Clapp Weekly: Meme coin rally, BTC's rocky Q1, BlackRock ETP for Europe

Price dynamics

BTC price

Bitcoin’s Monday relief rally, which pushed it to a two-week high, could fade as broader market uncertainty lingers. Macroeconomic tensions, suppressed trading volumes, and a lack of sustained bullish momentum have led analysts to suspect a potential "bull trap."

Last Thursday (March 20), BTC surged from $83k to $86.8k before retracing to $84k, where it consolidated until Sunday. Yesterday, it attempted to replicate Monday’s climb to $88,474.31, peaking at $88.2k before pulling back.

Currently trading at $88,028.28, Bitcoin is up 1.0% over the past 24 hours and 5.9% over the past seven days.

ETH price

Ether’s implied volatility is nearing historic lows, signaling a possible price increase. Meanwhile, its forward rate — a measure of expected future value — remains below the 5% US Treasury bill yield, reflecting weak short-term confidence. Historically, such conditions have preceded upward moves.

ETH followed a similar trajectory to BTC, rallying from $1.9k to $2,016.73 on March 20 before hovering below $2k until Monday, March 24. After briefly touching $2,097.18, the asset has struggled to reclaim that level.

At press time, ETH is trading at $2,063.09, down 0.2% in the past 24 hours and up 7.0% over the past week.

Seven-day altcoin dynamics

While Bitcoin struggles for momentum, meme coins are staging a comeback. DOGE (+21.6%) surged after the launch of the Official Dogecoin Reserve, which made its first purchase — 10 million DOGE worth $1.8 million.

House of Doge, the foundation’s corporate arm, describes this as part of a broader strategy to establish DOGE as a "fast and reliable payment option." Over the coming months, planned partnership announcements aim to further demonstrate the meme coin’s real-world utility.

SHIB (+21.6%) is soaring neck in neck with its predecessor, while PEPE (+20.9%) follows closely behind in a parallel rally.

Meanwhile, Movement’s plan to create a Strategic Reserve has propelled MOVE (+24.4%). The initiative seeks to counterbalance disruptions caused by a rogue market-maker that extracted $38 million through exploitative, one-sided trades. All recovered funds will be allocated to the reserve to restore USDT liquidity to the ecosystem.

In other developments, XRP (+7.4%) gained traction after the SEC dropped its lawsuit against Ripple Labs and ETF applications entered review. Similarly, SOL (+14.6%) saw renewed institutional interest following the filing of a Fidelity-registered fund in Delaware—potentially paving the way for a Solana spot ETF.

Winners & losers

Solana’s meme coin, BONK (+38.3%), leads the gainers, climbing since March 21, closely mirroring SOL’s upward trajectory. Despite the lack of major announcements, the rally suggests sustained speculative interest in the ecosystem.

The Crypto.com token CRO (+35.5%) is the runner-up after Trump Media and Technology Group announced plans to develop ETFs in partnership with the platform. Meanwhile, RENDER (+29.6%) rose on news of major upgrades to its AI rendering platform, which promise faster processing and an improved user experience.

On the downside, Pi Network’s token PI (-27.0%) faces fading investor enthusiasm after Binance confirmed it would not list the asset. The rejection triggered heavy outflows. Similarly, EOS (-2.7%) gave up earlier gains from the rebrand to Vaulta, aimed to position the network as a Web3 banking solution.

TRX (-2.2%) has sunk after positive developments like World Liberty Financial’s plans to acquire TRX for portfolio diversification. Broader market sentiment could be outweighing project-specific optimism for now.

Cryptocurrency news

BlackRock expands crypto footprint with BTC ETP launch in Europe

BlackRock, the world’s largest asset manager, has taken its crypto ambitions global with the launch of its first Bitcoin exchange-traded product (ETP) in Europe. The iShares Bitcoin ETP began trading on Xetra, Euronext Paris (ticker: IB1T), and Euronext Amsterdam (BTCN) on March 25, marking the giant’s debut on the continent.

This move follows the overwhelming success of BlackRock's US spot Bitcoin ETF (IBIT), which has amassed over $50 billion in assets since its January 2024 debut. While Europe has long offered crypto ETPs — with firms like CoinShares and 21Shares dominating the space — BlackRock’s entry signals growing institutional confidence in digital assets.

CoinShares and 21Shares account for nine of the top 20 ETPs by assets between them, according to ETFbook data. CoinShares Physical Bitcoin ETP is the largest, boasting $1.3 billion under management.

Key highlights of the new ETP:

• Competitive pricing: A temporary fee reduction to 0.15% (from 0.25%) until the end of 2025, undercutting rivals like CoinShares’ 0.25% fee.
• Strong backing: Coinbase returns as custodian, ensuring secure Bitcoin storage, while BNY Mellon serves as administrator.
• Targeted appeal: Open to both institutional and retail investors, domiciled in Switzerland for regulatory flexibility.
• Proven custody solutions: Coinbase, which provides custody for BlackRock’s IBIT in the US, will do the same for its European product. 

BlackRock’s expansion underscores Bitcoin’s maturation as an asset class. As Manuela Sperandeo, BlackRock’s iShares Europe head, noted, this reflects a “tipping point” where professional and retail demand converge. With Europe’s crypto ETP market valued at $13.6 billion, BlackRock’s entry could accelerate adoption — proving once again that institutional players are here to stay in crypto.

Bitcoin’s rocky Q1 sets stage for potential Q2 rebound  

Bitcoin is heading toward its worst first-quarter performance since 2020, down nearly 6% — a stark contrast to its all-time high of $108,786 in January — after corrections in February and March.

The initial surge to a $108,786 all-time high, fueled by optimism around President Trump’s return to office, quickly reversed as the hype faded. Trump’s economic tariffs dampened sentiment, triggering a sell-off that dragged BTC as low as $76,700 — a 30% drop from its peak.

Yet, analysts see a silver lining: Q2 could bring a rebound. Bitcoin has averaged a 27% gain in Q2 over the past 13 years, with positive returns in seven of those years. Here are a few other reasons for optimism.

Policy shifts

Analysts expect market focus to shift from tariffs to potential triggers of institutional interest. 21st Capital co-founder Sina G. suggests US quantitative easing is in the cards, and a reversal could be inbound. 

“Within a quarter or less, uncertainty around tariffs and government spending will likely be resolved,” she wrote. Consequently, “focus will then shift to tax cuts, deregulation, and rate cuts,” which may fuel capital inflows to cryptocurrencies.

Aurelie Barthere, Principal Research Analyst at Nansen, also assumes peak tariff uncertainty has passed. He notes that the second Trump administration, particularly Treasury Secretary Bessent, is “striking a more pragmatic tone around tariffs (a negotiation for collective tariff barrier decrease).”

Stablecoin regulation

Bo Hines of the Presidential Working Group on Digital Assets hinted that stablecoin rules may reach Trump’s desk by June, potentially boosting confidence. The anticipated liquidity boost could buoy BTC — with Standard Chartered projecting a $500k price target.

Mt. Gox impact muted

Mt. Gox, a defunct exchange that went bankrupt in 2014, moved over $1 billion in Bitcoin into two different wallets on March 25. Users suspected the transaction to be part of creditor payouts, ongoing since 2024. Yet no significant impact on BTC occurred — a significant change from previous transfers. Mt. Gox still holds roughly 35k BTC worth around $3.1 billion.

Risks remain 

The April 2 deadline for US-Eurozone reciprocal tariffs could spark short-term volatility, although Bessent’s pragmatic approach could soften the impact.  Will Bitcoin’s Q2 rebound tradition hold, or will macro pressures keep the market choppy? The next few months could be pivotal.