Gate Daily Report (March 25): USDT Reserves Undergo First Comprehensive Audit; Cold Wallet Ledger Has No IPO Plans for Now

Bitcoin (BTC) experienced a slight short-term increase, currently around $70,745 as of March 25. Tether announced that the Big Four accounting firms will conduct the first comprehensive audit of USDT reserves. Ledger, a cold wallet company, completed a $50 million secondary equity sale, with no specific IPO plans at this time.

Macro Events & Crypto Highlights

1. Tether, the stablecoin issuer, announced it will hire one of the Big Four accounting firms to conduct its first full reserve audit. Tether stated in a Tuesday announcement that an unnamed accounting firm will perform an “independent financial statement audit,” including its USD-pegged USDT. The Big Four are Deloitte, Ernst & Young, KPMG, and PwC. The audit will review assets, reserves, and tokenized liabilities, as well as assess Tether’s systems, internal controls, and financial reporting.

2. According to Bloomberg, Paris-based Ledger, a hardware crypto wallet company, completed a $50 million secondary equity sale led by CEO Pascal Gauthier. The deal was finalized in Q4 last year, with early investors as sellers; valuation details were not disclosed. Gauthier said the company currently has no urgent plans for an IPO but is preparing for either remaining private or going public in the future. Previously, Ledger was reported to have engaged with investment banks regarding a U.S. IPO, with a valuation exceeding $4 billion. In 2023, the company raised €100 million at a €1.3 billion valuation and is upgrading its Ledger Wallet app, aiming to double revenue this year. Ledger recently opened an office in New York and appointed former Circle executive John Andrews as CFO.

News & Market Dynamics

1. GameStop: As of Q4 last year, Bitcoin and related receivables were valued at $368.4 million.

2. SpaceX plans to submit an IPO application as early as this week, aiming to raise over $75 billion.

3. SlowMist: LiteLLM experienced a supply chain attack on PyPI, with malicious files capable of stealing crypto wallet and sensitive information.

4. BlackRock: AI is a key future driver for the crypto market, with institutions increasingly focusing on Bitcoin and Ethereum.

5. Lido’s revenue declined 23% last year, with withdrawals and lower yields dragging down performance.

6. OpenAI will cease Sora AI video generation services to streamline its product line.

7. Robinhood authorized a $1.5 billion stock buyback plan, expected to be executed over approximately three years.

8. The U.S. plans a one-month ceasefire, with 15 proposals to end Iran conflict revealed.

9. ZachXBT questioned Circle’s freezing of 16 USDC business wallets.

Market Trends

1. Latest Bitcoin news: BTC is slightly up in the short term, currently around $70,745. Over the past 24 hours, $89.22 million in liquidation occurred, mostly long positions.

2. The three major U.S. stock indices closed lower on March 24 amid volatility. Investor sentiment fluctuated—concern over rising oil prices and Middle East escalation, but also hope for a resolution among the U.S., Israel, and Iran. President Trump claimed progress in negotiations, but Pentagon troop increases in the Middle East cast a shadow. U.S. Treasury yields rose, and doubts about private credit markets added pressure. Dow Jones fell 84.41 points (0.2%) to 46,124.06; S&P 500 dropped 24.63 points (0.4%) to 6,556.37; Nasdaq declined 184.86 points (0.84%) to 21,761.89.

(Source: Gate)

3. According to Gate’s BTC/USDT liquidation map, with current price at $70,913.10, if price drops to around $67,837, total long liquidation exceeds $867 million; if it rises to about $71,363, short liquidation exceeds $157 million. Short liquidations are significantly lower than longs, so traders should control leverage wisely to avoid large-scale liquidations during market swings.

(Source: Coinglass)

4. In the past 24 hours, spot inflow was $2.3 billion, outflow $2.47 billion, net outflow $170 million.

(Source: Coinglass)

5. Over the last 24 hours, contract trading net outflows led by $ETH, $BTC, $RIVER, $TAO, $HYPE, indicating trading opportunities.

Selected Expert Opinions from X KOL

Phyrex Ni (@Phyrex_Ni): “The biggest news today is that the U.S. is already seeking or negotiating with Iran. Multiple sources suggest a possible one-month ceasefire, during which at least third-party ships can pass through the Strait of Hormuz. This also benefits from Trump’s TACO, encouraging cooler heads. The main negotiation focus is reportedly Iran’s nuclear program, but Iran has not confirmed further talks.”

“Influenced by the negotiation news, oil prices fell below $90. While ending the war is possible, a Reuters and Ipsos poll shows Trump’s approval at 36%, the lowest since he returned to the White House, and 61% oppose U.S. airstrikes on Iran. Trump’s situation is tense.”

“As long as there are no new clashes recently, even if Iran hasn’t officially announced negotiations, a temporary ceasefire could still be traded as a risk market event, easing sentiment.”

“Looking at Bitcoin data, turnover isn’t great, but investor sentiment remains normal. People are used to war-induced volatility, and BTC’s price around $70,000 remains quite stable. Early investors show no panic.”

“The key now is the war’s development. If it ends completely, focus will shift back to tariffs. The longer it drags, the worse it is for risk markets.”

Today’s Outlook

1. UK February Consumer Price Index (YoY), previous 3.0%

2. UK February Unadjusted Producer Export Price Index (YoY), previous 2.5%

3. UK February Unadjusted Producer Import Price Index (YoY), previous -0.2%

4. Germany March IFO Business Climate Index, previous 88.6

5. US last week EIA crude oil inventory change (thousand barrels), previous 615.6