- The total market capitalization for cryptocurrencies fell to $2.7 trillion on Monday, registering another 3% decline over the past 24 hours.
- The market cap of DeFi protocols increased by $3.5 billion, with significant gains seen in Hyper Liquid, Mantle, and Ethena.
- Bitcoin, XRP, and Ethereum continue to maintain crucial support levels above $80,000, $2, and $2,000, respectively.
- Crypto traders experienced $640 million in liquidations, anticipating more hawkish indicators from the upcoming US CPI report this week.
Bitcoin Market Updates:
- Bitcoin’s price jumped 3% to regain the $82,200 level by noon in European trading on Monday after testing new lows near $80,000 earlier.
- Following the US Non-Farm Payroll (NFP) report released Friday, Bitcoin ETFs saw $409.2 million in outflows, exceeding the total outflows of $389 million logged during the first four trading days of the week.
Bitcoin ETF Flows, March 2025
- The sharp rise in Bitcoin ETF outflows on Friday indicates that many institutional traders are opting to exit BTC and risk asset positions in favor of fixed-income opportunities, expecting interest rates to rise.
Altcoin Market Updates: Ethereum and Ripple (XRP) Maintain Key Levels as $647M in Liquidations Trigger Rapid Sell-Offs
The cryptocurrency derivatives market faced a significant correction on Monday, with total liquidations reaching $647.61 million within the last 24 hours.
Long position traders in Bitcoin, Ethereum, XRP, and Dogecoin experienced the largest losses. Liquidations for Bitcoin alone accounted for $254.90 million, with Ethereum at $117.12 million and XRP at $29.48 million.
Crypto Market Liquidations, March 10, 2025
- Long traders were notably hit hardest, with $491.31 million liquidated compared to $156.30 million in shorts.
- The largest individual liquidation order occurred in Binance’s BTC/USDT market, valued at $32.09 million.
This indicates that many bullish traders who bet on the market ahead of the White House Crypto Summit have been substantially wiped out. The ability of Ethereum and XRP to maintain critical support levels in the coming days remains uncertain.
- Ethereum (ETH) rose 3% to recapture the $2,200 level at the current reporting time.
- Ripple (XRP) traders have displayed resilience, maintaining the $2.20 support despite over $29 million in XRP long liquidations on Monday.
Chart of the Day: DeFi Markets Experience $3.5B Inflows as Investors Seek Yield During Bear Market
Speculation surrounding updates on trade policies have intensified recently.
However, the NFP data published on Friday has clearly highlighted how recent tariffs have adversely affected consumer demand and contributed to rising unemployment levels.
In light of a potentially more hawkish Federal Reserve, investors are reallocating their capital from risk assets in pursuit of real yield.
Nevertheless, instead of departing from the crypto markets entirely, some tactical traders are redirecting their funds into yield-generating DeFi protocols.
Total DeFi Sector Performance, March 10
Recent data indicates that the overall market cap for DeFi-related tokens increased by 8%, adding $3.5 billion to reach a total market cap of $79 billion by Monday.
Analysis of real-time trading data reveals that projects such as Ethena, Hyperliquid, and Mantle have emerged as the main beneficiaries of this shift in investor behavior. AAVE rose by 2.5%, Hyperliquid increased by 2%, and Ethena surged by 5.8%.
Such movements indicate that rather than withdrawing from the cryptocurrency markets completely, some investors are strategically reallocating their capital to yield-generating DeFi protocols to better navigate the ongoing bear market.
Crypto News Updates:
- Whale Trader Profits $7.5M by Shorting Bitcoin’s Recent Price Decline
A proficient whale trader capitalized on Bitcoin’s recent drop, earning over $7.5 million through shorting.
On-chain data reveals that the trader initiated a short position around $96,500 on February 22.
As Bitcoin’s value fell below $80,000 within a week, they executed a near-ideal exit, closing the short at approximately $78,900.
- Thailand’s SEC Approves Tether USD₮ as Recognized Cryptocurrency
Thailand’s Securities and Exchange Commission has granted official approval for Tether’s USD₮ to be recognized as a cryptocurrency, enabling its use on regulated exchanges and for various payments.
This approval, effective March 16, 2025, follows recent amendments to Thailand’s digital asset regulations aimed at expanding options for investors and enhancing market flexibility.
With a market cap of $142 billion, USD₮ is the largest stablecoin worldwide, extensively utilized for transactions and liquidity management.
This decision bolsters Thailand’s digital asset framework, promoting broader acceptance of stablecoins within the country’s financial ecosystem.
- Strategy to Issue $21B in Preferred Stock to Augment Bitcoin Holdings
Strategy has announced intentions to sell up to $21 billion in 8.00% Series A Perpetual Strike Preferred Stock via an at-market offering, according to a Monday SEC filing.
The proceeds are earmarked for general corporate purposes, including the acquisition of additional Bitcoin and enhancing working capital.
The Nasdaq-listed firm has partnered with several financial institutions, including TD Securities, Barclays Capital, and Cantor Fitzgerald, to facilitate the sale.
The preferred shares, expected to trade under the ticker “STRK” on the Nasdaq Global Select Market, will be sold gradually through 12 financial institutions acting as sales agents, which will receive up to 2% of the gross proceeds.