1. Market Observation
Keywords: Coinbase, ETH, BTC
BTC fell below $77,000 this morning, and the Greeks.live briefing shows that traders generally hold a bearish attitude, with most focusing on the $74,000-$76,000 range as a potential downside target, and viewing $87,000 as a resistance level. BitMEX co-founder Arthur Hayes predicts that Bitcoin may bottom around $70,000, which would be a 36% correction from the historical high of $110,000, a normal adjustment in a bull market. Although Strategy did not increase its Bitcoin holdings last week, it has submitted a new prospectus to issue $21 billion in preferred shares, which may be used to purchase Bitcoin.
For Ethereum, the situation is more severe, with its price falling below $1,800 this morning. An address holding 65,000 ETH faces the risk of liquidation, and a whale has sold 25,800 ETH to hedge, incurring a loss of $31.75 million. Yuga Labs executives warned that if the market enters a bear market, ETH could fall below $1,500, even to the $200-$400 range, which is consistent with the 90% maximum retracement in historical bear markets.
In the traditional financial market, the US stock market experienced a "Black Monday", with the Nasdaq plunging 4%, Tesla plummeting 15%, and blockchain concept stocks generally declining, including Coinbase falling 17.58% and MicroStrategy falling 16.68%. In this regard, Arthur Hayes believes that the next step is to focus on the plunge in US stocks and the risk of traditional financial institutions going bankrupt, after which major central banks may adopt loose policies to stimulate the economy. Cathie Wood, the founder of ARK Invest, believes that the market is digesting the final stage of the recession and expects a deflationary boom in the second half of the year. However, Federal Reserve Chairman Powell recently stated that the Fed is in no hurry to cut interest rates, as the labor market remains strong and the inflation path is uneven, and the uncertainty of Trump's trade, fiscal, immigration and regulatory policies.
Faced with the current market situation, Delphi Digital researcher Minty suggests that investors should not measure their investments based on historical highs, but rather aim for a 50-70% target. He said that most Altcoins are unlikely to return to their historical highs, and major opportunities only occur a few times a year and are fleeting, with over-trading and lack of patience being the main reasons for profit loss.
2. Key Data (as of 13:00 HKT on March 11)
Fear and Greed Index: 24 (Extreme Fear)
- 24-hour BTC Long/Short Ratio: 0.9685
Average GAS: BTC 3 sat/vB, ETH 1.11 Gwei
Market Share: BTC 61.1%, ETH 8.7%
Upbit 24-hour Trading Volume Ranking: XRP, BTC, ETH
Sector Performance: DeFi sector down 8.32%, MEME sector down 9.19%
Bitcoin: $80,007.13 (-14.6% YTD), Daily Spot Trading Volume $58.486 Billion
Ethereum: $1,865.44 (-44.05% YTD), Daily Spot Trading Volume $38.414 Billion
24-hour Liquidation Data: Global total of 336,581 liquidations, with a total value of $956 million, including $318 million in BTC and $252 million in ETH
3. ETF Flows (as of March 10 EST)
Bitcoin ETF: -$189 Million
Ethereum ETF: -$34 Million
4. Important Dates (Hong Kong Time)
US President Trump to meet with US tech leaders, including CEOs of HP, Intel, IBM, and Qualcomm. (2:00 AM on March 11)
US President Trump to sign an executive order. US February Unadjusted CPI YoY (8:30 PM on March 12)
Actual: N/A / Previous: 3% / Expected: 2.9%
US February Seasonally Adjusted CPI MoM (8:30 PM on March 12)
Actual: N/A / Previous: 0.50% / Expected: 0.30%
US Initial Jobless Claims for the Week Ending March 8 (Thousands) (8:30 PM on March 13)
Actual: N/A / Previous: 22.1 / Expected: N/A
5. Hot News
El Salvador and Paraguay Sign Crypto Regulatory Agreement
Bithumb Launches Elixir (ELX) KRW Trading Market
Longling Capital Transfers 21,000 ETH, Approximately $38.81 Million, to Binance
BTC Falls Below $77,000, Down 3.80% Intraday
Black Monday in US Stocks: Nasdaq Plunges 4%, Tesla Drops 15%
Coinbase to List Cookie DAO (COOKIE)
Coinbase to Launch 24/7 Bitcoin and Ethereum Futures Contracts in the US
Movement Public Mainnet Beta Version Launched
UK Treasury: "No Plans" to Introduce US-Style Bitcoin Reserve
Thai Regulator to Add Stablecoins USDC and USDT to Approved Cryptocurrencies
Strategy Files Prospectus to Issue Up to $21 Billion in Preferred Shares
Crypto Executives Propose Exchanging Bitcoin for Trump's "Gold Card"
Singapore Exchange Plans to Launch Bitcoin Perpetual Futures Contracts in the Second Half of 2025
Market News: Japan's Crypto Reform Bill to Be Submitted to the Diet After Cabinet Approval
