GM and welcome back to the Hodl Report.
The crypto market spent the weekend moon-walking past every “overbought” siren the bears could find and then some. If you blinked, you missed another all-time high. With potential for rate cuts this year growing, global liquidity still rising this feels like it could really be the start of the parabolic part of the bull market. Tariffs could slow the pump but I don’t think they can fully derail this train. Hope your bags are packed because I think the second half of the year will be pretty wild.
Today’s Report
Tether’s Chain Cull: USDT Dumps the Dead Weight
🚨 Report
Tether just Marie Kondo’d its blockchain roster, firing five networks that no longer “spark liquidity.” Come September 1, USDT on Omni, Bitcoin Cash’s SLP, Kusama, EOS, and Algorand will be frozen in place—no new mints, no more redemptions, just digital fossils. The move is less a shock than a mercy kill: together the five chains account for barely a rounding error of the stablecoin’s ± $150 billion float. Tether’s brass framed it as a strategic “refocus” on places where the party’s still raging: think Ethereum, Tron, Solana—and every Layer 2 that promises cheap block space and dev mindshare. If you’re holding USDT on one of the legacy chains, congratulations—you’re now an involuntary time-capsule curator.
🔓 Key Points
Effective date: All support ends 1 Sept 2025; remaining tokens are frozen the same day.
Dust levels: Omni still hosts ≈ $83 million USDT; the other four combined limp in under $6 million.
Official spin: “Sunsetting support for these legacy chains allows us to focus on platforms that offer greater scalability, developer activity, and community engagement,” said the CEO.
Migration path: Users must redeem or bridge to a supported chain; exchanges are expected to handle the grunt work.
Where the liquidity lives: Over 95 % of USDT already sits on Tron and Ethereum, with Solana a distant third.
Bigger backdrop: The cull aligns with Tether’s pivot to Lightning, rollups, and any chain that can shoulder compliance knobs ahead of looming EU and U.S. stablecoin rules.
🔐 Relevance
For traders, this cleanup is a non-event—unless you’re one of the handful still clutching USDT on BCH or EOS (in which case, why?). But the symbolism matters. Tether is telegraphing that liquidity gravity, not nostalgia, dictates its integrations. Chains that can’t sustain double-digit million circulating supply simply won’t get the maintenance budget, period. Expect faster rollouts on hot L2s—Base, Blast, maybe even those shiny zero-knowledge contenders—where Tether’s brand gives DeFi protocols instant dollar rails.
The bigger takeaway is strategic defensibility. Regulatory headwinds are pushing stablecoin issuers to prove they can monitor flows and freeze assets at will. Pare down the long-tail chains and you shrink the surface area for compliance nightmares—and critics. Meanwhile, ceding Algorand and Kusama is a nod to Circle’s USDC dominance in “tech-curious but volume-light” ecosystems: Tether would rather double down where the whales actually swim.
Bottom line: the stablecoin king just trimmed some dead branches, freeing resources to chase the next growth curve—where speedier rails, thicker order books, and friendlier regulators await. Holders on the zombie chains have six weeks to migrate; everyone else can safely keep ignoring Omni like it’s 2017.
Today’s Top News
Headlines
Circle Freezes $58 M in USDC Tied to LIBRA Scam — Stablecoin giant Circle locked two wallets holding $57.6 million after on-chain sleuths linked them to Argentina’s imploding LIBRA memecoin. The freeze strands investor funds and signals that major issuers may actively police tainted coins, setting a precedent that could shake other projects. Traders now brace for forced liquidations and spillover across Solana memecoins.
Coinbase Delisting Sends MOVE Token to All-Time Low — MOVE plunged 38% after Coinbase cited undisclosed market-maker kickbacks revealed in leaked chats. The delisting follows earlier reports that insiders dumped 66 million tokens during “liquidity tests.” Analysts warn other exchange-listed start-ups could face similar scrutiny.
Leaked Memos Show Movement Labs Promised Advisers 10% of Supply — Documents reveal the Trump-backed project quietly offered shadow advisers stakes worth $50 million, never disclosed to investors. One adviser is threatening to sue for the tokens, deepening a public feud between founders. MOVE holders fear further dumps as vesting promises unravel.
TikTok Star Says FBI Cleared Her in Hawk Token Rug Pull — Influencer Haliey Welch told listeners the FBI seized her phone over the $60 million Hawk crash but later dropped charges, claiming she was just a paid promoter. Victims dispute her narrative, noting the founders remain fugitives. The episode highlights how celebrity shills often skate while buyers eat losses.
GMX DEX Hacked for $42 Million; 10 % White-Hat Bounty Offered — An attacker drained the perpetuals platform via a price-manipulation exploit, the second-largest DeFi theft of 2025. Developers posted an on-chain message offering the thief a 10 % bounty if funds are returned within 48 hours. Users face uncertain recovery prospects as GMX Governance debates tapping its insurance fund.
Market Trendline
Price Action
Market Overview
Bitcoin punched through $119K overnight, ripping shorts for another $200 M in liquidations and locking in a 9% weekly gain. Momentum is still ETF-fed: a record $1.18 B poured into spot BTC funds on Thursday alone.
Ether finally decided FOMO is real, grinding to $3K on its own $700 M ETF inflow week. The ETH/BTC pair looks perky for the first time in a month.
Notable Movers
XRP (+6%) – Whales yanked the steering wheel, breaking price out of a six-week descending wedge and pushing it toward $2.90. Wallets north of 10 M XRP just hit an ATH—liquidity is back on.
Solana (+6%) – A NASDAQ-listed firm quietly collateralized a $200 M credit line with SOL treasuries; traders heard “institutional bid” and chased the candle to $166.
Stellar (+20%) – PayPal’s stablecoin is eyeing a Stellar rail integration, turbo-charging XLM to the day’s top-20 leader board.
Meme Complex – DOGE, PEPE, BONK, and even something literally called PENGU are printing 5-30% pops. Liquidity is thin, irony is thick, and degens are back on their pre-merge diet of pure hopium.
Macro View
Trump’s tariff saber-rattling and his very public demand that Powell “cut rates or quit” have paradoxically juiced crypto’s bid: traders are front-running easier policy and treating BTC like a rate-cut options play.
Bottom Line
Risk is on, gravity is off. As long as ETF fire-hose flows dwarf macro jitters, dips look like souvenirs. Keep one eye on Fed and the other on liquidity gauges because when the music stops, the chairs will be meme coins.
Today’s Top Meme
Memes are Life
Crypto last week vs crypto this week
— #Gordon (#@AltcoinGordon)
7:03 AM • Mar 3, 2025
Today’s Top Tweet
Crypto Twitter Never Sleeps
Tether ends support for #USDT on 5 blockchains.
From September 1, 2025, Tether will freeze tokens and disable the possibility of redeeming USDT on the following blockchains:
⊹ Algorand #ALGO.
⊹ Bitcoin Cash SLP #BCH.
⊹ Kusama #KSM.
⊹ EOS #EOS.
⊹ Omni #OMNI.Tether
— #MartyParty (#@martypartymusic)
8:35 PM • Jul 11, 2025
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.