March 23, US spot Bitcoin ETFs recorded net inflows of $167 million, ending three consecutive days of outflows, signaling a shift of capital toward Bitcoin. Simultaneously, gold ETFs faced significant outflows, primarily due to the Fed's high interest rates increasing the opportunity cost of holding gold, prompting capital to flow toward Bitcoin and other assets. The correlation between Bitcoin and gold fell to -0.88, indicating a strong negative correlation between the two.

XRP has been underperforming since the beginning of the year and has failed to attract market capital. The current trading price is below major moving averages. SOPR and NUPL indicators show bottom signals, but these are only probabilistic characteristics. $1.51 serves as a short-term bullish/bearish dividing line, and a breakout could trigger a bullish rally. The market remains cautious about a strong near-term rebound in XRP, with only a 5% probability of returning to $2.

The U.S. prediction market platform Kalshi recently successfully raised over $1 billion, reaching a valuation of $22 billion, doubling in four months. Despite facing legal challenges, its annual revenue run rate reaches $1.5 billion, demonstrating strong demand from both institutional and retail investors for prediction markets. Investors' confidence in Kalshi continues to strengthen, reflecting the platform's potential as a new financial asset.

Battery module leader AES-KY (6781) has surged to the daily limit of 1,100 yuan due to increased AI server demand. The company specializes in high-voltage backup battery modules (BBU), successfully entering cloud service provider supply chains and overcoming safety challenges to enhance its technological advantages. With revenue expected to reach record highs in 2025, representing approximately 60% year-over-year growth, the market demonstrates strong consensus on its fundamentals.

Musk is negotiating a settlement with the U.S. Securities and Exchange Commission over delayed Twitter stake disclosures to clear legal hurdles for SpaceX's planned 1.75 trillion dollar IPO. Meanwhile, X has paid the EU fine while retaining appeal rights. Musk expressed strong affirmation of Nvidia chips and announced continued procurement. These moves could promote market sentiment and enhance liquidity in tech stocks and crypto assets.

Bitcoin has rebounded approximately 2.5% in recent days, touching a high of $74,000, primarily driven by consecutive five days of net inflows into US spot ETFs totaling $767.3 million. Analysis indicates this rebound stems from spot ETF capital inflows, short covering, and active institutional buying. While the rebound is strong, analysts remain cautious about a long-term bull market, with the key focus on the sustainability of capital inflows and the easing of geopolitical tensions.

Bitcoin recently broke through $73,000, showing strong performance and decoupling from tech stocks and gold. Analysts predict that if the market stabilizes, it could rise to $75,000 to $80,000. However, geopolitical risks and extremely fearful market sentiment continue to pressure prices. Meanwhile, the Ethereum Foundation sold Ether for approximately $10.2 million to sustain operations.