BTX Research

10/10 🎯 Why It Matters GENIUS Act: ✅ Creates first US stablecoin framework ✅ Balances innovation + safety ✅ Bipartisan support (Trump likely to sign) But: Will compliance costs crush small players? 💬 Thoughts?

9/10 🏦 Banks & Stablecoins Banks can: ✅ Custody stablecoins/keys ✅ Use distributed ledgers for records ✅ Issue deposit-linked digital assets No extra capital reserves required

1/10 🧵 US Senate Advances GENIUS Act (2025 Stablecoin Bill) On March 13, 2025, the Senate Banking Committee passed the GENIUS Act 18-6. Bipartisan momentum means it’s likely to become law. Key details👇 #CryptoRegulation #Stablecoins

However, in this case, the total positions are far beyond the depth of the order book which is 160,000 ETH. The nature of liquidation is closing the position instead of taking away the maintenance margin. Hype cannot close the position through the order book, because if they close the position, it will incur a huge fluctuations over ETH price so that they use a mark price instead of market price to take over the ETH. The mark price deviates from the market price which may already incur losses. When the price of ETH is going down, the HLP is facing more losses until they fully close their position. In conclusion, the whale knows that when he closes the position, he will take the risk of price dropping tremendously, however, instead of closing the position himself, he lets Hype “close” the position for him and mark Eth at a sweet price.

Commonly, for small liquidations, Hype will automatically sell the position to the market through an order book and the position will be close or partially close. At this time, the remaining margins will return to the traders. The trader will be liquidated only when the account equity drops below ⅔ and the loss is fully covered by the investor’s margin.

How #Hyperliquid suffer the loss from the mysterious whale? 🚩 First of all, we need to understand how the liquidation commonly works on Hype.

Whales are moving 🎈 The whale who has 100% winning rate on Hyperliquid with 50x leverage moves again couple hours ago, in less than an hour he made 2m. A week ago, the address 0x29A310F8F75c429731cD1D610127302B8525d989 has sent 851.043 ETH to 0xf3F496C9486BE5924a93D67e98298733Bb47057c. Then the address converts a total of 947 ETH (851 plus its original account ETH balance) into USDC and trades on Hyperliquid, as seen on the graph, he eventually got out with 1860 ETH with a profit of 2M. He has now converted the profit into ETH. #Ethereum #MarketUpdate

What will be next? 🚩 On March 6, 2025, U.S. President Donald Trump signed an executive order formally establishing the U.S. Strategic Bitcoin Reserve, based on approximately 200,000 Bitcoins seized by the federal government through asset forfeiture programs. The order explicitly prohibits the sale of these assets, designating them as long-term value storage. We also did a brief traced back of the source of funds. The main inflow of BTC are came from bc1qa5wkgaew2dkv56kfvj49j0av5nml45x9ek9hz6 (Silk Road seizure), bc1qazcm763858nkj2dj986etajv6wquslv8uxwczt (Bitfinex hack seizure) bc1qmxjefnuy06v345v6vhwpwt05dztztmx4g3y7wp (James Zhong seizure). #BTC #StrategicBitcoinReserve

📈Check out the #crypto latest updates on #BTXresearch: · $BTC dropped to $78K on tariffs news · Spot $BTC ETFs saw significant outflows this week · $MASK founder Suji Yan lost approximately $4M in stolen assets · #Trump imposes 10% additional tariffs on China · #SEC states #Memecoins do not qualify as securities · $UNI: Uniswap launched Fiat withdrawal feature · $SHELL: Binance holder airdrop · Texas passes a #Bitcoin reserve bill Trending topics in details👇 · Trump's tariff comments reignite tariff war fears, sending crypto markets to a panic sell. $BTC touched 78K. · The Bitcoin spot ETFs had a total net outflow of $2.044B for this week. Tuesday saw the largest single-day net outflow in Bitcoin spot ETF history, with $1.013B flowing out. The cause remains President Trump's tariff policies. · @masknetwork founder had his personal funds stolen, totaling 1,690.17 ETH across 7 hacker wallets. It has been reported that the stolen funds are personal assets and are unrelated to the company, its funds, or any associated investment projects. · #Trump announced an additional 10% #tariff on China, which will bring the total tariffs on China to 20%, effective March 4th. · The #SEC issued guidance that most #memecoins, tokens derived from #memes, are not considered securities. · @Uniswap has released native fiat withdrawal (off-ramp) functionality, allowing users to convert crypto assets to fiat directly from their wallets and deposit them into their bank accounts. · @binance has announced @myshell_ai ($SHELL) on Binance HODLer airdrop. · The legislative process is moving forward with strategic #BitcoinReserve bills being reviewed by committees in seven U.S. states. However, not all state bills have received support: lawmakers from Montana, North Dakota, South Dakota, and Wyoming recently voted against establishing state-level crypto reserves.