1. Market Observation

Keywords: MOVE, ETH, BTC

A "buyback wave" is sweeping through the crypto industry, with 15 projects including Aave, Arbitrum, and Movement announcing token buyback plans, ranging from millions to tens of millions of dollars. Funding sources include protocol revenue, forfeited assets, and fund expenditures. This move is seen not only as a short-term market stabilization strategy but also as an important strategic layout to reshape token economics and provide long-term value. Meanwhile, Immutable received an SEC investigation termination notice, bringing a regulatory clarity signal to the Web3 gaming industry.

Bitcoin's price continues to show a highly correlated trend with the US stock market, maintaining a volatility level several times that of US stocks, with investors from both markets focusing on the Federal Reserve's interest rate cut expectations. Analyst Daan Crypto Trades points out that Bitcoin currently maintains a solid spot premium trading stance, and if it can maintain this level and slowly recover to above $90,000, it may create a new high. The Greeks.live community brief shows market divergence on crypto trends, with some investors believing it's suitable for buying the dip, while bears predict Bitcoin could fall to the $84,500 range.

In the regulatory realm, the SEC announced it will host four roundtable meetings from April to June 2025, covering key topics such as crypto trading, custody, asset tokenization, and DeFi. Commissioner Hester Peirce called this "a spring sprint towards crypto clarity," indicating that regulators are shifting from an enforcement-oriented approach to constructive dialogue. Notably, traditional financial institutions are increasingly accepting Bitcoin, with GameStop's board unanimously approving an updated investment policy that includes Bitcoin as one of its reserve assets. Additionally, the Oklahoma House passed the "Strategic Bitcoin Reserve Act," further demonstrating institutional and governmental recognition of Bitcoin. Moreover, Ripple reached a preliminary settlement with the SEC, with the SEC agreeing to return $75 million in fines, marking the likely end of their long-standing legal dispute.

At the macro level, the market generally expects the Federal Reserve to transition from Quantitative Tightening (QT) to Quantitative Easing (QE), which could inject new liquidity into financial markets. However, Benjamin Cowen, CEO of crypto research firm IntoTheCryptoVerse, warns that Quantitative Tightening has not completely ended, only reduced from $60 billion to $40 billion monthly. Furthermore, a recent Goldman Sachs report warns that Trump's upcoming reciprocal tariff policy could cause market volatility with a "crash before stabilization," with actual tax rates potentially reaching twice the market expectation.

2. Key Data (as of March 26, 13:30 HKT)

• Bitcoin: $87,346.87 (YTD -6.65%), Daily spot trading volume $28.634 billion

• Ethereum: $2,055.65 (YTD -38.48%), Daily spot trading volume $11.309 billion

• Fear and Greed Index: 47 (Neutral)

• Average Gas: BTC 1.4 sat/vB, ETH 0.36 Gwei

• Market Dominance: BTC 60.7%, ETH 8.7%

• Upbit 24-hour Trading Volume Ranking: MOVE, XRP, LAYER, BTC, CRO

• 24-hour BTC Long/Short Ratio: 1.0496

• Sector Performance: Meme sector up 4.74%, Layer2 sector up 4.62%

• 24-hour Liquidation Data: Globally 78,970 people liquidated, total liquidation amount $154 million, with BTC liquidation at $32.8 million and ETH liquidation at $24.22 million