A.市場觀點

1。宏流動性

A. Market perspective

A.市場觀點

1. Macro liquidity

1。宏流動性

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.

市場急劇下降後，市場正處於側向波動和維修的時期，並有機會加速VC硬幣的清單。

2. Market conditions

2。市場條件

List of top 300 stocks with the highest market capitalization:

市值最高的前300名股票清單：

Top 5 gainers

前5名

Increase

增加

Top 5 decliners

前5名刪除者

Decline

衰退

ZETA

Zeta

60%

60％

PLUME

羽

20%

20％

output:output: A. Market perspective

輸出：輸出：A。市場視角

1. Macro liquidity

1。宏流動性

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.

BTC的新需求流入繼續削弱，大多數短期投資者現在正在虧損，並且長期持有人的供應又開始增長。短期持有人目前持有40％的財富，在2025年初達到50％的峰值。這個峰值仍然低於以前的周期，當時新投資者持有的財富在周期的峰值上達到70-90％，這可能與這一大型投資者投資ETFS有關。

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

Stablecoins的市場價值急劇下降，資金正在尋求安全

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

機構基金本週恢復了樂觀，連續五個星期的流出。

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.

長期趨勢指標MVRV-ZSCORE基於總市場成本，反映了市場的整體盈利能力。當指示器大於6時，它是最高範圍。當指示器小於2時，它是底部範圍。 MVRV低於1的關鍵水平，持有人通常處於損失狀態。當前指標為2.0，靠近市場中間。

2. Futures Market

2。期貨市場

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.

期貨長期比率：1.1，市場情緒正常。零售投資者的情緒主要是一個反向指標，低於0.7更恐懼，而高於2.0則更加貪婪。長期比率數據大大波動，其參考值削弱了。

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

期貨開放興趣：由於市場缺乏動力，本週BTC開放興趣略有下降。

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.

期貨融資率：本週的利率為0.01％，相對較低。速率為0.05-0.1％，槓桿率更長，這是市場的最高水平；價格為-0.1-0％，槓桿率更高，這是市場的短期底部。

3. On-chain data

3。鏈數據

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.

BTC的價格上週急劇下跌，繼續遇到新的低點。市場波動大幅下降，這是急劇下降後側向波動和修復的時期。市場有機會呼吸，交流正在加速VC硬幣的清單。

B. Public chain ecology

B.公共連鎖生態

1. BTC Ecosystem

1。 BTC生態系統

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.

戰略繼續增加了其近7,000個比特幣的持股，其新推出的永久優先股票strf被列出並在納斯達克股票上進行了交易，這表明了其戰略決心，以繼續在任何市場環境中最大化比特幣持有量。

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.

戰略創始人邁克爾·塞勒（Michael Saylor）在X平台上的一篇文章中披露，該公司在3月17日至3月23日之間的平均價格增加了6,911個比特幣的持股，平均價格約為84,529美元，總投資約為5.841億美元，BTC的年收益率為7.7％。截至2025年3月23日，戰略持有的比特幣總數已達到506,137，累計購買成本約為337億美元，平均持有成本為66,608美元。

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.

3月26日，戰略的糾紛永久優先股（STRF）在納斯達克官方正式交易。融資量表從原始的5億美元增加到7.225億美元，並設定了10％的年化固定股息。

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.

STRF被設計為具有高收益債券的資產，其核心目標是將盡可能多的資金用於比特幣投資。作為債務類型的工具，STRF以股息的形式運作，而不是依靠資本欣賞回報。該產品的推出進一步展示了戰略在任何市場環境中繼續最大化比特幣持有的戰略決心。

2. ETH Ecosystem

2。 ETH生態系統

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

Ethereum Pectra升級已在新的Hoodi Testnet上成功啟動。 EIP-7702的引入將使汽油費用多貨幣支付

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

Ethereum Pectra升級已在新的Hoodi Testnet上成功啟動。 Hoodi Testnet的發布遵循以前的Holesky的問題