Bitget Daily Digest (April 2) | U.S. think tank proposes Bitcoin-enhanced US bonds "BitBonds", GameStop completes a $1.5 billion offering of convertible senior notes

1.Trump is expected to announce new tariffs on April 3 at 4:00 PM (UTC+8).

2.U.S. ADP Employment Change data for March to be announced today. The previous reading was 77,000.

3.U.S. EIA crude oil inventory data for the week ending March 28 will be released today. The previous reading was -3.341 million barrels.

4.The U.S. House Financial Services Committee is expected to review the draft stablecoin legislation today.

5.Ethena (ENA) is unlocking approximately 40.63 million tokens today, representing 0.77% of the circulating supply, valued at around $15 million.

1.Trump is set to launch one of the most controversial economic policies of his second term—widespread import tariffs—aiming to reshape the U.S. economic structure through reciprocal tariffs. While the White House claims this will reduce trade deficits and revitalize domestic manufacturing, markets remain skeptical. Consumer confidence has hit a multi-year low, economists in general warn the return of inflation and stagflation risks, and businesses face significant uncertainty regarding investment and employment prospects. A "tariff storm" that could impact global asset pricing and policy trajectories is about to unfold.

2. ACT, DEXE, $HIPPO, $BANANAS31, $TST, $PNUT, and several other tokens saw declines of up to 50% around the same period. The CEX involved released an official response indicating that a preliminary investigation found four users collectively dumped over $1 million in $ACT in a short period, triggering chain reaction across the market. The downturn led to liquidations of some users' futures positions, further driving down prices of other tokens.

3. GameStop announced the completion of a $1.5 billion offering of convertible notes, raising a total of $1.48 billion if the initial purchaser exercises its greenshoe option to purchase the $200 million additional notes in full. Following a recent board update to its investment policy, the company plans to include Bitcoin on its balance sheet. Combined with insights from GME's financial reports, markets widely speculate that GameStop may have already begun BTC allocation or will soon announce progress.

4.The U.S. government is conducting its first-ever full federal on-chain asset audit, requiring all agencies to report their crypto holdings by April 5. Led by the Treasury, this audit covers all digital asset holdings including Bitcoin, following an executive order signed by President Trump mandating a complete report within 30 days. Some media outlets suggest this could pave the way for the Bitcoin strategic reserves. Meanwhile, a U.S. think tank has proposed " BitBonds", a type of Bitcoin-enhanced treasury bonds, as an innovative fiscal tool to achieve multiple key objectives, including Trump's Bitcoin strategic reserve plan. Under the proposal, BitBonds would pay investors a fixed 1% annual interest rate (in USD), far below the current 4.5% rate for standard treasuries. 90% of BitBonds proceeds would fund general government operations, while 10% would be used to purchase Bitcoin for the strategic reserve.

5.Over the past week, Ethereum's network earned just 3.18 ETH in Blob fees, marking a new weekly low for 2025 and a drop of over 95% from its peak. Blob was introduced under EIP-4844 as a key mechanism to optimize Layer 2 data availability. However, the sharp fee decline highlights a significant reduction in current on-chain activity and scaling demand.

1.BTC experiences short-term volatility with an overall upward trend, and ETH breaks above $1900. $PENDLE's rally boosts the LRTFI sector, while $ACT and several other memecoins plunge following CEX rule changes.

2.Ahead of Trump's new tariff announcement, the SP 500 experienced a dramatic recovery, with Tesla surging over 3% to support a Nasdaq rebound. Gold hit four consecutive highs before turning downward.

3.Currently standing at 85,107 USDT, Bitcoin is in a potential liquidation zone. A 1000-point drop to around 84,118 USDT could trigger over $284 million in cumulative long-position liquidations. Conversely, a rise to 86,107 USDT could lead to more than $334 million in cumulative short-position liquidations. With short liquidation volumes far surpassing long positions, it's advisable to manage leverage carefully to avoid large-scale liquidations.

4.Over the last 24 hours, BTC spot saw $19.4 billion in inflows and $19 billion in outflows, resulting in a net inflow of $ 400 million.

5.In the last 24 hours, $MASK, $ACT, $PNUT, $ADA, and $ORDI led in net outflows in futures trading, signaling potential trading opportunities.

Fidelity research: Bitcoin's drawdown aligns with past acceleration phases, suggesting potential for another phase of rapid growth.

Article: https://cointelegraph.com

Matrixport: Bitcoin ETF momentum fades as retail interest stalls.

X post: https://x.com/Matrixport_EN/status/1906989627862597820

CryptoQuant: BTC selling has dried up, and April and May could mark a consolidation phase.

X post: https://x.com/AxelAdlerJr/status/1906951304804508115

1.The SEC's Crypto Task Force to hold four roundtable discussions.

2.Israel removes remaining tariffs on U.S. imports to secure a "reprieve" from Trump's tariffs.

3.White House Press Secretary: Reciprocal tariffs to take effect on April 3.

4.BitBonds pitched as solution to Trump's budget-neutral bitcoin reserve strategy

5.U.S. ISM manufacturing activity contracts for the second time this year.

1.Uniswap DAO votes to continue its "treasury delegation program" to boost governance participation.

2.ai16z founder: Eliza v2 and the Launchpad platform auto.fun set to launch soon.

3.GameStop completes $1.5 billion convertible note issuance, potentially initiating a Bitcoin allocation plan.

4.Circle submits S-1 filing, planning to list on NYSE under ticker CRCL.

5.Bio Protocol releases V1 upgrade, enhancing DeSci research funding and BIO token utility.

6.SOON integrates new Solana client Firedancer, achieving 80,000 TPS on Devnet.

7.Particle co-founder: The team has not sold any tokens and will implement a strategy to optimize the price.

8.Grayscale files S-3 registration for its Digital Large Cap Fund, aiming to launch an ETF.

9.Bitget Wallet launches the "Hold to Earn" LSD Earn zone, supporting flexible yield generation.

10,Andrei Grachev: Falcon Finance to launch its own points program and governance token.

@jason_chen998: An institutional perspective on ETH: Why Ethereum might not have bottomed out yet?

Ethereum has lost its footing as a "value investment" asset, with ecosystem attrition, declining revenue, and drops in both user data and developer activity. Traditional narratives like decentralization and security no longer justify its valuation. Now a derivative play for institutions—especially Wall Street—ETH's price hinges on their deployment pace. While Ethereum staking-enabled ETFs are seen as the only major short-to-mid-term catalyst, BlackRock's lack of a staking application signals that institutions aren't rushing to push ETH prices up and may even prefer lower prices for better accumulation zones.

X post: https://x.com/jason_chen998/status/1906657908785639432

vivienna.btc: Crisis to the left, recession to the right—The purpose of the tariff war and the U.S. fiscal deficit dilemma

What is the real purpose of the tariff war? How might it affect the USD and global trade and finance? What options does the Trump administration have to tackle the growing fiscal deficit — and what are the possible outcomes? Could the persistent deficit trigger a USD debt crisis? Could deficit reduction efforts push the U.S. into a recession?

X post: https://x.com/VV_watch/status/1906749597369901489

DJJ: Why did CEX rule changes cause $ACT and other Wintermute memecoins to crash?

CEX adjustments to futures position limits and leverage triggered a cascade effect, crashing $ACT and other Wintermute memecoins. First, the changes hit market makers (MMs) who rely on high leverage and large positions for liquidity and spreads. When a market maker's long position exceeded the new limits, the system liquidated it, creating selling pressure and driving down the futures price. As a result, the spread between spot and futures prices widened rapidly. Trading bots seized the arbitrage opportunity and sold further into the spot market, causing a sharp drop in spot prices. Eventually, panic selling by retail investors worsened market sentiment, leading to a sharp decline. Overall, the rule changes have disrupted market equilibrium, creating a vicious circle of market maker liquidations → bot arbitrage → panic.

X post: https://x.com/CnmdRain/status/1907029260008878144

Viki_Nan: 3-second guide to spotting whale addresses—Using Dune to track DCA wallets in practice

Use Dune to quickly identify high-volume buyer addresses active in Jupiter DCA, helping pinpoint whale-controlled wallets. By analyzing on-chain smart contract call logic and building a dashboard, users can input a token address and time range to get a list of wallets conducting DCA, their buy amounts, and current holding percentages—lowering the analysis barrier significantly. Viki_Nan details mappings between trading patterns, Solscan data, and Dune-decoded data, using real examples to show how bar charts and Tx queries reveal token flows and whale behavior, boosting on-chain research efficiency and accuracy.

X post: https://x.com/ec_unoxx/status/1907062487616491886