On March 21, $BTC 3, Matrixport released a weekly report stating that the recent wave of hedge fund sell-offs of Bitcoin may be nearing its end. In the past few weeks, both financing rates and benchmark rates have declined, while the Chicago Mercantile Exchange (CME) Bitcoin open interest has significantly decreased, and the selling pressure now seems to have been largely exhausted. However, Bitcoin is still in a consolidation phase and is unlikely to challenge new historical highs in the short term.