Gate Daily (March 27): David Sacks steps down as White House crypto czar; MARA sells 15,133 Bitcoin to buy back bonds

Bitcoin (BTC) continues to weaken and decline, currently around $68,880 as of March 27. David Sacks steps down from his roles as White House AI and Cryptocurrency czar; key legislative agenda items remain unfinished. MARA Holdings sold 15,133 bitcoins, totaling approximately $1.1 billion.

Macro Events & Crypto Highlights

1. According to Decrypt, White House AI and Cryptocurrency Affairs Director David Sacks resigned after reaching the 130-day limit for special government employees. His efforts on core crypto legislation, including market structure and stablecoins, remain incomplete. During his tenure, Sacks led Trump administration’s crypto policies, including promoting related legislation and supporting the U.S. strategic Bitcoin reserve. However, major reforms anticipated by the industry are still pending.

Sacks will continue to participate in government as co-chair of the Presidential Science and Technology Advisory Committee, focusing on AI and broader tech policies. He previously stated that market structure and stablecoin legislation could pass within the first 100 days of Biden’s presidency, but the CLARITY Act faced obstacles in Congress. Additionally, plans to establish an industry leader “Crypto Committee” fell through due to internal disagreements, and funding sources for the strategic Bitcoin reserve remain unclear.

2. MARA Holdings announced that between March 4 and March 25, the company sold 15,133 bitcoins for about $1.1 billion. The proceeds will be used to buy back bonds, with remaining funds allocated for general corporate purposes.

“We decided to sell part of our Bitcoin holdings as part of a strategic capital allocation to strengthen our balance sheet and lay the foundation for long-term growth. By repurchasing over $1 billion of debt at a discount, we recovered approximately $88 million in losses, reduced potential shareholder dilution, and used Bitcoin assets to significantly lower our debt-to-asset ratio under our set conditions,” said Fred Thiel, Chairman and CEO of MARA.

News & Market Dynamics

1. A whale opened a long position of 1.38 million HYPE at a high level four months ago, enduring a loss of $26 million before breaking even.

2. AI company Anthropic considers an IPO as early as October.

3. The WorldCoin team transferred 89.65 million WLD via new wallets to CEX, worth about $26.17 million.

4. GameStop converted its $368 million Bitcoin holdings into options strategies.

5. JPMorgan: During the Iran conflict, Bitcoin outperformed gold as a safe-haven asset.

6. ARK Invest uses Kalshi’s prediction market data to assist in investment and risk management.

7. Market panic bets: If the war spirals out of control, the Fed may emergency hike rates within weeks.

8. Trump delays further strikes on Iran’s energy facilities; next focus on April 6.

9. David Sacks resigns from White House AI and crypto roles; core legislation remains incomplete.

Market Trends

1. Latest Bitcoin news: $BTC continues to weaken, currently around $68,880. In the past 24 hours, $99.82 million in liquidations, mostly long positions.

2. The US stock market’s three major indices closed lower on October 16, with concerns over bad debts at two regional banks raising fears about credit quality, highlighting market fragility. However, the Philadelphia Semiconductor Index, mainly chip stocks, remained up. Dow Jones Industrial fell 301.07 points, down 0.65%, closing at 45,952.24; S&P 500 down 41.99 points, down 0.63%, closing at 6,629.07; Nasdaq Composite down 107.54 points, down 0.47%, closing at 22,562.54. The Philadelphia Semiconductor Index rose 32.96 points, up 0.49%, closing at 6,800.02.

(Source: Bitcoin CounterFlow)

3. According to Gate BTC/USDT liquidation map, with current price at $66,625 USDT, if price drops to around $64,875, total long liquidation exceeds $102 million; if rises to about $72,275, total short liquidation exceeds $157 million. Short liquidations surpass longs, so traders should control leverage to avoid large-scale liquidations during market swings.

(Source: Coinglass)

4. In the past 24 hours, spot inflow was $2.19 billion, outflow $2.36 billion, net outflow $170 million.

(Source: Coinglass)

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

KOL Insights

Phyrex Ni (@Phyrex_Ni): “Headache. Trump’s actions yesterday were confusing, and today even more so. On one hand, he says Iran is no longer a threat and is seeking peace, even giving a big gift allowing ten ships to pass through the Strait of Hormuz. But right after, he was publicly contradicted. In the last 24 hours, it seems no ships, even paid ones, have passed, though I guess Trump meant these ten ships are phased in.”

“Moreover, Iran shows no signs of seeking peace; instead, it strongly asserts its intention to retain nuclear weapons. The coming days look tough. Trump has twice claimed Iran would negotiate, even TACO’d once, but now Iran is so tough that markets have lost trust. Even if Trump speaks nicely today, markets immediately fell, with the Nasdaq dropping 2%.”

“Oil prices have surged past $95, reflecting market distrust. Ironically, Putin, long considered Trump’s ‘brother,’ is suspected of supporting Iran’s military actions, possibly against the US. Trump and Republicans may face difficulties.”

“Looking at Bitcoin data, turnover has surged today, mainly due to distrust in Trump. Previously, investors believed in negotiations, but now short-term talks seem unlikely. Escalating strikes might push Iran to more extreme actions, making oil prices even more volatile.”

“Since Trump took office, it feels like being led by the nose—tariffs shook markets, Fed’s independence raised doubts, and crypto support has shown little. Falling oil and electricity prices backfired, and now they’re actively striking Iran. It’s complicated.”

Today’s Outlook

1. UK February revised retail sales (MoM), previous 1.8%

2. US March University of Michigan Consumer Sentiment Final, previous 55.5

3. Richmond Fed Chair Barkin speech

4. San Francisco Fed Chair Daly opening remarks on macroeconomics and monetary policy

5. Philadelphia Fed Chair Powell on economic outlook and monetary policy