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SOTM March 27 – April 2, 2025

Welcome to our 215th issue of State of the Market, where we provide an overview of crypto market activity from March 27 – April 2, 2025.

This week in crypto markets:

  • Bitcoin briefly rose to $87K ahead of President Trump’s sweeping reciprocal tariffs announcement, before retreating alongside equities.
  • Circle filed for an IPO, revealing $1.7B in 2024 revenue—99% of which came from interest on U.S. Treasuries
  • MicroStrategy added 22,048 BTC, bringing its total holdings to over 528K BTC.
  • Tether purchased 8,888 BTC in Q1, now holding over 92K BTC as part of its reserve strategy.
  • Trump Jr. and Hut 8 partnered to launch American Bitcoin Corp., aiming to build the largest U.S.-based Bitcoin mining operation.
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