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TL;DR

Increased Optimism From Traders

Dogecoin (DOGE) witnessed an impressive surge in December last year, with its price exceeding $0.45. Since then, though, it has retreated by approximately 60% and currently trades at around $0.18. Despite the evident downtrend in the past few months, many investors remain bullish on the OG meme coin.

The renowned analyst, going on X as Ali Martinez, revealed that more than 76% of the traders on Binance Futures that have hopped on the Dogecoin bandwagon have opened long positions.

76.65% of traders on Binance Futures are long on #Dogecoin $DOGE! pic.twitter.com/Qpr3pGCwh7

— Ali (@ali_charts) March 28, 2025

Predominant optimism can be interpreted in various ways. People might speculate that some of those traders have inside information about potential major developments surrounding Dogecoin that could positively impact the price of the underlying token.

One example could be the possible launch of a spot DOGE ETF in the United States. Grayscale, Bitwise, and Osprey Funds are among the entities that have filed to introduce such a product, while the odds of approval before the end of the year are estimated at slightly under 70%.

It is important to note, though, that the bullish sentiment may be taken as a bearish factor. After all, cryptocurrencies tend to do the opposite of what the crowd expects, while famous investors have previously warned people not to follow the ongoing trend. Warren Buffett’s advice, for instance, states: “Be fearful when others are greedy and greedy when others are fearful.”Price Predictions

Crypto X also seems predominantly positive on DOGE’s future, with multiple industry participants envisioning a resurgence in the short term. Crypto VIP Signal recently claimed that the meme coin “has broken the resistance area and is now retesting it.”

“You can accumulate some DOGE during this retest, and we can expect a continuation of the upward movement after some accumulation,” they added.

Trader Tardigrade also gave their two cents. The market observer pointed to the declining RSI ratio to envision a price explosion to as high as $1 in the following months.

The Relative Strength Index (RSI) measures the speed and change of price movements and varies from 0 to 100. Readings below 30 suggest Dogecoin might have entered oversold territory, meaning it could be gearing up for a rally. The RSI has plunged below 40 in the past several hours and is nearing the bullish zone.

Pi Network, once a well-loved crypto project among millennial investors, is in freefall. With the promise of user-friendly mobile crypto mining and a growing community of enthusiasts and supporters, the Pi Network quickly became one of the top projects in recent years. So it wasn’t surprising that its native token, PI, promptly raced to its all-time high of $2.99 when the developers launched the Pi mainnet.

However, after hitting a peak of $2,99, the token has crashed by nearly 50% over the past two weeks. The Pi coin trades between $0.80 and $0.83, with bearish market signals moving forward.

Pi Coin Holders Looking For Answers

The Pi Network launched its Open Mainnet on February 20th to much fanfare and anticipation. Supporters and crypto miners on social media heavily advertised the project’s official launch, marking its move from a closed ecosystem to complete decentralization. The token’s price immediately fluctuated, briefly surging to $1.96 before dropping to $0.74 and settling to $1.29.

However, the first 30 days of Pi Network were filled with plenty of challenges and issues. For example, the Pi Network community faced issues with Binance, including its recent rejection of its possible listing. There was also a loss of confidence in the project, pushing a bearish sentiment on the token. More than 10 million Pi coins were added to circulation, pushing the price 12% down.

According to a CryptoQuant Quicktake post published earlier today, Bitcoin (BTC) may be on the verge of a significant price rally. Since February 6, net flow across crypto exchanges has remained negative – a historically bullish signal for the digital asset.

Bitcoin To Benefit From Negative Exchange Net Flow

The past 24 hours have been highly volatile for the crypto market, with liquidations exceeding $360 million, the majority involving long positions. However, despite this market pullback, on-chain data remains bullish, suggesting that concerns may be overstated.

In a Quicktake post shared today, CryptoQuant analyst ibrahimcosar highlighted Bitcoin’s exchange flows. He noted that since February 6, BTC has experienced a persistent negative net flow across trading platforms.

To explain, when a large quantity of BTC is withdrawn from exchanges, it often indicates that investors – likely those who bought at lower prices – are expecting a price rally. These investors move their holdings to cold wallets, anticipating long-term gains and paying network fees to secure their assets. Over time, this behavior results in a negative net flow of BTC across exchanges, a bullish indicator.

Conversely, when a significant amount of BTC is deposited onto exchanges, it increases selling pressure, often signalling a bearish trend. Extended periods of high crypto deposits lead to positive net flows, typically preceding price declines.

The analyst stated that recent data – from February 6 onwards – suggests that a large amount of BTC is being withdrawn from crypto exchanges. The analyst added:

Ibrahimcosar’s insights align with a recent analysis from CryptoQuant analyst ShayanBTC, who noted that BTC reserves on exchanges are rapidly decreasing. A sustained decline in exchange reserves could set the stage for a supply shock-driven price rally, reversing Bitcoin’s recent downtrend.

Momentum, Macroeconomic Factors Point Toward Bullish Trend

Beyond on-chain metrics, technical indicators like the Relative Strength Index (RSI) have also turned bullish. A recent analysis by Rekt Capital highlighted that BTC’s daily RSI has broken its multi-month downtrend, suggesting that a price rally may be imminent.

Additionally, macroeconomic factors appear to be fueling optimism. Reports suggest that US President Donald Trump may reconsider upcoming reciprocal tariffs set to take effect on April 2, potentially easing market concerns.

Meanwhile, Bitcoin whales – wallets with substantial BTC holdings – have resumed accumulation after a brief period of dormancy, further reinforcing a bullish sentiment. At press time, BTC trades at $85,071, down 2.1% in the past 24 hours.

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

It's Friday! With just a few days to go, and despite the hopes and dreams of a banner year coming into 2025, bitcoin still looks set to suffer its worst Q1 close since 2020 as the latest inflation data weighs heavy on market sentiment.

In today's newsletter, U.S. spot Bitcoin ETFs' 10-day inflow streak surpasses $1 billion, former crypto miner CoreWeave nets $1.5 billion in a below-target IPO, HashKey and Bosera are set to launch tokenized money market ETFs in Hong Kong and more.

Meanwhile, our Editor-in-Chief, Tim Copeland, takes a look at 25 key crypto hires, promotions and exits in March's hiring roundup, brought to you by Campus, The Block’s newest crypto hiring tool.

Let's get started.

Bitcoin ETFs' longest yearly inflow streak exceeds $1 billion

U.S. spot Bitcoin ETFs extended their positive streak to 10 days on Thursday — the longest this year and since 15 consecutive days of net inflows across November and December.

• The ETFs added another $89 million on March 27 to a run that now totals over $1 billion, albeit a far cry from the peak period of demand when they were registering that amount in just a day.
• Fidelity's FBTC led the daily inflows, adding $97.1 million, while BlackRock's usually dominant IBIT brought in a more modest $4 million.
• However, Invesco's BTCO and WisdomTree's BTCW attracted net outflows of $7 million and $5.1 million, respectively, according to data compiled by The Block.
• "This suggests that while institutions are not aggressively risk-on, there is still demand for bitcoin exposure in the market," Presto Research analyst Min Jung said.

• Investors have regained some confidence in the belief that President Trump's tariffs won't be as strong as feared, though the unfolding policy drama continues to weigh on the market.

• Meanwhile, the U.S. spot Ethereum ETFs witnessed a further $4.2 million in net outflows on Thursday. "This contrast highlights a clear difference in investor conviction between Bitcoin and Ethereum," Jung said.

CoreWeave nets $1.5 billion in below-target IPO

AI hyperscaler CoreWeave raised $1.5 billion in a downsized initial public offering, Bloomberg reported Thursday, citing an anonymous source with knowledge of the matter, well below its previous $2.7 billion target.

• The New Jersey-based company sold 37.5 million shares at $40 each, down from its prior plan to sell 49 million shares at $47 to $55 a piece following the stock market decline and worsening volatility.
• The firm originally eyed an even higher target of raising $4 billion at a $35 billion valuation via the IPO. CoreWeave's shares debuted on the Nasdaq on Friday under the ticker CRWV, with a valuation of around $23 billion on a fully diluted basis.
• Founded in 2017, CoreWeave transitioned from crypto mining to AI after Ethereum's shift to proof-of-stake in 2022. It also has a 12-year, multi-billion dollar deal with bitcoin miner Core Scientific to use some of its infrastructure for AI operations.

HashKey and Bosera to launch tokenized money market ETFs

Crypto financial services firm HashKey and asset manager Bosera plan to launch tokenized shares of two existing money market ETFs in April under the Hong Kong Monetary Authority's "Project Ensemble" sandbox initiative — in what they claim to be a world first.

• The tokenized shares of Bosera's HKD Money Market ETF and USD Money Market ETF were approved by the Hong Kong Securities and Futures Commission ahead of the announcement.
• HashKey will use its exchange as the primary distribution channel for the tokenized ETFs, offering direct exposure to high-quality money market instruments, the company said, giving DeFi investors another tool to balance their yields to mitigate market risk.
• The firms previously teamed up to launch spot Bitcoin and Ethereum ETFs in Hong Kong in April 2024.

NYAG and Galaxy Digital settle LUNA lawsuit for $200 million

New York Attorney General Letitia James and Mike Novogratz's Galaxy Digital have agreed to a $200 million settlement over alleged violations in promoting the doomed LUNA cryptocurrency.

• Galaxy agreed to pay the $200 million figure over three years to end the case — but the firm neither admitted nor denied the alleged violations.
• The crypto asset manager allegedly masked its multi-million dollar exit strategy while publicly promoting LUNA as a promising investment to U.S. persons, contributing to the token's collapse.
• "While Novogratz posted pictures of his [LUNA] tattoo and expressed his Luna bullishness to the public, Galaxy sold millions of tokens into the market at many multiples of its initial cost without disclosing that it was selling," the settlement said.
• The Terra ecosystem, including LUNA and algorithmic stablecoin UST, collapsed in May 2022, leaving behind a $40 billion hole and bankrupting several crypto firms like BlockFi and 3AC.

Terraform Labs to open crypto creditor claims portal on March 31

Terraform Labs, the defunct blockchain company behind that $40 billion collapse of TerraUSD and LUNA in 2022, will open its crypto creditor claims portal on March 31, with a deadline for submissions set for April 30.

• To file a claim, creditors must provide proof of ownership of their crypto holdings, including wallet addresses for natively held assets and read-only API keys for crypto held on centralized exchanges.
• The company previously estimated it could repay between $185 million and $442 million to creditors as part of its reorganization plan after filing for bankruptcy protection in January 2024.

Looking ahead to next week

• Eurozone CPI inflation figures are released on Tuesday. U.S. jobless claims data are due on Thursday. U.S. nonfarm payroll numbers follow on Friday.
• ECB President Christine Lagarde will speak on Tuesday. U.S. Federal Reserve Chair Jerome Powell speaks on Friday.
• Celo, Optimism, 1inch, Sui and dYdX 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.

Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The U.S. Federal Deposit Insurance Corporation is taking a new approach under the Trump administration toward digital assets and is turning back standards requiring financial institutions to notify the agency before engaging in crypto-related activities.

In a statement released on Friday, the FDIC said it would be rescinding old guidance and providing a new one to clarify that its supervised institutions can "engage in permissible crypto-related activities" without getting the agency's go-ahead beforehand.

"With today's action, the FDIC is turning the page on the flawed approach of the past three years," said FDIC Acting Chair Travis Hill in a statement on Friday. "I expect this to be one of several steps the FDIC will take to lay out a new approach for how banks can engage in crypto and blockchain related activities in accordance with safety and soundness standards."

The FDIC previously warned that crypto activities could pose a risk to the U.S. banking system. In recognizing those risks, the agency released a Financial Institution Letter in April 2022, urging its supervised institutions to inform the agency about their current and intended crypto-related activities.

On Tuesday, the FDIC also looked to put an end to "reputational risk" as a way to supervise banks following criticism from some in the crypto industry who say they have been blocked from key financial services. Separately, another U.S. agency, which regulates and supervises national banks and federal savings associations, also rescinded previous digital asset restrictions earlier this month. The Office of the Comptroller of the Currency clarified that crypto-related activities are allowed in the federal banking system.

This all comes after President Donald Trump has signaled a friendlier approach to crypto than the previous Biden administration. Trump has criticized the Biden administration's approach to banks and crypto, saying on March 7 at a White House Summit that the previous administration "strong-armed banks into closing the accounts of crypto businesses and entrepreneurs, effectively blocking some money transfers to and from exchanges, and they weaponized government against the entire industry."

Bo Hines, executive director of the President's Council of Advisers for Digital Assets, said the FDIC's move was "another big win."

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.