Fidelity Sends Letter to SEC: Tokenized Asset Regulation Should Not Be "One Token, One Rule," Differentiated Rules and Regulatory Models Needed On March 22, Fidelity Investments, a US asset management company, sent a letter to the US Securities and Exchange Commission (SEC), responding to the SEC's earlier public comment period. In the letter, Fidelity Investments called on the SEC to further refine its regulatory framework, primarily addressing matters related to brokers offering, custodian, and trading crypto assets on alternative trading systems (ATS). The letter emphasized that developing a comprehensive regulatory framework and clear rules for trading tokenized securities is "crucial," including rules governing the trading of tokenized securities issued by third parties. The letter pointed out that tokenized instruments have different issuance structures, legal attributes, and valuation models. For example, tokenized real-world assets (RWAs) encompass entirely different asset classes such as stocks, real estate, bonds, or private credit. Fidelity further explains that tokenization models differ significantly in structure and the rights granted to holders. Some models allow indirect access to underlying securities through security interests, while others restrict participation to qualified contract investors based on security swaps. This structural difference means the tokenization market is already "layered," requiring regulatory oversight that avoids a one-size-fits-all approach. Differentiated rules must be developed for different models; otherwise, compliance is impossible. Furthermore, because DeFi financial trading platforms lack a central authority and cannot generate detailed financial reports as required by the SEC, Fidelity urges the SEC to bridge the regulatory gap between CeFi and DeFi trading systems and consider how they should evolve and coexist. In response, Fidelity recommends that the SEC issue guidance allowing brokers to utilize distributed ledger technology for alternative trading systems and other record-keeping, aiming to alleviate unnecessary financial reporting burdens for decentralized systems by modifying reporting requirements. In summary, Fidelity's letter reveals that some RWAs are merely digital shells of traditional securities, while others have become high-barrier contract derivatives, clearly inconsistent with a unified market regulatory logic. Fidelity's demands are straightforward: either break down the rules into smaller, more manageable sections, or stifle innovation in the industry. The SEC's response will determine how fast CeFi can grow and how far the DeFi world can go. #TokenizedSecurities

Trump's threat to "destroy" Iranian power plants sends BTC price plunging to $68,000 Bitcoin prices were relatively stable on Saturday, holding above $70,000, but a sharp overnight decline pushed it down to around $68,000 for the first time since March 9. According to Axios, Trump was seeking "liaisons" with the Iranian regime to initiate peace talks to end the war, but the president subsequently reversed course and issued a direct threat: He demanded that Iran reopen the Strait of Hormuz within 48 hours, or he would "strike and destroy its power plants, starting with the largest ones." Kobeissi Letter analyzed and summarized Trump's shift in attitude over the past 36 hours. Influenced by the potential escalation of the Middle East conflict, BTC briefly surpassed $70,000 over the weekend before falling back by several thousand dollars. On exchanges, the price even dipped to $68,000, a three-week low. Altcoins also fell, with Ethereum (ETH) currently below $2,100 and Ripple (XRP) below $1.40. In the past 24 hours, the total value of liquidated leveraged positions exceeded $335 million, primarily long positions. In summary, from negotiations to threats, in just 36 hours, Trump's reversal of his statement about "destroying power plants" caused Bitcoin to plummet below $68,000. As geopolitics regains control over pricing, the market is particularly sensitive to escalating conflicts. Bitcoin was once considered "digital gold" with safe-haven properties, but in this Middle East conflict, it has behaved more like a highly volatile risk asset. When the safe-haven logic temporarily fails, sentiment and liquidity become the short-term drivers. #TrumpThreats

US BTC spot ETFs attracted a total of $95.18 million this week, while ETH ETFs saw a net outflow of $59.94 million. According to SosoValue data, US BTC spot ETFs recorded a net inflow of $95.18 million this week, marking the fourth consecutive week of net inflows. BlackRock's IBIT topped the list with nearly $191 million in net inflows this week, bringing its cumulative net inflow to $63.26 billion. Following this were Franklin EZBC, Valkyrie BRRR, and Grayscale BTC, which recorded net inflows of $6.21 million, $5.26 million, and $4.66 million respectively. Meanwhile, Fidelity FBTC, Grayscale GBTC, Bitwise BITB, ARK 21Shares ARKB, and VanEck HODL saw net outflows of $50.07 million, $24.29 million, and $24.29 million respectively. The total net outflow of funds in a single week was $10,000, $21.33 million, $15.76 million, and $150,000. As of now, the total net asset value of Bitcoin spot ETFs is $90.3 billion, accounting for 6.44% of the total market capitalization of Bitcoin, with a cumulative net inflow of $56.23 billion. In the same week, US Ethereum spot ETFs saw their first net outflow of funds this month, totaling $59.94 million. Specifically, BlackRock ETHA, Fidelity FETH, Grayscale ETHE, and VanEck ETHV experienced net outflows of $69.59 million, $61.62 million, $16.88 million, and $11.86 million, respectively. Following this were Bitwise ETHW, 21Shares TETH, Invesco QETH, and Franklin EZET, with net outflows of $10.53 million, $5.99 million, $3.41 million, and nearly $0.81 million, respectively. Meanwhile, BlackRock ETHB and Grayscale ETH saw net inflows of nearly $114 million and $6.87 million, respectively. As of now, the total net asset value of the Ethereum spot ETF is $12.33 billion, representing 4.79% of the total Ethereum market capitalization, with a cumulative net inflow of $11.73 billion. #BitcoinETF #EthereumETF

US Midterm Election Year: Can BTC Break the "Drop Then Rise" Curse? As the geopolitical conflict between the US and Iran continues to escalate, Bitcoin has recently encountered resistance at the $74,000 mark. However, another potential influencing factor is approaching: the US midterm elections. Analysts believe that although market attention is currently focused on the Middle East situation, historically, US midterm election years will also have a significant impact on Bitcoin's price movements. CryptoQuant platform analyst XWIN Research, through in-depth analysis of historical data, points out that Bitcoin often exhibits a relatively regular price trend in midterm election years: a cycle of initial weakness followed by a rebound. Looking back at the midterm election years of 2014, 2018, and 2022, Bitcoin prices all experienced significant declines, exceeding 60%. However, within 12 months after the election, Bitcoin prices rebounded strongly, rising by more than 50%. This "drop then rise" price pattern is not accidental; it is closely linked to changes in the market environment leading up to the election. As elections approach, market uncertainty rises significantly, and investors, concerned about risk, lower their risk appetite. At this time, investors typically reduce their positions to mitigate potential risks. This large-scale reduction in holdings directly leads to a contraction in market liquidity, putting immense pressure on Bitcoin prices and causing them to fall. However, this midterm election year coincides with a bear market phase in Bitcoin's four-year cycle. This makes it difficult to attribute Bitcoin price fluctuations solely to election influence; the combined factors become more complex. Despite the increased complexity, it is undeniable that with escalating macroeconomic uncertainties and the impact of the US midterm elections in November, Bitcoin is likely to continue facing downward price pressure in the short term. Furthermore, historically, market rebounds after midterm elections tend to last longer than pre-election declines. From this perspective, a price drop in BTC during an election year may actually provide a relatively favorable entry opportunity for long-term investors. #Bitcoin #MidtermElection

The Federal Reserve's hawkish signals impacted the crypto market, wiping out over $100 billion in market capitalization. On March 19th, the Federal Reserve concluded its March policy meeting, maintaining interest rates at 3.5%-3.75%. Fed Chairman Powell delivered a hawkish signal during the press conference, hinting that there might only be one opportunity for a rate cut this year. This statement immediately triggered a sharp market reaction. The total market capitalization of the crypto market evaporated by over $100 billion in less than 24 hours before and after the meeting, falling from a six-week high of slightly less than $2.57 trillion to its current level of approximately $2.4 trillion. According to Coinglass data, approximately 143,400 traders were liquidated in the past 24 hours, with a total liquidation amount of $479 million, of which approximately 85% were leveraged long positions in Bitcoin. This significant pullback has brought BTC back to the middle of its six-week trading range, erasing most of its recent gains. Powell emphasized that even without the impact of the Middle East conflict pushing up oil prices, the Fed remains highly vigilant about persistent inflation and clearly stated that rate cuts depend on economic data performance; if no improvement is seen, rates will not be cut. This hawkish stance clearly contradicts Trump's accusations of "cutting interest rates too slowly." Ironically, Trump's push for tariffs and the oil price surge triggered by the Iran conflict are precisely the real obstacles to inflation and interest rate cuts. Analysis firm Swissblock points out that while the FOMC meeting can be a catalyst for volatility, its impact often depends on market conditions. High-risk market conditions typically trigger sell-offs or accelerated declines; conversely, they are more likely to form local bottoms or continue the upward trend. The current market is in a delicate phase of "transitioning to low risk but not yet fully confirmed." Although the FOMC meeting will still trigger short-term volatility, BTC's direction will depend on its intrinsic strength, capital flows, and momentum, rather than simply being driven by macroeconomic events. However, according to Santiment's analysis, although the #FederalReserve did not cut interest rates this time, the related negative factors had already been priced in yesterday, so traders still expect a potential upward trend. In summary, the Fed's hawkish stance poured cold water on the market, causing over $100 billion in market capitalization to evaporate in the crypto market, with approximately 85% of long positions wiped out. However, Santiment believes that "the bad news has been priced in," and a rebound is expected. What do you think? Is this a temporary pullback or a continuation of the downtrend? Leave your opinions in the comments section!

Powell takes a hawkish stance: Inflation remains stubborn, no rate cuts expected; willing to serve as interim chairman upon term's end. #FederalReserve #InterestRateDecision

The Federal Reserve held interest rates steady for the second consecutive time, with Powell issuing hawkish signals, significantly delaying expectations of a rate cut. At dawn on March 19th, Beijing time, the Federal Reserve announced it would maintain interest rates unchanged, marking the second consecutive meeting without a rate cut. Fed Chairman Jerome Powell subsequently issued a hawkish statement at the press conference. Powell stated that U.S. inflation remains stubborn and the outlook is increasingly uncertain. He specifically pointed out that some of the oil shock will gradually be reflected in core inflation data, and the Fed will not cut rates if there is no substantial progress in inflation control. He also mentioned that several Fed officials are inclined to reduce the number of future rate cuts. Regarding his term of office, Powell stated that if a successor has not been confirmed by the end of his term as Fed Chairman, he will continue to serve as "interim chairman" to fulfill his duties. This hawkish statement significantly cooled market expectations for a rate cut. According to the Fedwatch tool, the next rate cut may not occur until the end of 2026. Recently, futures market traders have predicted that the Fed will only cut rates by 25 basis points by the end of this year. #FedInterimFedRateDecisionAnnounced

Strategy bought up seven weeks' worth of BTC mining output last week, potentially reshaping the four-year cycle pattern with "corporate demand." According to Cointelegraph, Strategy, founded by Michael Saylor, is accelerating its Bitcoin purchases through its preferred stock, SRC, potentially disrupting the market cycle narrative built around Bitcoin's four-year halving. Data shows that in just one week in mid-March, the company purchased 22,337 BTC, equivalent to approximately seven weeks' worth of global miners' output. The previous week, its purchase of 17,994 BTC represented five to six weeks' worth of new supply. More remarkably, at peak trading times, daily purchases of BTC related to SRC exceeded 4,000 BTC, almost equivalent to nine days' average mining output. This "buying faster than mining" pace may be reshaping the Bitcoin supply and demand landscape. Traditionally, the four-year cycle of Bitcoin halvings drives bull markets by reducing supply. However, if corporate purchasing power continues to exceed the total new supply across the network, the supply shock triggered by the halving could accelerate the start of a new bull market. From a technical perspective, Bitcoin is currently retesting a six-year-old upward trend line. This line is crucial; in 2018, 2020, and 2022, Bitcoin's price repeatedly touched it, forming key support at the bottom of its cycles. After completing a period of bottoming out, a new market trend would begin. If Bitcoin's price can stabilize again at this trend line, coupled with the new demand injection from STRC, the market is highly likely to usher in a new upward trend. Historically, similar situations have seen gains as high as 450%. If this happens again, Bitcoin's price will be pushed above $400,000. The analysis concludes that, against the backdrop of current macroeconomic pressures, this change in demand structure driven by businesses may be the turning point the market has been eagerly awaiting. Overall, Bitcoin's future price movements may no longer be solely determined by the four-yearly code reset, but rather by the expansion ambitions of corporate balance sheets. For investors, understanding Wall Street's purchasing power may be more important than focusing on block rewards. #Strategy

The U.S. Securities and Exchange Commission (SEC) is considering a game-changing reform for the U.S. capital markets, proposing to reset the frequency of financial reporting based on company size, ending the more than 50-year-old tradition of mandatory quarterly reporting. According to market sources, the regulator is actively evaluating changes to financial reporting requirements, planning to make mandatory quarterly reporting optional, allowing companies to choose to release earnings reports every six months. This proposal could be announced as early as next month. This reform is not unfounded; it directly responds to the Trump administration's previous call to change the frequency of corporate financial reporting from quarterly to semi-annual. Atkins believes that the quarterly reporting system forces companies to focus excessively on short-term performance, which is detrimental to long-term strategic planning. Changing the reporting frequency to semi-annually will allow companies (especially small and medium-sized enterprises) to focus more on long-term development. Specifically, the core of the reform is to reduce the burden on companies. By adjusting the reporting cycle, it will save companies significant time and costs, allowing management to be freed from cumbersome compliance documentation and devote more energy to long-term business planning. However, policy implementation will still take time. According to procedure, the SEC must first submit a draft plan to the White House for review before it can be released to the public for comment. Based on historical data, the average cycle for the SEC to formulate rules is approximately 18 months. This means that even if everything goes smoothly, the new rules will not take effect until the second half of 2027. However, opinions on this are divided. Supporters believe that this will help curb the market's "short-termism" tendency and alleviate the continuous decline in the number of listed companies; but opponents worry that reducing disclosure frequency will weaken market transparency, lead to information asymmetry, and ultimately harm investors' interests. Overall, finding a balance between reducing the burden on companies and ensuring investors' right to know will be key to the successful implementation of this plan. #SEC #CorporateFinancialReportDisclosureFrequency

Analyst Willy Woo: Beware of a Crypto Bull Market Trap; Market Only One-Third of the Bear Market Completed On March 17th, crypto analyst Willy Woo posted an analysis of the cryptocurrency market, stating that the current Bitcoin market fundamentals are continuing their localized strength, with a potential mid-term target of $80,000. $70,000 is the cost basis for short-term holders. Willy Woo further explained that the main driving force behind this rally comes from the futures market, with investors being short-term traders. While the liquidity provided by these investors has propelled prices, it also has significant drawbacks: This liquidity drawback not only exacerbates price volatility in the spot market, making market movements more unpredictable, but also significantly increases the risk of forced liquidation of leveraged positions. Based on this, Willy Woo warns investors to be wary of a bull market trap, as the bear market bottom structure has not yet formed, the market foundation is unstable, and blind optimism at this time can easily lead to a false bull market illusion. From a liquidity perspective, although the market has only completed about one-third of the bear market process, investor flows have been steadily recovering since mid-February, and the expected volatility (VDX) of the stock market in the coming weeks is also climbing. These phenomena indicate that although the bear market is not yet over, investors have begun actively preparing for a shift to a "risk-averse" mode in the coming weeks. Overall, while the market appears to be still mired in a bear market, undercurrents are surging. Investors' positioning and subtle changes in the market are accumulating energy and laying the groundwork for the next round of market activity. According to previous posts, Bitcoin typically consolidates after the rapid decline at the beginning of a bear market, and then launches a short-term strong rebound when it encounters resistance levels. However, this may indicate that a bull market trap is forming. The series of chain reactions caused by this change not only significantly affects market volatility but also brings greater uncertainty to both long-term holders and short-term speculators. #Bitcoin #BullMarketTrap