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CryptoQuant analyst Darkfost stated that the profit and loss supply of Bitcoin has reached a typical level for a bear market. Currently, about 11.2 million Bitcoins are still in profit relative to their purchase price. This is not far from the lowest level of profitable Bitcoins during the last bear market (9 million).On the other hand, approximately 8.2 million Bitcoins are currently in a loss state, while the number of loss Bitcoins during the last bear market was about 10.6 million. This indicates that the market is significantly undervalued, similar to the situation during the last bear market.

According to The Kobeissi Letter data, U.S. government job vacancies in February fell to 701,000, the second lowest since December 2020, a decrease of 524,000 from the peak in 2022. Federal government vacancies are down to 89,000, with the hiring rate dropping to 1.4%, matching the lows of 2016 to 2017. Private companies are also significantly laying off employees, with Oracle reportedly cutting as many as 30,000 jobs, Amazon reducing 16,000 positions, and Block laying off over 4,000 people.In terms of consumer confidence, only 27.3% believe that jobs are plentiful, far below the approximately 55% in 2022; the labor market disparity indicator has dropped to 5.8 percentage points, the lowest since the pandemic. Kobeissi points out that this indicator has historically been a reliable leading signal for rising unemployment, with the current level only appearing before and after economic recessions.

According to The Block, SoFi has officially launched a banking platform for enterprises called "Big Business Banking," which supports companies in managing fiat and crypto assets within a single regulated system.The platform operates under SoFi's national bank charter, providing 24/7 payment and liquidity management services, supporting API-driven payments for fiat, SoFiUSD stablecoin, and specific cryptocurrencies, and includes tools for converting between fiat and digital assets, including the minting and burning functions of SoFiUSD.The first batch of partner institutions includes Cumberland, Bullish, BitGo, B2C2, Fireblocks, Wintermute, Galaxy, and Jupiter, with the underlying infrastructure built on Solana and other blockchain networks.

Due to the repeated fluctuations in the Middle East situation and supply disruptions in the Strait of Hormuz, international crude oil prices remain high and volatile. XBRUSDT (Brent crude oil) reached a high of $106.36 in the last 24 hours and is currently around $105.58.According to data from the CoinGlass platform, the total contract trading volume for XBR in the last 24 hours reached $20.9817 million, with a contract open interest of $6.3943 million; among them, the Gate platform had a contract open interest of $4.38 million and a contract trading volume of $19.4 million, both ranking first globally.Gate contracts have taken the lead in crude oil, pioneering the commodity contract sector, covering XBRUSDT (Brent crude oil) and WTIUSDT (WTI crude oil) perpetual contract trading, providing 24/7 trading, USDT settlement, and up to 100 times leverage, helping users with cross-market asset allocation and strategy layout in volatile markets.

Defillama data shows that in March this year, the overall trading volume of DEX reached $202 billion, almost falling back to the level of March last year ($251.3 billion); in March, the trading volume of Solana DEX reached approximately $57.3 billion, dropping to the lowest point since September 2024.

The enterprise-level modular L1 public chain ENI has announced a strategic partnership with the globally leading on-chain investment ecosystem Republic Crypto. Republic Crypto is backed by top institutions such as Hamilton Lane and Hashed, with an ecosystem covering over 2,500 enterprises.The two parties will combine Republic Crypto's expertise in token economics and top Western capital markets with the advantages of ENI's enterprise-level modular L1 architecture to open up liquidity channels for real-world assets (RWA) between the East and West, facilitating seamless global settlement for institutional assets and promoting the scaling of Web3 business.

The U.S. Department of the Treasury has officially launched the implementation of the stablecoin innovation "GENIUS Act," releasing a proposed rulemaking notice, which is the first implementing regulation of the act, totaling 87 pages, with a public comment period of 60 days.According to the "GENIUS Act," issuers of payment stablecoins with a total issuance not exceeding $10 billion may choose to accept state-level regulatory frameworks, provided that the state's regulatory framework is "substantially similar" to the federal regulatory framework. The U.S. Department of the Treasury will establish broad principles for determining "substantial similarity" through this notice.

According to Decrypt, Ripple announced the launch of its enterprise-level crypto fund management system Digital Asset Accounts and Unified Treasury, which supports corporate finance teams in managing fiat and digital assets on the same platform. This system allows for the direct management of assets such as RLUSD and XRP, seamlessly integrating into existing fund management processes without relying on independent wallets, exchanges, or custodial platforms, thereby lowering the adoption threshold for enterprises.This release is based on Ripple's previous acquisition of the corporate fund management platform GTreasury, aiming to embed crypto capabilities into mature corporate financial infrastructure. As the use of stablecoins and digital assets grows, the demand for enterprise-level on-chain fund management continues to rise.

According to Jinshi reports, Federal Reserve official Barkin stated that inflation progress is expected to be slow and will not quickly return to target levels.

According to the Financial Times, foreign central banks have reduced their holdings of U.S. Treasury bonds to the lowest level since 2012 in order to support their domestic economies and currencies during the war in Iran.Since February 25, the value of Treasury bonds held in custody at the New York Federal Reserve Bank by official institutions has decreased by $82 billion. Some central banks have intervened in the foreign exchange market to support their domestic currencies. Such interventions typically involve selling dollars to respond to crises. Since February 27, the Turkish central bank alone has sold $22 billion worth of foreign government bonds.Analysis indicates that supply shocks have put immense pressure on global central banks.

According to independent analyst Markus Thielen, Ethereum has broken through a key technical support level and is currently showing a bearish flag pattern, with prices touching around $2004. This pattern is highly similar to this year's trend, and caution is advised as this pattern may reoccur.On the funding side, market trading volume remains sluggish, with insufficient participation willingness. Ethereum ETFs have continued to see net outflows since last year, with no recent improvement. On the fundamental side, the new cycle of DeFi has not yet started, and there are no obvious signs of recovery in on-chain activity. Recently, the minting volume of USDC has significantly slowed down and turned into net outflows. The improvement in liquidity within the ecosystem is still not stable, and structural demand support remains limited.

According to market news, due to the ongoing US-Iran conflict, the price of Bitcoin has fallen from about $71,000 last week to around $67,000, dipping to $65,000 on Saturday. BTC Markets crypto analyst Rachael Lucas stated that Bitcoin briefly reached $72,000 earlier this week due to hopes for a breakthrough in Middle Eastern diplomacy, but as those hopes faded and concerns over oil supply resurfaced, the price retraced its gains.She pointed out that the situation in the Strait of Hormuz has heightened inflation concerns, making it difficult for the Federal Reserve to cut interest rates, which puts pressure on crypto prices. BTSE Chief Operating Officer Jeff Mei indicated that oil and gas prices will remain high in the short term and drag down economic growth, suggesting that there is still room for crypto prices to decline, with Bitcoin potentially falling to a support level of $60,000.Bitrue Research Director Andri Fauzan Adziima believes that the market will continue to be volatile and driven by news; if the US-Iran conflict escalates, Bitcoin may test $60,000; if the situation eases and oil prices drop, it could rebound above $70,000.BTC Markets analyst Lucas also noted that current retail investor sentiment is fearful, with many adopting a wait-and-see or hedging stance, while institutional investors are showing the opposite trend. This month, over $1.13 billion flowed into US spot Bitcoin ETFs, ending four consecutive months of net outflows; Strategy continues to increase holdings, and Morgan Stanley is set to launch a low-fee Bitcoin ETF.She stated that when there is a clear divergence between retail panic and institutional accumulation, historical experience shows that institutional judgment is often more accurate.

CryptoQuant analyst Darkfost stated, "BTC has still not been able to regain the realized price after removing long-term inactive supply. Excluding Bitcoin supply held for over 7 years to more accurately reflect the actual circulating chips. Filtering out lost Bitcoins and long-term 'diamond hands' holdings. Under this adjustment, the Bitcoin realized price is about $72,500, which currently constitutes a resistance level. BTC has been below this price for about two months. In each previous bear market, BTC has maintained below this cost basis for 6 to 10 months, during which it failed to effectively recover this level. If this pattern repeats, BTC may still face pressure in the coming months, with a high probability of continuing to operate below $72,500."

According to monitoring by onchainschool, a certain wallet "0xD4d8" transferred 80.293 million PTB tokens to another wallet "0xF4bFB", valued at approximately $219,000. Subsequently, wallet "0xF4bFB" transferred 74.819 million PTB to a CEX, suspected to be preparing for a sell-off at a high point.The spot price and contract price of PTB had previously shown unusual fluctuations. Market data indicates that the current spot price is $0.0028333, with a 24H increase of 78.6%.

Bitcoin fell to $65,720 on Friday, the lowest price since March 2, with a recent trading price of about $65,804, a daily decline of over 4%. Ethereum dropped about 4% to $1,980, Solana fell 5% to below $83, and BNB decreased 3% to $608.According to CoinGlass data, over $500 million in crypto positions were liquidated in the past 24 hours, with nearly 90% being long positions. The largest corporate Bitcoin holder, Strategy, holds about $50 billion in Bitcoin, and its stock MSTR fell over 5% during the day, dipping below $124, marking a new low in a month. BitMine Immersion Technologies (BMNR), the publicly traded company with the largest Ethereum holdings, hit a monthly low of $18.42 during the day, with a daily decline of over 4%. The crypto and stock trading platform Robinhood (HOOD) also fell to a monthly low, trading slightly above $66, with a cumulative decline of over 11% in the past month and more than 50% in the past six months. The three major U.S. stock indices fell simultaneously, with the Nasdaq down 1.5%, and the S&P 500 and Dow Jones each down about 1%. The U.S. President stated after the market closed on Thursday that plans to strike Iranian energy facilities would be paused, but Israel subsequently indicated it would "escalate" attacks on Iran after suffering missile strikes. Users on the prediction market platform Myriad currently believe there is a 64% probability that Bitcoin's next target is $55,000 rather than $84,000.

According to a report by Cointelegraph, a staff paper from the European Central Bank points out that the governance tokens of DeFi protocols are highly centralized, with about half or more of the holdings of governance tokens for Aave, MakerDAO, Ampleforth, and Uniswap related to the protocol itself or exchanges.The main voting participants are mostly delegated representatives, and in many cases, these representatives cannot be identified or associated with the token holders. The study questions whether DeFi DAOs have sufficient decentralization to be excluded from the MiCA regulatory framework and provides a reference for policymakers to include relevant entities in regulation.

According to Jinshi Data, the yield on Japan's 10-year government bonds has risen to its highest level since 1999.