[2/2] 2. Glassnode: BTC's 90-day realized profit/loss ratio has been consistently below 1, placing it in the "excess loss realization" range. The indicator has been below 1 since late February. Historically, a drop below 1 often requires a longer recovery period, so we need to observe the rebound in liquidity and the return of sentiment. (BlockBeats) 3. Leverage risks escalate: Approximately $205 million in margin calls occurred across the entire network within 24 hours. According to CoinGlass statistics, long positions were liquidated for approximately $114 million and short positions for approximately $91.53 million; BTC and ETH were the main sources of liquidation. (TechFlow) 4. Exchange data for February: Spot trading decreased by approximately 11.5% month-on-month, while derivatives trading increased by 0.7% month-on-month. In the spot market, some platforms bucked the trend and saw growth, but overall prices declined; in the derivatives market, growth was driven by platforms such as Hyperliquid, Gate, and Deribit. (Wublockchain) Project Updates 1. Major governance proposal for Osmosis: It is proposed to introduce Osmosis into Cosmos Hub and migrate DEX, and OSMO is proposed to be transformed into ATOM. The proposal aims to unify liquidity, governance, and security; it designs a conversion window of approximately 6 months and provides solutions for community pool funding gaps and unclaimed claims (the specific conversion rate is based on 30-day TWAP). (BlockBeats | Foresight News) 2. Ledger discloses a critical vulnerability related to Android/MediaTek: PINs and seed phrase could be stolen in approximately 45 seconds with physical contact. Research indicates that attackers, upon gaining physical access to a device, can extract critical keys via USB before the system loads, thereby threatening hot wallet seed phrases; it is recommended to update patches as soon as possible and improve device and seed phrase protection. (The Block | BlockBeats) 3. Binance launches Midnight (NIGHT): Includes HODLer Airdrops and spot trading. Airdrops will be distributed to eligible BNB Simple Earn/On-Chain Yields users, and spot trading of multiple NIGHT trading pairs will be available. It also includes features such as leverage, wealth management, and instant swap (subject to announcement). (BlockBeats | PANews) 4. Anchorage Digital strategically invested in Immunefi and purchased IMU tokens, and will provide security services for its Porto institutional wallet. Immunefi claims to have protected protocol TVL exceeding $180 billion and has distributed over $130 million in bug bounties; the collaboration emphasizes building security capabilities for both institutional and self-hosted systems. (The Block | BlockBeats) 5. Binance.US Appointed compliance veteran Stephen Gregory as the new CEO Stephen Gregory took over on March 9; the company said it will expand Earn, staking, and explore products that connect DeFi with tokenized assets. (CoinDesk | BlockBeats) other 1. The US Democratic Party is pushing for the Death Bets Act, which proposes to ban prediction markets related to "war/death counts". If the bill is passed, it will further tighten the boundaries of tradable prediction markets and spark discussions on compliance and the marketization of speech/information. (The Block) 2. US prosecutors file civil forfeiture lawsuit: They intend to seize approximately $3.4 million in USDT, in connection with an "Ethereum investment scam + money laundering" case. The scam allegedly uses a "mistakenly sent text message" to initiate conversations and lure victims, then transfers funds via ETH to USDT and into non-custodial wallets to conceal their origin. (Decrypt | PANews) 3. India's CBI arrests Darwin Labs co-founder and CTO: Suspect in $790 million GainBitcoin fraud case accused of providing support for key technical infrastructure such as the platform, mining pool, and payment wallets involved; the case involves approximately 8,000 investors. (WuBlockchain English | TechFlow TechFlow)