Ark Buys the Dip, but Why Did CRCL Crash?

Chart of the Day — Solana is more than just memecoins
Trade of the Day — An AI token recovering from the lows
Alpha Leaks — A major new BTC ETF coming soon
News Roundup — Debate continues around stablecoins
Degen Play — HOOD is back on the radar

Solana’s RWA Credentials

When you think of tokenized real-world assets, the first chain that comes to mind is probably Ethereum (which is the market leader in this sector). However, tokenized RWAs–including stablecoins, funds, stocks and commodities–are also flying on Solana, as shown in these charts from Token Terminal.

You can see that stablecoins are maintaining a healthy level with a market cap of $14.4 billion, while funds, commodities and stocks are all on steep upward trajectories, underlining how Solana has a huge amount of utility beyond being just a venue for memecoins.

FET Shows Signs of Life

With TAO pumping lately, it’s worth checking on other established AI coins, and in that case, the FET chart presents an interesting setup.

Price has broken out of a long downtrend with a reasonable amount of volume, and is currently sitting above both the 21-day EMA and the 50-day EMA after retesting them as support.

If momentum stays strong, bullish targets are at $0.30 to $0.32 first, then $0.38 to $0.40 if that level gets cleared. Invalidation starts on a daily close back below the 21-day EMA, so stop losses can be placed below that level in case support is lost.

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Clarity Act Draft Creates Stablecoin FUD

A new draft of the Clarity Act weighed on crypto-related stocks after it raised concerns about how stablecoin reward programs could be treated under future regulation. The draft was seen as a potential threat to yield-style incentives tied to stablecoins, which are an important selling point for these kinds of tokens.

In the immediate aftermath, Circle’s stock fell over 20%, and Coinbase also moved around 11% lower, reflecting concerns that without yield, retail loses interest in stables. However, not everyone was spooked, and at the same time, Ark Invest added to its Circle position.

According to the company’s filing, Cathie Wood’s investment firm added Circle shares across three of its ETFs, buying 161,513 shares through ARKK, ARKW, and ARKF, and with the size of that purchase coming out to roughly $16.34 million.

Ark clearly calculated that the market is presenting a buy-the-dip opportunity, which makes sense considering that the bill is not law yet, and there is still time for further lobbying.

SpaceX IPO Filing This Week?

When SpaceX goes public, it will be the biggest IPO the world has ever seen, and according to a report in The Information, that moment is almost here, with SpaceX set to file its IPO prospectus either this week or next week, with plans to then list in June.

It’s expected that Elon Musk’s company will potentially aim to raise more than $75 billion, with SpaceX valued at $1.75 trillion. Interestingly, the company may allow more than 20% of shares to be bought by individual investors (as compared to not more than 10% in most IPOs), and there may be no six-month share lock-up.

The other two enormous IPOs likely to be coming this year are Anthropic and OpenAI, and collectively, these three companies look set to generate obscene levels of hype, in fact… the kind of frenzy that might mark a local top in the market.

That point is yet to come though, and for now space-related names such as ASTS and RKLB are making significant price gains.

Hyperliquid Hits New Records

You might have noticed that HYPE seems less affected by the crypto bear market vibes than many other tokens, and a key reason for that is its utility as a 24/7 platform on which to trade tokenized stocks, metals and commodities.

This is especially valuable when geopolitics is turbulent, offering a venue where reactions to the latest headlines can play out instantly, even if traditional markets are closed.

The mechanism by which tokenized RWAs can be traded on Hyperliquid is called HIP-3, and the latest data shows HIP-3 hitting new records. There was an ATH $5.7 billion in HIP-3 perps volume on March 23rd, according to data from Artemis, while HIP-3 revenue is also soaring.

HOOD: Price Basing; Fundamentals Real

Today we return to Robinhood (HOOD), as we last mentioned this a month ago when it appeared to be potentially forming a base at around $78. Price subsequently pushed up to almost $85, but is now back at around $72, right in that potentially base-forming range.

HOOD remains interesting at this level, as it’s down over 50% from its ATH, while the company just authorized a $1.5 billion share buyback, and if you think the fundamentals are strong here (with 2025 bringing revenue of $4.5 billion, and $68 billion in net deposits), then this zone–right where the chart looks brutal–may be a good place to start taking a position.

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