標題：Omkar Godbole（除非另有說明，否則ET ET始終）

由於社交媒體上的情緒從“如此之多”變為“我們回來”，因此加密市場的翻轉性質已得到充分展示

The crypto market continues to display its flip-flopping nature as the sentiment on social media has changed from “it’s so over” to “we are so back” in just 24 hours, thanks to President Donald Trump's announcement of a strategic crypto reserve.

由於唐納德·特朗普（Donald Trump）總統宣布了戰略性的加密儲備，因此，加密市場繼續展現出其人字傾角的性質，因為社交媒體上的情感已經從“如此結束”變為“我們回來了”。

The president named BTC, ETH, XRP, SOL and ADA as candidates for the basket of reserves, an initiative that began last year with the president’s executive order to explore the best digital asset technologies.

總統將BTC，ETH，XRP，SOL和ADA任命為候選人的候選人，該計劃始於去年總統的行政命令探索最佳的數字資產技術。

Some analysts are calling for caution despite the positive momentum and enthusiasm from investors.

儘管投資者產生了積極的勢頭和熱情，但一些分析師呼籲謹慎。

"Crypto is back on track with positive momentum and enthusiasm from investors. However, it's important to note that no concrete actions have been taken yet, and a continued lack of immediate catalysts could lead to another slowly correcting market," said Valentin Fournier, analyst at BRN, in an email.

BRN分析師的Valentin Fournier在一封電子郵件中說：“ Crypto以積極的勢頭和投資者的熱情恢復正軌。但是，重要的是要注意，尚未採取任何具體的行動，並且持續缺乏直接的催化劑可能會導致另一個慢慢糾正市場。”

That's sensible because tough questions may be asked once the initial excitement about the statement subsides. For instance, Trump still needs congressional approval for this basket of reserves. While BTC makes sense as a reserve asset, having reportedly found a place in investor portfolios as digital gold, including XRP, ETH, SOL, and ADA raises concerns, as some of these tokens barely have links to economic activity.

這是明智的，因為一旦對陳述消退的最初興奮，就可能會問棘手的問題。例如，特朗普仍然需要國會批准這一籃子儲備。儘管BTC作為儲備資產很有意義，但據報導，在投資者投資組合中找到了數字黃金，包括XRP，ETH，SOL和ADA引起了人們的關注，因為其中一些令牌幾乎沒有與經濟活動聯繫。

It begs the question: Why would a government facing debt issues invest in assets with minimal ties to the economy and are unlikely to generate a significant multiplier effect and help improve debt-to-GDP ratios?

它提出了一個問題：面臨債務問題的政府為什麼會投資於與經濟聯繫最少聯繫的資產，而不太可能產生重大的乘數效應並有助於提高債務與GDP比率？

Plus, allegations of insider trading related to Trump's Sunday announcement might dent sentiment. On Sunday, an unidentified trader deployed roughly $6 million in a 50x leveraged long bet on BTC and ETH and booked out with a profit of $6.8 million. "A U.S. crypto reserve could be a great boon to the asset class, but investors may feel more confident if significant measures are taken to resolve the fear of insider meddling," Mena Theodorou, co-founder at crypto exchange Coinstash, said, referring to the alleged insider trading.

另外，與特朗普週日宣布有關的內幕交易的指控可能會抑制情緒。週日，一位身份不明的交易員在50倍的50倍槓桿上投入了大約600萬美元，對BTC和ETH的長期押注，並以680萬美元的利潤預訂。加密交易所CoinStash的聯合創始人Mena Theodorou表示：“美國加密保護區可能是資產類別的巨大福音，但是如果採取了重大措施來解決內部人員干預的恐懼，投資者可能會更有信心。”

For now, it's risk-on, and a similar positive action on Wall Street could see good gains in XRP/BTC, SOL/BTC and ADA/BTC crosses. Solana's co-founder Anatoly Yakovenko, also known as Toly, has reportedly expressed support for the SIMD-0228 proposal, which seeks to reform Solana’s staking mechanism to reduce inflation.

就目前而言，它是風險的，在華爾街上的類似積極行動可能會在XRP/BTC，SOL/BTC和ADA/BTC十字架上看到良好​​的收益。據報導，索拉納（Solana）的聯合創始人Anatoly Yakovenko（也稱為Toly）表示對SIMD-0228提案表示支持，該提案旨在改革Solana的陳舊機制來減少通貨膨脹。

We can expect more details about the proposed reserve at Friday's crypto summit at the White House. In the meantime, two other key events to watch are Wednesday's U.S. ISM non-manufacturing (services) PMI and Friday's payrolls report.

我們可以期望在周五在白宮的加密峰會上有關擬議的預備役的更多詳細信息。同時，觀看的另外兩個關鍵事件是星期三的美國ISM非製造（服務）PMI和周五的薪資報告。

Note that the U.S. 10-year yield has declined for seven straight weeks, largely pricing a slowdown in the economy. The focus might shift back to that if the two impending data sets print below estimates, potentially weighing over risk assets.What to WatchCrypto:March 5, 2:29 a.m.: Ethereum testnet Sepolia receives the Pectra hard fork network upgrade at epoch 222464.

請注意，美國的10年收益率連續七個星期下降，在很大程度上定價了經濟放緩。如果兩個即將到來的數據集在估計下打印出來，則可能會轉移到這一點。

March 5, 11:00 a.m.: Circle hosts a live webinar titled “State of the USDC Economy 2025” featuring Circle Chief Strategy Officer and Head of Global Policy Dante Disparte and three other executives from Bridge, Nubank and Cumberland.

3月5日，上午11:00：Circle舉辦了一場現場網絡研討會，名為“ USDC經濟2025年”，由Circle首席戰略官兼全球政策Dante Disparte的負責人和來自Bridge，Nubank和Cumberland的其他三名高管。

March 7: President Trump will host the inaugural White House Crypto Summit, which will bring together top cryptocurrency founders, CEOs and investors.

3月7日：特朗普總統將主持首屆白宮加密峰會，該峰會將匯集最高的加密貨幣創始人，首席執行官和投資者。

March 11: The Bitcoin Policy Institute and U.S. Senator Cynthia Lummis co-host the invitation-only one-day event "Bitcoin for America" in Washington.MacroMarch 3, 8:00 a.m.: S&P Global releases February Brazil manufacturing data.

3月11日：比特幣政策研究所和美國參議員辛西婭·盧米斯（Cynthia Lummis）在華盛頓共同主持的僅邀請的一日活動“比特幣”。

Manufacturing PMI Prev. 50.7

製造PMI上一條。 50.7

March 3, 9:30 a.m.: S&P Global releases February Canada manufacturing data.

3月3日，上午9:30：標準普爾全球發布2月加拿大製造數據。

Manufacturing PMI Est. 51.9 vs. Prev. 51.6

製造PMI EST。 51.9 vs.上一篇。 51.6

March 3, 9:45 a.m.: S&P Global releases (final) February U.S. Manufacturing data.

3月3日，上午9:45：標準普爾全球版本（最終）2月美國製造數據。

Manufacturing PMI Est. 51.6 vs. Prev. 51.2

製造PMI EST。 51.6 vs.上一篇。 51.2

March 3, 10:00 a.m.: S&P Global releases February Mexico manufacturing data.

3月3日，上午10:00：標準普爾全球發布墨西哥製造數據。

Manufacturing PMI Prev. 49.1

製造PMI上一條。 49.1

March 3, 10:00 a.m.: The Institute for Supply Management releases February U.S. manufacturing data.

3月3日，上午10:00：供應管理研究所發布了2月美國製造數據。

Manufacturing PMI Est. 50.8 vs. Prev. 50.9

製造PMI EST。 50.8 vs.上一篇。 50.9

March 3, 8:00 p.m.: Chinese People's Political Consultative Conference (CPPCC) Third Annual Session starts.

3月3日，晚上8:00：中國人民的政治諮詢會議（CPPCC）第三屆年度會議開始。

March 4, 12:01 a.m.:

3月4日，12:01 AM：