BTR Plunges 80% in 24 Hours: Over 41% of Circulating Supply Moves to Bithumb, Market Questions Possible Centralized Dumping Pressure and Price Manipulation

March 24 — Foreign media reports note ongoing U.S.-Iran tensions, while former President Trump claims both sides are in talks to end the fighting. Overnight, Iran fired missiles and drones targeting Israeli cities including Eilat, Dimona and Tel Aviv, plus U.S. military bases in the Middle East. Saudi Arabia says it intercepted a drone in its eastern region; Kuwait reports some power lines went offline after the Iranian attack; Bahrain has issued an alert. Iran’s Fars News states U.S. and Israeli forces carried out strikes that damaged a natural gas pressure-regulating facility and an administrative building in central Isfahan. A pipeline supplying natural gas to the Hoor al-Azim combined-cycle power plant in southwest Iran was also hit. Though Trump decided to hold off on striking Iran’s energy infrastructure, the attacks have persisted. (FX Street)

March 24th — According to DefiLlama data, Hyperliquid’s trading volume surged past $100 billion again over the past 24 hours, hitting $122 billion. Meanwhile, the combined trading volume of the other five major DEXs in the same period totaled approximately $131.86 billion. The latest trading volume ranking of major perpetual DEXs is as follows: - Hyperliquid: ~$122.76 billion in trading volume, ~$67.73 billion in open interest [link: https://app.hyperliquid.xyz/join/NTOD] - EdgeX: ~$48.51 billion in trading volume, ~$11.3 billion in open interest - Aster: ~$37.86 billion in trading volume, ~$18.88 billion in open interest [link: https://www.asterdex.com/zh-CN/referral/aboter] - Lighter: ~$24.81 billion in trading volume, ~$6.67 billion in open interest [link: https://app.lighter.xyz/?referral=70045843] - Grvt: ~$15.6 billion in trading volume, ~$4.8 billion in open interest - Pacifica: ~$5.086 billion in trading volume, ~$71.11 million in open interest [link: https://app.p

March 24th: QCP’s latest market note noted that while Trump’s final ultimatum on Iran didn’t unfold as anticipated—alongside ongoing Middle East tensions—the market briefly priced in higher geopolitical risks. But after the U.S. held off on action and signaled “dialogue progress,” risk assets stabilized for the time being. The crypto market showed resilience: Bitcoin briefly dipped below $70k over the weekend, but its overall drop was far milder than in past “risk-off” phases, with no obvious liquidity-fueled selloff. Analysts say this could tie to lower market leverage, suggesting Bitcoin is gradually moving beyond being just a “high-beta risk asset.” On the macro front, U.S. debt has topped $39 trillion. With potential fiscal expansion on the horizon, early stagflation signs, and constrained central bank policy room, some market players are rethinking Bitcoin as a “neutral value export.” Geopolitics have reinforced this narrative further. Iran has floated settling transactio

On March 24, Jeffrey Gundlach—dubbed the "New Bond King" and CEO of DoubleLine Capital—stated the market is currently stagnant, with few assets delivering meaningful returns. He also warned pressure in the private credit sector could escalate if investors rush to cash out. "The market right now is like treading water: no real trend, nothing surging, nothing crashing. Over the past nine months, there’s barely any asset that’s made people big money," Gundlach said on a show. Gundlach noted the current macro environment bears similarities to the period just before the 2008 financial crisis. The private credit industry has been swamped by redemption requests far exceeding the 5% threshold. "Anyone who’s been through market volatility—even just half of what I’ve experienced—should know clearly: in the next liquidity window, especially for retail investors, redemption demand will be far higher than it was in March."

March 24: Pre-market trading for U.S. crypto-related stocks was mixed, per Bitget market data, with these notable moves: - MSTR: +0.01% - COIN: +0.06% - HOOD: -0.11% - ABTC: -0.52% - ALTS: +3.03% - BMNR: -0.33% - CRCL: -0.88%

March 24th — Per OnchainLens data, a whale deposited 39,969 ETH (valued at roughly $86.2 million) to Flowdesk’s Binance deposit address.