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Crypto Whale Data

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Crypto Whale Data

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  • PumpSwap DEX crosses $10 billion in cumulative volume 10 days after launch PumpSwap, the new decentralized exchange (DEX) from the creators of memecoin launchpad Pump.fun, has processed $10 billion in cumulative volume in its first ten days since officially launching, according to a Dune Analytics dashboard tracking the exchange. Pump.fun launched the DEX on March 20 to allow successful memecoins to migrate directly to PumpSwap, bypassing Raydium, among the leading Solana-based exchanges and automated market makers (AMMs). Raydium, in January, processed a quarter of total DEX volume, according to The Block's data, more than any other exchange. PumpSwap's already established itself as a dominant player among Solana DEXs. Yet on Saturday, PumpSwap processed 67.4% of the volume processed by several major leading Solana DEXs, with Raydium claiming the second-largest market share at 18.2%. No other exchange claimed more than 5% of the market, according to the dashboard. PumpSwap has generated over $20 million in protocol fees and its liquidity providers have received over $5 million in fees, according to the dashboard. Nearly 700,000 wallets have already accessed the protocol. Despite the success of PumpSwap, Pump.fun has lately seen volume across its exchange fall as demand for memecoin trading cools. Pump.fun's team has previously teased plans for a native token launch. Meanwhile, Raydium is working on a memecoin launchpad of its own called LaunchLab, likely intended to compete with Pump.fun, The Block previously reported.
  • Crypto markets slump as latest US inflation data weighs on sentiment Cryptocurrency markets extended this week's capital bleed as the global digital asset capitalization fell 5% to $2.84 trillion on Friday, following more macroeconomic data showing slightly higher inflation in the U.S. Numbers for the Core Personal Consumer Price Index — the Federal Reserve’s go-to inflation indicator — came in hotter than expected. U.S. Core PCE for February rose to 0.4% month-over-month, beating the 0.3% forecast from analysts. Yearly Core PCE also surpassed expectations, rising to 2.8% against an estimated 2.7% increase. Matt Mena, Crypto Research Strategist at 21Shares, told The Block that Friday’s PCE outcome was conservative despite the upbeat inflation data. "While this isn’t exactly bullish for risk assets, it’s also not overtly bearish — it lands slightly on the cautious side of neutral," Mena said. "Even so, markets are holding up well. S&P 500 futures are steady and continue to trade comfortably above the key psychological support level of 5700." Conversely, crypto leaders like ether, SOL and XRP fell further after an already difficult trading day. ETH dropped to $1,880, SOL dipped below $130, and XRP revisited $2.19, according to The Block’s price page. The GMCI 30 Index tracking crypto’s top 30 assets retraced 5.5%. Bitcoin, on the other hand, retraced modestly compared to altcoins. The price of bitcoin changed hands around $84,200 at time of writing, down 3.6%. "Bitcoin continues to demonstrate its resilience," Mena said. "This is precisely the type of macro environment it was built for: a non-sovereign, inflation-resistant asset that can weather all market cycles and protect portfolios through times of uncertainty." Q2 uncertain but bullish signs persist Crypto assets retained macro sensitivity heading into the year’s second quarter. Data shows that past cycles have delivered relief for Bitcoin in the second quarter, but analysts said changing trade and policy landscapes could mean this time is different. "Historically, Bitcoin has exhibited a higher degree of correlation with traditional risk assets during Q1 (where we peak in correlation) while in Q2, it can react more to geopolitical events and policy shifts," Bitfinex analysts wrote in a report. "While Q2 has often been a bullish period for Bitcoin, the present macroeconomic environment—characterized by trade tensions and inflationary concerns—suggests that heightened sensitivity may persist." Mena said incoming regulatory clarity represented by new leadership at the Securities and Exchange Commission and momentum with stablecoin rules may alter investor sentiment in the coming months. The White House publicly backing a U.S. Bitcoin reserve also paints a bullish picture. "Crypto is no longer a fringe issue — it’s a central part of the policy conversation," Mena said. "As the regulatory picture continues to improve and geopolitical risks begin to cool, the stage may be set for digital assets to reenter a period of sustained growth and broader adoption." Despite recent volatility and market turbulence, Mena expects Bitcoin to nearly double by the end of 2025. "Looking ahead, several key catalysts could reignite momentum across the digital asset space — potentially pushing Bitcoin out of its current consolidation zone and through major resistance levels at $90K, $95K, and $100K," Mena said. "A breakout above those levels could open the door for a run past its previous all-time high of $108.5K, with a potential move toward $150K by year-end."
  • Sei Foundation explores takeover of bankrupt 23andMe in 'boldest DeSci bet yet' One day after 23andMe received clearance from a judge to put itself up for sale, the Sei Foundation said it is in "the process of placing its boldest DeSci bet yet" by exploring the acquisition of the genetic testing company. "We believe user data sovereignty is a matter of national security," the Sei Foundation, which supports the Layer 1 blockchain Sei, wrote Thursday in post on X. "When an American biotech pioneer faces bankruptcy, personal genomic data of millions becomes vulnerable to parties that may not share the same values of transparency and open access." The Sei Foundation says this is to "defend the genetic privacy of 15 million Americans and ensure their data is protected for generations to come." 23andMe announced on March 23 that it was filing for Chapter 11 bankruptcy. "Under bankruptcy rules, any sale would need to bring in more than the company owes creditors — at least $214 million — before anything could be paid to shareholders," Bloomberg reports. On Wednesday, the company won permission from a judge to try to sell its assets, the most valuable of which are information about customers’ medical and ancestry-related data. 23andMe launched in 2006, and since going public in 2021, the company has never turned a profit. DecSci is the use of web3 infrastructure in the scientific process. It aims to make scientific work more transparent, accessible and collaborative by placing data onchain or funding research pursuits with cryptocurrency. In January, the Sei Foundation launched Sapien Capital, a $65 million venture fund to back DeSci startups building on the Sei blockchain. What exactly would Sei do with 23andMe? The firm laid out three use cases for its vision: Deploy 23andMe on Sei blockchain, return data ownership to users through encrypted transfers, and allow users to choose how their data is monetized and share in the revenue. "This isn't just about saving a company, it's about building a future where your most personal data remains yours to control," the Sei Foundation said in its post on X. "We'll be sharing updates in the near future." 23andMe's stock jumped 45% to close at $0.77 a share on Thursday with a $21 million market cap. The price of the SEI token was up about 1.1% in the 24 hours before publication time to $0.21, according to The Block's price data. The token has a fully diluted value of $2.1 billion.
  • USDC stablecoin supply surpasses all-time high, topping $60 billion market cap The supply of USD Coin stablecoin has crossed the $60 billion market cap threshold — a milestone that underscores its increasing adoption. On Wednesday, stablecoin’s supply hit an all-time high of 60.2 billion — a 100% year-over-year increase from $30 billion in March 2024. The total stablecoin market cap reached all-time highs, surpassing $230 billion. USDC is a stablecoin pegged to the U.S. dollar, issued by Circle and backed by a consortium that includes Coinbase. It remains the second-largest stablecoin, trailing Tether’s USDT, with a market cap exceeding $144 billion. The distribution of USDC across multiple blockchains shows Ethereum as the dominant network, holding the majority with $36 billion. Solana follows with a substantial $10 billion. Other blockchains include Base with $3.7 billion, Hyperliquid with $2.2 billion, Arbitrum with $1.8 billion, and Berachain with $1 billion. Throughout the year's first quarter, Circle has minted substantial amounts of USDC on the Solana blockchain, notably in several tranches of 250 million. By March 20, USDC issuance on Solana had surpassed $10 billion. Circle has also been making strides in expanding the stablecoin's reach and improving its infrastructure. This month, it announced the official launch of USDC in Japan through a partnership with SBI VC Trade. The firm also revealed plans to upgrade bridged USDC on the Ethereum Layer 2 blockchain, Linea, to natively issued USDC, marking the industry's first bridged-to-native transition. Furthermore, it rolled out an upgraded version of its cross-chain transfer protocol on Avalanche, Base and Ethereum, with plans to extend support to Linea, Arbitrum and Solana soon. This upgrade reduces USDC transfer times between blockchains from minutes to seconds.
  • Binance suspends employee for allegedly profiting off of insider information Crypto exchange Binance has suspended an employee for allegedly using insider information on a crypto project to gain unfair profits. According to its X post on Tuesday, a staff member of the Binance Wallet team purchased a significant amount of a token project that he knew would soon hold a Token Generation Event, and sold part of his holdings to gain significant profits. The employee exploited privileged information he had gained from his previous business development role at BNB Chain, said Binance, clarifying that the Wallet team itself would not have access to private information relating to the project. "This behavior constitutes front-running based on non-public information obtained from his previous role and is a clear breach of company policy," Binance said. "As a result of this behavior, the staff member was suspended immediately and pending further disciplinary action." While Binance did not reveal the name of the crypto project, multiple users on X pointed out that the project in question is Binance Smart Chain memecoin UUU (U DEX Platform) token. X user "pycharts" posted a screenshot that appears to show a wallet address selling over 6 million UUU tokens at around 7 a.m. on March 23, causing the token price to crash significantly. The X user's screenshots linked the wallet address to Freddie Ng, an employee of Binance Wallet's BD and Growth team. In response to pychart's X post, Binance's official Chinese language account wrote that it has noticed the "feedback" and has launched an internal investigation, the result of which would be announced to the public in a timely manner. Meanwhile, the global exchange said in today's statement that it will "​​proactively cooperate" with the relevant authorities in the staff member's jurisdiction and seek legal action with applicable laws. Binance also announced that it will distribute a reward of $100,000 to four whistleblowers who reported the alleged violation to its official whistleblowing channel.
  • Daily ETH burn hits all-time low as Ethereum's on-chain activity dips The amount of ETH burned as a result of transaction fees hit an all-time low on Saturday, signaling a significantly reduced demand for Ethereum's blockspace. Ethereum's EIP-1559 change, which simplified the transaction fee process, also requires that the network burn all ETH used to pay the base transaction fee. The mechanism was designed to reduce inflationary pressure and potentially make Ethereum a deflationary asset during periods of high network activity. Just 53.07 ETH, worth about $106,000 at current prices, was burned on Saturday, according to The Block's data, an all-time low value. The supply of ETH is expected to grow 0.76% per year taking the burn rate from the last 7 days into account, according to Ultrasound.money data. The low burn rate coincides with declines in other measures of activity on Ethereum, such as active addresses. The seven-day moving average of active addresses recently fell to the lowest value since Oct. 2024, according to The Block's data. New address creations, transaction counts, and daily volumes have also declined over recent weeks. Standard Chartered recently sharply lowered its 2025 price target for Ethereum from $10,000 to $4,000, as the network's Layer 2s grow in number and scale. "Layer 2s, and Base in particular, now extract super-profits from the Ethereum ecosystem," Standard Chartered's global head of digital assets research,
  • Treasury removes Tornado Cash from OFAC sanctions list, bitcoin bull Metaplanet appoints Eric Trump to advisory board and more The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons. It's Friday! According to a Dune Analytics dashboard, Polymarket apparently predicts events with up to 94% accuracy. However, with some of its users evidently being flat-earthers, I wouldn't place too much emphasis around the decentralized platform's prophecies. In today's newsletter, OFAC removes Tornado Cash from its sanctions list, Metaplanet appoints Eric Trump to its advisory board, USAID could follow Elon Musk's DOGE in considering blockchain technology and more. Meanwhile, the total stablecoin market cap surpasses $230 billion amid institutional interest and President Trump's policies. Let's get started. Treasury removes Tornado Cash from OFAC sanctions list The U.S. Treasury Department has lifted sanctions on crypto mixer Tornado Cash after an appeals court ruled that its Office of Foreign Assets Control (OFAC) exceeded its authority in November 2024. A U.S. District Court in Texas then ordered the reversal of sanctions on Tornado Cash in January following that appeals court ruling. Tornado Cash obscures the origins of cryptocurrency transactions by pooling and redistributing funds and was originally sanctioned in August 2022. OFAC had accused the platform of being used by cybercriminals, including notorious North Korean hackers the Lazarus Group, to launder illicitly obtained cryptocurrency. However, while the Treasury remains concerned about significant state-sponsored hacking, Tornado Cash and its associated wallet addresses have now been removed from the OFAC Specially Designated Nationals (SDN) list, according to a Friday release. "Digital assets present enormous opportunities for innovation and value creation for the American people," Secretary of the Treasury Scott Bessent said in a statement. "Securing the digital asset industry from abuse by North Korea and other illicit actors is essential to establishing U.S. leadership and ensuring that the American people can benefit from financial innovation and inclusion." Metaplanet appoints Eric Trump to advisory board Japanese investment firm Metaplanet has appointed the U.S. President's second son, Eric Trump, to its Strategic Board of Advisors. Trump, also an ambassador for DeFi project World Liberty Financial, is charged with assisting the company in advancing its mission to expand its bitcoin treasury, according to Metaplanet CEO Simon Gerovich. "Eric Trump brings a wealth of experience in real estate, finance, brand development and strategic business growth and has become a leading voice and advocate of digital asset adoption worldwide," the firm said. The Tokyo-listed company announced its bitcoin accumulation strategy last year and aims to acquire 10,000 BTC by the end of 2025. Following its most recent purchase of 150 BTC on Tuesday, Metaplanet now holds 3,200 BTC — making it the 10th largest corporate bitcoin holder globally. USAID could follow Elon Musk-led DOGE unit's idea to adopt blockchain technology Trump administration officials have crafted a proposal to rebrand USAID and leverage blockchain technology as part of a more transparent procurement process, according to a document purportedly circulating the State Department obtained by Politico. A section of the proposal on creating "modernized, performance-based procurement" processes suggests "all distributions would be secured and traced via blockchain technology to radically increase security, transparency and traceability" in U.S. aid programs. However, it is not clear how exactly this would work and what type of blockchain technology would be used — whether that is a public, private or hybrid model. It's also unclear whether Secretary of State Marco Rubio or other senior Trump officials have approved the proposal, which does not constitute any concrete plans and acknowledges that some changes may require congressional approval. The news follows the Elon Musk-led DOGE unit, which recently recommended a slew of cuts to USAID, in exploring options for putting federal government systems onchain. Strategy upsizes STRF deal to $722.5 million to buy more bitcoin Strategy has announced the pricing of its STRF perpetual preferred stock offering on Friday, upsizing the deal from $500 million to $722.5 million to buy yet more bitcoin. Strategy will offer 8.5 million STRF shares at $85 per share, with the sale set to close on March 25. Net proceeds after deducting underwriting discounts, commissions and other expenses are estimated at $711.2 million. The STRF sale follows its previously announced plan to raise up to $21 billion via its perpetual strike preferred stock, STRK, and $42 billion in equity and fixed-income securities offerings. Strategy currently holds 499,226 BTC, valued at over $41 billion, with an average purchase price of $66,360 per bitcoin. Strategy's $79 billion market cap trades at a significant premium to its bitcoin net asset value, with some investors airing reservations about the firm's premium to NAV valuation and its increasingly numerous bitcoin acquisition programs in general. LG to shut down NFT platform almost nobody knew it had After three years, global electronics giant LG is set to shut down its NFT platform, LG Art Lab, by June to "explore new opportunities" amid a wave of similar closures in the struggling crypto niche Once representing the new frontier of digital assets, the NFT market has been in substantial decline during that time, with weekly trade volumes recently dropping below $100 million from a peak of $3.2 billion in 2021. Launched in September 2022, LG Art Lab allowed users to trade NFTs and display digital art on its smart TVs, though few seem to know it even existed, including me as an LG TV owner. The closure follows Kraken's shuttering of its NFT marketplace in February and Nike's wearable NFT startup RTFKT last December. Looking ahead to next week UK CPI inflation data are out on Wednesday. U.S. jobless claims and GDP figures are released on Thursday. UK GDP and U.S. PCE numbers follow on Friday. Bank of England Governor Andrew Bailey will speak on Monday, followed by U.S. Federal Reserve Vice Chair Michael Barr. 1inch, EigenLayer, Ethena and the Artificial Superintelligence Alliance are all set for token unlocks. Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.
  • Regulator halts Ethena’s USDe stablecoin offering in Germany over concerns The German financial supervisory agency Bundesanstalt für Finanzdienstleistungsaufsicht, or BaFin, stopped the Frankfurt-based Ethena Labs subsidiary Ethena GmbH from publicly offering its USD-pegged stablecoin USDe. The halt was due to BaFin identifying "serious deficiencies in Ethena GmbH 's USDe token authorization," instructing Ethena GmbH to freeze its USDe asset reserve, according to a German release translated into English. The "token authorization process" refers to how cryptocurrency issuers can offer assets under the European Union's digital asset legal framework, Markets in Crypto-Assets (MiCA), also called "MiCAR." As the MiCA legal text states: "Issuers of asset-referenced tokens other than credit institutions that issued asset-referenced tokens in accordance with applicable law before 30 June 2024, may continue to do so until they are granted or refused an authorisation pursuant to Article 21, provided that they apply for authorization before 30 July 2024." Ethena's terms of service, last revised on January 2025, said that Ethena GmbH submitted an application to create a public USDe offering with BaFin as of Jul. 29, 2024. Since this was before MiCA's July 30, 2024 deadline, MiCA's grandfathering provision let Ethena GmbH issue USDe "during the authorization process." However, BaFin claims that Ethena GmbH has been offering USDe in Germany since June 28, 2024, and has been offering a "large portion" of its 5.4 billion USDe token supply outside of Germany before that same date. "Ethena GmbH took advantage of a transitional arrangement under the European MiCAR regulation to enter the German market," BaFin said in its statement. BaFin also said it had "well-founded suspicion" that the Ethena Labs subsidiary publicly offered the Ethena Staked sUSDe token as a security "without the required securities prospectus" in Germany, the agency's release continues. Ethena Labs responds "Since its inception, Ethena has been exploring various options and jurisdictions when it comes to regulatory frameworks globally that would be conducive to our business, and as a result we have multiple entities within our structure facilitating minting and redemption. A MiCAR authorization via Ethena GmbH was one of various options we have been pursuing," Ethena Labs wrote on the social media platform X Friday. "We were informed today that Ethena GmbH’s application under the MiCAR regulatory framework will not be approved," the firm continued. "While we are disappointed by this decision, we will continue to evaluate alternative frameworks." Ethena Labs stated that no assets have been frozen, and BaFin's move will not impact USDe listings, token minting, or redemptions facilitated by Ethena BVI Limited, the firm's subsidiary that also issues USDe. The Block's Data Dashboard shows that USDe is the third largest USD-pegged stablecoin by market supply, trailing Circle's USDC and Tether's USDT.
  • Cosmos gets native EVM framework as it open-sources Evmos Cosmos’ Interchain Foundation (ICF) has funded the open-sourcing of Evmos, the native EVM framework for its multichain ecosystem containing over 200 appchains. This framework, previously developed under the Evmos project, will now transition to being maintained as “Cosmos EVM” within the official Interchain software stack, including the Cosmos SDK, the foundation said. This means the Cosmos ecosystem now has a standardized Ethereum Virtual Machine (EVM) version. This development allows Cosmos blockchains to integrate Cosmos EVM for full EVM compatibility, including support for JSON-RPC and Ethereum wallet compatibility via a lightweight EVM configuration for native ERC-20 tokens. The integration strengthens cross-chain interoperability between the broader EVM ecosystem and Cosmos, particularly through the Inter-Blockchain Communication (IBC) protocol. As part of this shift, Evmos co-founder Federico Kunze Küllmer will step away from his role as a core contributor to Evmos while continuing to advise the ICF on Cosmos EVM’s interoperability and modular architecture, Evmos noted. Kunze Küllmer's firm Altiplanic, the core contributor to the Evmos codebase, will no longer be contributing to the project. Evmos was first conceptualized in 2016 as Ethermint and went live on mainnet as a Cosmos-based chain in 2022 to introduce EVM in the Cosmos ecosystem. The same year, Evmos developers raised $27 million in a token sale round led by Polychain Capital. Since the start of this decade, EVM has become the most widely adopted standard for smart contracts and is now found across a number of blockchains aiming to replicate Ethereum’s traction.
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