Arthur Hayes: The current market is gripped by the hopeium of future upside, I ain't buying this dip.

March 25th: Per HyperInsight monitoring (source: https://t.me/HyperInsight), a whale with the 0xec3 address prefix opened a 40x leveraged long position on BTC—175 coins (~$12.4M), with an average entry price of $70,879 and liquidation price of $69,988. This marked the 28th position opening for the address in the past week. Within the past hour, the address closed its BTC long position at break-even: its prior position size was ~$12.6M, with an average exit price of $70,770. Over the past 7 days, the address has executed 28 consecutive chase-the-rally, sell-the-dip trades—repeatedly buying high and selling low. During this period, it injected funds 17 times, adding ~$670k in total. However, its account balance has shrunk from a peak of $1.7M to just $310k, with a weekly loss topping $2.05M—nearly wiping out its holdings.

On March 25, YZI Labs announced the launch of the Atlas Scout Program to empower university students to back Web3, AI, and biotech startups. Ella Zhang, leader of YZI Labs, noted: “Recent meetings with 16- to 18-year-old young entrepreneurs left a strong impression on me. In this AI-powered new era, the pace of learning and entrepreneurship is accelerating exponentially. We launched the Atlas Scout Program to empower the next generation of investors—enabling them not just to witness the future, but to identify, fund, and help shape it alongside us.” According to reports, the Atlas Scout Program is a student-run $1 million venture capital initiative. It will select 5 to 10 top university students to act as investors, backing founders in the Web3, AI, and biotech sectors. Atlas Scouts will receive a global travel budget, incentive-aligned rewards, and direct access to YZI Labs’ ecosystem of over 300 portfolio companies.

On March 25, Binance founder CZ said in a social media post that project teams can safely assume anyone claiming to help get a project listed on Binance (CEX) is a scammer—especially if they say they know CZ or have a close connection to him, and so on.

On March 25, Farside Investors reported that U.S. Bitcoin spot ETFs posted net outflows of $66.60 million yesterday, with the following breakdown: - BlackRock IBIT: -$4.70 million - Fidelity FBTC: -$45.53 million - Bitwise BITB: -$16.00 million Additionally, U.S. Ethereum spot ETFs recorded net outflows of $40.70 million yesterday, including: - BlackRock ETHA: -$25.00 million - BlackRock ETHB: -$2.20 million - Fidelity FETH: -$5.80 million - Grayscale ETHE: -$1.70 million - 21Shares TETH: -$1.10 million - Grayscale Ethereum Trust: -$10.00 million

March 25th: Per Onchain Lens monitoring, the Royal Government of Bhutan’s crypto address has transferred 519.7 BTC (valued at $36.75 million) to two new wallets.

As of March 25th, TAO is trading at $337.80 per HTX data, up 9.21% over the past 24 hours.