The U.S. CPI increased by 2.8% year-on-year in February, with core CPI rising by 3.1%. High inflation pressures coexist with slowing economic growth, leading to increased market sensitivity to the Federal Reserve's monetary policy.

In April, Trump's tariff policy is set to take effect, which may exacerbate market volatility. The Fear and Greed Index stands at 30 (in the fear zone), indicating a cautious investor sentiment.

BTC Spot ETF: Recent weekly net outflow of $829.9 million, with significant short-term selling pressure; however, long-term institutional funds (such as increased holdings from El Salvador and MicroStrategy) continue to support the fundamentals.

ETH Spot ETF: Weekly net outflow of $189.9 million.

Options Expiry: On March 27, options with a nominal value of $14.3 billion for BTC/ETH will expire. The maximum pain point for BTC is $85,000, and for ETH, it is $2,400. Current prices are below the pain points, which may lead to short-term pressure.