Bitcoin price is poised to hit $110,000 before retesting the $76,500 range, according to Arthur Hayes, pointing to easing inflationary concerns and more favorable monetary policy conditions in the US that are set to bolster risk assets, including the world’s first cryptocurrency.

Still, the decentralized finance (DeFi) industry took another hit after an unknown whale exploited Hyperliquid’s algorithms to generate over $6 million in profit on a memecoin short position.

Bitcoin “more likely” to hit $110,000 before $76,500 — Arthur Hayes

Bitcoin may reach a new all-time high of $110,000 before any significant retracement, according to some market analysts who cite easing inflation and increasing global liquidity as key factors supporting a price rally.

Bitcoin (BTC) has risen for two consecutive weeks, achieving a bullish weekly close just above $86,000 on March 23, TradingView data shows.

Combined with fading inflation-related concerns, this may set the stage for Bitcoin’s rally to a $110,000 all-time high, according to Arthur Hayes, co-founder of BitMEX and chief investment officer of Maelstrom.

BTC/USD, 1-week chart. Source: Cointelegraph/TradingView

Hayes wrote in a March 24 X post:

“I bet $BTC hits $110k before it retests $76.5k. Y? The Fed is going from QT to QE for treasuries. And tariffs don’t matter cause of “transitory inflation.” JAYPOW told me so.”

Source: Arthur Hayes

“What I mean is that the price is more likely to hit $110k than $76.5k next. If we hit $110k, then it’s yachtzee time and we ain’t looking back until $250k,” Hayes added in a follow-up X post.

Quantitative tightening (QT) is when the US Federal Reserve shrinks its balance sheet by selling bonds or letting them mature without reinvesting proceeds, while quantitative easing (QE) means that the Fed is buying bonds and pumping money into the economy to lower interest rates and encourage spending during difficult financial conditions.

Other analysts pointed out that while the Fed has slowed QT, it has not yet fully pivoted to easing.

“QT is not ‘basically over’ on April 1st. They still have $35B/mo coming off from mortgage backed securities. They just slowed QT from $60B/mo to $40B/mo,” according to Benjamin Cowen, founder and CEO of IntoTheCryptoVerse.

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Hyperliquid whale still holds 10% of JELLY memecoin after $6.2 million exploit

A crypto whale who allegedly manipulated the price of the Jelly my Jelly (JELLY) memecoin on decentralized exchange Hyperliquid still holds nearly $2 million worth of the token, according to blockchain analysts.

The unidentified whale made at least $6.26 million in profit by exploiting the liquidation parameters on Hyperliquid.

According to a postmortem report by blockchain intelligence firm Arkham, the whale opened three large trading positions within five minutes: two long positions worth $2.15 million and $1.9 million and a $4.1 million short position that effectively offset the longs.

Source: Arkham

When the price of JELLY rose by 400%, the $4 million short position wasn’t immediately liquidated due to its size. Instead, it was absorbed into the Hyperliquidity Provider Vault (HLP), which is designed to liquidate large positions.

The entity may still be holding nearly $2 million worth of the token’s supply, according to blockchain investigator ZachXBT.

“Five addresses linked to the entity who manipulated JELLY on Hyperliquid still hold ~10% of the JELLY supply on Solana ($1.9M+). All JELLY was purchased since March 22, 2025,” he wrote in a March 26 Telegram post.

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Fidelity plans stablecoin launch after SOL ETF “regulatory litmus test”

Fidelity Investments is reportedly in the final stages of testing a US dollar-pegged stablecoin, signaling the firm’s latest push into digital assets amid a more favorable crypto regulatory climate under the Trump administration.

The $5.8 trillion asset manager plans to launch the stablecoin through its cryptocurrency division, Fidelity Digital Assets, according to a March 25 report by the Financial Times citing anonymous sources familiar with the matter.

The stablecoin development is reportedly part of the asset manager’s wider push into crypto-based services. Fidelity is also launching an Ethereum-based “OnChain” share class for its US dollar money market fund.

Fidelity’s March 21 filing with the US securities regulator stated the OnChain share class would help track transactions of the Fidelity Treasury Digital Fund (FYHXX), an $80 million fund consisting almost entirely of US Treasury bills.

While the OnChain share class filing is pending regulatory approval, it is expected to take effect on May 30, Fidelity said.

Fidelity’s filing to register a tokenized version of the Fidelity Treasury Digital Fund. Source: Securities and Exchange Commission

Increasingly more US financial institutions are launching cryptocurrency-based offerings after President Donald Trump’s election signaled a shift in policy.

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Polymarket faces scrutiny over $7 million Ukraine mineral deal bet

Polymarket, the world’s largest decentralized prediction market, is under fire after a controversial outcome raised concerns over potential governance manipulation in a high-stakes political bet.

A betting market on the platform asked whether US President Donald Trump would accept a rare earth mineral deal with Ukraine before April. Despite no such event occurring, the market was settled as “Yes,” triggering a backlash from users and industry observers.

This may point to a “governance attack” in which a whale from the UMA Protocol “used his voting power to manipulate the oracle, allowing the market to settle false results and successfully profit,” according to crypto threat researcher Vladimir S.

“The tycoon cast 5 million tokens through three accounts, accounting for 25% of the total votes. Polymarket is committed to preventing this from happening again,” he wrote in a March 26 X post.

Source: Vladimir S.

Polymarket employs UMA Protocol’s blockchain oracles for external data to settle market outcomes and verify real-world events.

Polymarket data shows the market amassed more than $7 million in trading volume before settling on March 25.

Ukraine/US mineral deal betting pool on Polymarket. Source: Polymarket

Still, not everyone agrees that it was a coordinated attack. A pseudonymous Polymarket user, Tenadome, said that the outcome was the result of negligence.

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DWF Labs launches $250 million fund for mainstream crypto adoption

Dubai-based crypto market maker and investor DWF Labs launched a $250 million Liquid Fund to accelerate the growth of mid- and large-cap blockchain projects and drive real-world adoption of Web3 technologies.

DWF Labs is set to sign two investment deals worth $25 million and $10 million as part of the fund.

The initiative aims to grow the crypto landscape by offering strategic investments ranging from $10 million to $50 million for projects that have the potential to drive real-world adoption, according to a March 24 announcement shared with Cointelegraph.

Source: DWF Labs

The fund will focus on blockchain projects with significant “usability and discoverability,” according to Andrei Grachev, managing partner of DWF Labs.

“We’re focusing our support on mid-to-large-cap projects, the tokens and platforms that typically serve as entry points for retail users,” Grachev told Cointelegraph, adding:

“However, good technology and utility alone isn’t sufficient. Users first need to discover these projects, comprehend their value and develop trust.”

“We believe that strategic capital, coupled with hands-on ecosystem development, is the key to unlocking the next wave of growth for the industry,” he said.

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DeFi market overview

According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.

Of the top 100, the BNB Chain-native Four (FORM) token rose over 40% as the week’s biggest gainer, followed by the Cronos (CRO) token, up over 37% on the weekly chart, despite blockchain investigators accusing Crypto.com of manipulating the CRO token supply, after reissuing 70 billion tokens that were “permanently” burned in 2021.

Total value locked in DeFi. Source: DefiLlama

Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.