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Coinbase: What Is the Crypto Market Watching?
Original Title: Weekly: Business as Usual?
Original Source: Coinbase
Original Translation: Tao Zhu, Golden Finance
Summary
· Last week, both the cryptocurrency and traditional risk markets remained subdued as participants focused on the upcoming tariffs effective on April 2.
· Regulatory tailwinds for U.S. cryptocurrency remained strong. President Trump emphasized a focus on U.S. dominance at a digital asset summit, and the U.S. Securities and Exchange Commission hosted the first of five cryptocurrency special working group roundtable meetings on March 21.
· This week was significant for stablecoins. The House released a draft of the Stablecoin Act, World Liberty Financial plans to launch a stablecoin backed by U.S. Treasuries, Fidelity Investments is testing a USD-linked stablecoin, and Wyoming's multi-chain WYST entered the testnet.
Last week, trading in both cryptocurrency and traditional risk markets was subdued as participants awaited the tariffs effective on April 2. Nonetheless, on March 27, President Trump announced a 25% tariff on all imported cars, escalating market anxiety further by imposing reciprocal tariffs on trading partners. Despite this, the market performed relatively well, but we believe this was largely due to short-covering rather than fundamental trading. The spot and futures trading volume for BTC, ETH, and SOL on global centralized exchanges remained lackluster, although this is typically a time when we see month-end portfolio rebalancing adding liquidity.
Another technical factor driving broader market activity was GameStop's announcement of issuing $1.3 billion in zero-coupon convertible senior notes maturing in 2030, to be used for future purchases of Bitcoin for its treasury. Over the past few months, several publicly traded companies (apart from Strategy, formerly MicroStrategy) have announced Bitcoin acquisitions, including Metaplanet, Solidion Technology, and Semler Scientific.
Meanwhile, regulatory tailwinds for cryptocurrency remained strong – especially in the U.S., as symbolized by President Trump's speech at a digital asset summit last week, where he emphasized the focus on U.S. dominance in the field and drew attention to ongoing work on stablecoin and market structure legislation.
Related to this, the U.S. Securities and Exchange Commission (SEC) hosted the first of five roundtable discussions on March 21, focusing on the conditions under which certain digital assets would be classified as securities. These discussions may form the framework of a crypto market structure bill, with further discussions on custody, tokenization, DeFi, and other topics set to take place before June 2025. The Senate recently passed a resolution (70 votes in favor) to repeal the IRS's DeFi reporting rule, awaiting approval from President Trump.
Stablecoins and Multi-Chain
Regarding stablecoins, the House of Representatives released the full text of the Stablecoin Transparency and Accountability to Build Better Ledger Economic (STABLE) Act on March 26, outlining the preliminary direction of the forthcoming legislation. It is noteworthy that the act prohibits paying interest or returns to stablecoin holders and prohibits the creation of new algorithmic stablecoins (i.e., collateralized stablecoins) for two years. The act also outlines reserve and transparency requirements for issuers and establishes an approval process for entities seeking to issue new tokens.
Meanwhile, many other new stablecoins have made progress. World Liberty Financial announced plans to launch its own treasury-backed stablecoin. Fidelity Investments is testing a stablecoin (though its launch plans have not been confirmed yet), and Wyoming is entering the testing phase of its Wyoming Stable Token (WYST). We believe Wyoming's stablecoin launch strategy is particularly interesting as it underscores that while the focus is currently on Ethereum, tokenization may evolve into a multi-chain phenomenon in the long run.
Wyoming has partnered with LayerZero as its token issuance partner to launch WYST contracts on the Avalanche, Solana, Ethereum, Arbitrum, Optimism, Polygon, and Base testnets. Likewise, BlackRock has extended its on-chain treasury fund BUIDL to the Solana blockchain—joining Aptos, Arbitrum, Avalanche, Ethereum, Optimism, and Polygon, expanding the networks where investors can access its products.
Interest in tokenized treasury funds has been rapidly increasing, with $1.3 billion in additional AUM flowing into BUIDL this month (totaling $1.9 billion). While most of the current interest and liquidity are concentrated on Ethereum (90% of BUIDL's total supply is on Ethereum), branching out preemptively to different blockchain networks suggests that issuers may be willing to follow users and liquidity if the adoption pattern shifts.
Cryptocurrency and Traditional Asset Overview
Coinbase Exchange and CES Insights
The cryptocurrency market witnessed a rebound. It has continued to correlate with the US stock market, with BTC reclaiming the key 200-day moving average. The Coin 50 Index also saw an uptick but remains in a downtrend, reflecting relative weakness in other cryptocurrencies. Unless there is unexpected economic data released, we expect range-bound volatility to persist at least until April 2, the deadline for President Trump's tariff imposition.
Single-digit perpetual funding, recent highs in stablecoin AUM, and short-term futures basis screening have highlighted low positions as traders patiently await further data before adding meaningful risk. Historically, April, May, and June have been challenging months for cryptocurrency assets, so maintaining a lower position may prove to be a prudent strategy.
Coinbase Platform Trading Volume (USD)
Trading Volume Segmented by Asset on the Coinbase Platform
Funding Rate
Week Ahead Preview
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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.
The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.
Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.
Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.
The trading process has been streamlined into five steps:
· Choose the trading asset
· Select long or short
· Input position size and leverage
· Confirm order details
· Confirm and open the position
The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.
Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:
· End-to-end encrypted private groups supporting up to 1024 members
· End-to-end encrypted voice communication
· One-click position sharing
· One-click trade copying
On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.
By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.
Mixin has also introduced a referral incentive system based on trading behavior:
· Users can join with an invite code
· Up to 60% of trading fees as referral rewards
· Incentive mechanism designed for long-term, sustainable earnings
This model aims to drive user-driven network expansion and organic growth.
Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:
· Separation of transaction account and asset storage
· User full control over assets
· Platform does not custody user funds
· Built-in privacy mechanisms to reduce data exposure
The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.
Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.
The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.
Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.
This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."
The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.
Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.
Its core capabilities include:
· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations
· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets
· Decentralization: achieving full user control over assets without relying on custodial intermediaries
· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication
Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.
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