GM,

Welcome to this week's Phenom Weekly Update, where we bring you the top news, memes and deeper dives we are exploring this week. The top stories this week include:

• Trump Family's Crypto Expansion: The Trump family is deepening its involvement in the cryptocurrency sector. Eric and Donald Trump Jr.'s company, American Data Centers, is merging with Hut 8 to form American Bitcoin, aiming to become a leading bitcoin mining operation. Eric Trump will serve as the chief strategy officer.

• BitMEX Co-Founders Pardoned: President Donald Trump has pardoned the three co-founders of cryptocurrency exchange BitMEX—Benjamin Delo, Arthur Hayes, and Samuel Reed—along with a former employee and the entity operating BitMEX. They had faced charges for failing to implement an anti-money laundering program.

• Pro-Crypto Regulatory Shift: Paul Atkins, President Trump's nominee for Chair of the Securities and Exchange Commission (SEC), has emphasized making digital assets a top priority. Atkins advocates for a rational regulatory framework for cryptocurrencies, signaling a potential shift towards more crypto-friendly policies under the current administration.

Keep scrolling for more of the latest in the crypto space this week, our article on Alt Season and our new favorite NFT project - Hashrate Hackers ⤵️

NFT backed by BTC Mining

Ordinals Powered by Bitcoin Mining…

Collectible art that contributes to hash and allows you to compete for BTC every month. The first Ordinals / Bitcoin NFT project that will offer true utility to the holder base. 

Powered by Blockware - the pioneers behind mining-as-a-service in N.America, sold 400,000 rigs, and mined 15,000 BTC in their pools - have combined ordinals and mining to deliver Hashrate Hackers.

The mint proceeds from the sale go into buying Bitcoin mining servers, and will leverage Blockware’s already built energy and hosting infrastructure. This will give the project a best in class energy economics and mining server economics.

A themed collection with a web-based game that allows holders to develop virtual rigs and compete monthly in a race against the clock and each other for prize pools. 

• 4,000 Supply available for sale for .01 Bitcoin each in the Public Mint: 

  • https://www.trio.xyz/mint/hashrate-hackers

• Monthly Prize Pool of Mined Bitcoin pushed back to the Holder Base

• April Pool: 0.4 BTC 

• Personalised game portal

• Multi-million $ mining operation backing the Ordinals

• Plans to go raise additional non-dilutive capital to deploy more Bitcoin mining servers for the project

The public sale is live. Over 55% of the collection has been sold in public sale since launch, >$1m raised in the pre-sale, the initial mining operation deployed, and the first prize pool set for April for .4 BTC.

More info can be found on the site, on Hashrate Hackers [https://x.com/hashratehackers], or by contacting Mason directly: [email protected]

Why New Token Supply is Ruining Alt Season

“alt season” is the promised land for every degenerate trader hoping to turn pocket lint into a Lambo. This cycle though, something’s been throwing a wrench into this glorious chaos: the relentless supply of new tokens flooding the market. Here’s why this tidal wave of shiny new coins is screwing with our beloved alt season.

First off, what’s alt season? It’s that magical time when altcoins shoot up in value faster than you can say “to the moon.” Historically, it’s been a euphoric free-for-all, driven by hype, FOMO, and market psychology. But now, I’m noticing something grim: the floodgates of new token supply are diluting the party.

• Oversaturation Sucks the Hype Dry: Every week, it feels like a dozen new projects launch, each with a whitepaper promising to “revolutionize” something I didn’t know needed fixing. This glut of tokens splits investor attention and cash. Instead of piling into a handful of solid altcoins and pumping them sky-high, we’re all distracted, chasing the next shiny thing. Less concentrated buying power means weaker rallies—alt season’s lifeblood.

• Inflation Vibes Hit Hard: Many of these new tokens come with generous emission schedules. Think millions—sometimes billions—of coins dumped into circulation over months or years. I’ve seen projects where the circulating supply doubles in a year, tanking the price. When supply outpaces demand, it’s basic economics: value drops, and altcoins struggle to sustain those epic 10x runs we want.

• Liquidity Gets Stretched Thin: With new tokens come new trading pairs on exchanges. Spread liquidity too thin across too many assets, and you’ve got shallow order books. No depth, no momentum—alt season stalls.

• The Greed Factor: Let’s be real—new token launches are often cash grabs. ICOs, IDOs, they suck capital out of existing altcoins.

A market drowning in new tokens makes the investing game much harder. Until this supply frenzy chills out—or we get a massive influx of new money to soak it up—alt season’s stuck in the mud. This makes picking your tokens a much more difficult task but way more important then previous cycles. Unlike previous cycles when you could basicaly throw a dart and get a 10x we now need to be much more judicious in our investments by investing in projects that have real value and real potential. This is exactly what we aim to do here at Phenom Ventures.

READING CORNER

A collection of longer form content we are consuming this week

NEWS

Quick Hitters from the week

1. Terraform Labs to Open Claims Portal for Investors on March 31
   Terraform Labs will launch a claims portal to compensate investors impacted by the UST collapse, with the application process beginning March 31. 🔗 Read more

2. Vitalik Buterin Sparks Frenzy With Humanoid Robot Video
   A video of Ethereum co-founder Vitalik Buterin interacting with a humanoid robot has gone viral, amusing and slightly unnerving the crypto community. 🔗 Read more

3. Elon Musk Denies U.S. Plans to Use Dogecoin, DOGE Dips 3%
   Elon Musk clarified there are no plans for the U.S. government to use Dogecoin, following rumors and speculation that briefly boosted the memecoin’s price. 🔗 Read more

4. Ether Whale Avoids $117M Liquidation by a Hair
   A massive Ethereum position worth $117 million narrowly escaped liquidation this week, showcasing the fragility of large, highly-leveraged trades in volatile markets. 🔗 Read more

5. Circle Taps JPMorgan and Citi Ahead of IPO Filing
   Stablecoin issuer Circle is working with JPMorgan Chase and Citi in preparation for its IPO filing expected in late April. 🔗 Read more

6. Strategy Buys 22,000 More Bitcoin for $1.92B
   Michael Saylor’s Strategy has purchased another 22,048 BTC for $1.92 billion, increasing its total holdings to a whopping 528,185 Bitcoin. 🔗 Read more

7. Trump Pardons BitMEX Co-Founders Including Arthur Hayes
   Former President Donald Trump has reportedly pardoned BitMEX co-founders, including Arthur Hayes, wiping their records clean as part of a broader shift in crypto-friendly policy. 🔗 Read more

8. FDIC Will No Longer Require Pre-Approval for Banks to Engage in Crypto
   The FDIC has updated its policy to allow financial institutions to participate in crypto-related activities without needing prior approval, signaling a major regulatory shift. 🔗 Read more

THE TWITTERVERSE

A collection of the most interesting stuff on Crypto Twitter this week

Good article on PMF and revenue for $GRASS, a protocol we sent out as a report a few months ago. Grass is a rare protocol that has a real product with real revenue.

MEMES

For the (crypto) Culture

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