Crypto Markets Daily Mar 10 2025

Daily Updates:

• The Crypto Summit last Friday failed to materialise into a meaningful rally for Bitcoin and altcoins. Instead, BTC has continued its descent down from $90K prior to the Strategic Reserve announcement, having briefly touched $80K during the Asian session. Additionally, ETH has fallen to its lowest levels since November 2023, currently at $2K. 
• As the spot sell-off deepened over the weekend,  both BTC and ETH’s term structures inverted once again. Sentiment remains predominantly negative, with a particularly strong skew towards puts at the front end. BTC’s futures yields have dropped negative and remain at lower levels compared to ETH’s at the front end of the term structure. 

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• Friday’s Nonfarm payrolls report did not deviate significantly from economists’ expectations and showed a relatively firm number of hirings in the month of February. Payrolls rose by 151,000 for the month, below the expected 160,000 but slightly higher than the downwardly revised 143,000 January jobs. However, the household survey of the report showed some signs of weakness in the US economy — which had already seen a raft of weak soft economic data through last week. The unemployment rate ticked up slightly to 4.1% as 588,000 employed individuals lost their jobs and the number of part-time workers wanting full-time positions spiked up by 0.5%. 
• Prior to the release of the report, the Treasury Secretary acknowledged that the economy the new administration had “inherited” is “starting to roll a bit”, but also stated that they have not been given much credit for bringing down mortgage rates and oil prices and that there would be a natural “detox period” as Trump reigns in government spending. 

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• In China, consumer prices fell below zero for the first time in 13 months, with the headline CPI number dropping 0.7% from a year earlier, more than economists' median prediction of a 0.4% fall. However, the significant drop is largely a result of base effects from high spending last year ahead of the Lunar New Year holiday. 
• The data comes as Chinese policymakers officially set their growth target to “about 5 percent” for 2025 and announced a slew of further fiscal measures including: issuing a total of 1.3T yuan ($182B) of ultra-long special treasury bonds in 2025, using 300B yuan of the funds to further finance the consumer goods subsidy program, issuing 500B yuan of special treasury bonds to support large state-owned commercial banks in replenishing capital and issuing 4.4T yuan of local government special-purpose bonds in 2025.

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• Cryptocurrency exchange Kraken is planning an IPO which is expected to take place in Q1 2026, following the SEC dropping a legal case earlier in the month, which accused the company of operating as an unregistered securities exchange. 

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• Daily fees on Ethereum and Solana remain comparable and consistent with last week. Ethereum ranged from $500K to $2.3M, while Solana ranged from $800K to $1.5M.
• Although Ethereum's fees fluctuate more with higher highs and lower lows, Solana generally outperforms most days.

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This Week’s Calendar:

Charts of the Day: