In the past 24 hours, the cryptocurrency market showed a moderate rebound, with Bitcoin price fluctuating narrowly around $87,400, and Ethereum slightly pulling back to $2,070. Among mainstream cryptocurrencies, Solana (SOL) bucked the trend, rising 2% and reaching a daily high of $146.
As of March 26, the total cryptocurrency market value slightly increased by 0.4% to $2.87 trillion, with the Fear & Greed Index declining to 34, indicating investors remain cautious.
GameStop Enters Bitcoin
Notably, the former "Wall Street meme" stock and game retailer GameStop officially announced on the 25th that the board unanimously approved a resolution to include Bitcoin in its balance sheet reserves, driving the stock up 7% in after-hours trading to $27.19.
In fact, there were early signs of this decision: two months ago, after a photo of GameStop CEO Ryan Cohen meeting with BTC's top supporter Michael Saylor surfaced, the major shareholder Strive Asset Management publicly called for the company to emulate MicroStrategy's bitcoin holding strategy. Strive CEO Matt Cole stated at the time: "We believe GameStop can improve its financial situation by purchasing Bitcoin, which is a strategic allocation."
Additionally, Michael Saylor also congratulated GameStop on joining the Bitcoin ranks this morning.
Is BTC Breaking Out of Adjustment?
On-chain data reveals new trends in capital flow. CryptoQuant data shows that despite Bitcoin's stable price trend, key on-chain signals have emerged:
· Institutional Fund Movements: In the past 24 hours, BTC transfers exceeding $100 million reached 17 transactions, with total on-chain transfer volume surging 268%, hitting a three-month high.
· Exchange Flow Changes: Coinbase saw a maximum positive premium of 0.3%, while BTC exchange reserves decreased by 1%, with approximately 12,000 bitcoins flowing into cold wallets. This "low volatility, high liquidity" trend suggests institutional investors may be conducting large-scale asset custody transfers.
· Derivatives Market Adjustment: Perpetual contract funding rates returned to the neutral zone of 0.01%, with the options volatility surface showing a put/call ratio (PCR) dropping to 0.85, indicating a slight increase in bullish market sentiment.
Moreover, Bitcoin's Net Unrealized Profit/Loss (NUPL) has fallen from 0.68 last week to 0.55, suggesting some short-term holders are taking profits. However, glassnode data shows that the number of addresses holding over 1,000 BTC increased by 12 against the trend, indicating whale accounts are quietly accumulating.
Hani Abuagla, senior analyst at XTB MENA, believes Bitcoin is emerging from the second deep adjustment in this cycle. If Federal Reserve rate cut expectations and trade policy relaxation resonate, the possibility of Bitcoin breaking through $100,000 in spring still exists.
Macro Variables: PCE Data Becomes Crucial Touchstone
This Friday (March 28), the US February core PCE price index will be released, which could become a key variable breaking market equilibrium. As the Federal Reserve's most closely watched inflation indicator, the market expects the core PCE year-on-year growth rate to slightly rise from 1.6% in January to 2.7%. If the data exceeds expectations, it may further delay market expectations for rate cuts.
Currently, the CME FedWatch tool shows that traders' expectations for Federal Reserve rate cuts this year have narrowed to 50-75 basis points, with the first rate cut potentially delayed until the third quarter. If PCE data reinforces "inflation stickiness" expectations, US bond yields might rise again, and a strong US dollar could temporarily suppress risk assets. In the current market context, slight fluctuations in inflation data may indirectly affect cryptocurrency market trends by changing liquidity expectations.
TradingView analysts suggest that for short-term traders, they can focus on the breakthrough direction of Bitcoin's support level at $87,000 and resistance level at $90,000, combined with option strategies with low IV. For medium to long-term holders, the on-chain MVRV ratio (1.98) remains below the historical bull market peak (3.5), with a healthy address distribution structure, making staged buying during pullbacks a viable strategy.
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