Crypto funds see $226M of inflows, but asset values slump — CoinShares

Metaplanet issued ¥2 billion ($13.3 million) worth of zero-interest bonds to fund its bitcoin acquisition plan following a meeting of its board of directors, according to a disclosure filing. The debt security will be allocated via Metaplanet’s EVO FUND, allowing investors to redeem bonds at full face value by Sept. 30, 2025.

Simon Gerovich, CEO of Metaplanet, said the firm was “buying the dip!” in a post on X. Bitcoin was down roughly 2%, trading under $81,800 per The Block’s price page.

Metaplanet is Asia’s largest BTC holder, having spent an estimated $260 million on bitcoin since last year. Its most recent purchase, as of writing, increased the firm’s total reserve to some 3,200 BTC — ranking Metaplanet 10th in a cast of the world’s largest corporate BTC holders led by Michael Saylor's firm, Strategy, per BitcoinTreasuries data. The Tokyo-listed giant also added Eric Trump, son of U.S. President Donald Trump, to its advisory board.

“It’s a positive story for BTC where Metaplanet sees the long-term value in owning bitcoin” said Paul Howard, Senior Director at crypto market maker Wincent, about the news.

While Howard perceived Metaplanet’s expanded BTC buying power as bullish, the company’s stock dropped over 9% after the announcement, according to Google Finance data. Metaplanet stock fell amid a broader decline in Japan’s Nikkei 225, which dipped 4% in anticipation of fresh tariffs from President Trump on April 2. Howard expects other stock markets to follow suit.

“Almost all global markets are seeing the impact of the tariffs from the U.S., so the Nikkei, one of the first large markets to open, will always reflect this position before other markets open. The expectation is other markets will follow suit on opening,” Wincent’s Senior Director told The Block.

Aran Hawker, CoinPanel CEO, shared a similar outlook, adding that macroeconomic factors looked likely to kneecap bitcoin and risk-assets in the short term. “As for the Nikkei dip — whether it's being driven by the post-holiday catch-up (Liberation Day) or concerns about a new wave of Trump-era tariffs — it's clear that global macro signals are jittery right now. That sort of backdrop tends to pull capital toward lower-risk assets, at least in the short term,” Hawker opined.

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 SHIB community continues its regular attempts to make a noticeable dent in the circulating Shiba Inu supply by burning these meme coins. Yet another large token burn has been conducted during the past day.

In the meantime, the SHIB team has issued a critical warning regarding scammers who are trying to impersonate Shiba Inu lead Shytoshi Kusama.

SHIB burns soar 750%

According to data published on the Shibburn website, over the last 24 hours, the community has succeeded in giving the SHIB burn rate a significant rise of almost 750%. This increase came as a result of 17,127,069 SHIB meme coins burned in total.Shibburn">

The largest amount of coins transferred to an unspendable wallet in a single move here constituted 16,274,641 SHIB, and it occurred roughly 16 hours ago. The second-biggest transfer was less than even one million meme coins, comprising 792,393 SHIB.

Two billion SHIB burned last week

Per tweets published by the same data source, last week, the meme coin community witnessed the destruction of a staggering two billion SHIB tokens. They were burned in chunks slightly surpassing 1,000,000,000 SHIB, with a two-day pause in between.

The second transfer was even spotted by the SHIB team and highlighted on the X platform by their marketing lead, Lucie.

She confirmed that the anonymous whale who made the one-billion SHIB burn last Thursday also stood behind the similar token removal made on Monday. That proved to be the account of the meme coin CENT that runs on Shibarium.

SHIB team issues big Kusama warning

On Sunday, the @susbarium X account affiliated with the Shiba Inu team addressed the SHIB community with an important warning, mentioning the name of pseudonymous Shiba Inu lead Shytoshi Kusama.

The tweet warned the SHIB army to beware of fake profiles on social media claiming to be Kusama or any other official SHIB team representatives – they will not match the verified tone or style, the warning said.

The tweet added that it is always crucial to “check for authenticity and verify information directly with trusted sources.”

As for Shytoshi Kusama, last week, he finally broke the silence he kept on the X platform for more than a month, stating that he had a very interesting journey. Kusama added that he had asked his astrologer analyze it for him.

Global crypto investment products run by asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares and 21Shares attracted another $226 million worth of net inflows last week, according to CoinShares data.

The second consecutive week of inflows suggests a "positive but cautious" investor, CoinShares Head of Research James Butterfill wrote in a Monday report.

"Following the largest outflows on record, ETPs have seen nine consecutive trading days of inflows," Butterfill said. "Last Friday was the exception, seeing minor outflows totalling $74 million, likely in reaction to core personal consumption expenditure in the U.S. coming in above expectations, implying the U.S. Federal Reserve is likely to remain hawkish despite recent data alluding to weak growth."

Weekly crypto asset flows. Images: CoinShares.

However, the flows align with price action for bitcoin and the broader cryptocurrency market, which traded up until Friday wiped out all the week's gains, with participants also remaining jittery over President Trump's volatile tariff announcements ahead of "Liberation Day" on Wednesday.

"President Trump's proposed tariff hikes including a 25% levy on Mexican and Canadian goods effective April 2 — have resumed trade war anxieties," Bitget Research Chief Analyst Ryan Lee told The Block. "Historically, such protectionist measures trigger risk aversion across asset classes, and crypto has not been immune."

"The timing proves particularly delicate as digital assets maintain elevated correlation with traditional markets; bitcoin's 0.67 correlation coefficient with the Nasdaq suggests equities weakness could continue dragging crypto prices lower," Lee added.

Bitcoin ended up falling around 6% over the past week, according to The Block's BTC price page, while the GMCI 30 index of leading cryptocurrencies dropped 10.6%. The recent price falls have pushed global bitcoin investment products' total assets under management to their lowest level since the U.S. presidential election in November at $114 billion, CoinShares' Butterfill noted.

US and Bitcoin lead as altcoin products see inflows for first time in 5 weeks

Unsurprisingly, U.S. investors led regionally, accounting for $204 million of last week's net inflows. However, it was not the only region witnessing positive flows for the second week in a row, with funds based in Switzerland and Germany also adding $14.7 million and $9.2 million, respectively. Crypto investment products in Hong Kong and Brazil saw minor outflows.

Bitcoin-based funds again dominated, registering $195 million in net inflows last week. Investors also continued to exit their short-Bitcoin positions for a fourth-consecutive week, with net weekly outflows totaling $2.5 million.

The U.S. spot Bitcoin exchange-traded funds clocked up $196.4 million of the net inflows alone, according to data compiled by The Block — also registering positive flows every day last week bar Friday.

Meanwhile, global altcoin-based investment products saw aggregate net inflows of $33 million for the first time in five weeks, following four consecutive weeks of net outflows that totaled $1.7 billion. Ethereum, Solana, XRP and Sui-based funds were the main beneficiaries, adding $14.5 million, $7.8 million, $4.8 million and $4 million last week, respectively.

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.

Bitcoin (BTC) is flashing a critical supply signal as investors withdrew at least 30,000 BTC from crypto exchanges in a week.

With corporations like Strategy aggressively accumulating the number one cryptocurrency, market watchers warn of a liquidity crunch that could ignite volatility.Bitcoin Outflows Point to Reduced Selling Pressure

Recent on-chain data from Santiment, shared by analyst Ali Martinez on X, shows that over 30,000 BTC, valued at $2.5 billion, had been withdrawn from exchanges since March 24. Martinez also noted a parallel $106 million worth of Bitcoin had been transferred to private wallets in the last few hours.

When traders remove their BTC from exchanges into private wallets, it is often for long-term holding. This reduces the available supply in the market, potentially driving up prices if demand remains strong.

The trend aligns with a corporate buying spree that has intensified the supply squeeze. Strategy (formerly MicroStrategy)added6,911 BTC valued at $584 million to its holdings last week, bringing its total ownership of the asset to a staggering 506,137 BTC.

Japan’s Metaplanet and California-based KULR Technology also contributed to the scarcity of available BTC, buying$12.6 millionand $5.3 million worth of the cryptocurrency, respectively. Even meme stock darling GameStop entered the fray, approving aplanthat will see it spend $1.3 billion on the digital asset.Consolidation Before the Next Move

Meanwhile, trader @TedPillows recently pointed out that BTC might be in a Wyckoff re-accumulation phase. This is when large institutional investors or the so-called “smart money” acquire crypto at lower prices, as it occurs right after a downtrend.

According to Ted’s analysis, Bitcoin’s drop below $85,000 is a form of “manipulation” designed to shake out weaker hands. He predicts that if the OG cryptocurrency recovers to surpass $92,000, bearish traders could face significant losses.

Changing hands at under $82,000 at the time of this writing, BTC’s price action suggests short-term weakness but long-term strength. It is down about 1.2% in the last 24 hours and 6.1% over the past seven days, a shade below the broader crypto market’s 7.60% drop in the same period. However, zooming out to the last 12 months reveals more encouraging data, with Bitcoin maintaining a 16.5% gain in that time.

A rare and potentially bearish signal has appeared for Bitcoin as the MVRV Death Cross emerges, raising concerns about growing downside risks. According to a recent CryptoQuant Quicktake, Bitcoin’s MVRV (Market Value to Realized Value) ratio has reached a crucial phase, hinting at a shift in market momentum.

The MVRV (Market Value to Realized Value) ratio is an important on-chain indicator that compares Bitcoin's market capitalization to its realized value, helping to spot periods of market overvaluation or undervaluation.

In general, a high MVRV indicates an overheated market, whereas a low value indicates probable undervaluation.

The MVRV 30DMA has formed a bearish death cross with the 365DMA, indicating weakening short-term momentum and growing downward pressure. As with past cycles, this cross was followed by a price decrease when Bitcoin reached a local top, demonstrating the MVRV's usefulness as a market sentiment indicator.

What comes next?

With the MVRV now converging toward its long-term historical average, CryptoQuant indicated that it appears the market might have exited the overheated zone. However, no definitive bottom signal has emerged yet.

As Bitcoin continues to follow a corrective pattern similar to previous cycles, investors should be wary of additional downside risk.

Bitcoin fell 2.31% in the previous 24 hours to $81,449 during early Asian-market hours on Monday, as the weekend decline saw major tokens lose momentum following last week's brief rise. Bitcoin is on course for its fourth day of declines since March 27, with today's dip reaching an intraday low of $81,265.

What do other indicators reveal?

Glassnode's Bitcoin Cost Basis Distribution provides insight into current investor behavior. Per this indicator, the most efficient traders bought nearly 15,000 BTC at the $78,000 low on March 10 and sold at the $87,000 local top. With little BTC left at the $78,000 level, support there is now thin.

The support cluster of $80,920 exists below Bitcoin's spot price, where nearly 20,000 BTC were added. If the correction deepens, six-month cost basis data points to this potential structural support below the spot price: $74,000, where 49,000 BTC were added, and $71,000, where nearly 41,000 BTC were added.

According to Glassnode, these levels reflect conviction-driven accumulation zones that could absorb additional downside pressure. Meanwhile, a key resistance may be forming around $95,000, where investor cost basis clusters have grown by 12,000 BTC since March 24.

Key takeaways

• US crypto investors must file their 2024 tax returns by April 15, 2025, ensuring all crypto transactions are accurately reported to the IRS.

• Crypto held for less than a year is taxed as ordinary income (10%-37%), while holdings over a year qualify for lower capital gains rates (0%, 15%, or 20%).

• Selling, trading, or spending crypto triggers taxes, while holding or transferring between wallets does not.

• Mining, staking, airdrops, and crypto payments are taxed as income at applicable rates.

The world of cryptocurrencies can indeed be an exciting space for investors, but as the tax season approaches, many US investors find themselves grappling with confusion and uncertainty.

With the upcoming tax filing deadline of April 15, 2025, it’s a critical time to get a handle on crypto tax obligations. Ask most US crypto investors, and they’ll likely tell you that figuring out what transactions trigger a taxable event feels like navigating a maze.

Understanding various aspects of tax filing is crucial for accurately filing taxes, avoiding penalties and staying compliant with the Internal Revenue Service (IRS). This article breaks down key elements like tax brackets, rates, exemptions and other critical details.

How does the IRS tax crypto?

The Internal Revenue Service, the agency responsible for collecting US federal taxes, treats cryptocurrencies as property for tax purposes. You pay taxes on gains realized when selling, trading or disposing of cryptocurrencies. For short-term capital gains (held less than a year), you pay taxes at the rates of 10%–37%, depending on your income bracket.

Long-term capital gains (assets held for over a year) benefit from reduced rates of 0%, 15% or 20%, also based on your taxable income.

When you dispose of cryptocurrency for more than its purchase price, you generate a capital gain. Conversely, selling below the purchase price results in a capital loss. You must report both your capital gains and losses for the year in which the transaction occurs, with gains being taxable and losses potentially offsetting gains to reduce your tax liability.

With the upcoming April 15, 2025, deadline for filing 2024 tax returns, US crypto investors need to ensure these transactions are accurately tracked and reported.

To illustrate, suppose you purchased Ether (ETH) worth $1,000 in 2023 and sold it after a year in 2024 for $1,200, netting a $200 profit. The IRS would tax that $200 as a long-term capital gain, applying the appropriate rate based on your 2024 income.

Taxes are categorized as capital gains tax or income tax, depending on the type of transactions:

• Capital gains tax: Applies to selling crypto, using crypto to purchase goods or services, or trading one cryptocurrency for another.

• Income tax: Applies to crypto earned through mining, staking, receiving it as payment for work, or referral bonuses from exchanges.

These distinctions are crucial for accurate reporting by the April 15 deadline. Gains are taxed, while losses can help offset taxable income, so detailed record-keeping is a must.

Did you know? In Australia, gifting cryptocurrency triggers a capital gains tax (CGT) event. The giver may need to report gains or losses based on the asset’s market value at the time of transfer, though certain gifts — like those between spouses — may qualify for exemptions. While this differs from US rules, it highlights how crypto taxation varies globally.

How crypto tax rates work in the US

In the US, your crypto tax rate depends on your income and how long you’ve held the cryptocurrency. Long-term capital gains tax rates range from 0% to 20%, and short-term rates align with ordinary income tax rates of 10%–37%. Transferring crypto between your own wallets or selling it at a loss doesn’t trigger a tax liability.

You only owe taxes when you sell your crypto, whether for cash or for any other cryptocurrency. Consider this example: Suppose you bought crypto for $1,000 in 2024, and by 2025, its value rose to $2,000. If you don’t sell, no tax is due — unrealized gains aren’t taxable.

If you sell cryptocurrency after holding it for a year or less, your profits are subject to short-term capital gains tax. These gains are taxed as ordinary income, meaning they are added to your total taxable earnings for the year.

Tax rates are progressive, based on income brackets, so different portions of your income are taxed at different rates. For instance, a single filer in 2025 pays 10% on the first $11,000 of taxable income and 12% on income up to $44,725. Short-term rates are higher than long-term rates, so timing your sales can significantly impact your tax bill.

Understanding crypto capital gains tax in the US

If you sell cryptocurrency after holding it for a year or less, your profits are subject to short-term capital gains tax. These gains are treated as ordinary income and added to your total taxable earnings for the year. Since tax rates are based on income brackets, different portions of your earnings are taxed at different rates, as explained above.

2024–2025 federal income tax brackets for crypto earnings

Here are the federal income tax rates for the 2024–2025 tax year. You apply the 2024 tax brackets to income earned in the 2024 calendar year, reported on tax returns filed in 2025.