文章来源：话李话外先来简单回顾一下最近几天的波澜：3 月 2 日（北京时间）特朗普在 Truth Social 上面发文宣布，美国将推进包括 BTC、ETH、XRP、SOL、ADA 等在内的加密战略储备，将确保美国成为世界加密之都。在这条突如其来消息的加持下，市场开始快速上涨，比如，BTC 从 8.5 万美元飙升至 9.5 万美元，ETH 上涨了 18%，XRP 上涨了 38%，SOL 上涨了 2...

<img src="https://static.fwimg.io/img/feed/67ca942efd929420c4183edd.gif" data-content-value="followin-img"/><div></div>文章来源：<a href="https://mp.weixin.qq.com/s/uEu7U5NnHvub-eSMPupMiQ" rel="nofollow">话李话外</a>先来简单回顾一下最近几天的波澜：3 月 2 日（北京时间）特朗普在 Truth Social 上面发文宣布，美国将推进包括 BTC、ETH、XRP、SOL、ADA 等在内的加密战略储备，将确保美国成为世界加密之都。在这条突如其来消息的加持下，市场开始快速上涨，比如，BTC 从 8.5 万美元飙升至 9.5 万美元，ETH 上涨了 18%，XRP 上涨了 38%，SOL 上涨了 29%，而 ADA 则直接飙升了 80%。然而，这种暴涨并没有持续多久，随着 3 月 3 日美股市场的开盘，叠加关税等消息的连带影响，比特币和各种山寨币也重新开始出现快速下跌行情，仅仅又过了一天左右的时间，市场已经完全抹去了特朗普“战略储备”消息刺激带来的全部涨幅。因为 3 月 8 日（北京时间）还有一个白宫加密峰会的预期，因此这几天行情也在持续震荡中度过。不过今天（北京时间3月7日）又有消息传出，特朗普已经签署了一项行政令，正式建立美国战略比特币储备。如下图所示。<img src="https://miro.medium.com/v2/resize:fit:835/0*9F_Q5fEySu09ZAVb" data-content-value="followin-img"/>但在这条消息迅速传开后，市场反而重新开启了快速下跌模式，比特币半小时内的跌幅就达到了 6%。如下图所示。<img src="https://miro.medium.com/v2/resize:fit:875/0*wjlfG03e21wu38sQ" data-content-value="followin-img"/>这里，可能我们需要继续思考几个问题：最近这些天市场的暴涨暴跌是假象吗？还是鲸鱼在刻意操纵市场并逢低买入？美国将比特币赋予了类似黄金的国家储备地位，长期看肯定是增强了比特币的合法性和价值支撑，但为什么市场给出的反映是快速下跌呢？接下来，我们在前几天文章的基础上，继续展开来简单聊聊这个话题：1.关于比特币的战略储备其实说实话，在前几年的时候，比特币能够被纳入美国的战略储备，这种事情我是想都没敢想，当初只是觉得如果比特币能够通过现货 ETF 就是一个很大的里程碑事件了。但从特朗普竞选胜利开始，我们在之前相关的文章也提到过，美国的加密战略储备已经变成了一个时间上的问题，而不是一个否会能够发生的问题。从长期的角度来看，世界上最发达和有话语权的国家能够将比特币纳入战略储备，相当于是将比特币赋予了类似黄金的国家储备地位（虽然当前美国的黄金储备已经失去了原有的意义），肯定是增强了比特币的合法性和价值支撑，同时也是有利于加密行业更良好发展的（而不是完全无监管的野蛮发展，当然，良好的发展从某种角度来看，也意味着留给普通人发财的机会将会越来越少、或者说是越来越难）。当然了，你也可以将美国的比特币战略储备看作是一场新的阴谋或者是骗局，这个我不反驳，每个人都可以有自己看待问题的是不同视角。但从短期的投机角度来看，今天传出特朗普已经正式签署行政令建立比特币战略储备的消息，导致市场快速下跌可能的原因包括：- 消息被市场解读为靴子落地投资领域里面常见一种比较典型的说法，即利好落地即利空，今天的消息可以理解为是美国比特币战略储备的一种落地，因此可能会带来了一些投机人群的抛售。- 预期与实际的政策存在落差很多人预期的是一旦比特币战略储备建立，那么特朗普政府可能会动用财政资金去买入更多的比特币，但从今天传出的消息来看，特朗普已经签署的行政令主要是提到了比特币储备资金来源限于没收所得，不会增加纳税人负担，这直接被人们解读为特朗普政府不会直接投入新资金购买比特币。<img src="https://miro.medium.com/v2/resize:fit:875/0*W37HNWChW4Jjb_jp" data-content-value="followin-img"/>虽然公开消息里面也提到了“财政和商务部门可制定不增加纳税人负担的方案获取更多比特币”的说法，但依然无法阻止人们的失望情绪。期望越大失望就会越大。当然，上面仅是比较直观的一些原因，市场的下跌往往是由综合因素决定的，比如我们之前文章中提到的叙事、经济、政策三个核心方面，而短期的市场行情，更多是人们情绪受消息面影响而变化的一种直观结果反映。因为明天（北京时间3月8日）还有一个白宫加密峰会，目前我们不知道届时还会出现什么新的政策方面消息，这个对短期的行情影响也将是立竿见影的，因此继续保持关注即可。但如果我们把视角放长远来看，随着美国加密战略储备政策的落地和推进（推进也是需要时间的），可以预见的是，后面一些大鲸鱼/机构势必也会继续去囤积更多的比特币筹码，甚至其他的一些国家也可能在今年或明年纷纷宣布推出加密战略储备计划。记得两年前的文章中，我们也有分享过一句话：开始拥有比特币最好的两个时间节点，一是十年前、二是现在。这句话，我依然会选择放到今天来说。2.关于市场接下来的行情在上一篇文章（3月5日）中，我们提到了一个全球的流动性问题，如下图所示。<img src="https://miro.medium.com/v2/resize:fit:875/0*i4899qAlVOA6BGPm" data-content-value="followin-img"/>其实从去年开始，市场（市场的参与者）就一直在期待美国的量化紧缩 （QT)）结束，但从上次的 FOMC 会议结果来看，我们也许最早在今年的 6 月份才可能会看到一些这方面的可能机会，而在这个过程中，对于加密这样高风险的资产类别而言无疑是最大的利空。另据公开数据显示，目前美国政府的债务已达到了 36 万亿美元的上限，这似乎也意味着（美国）政府在国会提高或暂停限额之前不能再借更多的钱了。虽然马斯克带领的效率部门自从特朗普上任以来一直在致力于缩减政府开支，但庞大的美国政府依然还需要花更多的钱才能维持运行，那么，他们会怎么办呢？这时候我们注意到了一个 TGA（Treasury General Account、国库总账户）的数据，简单来讲，TGA 是美国财政部在美联储开设的支票账户（相当于是美国政府的支票账户）。截至撰写本文时，TGA 中还有近 5,228 亿美元。如下图所示。<img src="https://miro.medium.com/v2/resize:fit:875/0*nerwSU7iTljLCrTL" data-content-value="followin-img"/>结合我们之前提到的一些数据来看，目前美国政府也许正在从 TGA 账户支出以维持运行，并以此来提供流动性支持。同时，最近我也发现网络上又开始有消息说，美国政府陷入停摆的风险正在加大，可能也是基于我们刚才的这些考量吧，但政府停摆这种事情我认为特朗普不会视而不见的，全面发生的概率不大。任何市场的根本就是流动性，只要流动性在，机会就在。而除了 TGA 这部分流动性继续维持外，其实最近我们在针对加密领域的其他政策方面也看到了一些改变，这个我们在上一篇文章（3月5日）中已经有过一些描述，这里就不赘述了。如下图所示。<img src="https://miro.medium.com/v2/resize:fit:875/0*17sFEPUtfzBZ9-LJ" data-content-value="followin-img"/>SEC 政策上的持续放宽，加上今年以来越来越多的山寨币 ETF 提交申请或进入审核阶段，和前些年的加密市场相比，我们似乎从来没有遇到过“如此之好”的监管环境。这也是我在话李话外之前的文章中，一直坚持对今年的第一季度 — 第二季度保持整体乐观的原因之一（当然也不排除期间继续会发生什么新的黑天鹅事件、那就另当别论了）。简单而言，3 月 8 日的首次白宫加密货币峰会、3 月21 日的首次加密货币圆桌会议、今年第二季度可能会通过的更多山寨新 ETF……长远来看，这个行业正在越来越好。而短期来看，人们则似乎越来越悲观。这就是一种非常有趣的现象。当然，这种悲观情绪也是非常能够理解的，主要的问题包括：- 流动性不足的情况下、又被严重稀释记得在 1 月 20 日的文章中，我们也提到过：这一轮牛市阶段性的结束标志，大概率可能会是名人纷纷下场发行 Memes 什么的，只是我也没想到的是，带头发币的名人居然是美国总统。如下图所示。<img src="https://miro.medium.com/v2/resize:fit:875/0*22zburgDvcobU1SF" data-content-value="followin-img"/>在市场流动性本身就不够充足的情况下，本轮周期诞生了海量的新项目、大量 VC 项目持续的解锁抛压、再加上流动性源源不断地被抽走，都加剧了行情的剧烈波动，这是导致人们悲观情绪的问题之一。- 经济衰退的担忧最近几周以来，我们持续能够看到一些关于（美国）经济衰退担忧的报道和数据，比如上周（2月28日）的时候，亚特兰大联储发布的一份最新预测报告（GDPNow模型）显示：美国一季度经济将萎缩 1.5%，如果这个事情成为现实，那么这也将是自 2022 年第一季度以来，美国经济首次出现季度下滑。再比如，最近公布的美国制造业 PMI 数据也低于预期（2025年2月美国制造业PMI为50.3%，较上月下降0.6个百分点），同样表明了美国的经济正在放缓。外加 CPI 和 PPI 数据综合来看，美国目前似乎正在面临着滞胀的问题。而也正是因为面临滞胀的问题，理论上美联储就无法直接进行持续的降息，因为降息通常又会增加通胀的风险，当然也不能重新加息，因为加息又会导致经济的进一步放缓。这看起来是一个两难的局面，而这种局面留给市场的就是整体的动荡不安。本来宏观经济面就面临着两难的局面，但喜欢搞事情的特朗普上台后又重新搞起了关税战，这无疑也会导致通胀的风险继续飙升，尤其是对于加密类的高风险资产而言，这无疑都是属于让人悲观的基本面。那么，接下来的行情应该保持看多还是看空呢？这个我不知道。其实我认为短期的行情，看多和看空都不重要，归根结底还是看你自己的仓位和交易风格吧。如果我们回过头来看，从去年底到现在，比特币经历了 7 -10 万美元区间的持续和反复震荡，理论上来讲，市场应该也差不多已经消化掉了各种消息面的预期利好或利空影响，虽然很多山寨币血流成河，但比特币整体看起来依然是相对“健康”的，也许，比特币接下来可能会继续跌至 7 万美元的位置，但我自己肯定会继续拿好饼子看戏并保持不动的，继续严格执行自己的交易纪律和既定目标。市场其实很有趣，通常情况下，大多数人往往会在底部看跌，而在顶部看涨。就我自己而言，当人们普遍看到 7 万美元甚至更低的比特币时候，我会重新选择看到 10 万美元甚至更高。因为我有足够的时间和耐心，当越来越多的人因悲观而将要选择放弃的时候，反而我自己对市场接下来的可能表现是比较兴奋的。我平时之所以看消息、看新闻、看 K 线……主要是因为写文章（自媒体）的需要，就交易角度（囤比特币）而言，其实我可以几个月都不去看新闻，K 线也仅仅是偶尔看一下周级别的线。当你把短期看起来复杂的事情，通过时间维度、量化维度去简单化以后，其实这里面的逻辑并不复杂，你甚至根本不需要去天天盯盘或者看新闻。总之还是那句话，市场是不可把控的，我们唯一能把控好的其实就是自己的仓位。大部分的人只有赚慢钱的能力，但总是希望去赚到快钱，如果不能合理的认清自己，那么最终的结局大概率就是亏损。接下来的市场短期看，我们依然会面临着各种不确定性，但长期看，我们（至少是我自己）会继续保持敬畏市场的同时，保持整体的乐观。文章的最后，我们再来回顾看一下目前各大机构、各国政府持有的比特币数量吧。如下图所示。<img src="https://miro.medium.com/v2/resize:fit:875/0*e7C1_NfvWOfXArb1" data-content-value="followin-img"/>今天就聊这些吧，正文中涉及到的图片/数据引用来源已经补充到了话李话外 Notion 里面。另外，去年的时候我们梳理过很多方法论层面的内容，都汇总到了《区块链方法论》（上册+下册）的电子书里面，全册约 62 万字，有耐心阅读的伙伴可以考虑回顾和阅读电子书中的更多内容，<a href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5MjMxNDg4MA%3D%3D&amp;action=getalbum&amp;album_id=3757349240666390530" rel="nofollow">点击这里进入传送门&gt;&gt;</a>文章来源：<a href="https://mp.weixin.qq.com/s/uEu7U5NnHvub-eSMPupMiQ" rel="nofollow">https://mp.weixin.qq.com/s/uEu7U5NnHvub-eSMPupMiQ</a>

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美国建立比特币战略储备、加密市场反而应声大跌？

The recent waves can be briefly summarized as follows: On March 2 (Beijing time), Trump posted on Truth Social that the US will advance a crypto strategic reserve including BTC, ETH, XRP, SOL, ADA, and ensure the US becomes the crypto capital of the world. Buoyed by this sudden news, the market started to surge rapidly, with BTC soaring from $85,000 to $95,000, ETH rising 18%, XRP rising 38%, and SOL rising 2...

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<img src="https://static.fwimg.io/img/feed/67ca942efd929420c4183edd.gif" data-content-value="followin-img"/><div></div>Source: <a href="https://mp.weixin.qq.com/s/uEu7U5NnHvub-eSMPupMiQ" rel="nofollow">Talk Outside the Lines</a>Let's start with a brief review of the recent turbulence:On March 2 (Beijing time), Trump posted on Truth Social that the US will advance a crypto strategic reserve including BTC, ETH, XRP, SOL, ADA, and ensure the US becomes the world's crypto capital.Buoyed by this sudden news, the market began to surge rapidly, with BTC jumping from $85,000 to $95,000, ETH up 18%, XRP up 38%, SOL up 29%, and ADA soaring 80%.However, this surge did not last long. With the opening of the US stock market on March 3, coupled with the impact of tariff news, Bitcoins and various Altcoins also began to plummet rapidly. In just about a day, the market had completely erased all the gains triggered by Trump's "strategic reserve" news.As there is an expected White House crypto summit on March 8 (Beijing time), the market has been fluctuating in the past few days. However, news has emerged today (March 7, Beijing time) that Trump has already signed an executive order to formally establish a US strategic Bitcoin reserve, as shown in the image below.<img src="https://miro.medium.com/v2/resize:fit:835/0*9F_Q5fEySu09ZAVb" data-content-value="followin-img"/>But after this news spread quickly, the market has instead re-entered a rapid downward trend, with Bitcoin falling 6% within half an hour, as shown in the image below.<img src="https://miro.medium.com/v2/resize:fit:875/0*wjlfG03e21wu38sQ" data-content-value="followin-img"/>Here, we may need to continue to think about a few questions:Are the recent market surges and plunges an illusion? Or are whales deliberately manipulating the market and buying in at low prices?The US has given Bitcoin a national reserve status similar to gold. In the long run, this will certainly enhance Bitcoin's legitimacy and value support, but why is the market's reaction a rapid decline?Building on our previous articles, let's continue to discuss this topic simply:1. About the Bitcoin strategic reserveTo be honest, a few years ago, I never dared to imagine that Bitcoin could be included in the US strategic reserve. I only thought that if Bitcoin could be approved for a spot ETF, that would be a huge milestone.But since Trump's election victory, as mentioned in our previous articles, the US crypto strategic reserve has become a matter of time, not a question of whether it will happen.From a long-term perspective, the world's most developed and influential country being able to include Bitcoin in its strategic reserve is equivalent to giving Bitcoin a national reserve status similar to gold (although the US's gold reserve has already lost its original meaning). This will certainly enhance Bitcoin's legitimacy and value support, and also be beneficial for the healthier development of the crypto industry (rather than the completely unregulated barbaric development, of course, healthy development also means that the opportunities for ordinary people to get rich will become fewer and more difficult).Of course, you can also see the US Bitcoin strategic reserve as a new conspiracy or scam, and I won't refute that - everyone can have their own perspective on the issue.But from a short-term speculative perspective, the reason why the market is plummeting rapidly today after the news that Trump has officially signed an executive order to establish a Bitcoin strategic reserve may include:- The market interprets the news as the shoe droppingIt is a common saying in the investment field that good news is bad news when it materializes. Today's news can be understood as a kind of materialization of the US Bitcoin strategic reserve, so it may have triggered some speculative selling.- Discrepancy between expectations and actual policyMany people expected that once the Bitcoin strategic reserve is established, the Trump administration would use fiscal funds to buy more Bitcoin. But based on today's news, the executive order signed by Trump mainly mentions that the source of the Bitcoin reserve funds is limited to forfeited proceeds, and will not increase the tax burden on taxpayers. This is directly interpreted by people as the Trump administration not directly investing new funds to purchase Bitcoin.<img src="https://miro.medium.com/v2/resize:fit:875/0*W37HNWChW4Jjb_jp" data-content-value="followin-img"/>Although the public information also mentions that "the Treasury and Commerce Departments can develop plans to acquire more Bitcoin without increasing the tax burden on taxpayers", it still fails to prevent people's disappointment. The greater the expectation, the greater the disappointment.Of course, the above are just some relatively intuitive reasons. The market's decline is often determined by a combination of factors, such as the narrative, economic, and policy aspects we mentioned in our previous articles. Short-term market movements are more a direct reflection of changes in people's emotions influenced by news.Since there will be a White House crypto summit tomorrow (March 8, Beijing time), we don't know what new policy news may emerge, and this will also have an immediate impact on the short-term market. So we should continue to pay attention.But if we take a longer-term view, as the US crypto strategic reserve policy is implemented and advanced (which also takes time), it can be foreseen that some big whales/institutions will inevitably continue to accumulate more Bitcoin positions, and even some other countries may also announce their own crypto strategic reserve plans this year or next.Remember the quote we shared in an article two years ago: the two best times to own Bitcoin are ten years ago and now. I still choose to say this today.2. About the market's outlookIn the previous article (March 5), we mentioned a global liquidity issue, as shown in the image below.<img src="https://miro.medium.com/v2/resize:fit:875/0*i4899qAlVOA6BGPm" data-content-value="followin-img"/>In fact, since last year, the market (market participants) has been eagerly awaiting the end of the US quantitative tightening (QT). But based on the latest FOMC meeting results, we may not see any possible opportunities in this regard until as early as June this year, and during this process, it is undoubtedly the biggest negative factor for high-risk asset classes like crypto.According to public data, the US government's debt has now reached a ceiling of $36 trillion. This seems to mean that the government cannot borrow more money until Congress raises or suspends the limit. Although Musk's efficiency department has been working to reduce government spending since Trump took office, the huge US government still needs to spend more money to maintain its operations. So what will they do?Here we notice the data of the TGA (Treasury General Account), which is the checking account the US Treasury Department has opened at the Federal Reserve. As of the time of writing, there is still nearly $522.8 billion in the TGA. As shown in the image below.<img src="https://miro.medium.com/v2/resize:fit:875/0*nerwSU7iTljLCrTL" data-content-value="followin-img"/>Combining the data we mentioned earlier, the US government may now be spending from the TGA account to maintain operations and provide liquidity support. At the same time, I've also recently found news online saying that the risk of the US government shutting down is increasing, which may also be based on the considerations we just mentioned. But I don't think a government shutdown will happen under Trump's watch, the probability of a full-scale occurrence is not high.The fundamental of any market is liquidity. As long as liquidity remains, opportunities will be there.In addition to the continued maintenance of liquidity from the TGA, we have also seen some changes in other crypto-related policies recently, which we have described in the previous article (March 5) and will not repeat here. As shown in the image below.<img src="https://miro.medium.com/v2/resize:fit:875/0*17sFEPUtfzBZ9-LJ" data-content-value="followin-img"/>The continued relaxation of SEC policies, coupled with the increasing number of Altcoin ETF applications or entering the review stage this year, compared to the crypto market in previous years, we seem to have never encountered a "so good" regulatory environment. This is also one of the reasons why I have consistently maintained an overall optimistic outlook for the first quarter - second quarter of this year in my previous articles (of course, I do not rule out the possibility of any new black swan events occurring during this period, which would be a different story).In simple terms, the first White House Cryptocurrency Summit on March 8, the first Cryptocurrency Roundtable on March 21, and the potential approval of more new Altcoin ETFs in the second quarter of this year... In the long run, the industry is getting better and better. In the short term, however, people seem to be increasingly pessimistic. This is a very interesting phenomenon.Of course, this pessimistic sentiment is also very understandable, the main problems include:- Severely diluted under the condition of insufficient liquidityRemember in the article on January 20, we also mentioned: the sign of the cyclical end of this bull market is likely to be the issuance of Memes by celebrities, but I didn't expect the celebrity leading the issuance of coins to be the President of the United States. As shown in the figure below.<img src="https://miro.medium.com/v2/resize:fit:875/0*22zburgDvcobU1SF" data-content-value="followin-img"/>In the case of insufficient market liquidity, the current cycle has given birth to a large number of new projects, a large number of VC projects continue to unlock and sell pressure, and liquidity is constantly being drained, all of which have exacerbated the violent fluctuations in the market, which is one of the problems leading to people's pessimistic sentiment.- Concerns about economic recessionIn recent weeks, we have continued to see reports and data on concerns about (US) economic recession, such as the latest forecast report (GDPNow model) released by the Atlanta Fed last week (February 28), which shows that the US economy will contract by 1.5% in the first quarter. If this becomes a reality, it will be the first quarterly decline in the US economy since the first quarter of 2022.For example, the recently released US manufacturing PMI data was also lower than expected (the US manufacturing PMI in February 2025 was 50.3%, down 0.6 percentage points from the previous month), also indicating that the US economy is slowing down.Looking at the CPI and PPI data together, the US seems to be facing a stagflation problem. And it is precisely because of the stagflation problem that the Fed cannot directly continue to cut interest rates, because interest rate cuts usually increase the risk of inflation, and of course they cannot raise interest rates again, because interest rate hikes will lead to further economic slowdown. This looks like a dilemma, and this kind of situation leaves the market with overall turmoil and unease.The macroeconomic situation was already facing a dilemma, but after the troublemaker Trump took office, he started a trade war again, which undoubtedly will continue to drive up the risk of inflation, especially for high-risk assets like cryptocurrencies, which is undoubtedly a pessimistic fundamental factor.So, should the market outlook be bullish or bearish going forward?I don't know. In fact, I think in the short term, whether to be bullish or bearish is not important, ultimately it still depends on your own position and trading style.If we look back, from the end of last year to now, Bitcoin has experienced a sustained and repeated fluctuation in the range of $7-10,000, theoretically the market should have already digested the expected positive or negative impact of various news, although many Altcoins have been bloodbath, Bitcoin as a whole still looks relatively "healthy", maybe Bitcoin may continue to fall to the $7,000 level, but I will definitely continue to hold the cake and watch the show and maintain my trading discipline and established goals.The market is actually very interesting, usually most people tend to be bearish at the bottom and bullish at the top. As for myself, when people generally see Bitcoin at $7,000 or even lower, I will choose to see $10,000 or even higher. Because I have enough time and patience, when more and more people choose to give up due to pessimism, I myself am actually more excited about the potential performance of the market going forward.The reason why I read news, watch charts, etc. is mainly for the need to write articles (self-media), in terms of trading (holding Bitcoin), I can actually go for a few months without reading news, and only occasionally look at the weekly charts. When you simplify the seemingly complex short-term things through the time dimension and quantification dimension, the logic here is actually not complicated, you don't even need to watch the market or read the news every day.In short, the market is uncontrollable, the only thing we can control is our own position. Most people only have the ability to make slow money, but always hope to make quick money, if you can't reasonably recognize yourself, then the most likely outcome is to lose money. In the short term, the market will still face various uncertainties, but in the long run, I (at least myself) will continue to maintain awe of the market while maintaining overall optimism.At the end of the article, let's review the current Bitcoin holdings of major institutions and governments. As shown in the figure below.<img src="https://miro.medium.com/v2/resize:fit:875/0*e7C1_NfvWOfXArb1" data-content-value="followin-img"/>That's all for today, the sources of the pictures/data mentioned in the text have been supplemented in the Notion of Followin. In addition, we sorted out a lot of methodological content last year, which has been compiled into the e-book "Blockchain Methodology" (Volume 1 + Volume 2), with a total of about 620,000 words. Readers with patience can consider reviewing and reading more content in the e-book, <a href="https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MjM5MjMxNDg4MA%3D%3D&amp;action=getalbum&amp;album_id=3757349240666390530" rel="nofollow">click here to enter the portal&gt;&gt;</a>Source of the article: <a href="https://mp.weixin.qq.com/s/uEu7U5NnHvub-eSMPupMiQ" rel="nofollow">https://mp.weixin.qq.com/s/uEu7U5NnHvub-eSMPupMiQ</a>

The United States established a strategic reserve of Bitcoin, but the crypto market plummeted in response?

Here is the English translation, with <> elements retained as is:

Recently, <Base>—an Ethereum Layer 2 network incubated by Coinbase—has been attracting significant market attention with its rapid momentum. Funds and users continue to pour in, with the ecosystem's activity significantly increasing, and transaction volume and total value locked (TVL) steadily rising, hinting at the impending arrival of a "big event." Industry insiders refer to this as the "Base Season," and this wave of enthusiasm may become a highlight of the crypto market in 2025. This article will delve into the latest data, analyze the logic behind Base's growth, explore why capital is flocking to it, and recommend a few...

Funds are pouring in, 11.4 million contracts set a record, is something big coming on the Base chain?

Here is the English translation:

The DeFi Investor
Compiled by: Felix, <PANews>
Currently, almost every token has experienced a decline for several weeks.
If you have lost a lot of money recently, my personal advice is to pause trading, make a new plan, and do everything possible to avoid revenge trading.
The current goal is to survive and preserve the remaining capital.
As long as you haven't lost everything and continue to stay in the "gambling table", the opportunity will come again.
Why is the market continuing to decline?
In my opinion, there are mainly two reasons:
1. There is a lot of macroeconomic uncertainty: the stock market has also been crashing, and cryptocurrencies have always been closely linked to the stock...

Viewpoint: It is not advisable to "buy the dips" at the moment, wait for these three situations to occur

Coinbase announced a partnership with <Echo> today, which will launch an investment model that allows community members to participate, providing further momentum for projects in the Base ecosystem. It also revealed 40 Base projects that have been invested in and supported by CoinBase Venture over the past year and a half. This article will briefly introduce <Echo> and summarize the Alpha opportunities among the 40+ projects.

What is <Echo>
<Echo> was founded by crypto KOL Cobie "@echodotxyz" in March 2024...

Can retail investors also invest in Coinbase Ventures’ projects? Teach you how to seize the opportunity of “Coinbase’s 100-fold public offering” through Echo

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