Asia-Pacific markets are recovering, supported by the absence of major surprises during Donald Trump's conference last night. The gains are also driven by US Commerce Secretary Howard Lutnick's statement in a Fox News interview that the Trump administration will "probably" roll back tariffs today. Today, investors will primarily focus on the release of the ISM Services PMI and the ADP employment report from the US labor market. The ISM Services PMI measures and signals growth or contraction in the US service sector (which represents nearly 80% of US economic activity), while the ADP employment report measures the estimated change in the number of employed people during the previous month, excluding the farming industry and government.
The global crypto market cap increased 5% in the past 24 hours to $2.90tn, with the total crypto market 24h volume decreasing 20% to around $144bn. Bitcoin increased 5.30% in the past 24h and currently trades at around $88,450 while Ether increased 6.80% and currently trades at $2,240.
Crypto liquidations in the past 24 hours came in at $478.34m with 54% of them long positions. BTC led with $176.90m worth of liquidated positions.
On Mar 4, 2025, US ETH spot ETFs recorded a daily net inflow of $14.6m while BTC ETFs recoded a net outflow of $144m, almost double the outflows recorded a day prior.
In a government work report submitted Wednesday to the national legislature for deliberation, China's 2025 economic policies focus on monetary easing, fiscal expansion, and market reforms. Plans include rate cuts, lower reserve ratios, and increased debt issuance to boost liquidity. Market reforms will attract long-term investment, while tech support drives emerging industries.
According to Lookonchain, Metaplanet bought another 497 BTC at $88,938 each, bringing their total holdings to 2,888 BTC with an average buying price of $84,325. In another report, a whale unstaked 134,902 SOL, worth $19.3m and placed multiple limit orders to sell 135,000 SOL ($19.3m) between prices $171 and $294.8.
On Mar 4, 2025, Bybit CEO Ben Zhou confirmed that of the 499,000 stolen ETH from the recent hack, 77% are still traceable, 20% have gone dark and 3% have been frozen. 83% of the ETH have been converted into BTC in 6,954 wallets using mostly THORChain. THORChain reportedly generated $5.5m in transaction fees from the surge in activity linked to the laundering of Bybit’s stolen funds. Bybit had requested THORChain to freeze suspicious transactions, but the decentralized protocol refused, sparking debate within the crypto community about decentralization versus security, as platforms like THORChain operate without centralized control, making asset freezing nearly impossible.
