Crypto markets rallied on Wednesday as oil momentarily slipped below $100 per barrel after U.S. President Donald Trump said the war in Iran will end in “two to three weeks.”

Bitcoin BTC$68,435.69 trades at $68,500 having risen by 0.4% since midnight UTC and 3.1% over the past 24 hours, while ether (ETH) is back at $2,130 after a brief stint below $2,000 last week.

The broader crypto market remains in a downtrend dating back to October, although sentiment has shifted slightly following a period of consolidation between $62,500 and $75,000 since early February.

A selection of altcoins have performed particularly well, notably algorand (ALGO), which is up by 22% in the past 24 hours as it bounces back from oversold territory.

Derivatives positioning

• The crypto futures market appears to be churning rather than building clear directional positions, as trading volumes have risen 23% to $210 million over the past 24 hours, while open interest has remained broadly stable at around $106 billion.
• Open interest in major USD- and USDT-denominated futures has clearly diverged from BTC’s recovery from the weekend low of around $65,000. This suggests the rebound is not being driven by a meaningful buildup in leveraged positions, but rather by spot demand or short covering, pointing to a lack of strong conviction behind the move.
• Ether’s OI has risen slightly alongside its spot price, signaling participation from leveraged traders.
• ETH and ZEC stand out as major coins with positive OI-adjusted CVD and funding rate. This combination points to aggressive bidding in the futures market, with traders actively opening long positions and paying a premium to maintain them.
• The market for ADA, XMR, BCH and SHIB suggests otherwise.
• Bitcoin and Ether implied volatility indices continue to present a picture of calm.
• On Deribit, risk reversals continue to show a bias for BTC and ETH put options, which offer protection against price slides. Bearishness is slightly more pronounced in BTC options.

Token talk

• The CoinDesk Computing Select Index (CPUS) was the best performing benchmark on Wednesday, rising by 2.7% since midnight UTC while the CoinDesk Smart Contract Platform Select Capped Index (SCPXC) and the DeFi Select Index (DFX) are up by 1.5% apiece.
• The bitcoin and major-dominant CoinDesk 5 (CD5) and CoinDesk 20 (CD20) have increased by 0.35% and 0.69% respectively, indicating underperformance against the wider altcoin market.
• Algorand (ALGO) led the market gains on Wednesday but it was closely followed by decentralized finance (DeFi) tokens MORPHO and JUP, which posted double digit gains.
• A disproportionate rise in open interest for assets like ETH and ZEC suggests the recent move has been backed by leverage as opposed to spot buying, which could unwind in news to the contrary of Trump’s statement is released this week.

The US dollar is retreating from recent highs, moving into a moderate correction after a prolonged period of gains. Pressure on the currency is building amid weaker-than-expected macroeconomic data, while market participants adopt a wait-and-see approach ahead of key labour market releases, including the ADP report.

The current dynamics reflect a gradual cooling in expectations regarding the resilience of the US economy. Recently published indicators point to a slowdown in business activity and easing labour market tightness, reducing support for the dollar after it reached local highs. At the same time, upcoming releases remain a key factor that could either reinforce the corrective move or restore demand for the US currency.

Among the published figures, investors focused on mixed US macro data. The Chicago PMI fell to 52.8 versus expectations of 54.8, signalling a slowdown in the manufacturing sector. In addition, JOLTS job openings came in below forecasts (6.882 million vs 7.240 million), indicating a gradual cooling in the labour market. Further pressure came from regional business activity indices, including data from the Dallas Fed, which reinforced doubts about the sustainability of the current economic momentum.

USD/JPY

After reaching fresh yearly highs and testing the psychological 160.00 level, USD/JPY has moved lower, forming a corrective pullback. Technical analysis suggests a potential decline towards the 157.50–158.00 area, as a dark cloud cover pattern has formed on the daily timeframe.

If the price consolidates above the 159.40–159.80 range, the bearish correction scenario may be invalidated.

Key events for USD/JPY:

• today at 15:15 (GMT+3): US ADP non-farm employment change
• today at 15:30 (GMT+3): US core retail sales
• today at 16:45 (GMT+3): US manufacturing PMI

USD/CAD

USD/CAD is also showing a pullback from local highs following a strong rally. The formation of an Evening Star pattern near the 1.3930 level indicates a slowdown in bullish momentum and the potential for a correction towards 1.3860–1.3880.

At the same time, a move above 1.3970 could support a resumption of the uptrend and the formation of a new bullish impulse.

Key events for USD/CAD:

• today at 16:30 (GMT+3): Canada manufacturing PMI
• today at 17:30 (GMT+3): US crude oil inventories
• today at 18:30 (GMT+3): Atlanta Fed GDPNow indicator

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Key Takeaways

• Samsung and SK Hynix shares surged 10–13% Wednesday following significant March declines
• South Korea’s KOSPI index rallied more than 8%, bouncing back from a 19%+ monthly decline
• Optimism around a potential Middle East conflict resolution improved market sentiment
• The semiconductor giants had plunged 23–24% in March amid geopolitical concerns and AI memory chip demand uncertainty
• Overnight gains on Wall Street, spurred by President Trump’s Iran statements, provided momentum

Shares of Samsung Electronics surged 13% to reach 189,600 won during Wednesday’s trading session, while SK Hynix climbed approximately 11% to 893,000 won. The dramatic recovery followed a punishing March for both semiconductor manufacturers.

South Korea’s benchmark KOSPI index jumped 8.4% to close at 5,478.70, with the semiconductor sector rebound providing substantial support. The index had tumbled more than 19% during March.

The two technology giants each lost approximately 23–24% of their value last month. Investor anxiety centered on the escalating Middle East situation, which threatened to increase manufacturing expenses and disrupt global supply networks.

Additional pressure emerged from questions surrounding sustained demand for memory semiconductors utilized in artificial intelligence applications. Google‘s introduction of an algorithm reportedly capable of reducing AI memory needs added to sector headwinds.

Speculation intensified that memory chip pricing could weaken after OpenAI implemented cost-cutting measures. The artificial intelligence company discontinued its video generation platform, Sora, as part of broader budget reductions.

Strategic OpenAI Partnership Under Spotlight

Toward the end of 2025, OpenAI entered into an agreement with Samsung and SK Hynix for the procurement of 900,000 DRAM wafers from the Korean manufacturers. This partnership had previously fueled investor enthusiasm for both companies.

Both semiconductor producers had enjoyed rising memory chip valuations throughout late 2025, supported by expectations that AI-driven demand would exceed available supply. March’s correction erased portions of those earlier advances.

Kiwoom Securities analyst Han Ji-young attributed Wednesday’s rally to value-oriented purchasing, noting that blue-chip stocks had declined sufficiently to entice investors back into the market.

“The stock market is highly likely to enter a recovery phase rather than experience further decline,” Han stated in client communications.

Peace Prospects in Middle East Boost Market Confidence

Market sentiment strengthened following President Trump’s Tuesday statement indicating the United States would withdraw from Iran within a two to three-week timeframe. The President delivered these remarks during a White House press availability.

Iranian President Masoud Pezeshkian indicated Tehran’s willingness to conclude hostilities, though he requested certain unspecified assurances.

These diplomatic developments triggered an overnight rally across U.S. markets, with the positive momentum extending into Asian trading sessions Wednesday.

Samsung shares concluded trading at 189,600 won, approximately $125.83 in U.S. dollar terms. SK Hynix finished at 893,000 won.

The KOSPI index settled at 5,478.70, representing an 8.4% single-day advance.

Despite Wednesday’s gains, both Samsung and SK Hynix continue trading substantially below their pre-March levels.

TLDR:

• The Uniswap Foundation held $49.9M in cash and stablecoins alongside 15.1M UNI tokens at year-end 2025.
  
• A total of $106.2M was allocated toward grants and incentives, covering both new and prior commitments.
  
• The Foundation committed $26M in new grants throughout FY2025 and disbursed $11M from prior commitments.
  
• The UNIfication governance proposal, approved December 26, 2025, will reshape financial projections in Q1 2026. 

The Uniswap Foundation published its unaudited financial summary for fiscal year 2025 on March 31. The report covers the organization’s financial position through December 31, 2025.

It projects an operational runway through January 2027. Total assets stood at $85.8 million at year-end market prices.

This includes $49.9 million in cash and stablecoins, 15.1 million UNI tokens, and 240 ETH. The report also precedes structural changes tied to the UNIfication governance proposal, approved on December 26, 2025.

Asset Holdings and Fund Allocation

The Foundation held three categories of assets as of year-end 2025. Cash and stablecoins totaled $49.9 million, while 15.1 million UNI tokens and 240 ETH were also on hand. Together, these assets represented $85.8 million in total market value at closing rates.

Of the total earmarked funds, $106.2 million was allocated toward grants and incentives. This breaks down into $87.5 million for new grant commitments in the future. An additional $18.7 million was reserved for previously committed grants still awaiting disbursement.

Beyond grants, $26.3 million was set aside for operating expenses and employee token awards. These two budget lines cover the Foundation’s staffing, administration, and token compensation. They reflect planned spending across its core operational functions.

The fiat and stablecoin reserves were designated primarily for grantmaking and day-to-day operations. UNI token reserves, however, were held to support future runway needs. This approach allowed the Uniswap Foundation to retain upside exposure to UNI’s market performance over time.

The projected spend figures are set to be updated in the Q1 2026 financial report. That update will reflect changes following the UNification proposal’s approval on December 26, 2025. Organizational shifts post-passage are expected to revise the foundation’s financial outlook going forward.

FY2025 Grant Activity and Ecosystem Milestones

Throughout FY2025, the Uniswap Foundation committed $26 million in new grants to ecosystem projects. It also disbursed $11 million from previously committed grants across the year. In Q4 2025 alone, $5.8 million in new grants were committed.

Q4 2025 disbursements reached $2.1 million from prior commitments. These funds went toward builders and developers operating across the broader ecosystem. Grant activity remained steady throughout all four quarters of the year.

On the operational side, the Foundation accrued $9.7 million in operating expenses for FY2025. Employee token awards of 0.45 million UNI were excluded from that figure. Interest revenue on fiat holdings contributed an additional $1.7 million to the organization’s income.

The Foundation also received 20.3 million UNI tokens from the Uniswap Treasury via the Uniswap Unleashed Proposal. At year-end prices, this transfer equaled approximately $114 million in market value. This inflow added materially to the Foundation’s overall reserve position during 2025.

Key milestones in 2025 included the launch of Uniswap v4 and Unichain. More than 1,500 builders onboarded to v4 during the calendar year.

These developments supported the organization’s ongoing commitment to expanding decentralized finance infrastructure.

Strategy, the world’s largest publicly traded Bitcoin holder, has held the 11.5% dividend rate on its perpetual preferred stock, Stretch (STRC). This marks the first time the product has not seen a dividend increase since the product launched in July 2025.

STRC debuted in July 2025 with a 9% dividend and has since undergone seven dividend increases. The company was able to maintain the current rate after the volume weighted average price (VWAP) for the month reached $99.95, keeping the shares close enough to their $100 par value.

Strategy positions STRC as a short duration, high yield savings alternative. The perpetual preferred stock pays monthly cash distributions, with the dividend rate adjusted each month to support trading near par and limit price volatility.

During Tuesday’s session, STRC held close to par for most of the day. The company is estimated to have purchased over 1,000 BTC, and it took 12 days for STRC to recover back to par following the ex dividend date. It is likely the shares will continue trading near par over the next two weeks, leading up to the April 14 ex dividend date.

Meanwhile, Strive (ASST), the bitcoin treasury asset manager, saw its own perpetual preferred product, SATA, reach $100 par for the first time. This enabled the company to issue shares through its at the market (ATM) program to fund additional bitcoin purchases. SATA currently offers a dividend rate of 12.7%.

Australia passed legislation on Wednesday, creating its first comprehensive regulatory framework for digital assets that requires crypto exchanges and custody providers to obtain financial services licenses.

The Corporations Amendment (Digital Assets Framework) Bill 2025 cleared both houses on April 1, bringing firms that hold digital assets on behalf of customers into the existing Australian Financial Services Licence regime.

Australia’s bill creates two new regulated categories under the Corporations Act: digital asset platforms, which hold crypto on behalf of users, and tokenized custody platforms, which hold real-world assets and issue a corresponding digital token.

Operators of both must obtain an Australian Financial Services License from ASIC, bringing them under the same core rules as brokers or fund managers, including requirements to safeguard client assets, provide standardized disclosures, avoid misleading conduct, and maintain dispute resolution and compensation systems.

Instead of regulating crypto itself, the law targets the companies in the middle that control customer funds, aiming to reduce risks like commingling, insolvency, and misuse of assets that have caused losses in past crypto failures.

Research from the Digital Finance Cooperative Research Center and industry groups estimates Australia could generate as much as A$24 billion annually from tokenized markets, payments, and digital assets, roughly 1% of GDP. Under the previous regulatory path, the country was on track to capture just A$1 Billion of that by 2030.

A Kraken spokesperson said the law provides a “top-down signal” that Australia is serious about digital assets, adding that clearer rules would give firms confidence to invest and expand locally.

Kate Cooper, CEO of OKX Australia and co-chair of the Digital Economy Council of Australia, called the bill a “pivotal moment,” saying it establishes a foundation for institutional participation and long-term capital allocation.