Gate Daily (March 5): Zerohash applies for a U.S. trust bank license; Paradex launches genesis airdrop

Bitcoin (BTC) has experienced a strong rebound, currently around $72,980 as of March 5. Crypto infrastructure company Zerohash has applied to the U.S. OCC for a national trust bank license. Paradex will launch its genesis airdrop on March 5, with updated tokenomics.

Macro Events & Crypto Highlights

1. Crypto infrastructure company Zerohash has submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) to obtain a national trust bank license. According to the application, Zerohash plans to establish a trust bank offering digital asset custody, fiat and other asset custody, staking custody and verification activities, transfer agency services, trading execution, stablecoin management, as well as settlement, clearing, and custody services. Obtaining this license will not permit Zerohash to engage in traditional banking activities such as accepting deposits or issuing loans, but it will enable operation under federal regulation, helping attract more institutional clients.

2. Paradex Foundation announced on the X platform that its native ecosystem token DIME will launch its genesis airdrop on March 5. Eligible users can claim the airdrop via the Paradex user interface within two weeks starting at 15:00 Beijing time on March 5. Initial trading will be exclusively available on the Paradex platform at 22:00 Beijing time on March 5.

Regarding tokenomics, since the initial plan was released in December 2024, two adjustments have been made: community airdrop allocation increased from 20% to 25%, with the additional coming from an extended activity in Q2 2025; the foundation acquired XP from institutional holders, accounting for 4.4% of the total supply. These adjustments reduce the circulating supply at TGE by 4.4% to 24.5%, while ongoing community rewards increase future quarterly distributions. For team token allocation, 80% will be unlocked based on performance rather than time, with the remaining 20% unlocked over time, all following a four-year vesting schedule. A full performance framework will be released after TGE.

Paradex’s recent roadmap includes expanding zero-fee perpetual contracts to RWA assets like commodities, forex, stocks, and indices; launching periodic options to enhance derivative products; and integrating Paradigm’s institutional RFQ network to introduce large-scale liquidity.

News Highlights

1. “Hyperliquid’s largest long position” valued at $303 million has an unrealized profit of $19.3 million.

2. Bloomberg reports that the AI boom has prompted Bitcoin miners holding over $8 billion in assets to pivot, raising market sell-off concerns.

3. Paradex will launch its genesis airdrop on March 5, with updated tokenomics.

4. American Bitcoin holdings surpass 6,500 BTC, increasing by over 500 BTC in the past 21 days.

5. Michael Saylor: MicroStrategy’s Bitcoin purchase potential exceeds the market’s available supply.

6. Morgan Stanley updates Bitcoin ETF application documents, designating Coinbase and Bank of New York Mellon as custodians.

7. Bridge’s Sui ecosystem stablecoin USDsui is now live on mainnet.

8. After the Federal Reserve granted Kraken a master account, banking organizations expressed “deep concern.”

9. Digital asset trading firm Crossover completed a $31 million Series B funding round, with Tradeweb leading the investment.

10. Crypto infrastructure company Zerohash applied to the OCC for a national trust bank license.

Market Trends

1. Latest Bitcoin news: BTC has rebounded strongly, currently around $72,980. Over the past 24 hours, $317 million in liquidations occurred, mainly short positions.

2. U.S. stock markets rose on March 5, easing concerns over Middle East conflict-induced oil price surges. Strong economic data and corporate news supported buying sentiment. Despite reports of Iran seeking negotiations, later denied by Iran, Trump’s administration’s naval escort and insurance guarantees for the Strait of Hormuz stabilized the market. Dow Jones rose 238.14 points (0.5%) to 48,739.41; S&P 500 increased 52.87 points (0.8%) to 6,869.5; Nasdaq gained 290.79 points (1.3%) to 22,807.48.

(Source: Gate)

3. According to Gate’s BTC/USDT liquidation map, with current price at $72,840.70, if the price drops to around $70,500, total long liquidations exceed $703 million; if it rises to about $74,296, short liquidations exceed $280 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 $5.42 billion, outflow $5.13 billion, net inflow $290 million.

(Source: Coinglass)

5. Over the past 24 hours, net outflows occurred in contracts for $BTC, $ETH, $SOL, $XRP, $XAG, indicating trading opportunities.

Selected Insights from X KOLs

Phyrex Ni (@Phyrex_Ni): “Today’s analysis was quite straightforward, especially during price rises. Recent volatility has mainly been driven by US and Iran geopolitical tensions, and today is no different. Despite many events, geopolitical conflict remains the main factor. Trump urged banks to finalize stablecoin regulations, Kraken gained direct access to the federal payment system, and Iran is reportedly ready for negotiations with the Strait of Hormuz open.”

“So, market sentiment remains positive, with active buying. Risk markets are rising, but whether this continues depends on the war’s trajectory. Trump believes the conflict could last three to four weeks. If it extends that long, we might see more volatility, but overall, ending the war is just a matter of time.”

“Looking at Bitcoin data, volume and turnover are healthy, and investor expectations remain optimistic. Buyers are determined, waiting for geopolitical tensions to ease. For this year, monetary policy and midterm elections are key, with geopolitical conflicts being just a side note. Despite price increases, the chip structure remains stable, and early investors haven’t significantly changed hands, mainly short-term traders.”

Today’s Outlook

1. Eurozone January retail sales (month-over-month), previous: -0.5%

2. U.S. initial jobless claims (thousands) for last week (up to 0228), previous: 212

3. U.S. February global supply chain pressure index, previous: 0.41