A.市场观点

1。宏流动性

A. Market perspective

A.市场观点

1. Macro liquidity

1。宏流动性

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.

市场急剧下降后，市场正处于侧向波动和维修的时期，并有机会加速VC硬币的清单。

2. Market conditions

2。市场条件

List of top 300 stocks with the highest market capitalization:

市值最高的前300名股票清单：

Top 5 gainers

前5名

Increase

增加

Top 5 decliners

前5名删除者

Decline

衰退

ZETA

Zeta

60%

60％

PLUME

羽

20%

20％

output:output: A. Market perspective

输出：输出：A。市场视角

1. Macro liquidity

1。宏流动性

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的新需求流入继续削弱，大多数短期投资者现在正在亏损，并且长期持有人的供应又开始增长。短期持有人目前持有40％的财富，在2025年初达到50％的峰值。这个峰值仍然低于以前的周期，当时新投资者持有的财富在周期的峰值上达到70-90％，这可能与这一大型投资者投资ETFS有关。

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

Stablecoins的市场价值急剧下降，资金正在寻求安全

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

机构基金本周恢复了乐观，连续五个星期的流出。

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.

长期趋势指标MVRV-ZSCORE基于总市场成本，反映了市场的整体盈利能力。当指示器大于6时，它是最高范围。当指示器小于2时，它是底部范围。 MVRV低于1的关键水平，持有人通常处于损失状态。当前指标为2.0，靠近市场中间。

2. Futures Market

2。期货市场

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.

期货长期比率：1.1，市场情绪正常。零售投资者的情绪主要是一个反向指标，低于0.7更恐惧，而高于2.0则更加贪婪。长期比率数据大大波动，其参考值削弱了。

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

期货开放兴趣：由于市场缺乏动力，本周BTC开放兴趣略有下降。

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.

期货融资率：本周的利率为0.01％，相对较低。速率为0.05-0.1％，杠杆率更长，这是市场的最高水平；价格为-0.1-0％，杠杆率更高，这是市场的短期底部。

3. On-chain data

3。链数据

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的价格上周急剧下跌，继续遇到新的低点。市场波动大幅下降，这是急剧下降后侧向波动和修复的时期。市场有机会呼吸，交流正在加速VC硬币的清单。

B. Public chain ecology

B.公共连锁生态

1. BTC Ecosystem

1。BTC生态系统

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.

战略继续增加了其近7,000个比特币的持股，其新推出的永久优先股票strf被列出并在纳斯达克股票上进行了交易，这表明了其战略决心，以继续在任何市场环境中最大化比特币持有量。

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.

战略创始人迈克尔·塞勒（Michael Saylor）在X平台上的一篇文章中披露，该公司在3月17日至3月23日之间的平均价格增加了6,911个比特币的持股，平均价格约为84,529美元，总投资约为5.841亿美元，BTC的年收益率为7.7％。截至2025年3月23日，战略持有的比特币总数已达到506,137，累计购买成本约为337亿美元，平均持有成本为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，战略的纠纷永久优先股（STRF）在纳斯达克官方正式交易。融资量表从原始的5亿美元增加到7.225亿美元，并设定了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被设计为具有高收益债券的资产，其核心目标是将尽可能多的资金用于比特币投资。作为债务类型的工具，STRF以股息的形式运作，而不是依靠资本欣赏回报。该产品的推出进一步展示了战略在任何市场环境中继续最大化比特币持有的战略决心。

2. ETH Ecosystem

2。ETH生态系统

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升级已在新的Hoodi Testnet上成功启动。 EIP-7702的引入将使汽油费用多货币支付

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升级已在新的Hoodi Testnet上成功启动。 Hoodi Testnet的发布遵循以前的Holesky的问题