Chainfeeds Summary:
Crypto asset prices are significantly influenced by macroeconomic and geopolitical factors; meanwhile, the industry's underlying infrastructure continues to evolve. This Chinese version was compiled and published by Foresight News .
Article source:
https://foresightnews.pro/article/detail/96016
Article Author:
Coin Metrics
Opinion:
Coin Metrics: Bitcoin's price retreated more than 30% in February from approximately $95,000, and has fallen 22% year-to-date. Besides macroeconomic pressures, the overall sell-off in risk assets and the liquidation of the derivatives market amplified the decline, reigniting debate about its safe-haven and store-of-value attributes. However, since the escalation of geopolitical conflicts on February 28, Bitcoin has shown stronger relative performance compared to stocks and gold, demonstrating resilience and signs of demand recovery. Meanwhile, significant divergence emerged within the crypto asset market, with market performance concentrated on a few projects with real-world usage growth and compelling narratives. Hyperliquid (HYPE), Bittensor (TAO), and Morpho (MORPHO) emerged as representative winners, all with quarterly gains exceeding 30%. Hyperliquid expanded into commodities and stock indices through the HIP-3 market, breaking through the boundaries of pure crypto assets; Bittensor and Morpho benefited from rising demand in decentralized AI and DeFi lending, respectively, with institutions showing increasing interest in these sectors. Bitcoin demand gradually stabilized in the first quarter. Although the market was initially driven by risk aversion, a significant reversal occurred in March. Spot Bitcoin ETFs saw a shift from continuous outflows since November 2025 to net inflows, with 30-day rolling data showing a net inflow exceeding 30,000 BTC, providing support for prices around $70,000. Whether these inflows can be sustained depends on the macroeconomic environment and policy path, including whether geopolitical risks ease, inflation subsides, and expectations of interest rate cuts resume. Furthermore, ETF and institutional balance sheet allocation needs remain key variables; for example, large-scale Bitcoin fundraising plans by institutions like Strategy will continue to provide marginal incremental funds to the market. Structurally, Bitcoin is gradually shedding its single-asset risk attribute, exhibiting a more complex role shift across different macroeconomic phases. This dual attribute of "weak safe-haven + risk asset" may become part of its long-term pricing logic. Stablecoins continue to solidify their core position as on-chain liquidity infrastructure. Despite the overall market correction, the total supply of stablecoins remained at approximately $300 billion in Q1 2026, with a slight increase in February. USDS supply grew by 43% to approximately $8 billion, USDC reached $77 billion, while USDT remained at approximately $184 billion. In contrast to the stable supply side, the usage side was significantly more active: stablecoin transfers reached $21.5 trillion in the first quarter, roughly three times that of the same period last year, with over 80% originating from USDC, which is gradually increasing its share in transactions. It's worth noting that this growth was largely driven by DeFi infrastructure activities, such as liquidity rebalancing and flash loan, rather than end-payment scenarios. The future direction of the industry will be influenced by regulation and yield mechanisms. The draft CLARITY Act proposes limiting passive returns and encouraging incentives based on usage behavior, which may reshape the stablecoin business model and have a profound impact on exchanges, issuers, and the DeFi ecosystem.
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