From a macro perspective, recent medium to long-term strategies:

The White House hosted the first cryptocurrency summit, indicating that the U.S. government is starting to pay attention to cryptocurrencies and blockchain technology. With reasonable policies and international cooperation, cryptocurrencies are expected to promote global economic and social development in the future.

1. Currency devaluation and inflation crisis: Over the past decade, the global central bank balance sheets have expanded by more than 300%, the purchasing power of the U.S. dollar has shrunk by 23%, and the Federal Reserve's 'easing-tightening' has intensified market fluctuations. Bitcoin's fixed total supply of 21 million makes it a tool against inflation.

2. 'Hoarding' and long-term holders (LTH): Over 68% of Bitcoin's circulating supply has not moved for a year, reaching a historical high, with exchange BTC reserves falling to a five-year low. The tightening of liquidity may trigger the next bull market.

3. Institutional entry: From the fringe to the mainstream: Companies like MicroStrategy hold large amounts of Bitcoin, BlackRock and Fidelity have applied for Bitcoin spot ETFs, Goldman Sachs and Morgan Stanley provide cryptocurrency derivatives services, and cryptocurrencies are gradually entering the mainstream financial market.

4. The institutionalization process is irreversible: BlackRock's Bitcoin spot ETF has surpassed $18 billion in assets under management, with traditional asset management giants holding 7.2% of Bitcoin's circulating supply, and the global pension fund's cryptocurrency allocation rising to 1.5%. If it reaches 5%, it will introduce $2.1 trillion in incremental funding, making the institutionalization process unstoppable.

When the summit presents certain positive signals, the medium to long-term target can be set at 130,000, with expectations of repeated testing between 80,000 and 100,000 in March.

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