Cryptocurrency markets experienced a significant downturn on Tuesday, with an overall decline of 2.9%, bringing the total sector valuation to approximately $2.79 trillion. Bitcoin’s trading value fell to $82,400, down 2% from the previous day, fluctuating between a high of $84,700 and a low of $82,281. In a notable development, Canary Capital is moving forward with plans to list a SUI spot ETF, marking its sixth filing for altcoin derivatives.
Bitcoin Market Overview
Bitcoin is currently stabilizing with fluctuations ranging from a peak of $84,705 to a low of $82,281. The price has hovered around $84,000 as investors adopt a cautious stance ahead of the upcoming US Federal Open Market Committee (FOMC) meeting scheduled for Wednesday. The rising interest in Gold (XAU), which has recently hit an all-time high, could lead to additional withdrawals from Bitcoin, particularly if the Federal Reserve’s rate decision does not align with market expectations.
ETF Inflows and Bitcoin Holdings
On March 17, Bitcoin ETFs witnessed remarkable inflows totaling $234 million, marking the highest single-day deposit on record. This surge also represents the first instance in 42 days, since February 4, that Bitcoin ETFs have seen two consecutive days of inflows. Currently, the total net Bitcoin holdings managed by ETF sponsors amount to $94.5 billion.
Altcoin Market Developments: SUI and Polkadot ETF Filings
The global cryptocurrency market capitalization saw a decline of 2.9% over the past 24 hours, reflecting a trend where assets that were previously profitable are experiencing liquidity outflows. Recent reports indicate that the US Securities and Exchange Commission (SEC) is contemplating classifying XRP as a commodity as part of ongoing settlement discussions with Ripple. This speculation has fueled hopes for ETF approvals for XRP, Litecoin (LTC), Cardano (ADA), and Hedera (HBAR), which led to notable gains in these altcoins before a retracement occurred over the weekend.
Canary Capital’s recent filing for a SUI spot ETF—its sixth submission currently under SEC review—alongside NASDAQ’s application for a Polkadot ETF, has prompted temporary price rallies for DOT (+7%) and SUI (+3%) within the last week. However, the overall market sentiment suggests a shift, as investors are reallocating their assets away from last week’s top performers, resulting in downward pressure on XRP, Solana (SOL), and Cardano prices.
Performance of Key Altcoins
- XRP: Currently priced at $2.23, down 0.6% in the last 24 hours and 5.2% over the week.
- Solana (SOL): Trading at $122.84, down 0.7% in the last day and 4.1% over the week.
- Cardano (ADA): Valued at $0.6841, down 0.3% in the last 24 hours and 5.4% over the past week.
Market Sentiment Shift
The significant drop in trading volumes for these altcoins indicates a change in market sentiment, with traders redirecting their investments towards assets presenting new opportunities, such as the SUI and Polkadot ETF developments.
Top Gainers and Losers
Top Gainers:
- BubbleMaps (BMT): Up 68.7%, trading at $0.245.
- API3 (API3): Up 59.5%, trading at $0.9754.
- Dymention (DYM): Up 29.7%, trading at $0.423.
Top Losers:
- Pi Network (PI): Down 14.2%, trading at $1.15.
- aixbt by Virtuals (AIXBT): Down 19.9%, trading at $0.09482.
- Vana (VANA): Down 14.2%, trading at $5.69.
The total crypto market capitalization has now fallen to approximately $2.79 trillion as of Tuesday, reflecting a 2.9% decrease over the last 24 hours. Meanwhile, trading volume has dipped to around $84.95 billion, paralleling the decline seen in major altcoins. This trend highlights a liquidity shift as traders opt to invest in assets with fresh catalysts while withdrawing from last week’s top performers. ETF-related narratives continue to dominate the market, with upcoming Federal Reserve rate decisions likely to influence capital flows in the near future.
Crypto News Updates: VanEck’s Expansion into Vietnam
VanEck, a prominent US-based asset management firm overseeing $113.8 billion in assets, is set to launch a Bitcoin investment fund in Vietnam in collaboration with SSI Securities. CEO Jan van Eck recently met with officials from Vietnam’s State Securities Commission and the Deputy Minister of Foreign Affairs to discuss the initiative and the development of the country’s digital asset market. VanEck aims to strengthen its digital asset partnerships and technology transfer in Asia amidst increasing institutional interest in regulated cryptocurrency investment options.
SEC Chair Nomination Delays Due to Financial Disclosures
The confirmation process for Paul Atkins, former SEC commissioner and Donald Trump’s nominee for SEC chair, has been postponed due to pending financial disclosure documents from the White House. According to reports, the Senate Banking Committee, chaired by Tim Scott, is aiming for a confirmation hearing on March 27, but Atkins’ intricate financial background—particularly his connections to TAMKO Building Products LLC, a $1.2 billion roofing enterprise linked to his wife’s family—has complicated the vetting process. Despite these delays, there are indications that the committee is gaining momentum regarding Atkins’ nomination, mirroring timelines seen with previous SEC chairs Gary Gensler and Jay Clayton.
Strategy’s $500 Million Offering to Boost BTC Reserves
Strategy, recognized as the largest corporate holder of Bitcoin, has initiated a $500 million perpetual preferred share offering, known as STRF (Strife), targeting institutional and select retail investors. The firm intends to issue 5 million shares of Series A Perpetual Strife Preferred Stock via a public offering to finance further Bitcoin acquisitions and bolster working capital. This preferred stock will provide a fixed annual dividend rate of 10%, with quarterly payments commencing on June 30, 2025. In instances where dividends are not paid, they will compound at a rate of 11% per annum, increasing by 100 basis points each quarter, up to a maximum of 18% annually until fully discharged.
