---
title: What's Driving Token Prices? March 25, 2026
description: This week on What’s Driving Token Prices, Katie Talati examines the USR stablecoin depegging event, Backpack’s token launch, and Balancer’s shutdown of BLabs.
image: https://www.ar.ca/hubfs/Blog/WDTP/WDTP%20Thumbnail.jpg
---

[![email-sig-logowhite](https://www.ar.ca/hs-fs/hubfs/email-sig-logowhite.png?width=102&height=96&name=email-sig-logowhite.png "email-sig-logowhite")](https://www.ar.ca/)

[![Get in Touch](https://no-cache.hubspot.com/cta/default/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3)

**

** **

[![Arca](https://www.ar.ca/hs-fs/hubfs/arca_square_576x576.png?width=60&height=30&name=arca_square_576x576.png "Arca")](https://www.ar.ca/)

[![Get in Touch](https://no-cache.hubspot.com/cta/default/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3)

**

** **

Search

**Menu**

** **

[![Data Room](https://no-cache.hubspot.com/cta/default/4536350/72e2934a-0f70-4634-897e-b99fd4807a9b.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/72e2934a-0f70-4634-897e-b99fd4807a9b)

[![Get in Touch](https://no-cache.hubspot.com/cta/default/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3)

![](https://www.ar.ca/hubfs/Whats-Driving-Token-Prices-Header.jpg)

[Investing Themes](https://www.ar.ca/blog/tag/investing-themes) |

# What's Driving Token Prices? March 25, 2026

[![Katie Talati](https://www.ar.ca/hubfs/Katie%20Talati.png)](https://www.ar.ca/blog/author/katie-talati)

 Written by [Katie Talati](https://www.ar.ca/blog/author/katie-talati)

 Mar 25, 2026

**Join Katie Talati, Arca’s Head of Research, weekly on Wednesday at 4PM EST / 1PM PST as she shares notable token activity over the past week and her insights on what market events drove these token price movements.**

- **RESOLV/USR (-24%/-69%)** - This weekend saw another stablecoin depegging event that had far-reaching implications for DeFi. Resolv Protocol issued USR, which is a stablecoin backed by a delta-neutral hedging strategy using BTC and ETH. The attacker exploited a vulnerability in USR’s code that allowed for unlimited minting of the stablecoin. The attacker then sold the newly minted coins, crushing USR's price and depegging it from $1. Ultimately, they were able to mint $80M of USR and extract $23M of proceeds from the hack. Resolv promptly halted withdrawals from the protocol, but the damage had already been done, with the price of USR now at $0.31. The hack's impact was felt across DeFi, with many protocols facing liquidations on loans with USR exposure, including Morpho, Euler, Fluid, and others. Supposedly, Steakhouse Financial identified the attack vector a few days earlier in a public blog post on the topic. The hack illustrates how DeFi needs to contain future hacks to mitigate widespread damage. If proper safeguards had been in place, liquidations on other DeFi protocols may not have occurred.
- **BP (-33%)** - Solana-based exchange Backpack finally launched its token on Monday, releasing 25% in an airdrop to users. None of the released tokens went to team members, investors, or other insiders, and all tokens are expected to be released going forward based on operational milestones. Users can stake their BP tokens to earn fee discounts on the exchange and could potentially receive Backpack equity in the future in exchange for staking BP tokens. Backpack was founded in 2023 by the team behind the Mad Lads NFT collection and has since evolved from a simple wallet product into a regulated exchange.
- **BAL (-0.6%) **- On Monday, decentralized exchange Balancer announced it is shutting down its Labs entity, BLabs. The decision comes after the protocol suffered a $110M hack last year, and the labs division was unable to support the resulting legal and financial burden. While the team considered shutting down the protocol as well, the founders wanted to give the team a chance to restructure, as the protocol still generates revenue. As part of the restructure, all BAL emissions will go to zero, and 100% of revenue will be redirected to the protocol vs. the current 17.5%. Balancer was once a DeFi stalwart with $2.6B in TVL at its peak in mid-2021. Since then, TVL has dwindled to $159M.
  
  *DISCLAIMER: This commentary is not intended to be investment advice, investment research, or a recommendation. Please consult your investment professional for your own circumstances.*

### Subscribe For the Latest Blockchain News & Analysis

 

 

Disclaimer: This commentary is provided as general information only and is in no way intended as investment advice, investment research, legal advice, tax advice, a research report, or a recommendation. Any decision to invest or take any other action with respect to any investments discussed in this commentary may involve risks not discussed, and therefore, such decisions should not be based solely on the information contained in this document. Please consult your own financial/legal/tax professional.

Statements in this communication may include forward-looking information and/or may be based on various assumptions. The forward-looking statements and other views or opinions expressed are those of the author, and are made as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated and there is no guarantee that any particular outcome will come to pass. The statements made herein are subject to change at any time. Arca disclaims any obligation to update or revise any statements or views expressed herein. Past performance is not a guarantee of future results and there can be no assurance that any future results will be realized. Some or all of the information provided herein may be or be based on statements of opinion. In addition, certain information provided herein may be based on third-party sources, which is believed to be accurate, but has not been independently verified. Arca and/or certain of its affiliates and/or clients may now, or in the future, hold a financial interest in investments that are the same as or substantially similar to the investments discussed in this commentary. No claims are made as to the profitability of such financial interests, now, in the past or in the future and Arca and/or its clients may sell such financial interests at any time. The information provided herein is not intended to be, nor should it be construed as an offer to sell or a solicitation of any offer to buy any securities, or a solicitation to provide investment advisory services.

Previous Story

[← The SEC / CFTC “Frenemy” Relationship](https://www.ar.ca/blog/the-sec-/-cftc-frenemy-relationship)

[** ](https://www.ar.ca/blog)

Next Story

[What Could Go Right? →](https://www.ar.ca/blog/what-could-go-right)

## You May Also Like

These Stories on Investing Themes

[![](https://www.ar.ca/hubfs/Blog/WDTP/WDTP%20Thumbnail.jpg) ](https://www.ar.ca/blog/whats-driving-token-prices-july-1-2026)

[Investing Themes](https://www.ar.ca/blog/tag/investing-themes)

### [What's Driving Token Prices? July 1, 2026](https://www.ar.ca/blog/whats-driving-token-prices-july-1-2026)

 Jul 1, 2026 |

 1 min read

[![](https://www.ar.ca/hubfs/Blog/WDTP/WDTP%20Thumbnail.jpg) ](https://www.ar.ca/blog/whats-driving-token-prices-june-24-2026)

[Investing Themes](https://www.ar.ca/blog/tag/investing-themes)

### [What's Driving Token Prices? June 24, 2026](https://www.ar.ca/blog/whats-driving-token-prices-june-24-2026)

 Jun 24, 2026 |

 1 min read

[![](https://www.ar.ca/hubfs/Blog/WDTP/WDTP%20Thumbnail.jpg) ](https://www.ar.ca/blog/whats-driving-token-prices-june-10-2026)

[Investing Themes](https://www.ar.ca/blog/tag/investing-themes)

### [What's Driving Token Prices? June 10, 2026](https://www.ar.ca/blog/whats-driving-token-prices-june-10-2026)

 Jun 11, 2026 |

 1 min read

### Arca

Los Angeles I New York  
(424) 400-7444  
info@ar.ca

[![LinkedIn](https://www.ar.ca/hubfs/LinkedIn.png "LinkedIn")](https://www.linkedin.com/company/arcafinance/mycompany/)

[![Twitter](https://www.ar.ca/hubfs/Twitter.png "Twitter")](https://twitter.com/arca)

[![Youtube](https://www.ar.ca/hubfs/Youtube.png "Youtube")](https://www.youtube.com/c/Arcafinance)

### Contact Us

Copyright © 2025 Arca Holdings. All Rights Reserved.  |  [Important Disclosures](https://www.ar.ca/important-disclosures)

```json
{
  "@context" : "http://schema.org",
  "@type" : "VideoObject",
  "contentUrl" : "https://youtu.be/hHdcrzD7_0w",
  "description" : "Meet the founders of Arca and learn about what inspired them to join the digital asset ecosystem. Rayne Steinberg – Co-Founder & Chief Executive Officer Jeff Dorman – Co-Founder & Chief Investment Officer Phil Liu – Co-Founder & Chief Legal Officer.",
  "duration" : "PT4M13S",
  "embedUrl" : "https://www.youtube.com/embed/hHdcrzD7_0w",
  "name" : "Meet the Founders of Arca",
  "thumbnailUrl" : "https://i.ytimg.com/vi/hHdcrzD7_0w/default.jpg",
  "uploadDate" : "2022-02-15T15:49:56Z"
}
```

```json
{
  "@context" : "https://schema.org",
  "@type" : "SiteNavigationElement",
  "Name" : [ "HOME", "Hedge-Funds", "Bitcoin-Fund", "Blog", "About", "Team", "Careers", "Data Room", "Get in Touch" ],
  "Url" : [ "https://www.ar.ca/", "https://www.ar.ca/arca-hedge-funds", "https://www.ar.ca/ai-bitcoin-fund", "https://www.ar.ca/blog", "https://www.ar.ca/about", "https://www.ar.ca/arca-team", "https://www.ar.ca/careers", "https://arcafunds.hvstprivate.com/", "https://www.ar.ca/contact?hsCtaTracking=28ac2c2f-186c-436f-9682-1169cf946ad3%7C63e370f0-aacd-4463-8bce-3616a7b4b7f3" ]
}
```

```json
{
  "@context" : "https://schema.org/",
  "@type" : "WebSite",
  "name" : "Ar",
  "potentialAction" : {
    "@type" : "SearchAction",
    "query-input" : "required name=search_term_string",
    "target" : "https://www.ar.ca/search?q={search_term_string}"
  },
  "url" : "https://www.ar.ca/"
}
```

```json
{
  "@context" : "https://schema.org/",
  "@type" : "WebPage",
  "name" : "Ar",
  "speakable" : {
    "@type" : "SpeakableSpecification",
    "xpath" : [ "/html/head/title", "/html/head/meta[@name='description']/@content" ]
  },
  "url" : "https://www.ar.ca/"
}
```

```json
{
  "@context" : "https://schema.org",
  "@type" : "Organization",
  "alternateName" : "Ar",
  "logo" : "https://www.ar.ca/Logo.png",
  "name" : "Ar",
  "url" : "https://www.ar.ca/"
}
```

```json
{
  "@context" : "https://schema.org",
  "@id" : "",
  "@type" : "LocalBusiness",
  "address" : {
    "@type" : "PostalAddress",
    "addressCountry" : "US",
    "addressLocality" : "New York",
    "addressRegion" : "CA",
    "postalCode" : "90066",
    "streetAddress" : "Los Angeles"
  },
  "geo" : {
    "@type" : "GeoCoordinates",
    "latitude" : 33.9697897,
    "longitude" : -118.2468148
  },
  "image" : "https://www.ar.ca/hs-fs/hubfs/email-sig-logowhite.png?width=102&name=email-sig-logowhite.png",
  "name" : "Arca",
  "openingHoursSpecification" : {
    "@type" : "OpeningHoursSpecification",
    "closes" : "23:59",
    "dayOfWeek" : [ "Monday", "Tuesday", "Wednesday", "Thursday", "Friday", "Saturday", "Sunday" ],
    "opens" : "00:00"
  },
  "priceRange" : "$",
  "sameAs" : [ "https://twitter.com/arca", "https://www.linkedin.com/company/arcafinance" ],
  "telephone" : "(424) 400 7444",
  "url" : "https://www.ar.ca/"
}
```

```json
{
  "@context" : "http://schema.org",
  "@type" : "VideoObject",
  "description" : "Rebecca Rettig, General Counsel of Aave Marc Boiron, General Counsel of dYdX Colleen Sullivan, Co-founder and CEO of CMT Digital  Marvin Ammori, CLO at Uniswap Phil Liu, Co-founder and CLO of Arca",
  "duration" : "PT50M59S",
  "embedUrl" : "https://www.youtube.com/embed/hTc-kWa9hM8",
  "interactionCount" : "121",
  "name" : "Regulation: Clarity on the Horizon",
  "thumbnailUrl" : "https://i.ytimg.com/vi/hTc-kWa9hM8/default.jpg",
  "uploadDate" : "2021-05-26T13:29:46Z"
}
```

```json
{
  "@context" : "http://schema.org",
  "@type" : "VideoObject",
  "description" : "Andrew Peel, Head of Digital Asset Markets at Morgan Stanley  Jennifer Murphy, COO of Western Asset Management Tom Jessop, President of Fidelity Digital Assets Tim Davis, Principal of Deloitte  Subhanker Sinha, Head of Blockchain, Digital at BNY Mellon",
  "duration" : "PT47M54S",
  "embedUrl" : "https://www.youtube.com/embed/Wx1LEII47iM",
  "interactionCount" : "242",
  "name" : "The Current Institutional Adoption Wave",
  "thumbnailUrl" : "https://i.ytimg.com/vi/Wx1LEII47iM/default.jpg",
  "uploadDate" : "2021-05-26T15:15:41Z"
}
```

```json
{
  "@context" : "https://schema.org",
  "@type" : "BlogPosting",
  "author" : {
    "@type" : "Organization",
    "name" : "Ar"
  },
  "dateModified" : "2021-07-12",
  "datePublished" : "2021-06-28",
  "description" : "Blockchain commentary and analysis written for sophisticated investors - by professional investors",
  "headline" : "We Should Appreciate Bitcoin More, but it’s Not Defensive",
  "image" : "https://f.hubspotusercontent00.net/hub/4536350/hubfs/Thats%20Our%20Two%20Sathoshis%20%2812%29-2.png?width=380&name=Thats%20Our%20Two%20Sathoshis%20%2812%29-2.png",
  "mainEntityOfPage" : {
    "@id" : "https://www.ar.ca/blog",
    "@type" : "WebPage"
  },
  "publisher" : {
    "@type" : "Organization",
    "logo" : {
      "@type" : "ImageObject",
      "url" : "https://www.ar.ca/hs-fs/hubfs/email-sig-logowhite.png?width=102&name=email-sig-logowhite.png"
    },
    "name" : "Market Recap"
  }
}
```