🔥 Major Events 1. The US-Iran situation escalates sharply, BTC breaks 70,000 again — The Pentagon devises a comprehensive military plan, Trump's deadline for strikes on Iran expires on Friday, market risk aversion increases 2. Brent crude oil surges over 5% to $108/barrel — Middle East conflict drives up oil prices, inflation concerns intensify 3. VIX futures volatility spikes to 388.2 — A near six-month high, four times the average level of panic
📊 Market Data 4. BTC ETF net inflow $7.81 million, ETH ETF net outflow $8.51 million — Institutional funds lean towards BTC as a safe haven 5. BTC mining companies nearing breakeven point — Cash cost per unit increases to $79,995, hash rate price drops to $28-30/PH/s 6. Margin positions in ETH face liquidation, losses exceed $30.7 million — Positions reopened immediately with 25x leverage 7. TradFi perpetual contract daily trading volume reaches all-time high — Geopolitical risks drive speculation and hedging demand 8. QCP: BTC will maintain range fluctuations — Non-trending market, key support at $70,200
🏛️ Regulatory Policies 9. Fannie Mae/Freddie Mac accept cryptocurrencies as mortgage review standards for the first time — A milestone in the US housing finance system 10. Coinbase and Better launch compliant crypto mortgage products — BTC/USDC can be used as down payment collateral 11. HTF Securities approved by Hong Kong SFC to upgrade VA license — Covers professional and retail investors 12. Futu Securities fully licensed to operate 13. Nvidia accused of concealing over $1 billion in crypto revenue, enters class-action lawsuit 14. US weekly initial jobless claims at 210,000, in line with expectations, continuing claims drop to near two-year low
💡 Project Updates 15. MARA sells 15,133 BTC, repurchases $1 billion convertible notes — Mining companies forced to reduce holdings intensify selling pressure 16. Binance launches XAUT with 50x leverage perpetual contracts — Launched against the backdrop of rising gold prices due to geopolitical conflict 17. Hashdex NCIQ ETF adds ADA and LINK — US mainstream crypto funds officially allocate 18. Resolv Labs destroys about 46 million illegally minted USR 19. Stablecoin platform XFX completes $17 million Series A financing 20. Tazapay completes $36 million Series B expansion round, led by Circle Ventures 21. Hong Kong police arrest 80 in JPEX case, freeze HK$228 million 22. Revolut processes over $1.2 billion in stablecoin transfers via Polygon 23. OceanPal's financial report discloses holding 51.3 million NEAR 24. Circle's stock price shows signs of a technical rebound after a 20% drop
📈 Market Sentiment: Bearish The escalation of the US-Iran conflict is the biggest systemic risk. BTC support at $70,200 → $69,600 → $68,500, ETH defense line at $2,000. Extremely low funding rates reflect that long leverage has been cleared. It is recommended to watch and wait, focusing on Friday's expiration of Trump's deadline and changes in the Middle East situation.
💰 MARA sells 15,133 BTC to repurchase $1 billion bonds: A textbook case of 'selling coins to pay debts'
On March 26, MARA Holdings (NASDAQ: MARA) announced two significant capital operations, with stock prices rising 10% after hours.
📋 Repurchase details MARA repurchased two sets of 0% convertible bonds • Maturing in 2030: repurchased $367.5 million face value, actual payment $322.9 million • Maturing in 2031: repurchased $633.4 million face value, actual payment $589.9 million
Core data: • Total face value repurchased: approximately $1 billion • Actual payment: approximately $912.8 million • Discount profit: approximately $88.1 million (9% discount on face value) • Total convertible debt reduced by 30% The transaction is expected to be completed on 3/30 and 3/31.
📊 Debt Overview Total convertible bonds before repurchase: $3.298 billion After repurchase: $2.297 billion (-30%) Remaining: 2030 bond $632.5 million + 2031 bond $291.6 million + 2026 bond $48.1 million + 2031 2.125% bond $300 million + 2032 bond $1.025 billion
🧠 CEO Fred Thiel's original words "Selling a portion of Bitcoin is a strategic capital allocation decision aimed at strengthening the balance sheet. By repurchasing over $1 billion face value of debt at a discount, we captured approximately $88 million in value, reduced shareholder dilution risk, and significantly deleveraged using BTC holdings. The company is transitioning to digital energy and AI/HPC infrastructure.
📈 Why does selling BTC cause stock prices to rise? 1️⃣ Convertible bonds seem to have a 0% interest, but the conversion terms mean that shareholders are heavily diluted when BTC prices rise. Reducing convertible bonds by 30% = reducing potential dilution by 30%. 2️⃣ The $88.1 million discount profit is a risk-free profit, equivalent to earning a certain return using BTC. 3️⃣ Evolving from 'infinite hoarding of coins' to 'selling at the right time, optimizing capital structure' conveys a signal of mature management.
⚠️ Impact on the BTC market 15,000 BTC selling pressure is significant, but staggered sales from 3/4 to 3/25 have allowed the market to gradually digest it. What was announced today is a post-disclosure, not new selling pressure. A larger signal: when one of the largest mining companies begins 'strategic selling of coins', it indicates that the BTC industry is entering a new phase—capital efficiency is replacing infinite hoarding of coins as the new theme.
📌 Key data • Sold: 15,133 BTC (3/4-3/25), approximately $1.1 billion • Repurchased: $1 billion face value, actual payment $912.8 million • Discount profit: $88.1 million • Estimated remaining holdings: approximately 38,689 BTC
BTC dropped from 72000 all the way down to 69100, with four 4H K-line volumes increasing, and the last one showing a volume of 31300 hands. The price broke through yesterday's S2 axis point ($69599), damaging the daily structure.
Threefold blow from news: ① The Pentagon proposed $200 billion in war funding (≈3 million BTC) ② Rumors of a "final strike plan" for cryptocurrency being formulated ③ On Friday, $14 billion in BTC options are set to expire, Max Pain $75000
Data is even more noteworthy. The funding rate shifted from +0.003% a few days ago to -0.004%, but the long-short ratio surged to 63.8% and continued to rise for 6 hours. Retail investors are desperately catching falling knives; who is selling to them?
ETH dropped by 5.6%, from 2200 to 2061, S1 $2140 breached, the next support S2 $2113. The ETH/BTC exchange rate 0.0298 continues to decline, and the altcoin season signal is fading.
Two reasons not to be overly pessimistic: ① BlackRock BTC ETF broke $100 billion AUM, institutional bottom line is in ② Reports of a peace plan between Iran and the US, oil prices fell below $100
The night market at 69000 is a line of life and death. If it holds, look for a rebound to $70448; if it breaks, then look down to $67500. Volatility will only increase before Friday; managing position size is more important than simply getting the direction right.
💥 The U.S. Department of Defense has developed four plans for a 'decisive strike' against Iran: On the 27th day of the war, a ground invasion is imminent.
On March 26, AXIOS exclusively reported: The U.S. Department of Defense is formulating military options for a 'decisive strike' against Iran, including the use of ground troops and large-scale bombings. Two U.S. officials and two informed sources confirmed the details.
🎯 Four Plans 1️⃣ Invade or blockade Khark Island — Iran's largest crude oil export terminal, handling about 90% of maritime oil exports, capturing it would cut off Iran's economic lifeline. 2️⃣ Invade Larak Island — A key outpost for Iran to monitor and block the Strait of Hormuz. 3️⃣ Occupy Abu Musa Island and Greater and Lesser Tunbs — Located at the western entrance of the strait, controlling it would secure the throat of the strait. 4️⃣ Intercept/Seize Iranian oil tankers — On the eastern exit of the strait, no ground action needed but directly challenges Iran's oil exports. Additionally, plans for ground operations deep into Iran's interior (to control nuclear facility enriched uranium) are prepared, with an alternative being large-scale airstrikes on the nuclear facilities.
📅 War Timeline June 2025: U.S.-Israel 'Twelve Day War', U.S. strikes Iranian nuclear facilities. February 27, 2026: U.S.-Iran nuclear negotiations collapse. February 28: U.S.-Israel joint preemptive military action begins. March 20: The U.S. Department of Defense confirms readiness of ground troop plans, increases deployment of 3 warships + 2,500 Marines. March 24: Thousands of soldiers from the 82nd Airborne Division are deployed to the Middle East. March 26 (today): AXIOS reveals four 'decisive strike' plans.
⚔️ Trump's 'talk while fighting' The U.S. has submitted a 15-point peace plan: completely terminate nuclear programs, limit missile ranges. Iran responded firmly: demands war reparations + recognition of sovereignty over the Strait of Hormuz. Iran's Foreign Minister made it clear today that 'no negotiations are taking place.' Analysts believe the troop increase is more of a 'coercive diplomacy' — a senior political scientist at RAND Corporation stated: 'Trump is essentially telling Iran: either reach an agreement now or face more severe consequences.'
⚠️ Risks and Variables • 232 U.S. soldiers have already been injured; the cost of a ground invasion is extremely high. • The Strait of Hormuz carries about 20% of global oil trade; any action could trigger oil price spikes. • Trump wants to end the war quickly vs. the Defense Secretary continuously issuing stern warnings, increasing internal divisions and uncertainty.
Yesterday, BTC’s high-low volatility exceeded 1600 dollars, finally closing at 71297, continuing the bullish rhythm this morning reporting 71206. The structure is complete, the daily axis pivot point PP is at 71224, and the current price is near PP.
What about ETH? Yesterday’s high was 2200, today it is 2162, lacking the strength to recover this week’s high. The ETH/BTC exchange rate continues to decline, with funds obviously flowing out.
Direction judgment: BTC today holds 70448 (S1), the bullish structure is not bad, is expected to test 72073 (R1). ETH not following the rise indicates that funds have not returned. If it breaks 2140 (S1), caution is needed, it may rush to 2050.
In simple terms: BTC is dominant in the bullish trend, ETH is relatively weak, do not use ETH to outperform the market.
1. The U.S.-Iran talks have a "narrow corridor," and the risk in the Strait of Hormuz has eased temporarily — The U.S. has temporarily removed Iran's foreign minister from the assassination list for 4-5 days, and Turkey/Egypt/Pakistan are pushing for a meeting this week. Possible path: Iran suspends uranium enrichment in exchange for sanctions relief. The overall interruption of the Strait has reduced tail risks, providing support for risk assets.
2. Trump’s tough statement: "The U.S. has won too thoroughly in Iran" — He stated that Iran "desperately wants to reach an agreement but is afraid to say it," showing a strong negotiation posture from the U.S., but both sides still have a willingness to engage.
3. Over $14 billion in crypto options expire this week, putting pressure on the market — The largest concentration of expirations occurs this Friday, which may trigger short-term volatility due to market maker hedging actions, with the biggest pain point magnetic effect constraining the price action before March 28.
📊 Market Data
4. Bitmine (under Tom Lee) bought 117,000 ETH within 2 days, costing $253 million — Three suspected related wallets received 117,111 ETH from FalconX, with the latest transaction of 50,000 ETH ($108 million) occurring yesterday, signaling that institutions are continuously accumulating ETH.
5. BTC spot ETF net outflow of $74.52 million, ETH ETF has seen a net outflow for 5 consecutive days — BTC net outflow of $74.5274 million, ETH net outflow of $40.8003 million, indicating a divergence between weak funding and large whale buying.
6. XRP spot ETF net inflow of $1.26 million, historical total inflow exceeds $1.2 billion — Bitwise XRP ETF has historically accumulated a net inflow of $1.211 billion, with a relatively stable funding situation.
7. Whales withdrew 11,999 ETH from staking, holding 22,618 ETH — After a month of silence, operations resumed, showing a paper profit of $1.2 million, with the ETH staking ratio increasing, creating short-term selling pressure.
8. CRCL (Circle stock) plummeted 20% in a single day, evaporating $5 billion in market value — This is the largest drop since listing, coinciding with the freezing of USDC hot wallets by Circle, raising concerns about regulatory risks for stablecoins.
9. USDC on the Solana chain saw the addition of 250 million minted — This signals an expansion of on-chain liquidity and an increase in DeFi demand and ecosystem activity.
10. XAUT gold token perpetual contract set a record daily trading volume of $6.4 billion — Speculative demand for gold tokens has surged significantly against the backdrop of geopolitical risks.
🏛️ Regulatory Policies
11. Morgan Stanley's Bitcoin ETF has received a listing announcement from the NYSE and is about to launch — Bloomberg analyst Balchunas confirmed that MSBT has received a listing announcement, and the entry of the largest wealth management institution in the U.S. will bring in new capital.
12. The UK will ban political parties from accepting cryptocurrency donations, with violations facing criminal penalties — Prime Minister Starmer announced a suspension order, citing foreign interference and illegal financial risks.
13. The U.S. House of Representatives held a hearing on "The Future of Tokenization and Securities" — Nasdaq/DTCC/Plume and others attended, indicating a clear legislative intent to promote compliance with tokenized securities.
14. Circle froze 16 USDC hot wallets and then unfroze one — This is in coordination with a civil case in the U.S., and the incident has led to short-term gains in the decentralized stablecoin narrative.
💡 Project Updates
15. Franklin Templeton × Ondo launched a tokenized ETF, supporting 24-hour trading for crypto wallets — TradFi institutions are advancing a milestone for "never-closing" trading of on-chain assets.
16. Startale completed a $63 million Series A financing, with SBI investing $50 million — Advancing stablecoin and RWA infrastructure, with continuous entry of Japanese capital.
17. Anza launched the Constellation protocol, introducing a multi-proposer concurrency mechanism to Solana — Replacing the single proposer significantly increases throughput and censorship resistance.
18. BitGo × ZKsync launched tokenized deposit infrastructure for banks — Prividium is a permissioned privacy blockchain targeting compliant institutional applications.
19. Visa has been approved to become a super validator for the Canton Network — The traditional payment giant is deeply integrating into on-chain infrastructure.
20. Obex initiated a $1 billion deployment, bringing in eight projects including Maple/Securitize/Centrifuge — Speeding up the inflow of institutional capital in the RWA sector.
21. Interactive Brokers supports direct transfers of crypto assets to trading accounts — Supporting BTC/ETH/SOL, reducing friction for TradFi users to enter the market.
📈 Market Sentiment: Cautiously Bullish Bullish: Institutions continue to buy ETH, XAUT sets historical trading volume, Morgan Stanley ETF is imminent, and the risk margin in U.S.-Iran talks is narrowing. Bearish: Continuous net outflows from ETFs, CRCL plummeting, and $14 billion options expiration pressure. BTC support at $70,448 (S1), resistance at $72,073 (R1); ETH support at $2,140, resistance at $2,198. Watch: March 28 options expiration directional choice, substantive progress in U.S.-Iran negotiations, and Morgan Stanley ETF launch timing.
1. **US-Iran Ceasefire Negotiations Collapse** — The Iranian Foreign Ministry denies any negotiations, the Strait of Hormuz is restricted, the Iranian Revolutionary Guard charges transit vessels, Asian energy supplies are under pressure, and India is experiencing an LPG shortage.
2. **BlackRock Transfers $70 Million in Assets to Coinbase** — On-chain data shows BlackRock transferred 11,780 ETH (25.84 million) and 634.83 BTC (45.63 million), coupled with continuous net outflows from ETFs, indicating certain selling pressure from institutions.
3. **BTC Holds $70,000, May Rebound to $75,000** — Despite multiple bearish factors (stablecoin regulation, Bhutan sell-off, geopolitical conflicts), BTC remains above 70K, with analysts believing strong buying interest might lead to a rebound, especially with this cycle's options expiration.
4. **Hyperliquid BTC Whales Actively Cut Losses on 306 BTC** — The TOP1 address actively stops loss selling 306.4 BTC at a loss of $686,000, raising the liquidation price of the remaining 694 BTC to $82,395, indicating proactive risk control rather than passive liquidation.
5. **James Wynn Fully Liquidated Again, Address Only Holds $1200** — Shorting BTC with 40x leverage resulted in liquidation, having experienced multiple liquidations recently, a typical case of high-risk operations against the trend.
📊 Market Data
6. **BTC Spot ETF Saw a Net Outflow of $74.53 Million Yesterday** — Fidelity FBTC led with a net outflow of $45.35 million, Bitwise BITB saw a net outflow of $16.6 million, with total ETF net asset value at $89.7 billion and a net asset ratio of 6.4%.
7. **ETH Spot ETF Has Seen 5 Consecutive Days of Net Outflows of $40.80 Million** — BlackRock ETHA's net outflow of $24.97 million was the largest drag, with continuous outflows from the ETH ETF combined with on-chain transfers to Coinbase, selling pressure is worth noting.
8. **CryptoQuant: 92% of Short-term Holders are at a Loss** — About 5.7 million BTC short-term holders have only 8% in profit, historically, when this ratio is high, it often indicates a phase bottom, but it also comes with ongoing selling pressure.
9. **GameStop Executes Covered Call Strategy on 4709 BTC** — Transferred to Coinbase Prime to execute Covered Call, enhancing holding yields through selling option premiums, not simply hoarding coins.
10. **South Korea's $60 Billion Crypto Asset Flow Overseas in H2 2025** — The scale exceeds 12% of South Korea's foreign exchange reserves, regulatory authorities are studying whether to include it in the foreign exchange reporting framework.
11. **Hyperliquid HIP-3 Sets Daily Trading Volume Record of $5.4 Billion** — Among which silver trading volume reached $1.3 billion, continuously eating into the CEX derivatives market share.
🏛️ Regulatory Policies
12. **Stablecoin Bill Draft Misread, Limited Impact from Circle** — Bernstein analyzes that the bill restricts distributors rather than issuers, putting greater pressure on Coinbase's 3.5% USDC yield mechanism.
14. **Australian Central Bank: Tokenization Could Bring $16.7 Billion Annually** — The RBA shifts its policy focus from "whether" to "how" to promote, marking a rare quantitative endorsement of the economic value of tokenization by major developed central banks.
💡 Project Updates
15. **Binance Bans Market Makers from Capital Protection and Profit Sharing Models** — Released industry guidelines prohibiting unilateral sell-offs, wash trading, etc., non-compliant market makers will be blacklisted, having a profound impact on small-cap token ecosystems.
16. **NYSE × Securitize Promotes On-chain Securities Settlement** — Securitize is designated as the digital transfer agent, establishing industry standards for tokenized securities on-chain settlement, a deep migration of traditional finance to blockchain.
17. **Bitmine Launches MAVAN Staking with 3.14 Million ETH** — Nasdaq-listed company launches an institutional-grade ETH staking platform, currently staking about $6.8 billion in ETH, with plans to open to institutions in the future.
18. **Iranian Exchange Wallex Faces Dual Freezes from Circle/Tether** — The US-Iran conflict extends on-chain, exposing the execution capability of stablecoin sanctions on DeFi once again.
19. **Bybit Reserve Proof Shows BTC Reserves Down 9%** — Snapshot taken on March 18, users hold about 53,000 BTC, down 8.98% from February 26, changes in reserves continue to attract attention after the hacker attack.
20. **Resolv Completes $77 Million USR Redemption, Recovers Over 90%** — Rapid handling of stablecoin security incidents, the first phase recovery target has been basically achieved.
📈 Market Sentiment: Neutral to Bullish
BTC holds above $70,000 amid intensive bearish signals, indicating strong potential buying interest. BTC resistance at $72,000-73,000, support at $69,000-70,000; ETH support at $2,100, breaking above $2,200 would confirm a rebound. Pay attention to the US-Iran ceasefire developments, this Friday's options expiration, and liquidity dynamics ahead of the Fed's meeting.
BTC climbed from 68884 to 71999 today, an increase of 1.15%. ETH followed suit from 2102 to 2200, an increase of 1.40%.
On the surface, everything seems prosperous, but the data is not so optimistic——
On-chain monitoring detected that whale 0x049b established a position today: 9256 ETH (approximately 20.16 million USD) + 282 BTC (approximately 20.13 million USD), all with 20x leverage long positions. ETH liquidation price is 2095, BTC liquidation price is 68132.
This boss has bet 40 million, just hanging on the high-pressure line of 68132. It's really exciting; the liquidation price is only 750 USD away from today's lowest point.
Above: The FOMC just came out saying there will be at most 1 rate cut this year, and inflation expectations have been raised. The Fed is not in a hurry to inject liquidity, so how will BTC fly?
Funding rate BTC +0.0011%, ETH -0.0057%. ETH's rate turned negative—bears are paying bulls, is a reversal signal coming? Or is the market hesitating over who will die first?
Tonight's directional judgment: BTC bulls are dominant, but 72000 is today's high point; if you can't hold it, don't pretend. Hold above 70500 (today's 4H support), and the intraday structure should not break. Breaking 70500 indicates weakness, the next stop is 69146 (S1 support). If it stabilizes above 69146, tomorrow it may attempt to retest 71639 (R1 selling point).
ETH is similar; 2113 is the key support. 2095 is the lifeline of that 40 million USD leveraged long position, don’t let it break.
Old rule: Don’t think you’ve won just because it went up today. Be cautious and protect your position, be bold and manage your stop loss.
🚨 Iran's missile strike on the USS Lincoln + Gulf military bases, how will Bitcoin fare?
On March 25, the Iranian Revolutionary Guard announced a large-scale missile strike: ① USS Lincoln: Claimed to have struck the Lincoln carrier group with cruise missiles, forcing the carrier to rapidly withdraw from the Strait of Hormuz. The Pentagon has not confirmed the hit. ② Gulf military bases: Missiles and drones launched towards Kuwait, Jordan, and Bahrain. ③ Israel: Launched a new round of strikes simultaneously. On the 25th day of conflict, over 1,340 people have died. This is the first time since 1945 that a country has claimed to have struck a U.S. aircraft carrier with missiles.
📉 Oil prices plummet instead of soaring. Brent fell 6% below $100, WTI at $87.51. Reason: Trump submitted a peace proposal to Iran that day, and Iran stated that non-hostile vessels could pass through the strait, with COSCO resuming operations from the Far East to the Middle East. The market has fully priced this in.
₿ Bitcoin price trajectory • Before the conflict (end of February): BTC around $84,000 • First day of conflict: Plummeted to $63,410, with a single hour market cap evaporating by 5.42%. • March 17 peak: Rebounded to $75,000 (highest since the conflict began). • March 22 Trump’s ultimatum: Dropped below $68,000. • Current (March 25): Fluctuating around $71,000, with daily volatility narrowed to within 2%. • Total decline: About 15% drop since the conflict began ($84k→$71k).
💡 Trend assessment Currently, BTC is locked in the $68k-$72k range, and the market is completely desensitized to geopolitical news. Two key catalysts: Upward: Diplomatic breakthrough → Quick recovery to $73k-$75k → If peace is confirmed, could challenge $78k-$80k. Downward: Confirmation of a hit on the carrier → Panic selling → Possible retest of the $65k-$66k support.
⚠️ The biggest contradiction Missile strikes = most dangerous phase, oil prices plummeting = market pricing in the end of the conflict. This contradiction itself is the greatest source of uncertainty.
Bernstein just released a research report: BTC bottom confirmed, maintaining a year-end target of $150,000. Strategy $5.35 billion BTC position remains unchanged. BTC ETF saw its first consecutive 5-day net inflow in 2026, with BlackRock IBIT dominating at 78%.
However, the data is throwing cold water: Fear and Greed Index at 25, still in the "extreme fear" zone. Funding rate +0.0023%—almost zero, the market is not excited at all. Long-short ratio 1.39, bulls at 58% seem to have the advantage, but it also means limited short squeeze potential.
Wintermute adds: As long as the risk in the Strait of Hormuz eases, BTC will surge to $76,000. The question is, when will this "easing" materialize?
Today's market reality: high point $71,377, low point $68,884, both sides are blocked. The daily selling point of $71,639 is right above, repeatedly touched but not broken, this is called pressure, not accumulation.
Night trading logic: Stabilizing above $70,500, there is a chance to test the $71,639 selling point, if broken look for $73,000. Falling below the buying point support of $69,146, looking down to the $68,000 range, that’s when the real buying opportunity arises. ETH closely follows BTC's rhythm, $2,113 is the key to defend tonight.
The louder Wall Street shouts, the slower the market moves—this is not contradictory. Institutions are building positions, retail investors are hesitating, and prices are grinding in the $69k-$72k range. After the grind, the direction will be very violent, the question is, which side are you on?
BTC holds at 70,000, do you think a turnaround is in sight?
First, see the situation clearly: The Fed is once again holding steady this week, with 3.5%-3.75% unchanged, and the expectation for rate cuts this year is only 0-1 times left. Even the dot plot tells you: liquidity is not coming back, so don't dream.
BTC is now at 70900, up less than 1% in 24 hours. ETH has risen by 1.35%—what is it relying on? It's the CFTC just confirming that BTC and ETH can be used as compliant futures collateral, and today the U.S. House is holding a hearing on tokenization. The sentiment is there, but the fundamentals haven't added any new volume.
To put it bluntly: Institutions are using ETH to boost compliance scores, not genuinely bullish.
Technically, BTC is under pressure at R1=$71639; if it can't break above, it's false strength. S1=$69146 is the boundary between bulls and bears; don’t think the current position is very safe.
The market likes to deceive, making you feel secure just below key pressure levels, and then a bearish candle sends you back to square one.
ETH is similarly under pressure at R1=$2186, up 1%+, but the volume is average. The more dangerous scenario isn't a drop; it's the lack of follow-up funds to take over during a sideways grind.
In the short term, if BTC holds above 71000+, it can be viewed as mildly bullish; if it breaks 69146, the trend reverses—don't stubbornly hold on. ETH 2113 is a key support; if it breaks, wait and see.
Last night BTC dropped to 68884, and this morning it has climbed back to 70741.
This type of movement is called "fake drop, real pull" — first sweep out the stop losses, then move upwards. Yesterday's fluctuation was 2493 USD, today there is a direct reduction in volume rebound, and the bullish inertia is obvious.
But don't think this is the end. 71639 is the daily R1 resistance level, and today's price is moving close to here, with quite a few trapped orders above. A breakout looks at 72500; if it can't break through, it will retest 69500 for confirmation.
ETH is in sync with BTC, currently at 2159, R1 at 2186, and a difference of 27 dollars is the key level. ETH's recent beta is relatively high; if BTC pulls ETH up, the increase will be greater, and conversely, it will fall harder.
Short-term data is slightly bullish, but don't chase high prices. Below 71639, trade lightly, and we'll discuss after a breakout.
🔥 Major Events 1. Trump declares Iran "completely defeated" — Japanese and Korean stock markets open up over 2%, but the Philippines declares a national emergency, and Middle East risks remain unresolved. 2. Crude oil plummets 5-6% — WTI falls to 87.63, Brent falls to 97.57, easing inflation expectations favor risk assets. 3. Fed's Barr: Rates need to remain stable "for a period of time" — Supports pausing rate cuts, Middle East oil prices pose additional inflation risks. 4. U.S. Justice Department admits no evidence in Powell investigation — Concerns about Federal Reserve independence partly alleviated.
📊 Market Data 5. BlackRock withdraws 2,267 BTC ($158 million) from Coinbase in 10 hours — A clear signal of long-term institutional holding. 6. Suspected Bitmine (Tom Lee) withdraws 67,111 ETH ($144.7 million) from Kraken — Continued implementation of public company ETH reserve strategy. 7. Blockchain Capital stakes 10,976 ETH ($23.55 million) — Reducing circulating supply, a confidence signal. 8. Pumpfun reports over 50% of wallets in loss, only 45.6% in profit — MEME fervor cooling, funds concentrating on mainstream. 9. Spot gold breaks above $4,550 historical high (+1.69%) — Resonance of the digital gold narrative.
🏛️ Regulatory Policies 10. GameStop holds BTC assets worth $368.4 million — Annual revenue of $3.63 billion, net profit of $418 million, the trend of public companies holding BTC continues. 11. Circle freezes 16 business hot wallets of USDC — In response to a U.S. civil lawsuit request, centralization risks are exposed again. 12. Jump Trading rebuts Terraform's $4 billion lawsuit — Calls it "shifting responsibility", the fallout from the LUNA crash continues.
💡 Project Updates 13. Ethereum 2029 roadmap "Strawmap" released — Vitalik calls it "very important", the first structured upgrade timeline. 14. Ethereum Foundation initiates post-quantum security research (pq.ethereum.org) — Addressing quantum threats is on the agenda. 15. Eureka Labs completes $6.7 million seed round, becoming the fourth largest ETH block builder — Spark Capital leads the investment. 16. Lido's revenue drops 23% to $40.5 million in 2025, plans to evaluate LDO buyback — If carried out, the buyback would support LDO. 17. Coinbase adds CHECK/SIGN listing roadmap, ICNT spot goes live today. 18. Binance Futures to launch META/NVDA/GOOGL perpetual contracts tomorrow. 19. LiteLLM suffers PyPI supply chain attack — 97 million downloads per month, can steal crypto wallets/SSH keys, AI developers take note. 20. Morgan Stanley: Wall Street's entry into crypto is a strategic layout, not FOMO — 21Shares says actively managed ETFs are the next direction.
📈 Market Sentiment: Cautiously Bullish Bulls: Iran easing + institutional ETH/BTC accumulation + gold hitting new highs + ETH roadmap Bears: Fed's high rates remain unchanged, BTC resistance zone 71,000-71,600 BTC Support $69,146 | Resistance $71,639 | Stop-loss if it falls below $69,000 Focus: Iran negotiations, PCE data, BTC ETF fund flows
The Central Office and the State Council Revised the "Regulations on Integrity in Business Conduct for Leaders of State-Owned Enterprises" — Virtual Currency for the First Time Listed in the Prohibited Property List. Major Benefit?
📍 What Happened On March 22, the Central Office and the State Council jointly issued the revised version of the "Regulations on Integrity in Business Conduct for Leaders of State-Owned Enterprises." This is the first revision of the 2009 regulations after 17 years, with virtual currency explicitly listed in the property list that leaders of state-owned enterprises are prohibited from accepting, alongside gifts, cash gifts, and securities.
📜 Specific Clause: Article 7, Paragraph 1 Prohibited from accepting or soliciting property such as "gifts, cash gifts, securities, virtual currency, etc." provided by related parties, or agreeing to accept them after resignation or retirement. • Both "accepting" and "soliciting" are prohibited • Covers related enterprises + enterprises with business relationships + management service targets • Closes the loophole of "doing business and receiving currency after retirement"
🔍 Why It Is a Landmark Event 1️⃣ Virtual currency enters the highest level of anti-corruption regulations for the first time — upgraded from "financial regulatory objects" to "anti-corruption regulatory objects" 2️⃣ The signaling significance is greater than the actual impact — the constrained targets are leaders of state-owned enterprises, not ordinary investors 3️⃣ The anti-corruption dimension of the comprehensive ban in 2021 has been extended — cannot trade, cannot mine, and now cannot even receive 4️⃣ The timing of the revision is noteworthy (passed on 2/28, coinciding with the escalation of the Iran conflict)
📊 Other Financial Highlights of the Revised Version • Prohibition of entrusting others to invest in securities and futures for excessive returns (closing the代持理财 loophole) • Prohibition of obtaining large returns through private lending • Prohibition of anonymous shareholding and holding shares on behalf of others • Introduction of big data technology for anti-corruption • 2-5 years prohibition on entering the industry after being relieved of duty, lifetime prohibition for particularly major losses
💡 Impact on the Crypto Market Almost no impact in the short term. In the medium to long term: The Chinese regulatory authorities' legal stance of "recognizing the value of crypto but strictly limiting it" is further confirmed. There may be an indirect cooling effect on "state-owned enterprise" blockchain projects.
🔑 Key Judgment: China's regulatory attitude towards crypto has not changed — comprehensive prohibition of trading + gradual inclusion in regulation across various fields. This time it is an anti-corruption follow-up and does not constitute a policy shift.
Data Source: Xinhua News Agency Full Text / CCTV Network / Central Commission for Discipline Inspection and National Supervisory Commission Website
BTC has increased by 2.66% in 24 hours, and the funding rate has turned positive (0.004%), indicating that bulls are leveraging to chase the rise. However, the upper limit of 71789 is yesterday's high point, and now 70325 is 3% away from the selling position at 72637, so don't rush to celebrate.
The situation in the Middle East is today's biggest variable—Semafor reports that the U.S. will continue its strikes against Iran, with an AI score of 95 indicating a bearish signal. Iran has launched a new round of missiles at Israel, and risk aversion could quickly slap BTC back down after its recent rise.
ETH has risen by 3.39% to 2134, and the chairman of Bitmine has stated that the "mini crypto winter" is thawing, which sounds uplifting. However, 2199 is yesterday's ceiling, and breaking through it would be a false breakout.
Direction judgment: Short-term bias is bullish, but don’t get overly excited. If BTC stabilizes above 70000, you can cautiously enter, with 72637 as the position to take profits. If another major news breaks in the Middle East, only below 68247 will be the real bargain opportunity. ETH will follow BTC, consider seriously below 2049.
Just pulled up from 67400 yesterday, and today it stands "firm" at 70600?
BTC soared from 67400 to 71789 for two consecutive days, gaining nearly 6% in a single day. Today's R1 resistance is at 72637, just 2000 dollars away from the current price. Those who jumped in are almost at the pivot point.
Of course, the bulls need to explain: yesterday's closing was 70865, standing above the daily PP (70018), the bullish structure is fine. But the fact that it was pushed down after reaching 71789 is not a "temporary consolidation"; the high point yesterday = daily R1 —— this is classic double resistance.
There is no free lunch in the market. The range of 70000-72637 is grinding horizontally, only the bears are comfortable. For those wanting to increase their position, wait for a pullback to 68247 before proceeding.
🔥 Major Events 1. Trump's tariff policy triggers global turmoil — A new round of tariffs covers steel, aluminum, and automobiles, causing a global stock market crash, with risk aversion boosting cryptocurrencies. 2. U.S. government shutdown crisis continues — Congressional negotiations are at a standstill, with Republicans proposing to exclude ICE funding, while Democrats await a written proposal, leading to increased fiscal uncertainty. 3. Tensions in the Strait of Hormuz escalate — Brent crude oil rises 2% to $101.99, ongoing geopolitical risks in the Middle East benefit gold and BTC.
📊 Market Data 4. BTC breaks $70,000 — Bouncing from $67,642 to $70,634, peaking at $71,789, trading 288,600 BTC, next target $72,000. 5. ETH rises over 4.8% — Climbing from $2,042 to $2,141, peaking at $2,199, trading 8.24 million ETH, ETH/BTC stabilizes. 6. Market cap returns to $2.5 trillion — Increased by $100 billion in 24 hours, fear and greed index rises from "fear" to "neutral". 7. Whales continue to accumulate BTC — Addresses holding over 1,000 BTC reach a new high, with long-term holders accounting for 70% of supply. 8. Bitcoin ETF net inflow of $230 million — BlackRock's IBIT leads with $180 million, ending three days of net outflows, institutional funds return.
🏛️ Regulatory Policies 9. SEC delays altcoin ETF decision — Review period for spot ETFs like SOL and XRP extended to June, with low approval probability in the short term. 10. EU MiCA officially takes effect — Stablecoin issuers must hold sufficient reserves, Tether and Circle adjust compliance strategies. 11. Japan's first crypto derivatives exchange — FSA approves GMO Coin to launch futures and options, improving the regulatory framework in Japan.
💡 Project Updates 12. Polymarket fees reduced to 1.5% — Market creation fee drops from 5% to 1.5%, lowering barriers to attract more participants. 13. Uniswap V4 launching soon — Mainnet release in Q2, introducing Hooks mechanism + 30% gas reduction, solidifying DEX leadership. 14. Arbitrum launches L3 solution Orbit — One-click deployment of custom L3, flexible gas token settings. 15. Aave V3 lands on zkSync, TVL breaks $50 million — Low gas fees and high TPS attract DeFi projects to migrate. 16. Coinbase institutional staking goes live — ETH annualized 3.5%, SOL annualized 7.2%, targeting hedge funds and family offices. 17. Binance launches PENGU perpetual contracts — Up to 125x leverage, 24-hour trading exceeds $200 million. 18. Jupiter launches limit order functionality — Filling the gap in Solana's advanced trading tools, attracting professional traders. 19. Polygon launches CDK toolkit — Rapid deployment of L2 chains, supporting various consensus and data availability solutions. 20. Chainlink CCIP 1.5 goes live — Added support for interoperability with over 15 public chains, including Arbitrum and Optimism.
📈 Market Sentiment: Cautiously Optimistic Bulls dominate: ETF inflows + whale accumulation + increased on-chain activity support the market. Risks: Geopolitical (Hormuz/government shutdown) + tariff uncertainties remain. BTC support at $70,000, resistance at $72,637; ETH support at $2,049, resistance at $2,226. Suggested to accumulate on dips, strictly control positions, and monitor congressional negotiations and the Middle East situation.
The two major institutional giants have an unrealized loss of over $20 billion! Is it a "bottom-fishing opportunity" or a "death spiral"?
Strategy (formerly MicroStrategy) and BitMine (under Tom Lee) hold a combined value of over $26 billion in crypto assets, with a total unrealized loss exceeding $11 billion.
Strategy: 761,000 BTC, unrealized loss $8.8 billion • The world's largest corporate Bitcoin reserve, average cost $75,696 • Current price $71,331, unrealized loss of about 10% • In March, a monthly investment of $2.9 billion, on 3/22 Saylor hinted at continued accumulation with "orange dot" • Stock price has fallen 64% over 6 months, the "leveraged BTC ETF" narrative is breaking down • BTC dropping below $65,000 may trigger debt covenants, creating a vicious cycle
BitMine: 4.66 million ETH, unrealized loss $7.3 billion • Accounts for 3.86% of total ETH supply, the world's largest Ethereum corporate treasury • Average cost ~$2,205, staking 3.14 million ETH (annualized return $184 million) • Investment lineup: ARK Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital • Tom Lee's core argument: ETH is a "wartime store of value" (up 18% since the war started, gold down 15%), Clarity Act has a 68% probability of passing this year • Goal: Acquire 5% of ETH supply, 77% completed
Key Comparison | Dimension | Strategy | BitMine | | ---- | -------- | ------------ | | Asset | BTC | ETH | | Supply Share | ~3.8% | 3.86% | | Unrealized Loss | ~$8.8 billion | ~$7.3 billion | | Buffer | No cash flow | Staking annualized $184 million | Key Observations 1. Can BTC maintain above $70,000 (8% below Strategy's cost line)? 2. Can ETH hold above $2,000 (10% below BitMine's cost line)? 3. Will the Clarity Act pass before the end of April (the biggest catalyst for ETH)? 4. Two concentrated holdings at 3.8% supply = two potential "flash crash triggers"
Optimistic: Top institutions "buy more as it falls" signal bottom Pessimistic: $11 billion unrealized loss looms above, any forced liquidation could trigger a waterfall
Data source: Strategy IR / BitMine PR / CoinDesk / Morningstar / Polymarket
BTC $70,771 (+3.14%) | ETH $2,144 (+3.04%) | Funding Rate BTC 0.0007% / ETH 0.0029%
📅 Pivot Data (Daily) BTC Sell Point R1 $69,158 | Buy Point S1 $66,902 ETH Sell Point R1 $2,111 | Buy Point S1 $2,009 BNB Sell Point R1 $635 | Buy Point S1 $619
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🔥 Major Events
1. **US-Iran negotiations make phased progress, Trump delays military action** — Information conveyed through the foreign ministers of Turkey, Iraq, and Oman, stating that an agreement may be reached within 5 days. However, Iran denies direct contact, and Israel subsequently conducts airstrikes in Tehran, leaving the situation uncertain.
2. **Polymarket US-Iran ceasefire probability surges then plummets** — Temporarily rising to 54% before sharply dropping to 16%, geopolitical risk premium has not fully dissipated.
3. **Maji Brother's wallet only has $30,000 left, adds $250,000 to re-enter the market on the same day** — Deposited $250,000 USDC to HyperLiquid to open a 40x BTC long position + 25x ETH long position, extreme high leverage bottom fishing has sparked widespread controversy.
📊 Market Data
4. **BitMine invests $138 million to increase ETH holdings, total holding of 4.66 million** — Total holdings account for 3.86% of supply, the world's largest Ethereum corporate treasury, total reserves approximately $11 billion.
5. **Strategy increased holdings by 1,031 BTC last week, unrealized loss of $4.258 billion** — Total holdings of 762,000 BTC, average cost price $75,694.
6. **Digital asset investment products saw net inflows of $230 million last week** — Significant contraction in inflows after the FOMC meeting.
7. **Mt. Gox conducts first on-chain transfer in four months** — Transferred approximately $500 worth of BTC, need to pay attention to the risk of large distributions.
8. **ETH whale sells 5,000 ETH to repay debt** — A whale holding 130,000 ETH sold $10.31 million to repay debt.
9. **BTC miner inflow to Binance drops to lowest since 2023** — Monthly average of about 4,316 BTC, reduced selling pressure is a medium-term bullish signal.
10. **Spot gold plummets 5.52%, erasing all gains for the year** — Gold price dropped to $4,240, silver fell to $64 (-4.16%).
🏛️ Regulatory Policies
11. **Crypto banking industry to be reviewed in Congress this week regarding stablecoin legislation** — Core controversy: whether to allow crypto platforms to provide "returns" on balances.
12. **Fed's Goolsbee suggests rate hikes are not off the table** — Hawkish wording, if rate hike expectations rise, it will suppress risk assets.
13. **Brazil delays public consultation on crypto IOF tax** — Taxation plan for crypto transactions postponed.
14. **Hong Kong's RedotPay obtains US FinCEN-MSB registration** — Stablecoin payments open cross-border compliance channels.
15. **New SEC Chair Atkins clarifies new framework for crypto regulation** — New government signals a crypto-friendly stance.
💡 Project Dynamics
16. **Nasdaq partners with Talos, integrating crypto tools into traditional finance** — For use by banks and brokerages.
17. **Core Scientific secures additional $500 million financing from JPMorgan** — Total credit line expanded to $1 billion.
18. **CZ's new book "Binance Life" draft completed** — English title "Freedom of Money".
19. **ZachXBT: Over 10 accounts collaborating to manipulate public opinion promoting crypto scams** — Need to be cautious of opportunistic promotions during geopolitical tensions.
20. **New suspects arrested in Spain related to Ledger co-founder's kidnapping case** — Security issues for high-net-worth crypto holders have sparked concern.
Today BTC surged from 67360 all the way to 71499, closing at 70480 to catch its breath.
The key point here: yesterday's classic pivot point R2 was 70498—BTC has firmly broken through this line today and is standing strong above it. Technically, this is called a valid breakout.
But don't get too excited, there are a few numbers worth keeping an eye on:
Funding rate -0.0029%, slightly negative. This indicates that there are still some people betting on short positions in the futures market, and these people are potential fuel for bulls—if the price continues to rise, their stop losses will act as a booster for the upswing.
Open interest is 86690 BTC, without significant shrinkage. The market has not liquidated positions in a frenzy, indicating that there is still room for maneuvering above.
On the downside: today's high of 71499 is a resistance line, and the market has rejected upward movement here twice. Night market liquidity is decreasing, and once market makers withdraw, prices may easily fluctuate up and down.
Direction judgment: bulls have the advantage, but confirmation is needed.
If it stabilizes above 71800, look for around 73500 (previously densely traded area). Can't hold above 70000? Pull back to 69178 (yesterday's R1, today's support), and we'll see if it drops further. Breaking below 68500 would damage the structure, and short-term bullish advantage would vanish.
ETH has also repaired to 2131, still struggling to maintain above yesterday's R1 (2112). There's no independent trend; it's just following BTC's tail lights.
Tonight is not suitable for chasing highs. Wait for a volume breakout above 71500, or stability in the 69800-70000 range before considering the entry direction.