K33 Research stated that Bitcoin climbed past $75,000 before pulling back toward its March 2024 all-time high of $73,835. The move marked eight consecutive days of gains, yielding an 8% return over a seven-day period. The report also identified Strategy as a key driver of demand. The Bitcoin treasury firm accumulated more than 40,000 BTC over two weeks, funded by capital raised through preferred share offerings, providing significant support to the spot market. However, CryptoQuant signaled that rising prices have coincided with increased Bitcoin inflows into exchanges, with hourly inflows reaching 6,100 BTC.

#加密市场观察 Crypto Daily(03.19): SEC Clarifies BTC and 16 Other Assets as Digital Commodities; Geopolitical Conflict Suppresses Price but ETFs Continue Attracting Capital I. Bitcoin Price Volatility and Contributing Factors (Geopolitics, Hash Rate, Institutional Capital, and Expectations) 1 Middle East conflict escalation triggers market risk-aversion sentiment. Bitcoin retreats from six-week highs, with other volatile crypto assets and related concept stocks declining in sync. Short-term holders cash out around $70,000, weakening upward momentum. 2 Middle East conflict pushes energy prices higher, causing Bitcoin hash rate to decline approximately 8% to 920EH/s. Network may undergo an 8% difficulty adjustment, creating downward price pressure. 3 Citigroup downgrades Bitcoin and Ethereum price expectations for the next year due to stalled U.S. crypto legislation. Bitcoin target price reduced from $143,000 to $112,000; Ethereum from $4,304 to $3,175. 4 U.S. spot Bitcoin ETFs experience net capital inflows for the third consecutive week, with net inflows of 2,492 BTC ($179.33 million) over the past week. Ethereum and SOL ETFs also see capital inflows, signaling recovered institutional confidence. II. U.S. SEC Clarifies Crypto Asset Regulatory Classification (Digital Commodities) 1 The U.S. SEC and Commodity Futures Trading Commission (CFTC) jointly issue a document clearly defining "digital commodities" as assets whose value derives from programmatic operations executable within a cryptographic system and supply-demand dynamics, without reliance on core management actions by others to generate profit expectations, and lacking securities attributes. 2 Lists 16 digital commodity examples, including mainstream crypto assets such as Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL), explicitly clarifying these assets fall outside the securities category. III. Large Crypto Fund Flows and Legal Regulatory Developments 1 Suspected Cumberland wallet withdraws over $40 million in BTC from multiple exchanges in large transactions, involving significant fund transfers. 2 Bhutan's government transfers 973 Bitcoin in treasury operations, reflecting government-level changes in Bitcoin holdings. 3 UK High Court rules Bitcoin constitutes property but is not subject to traditional tangible property legal claims, clarifying that while digital assets are property, traditional legal remedies such as conversion claims do not apply to them. 4 UK lawmakers push for banning crypto donations due to election security concerns, involving regulatory proposals for crypto in the political sphere.

Thursday Midday Jingyi Operational Analysis Waterfalls may be late, but they never fail to arrive. The pullback we predicted earlier has materialized as expected. After BTC's eight consecutive days of gains, the top structure has been confirmed, with bullish momentum continuously weakening. The price action aligns with expectations: if biased strong, it will experience a bull trap and secondary surge; if biased weak, it will directly pullback. After breaking support in advance, the impact of overnight news on the market has weakened. The interest rate hold aligns with the current macroeconomic environment. After BTC broke below the ascending channel, it accelerated downward with a decline of nearly 4000-5000 points. Jingyi also took a big hit. This round of upward wave has officially ended, and we can continue the trend by shorting on rebounds. Currently, price has touched the first support zone near 70,000. After the sharp decline, it will likely enter a pullback consolidation phase within the downtrend. Subsequent Strategy: If the rebound is strong, it could retrace to the 72,500-73,000 zone. If the rebound is weak, it will directly initiate a new round of decline. Operational Suggestions: BTC: Can set up short positions near 725. If it effectively breaks below the 690-70,000 support level, the downside target looks toward the 686-640 zone. The above represents personal views for reference only. Specific operations should be guided by Shiping. #Gate13周年全球庆典