Since early 2025, the miner supply ratio has continued to decline, indicating that miners are selling fewer BTC to Binance. However, BTC prices have risen and then fallen, reflecting that prices may still decline even as selling pressure eases. Miners face higher costs post-halving, with many on the brink of break-even, and the selling pressure from lower prices primarily comes from spot investors and macroeconomic risk factors.

The Financial Supervisory Commission Chairperson Peng Chin-lung stated that an evaluation of converting from the "one thousand shares per unit" system to a "one share per unit" system will be initiated, with a commitment to submit a report within one month to address the investment threshold issue for retail investors. The current "one thousand shares per unit" system makes it difficult for small investors to enter the market and creates a gap with international standards. While US stocks use "one share" as the unit and support fractional share trading, the system conversion faces challenges such as system upgrades and rebuilding investor habits.

Bitcoin monthly options will expire on March 27, with open interest reaching $18.6 billion, of which call options account for $11.2 billion. As much as 92% of call contracts are expected to expire worthless, with bears holding a structural advantage. Macroeconomic factors such as inflation, geopolitical conflicts, and credit tightening are putting pressure on the market. Liquidity around the options expiration is sensitive and may impact the spot market.

Bitcoin is facing pressure around $70,791 as U.S. 5-year Treasury yields hit a 9-month high, coupled with inflation concerns triggered by the Iran conflict. Market funds are tilted toward holding cash, weakening demand for Bitcoin, while analysts predict it may retest the $66,000 support level. With rising probabilities of rate hikes, speculative demand for Bitcoin has weakened, and overall risk assets are under pressure.

Circle (CRCL) stock price plunged nearly 20% due to the draft of the CLARITY Act, which proposes restrictions on stablecoin passive yields. The bill aims to prevent stablecoin issuers from offering interest similar to bank deposits, potentially affecting Circle's profit model and market competitiveness. Analysts point out that the current decline may be an overreaction by the market, with USDC circulation still growing, and the bill still in the negotiation stage with uncertain outcomes.

Iran announced to the International Maritime Organization on March 24 that vessels not under US or Israeli flags and not participating in military operations can safely pass through the Strait of Hormuz, but the actual situation remains unclear, and many shipping companies may not resume passage as a result. After the outbreak of war, the number of transiting vessels dropped sharply, regional security remains tense, and alternative pipeline capacity is limited, with confidence in reopening remaining at the diplomatic level.

摩根大通执行长Jamie Dimon对伊朗冲突发表看法，认为短期风险升高但可能促成中东的长期和平，因为区域利益日渐一致。然而，他警告缺乏稳定将使外国直接投资面临枯竭风险，强调只有和平才能确保经济和科技的未来发展。

KOL "月光" mentioned that Network3 blockchain project founder Rock died by suicide due to pressure, emphasizing the multiple pressures entrepreneurs face. Friend Cai Si recalled that Rock had an optimistic personality, but in a market centered on token issuance, honest people often face backlash. According to Suji Yan's disclosure, Rock's pre-death pressure may have been related to market maker Web3Port's actions, which caused multiple token prices to plummet.

The United States announced a delay in military strikes against Iran, causing Bitcoin to briefly break through $70,000. Analysts warned that this rally could be a bull trap, predicting Bitcoin may retest $46,000, with market sentiment remaining sluggish due to geopolitical risks and persistent inflation. Under internal pressure, Trump faces challenges from Iran and dollar-denominated oil prices.

As the market enthusiasm for decentralized derivatives exchange Hyperliquid surges, Grayscale has officially filed an application with the U.S. Securities and Exchange Commission to launch a HYPE token ETF, with plans to list on the Nasdaq. While staking is currently not available, it may be unlocked in the future. Hyperliquid has recently seen trading volume breakthrough $50 billion, attracting market attention, with HYPE token price expected to rise.