1. Analysis of the driving factors behind the recent weakness in the crypto market and the latest assessment of the cycle stage Impacted by the waves of volatility and uncertainty, the digital asset market has been subjected to the multiple influences of macroeconomic pressures and crypto-specific factors. Just a few weeks ago, BTC was still consolidating around $100,000, and market participants were optimistic about a new round of growth supported by stronger government and structural catalysts. Now, with BTC hovering around $80,000, the market sentiment has clearly shifted. Speculative activities have cooled down, the Bybit hacking incident has heightened unease, and economic uncertainty has weakened risk appetite. However, there are still positive developments, such as the establishment of a U.S. Bitcoin strategic reserve and the constructive transformation of crypto industry regulations. 2. RAY surges over 22% in 24 hours: In-depth research report on Raydium LaunchLab Raydium LaunchLab is a brand-new Meme coin issuance platform launched by the renowned decentralized exchange Raydium in the Solana ecosystem. Its strategic significance lies in responding to the success of Pump.fun and the evolving dynamics of the Solana Meme coin market. The key features of LaunchLab include customizable bonding curves and a flexible fee structure. This report aims to deeply analyze the product design, mechanism characteristics, comparisons with leading multi-chain Launchpads, ecosystem comparisons, the evolving relationship with Pump.fun, and the potential impact on the future Meme market. The preliminary analysis suggests that LaunchLab has the potential to exert significant influence on the Meme coin market and establish a foothold in the competition with other Launchpads. 3. Strategic Reserve and Power Game II: The Crypto Order in the Trump Era On March 6, U.S. President Trump signed an executive order to formally establish the U.S. Bitcoin Strategic Reserve. David Sachs, the White House's crypto affairs manager, further clarified the reserve details on the social media platform X: the federal government will hold about 200,000 Bitcoins seized through criminal or civil forfeiture procedures, and they "will not be sold or purchased through the market." 4. Crypto Market Analysis in 2025: MEME Fever and the Cold Reflection of the Trump Era The crypto market in 2025 is caught in the tug-of-war between "Trumponomics" and the MEME bubble. In the short term, the BSC chain's frenzy cannot conceal the policy and liquidity dilemmas; in the long run, Bitcoin's scarcity and the compliance process remain the core themes. Investors need to maintain rationality in the frenzy and capture the opportunities for reconstruction in the differentiation. 5. Industry Executives Warn: The Bitcoin Bear Market Has Begun In the period around the inauguration of U.S. President Trump, cryptocurrencies experienced an epic bull run. However, this trend has paused in recent weeks, with Bitcoin's price falling from a historic high of $109,000 to around $83,000 currently. Some industry insiders are now concerned that the Bitcoin bull market has reversed. Ki Young Ju, the founder of crypto research firm CryptoQuant, is one of the crypto executives holding a pessimistic view.