1. Market observation
Keywords: Trump, ETH, BTC
The cryptocurrency market has been generally negative recently due to huge selling pressure. After the price of Bitcoin fell below $82,000, large holders (whales) sold more than 40,000 BTC, resulting in the largest inflow of funds to exchanges in months. At the same time, the altcoin market also showed bearish sentiment, and digital asset investment products saw a large outflow of funds. During this market turmoil, David Sacks, the White House artificial intelligence and cryptocurrency adviser, revealed that he had liquidated his crypto asset holdings before Trump took office. However, there are still some positive signals in the market: cryptocurrency analyst Peter Brandt predicts that Ethereum may fluctuate sharply in the future, with a target price of $6,000; in addition, Metaplanet took the opportunity to increase its holdings by 156 Bitcoins (about $13.4 million), bringing its total Bitcoin reserves to $222 million. However, the overall market still maintains a bearish trend, mainly due to the need for Bitcoin to fill the CME gap below $90,000. The market's focus has now turned to March 7, when several important events are expected to be held that day that may trigger significant market fluctuations. Notably, Standard Chartered reiterated its Bitcoin price target of $500,000 after Trump revealed his cryptocurrency holdings.
2. Key data (as of 09:30 HKT on March 5)
S&P 500: 5,778.15 (-1.76% year-to-date)
Nasdaq: 18,285.16 (-5.31% year-to-date)
10-year Treasury yield: 4.247% (-32.90 basis points year-to-date)
US dollar index: 105.59 (-2.66% year-to-date)
Bitcoin: $86,985 (-6.88% year-to-date), with a daily spot volume of $63.81 billion
Ethereum: $2,173.28 (-28.88% year-to-date), with a daily spot volume of $34.86 billion
3. ETF flows (March 4 EST)
Bitcoin ETF: -$80.9 million
Ethereum ETF: +$19.2 million
4. Important Dates (Hong Kong Time)
FOMC permanent voting member and New York Fed President Williams spoke at the Bloomberg Investment Forum (March 5, 03:20)
US President Trump was invited to deliver his first speech to Congress (March 5, 10:10)
U.S. ADP employment in February (10,000 people) (March 5, 21:15)
Actual: None / Previous: 18.3 / Expected: 14
U.S. EIA crude oil inventory for the week ending February 28 (10,000 barrels) (23:30, March 5)
Actual: None / Previous: -233.2 / Expected: None
Number of initial jobless claims in the United States for the week ending March 1 (10,000 people) (March 6, 21:30)
Actual: None / Previous: 24.2 / Expected: 23.5
FOMC permanent voting member, New York Fed President Williams and Fed Governor Bowman participated in the panel discussion of the U.S. Monetary Policy Forum organized by the University of Chicago Booth School of Business (March 7, 23:45)
US President Trump hosts cryptocurrency summit at the White House (March 8, 2:30 am)
Federal Reserve Chairman Powell speaks before the 2025 U.S. Monetary Policy Forum luncheon at the University of Chicago Booth School of Business (March 7)
U.S. unemployment rate in February (March 7, 21:30)
Actual: None / Previous: 4% / Expected: 4%
U.S. February seasonally adjusted non-farm payrolls (10,000 people) (March 7, 21:30)
Actual: None / Previous: 14.3 / Expected: 15.3
North America has begun to implement daylight saving time. The trading hours of financial markets and the release of economic data in the United States and Canada will be one hour earlier than winter time. (March 9, 14:00)
5. Hot News
Upbit to List KAITO Token in KRW, BTC, USDT Markets
The White House Crypto Summit will begin at 2:30 a.m. Beijing time on March 8
El Salvador’s President: Bitcoin purchases will not stop due to IMF agreement
U.S. Senate votes to repeal IRS cryptocurrency rules, pending House vote
ETH falls below $2,000, down 3.67% on the day
Aave updates its token economic model, initially plans to repurchase $1 million of AAVE per week
Binance HODLer Airdrop Launches 11th Project - GoPlus Security (GPS)
Adam Cochran: Trump has no power to unilaterally repeal crypto capital gains tax, only Congress can
Zora Releases ZORA Token Economics: 10% for Retroactive Airdrop
Yuga Labs announces that the US SEC has officially concluded its investigation
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