Dispatch #237: Crypto's spring sprint

In this patch of your weekly Dispatch:

Bitcoin ETF flows recover
Ethereum whales resurface
Ripple closes a chapter

Market cast

Optimism returns on BTC ETF flows

U.S. spot Bitcoin ETFs have recorded seven consecutive days of net inflows — the longest positive streak since late January — after a volatile period of sustained outflows throughout February and early March. The seven-day run has brought in over $860 million, signaling a notable shift in sentiment.

That renewed demand has seen Bitcoin bounce off the lower band of the weekly Bollinger Bands, with the 20-period simple moving average (SMA) now acting as potential dynamic resistance. The RSI remains neutral across most timeframes, indicating a balanced market structure, while the daily Stochastic is firmly in overbought territory — a sign of ongoing bullish momentum and short-term optimism.

To the upside, the $89,500 – $90,000 zone is the first resistance area to watch, followed by a potential move toward $95,000 if momentum holds. On the downside, key support levels are located at $86,500, $84,000, and $80,000.

The big idea

Ready for the regulatory “spring ahead”

Crypto regulation in the world’s leading economy, the USA, is finally getting a proper restart right where it matters most: the U.S. Securities and Exchange Commission.

After years of “regulation by enforcement,” the SEC’s Crypto Task Force held its first roundtable last Friday – a “Spring Sprint Toward Crypto Clarity.” The event brought together lawyers, investors, and policymakers for a rare moment of open dialogue. Commissioner Hester Peirce, now heading the task force, summed it up: “We’re ready for the spring ahead.”

The forum marked a shift in tone. Acting SEC Chair Mark Uyeda acknowledged the lack of clear guidance and hinted at a more nuanced digital asset framework.

This regulatory reset isn’t happening in isolation. It’s part of a broader, government-wide pivot toward strategic crypto engagement:

White House policy pivot: President Trump addressed a crypto conference for the first time, framing digital assets as a national priority. His administration has created a Strategic Bitcoin Reserve, launched a Digital Asset Stockpile, and ended “Operation Choke Point 2.0.”

Stablecoin legislation progresses: The bipartisan GENIUS Act, offering clear rules for dollar-backed stablecoins, passed the Senate Banking Committee. Advocates say it could reshape global financial rails and reinforce dollar dominance.

Congress eyes a Bitcoin Reserve: The proposed BITCOIN Act would authorize the U.S. Treasury to accumulate up to 1 million BTC over five years. Versions of the proposal are already surfacing in 23 U.S. states.

Coordinated federal strategy: The White House’s crypto czar David Sacks is overseeing efforts to align agencies through a structured 120-day regulatory sprint, aimed at institutional adoption and innovation support.

By the initial looks, it’s more than a flurry of policy headlines – it’s a potential inflection point, where the U.S. is starting to treat crypto as a strategic asset class, not a regulatory nuisance. If these efforts continue to mature, they could deliver the one thing crypto markets have craved for years – clarity. That clarity may unlock the next wave of institutional capital, product innovation, and public-sector alignment – not just for Bitcoin, but for the entire ecosystem. It’s the biggest idea in crypto today.

Ethereum

ETH gearing up for spring?

Ethereum might not be grabbing headlines with price gains, but under the surface, momentum is building in several promising directions. Here are three reasons for measured optimism:

ETH remains down over 50% from its December highs, but analysts note that reclaiming the $2,200 level could reestablish bullish momentum. A surge in futures open interest hints that whales are positioning for just that.
A proposed NYSE Arca rule change could allow Ethereum ETFs to stake ETH and earn yield – a feature once off-limits under the prior SEC regime. With major issuers like BlackRock and Fidelity backing the idea, staking-enabled ETFs may soon become a reality, unlocking new demand.
Ethereum continues to dominate as the base layer for stablecoin activity, hosting over $100 billion in USDC and USDT. With monthly volumes holding steady at around $800 billion, Ethereum’s utility in real-world payments is quietly thriving.

Together, these developments suggest Ethereum's fundamentals are firming (and there’s more data below) – even if price action hasn't yet caught up.

Ripple

The hottest win for XRP

This week, Hot in Crypto isn’t just about a price increase – it’s about closure, precedent, and what’s next. Ripple CEO Brad Garlinghouse announced the company’s four-year legal battle with the SEC is finally over, closing a chapter that came to define the U.S. regulatory stance on crypto.

XRP spiked 8% on the news before pulling back, but the bigger story is the SEC’s shifting tone. Whales are taking note. Santiment data shows wallets holding over 1M XRP have grown their stash by 6.5% to 46.4 billion coins (worth $114 billion) in two months. Network activity has surged, too – six times more unique wallets interacted with the network in March.

Garlinghouse added fuel to the fire, suggesting XRP may be included in the U.S. Digital Asset Stockpile. Whether that, plus whale accumulation, turns into price momentum remains to be seen.

TradFi trends

Crypto habits enter TradFi

The 24/7 culture of crypto is spilling into traditional finance. Both Nasdaq and the New York Stock Exchange are preparing to launch round-the-clock trading, driven by global demand and the growing expectation that markets should never sleep – just like crypto. Nasdaq exec Giang Bui confirmed that investors, especially those used to trading Bitcoin and other digital assets, are now pushing for constant access to U.S. equities. With the NYSE already approved and Nasdaq in talks with regulators, a new era of always-on TradFi may be just around the corner.

Macroeconomic round up

Will the Fed cut rates in 2025?

The Federal Reserve held interest rates steady at 4.25%–4.50% in its March meeting, signaling patience amid "solid" economic activity and still-elevated inflation. While the Fed expects to slow the pace of quantitative tightening in April, Chair Jerome Powell emphasized that uncertainty around the outlook has grown – leaving the door open for rate cuts later this year.

Meanwhile, the rest of the week is packed with macro releases that could jolt markets:

Initial Jobless Claims (Thu): Forecast to tick up slightly to 226,000 – an increase could stoke recession fears and nudge Bitcoin back into hedge-asset territory.
Q4 GDP Revision (Thu): Currently projected at 2.3% growth. A softer print could boost bets on Fed easing.
PCE Index (Fri): The Fed’s go-to inflation gauge. A higher-than-expected read may push back rate-cut hopes, while a cooler print could lift crypto sentiment.

The week’s most interesting data story

ETH whales hit the charts

Ether may be down 50% from December highs, yet the data is flashing early signs of a potential rebound. Exchange reserves for ETH just hit a yearly low – only 18.32M ETH remain on trading platforms, signaling reduced sell pressure as more coins move to long-term storage. Meanwhile, accumulation trends are emerging. According to Nansen, the number of wallets holding $100K+ in ETH has climbed by 5,000 in just two weeks. Paired with rising open interest and increased leverage, it suggests that some investors may be positioning ahead of a potential shift in momentum. Is a price pop incoming? The on-chain setup says maybe. The market just needs a spark.

The numbers

Top 5 stats of the week

$711 million – Capital raised by Strategy (formerly MicroStrategy) in a preferred stock offering, earmarked for Bitcoin.
87% – Polymarket users’ current odds of a spot Solana ETF approval in 2025.
30% – VanEck views Bitcoin’s recent correction as a healthy reset within a broader bull cycle.
$10 billion – Total value locked in real-world assets (RWAs), according to DeFiLlama.
$230 billion – The new record-high market cap of stablecoins as regulatory momentum builds.

Hot topics

What the community is discussing?

When monetary policy meets a Bitcoin-maxi.

Surely, ETH L2’s will have something to say here.

Could the Pudgy Penguins hit Wall Street?

Dispatch is a weekly publication by Nexo, designed to help you navigate and take action in the evolving world of digital assets. To share your Dispatch suggestions and comments, email us at dispatch@nexo.com.