Gate Daily Report (March 17): OpenSea Delays SEA Token Issuance; BitMine Increases Holdings by 60,999 Ethereum

Bitcoin (BTC) experienced a strong rally, currently around $75,850 as of March 17, with concerns about the closure of the Strait of Hormuz easing regarding its impact on the global supply chain. OpenSea has postponed the launch of the SEA token, with no new date announced yet. BitMine increased its holdings by 60,999 ETH last week, bringing its total to 4,596,000 ETH.

Macro Events & Crypto Highlights

1. OpenSea CEO Devin Finzer announced that the planned SEA token launch scheduled for Q1 has been postponed, without providing a new timeline. Finzer stated that the team has been working diligently on development, and the foundation initially planned to initiate related steps at the March 30 event but decided to delay. He acknowledged that current market conditions in crypto are challenging and emphasized that SEA has only one chance to launch; rather than forcing it on the original date, they prefer to ensure everything is fully prepared.

Last October, OpenSea revealed plans for the SEA token, with 50% of the supply allocated to the community. Finzer also mentioned that this current reward program will be the final round. OpenSea is transitioning from an NFT marketplace to a multi-chain trading hub and perpetual contract protocol.

2. Bitmine Immersion Technologies (BMNR) disclosed that its total crypto assets, including cash and “moonshots,” amount to approximately $11.5 billion, including about 4.596 million ETH (roughly 3.81% of total ETH supply), 196 Holdings BTC, and equity holdings worth $120 billion. Over the past week, it added 60,999 ETH. Bitmine has staked about 3.04 million ETH, with an annualized yield of approximately 2.81%, generating roughly $180 million annually.

Recently, the company purchased an additional 5,000 ETH from the Ethereum Foundation and plans to launch MAVAN staking infrastructure in 2026, continuing its “5% alchemy” ETH treasury strategy.

News Highlights

1. The US Cryptocurrency Tax Roundtable has been postponed again due to extreme weather conditions.

2. The SEC proposes amendments clarifying that Rule 15c2-11 applies only to equity securities.

3. SEC Commissioner Hester Peirce welcomes proactive dialogue with businesses exploring tokenization and regulation.

4. OpenSea postpones SEA token issuance, with no new date announced.

5. NVIDIA launches NemoClaw to assist in minimalistic shrimp farming.

6. Multiple countries have announced they will not participate in escorting the Hormuz Strait; Trump complains that allies are “not helping.”

7. Abra plans to go public via a $750 million SPAC deal on NASDAQ.

8. Trump: Once the Iran war ends, oil prices will drop sharply.

9. Ironlight raises $21 million to expand compliant tokenized securities infrastructure.

10. BitMine increased ETH holdings by 60,999 last week, totaling 4.596 million ETH.

Market Trends

1. Latest Bitcoin news: BTC has surged strongly, currently around $75,850. In the past 24 hours, liquidations totaled $222 million, mainly short positions.

2. The US stock market’s four major indices closed higher on March 16, driven by falling oil prices and gains in AI-related stocks. The S&P 500 had its best single-day performance since February. Concerns about the Hormuz Strait closure easing, alongside NVIDIA’s GTC conference opening. The Dow rose 387.94 points (+0.83%) to 46,946.41; the S&P 500 increased 67.19 points (+1.01%) to 6,699.38, ending a four-day losing streak and posting the largest single-day gain in over a month; Nasdaq gained 268.82 points (+1.22%) to 22,374.18.

(Source: Gate)

3. The Gate BTC/USDT liquidation map shows that at the current price of $75,144.90, if it drops to around $74,639, total long liquidations exceed $336 million; if it rises to about $75,366, short liquidations exceed $140 million. Short positions are significantly higher than longs, so traders should control leverage carefully to avoid large-scale liquidations during market fluctuations.

(Source: Gate)

4. In the past 24 hours, spot inflow was $3.45 billion, outflow $3.22 billion, resulting in a net inflow of $230 million.

(Source: Gate)

5. In the past 24 hours, net outflows were observed in contracts trading for $ETH, $BTC, $SOL, $XRP, $DOGE, among others, indicating potential trading opportunities.

KOL Insights

Phyrex Ni (@Phyrex_Ni): “Monday’s market was in line with expectations. After the IEA announced it would release strategic reserves, oil prices started to decline. Additionally, the US announced that Iranian oil tankers could pass through the Strait of Hormuz, which helps ease oil prices. Currently, US crude is below $95, but whether it continues to fall depends on the US-Iran tug-of-war.”

“In Iran and US latest statements, Iran seems to threaten targeting US industrial sectors in the Middle East. If that happens, the US might target Iran’s Karg Island oil facilities. If the conflict persists without quick resolution, oil prices could become volatile again.”

“Market expectations for the end of the war are over four weeks, with Iran possibly having only about 8% of its missiles remaining, and US ammunition supplies being more abundant. If fighting ends in about four weeks, the strategic reserves released by IEA and SPR might help the market withstand the pressure, limiting further oil price increases. It could be a good opportunity to short oil.”

“Looking at Bitcoin data, turnover has increased significantly, mainly among short-term investors who bought the dip in recent days. Many are not optimistic about BTC’s price, and some believe the bottom hasn’t been reached yet; currently, it might just be a phase of rebound.”

“For me, the war hasn’t ended, and many risks remain. I still believe we are not at a turning point yet, as the key factor is still monetary policy.”

Today’s Outlook

1. Australia Reserve Bank cash rate, previous value 3.85%

2. Germany March ZEW Economic Sentiment Index, previous 58.3

3. US February NAR Existing Home Sales (MoM), previous -0.8%

4. Chinese Vice Premier He Lifeng led a delegation to France and the US for economic and trade negotiations from March 14–17.