In the past 24 hours, the cryptocurrency market showed a moderate recovery, with Bitcoin price fluctuating around $87,400, while Ethereum slightly decreased to $2,070. Among mainstream cryptocurrencies, Solana (SOL) went against the trend, rising 2% to reach a daily high of $146. As of 2:00 PM Vietnam time on March 26, the total cryptocurrency market value slightly increased by 0.4% to $2.87 trillion, while the Fear & Greed Index dropped to 34, indicating that investors remain cautious. News: The previously Wall Street "meme" stock, GameStop, officially announced on the 25th that their board of directors unanimously approved a resolution to include Bitcoin in their accounting balance sheet. GameStop surged 7% in after-hours trading, with stock prices rising to $27.19. This decision was previously hinted at: two months ago, after a photo of GameStop CEO Ryan Cohen meeting BTC supporter Michael Saylor surfaced, the company's major shareholder, Strive Asset Management, publicly called for adopting a strategy similar to MicroStrategy. Strive's CEO, Matt Cole, stated: "We believe GameStop can improve its financial position by purchasing Bitcoin, which is a strategic allocation." Is BTC escaping the correction phase? On-chain data reveals new trends in capital flow. Data from CryptoQuant shows that despite Bitcoin's stable price trend, on-chain data reveals important signals: - Institutional Fund Movement: In the past 24 hours, 17 BTC transactions exceeded $100 million, with total on-chain transfer volume surging 268%, reaching a three-month high. - Exchange Flows: Coinbase recorded a maximum positive difference of 0.3%, while BTC reserves on the exchange decreased by 1%, with around 12,000 Bitcoin transferred to cold storage. This "low volatility, high circulation" trend suggests institutional investors may be conducting large-scale asset transfers. - Derivative Market Balance: The perpetual contract funding rate returned to a neutral 0.01%, with option surface volatility showing the put/call ratio (PCR) dropping to 0.85, signaling a slight recovery of optimistic sentiment. Notably, Bitcoin's Net Unrealized Profit/Loss (NUPL) index decreased from 0.68 last week to 0.55, indicating some short-term investors are taking profits. Data from glassnode shows the number of addresses holding over 1,000 BTC increased by 12 addresses, implying that "whales" are quietly accumulating. Hani Abuagla, senior analyst at XTB MENA, believes Bitcoin is escaping the second deep correction in this cycle, and if expectations of Federal Reserve interest rate cuts and trade policy relaxation converge, the possibility of surpassing $100,000 in spring still exists. Macro Variables: PCE Data is a Critical Touchpoint The US February core PCE price index, to be announced this Friday (March 28), could become a critical variable breaking market balance. As the inflation index most closely monitored by the Federal Reserve, the market expects the annual core PCE growth rate to slightly increase from 1.6% in January to 2.7%. If data exceeds expectations, this could further delay market expectations of interest rate cuts. Currently, the CME FedWatch tool shows trader expectations for Fed rate cuts this year have narrowed to 50-75 basis points, with the first cut potentially postponed to the third quarter. If PCE data reinforces the "persistent inflation" narrative, US bond yields might rise again, and a stronger USD could temporarily restrain risk assets. In the current market context, small fluctuations in inflation data could indirectly affect cryptocurrency market direction by changing liquidation expectations. TradingView analysts suggest that short-term traders should focus on Bitcoin's breakout at the $87,000 support and $90,000 resistance, while building volatility strategies with low IV options. For medium and long-term holders, the on-chain MVRV ratio (1.98) remains lower than the historical bull market peak (3.5), and address distribution indicators show a healthy chip structure, making gradual accumulation during price dips a viable option.