On March 31, 2025, Bitcoin (BTC) fell below $82,000, with a maximum decline of about 3% over 24 hours, reaching a nearly two-week low, with a net outflow of 32,903 coins in the past week, showing significant outflows from platforms like Binance and Coinbase Pro.

Ethereum (ETH) fell below $1,800, reaching a low of $1,766, creating a five-year low in the Bitcoin exchange rate.

SOL, TON, and ZEC rose against the trend, with TON having a weekly increase of 5%, and SOL gained bullish support around $125 due to technical factors.

This week, tokens such as SUI, W, OP, and ENA will see significant unlocks, with a total value exceeding $360 million. Among them, W unlocks account for 47.4% of the circulating supply ($117 million), and SOL unlocks $363 million (accounting for 0.54% of the circulating supply).

U.S. stocks 'Black Friday': The Dow Jones Industrial Average fell by 1.69%, the S&P 500 index dropped by 1.53%, and the Nasdaq fell by 2.59%, with technology stocks leading the decline, and crypto-related stocks also plummeting.

The U.S. reciprocal tariff policy will take effect on April 2, raising market concerns, with risk aversion pushing gold prices to historic highs and further capital moving into stablecoins and RWA in the crypto market.

Core PCE data: In February, it rose by 2.79% year-on-year, reaching a new high for the period. Goldman Sachs raised its 2025 core PCE forecast to 3.5%, but still expects three rate cuts in the second half of the year.

U.S. Federal Reserve rate cut expectations: The market predicts potential rate cuts in July, September, and November, and Powell's speech may be a key guide.

U.S. SEC Commissioner Hester Peirce called on Congress to advance seven crypto reforms, including clarifying regulatory authority and protecting peer-to-peer trading rights.

Japan plans to officially classify crypto assets as financial products and strengthen insider trading regulations.

El Salvador's Bitcoin holdings reached 6,132 coins (approximately $606 million), continuing to solidify its status as a 'Bitcoin nation.'

The Hong Kong Securities and Futures Commission (SFC) approved a tokenization scheme for HKD and USD money market ETFs in collaboration with HashKey Group and Bosera International, planning to officially issue in April. This product combines traditional money market funds with blockchain technology to enhance transparency and operational efficiency, providing investors with low-threshold on-chain investment options.

Binance announced that from April 1, it will delist non-MiCA compliant stablecoins (such as USDT and DAI) from the European Economic Area, pushing users towards compliant assets like USDC and EURI.

Panama announced a draft bill to regulate cryptocurrencies, recognizing digital assets as legal means of payment and creating a regulatory framework for virtual asset service providers (VASP).

Summary: On March 31, 2025, the global cryptocurrency market experienced severe volatility against the backdrop of a decline in U.S. stocks and rising risk aversion, with significant declines in the prices of Bitcoin and Ethereum. At the same time, policy changes in places like Panama and Hong Kong provided new development opportunities for the industry, while the formation of long-term positive catalysts also offered potential momentum for market recovery. In the short term, gold, stablecoins, and compliant Web3 projects were favored by risk-averse funds.

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