In March 2025, the crypto market showed signs of stabilization after experiencing severe turbulence. Bitcoin, affected by Trump's tariff policies and fluctuations in the U.S. stock market, temporarily fell below $85,000 in February. However, institutions significantly increased their holdings at lower prices, such as MicroStrategy investing $1.99 billion to acquire 20,000 BTC, highlighting long-term confidence. Favorable policies continue to be released; after the U.S. SEC abolished SAB 121, restrictions on banks' custody of crypto assets were lifted, and combined with the Trump administration's push for Bitcoin as a strategic reserve, the entry threshold for institutions has further lowered.

The Ethereum Pectra upgrade is approaching (expected in April), which will optimize the staking mechanism and smart contract performance, potentially becoming a catalyst for ecological explosion. In addition, expectations for interest rate cuts from the Federal Reserve and short-term liquidity injections from TGA provide support for risk assets, and the market liquidity gap may gradually narrow. Although the Meme coin bubble has raised speculative risks, fundamental innovations such as RWA tokenization and stablecoin payments are driving the industry towards value creation. Structural opportunities in the crypto market still exist in 2025. #加密市场观察