This Week's (3/23-3/29) Important Events Overview

This week, the market fluctuated amid mixed bullish and bearish signals. Concerns about trade wars were reignited due to Trump's upcoming reciprocal tariff measures, and with PCE inflation data heating up and consumer confidence freezing, US stocks and crypto markets dropped again.

Key Points:

1. Regulatory Shift: The US SEC withdrew lawsuits against Kraken and ConsenSys and ended its investigation into Crypto.com, and with the Treasury Department lifting sanctions on Tornado Cash and Ripple reaching a settlement with the SEC, these were seen as significant signals of potentially easing regulatory pressure. Meanwhile, Japan approved USDC as its first compliant stablecoin.
2. Institutions Continue Buying BTC: Corporate acceptance of Bitcoin is increasing, with MicroStrategy again adding nearly 7,000 BTC, and game retailer GameStop also announcing the inclusion of Bitcoin in its corporate reserve assets.
3. Market Infrastructure and Product Expansion: Coinbase is reportedly in talks to acquire the large options exchange Deribit; the world's first tokenized money market ETF has emerged, with BlackRock launching a Bitcoin fund in Europe; and traditional financial giant Fidelity is rumored to be issuing its own stablecoin, intensifying market competition.
4. Exchange Dynamics and Challenges: BNB Chain ecosystem remains active; decentralized exchange Hyperliquid faces a trust crisis due to price manipulation allegations.
5. RWA and AI Trends: Tokenization of real-world assets continues to develop, with tokenized US Treasury market cap breaking $5 billion; OpenAI updated GPT-4o and opened Agents SDK, with the integration of AI and blockchain remaining a focal point.

This Week's Trading Market Data Overview

Market Sentiment and Sector Performance

1. Fear and Greed Index

This week's market sentiment indicator ranged from 30 (neutral) to 44 (neutral), staying in the (neutral) to (fear) range throughout the week.

2. Sector Performance

Artemis data shows that the average performance of blockchain sectors this week was +0.9%. The best-performing sector was Data Availability (+7.5%), followed by Perp DEX (+4.2%) and Data Services (+4.1%), with these sectors significantly outperforming others.

Bitcoin(1.4%) and Ethereum(-2.7%). The worst-performing sector was Staking(-6.4%), followed by Gen 1 Smart Contract (-2.6%) and Bridge(-1.8%), which showed relatively weak performance.

Market Liquidity

1. Total Cryptocurrency Market Cap and Stablecoin Supply

• This week, the total market cap increased from $2.82 trillion to $2.87 trillion.
• BTC market dominance is 58.79%, ETH market dominance is 8.28%.
• Stablecoin total supply increased from $211.04 billion to $212.23 billion.

2. Potential Buying Power on Exchanges

Data shows that this week, stablecoin net inflow on exchanges continues to be negative, reflecting a further weakening of market fund inflow and investors' cautious attitude towards market trends. Since mid-February, stablecoin net inflow has been continuously outflowing, and potential buying power on exchanges continues to decline, which may weaken the market's upward momentum.

Compared to the rapid increase in stablecoin inventory on exchanges in December last year, when the highest daily net inflow exceeded $15.4 billion, the recent market fund outflow situation has significantly deteriorated. The lowest daily net outflow this week has exceeded -$3.2 billion. This indicates that the market lacks strong funding momentum in the short term, which may affect market liquidity and further exacerbate volatility and pressure on risk assets.

3. Crypto Dynamics

This week in the crypto market, Four, API3, and DigiByte led with gains of +42.6%, +33.2%, and +31.7% respectively.

According to CMC data, the current Altcoin Season Index is 16 (increased by -5 from last week).

The current Bull Market Peak Signal is 0/30, with no peak warning triggered yet.

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According to on-chain data, the Short-Term Holder (STH) supply shows fluctuations but remains at a high level. Since the beginning of 2024, STH supply has been continuously fluctuating, while the Long-Term Holder (LTH) supply significantly decreased from late 2024 to early 2025, creating a contrast with the increasing STH supply. In March 2025, the STH supply declined, while the LTH supply showed signs of recovery.

The high volatility of STH supply reflects active short-term trading in the market, which may intensify price fluctuations. The decrease in LTH supply indicates that some long-term holders are taking profits at high points, providing liquidity while creating selling pressure. Future market trends depend on STH behavior and changes in LTH positions. If LTH supply rebounds, it may signal the market entering an accumulation phase.

This Week's Market Analysis News

1. Bitcoin Oscillates at $88,000 » Analyst: If Breaking $90,000 Resistance, Potential for New High, BTC April Historical Returns Promising

QCP Capital's research report is optimistic about Bitcoin's performance in April, citing Trump's hints about reducing tariff scale as giving the market breathing room. Historically, risk assets typically perform best in the second quarter, especially in April. (Continue reading)

2. GameStop Follows MicroStrategy in Buying Bitcoin! Issuing $1.3 Billion Convertible Debt, Stock Drops 22%

Wall Street's former meme stock and game retail company GameStop, after announcing Bitcoin purchase for company reserves, further declared issuing $1.3 billion in convertible debt to fund its Bitcoin acquisition plan. Consequently, GameStop's stock plummeted over 22% on Thursday, marking its largest single-day drop in 9 months.

3. Gold Breaks $3,070 Historical High! Goldman Sachs Predicts 10% Further Rise: Two Great Entry Opportunities

As Trump continues to escalate trade wars, gold prices rose to $3,073 on Friday, setting a new historical record. Goldman Sachs also released a research report, raising its year-end 2025 gold target price from $3,100 to $3,300, citing stronger-than-expected ETF fund inflows and continued central bank purchasing demand.

4. Arthur Hayes: Bitcoin Returns to Bull Market in April, Fed's Money Printer Continues to Release More Liquidity

Arthur Hayes predicts market anticipation for April's trends, despite some cautious perspectives. With liquidity returning and key US economic data releases, Bitcoin and other risk assets' upward momentum may further accelerate. However, global economic variables remain potential risks.

5. MicroStrategy Adds $580 Million, Buying Nearly 7,000 BTC, Holding Exceeds 500,000 Bitcoins, Stock Rises 10%

The Bitcoin holdings leader among US listed companies, MicroStrategy, announced late yesterday that between March 17-23, 2025, they purchased 6,911 Bitcoins at an average price of $84,529, totaling $584.1 million, raising their Bitcoin holdings to 506,137 BTC.

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