KEYTAKEAWAYS
- Synthetix founder exposed market makers manipulating prices using low-float strategies, putting retail investors at risk.
- Monad testnet surpassed 60 million addresses, likely driven by users farming potential airdrops.
- Bitcoin spot ETFs saw 8 straight days of inflows, while Ethereum ETFs faced continued outflows.
CONTENT
SYNTHETIX FOUNDER REVEALS MARKET MANIPULATION TACTICS BY MARKET MAKERS
On March 26, Kain Warwick, founder of Synthetix and Infinex, posted on social media saying that during the ICO era, it was nearly impossible for projects to raise funds without deals with multiple market makers, which cost between $50,000 to $300,000 per month.
Today, these deals have turned into complex option structures. Some market makers use a “low float” strategy to manipulate the market — shorting at the token’s launch peak, buying back at the bottom, pushing the price up again, then selling hard when options unlock. He pointed out that SBF’s use of this low-float model made these profit tactics even more common.
Analysis:
If you see a large number of tokens being transferred to market makers, be cautious. Your money could be used as their “exit liquidity.” In such an uneven playing field, regular investors often lose out. He also mentioned that projects have many ways to “extract value” from token buyers, hinting that current incentives in the crypto space are seriously flawed.
MONAD TESTNET REACHES OVER 60 MILLION ADDRESSES
As of March 26, on-chain data shows Monad’s testnet has reached 60,888,634 total addresses, with over 5 million new addresses added in the last 24 hours.
Analysis:
Monad is a high-performance, EVM-compatible Layer 1 blockchain. Its mainnet is expected to launch by the end of 2025. Many users are likely creating multiple addresses in hopes of increasing their chances of getting a future airdrop.
BITCOIN SPOT ETFS SEE 8 STRAIGHT DAYS OF INFLOWS
According to Farside data on March 26, U.S. crypto spot ETFs showed mixed performance:
•Ethereum spot ETFs had a rough day — all 9 products saw outflows totaling $3.3 million, with none seeing net inflows.
•In contrast, Bitcoin spot ETFs continued strong with $26.8 million in net inflows, marking 8 straight days of gains. BlackRock’s IBIT led the way with $42 million in inflows alone.
Analysis:
Bitcoin spot ETFs are still the main driver of capital in the crypto market. BlackRock’s IBIT is especially popular with investors. Ethereum ETFs, however, are seeing money flow out. This difference may reflect how investors view the fundamentals and broader outlook of Bitcoin vs. Ethereum.
Also Read：
CoinRank Crypto Digest (3/24)｜Ethereum Supply on Cex Hits 9-Year Low
