ParaSwap DAO members were split, with some supporting the conditional return of the fees and others voting against the refund.
Bybit confirmed it was behind a proposal requesting that decentralized finance (DeFi) protocol ParaSwap return fees earned from swaps conducted by the Lazarus Group using digital assets stolen from the exchange.
On March 4, a proposal was posted on ParaSwap’s decentralized autonomous organization (DAO) forum asking to freeze and return 44.67 Wrapped Ether (wETH), worth almost $100,000, to a wallet address.
The proposal initially attracted skepticism, with several DAO members calling for verification before advancing the proposal. Bybit shared a verification post on its official X account on March 5, confirming that it was behind the proposal to return the funds.
Pi Network has been facing a challenging period after its price dropped by 18% in the last 48 hours.
This drop has invalidated its recent attempt to recover losses from March. The altcoin is now vulnerable to further corrections, raising concerns among investors.
Pi Network’s Bearishness Could Grow
The Relative Strength Index (RSI) continues to indicate that bearish momentum is still present. Currently stuck below the neutral line of 50.0, the RSI is signaling a lack of bullishness for Pi Network. This suggests that the altcoin may face additional downward pressure in the coming days.
The ongoing negative sentiment is compounded by the general market’s lack of momentum. Investors are hesitant to buy Pi Network due to the failure to sustain price recoveries. With no clear bullish signal from the RSI, the risk of further declines remains high.
The Bollinger Bands are narrowing, indicating that Pi Network may soon experience a surge in volatility. This contraction typically signals an impending price breakout or breakdown. However, if the bearish momentum continues, Pi Network could face a sharp decline, confirming the downward trend.
Given the current squeeze in the Bollinger Bands, Pi Network’s price could see a significant move soon. If the bearish trend holds, this volatility may drive the price lower, exacerbating the altcoin’s already weak performance. The uncertainty surrounding the market adds to the vulnerability of Pi Network.
Pi Network’s price is currently at $0.613, but it is still stuck below the $0.617 resistance level. After the 18% drop in the last two days, the altcoin remains under pressure. If the price continues to face downward momentum, it may struggle to break through key resistance levels.
The next major support level for Pi Network is $0.519, which could be the next target if the selling pressure intensifies. A drop to this level could be a precursor to further declines, potentially bringing the price below $0.500. This would significantly impact investors holding the altcoin.
However, if Pi Network can reclaim the $0.617 support, it could break the downtrend and rise toward $0.710. Breaching this resistance would invalidate the bearish outlook and could spark a recovery, giving investors hope for a reversal.
According to an on-chain analyst, the movement of dormant Bitcoins (BTC) increased by 121% in Q1 2025 compared to Q1 2024.
This shift may signal that long-term investors are reacting to broader economic trends or anticipating market changes.
Dormant Bitcoin on the Move: What’s Driving the Trend?
In a recent post on CryptoQuant, the analyst revealed that investors moved around 28,000 dormant Bitcoins in Q1 2024. March was particularly noteworthy, with approximately 19,296 BTC moved. This was in contrast to the lower figures in January (approximately 3,034 BTC) and February (approximately 5,678 BTC).
“In the first three months of 2025, more than twice the amount of long-dormant Bitcoin has been moved compared to the same period in 2024,” the post read.
Comparing this to the first quarter of 2025, the total amount of Bitcoin moved was notably higher. Over 62,00 BTC, dormant for over seven years, was transferred. Specifically, investors moved 24,595 BTC in January, 21,820 BTC in February, and 16,456 BTC in March.
Recently, Glassnode pointed out that Bitcoin has experienced its deepest drawdown of the cycle. In its weekly newsletter, the firm emphasized that investors are facing intense pressure. Furthermore, many are currently experiencing their largest unrealized losses ever.
“Current unrealized losses are largely concentrated among newer investors, while long-term holders remain in a position of unilateral profitability. However, an important nuance is emerging, as recent top buyers age into long-term holder status, as noted, the level of unrealized loss within this cohort is likely to increase,” the newsletter read.
However, Glassnode noted that BTC’s dip remains within the typical range of previous corrections seen in bull markets. Importantly, Bitcoin has also been on a recovery rally lately.
Over the past week, its value has appreciated by 8.9%. Yet, daily losses stood at 2.2%. At the time of writing, BTC was trading at $92,164. The decline wasn’t isolated, as the broader crypto market also experienced a correction.
Meanwhile, the increased movement of dormant assets is not limited to Bitcoin. A parallel trend has emerged in the Ethereum (ETH) market. Data from Lookonchain showed that in early February, a whale deposited its entire holdings of 77,736 ETH into Bitfinex after being inactive for six years.
In early April, Onchain Lens posted about an eight-year dormant whale moving 11,104 ETH worth 19.97 million.
“Of this, 247.93 ETH was sent to Coinbase and 10,856 ETH to a new wallet. The whale initially withdrew ETH for $2.51 million from Kraken and Gemini, 8 years ago,” Onchain Lens added.
This asset movement reflects investors’ strategic repositioning amid economic uncertainty.
