Daily News | U.S. Bitcoin Strategic Reserve Established, WLFI Adds SUI to Its Reserve

Daily Summary: U.S. Creates Bitcoin Reserve, Could Encourage Global Bitcoin Purchases

According to Farside Investors, the U.S. Bitcoin spot ETF saw a net outflow of $83.7 million yesterday, with Grayscale GBTC experiencing a $34.5 million outflow and Ark’s ARKB seeing $17.8 million outflow. BlackRock’s IBIT data is yet to be updated.
Ethereum spot ETF did not experience any inflow or outflow, and BlackRock’s ETHA data is still pending.

U.S. Bitcoin Strategic Reserve Set Up but No Additional Bitcoin Purchases Planned
White House crypto head David Sacks revealed that Trump has signed an utive order establishing a strategic Bitcoin reserve. The reserve will be funded with Bitcoin seized through criminal or civil asset forfeiture. The government will not purchase additional Bitcoin for this reserve, and the Bitcoin in the reserve will not be sold. The Secretary of the Treasury and Secretary of Commerce will be authorized to devise a strategy for acquiring more Bitcoin, maintaining budget neutrality. This utive order also establishes a U.S. digital asset reserve.

NASDAQ-Listed BioNexus Gene Lab Adopts Ethereum as a Strategic Reserve Asset
BioNexus Gene Lab Corp. (NASDAQ: BGLC), a technology and healthcare company, has officially announced its adoption of a new Ethereum-focused financial strategy. This move makes BGLC the first NASDAQ-listed company to prioritize Ethereum as a strategic financial asset. This announcement aligns with the recent incorporation of Ethereum into the U.S. “crypto strategic reserve.”
The company has also released a whitepaper that outlines the reasoning behind this decision and explores the broader significance of Ethereum as a financial infrastructure asset. It delves into Ethereum’s adoption by institutions, its staking capabilities, and upcoming protocol upgrades that will strengthen Ethereum’s long-term value and its practical utility for businesses.

Expert Opinion: The U.S. Establishing a Strategic Bitcoin Reserve May Prompt Other Countries to Buy Bitcoin
Bitwise’s Research Director, Ryan Rasmussen, wrote that the ultimate goal was never for the U.S. government to purchase all Bitcoin. The U.S. strategic Bitcoin reserve means that other countries will purchase Bitcoin, wealth managers have no excuse, financial institutions have no excuse, and pensions/endowments will no longer have an excuse. Concerns about the U.S. selling Bitcoin will disappear, and the government may even purchase more Bitcoin. The likelihood of individual states acquiring Bitcoin increases, and the possibility of the U.S. banning Bitcoin is now near zero. This will change everything in the long run.

Market Update: SUI Surges Over 14%, BTC Falls Below $90,000 Again

Market Highlights:

• SUI surged over 14% yesterday, breaking the $2.80 mark. The announcement that Trump’s crypto project WLFI will include SUI in its strategic token reserve to support leading Web3 projects boosted its price.
• AI Agents sector saw significant pullback, with popular tokens such as AI16Z, ACT, and FARCOIN leading the decline. Only two tokens in this sector have shown positive returns since March. Despite this, the AI theme remains a key medium-to-long-term focus.

Market Trends:

• BTC dropped below $90,000 again, despite the U.S. establishing a Bitcoin strategic reserve. The market is disappointed by the decision not to actively purchase more Bitcoin, coupled with the drop in U.S. stock markets. However, in the long run, the establishment of the reserve is seen as beneficial for Bitcoin, as White House officials have hinted that the government is planning a strategy to maximize the value of its Bitcoin holdings.
• ETH also declined below $2,200, with ETF inflow data and market sentiment showing little possibility of a short-term rebound.
• Altcoins generally fell, with DeFAI and AI Agents sectors leading the losses. The much-anticipated market correction has yet to materialize, leaving altcoins under pressure.

Macro News: Major U.S. Indices Close Lower, Fed Governor Hints at Possible Rate Cut After March

All three major U.S. stock indices closed lower. The Dow Jones dropped 427.51 points to 42,579.08, a decline of 0.99%. The S&P 500 fell 104.11 points to 5,738.52, down 1.78%. The Nasdaq plunged 483.48 points to 18,069.26, a drop of 2.61%.
The U.S. job market has been significantly impacted, with Challenger, Gray & Christmas reporting that U.S. employers announced 172,017 job cuts in February, a 245% increase from January’s 49,795.
Federal Reserve Governor Waller recently stated that he does not believe there is a need for a rate cut in March, but the Fed might reduce rates after March. The median forecast for two rate cuts in 2025 still stands.