加密市場反彈，比特幣突破87,000美元：機構回流與迷因幣競爭掀起新一輪熱潮

The cryptocurrency market has shown a strong rebound over the past week, especially on Monday, when the Bitcoin price surpassed $87,000, which led to a short position explosion of over $228 million, showing the upward momentum of the market. With the gradual return of large institutional funds, the Bitcoin spot ETF saw a net inflow of $744 million, indicating renewed institutional confidence in the future outlook.

PumpSwap, the decentralized exchange launched by Pump.fun, has ended its partnership with Raydium, a move that will help to further drive competition in the mini-coin market. Meanwhile, both APX and Mubarak tokens have risen sharply after CoinSafe founder CZ tested the chain's perpetual contract, indicating that the DeFi craze is picking up.

Arthur Hayes, co-founder and former CEO of BitMEX noted, "Is $77,000 the bottom for Bitcoin, probably. But there could be more pain ahead for stocks to fully transform into Team Trump, so stay flexible and have plenty of cash on hand." This statement reflects market uncertainty and investor caution. Michael Saylor, CEO of MicroStrategy, said, "I believe the US government should buy the global supply of 25% of Bitcoin by 2035, as almost all of it will have been mined by then." This further emphasizes the long-term potential of the market.

Overall, market sentiment is picking up and investors should continue to keep an eye on the upcoming resistance area at $90,000 and not be overly optimistic and all-in.

Institutional buying returns to the market as cash ETF funds flow back in

The Bitcoin Spot ETF finally saw a net inflow of $744 million this week after five consecutive weeks of net outflows, signaling a return of large institutional funds despite still cautious market sentiment. In the previous February, ETFs suffered more than $5 billion in outflows due to market volatility and macroeconomic uncertainty. However, with the return of capital, we can see a gradual recovery in the Bitcoin price. The key resistance area that the market is currently looking at is between $88,000 and $90,000. If Bitcoin (BTC) manages to break above this zone on the daily chart and stabilize above it, the uptrend could continue, pushing the price further to challenge the $95,000 resistance zone.

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Bitcoin Short Positions Over $228M, Market Digests Short-Term Selling Pressure

The price of Bitcoin surged to $87,000, resulting in a large number of short positions, and many bearish traders were forced to close their positions at a loss. According to Coinglass data, the total liquidation of the entire market has exceeded $228.23M, of which $158.63M came from short orders, accounting for nearly 70% of the total liquidation volume, indicating that a large number of traders were expecting a decline in the price of Bitcoin, but the market moved in the opposite direction, triggering the classic "short squeeze" phenomenon. Bitcoin itself accounted for the lion's share of the liquidation wave, with $83.23M of positions blown in the past 24 hours, most of which came from short orders. At the same time, ETH, SOL and other major cryptocurrencies were also affected, recording liquidation amounts of $43.01M and $14.67M respectively. It is worth noting that this massive liquidation occurred just as BTC was stabilizing at $87,000, indicating that market momentum is tilting upwards, forcing more shorts to be closed, which will further push the price higher. Market analysts pointed out that if BTC successfully breaks through $87,400, the next resistance zone will be between $89,000-$90,000, and may even hit $92,000-$93,000. In addition, trading data shows that Whales is continuing to increase its holdings of bitcoin, which reflects long-term bullish sentiment towards BTC. Long-term bullish sentiment on BTC still exists. As shorts continue to be squeezed out, the bulls may take further control of the market, pushing Bitcoin to new highs.

This Week's Market Highlights: Fascination Currency Competition, Chained Contracts and Capital Flows

The cryptocurrency market has shown a significant rebound over the past week, with the Bitcoin price breaking above $87,000, accompanied by a large number of short positions, further reinforcing the market's upside momentum. Sentiment is gradually picking up as large institutional funds return to the market. This week saw a number of key events in the crypto market that reshaped investor sentiment. Aside from another HypeLiquid vulnerability, news ranging from the launch of Pump.fun's decentralized exchange, PumpSwap, to Cryptocurrency Founder CZ's testing of on-chain contracts, which drove up the prices of APX and Mubarak, showed signs of a rebound in the market. In this weekly report, we'll take a closer look at crypto market dynamics from a variety of perspectives, including cryptocurrency news, macroeconomics, and on-chain data. We will analyze this week's market changes in a comprehensive manner and forecast the possible future trends to help you better understand the current market situation and potential opportunities!

Hyperliquid System Vulnerability: Jelly Empty Order Incident Sparks Market Shock

Hyperliquid, the decentralized exchange, has stirred up controversy again. On March 26th, a trader who was highly leveraged through the mini-currency $JELLYJELLY used active position blowing tactics to expose the Hyperliquid Pool (HLP) to tens of millions of dollars in losses. In order to stop the loss, Hyperliquid forced settlement at $0.0095 to avoid further loss, but was accused of "centralized price manipulation" by the market, which triggered a heated debate in the industry.The incident was caused by a loophole in Hyperliquid's trading mechanism. The trader opened a $4.08 million short order, withdrew $2.76 million in margin, and then drove up the price of Jelly through the spot market, causing the vault to lose a huge amount of money on the short order. Hyperliquid was designed for risk control, but it accidentally allowed institutions and traders to manipulate the market, creating a situation of "hunting for exchanges".

BitMEX founder Arthur Hayes pointed out that Hyperliquid is not a real DEX and predicted that its token $HYPE would plummet, while Bitget CEO Gracy Chen criticized Hyperliquid as "FTX 2.0" and questioned the opacity of its leverage and vaulting mechanism. After the incident, Hyperliquid's stablecoin net outflowed $140 million, and $HYPE plummeted by 25%.

This incident highlights the contradiction between highly leveraged trading and the governance of DEX, which advocates for an open market, but should it intervene when the market is being manipulated? The forced liquidation of Hyperliquid's positions has put it in a difficult position between "decentralization" and "risk management". In the future, if DEX does not optimize its leverage and liquidity control mechanisms, the market trust crisis may continue to deteriorate and may even lead to regulatory intervention.

Pump.fun Launches PumpSwap, Ends Partnership with Raydium

Meanwhile, another decentralized exchange (DEX), Pump.fun, doesn't seem to have been affected too much and is still pushing forward with its business development. They recently announced the launch of PumpSwap, a decentralized exchange (DEX), where fans will be able to trade directly on PumpSwap instead of relying on Raydium, and the new platform focuses on 0% migration fees, low handling fees (0.25%), and plans to introduce a creator profit sharing mechanism to attract traders and developers.

This move coincides with Raydium's announcement of the launch of a competing product, "LaunchLab", which officially turns the relationship into one of competition. Over the past 30 days, Pump.fun fan coins have contributed 41% of Raydium's transaction fee revenue. With the migration, Raydium's transaction volume is expected to drop significantly, and its native token RAY has already plummeted 25% in February as a result.

PumpSwap removes the 6 SOL migration fee and lowers the entry threshold, making it more attractive to investors who wish to issue fan coins. The creator's profit sharing mechanism may drive the creation of more high-quality fan coins, which may set off a new round of fan coins with more opportunities for "golden dogs" to appear.

Movement Network to Buy Back All $38 Million of MOVE Tokens

On the other hand, Movement Network Foundation has announced that it will use $38 million recovered from an improper market maker to buy back MOVE tokens over the next three months. The market maker was disbanded on Binance for "market irregularities" and had its earnings frozen.

Binance reported that the market maker sold 66 million MOVE tokens and only provided a "small number" of buy orders, ultimately making a profit of $38 million. the Movement Network Foundation said it had terminated all relationships with the market maker and used the funds to build up a "Movement Strategic Reserve".

The buyback program is likely to boost market confidence in MOVE tokens, driving demand and stabilizing prices. At the same time, the incident highlights the importance of market regulation, and Binance's swift response will help maintain the health of the market. As compliance is emphasized, the market environment is expected to become more stable in the future, which is certainly a good sign for long-term investors.

CZ Test Chain Contracts, APX and Mubarak Short Time Ramp-Up, Sparking BNB Craze?

While the cryptocurrency market is changing, the on-chain contract market is also getting hot. CZ, the founder of CoinSecure, tested the on-chain perpetual contract for the first time on March 24th and opened Mubarak on APX Finance with 24.7x leverage and made a profit of 1,48% in just 10 minutes, which triggered a buzz in the market, with APX tokens surging by 42%, and Mubarak rising by 20%.

After the merger of APX Finance and Astherus, they said they are planning to launch a new token economy model, which could become a major player in DeFi derivatives. This could become a major player in DeFi derivatives in the future. does CZ's next test signal an explosion in on-chain contracts? Keep your eyes peeled for new opportunities in the BNB Fuzzy/AI proxy circuit.

Level USD Closes $6.1 Million Funding Round to Create High-Yield Stable Currency Agreement

Not only is the on-chain contract market getting attention, but DeFi's stablecoin space is also seeing significant progress. level USD recently announced a $6.1 million funding round led by Dragonfly, with participation from Polychain Capital, Circle, Injective and others, providing strong financial backing for its development. The deal focuses on the decentralized stablecoin market and has established a core liquidity pool with Curve, with a locked-in position worth over $6 million.Level USD offers an annualized return of 8.32% through staking and repledging, which is much higher than the general stable-currency yield. Currently, Level USD has a total reserve of US$100 million, of which US$75 million is USDC and US$8.87 million is from USDT. Meanwhile, US$7 million has been invested in Symbiotic for repledging to enhance the efficiency of capital utilization.

Points and airdrops are also a centerpiece of the program, with the LVL USD Pledge Pool offering an 80x XP bonus to entice users to participate. However, users who pledge for annualized returns will not be able to get airdrops, which creates a strategic choice of returns vs. airdrops.As the DeFi market recovers, Level USD is actively expanding into platforms such as BNB Chain and Venus Protocol in an attempt to become a major player in the market. However, investors still need to pay attention to the risk of smart contracts and market volatility, and carefully evaluate the risk before participating.

Cantor Fitzgerald Launches $2 Billion Funding as Cryptocurrency Lending Market Rebounds

Similarly, the crypto lending market made a strong comeback this week amidst the market's rebound, with Cantor Fitzgerald launching a $2 billion Bitcoin financing program, Blockstream receiving a multi-billion dollar investment, and Xapo Bank offering a multi-million dollar BTC secured loan.With Trump's push for pro-crypto policies, you can see the participation of traditional financial institutions in the crypto market gradually increasing, which will not only bring a new round of liquidity growth to the market, but also set the stage for the bull market to follow.

Doggie Coin Foundation establishes official reserve, first purchase of 10 million DOGEs

Finally, the Dog Money Foundation established the House of Doge, which plans to make DOGE a global payment currency and build a reserve of 10 million DOGE (about US$1.84 million) to enhance stability and promote payment applications.The program ensures a stable supply of DOGE, reduces transaction delays, and works with payment providers to increase efficiency. Michael Galloro, director of the company, said the DOGE reserve will enhance liquidity and facilitate its mainstream payment applications. With Musk signaling that platforms such as X Payments will soon have the opportunity to integrate DOGE as a payment method, demand for DOGE is likely to surge, driving up prices.

If the cryptocurrency market enters a bull market, DOGE could break through all-time highs and become a key payment cryptocurrency, propelling it from a "cryptocurrency" to a mainstream digital currency.1$ is the price the author expects DogCoin to reach, at least in this bull market.

Macro: How the FED manipulates the market: QE, QT, Tapering, and how it shapes Bitcoin and asset prices.

The Federal Reserve regulates market funding through quantitative easing (QE), quantitative tightening (QT) and tapering, which directly affects asset prices. Let's take a look at what these terms mean.QE is the release of liquidity by the Federal Reserve, which usually drives the market up; QT is the pulling back of funds to suppress risky assets, which usually signals the beginning of a bear market; and Tapering is the gradual reduction of bond purchases that affects market confidence. Historical data shows that Bitcoin surged from $15,000 to $69,000 in 2020 when QE was initiated, and the market peaked in November 2021 when the Federal Reserve Board began Tapering. The market peaked in November 2021 when the Federal Reserve started Tapering, and the subsequent QT and interest rate hikes triggered a bear market.

Now that the Federal Reserve Board has announced a 5-fold reduction in the size of QT, the pressure on the market has eased as capital outflows have slowed. If QT is halted or even restarted in the coming months, crypto markets are expected to see a new round of gains. Following the historical pattern of market highs 20 months after the first rate cut, a rate cut in September 2024 could mean a bull market peak in May 2026, and the market cycle could be longer than expected. The current panic is a good time to enter the market.In addition, the global economic environment continued to change. The European Union has postponed its tariff countermeasure on €26 billion of U.S. goods until mid-April, stressing that its position remains unchanged and that it is still targeting Trump's earlier tariff of 25% on steel and aluminum. An escalation of the trade war could put pressure on the US dollar, which could increase the attractiveness of gold, or virtual gold (Bitcoin).

Metaplanet Appoints Eric Trump as Strategic Advisor, Shares Surge 17% Hits Trading Stop

Earlier this week, Metaplanet (3350), the Japanese-listed company known as Asia's MicroStrategy, announced that Eric Trump, the son of former U.S. President Donald Trump, has joined its strategic advisory board to help the company grow its presence in the bitcoin and international digital asset markets. The move attracted a lot of attention and the company's stock price surged 17% and hit the Tokyo Stock Exchange's bullish halt, indicating investors' optimism in its global expansion plans.

Metaplanet has long included Bitcoin in its financial reserves, and this partnership with Eric Trump will undoubtedly further strengthen its global brand presence and attract international capital inflows. This reflects the accelerating trend of Bitcoin's corporatization and institutional adoption, which is a positive sign for the long-term development of the crypto market. As its corporate strategy continues to expand internationally, Metaplanet may become the Asian version of MicroStrategy, elevating Bitcoin's position in Asia's traditional financial markets.

GameStop Issues $1.3 Billion in Convertible Bonds to Increase Bitcoin Holdings as Traditional Finance Begins to Enter Crypto Assets

By Wednesday, GameStop, a video game retailer known for its hot stock, announced to the media that it will issue a $1.3 billion non-interest bearing convertible bond, with plans to invest some of the funds in Bitcoin, adding to its corporate Bitcoin reserves. The bond matures in 2030 and investors will have the option of converting it to cash or stock, details of which will be announced after pricing. In addition, the company is allowing initial investors to purchase an additional US$200 million of notes. As a result, GameStop (GME) shares rose 11% in a short period of time as a result of the Bitcoin program.

As corporations and institutions accelerate their deployment of digital assets, market acceptance of "Bitcoin reserve strategies" is growing rapidly. This trend is likely to prompt more traditional financial institutions and corporations to allocate capital to the crypto market, leading to larger capital inflows that will further drive the market's growth.

Chained Data Analytics: Markets are seeing the light, is a bull market not far away?

Short-term holders under pressure as market sell-off nears end

The recent sharp contraction in market liquidity has had an impact on both the on-chain and derivatives markets. One of the most common indicators of investor stress is Unrealized Loss, which is the amount of floating losses on assets held by investors. With the recent market correction, a large number of short-term holders have seen their Bitcoins fall below the cost of purchase, resulting in an overall unrealized loss of over $7 billion, highlighting the losses that short-term holders are now suffering.

It is worth noting that the size of the loss resulting from this sell-off exceeds the market turmoil triggered on August 5, 2024 when the Bank of Japan raised its benchmark interest rate to 0.25% from 0%, suggesting that the market is in the midst of a correction. However, this figure is still within the upper limit of unrealized losses in successive bull markets, and the impact of this decline on the market is relatively limited compared to the all-time high of US$20 billion in losses. In addition, the capital losses resulting from the current sell-off are well below the scale of the May 2021 market crash or the 2022 bear market, suggesting that the market, although affected by short-term selling pressure, is not yet in a bear market phase.A further look at the 30-day rolling total of realized losses for short-term holders shows that new investors are selling in response to the market downturn. This is the largest sell-off in the current bull cycle. However, when compared to the panic selling in 2021 and 2022, we can see that the scale of the losses is still relatively modest, suggesting that the overall risk to the market is still manageable.

Under the current market environment, investors should focus on risk management and avoid emotional operations. The author suggests taking advantage of this market correction to gradually allocate 2-3% stable cryptocurrency assets through the DCA (Dollar-Cost Averaging) strategy, and buy cryptocurrencies with larger market capitalization and sound fundamentals in batches, in order to reduce the risk of short-term volatility and enhance long-term investment returns.

Long-term holders steadily increase their holdings, capital flows back to support the market

Selling pressure on Long-Term Holders (LTH) has begun to subside compared to short-term holders. An important measure of LTH market behavior is the Binary Spending Indicator, which is used to see if LTH holders are continuing to sell their holdings.Based on the above chart, it is easy to see that when the price of Bitcoin rose from $20K to $80K, the supply of long-term holders dropped from 14.25M BTC to 13.25M BTC, indicating that a large amount of capital chose to take profits at the high point, and there was obvious selling pressure in the market, which ultimately led to the price retracement.However, as bitcoin prices fell back to the $60K-$70K range, long-term holders began to re-accumulate bitcoin, and supply picked up, signaling that the market was bottoming out and that selling pressure was gradually easing. This is consistent with the behavioral pattern of previous cycles, in which long-term holders tended to increase their positions during downturns and decrease their positions when the market was too hot.

This provides a worthwhile reference direction - there are always people in the market who are making profits, the key is whether you are following the wind or the whales who are making profits behind you. Ask yourself this question now: Who are the whales that have been making steady profits during this correction? What is their mode of operation?Observe the flow of capital calmly and follow those investors who can make steady profits instead of being swayed by market sentiment. Be patient, avoid panic selling, and enter the market gradually by spreading out your positions rather than blindly All-in to stay afloat in a volatile market.

Bitcoin Long-Term Holders' Selling Pressure Weakens, Market Enters Bottoming Stage?

The "Long-Term Holders' Asset Flows to Exchanges Ratio" is a measure of the amount of selling by long term holders, which reflects market sentiment. When this indicator rises, it means that more long-term holders are transferring assets to exchanges, increasing selling pressure and making it more likely that prices will fall in the absence of contractual demand. On the other hand, a decline in this indicator means that long term holders are choosing to hold and selling pressure is decreasing, which can help stabilize prices or even bring them back up.Looking at the past data on the chart, long term holders have seen around 0.07% of assets in their positions flow onto exchanges when the price of Bitcoin reaches the $80K region, creating a significant selling wave. However, as the price retreated, the ratio declined rapidly to just 0.024% in March 2025, indicating that selling pressure was waning.

In addition, compared to the peak of the sell-off in March 2024, when long-term holders inflowed more than 0.07% to the Exchange, the current sell-off has shrunk by more than 65%, suggesting that most of the sell-off has been completed in the market and that remaining holders are more inclined to hold on to their positions than to sell at a profit.When selling by long-term holders slows down and market receptivity increases, it often means that the market is bottoming out. Consistent with historical cycles, this may be a time for the market to re-accumulate bargaining power. Instead of panicking over short-term fluctuations, investors should be rational and pay attention to the flow of capital, and follow the lead of those who are steadily making profits to set up for the big bull market ahead.

Bitcoin Realizes Price of $43,600 - What's Next?

The realized price reflects the average cost of the last on-chain transfer of Bitcoin and provides an assessment of investor sentiment and levels of support and resistance. This indicator only changes when BTC is transferred and truly reflects the cost basis of long-term holders. In a bull market, long-term holders take profits and move BTC to new buyers, pushing up the realized price and strengthening support. Based on historical data, this significantly reduces the risk of a large Bitcoin correction.CryptoQuant data shows that the realized price has risen steadily since the beginning of 2023, from around $20,000 to the current level of $43,600, suggesting that the market has continued to see inflows of capital and that long-term holders are still accumulating BTC.To drive the realized price to $70,000, the market will need to trade at a much higher price range and on a larger scale. Historical data shows that this typically requires Bitcoin to be traded on a large scale at higher prices. Historical data suggests that this would typically require a surge in the Bitcoin price above $150,000-$180,000 to generate sufficient on-chain volume to drive this change.

An increase in the realized price means the market's cost base has increased, reducing downside risk, and a break above $70,000 would signal that Bitcoin has fully absorbed its historical highs and the market has entered a new price zone. Past cycles have shown that BTC's highs are typically 3-4 times the realized price, which is consistent with the market's expectation of a price target above $150,000 this time around. Changes in the realized price of Bitcoin will be a key indicator of the strength and long-term sustainability of the market.As more investors build positions in higher price ranges, the market will become more resilient to selling pressure and less volatile, setting the stage for a more stable uptrend. If Bitcoin's price continues to climb, it will further boost confidence in the market, attracting more institutional capital and pushing Ether and other torrents even higher.

Total Cryptocurrency Market Cap Challenges $2.8 Trillion Critical Resistance Level! Is a new bull market about to start?

Recently, the total market capitalization of cryptocurrencies recovered rapidly after the Bybit hack and managed to break through a key resistance level of $2.8 trillion, turning it into a support level. This breakout sets the stage for a further rally to $3 trillion or even $3.7 trillion, which could signal a new bull market in the coming months.In technical analysis, resistance levels represent critical selling areas during price rallies, often leading to price pullbacks or consolidation. However, once the price breaks through resistance and manages to stabilize, it may turn into a new level of support, providing a solid foundation for further gains.

The total market capitalization of the crypto market is currently at this critical stage, and if buying continues to drive prices to stabilize above $2.8 trillion, sentiment may turn more optimistic, attracting more capital inflows. In conjunction with the previous analysis, the selling pressure from long-term holders has subsided significantly, suggesting that selling pressure in the market may be saturated, which could be positive for the price going forward.However, investors still need to be alert to the potential volatility in the market. Although the breakout of the resistance level is a positive sign, there may still be a pullback or shock in the short term due to the US tariffs or the US unemployment index to be released on April 4th. Investors are advised to pay close attention to changes in market trends and formulate an investment strategy that best suits their risk appetite.

Conclusion: Capital is gradually returning, selling pressure is almost over.

The crypto market showed a strong rebound this week, with the Bitcoin price surpassing $87,000, accompanied by the return of institutional funds and increased competition in the cryptocurrency market, indicating a gradual warming of sentiment. The launch of the PumpSwap decentralized exchange by Pump.fun and the testing of the on-chain contract by CoinSecure's founder, CZ, have injected a new vitality into the market. With the net inflow of ETF funds and the bursting of short positions, the market momentum seems to be heading to the upside.

However, even though the market is showing signs of recovery, investors need to remain vigilant at the upcoming key resistance areas and not open contracts that are too large. You may want to look into a DCA (Dollar Cost Averaging) strategy that suits your needs to prepare for the bull market later on.

Thank you for your support and we look forward to seeing you next week!

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