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OVERVIEW

BTC On Exchanges At 6+ Year Low 🤯

Before we dive in, here’s today’s crypto market heatmap:

Source: Santiment

And here’s a look at crypto’s total market and altcoin market cap charts:

Source: TradingView

ON-CHAIN ANALYSIS
Amount of BTC On Exchanges Continues To Drop ⤵️ 

While tariff talks and falling prices in all assets have everyone’s attention, something major has happened to Bitcoin: the amount of it available for traders/investors on crypto exchanges is at a 6+ year low. 🧠 

The supply of BTC sitting on exchanges directly signals traders’ willingness to sell—or, more bluntly, how itchy their trigger fingers are.

Low exchange balances mean hodlers have decided to stash their sats elsewhere, indicating they’re not planning on dumping anytime soon. Conversely, when BTC floods into exchanges, that’s typically bears drooling over a potential sell-off.

Supply of BTC On Exchanges – Click to enlarge.

With the exchange supply currently at 1.49 million—a level not seen in over six years—the narrative leans heavily bullish despite the near-term tariff tantrums going on.

Holders are digging in their heels rather than eyeing the exit. 👢 

NEWS IN THREE SENTENCES
Crypto News 📰

💳 PayPal Welcomes SOL and LINK, Users Can Now Lose Money Even Easier

$PYPL ( ▼ 5.41% ) now lets U.S. users buy, sell, and hold $SOL.X ( ▲ 6.36% ) and $LINK.X ( ▲ 2.05% ) directly, ditching third-party hassles like MoonPay. Regulators have relaxed their witch-hunts just enough to make PayPal brave, with SOL’s “security” drama finally cooling off. Crypto.News.

🚫 U.S. House Moves Forward with Anti-CBDC Bill, Wants Fed to Mind Its Own Digital Business 

The U.S. House Financial Services Committee voted 27-22 to advance Rep. Tom Emmer’s bill blocking a federal digital dollar. Emmer says a CBDC is basically surveillance money, and he’d rather the government kept its spying old-fashioned. Decrypt.

🐳 Solana Whales Dump Millions in Unlocked Tokens, Remind Everyone to Never Trust Whales 

After four years, whales finally unlocked and sold about $50 million in SOL, just when holders thought they were safe. The whale dumping coincided suspiciously with a 12% SOL price crash, surprising absolutely no one who pays attention to crypto. Next big unlock isn’t until 2028, giving retail traders exactly three years to forget this lesson. Cointelegraph.

🖨️ Arthur Hayes Cheers Trump Tariffs, Says Fed Money Printer Will Fuel $250K Bitcoin 

Arthur Hayes sees Trump’s massive new tariffs sparking global chaos, prompting central banks to hit the money printers again. $BTC.X ( ▲ 1.86% ) took an immediate hit from the tariff news, but Hayes is betting hard on inevitable quantitative easing to pump prices. Hayes loves tariffs almost as much as he loves crypto volatility—so buckle up, degens. CryptoPotato.

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ON-CHAIN ANALYTICS
Bitcoin’s Calm Dominance vs. Ethereum’s Dumpster Dive 🗑️ 

The MVRV Long/Short Difference and MVRV Z-score metrics reveal who’s profiting more—long-term hodlers or short-term traders—and whether the market is oversold or overbought compared to historic values. 📊 

Traders love these metrics since they clearly signal if markets are running hot or if it’s bargain-bin crypto time.

BTC On-Chain Analysis – It’s Stable 👍️

BTCUSD MVRV Long/Short Difference – Click to enlarge.

Bitcoin’s metrics remain steady. The Long/Short difference averaged +0.2045, showing long-term holders comfortably in control and consistently profitable—basically Bitcoin doing Bitcoin things (boring, predictable, profitable).

BTCUSD MVRV Z-Score – Click to enlarge.

BTC’s Z-score was solidly bullish (average: 2.31), reflecting persistent overvaluation. With relatively low volatility (standard deviation: 0.56), BTC holders probably spent the year debating Lambos rather than liquidation prices.

In short, BTC stayed the course, stable and bullish, with minimal drama.

ETH On-Chain Analysis – It’s a Dumpster Fire 😱

ETHUSD MVRV Long/Short Difference – Click to enlarge.

Ethereum’s metrics paint a grim picture of chaos. Its Long/Short difference swung wildly (-0.1883 to 0.5327), often negative, proving short-term traders were frequently cashing out at the expense of long-term believers—Ethereum, the official blockchain of trader-induced panic attacks for 2025.

ETHUSD MVRV Z-Score – Click to enlarge.

$ETH.X ( ▲ 0.61% )’s MVRV Z-score averaged just 0.72, regularly dipping negative (low: -0.67), signaling persistent undervaluation as ETH holders got repeatedly sucker-punched by market sell-offs. With wild volatility (standard deviation: 0.65), ETH holders saw more whipsaws than profits.

Comparative Reality Check:

Bitcoin cruised along confidently, reaffirming its status as crypto’s grown-up, while Ethereum stumbled, faceplanted, and occasionally bounced just enough to keep traders hopeful. 😬

ON-CHAIN ANALYSIS
Burnt Bag Briefing 🔥 

Want to know whether the bulls or bears are feeling the most pain today? Well, this is the place to look. 👀

24-Hour Liquidation Heat Map – Source: coinglass – Click to enlarge.

In the past 24 hours, 85,211 traders were liquidated, with total liquidations reaching nearly $244.45 million.

The largest single liquidation occurred on Binance, an ETHUSD pair valued at $5.59 million.

Longs lost $113.27 million, while shorts were hit for $131.19 million. 🤕

NEWS IN THREE SENTENCES
AI, Stablecoins, & Privacy News 🕵️ 

🔒 Sia Proves You Can’t Leak Data You Never Had

Sia introduces “Supreme Privacy,” encrypting and fragmenting data so securely even $SC.X ( ▲ 2.16% ) itself couldn’t peek if it wanted to—unlike Dropbox, Google, or that nosy ex. Unlike traditional cloud providers who keep losing user data and apologizing afterward, Sia decided the easiest way to prevent data leaks is not having data in the first place. Turns out true data privacy wasn’t rocket science—just common sense nobody else bothered to use. Sia.

💳 Alchemy Pay Teams Up with Hedera to Make Buying Crypto Easier, Because

$ACH.X ( ▲ 0.9% ) partnered with $HBAR.X ( ▲ 1.81% ) to simplify fiat purchases of HBAR and $USDC.X ( ▼ 0.01% ), making it easier than ever for users to spend real money on tokens they barely understand. This integration promises convenience, compliance, and fewer excuses for your friends who say crypto is too complicated. Congrats everyone—you can now lose money faster, but with fewer steps. Alchemy Pay.

NEWS IN THREE SENTENCES
Real World Asset Tokenization (RWA) News 🪙 

⛽ Watr Brings Commodities Onchain with Avalanche

Welcome to the future, commodity traders. Watr migrated its commodity-focused blockchain to $AVAX.X ( ▼ 0.23% ), opening a $20 trillion market to programmable contracts and traceability—hooray onchain oil barrels. Avalanche’s low latency means commodities trading is now faster and more composable. Avalanche.

NEWS IN THREE SENTENCES
Metaverse, NFT, & Gaming News 🎮️

🎮 Survey Finds Gamers Hate Bots

A global survey confirms that nearly everyone thinks bots are ruining multiplayer games—except for the suspicious 20%. Demand for proof-of-human solutions like $WLD.X ( ▲ 0.53% ) is booming, particularly in places like South Korea where gamers are tired of bots farming loot faster than they farm coffee. Luckily, World ID offers a verification system so gamers can finally confirm that losing terribly is genuinely their fault. WorldCoin.

🔗 ENS Joins Project Liberty to Rescue TikTok Users from Algorithmic Hell

$ENS.X ( ▲ 0.67% ) teamed up with Project Liberty to transform TikTok into a user-owned, decentralized social platform. The collaboration introduces Ethereum’s naming service (ENS) into DSNP, a decentralized social networking protocol that gives users more agency over their digital identities. Ethereum Naming Service.

LINKS
Links That Don’t Suck 🔗

📁 Grayscale Files for Solana ETF

🗳️ Federal Reserve’s crypto oversight changes with Bowman’s appointment

🪨 BlackRock’s Securitize-issued BUIDL paid a record $4.17 million in March dividends

🎭️ BAFTA names the most influential video games ever, and some choices are big surprises

🤖 Robot Block Party brings two days of tech fun to Griffin Museum of Science and Industry

👽️ ‘Battlestar Galactica’ star says show’s AI warnings more timely as sci-fi fantasies come to life

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Author Disclosure: The author of this newsletter holds positions in ADA, IMX, COPI, MIN, AGIX, ALGO, ZEC, XLM, and NEAR. 📋