On March 29, ZhuSu, the founder of Three Arrows Capital, shared his observations in Hong Kong on social media:

· At the Basel Art Exhibition, no one mentioned Non-Fungible Tokens (NFT), and no one talked about meme coins.

· Investment banks are now strongly promoting the narrative of China's technology recovery, involving DeepSeek, valuation gaps, and innovation waves. The scale of southbound capital flow is substantial, with the prices of shell companies on the main board rebounding to around 200 million Hong Kong dollars.

· Family offices are closely monitoring Saylor and considering whether they need to convert their companies.

· The market has a very firm belief that BTC is digital gold, but generally holds a high degree of skepticism towards crypto technology narratives and crypto venture capital. Some are also interested in regulated custody and trading platform models.