10 #Bitcoin ETFs outflows 3,062 $BTC(-$302.76M) and 9 #Ethereum ETFs outflows 16,114 $ETH(-$53.01M) yesterday.

March 6 – U.S.-based aggressive short seller Culper Research announced it has shorted Ethereum and related securities, including BitMine, the largest Ethereum mining company. Culper Research contends Ethereum’s tokenomics will be compromised following the network’s Fusaka upgrade in December 2025. The firm notes Ethereum founder Vitalik Buterin has recognized the issue and is selling off his holdings, while supporter Tom Lee is engaging in a “knowing violation.” It predicts ETH prices will decline further.

On March 6, a U.S. federal judge issued a temporary restraining order (TRO) against crypto lending firm BlockFills, freezing its contested assets—including 70.6 BTC—and barring the company from transferring assets overseas. The order follows a February 27 lawsuit from Dominion Capital, which accuses BlockFills of misappropriating and unlawfully withholding millions of dollars in customer crypto assets, commingling client funds, concealing significant losses, and refusing to return assets after pausing withdrawals on its platform in February. BlockFills has faced mounting turmoil: it recorded a $75 million loss, suspended user deposits and withdrawals on February 11, and is currently seeking a buyer. Headquartered in Chicago, the firm serves roughly 2,000 institutional clients and projects $60 billion in trading volume for 2025.

On March 6th, Cynthia Lummis—sponsor of the Bitcoin Strategic Reserve Act and chair of the Senate Banking Subcommittee on Digital Assets—met with CFTC Chairman Michael Selig. The pair discussed digital asset market structure, with the conversation proceeding amicably. The CFTC chair recognizes the urgency of the moment and looks forward to ongoing collaboration to integrate digital assets into the 21st-century financial system.

March 6 — Original Penguin’s parent firm PEI Licensing (founded 1955) has formally sued “Fat Penguin” operator Pudgy Penguins Inc. over trademark infringement and brand devaluation. PEI claims Pudgy Penguins has used names like “Pudgy Penguins,” “Pengu Nation,” and “Forever Pudgy Penguins,” plus penguin-themed logos, on retail goods including clothing, hats, hoodies, and plush toys. These uses, the suit alleges, could easily lead consumers to mistakenly assume a connection between the two brands. Despite PEI sending a cease-and-desist letter in October 2023, Pudgy Penguins has continued producing and selling the related products. Pudgy Penguins started as a 2021 Ethereum NFT project before successfully pivoting to physical commercialization. In 2023, it began selling plush toys at major retailers like Walmart and Target, moving over 1 million units quickly before expanding into clothing. PEI is seeking full infringement profits, its own losses, and other damages from Pudgy

On March 6th, per Onchain Lens monitoring, the wallet linked to the Pump.fun team deposited 1.757 billion PUMP tokens onto Bitget—valued at roughly $3.54 million. The wallet still holds 12.3 billion PUMP, worth approximately $24.77 million.

On March 6, Coinbase shareholder Kevin Meehan filed a shareholder derivative lawsuit on the company’s behalf, accusing CEO Brian Armstrong and other executives of making misleading statements between April 2021 and June 2023, and failing to adequately disclose risks related to customer asset custody, token listing under securities laws, and anti-money laundering (AML) compliance deficiencies. Named in the lawsuit are Coinbase co-founder Fred Ehrsam, Chief Legal Officer Paul Grewal, and President and Chief Operating Officer Emilie Choi. The complaint notes that while Coinbase’s user agreement labels custodied wallet assets as “Company Custodial Assets,” it fails to disclose that such assets may be included in the bankruptcy estate if the company files for bankruptcy—potentially leaving retail users as unsecured general creditors. Additionally, the company claims its listing review process can “ensure the platform is free of securities,” yet some tokens still pose securities risks.