India's preliminary manufacturing PMI for March was 53.8, below the expected 56.8 and the previous reading of 56.9.

FED'S DALY: PROTRACTED CONFLICT MAY AMPLIFY MONETARY POLICY TRADEOFFS - POST ON X

Regulation & Policy • U.S. senators introduce bipartisan bill to ban sports betting on prediction markets; Kalshi and Polymarket tighten anti-abuse measures. • Sen. Elizabeth Warren raises concerns over Beast Industries’ financial services expansion targeting younger users. Market Structure & Institutional Adoption • Hostplus considers adding crypto exposure via self-directed option, pending regulatory approval. • BlackRock CEO highlights tokenization potential to streamline investing and transactions. • Circle pushes for flexible stablecoin rules, emphasizing interoperability and non-euro adoption in the EU. Corporate & Investment • ParaFi raises $125M venture fund; $325M raised for strategies in 2025. • Gemini revenue mix shifts toward services; price target cut on weaker trading outlook. • ChangeNOW launches Fast-Track Program to address early-stage wallet monetization. Institutional & Treasury Moves • Strategy buys 1,031 BTC for $77M; total holdings reach 762,099 BTC; relied on equity issue for funding. • Bitmine Immersion holds 4.66M ETH (~3.86% supply), total assets ~$11B. • Core Scientific secures additional $500M credit line from JPMorgan, total facility $1B. Blockchain & DeFi • Aave V4 to introduce Hub-and-Spoke model to improve liquidity and market structure. • IDEX to power Katana Perps platform backed by major market makers. Prediction Markets & Funding • Kalshi and Polymarket CEOs back $35M venture fund 5c(c) Capital for prediction market startups. • 5c(c) Capital also backed by Marc Andreessen, Micky Malka, and Kyle Samani. Market Activities & Flows • Ethereum OG sells $31M ETH after decade-long hold. • Circle and Coinbase seen as key beneficiaries of stablecoin growth and agentic payments (Bernstein). Strategy & Infrastructure • NovaBay focuses on staking-based tied returns to governance participation; backed by Framework Ventures and Tether Investments.