much more!
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Bitcoin Highlights of the Week
MicroStrategy announced a $500 million preferred stock offering to acquire more Bitcoin. The company will issue 5 million shares of its new Series A perpetual preferred stock (STRF), featuring a 10% annual cash dividend. Despite this, MicroStrategy’s stock fell 5% amid market turbulence.
The firm’s Bitcoin holdings now total 499,226 BTC, reinforcing its ongoing accumulation strategy. Led by Michael Saylor, the company remains committed to expanding its BTC reserves despite market fluctuations, positioning itself as a major institutional Bitcoin holder. The move underscores its long-term confidence in Bitcoin as a strategic asset.
Xapo Bank has introduced a Bitcoin-backed lending product, enabling select customers to borrow up to $1 million without selling their BTC. With a conservative 20%-40% loan-to-value ratio, the loans provide a cushion against forced liquidation. Repayment terms range from 30 days to a year, with no early penalties.
Unlike past failed lenders, Xapo ensures customer BTC isn’t rehypothecated. Available in Europe and Asia but not the U.S., the service is designed for long-term holders seeking liquidity for major expenses while retaining Bitcoin exposure. The launch signals growing institutional interest in Bitcoin-backed financial services.
Brazil is considering a new bill that would allow workers to receive up to 50% of their salary in Bitcoin, with the rest in Brazilian reais. Proposed by federal deputy Luiz Philippe of Orleans e Bragança, the law aims to modernize the financial system and attract investment.
Employers must provide exchange rate transparency and educate workers on risks. Foreign workers and contractors may receive full Bitcoin salaries. If passed, Brazil will join countries like Japan and Switzerland in permitting Bitcoin wage payments. The bill is under review and requires approval from Congress and the president to become law.
Minnesota state Senator Jeremy Miller has introduced the Minnesota Bitcoin Act, allowing the state to invest in Bitcoin and enabling residents to use BTC for tax payments. Initially skeptical, Miller became a believer after research and constituent feedback.
The bill would let state employees add Bitcoin to retirement accounts and exempt BTC investment gains from state income taxes. Minnesota joins 23 states exploring Bitcoin reserves, following a broader trend in U.S. crypto adoption. The move aligns with federal efforts like Senator Cynthia Lummis' BITCOIN Act, pushing for government Bitcoin holdings.
The Bank of Korea has stated it has not reviewed or discussed holding Bitcoin as part of its foreign exchange reserves, citing high volatility and liquidity concerns. Responding to inquiries from lawmakers, the central bank emphasized the need for a “cautious approach” and noted that Bitcoin lacks investment-grade credit ratings.
This stance comes amid global discussions on Bitcoin’s role in national reserves, following the U.S. executive order establishing a strategic Bitcoin reserve. Meanwhile, South Korea’s regulators are assessing Japan’s approach to crypto ETFs as part of broader financial policy considerations.
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Ethereum Highlights of the Week
The Depository Trust & Clearing Corporation (DTCC) has endorsed Ethereum’s ERC-3643 token standard for permissioned securities, joining the ERC3643 Association to drive its adoption. The move signals growing regulatory acceptance of blockchain tokenization, aligning with the U.S. push to become a crypto hub.
ERC-3643 enables controlled issuance and transfer of security tokens via a decentralized identity protocol. DTCC has been an early blockchain adopter, previously testing tokenized U.S. Treasury settlements and launching ComposerX for digital asset transactions. This development strengthens Ethereum’s role in regulated financial markets.
Coinbase now controls 11.42% of staked Ethereum, making it the largest node operator. The exchange has staked 3.84 million ETH worth $6.8 billion, surpassing other operators in network share. Coinbase’s validators achieved 99.75% uptime and participation rates, outperforming the Ethereum network averages.
The firm credits its strong performance to a 2024 upgrade that enabled seamless beacon node maintenance. Despite being a centralized exchange, Coinbase distributes validators across multiple global regions to support Ethereum’s decentralization. Following the report, Ether surged past $2,000, with accumulation addresses significantly increasing their holdings.
Securitize and Ethena have introduced Converge, an Ethereum-compatible blockchain aimed at bridging traditional finance (TradFi) with decentralized finance (DeFi). Designed for tokenized real-world assets, Converge supports Ethereum smart contracts and dApps without modifications.
The project has secured partnerships with Avara, Pendle, Morpho, and Maple Finance, alongside custodians Copper and Fireblocks. Converge’s governance model leverages Ethena’s ENA token, allowing staking via permissioned validators linked to TradFi institutions, reinforcing regulatory compliance while integrating DeFi mechanisms.
Standard Chartered has lowered its Ethereum price forecast from $10,000 to $4,000 by year-end, citing ongoing underperformance. Ethereum’s value has dropped 48% in the past year, while Bitcoin and XRP have gained. The Dencun upgrade has failed to retain economic value, as layer 2 networks like Base siphon fees away.
Analysts warn that without a major shift—such as taxing layer 2s—Ethereum’s struggles may persist. While weak ETF inflows offer little relief, some believe a turnaround is possible if institutional interest grows. However, the Ethereum Foundation’s current non-commercial approach makes a recovery unlikely.
The U.S. Treasury has removed Tornado Cash from its sanctions list, acknowledging that its smart contracts are not the property of a foreign national and thus cannot be sanctioned. Despite this, co-founder Roman Storm still faces legal action over alleged sanctions violations.
The move clarifies the legal status of decentralized protocols, but enforcement actions against individuals involved remain ongoing. In response to the news, the TORN token surged 40%, reflecting renewed market confidence. The decision marks a shift in the U.S. government's approach to regulating decentralized finance and blockchain-based privacy tools.
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Solana Highlights of the Week
Solana (SOL) futures debuted on the Chicago Mercantile Exchange (CME) on March 17, marking a milestone for the cryptocurrency’s institutional adoption. The contracts—standard (500 SOL) and micro (25 SOL)—settled $12 million in trades on their first day.
Early pricing indicates slight bearish sentiment, with April contracts trading $2 lower than March. Analysts suggest CME’s listing strengthens the case for a Solana ETF, with Bloomberg Intelligence estimating a 70% chance of approval by 2025. The SEC has until October 2025 to decide on multiple pending Solana ETF filings.
Canary Capital has filed to list an ETF holding Pengu (PENGU), the governance token of Pudgy Penguins NFTs, along with the NFTs themselves. If approved, it would be the first U.S. ETF to include NFTs. The filing also mentions holding Solana (SOL) and Ethereum (ETH) to facilitate transactions. This move follows Canary’s recent Sui (SUI) ETF filing.
Analysts remain skeptical about demand for non-core crypto ETFs, but regulatory shifts under President Trump could boost approvals. Meanwhile, Volatility Shares launched leveraged Solana futures ETFs, while spot SOL ETFs await approval.
Volatility Shares is launching two Solana futures ETFs, the Volatility Shares Solana ETF (SOLZ) and the 2X Solana ETF (SOLT). SOLZ has a 0.95% management fee until 2026, while SOLT, offering 2x leverage, has a 1.85% fee. These ETFs follow CME’s SOL futures debut, which saw $12.1 million in first-day trading volume.
Analysts believe futures-based ETFs signal institutional adoption and could pave the way for a spot SOL ETF. As U.S. regulators shift policy, Solana’s growing financial products may strengthen its position beyond speculative trading.
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