Metaplanet’s aggressive Bitcoin buying strategy has paid off, allowing the company to surpass Bhutan’s $1.3 billion Bitcoin holdings. With its latest purchase of 2,205 BTC, Metaplanet now holds $1.7 billion worth of Bitcoin, putting it $400 million ahead of Bhutan’s holdings. Metaplanet Leads in Bitcoin Holdings, Bhutan Falls Behind According to the latest reports, Metaplanet’s
Galaxy Digital may have lost faith in Ethereum and is angling for a massive offload of ETH tokens in the near future. The financial services firm has moved 23,900 ETH to Coinbase in a move that triggered sell-off concerns for the largest altcoin.
Is Galaxy Digital Selling Off Its ETH Holdings?
Fresh on-chain data suggests that Galaxy Digital is jockeying to sell off a substantial portion of its Ethereum holdings. According to an X post by Lookonchain, the firm has transferred 23,900 ETH, worth a staggering $42 million, to Coinbase.
Galaxy Digital moved the ETH holdings from its OTC wallets in multiple transactions, transferring the holdings to Coinbase in under eight hours.
“OTC wallets of Galaxy Digital have deposited 23,900 ETH ($42.52M) to Coinbased in the past 8 hours,” wrote Lookonchain.
The ETH transfers have since sparked concerns of an incoming sell-off by the financial services firm. Traditionally, whales moving a significant amount of their holdings to centralized exchanges are a tell-tale sign of an incoming asset sale.
Sentiment for a sell-off is high in this case, given the sheer volume of ETH transfers to Coinbase and Galaxy Digital’s previous track record. Last week, Galaxy Digital offloaded ETH to purchase SOL on Binance, triggering a price slump for the largest altcoin.
Why Is The Firm Selling Off Its ETH?
Recent plays are indicating a changing stance by Galaxy Digital toward Ethereum. Previously, the firm went on an ETH accumulation spree with CEO Mike Novogratz buying a significant number of assets.
The financial services firm is now turning its gaze toward Solana from Ethereum, given the wave of market challenges faced by ETH. An unenthusiastic price performance that sees Ethereum struggle to hit $2,000 and Solana’s glowing metrics is dousing Galaxy Digital’s enthusiasm for the largest altcoin.
Despite the moves, the recent ETH sales may be short-term efforts by the firm to meet its immediate liquidity needs. Furthermore, the movement of funds may be a change in internal custody processes and not an actual sale.
Ethereum price is holding its own since Galaxy Digital moved its ETH holdings to exchanges. ETH is trading at the $1,800 mark with whales scooping 10M ETH in a show of faith in the beleaguered asset.
March 2025 is witnessing a significant wave of changes in how US states approach cryptocurrency. Several states are actively introducing and passing legislative initiatives to promote crypto adoption.
Recent developments over the past week indicate a clear shift. US lawmakers no longer see cryptocurrency solely as a speculative asset but as a strategic part of the financial future.
Kentucky: Protecting Bitcoin Rights and Crypto Mining
One of the most notable advances this month comes from Kentucky. On March 24, the state governor signed the “Blockchain Digital Asset Act” (HB701) into law after the state Senate passed it with an overwhelming 37-0 vote.
This law protects residents’ right to self-custody Bitcoin while also legalizing and incentivizing crypto mining. It signals that Kentucky aims to safeguard individual rights in the crypto space and position itself as a potential blockchain mining hub.
With abundant energy resources from coal and hydropower, the state has a competitive advantage in attracting crypto-mining companies. Data shows that Kentucky accounts for 11% of the US Bitcoin hashrate.
North Carolina: Crypto in Pension Funds and Strategic Reserves
North Carolina lawmakers are taking things a step further by proposing cryptocurrency integration into the public financial system.
According to Bitcoin Law, Bill H506, introduced on March 24, allows up to 5% of the state’s public funds to be invested in digital assets. Similarly, Bill S709, which also permits a 5% public fund allocation, was submitted to the Senate on Tuesday.
If passed, these initiatives would mark a major turning point. North Carolina could become one of the pioneering states using cryptocurrency to protect public funds from inflation and economic volatility. Lawmakers are accelerating discussions, with expectations of a decision in the coming weeks.
Arizona: Advancing Toward Digital Asset Reserves
Arizona is also joining the race. The state’s House Rules Committee recently approved two bills: The Digital Assets Strategic Reserve Fund Bill (SB1373) and The Arizona Bitcoin Strategic Reserve Act (SB1025).
SB1373 allows the creation of a digital asset reserve funded by assets seized in criminal cases managed by the state treasurer. The treasurer can invest up to 10% of the reserve annually and lend assets to generate additional revenue as long as financial risks remain controlled.
Meanwhile, SB1025 permits the Arizona state treasury and pension system to invest up to 10% of their funds in Bitcoin. If a federal Bitcoin reserve fund is established, Arizona’s Bitcoin reserves could be securely stored in a separate account within that fund.
Additionally, last week, the Oklahoma House passed the Strategic Bitcoin Reserve Bill (HB1203).
This bill allows the Oklahoma State Treasurer to invest public funds from the State General Fund, Revenue Stabilization Fund, and Constitutional Reserve Fund in Bitcoin and other large-market digital assets (those with a market cap exceeding $500 billion), as well as stablecoins.
Half of the US States Have Introduced Bitcoin Reserve Bills
According to Bitcoin Law, 23 out of 50 US states have introduced Bitcoin reserve bills. Matthew Sigel, Head of Digital Assets Research at VanEck, believes that if enacted, these bills could drive significant Bitcoin purchases.
States Have Introduced Bitcoin Reserve Bills. Source: Bitcoin Law
“We analyzed 20 state-level Bitcoin reserve bills. If enacted, they could drive $23 billion in buying, or 247,000 BTC. This sum is independent of any pension fund allocations, likely to rise if legislators move forward,” Sigel predicted.
The US Bureau of Economic Analysis (BEA) released its PCE and GDP reports for Q1 2025 today. Although inflation was less than expected, US GDP shrank before the tariffs took effect, encouraging fears of a recession.
Despite this discouraging signal, Bitcoin has held up rather well, even hitting a new all-time high in Argentina. This lends credence to the notion that BTC is a safe haven from economic chaos.
Trump’s Tariffs May Cause Recession
The global economy is extremely complicated, full of signals that seemingly contradict each other. Since Trump’s tariff plan began taking effect, fears of a US recession have gripped the markets. However, when the BEA released its Q1 2025 PCE report this morning, it prompted relief from some sectors.
“Personal income increased $116.8 billion (0.5 percent at a monthly rate) in March, according to estimates released today by the [BEA]. The increase in current-dollar personal income in March primarily reflected increases in compensation and proprietors’ income,” the report claimed.
At first glance, this data looks highly encouraging. The PCE (personal consumer expenditures) report is the Federal Reserve’s preferred tool to measure inflation, and it’s full of reassuring points.
The core PCE price index (YoY) for March was 2.6%, the lowest since June 2024, and the MoM index was at its lowest since April 2020. In other words, the dollar still spends.
However, the BEA also released its GDP report today. Although the tariffs seemingly haven’t impacted inflation yet, a recession happens after two consecutive quarters of negative GDP growth. The US officially experienced one in Q1, and this report only concerns pre-tariff data:
Key Recession Indicator Before Tariffs. Source: BEA
CNN hypothesized that the inflation figures were artificially heightened thanks to the tariffs. Specifically, US consumers may have purchased more goods in anticipation of them becoming more expensive. This systematic behavior would throw off the usual metrics of inflation tracking.
How will these statistics impact the crypto industry? Simply put, Bitcoin isn’t acting like tariffs are about to cause a recession. It actually sustained its value, trading over $94,000.
Bitcoin also reached an all-time high in Argentina, surpassing 110 million ARS per BTC. This surge is likely due to the significant depreciation of the Argentine peso, which was trading near 1,165 per US dollar in official markets.
These developments indicate that Bitcoin might successfully function as a hedge against economic instability.
Ultimately, these claims are still speculation. Tariffs may or may not cause the US to enter a recession, which would truly test Bitcoin’s status as a safe haven. From today’s perspective, at least, the hypothesis seems reasonable.