🔮 Store of Value, China Turns to BTC But So Do We, The Decentralized Become Centralized

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Bitcoin Interest Ticks Up as Tariffs Fuel Store-of-Value Narrative

Google search interest for “Bitcoin” hit its highest level of 2025 in March, reaching 34 on Google Trends’ 0–100 scale—up 26% from February. “Ethereum” also saw a slight rise to 19. While far from past cycle peaks, this marks the first notable uptick since November 2024 and may reflect renewed retail curiosity. The jump coincides with President Trump’s April 2 tariff announcement, which may have revived the “digital gold” narrative. Still, traditional gold outperformed, as both gold-to-BTC and gold-to-SPX ratios rose 8–10%, suggesting it remains the dominant safe-haven asset.

Source: Google Trends

Tokenized RWAs Hit $20B as Institutional Demand Surges

The tokenized real-world asset (RWA) market has surpassed $20 billion in on-chain value, marking a 12% monthly growth and signaling sustained institutional interest. BlackRock’s BUIDL fund led the charge with a 190% surge to $2.3 billion in market cap, followed by Tether Gold ($761M) and Franklin Templeton’s BENJI fund ($701M). The number of unique asset holders also rose 5.43% to nearly 95,000. Industry leaders point to this growth as proof that RWAs are moving from theory to execution, offering real yield and long-term potential across credit, Treasuries, and soon, tokenized gold and real estate. See similar: Onchain Gold Trading Volume Soars to All-Time High

Source: rwa.xyz

Arbitrum Unveils Timeboost Upgrade to Streamline MEV and Reduce Network Congestion

Arbitrum, Ethereum’s second-largest Layer 2 by total value locked ($2.4B), has introduced Timeboost, a transaction acceleration upgrade that brings sealed-bid auctions for MEV (maximal extractable value) searchers. Developed by Offchain Labs, the upgrade aims to reduce latency races and off-chain inefficiencies by creating an “express lane” for auction winners, while applying a 200ms delay for others. The approach is designed to curb spam, enhance network predictability, and retain MEV value within the ecosystem. Arbitrum co-founder Ed Felten emphasized that Timeboost will also generate new revenue streams for the Arbitrum DAO and improve user experience. The upgrade comes amid broader governance changes, including a proposal to empower five “Arbitrum Aligned Entities” to review proposals before DAO voting.

Bitwise Q1 Report: Stablecoins Overtake Visa, Govs Stack BTC, and Devs Exit for AI

Bitwise’s Q1 2025 crypto market review dropped major insights, including a headline-grabbing stat: stablecoins processed more volume than Visa in 2024, signaling unprecedented product-market fit for digital dollars. Meanwhile, U.S. Bitcoin ETFs purchased 2x more BTC than miners produced, highlighting rising demand against fixed supply. Polymarket continued strong post-election momentum, while blockchain developer counts slipped, potentially due to the AI boom. On the bullish side, governments now hold 2.49% of Bitcoin’s total supply—with the U.S., China, and the UK in the lead—though MicroStrategy’s holdings top them all at 2.53%. Finally, Q1 marked a turning point in crypto regulation, with a wave of SEC settlements indicating a more constructive U.S. stance toward the industry.

Source: Bitwise

Regulation

Powell Signals Crypto Rule Easing for Banks, But Faces Trump Criticism

Federal Reserve Chair Jerome Powell said Wednesday that U.S. regulators may loosen bank restrictions on crypto, citing the industry's growing mainstream adoption. Speaking at The Economic Club of Chicago, Powell acknowledged past issues of "failures and fraud" but suggested that overly conservative guidance could soon be revisited—so long as consumer protections and financial system stability are preserved. Powell also voiced support for stablecoin regulation currently advancing in Congress. Despite this, President Trump sharply criticized Powell on Truth Social Thursday, accusing him of policy missteps and calling for his removal.

China’s Local Governments Sell Seized Crypto to Raise Funds

Despite a mainland ban on crypto trading, Chinese local governments are covertly liquidating seized digital assets through offshore markets to bolster public finances. Authorities have partnered with domestic tech firms, such as Shenzhen-based Jiafenxiang, to facilitate sales and convert proceeds into yuan. Since 2018, at least $408 million in crypto has been sold in Jiangsu province alone. While individual trading remains illegal, businesses aiding government liquidation are permitted, raising concerns over transparency and corruption. China, still holding at least 190,000 BTC, is the second-largest known state Bitcoin holder globally.

Tariffs Eyed as Creative Funding Source for U.S. Bitcoin Reserve

White House digital assets director Bo Hines revealed the Trump administration is considering using tariff revenues to fund the U.S. Strategic Bitcoin Reserve without tapping taxpayer dollars. In a recent interview, Hines described tariffs as one of several “budget-neutral” strategies under review, alongside options like revaluing Treasury gold certificates through Senator Cynthia Lummis’s proposed Bitcoin Act of 2025. The U.S. currently holds over 192,000 BTC, and federal agencies have been ordered to disclose their digital asset holdings by a recent executive mandate. With a 180-day interagency review underway, the administration aims to cement America’s position as the “Bitcoin superpower of the globe.”

Kraken Trims Staff Ahead of 2026 IPO, Eyes Wall Street Debut With New Products and Acquisitions

Kraken has begun a strategic reorganization, cutting select roles and consolidating teams in preparation for a 2026 IPO. The crypto exchange, which recently acquired NinjaTrader for $1.5 billion, said the move is aimed at increasing operational efficiency and supporting its growing product lineup, including the launch of commission-free stock and ETF trading. While “hundreds” of layoffs followed a broader 15% workforce reduction last October, Kraken emphasized continued hiring in key areas. The restructuring comes on the heels of the SEC dropping its lawsuit against Kraken, clearing a major regulatory hurdle ahead of its public market ambitions. Kraken’s parent company, Payward Inc., is reportedly working with Goldman Sachs and JPMorgan Chase on plans to raise up to $1 billion.

Other Domestic Regulation Updates

• US Department of Homeland Security reportedly probes Anchorage Digital
• Semler Scientific files $500 million offering to buy more bitcoin amid DOJ settlement
• Oregon attorney general sues Coinbase
• Man Pleads Guilty to Submitting False Tax Returns Tied to $13M CryptoPunks Sales
• Oklahoma Kills Bitcoin Reserve Proposal in Senate Committee Vote

Other International Regulation Updates

• Canada set to launch spot Solana ETFs
• Launderer in $190 million Brazilian crypto Ponzi scheme gets 128-year sentence
• Another Swedish Lawmaker Pushes to Add Bitcoin to National Reserves

Pain & Gain

Pain

• MANTRA’s OM Token Crashes Amid Liquidation Spiral and Whale Activity
• ZKsync discloses $5 million hack, token price drops 20%
• 'Base is for everyone' sparks token debacle
• AWS Outage Disrupts Crypto Exchanges, Raising Questions About Web3’s Centralized Backbone

Gain

• US-based Bitcoin miner manufacturer Auradine raises $153 million
• PumpSwap Weekly Trading Volume Hits All-time High of $2.3 Billion