[2/3] (The Block | BlockBeats | PANews) 10. On-chain and Treasury Signals: Small-scale BTC transfers from US government-related addresses; mining company MARA relaxes restrictions on "allowed BTC inventory for sale". A small transaction of approximately 0.0377 BTC was observed on the blockchain, with a US government-related BTC address transferring funds out. Some observers believe this may be a "test transfer," and whether a larger-scale operation will follow is attracting attention. Furthermore, according to its annual report, MARA has expanded its treasury strategy from "only selling BTC mined in the current year" to allowing the sale of BTC accumulated on its balance sheet, and disclosed information on lending/staking and credit lines. (Arkham | PANews | The Block) Market Analysis 1. Interest rate cut pricing is suppressed by concerns about oil prices and inflation: the probability of a 25bp rate cut in March is low, and bets on the "first rate cut" have been postponed. FedWatch shows the probability of a rate cut in March is low; amid concerns about oil prices and inflation, US Treasury yields have risen and the dollar has strengthened, prompting traders to postpone their expectations for the first rate cut and to lower their pricing of the magnitude of rate cuts this year. (BlockBeats | TechFlow) 2. Williams: If inflation cools this year, further interest rate cuts "will eventually be necessary." New York Fed President Williams said that if inflation cools this year, further interest rate cuts will eventually be necessary. (BlockBeats | TechFlow) 3. Risk assets under pressure: Crypto stocks weakened + large-scale contract liquidations. US crypto-related stocks (such as MSTR, COIN, CRCL, RIOT, etc.) weakened during the session; the crypto contract market saw approximately $320-400 million in liquidations in 24 hours (different statistical methods), with the largest single liquidation occurring on Hyperliquid's BTC-USD, at approximately $4.45 million. (BlockBeats | PANews) 4. Wintermeet: If the conflict continues and oil prices remain high, it may delay interest rate cuts and continue to suppress risky assets such as cryptocurrencies. Wintermute points out that if geopolitical conflicts persist and oil prices remain high, inflation may become more stubborn, thus delaying the Fed's rate cuts, and risk assets may continue to be under pressure; it also suggests paying attention to developments in the Strait of Hormuz and rising market volatility. (Wintermute(X) | TechFlow) 5. On-chain/Institutional Allocation Trends: Antalpha disclosed holdings of $134 million in XAUT; whale appear to be taking profits in stages. Antalpha disclosed that it held 39,371 XAUT tokens (worth approximately $134 million) as of the end of 2025; there are also signs on the blockchain that a whale may have transferred its XAUT tokens to an exchange and taken profits in stages. (Foresight News | BlockBeats) Project Updates 1. YZi Labs commits $100 million to BNB Holdings Fund, a subsidiary of HashGlobal. CZ-backed YZi Labs announced an investment/commitment of $100 million in HashGlobal’s BNB Holdings Fund to drive BNB’s institutionalization and compliance structure. (The Block | Odaily) 2. Lido: The ZKsync wstETH cross-chain bridge endpoint contract has a potential vulnerability and new deposits have been suspended. Lido stated that there is currently no evidence of exploitation, and wstETH holders on ZKsync are unaffected; new deposits to ZKsync have been suspended, but withdrawals and transfers are still normal, and the fix is ​​planned to be audited and deployed after the subsequent governance vote. (TechFlow | Odaily) 3. Circle "Nanopayments" testnet launched: minimum transaction value of USD 0.000001, zero gas, supports AI agents. Circle has launched a testnet capability for ultra-small payments, emphasizing extremely low thresholds, zero gas consumption, and AI agent friendliness. (Foresight News | PANews) 4. SoFi × Mastercard: The two parties plan to support SoFiUSD stablecoin settlement through the Mastercard network and explore interoperability between stablecoins, fiat currencies, and tokenized assets (subject to regulatory compliance). (BlockBeats | Foresight News) 5. Crypto.com Introducing a new IRA: The same account can hold both stocks and crypto, and supports staking of specific tokens. The new IRA product allows the allocation of stocks and crypto assets in the same retirement account, and provides staking rewards for some tokens that are credited to the retirement account. (The Block)