A. Market perspective

1. Macro liquidity

A. Market perspective

1. Macro liquidity

The market is in a period of sideways fluctuation and repair after the sharp drop, with a chance for exchanges to accelerate the listing of VC coins.

2. Market conditions

List of top 300 stocks with the highest market capitalization:

Top 5 gainers

Increase

Top 5 decliners

Decline

ZETA

60%

PLUME

20%

output:output: A. Market perspective

1. Macro liquidity

BTC new demand inflows continue to weaken, most short-term investors are now losing money, and the supply of long-term holders is starting to grow again. Short-term holders currently hold 40% of the wealth, reaching a peak of 50% in early 2025. This peak is still significantly lower than in previous cycles, when the wealth held by new investors peaked at 70-90% at the peak of the cycle, which may be related to this round of large institutional investors investing in ETFs.

The market value of stablecoins has dropped sharply, and funds are seeking safety

Institutional funds regained optimism this week, breaking five consecutive weeks of outflows.

The long-term trend indicator MVRV-ZScore is based on the total market cost and reflects the overall profitability of the market. When the indicator is greater than 6, it is the top range; when the indicator is less than 2, it is the bottom range. MVRV falls below the key level of 1, and the holders are generally in a loss state. The current indicator is 2.0, close to the middle of the market.

2. Futures Market

Futures long-short ratio: 1.1, market sentiment is normal. Retail investor sentiment is mostly a reverse indicator, below 0.7 is more fearful, and above 2.0 is more greedy. The long-short ratio data fluctuates greatly, and its reference value is weakened.

Futures open interest: BTC open interest fell slightly this week as the market lacked momentum.

Futures funding rate: This week's rate is 0.01%, which is relatively low. The rate is 0.05-0.1%, with more long leverage, which is the short-term top of the market; the rate is -0.1-0%, with more short leverage, which is the short-term bottom of the market.

3. On-chain data

BTC price dropped sharply last week, continuing to hit new lows. The market volatility dropped significantly, which is a period of sideways fluctuation and repair after the sharp drop. The market has a chance to breathe, and exchanges are accelerating the listing of VC coins.

B. Public chain ecology

1. BTC Ecosystem

Strategy continued to increase its holdings of nearly 7,000 bitcoins, and its newly launched perpetual preferred stock STRF was listed and traded on the Nasdaq, demonstrating its strategic determination to continue to maximize Bitcoin holdings in any market environment.

Michael Saylor, founder of Strategy, disclosed in an article on the X platform that the company had increased its holdings of 6,911 bitcoins at an average price of approximately $84,529 between March 17 and March 23, with a total investment of approximately $584.1 million and a BTC yield of 7.7% year-to-date. As of March 23, 2025, the total amount of bitcoins held by Strategy has reached 506,137, with a cumulative purchase cost of approximately $33.7 billion and an average holding cost of $66,608.

On March 26, Strategy's Strife perpetual preferred stock (STRF) was officially traded on the Nasdaq. The financing scale was increased from the original US$500 million to US$722.5 million, and a 10% annualized fixed dividend was set.

STRF is designed as a high-yield bond-like asset, with the core goal of directing as much money as possible to Bitcoin investment. As a debt-type instrument, STRF operates in the form of dividends rather than relying on capital appreciation returns. The launch of this product further demonstrates Strategy's strategic determination to continue to maximize Bitcoin holdings in any market environment.

2. ETH Ecosystem

Ethereum Pectra upgrade has been successfully launched on the new Hoodi testnet. The introduction of EIP-7702 will enable multi-currency payment of gas fees

The Ethereum Pectra upgrade has been successfully launched on the new Hoodi testnet. The launch of the Hoodi testnet follows problems with the previous Holesky