On March 31, the cryptocurrency market experienced not only notable price swings but also platform-driven developments that shaped traders’ sentiment and strategy. Ethereum (ETH), in particular, saw a surge in high-leverage trades throughout the day, while major exchanges like Binance and Huobi HTX made waves with new listing and delisting announcements that reverberated across the market.
Ethereum whales take on heightened risk with aggressive leveraged positions
Although ETH managed to break past the $2,090 mark on heavy volume at one point during the day, it soon retraced those gains. Amid this turbulence, notable wallets engaged in ambitious high-leverage trades. One address, starting with 0x4ce, opened a 9x leveraged long position at $2,063, then added 3,208 more ETH at $2,043, upping its exposure to roughly $6.55 million.
The total position grew to $13.68 million, with an average entry point of $2,052. Given that the liquidation threshold stood at $1,852 and collateral had dropped below $50,000, this left the position with minimal room for error.
Another large-scale trader took an even riskier tack, expanding a 25x leveraged long position to 8,572 ETH—worth around $17.63 million. Their average entry was approximately $2,039, and with the liquidation price at $2,046, the buffer between current price and liquidation was a razor-thin 0.48%, making this trade particularly precarious.
Binance adds new collateral options while unveiling delisting plans
Among the day’s most closely watched exchange updates was Binance’s dual announcement. The platform revealed it now accepts Tether Gold (XAUT), a gold-backed digital asset, as collateral for its Flexible Savings and VIP Loans products. This expansion signals a growing acceptance for tokenized gold as a functional digital asset within the Binance ecosystem.
At the same time, Binance disclosed that it will be removing several trading pairs from its platform starting April 2 at 11:00 ET. The pairs to be delisted include ALT/BNB, ARB/TUSD, BNB/ARS, GALA/ETH, INJ/BNB, SOLV/FDUSD, and XRP/TUSD. Such delisting actions are typically linked to decreases in liquidity and trading volume for the affected pairs.
Huobi HTX unveils EDGE token listing schedule
Huobi HTX, meanwhile, provided details on the timeline for listing the EDGE token. Deposits for EDGE opened at 15:00 (GMT+8) on March 31, while EDGE/USDT spot trading launched later that same day at 20:30. Withdrawals will be enabled on April 1 at 20:30, giving traders clear windows for participation.
EdgeX, the infrastructure supporting the EDGE project, reportedly delivers transaction latency below 10 milliseconds and has facilitated over $800 billion in trading volume to date. The platform, which now boasts more than 300,000 users, continues to draw industry attention.
Altcoin transfers and listings create ripples in prices
After Upbit enabled trading for the SKY/KRW pair, on-chain movement spiked. One wallet transferred 31.45 million SKY from a staking contract onto Binance, an amount valued around $2.46 million. This significant move following the listing raised concerns about potential increased selling pressure, as the market price slipped from $0.078 to $0.072.
Elsewhere, market optimism surged for Predict.Fun in the wake of its integration with Binance Wallet. In prediction markets, the likelihood that the project’s valuation would exceed $50 million in the short term was priced at 96%, while the probability of reaching $100 million stood at 83%—signaling robust confidence among speculators.
