A whale added $2 million in collateral to their ETH short position, facing a unrealized loss of over $3.2 million

On March 16, in a recent CNBC interview, Tom Lee said the S&P 500 will continue rising in the coming weeks after narrow fluctuations through most of this year—but the U.S. stock market will enter a bear market later in 2024, even after first hitting a new record high. Lee also warned bearish forces in the market could fully take hold as the year draws to a close. “We expect the downturn to come when the market stops reacting to good news,” Lee noted. “Right now, software stocks, the U.S. market’s ‘Magnificent Seven,’ and crypto have already weathered a bear market—much of the speculation has been squeezed out. Our call is the market will rise before month-end, finish March higher, and could reach 7,300 points. But a bear market may emerge later this year.” On oil prices, Lee explained why a surge would be bullish for stocks: “First, the U.S. is an oil exporter, so our economy benefits from higher oil prices. Second, most other countries are importers—so the U.S. outperforms

March 16: A Bitcoin whale withdrew 413.7 BTC (worth ~$30.44 million) from Binance just 6 minutes ago, per Onchain Lens monitoring. The whale currently holds a total of 2,417 BTC (valued at ~$177.97 million), all accumulated over the past 41 days.

On March 16, U.S. Treasury Secretary Janet Yellen said any measures to address oil prices depend on how long the war lasts. (IG)

On March 16, research and brokerage firm Bernstein said in a report that 60% of Bitcoin’s total supply is held by entities that haven’t moved their holdings in over a year. This ownership structure is unique to Bitcoin, signaling a cohort of long-term “hodlers” who are unfazed by Bitcoin’s price volatility and view it as a “store of value” tool. This dynamic comes amid Bitcoin’s significant underperformance relative to gold last year. Nearly 14% of Bitcoin is held by ETFs, digital asset treasuries (including corporate treasuries), and governments. Bitcoin’s resilient capital base is growing.

March 16 — Per official sources, Streamex Corp. (NASDAQ: STEX) today announced the appointment of Christine Plummer, a 30-year finance industry veteran, as its new Chief Financial Officer (CFO). Plummer previously served as Global Finance Director at Coinbase, leading a global team of more than 50 responsible for financial settlements, regulatory reporting, and new product operational readiness. Before joining Coinbase, she held the role of Global Vice President and Managing Director of Finance at MSCI Inc., where she led a global business revenue finance team of over 70 and spearheaded financial transformation efforts. Earlier in her career, she spent more than 20 years at Morgan Stanley, holding positions including CFO of the Americas legal entity and Global Funds Finance Manager. Streamex CEO Henry McPhie noted that Plummer’s blend of deep traditional finance expertise and digital asset infrastructure leadership will provide key support for the company’s advancement of GLDY, i

March 16 — Digital asset management platform Abra Financial Holdings, Inc. announced today it has entered a definitive merger agreement with special purpose acquisition company (SPAC) New Providence Acquisition Corp. III (Nasdaq: NPACU), planning to go public via the SPAC. The merged entity will list on Nasdaq under the ticker symbol “ABRX.” Key transaction terms include: - **Valuation**: Abra holds a $7.5 billion pre-money equity valuation - **Funding**: The deal is expected to deliver up to $300 million in cash (held in trust, subject to shareholder redemptions) - **Equity Transfer**: Existing Abra shareholders will contribute 100% of their equity to the post-merger company, including major investors Adams Street, Blockchain Capital, Pantera Capital, RRE Ventures, and SBI - **Market Focus**: Targeting the $100 trillion global wealth management market, with a focus on digital assets and tokenization