Starla Vosburg OAiQ

The mechanism of #金狗势不可挡 allows for direct matching of user orders without the need for traditional market makers or liquidity pools. When both parties want to exchange the assets they need, the transaction can be executed directly, avoiding intermediary costs. For parts that cannot be directly matched, CoW Swap routes the remaining orders to decentralized exchanges (DEX) or other aggregators to obtain liquidity. This design minimizes slippage and fees to the greatest extent, and through batch matching, all transactions executed in the same batch share the same clearing price, eliminating price unfairness caused by the order of execution.

In addition, CoW Swap introduces the Solver bidding mechanism: multiple third-party solvers compete to provide users with the best trade execution solution. The winner gains the right to execute that batch of trades and bears the on-chain gas costs. Users only need to sign the order intention offline, without having to pay on-chain transaction fees, and there are no transaction costs incurred if the order is not executed. This model of 'intention matching + solver bidding' makes the user experience more friendly (no need to worry about gas losses from failed transactions) and provides a certain degree of MEV (maximum extractable value) protection — as order matching occurs off-chain, solvers must bid to return MEV to users, making front-running and other MEV attacks difficult to succeed.

CoW Swap currently offers services on Ethereum, Arbitrum, Gnosis, and Base.

This mechanism allows for direct matching of user orders without the need for traditional market makers or liquidity pools. When both parties want to exchange the assets they require, the transaction can be executed directly, avoiding intermediary fees. For portions that cannot be matched directly, CoW Swap routes the remaining orders to decentralized exchanges (DEX) or other aggregators to obtain liquidity. This design minimizes slippage and transaction fees to the greatest extent and ensures that all trades executed in the same batch share the same clearing price, eliminating price unfairness caused by the order of execution.

In addition, CoW Swap introduces a Solver bidding mechanism: multiple third-party solvers compete to provide the best trade execution plan for users, and the winner gains the right to execute that batch of trades and bear the on-chain gas costs. Users only need to sign their order intention offline and do not need to pay on-chain transaction fees themselves, and no costs are incurred if the transaction does not occur. This 'intention matching + solver bidding' model makes the user experience more friendly (without worrying about gas losses from failed transactions) and provides a certain degree of MEV (maximal extractable value) protection — since order matching occurs off-chain, solvers must bid to return MEV to users, making MEV attacks such as front-running difficult to succeed.

CoW Swap is currently available on Ethereum, Arbitrum, Gnosis, and Base.

#土狗冲锋 GameStop Enters Bitcoin
It is worth noting that the once "Wall Street meme" stock, video game retailer GameStop, officially announced on the 25th local time that the board unanimously approved a resolution to include Bitcoin in its balance sheet reserves, driving GameStop's stock price up 7% in after-hours trading, reaching $27.19.

In fact, there had been signs of this decision: two months ago, after a photo of GameStop CEO Ryan Cohen meeting with Bitcoin bull Michael Saylor was leaked, the company's major shareholder Strive Asset Management publicly called for the company to emulate MicroStrategy's holding strategy. Strive's CEO Matt Cole stated at the time: "We believe GameStop can improve its financial situation by purchasing Bitcoin; it is a strategic allocation."

Moreover, Michael Saylor also posted this morning to congratulate GameStop on joining the ranks of Bitcoin.

#BSC链热浪来袭 GameStop Enters Bitcoin
It is worth noting that the former 'Wall Street meme' stock, game retailer GameStop, officially announced on the 25th local time that the board unanimously approved the resolution to include Bitcoin in its balance sheet reserves, pushing GameStop to surge 7% in after-hours trading, with the stock price rising to $27.19.

In fact, there were signs of this decision earlier: two months ago, after a photo of GameStop CEO Ryan Cohen meeting with Bitcoin bull Michael Saylor was leaked, its major shareholder Strive Asset Management publicly called for the company to emulate MicroStrategy's holding strategy. Strive's CEO Matt Cole stated at the time, 'We believe GameStop can improve its financial situation by purchasing Bitcoin; this is a strategic allocation.'

CoinDesk adds: Michael Saylor also posted this morning to congratulate GameStop on joining the ranks of Bitcoin.

#币安理财收益竞技场 GameStop Enters Bitcoin
It is worth noting that the once "Wall Street meme" stock and game retailer GameStop officially announced on the 25th that its board of directors unanimously approved a resolution to include Bitcoin in its balance sheet reserves, driving GameStop's stock up 7% in after-hours trading, with the price rising to $27.19.

In fact, there were signs of this decision two months ago: after photos of GameStop CEO Ryan Cohen meeting with Bitcoin bull Michael Saylor surfaced, its major shareholder Strive Asset Management publicly called for the company to adopt MicroStrategy's Bitcoin holding strategy. Strive's CEO Matt Cole stated at the time: "We believe GameStop can improve its financial situation by purchasing Bitcoin; this is a strategic allocation."

Additional note: Michael Saylor also posted this morning to congratulate GameStop on joining the ranks of Bitcoin investors.

Optimistic Market Expectations and Future Risks
Hayes' perspective is supported by some market participants who believe that the global liquidity return will provide a strong impetus for market growth. Supporters point out that with the influx of ETF funds and the acceleration of institutional investors' layouts, the market's fundamentals will become stronger.

However, despite the overall optimistic outlook for April, there are also views warning investors not to be overly optimistic. Some experts believe that Trump's tariff policy not only affects the US economy but may also influence the Federal Reserve's policy decisions, thus the market trend still needs to rely on comprehensive economic analysis. The uncertainty of the global economy remains a major concern for the market, which could suppress the growth momentum, especially in an unstable broader economic environment.

The PCE report will become the market focus, or promote Bitcoin's rise
As the US is set to release the PCE inflation data on Friday (28th), it may bring volatility to the market. According to analysis from Singapore's digital asset company QCP Group:

PCE data could become a "key catalyst" for the market, helping to alleviate inflation concerns and attract more funds into risk assets like Bitcoin. Trump's recent concessions in trade policy have provided space for market sentiment to rebound, which has also strengthened the rise of Bitcoin and other risk assets.

#币安理财收益竞技场 Market's Optimistic Expectations and Future Risks
Hayes' perspective has received some support from market participants who believe that the return of global liquidity will provide a strong boost for market growth. Supporters point out that with the inflow of ETF funds and the accelerated positioning of institutional investors, the market's fundamentals will become stronger.

However, despite the generally optimistic outlook for April, there are also views warning investors not to be overly optimistic. Some experts believe that Trump's tariff policies not only affect the U.S. economy but may also influence the decision-making of the U.S. Federal Reserve, thus the market trends still need to rely on comprehensive economic analysis. The uncertainty of the global economy remains a major concern for the market, which could suppress the market's growth momentum, especially in an unstable broader economic environment.

PCE Report to Become Market Focus, or Promote Bitcoin's Rise
As the U.S. is set to release PCE inflation data on Friday (28th), it may bring volatility to the market. According to analysis from Singapore's digital asset company QCP Group:

PCE data may become a 'key catalyst' for the market, helping to alleviate inflation concerns and attracting more funds into risk assets like Bitcoin. Trump's recent concessions in trade policy have provided room for market sentiment to recover, which has also strengthened the upward momentum of Bitcoin and other risk assets.

$BTC QCP Capital: Bitcoin Typically Performs Well in April
Against this backdrop, QCP Capital pointed out in a research report that Trump's hints at reducing the scale of tariffs have given the market some breathing room, and other industry insiders, including JPMorgan, are beginning to believe that the worst phase for the market may be over.

At the same time, QCP Capital further noted that historically, risk assets in the second quarter, especially in April of each year, are usually one of the best-performing periods, second only to the gains seen in December:

The average annualized return for the S&P 500 Index in the second quarter is 19.6%, while Bitcoin also recorded the second-best median performance during this period—only behind the fourth quarter.

#GameStop将比特币纳入储备资产 QCP Capital: Bitcoin typically performs well in April
Against this backdrop, QCP Capital pointed out in a research report that Trump's hints at scaling back tariffs have given the market a breather, and other industry insiders, including JPMorgan, have also started to believe that the worst phase of the market may be over.

At the same time, QCP Capital continued to point out that historically, risk assets in the second quarter, especially in April of each year, are usually one of the best-performing periods, second only to the gains in December:

The average annualized return of the S&P 500 index in the second quarter is 19.6%, while Bitcoin also recorded the second-best median performance during this period—only behind the fourth quarter.

$ETH I wish someone had imprinted this lesson in my mind earlier: Never trade when tired. I used to think I could stay up late watching the charts, observing the market like an eagle. Well, I was wrong.

My decisions became as unreliable as a bug-ridden smart contract. To be honest, how many successful trades have you made after staying up late? That's right, almost none. Decision fatigue is more intense than a flash crash. When you're exhausted, your brain takes shortcuts, and these shortcuts often lead straight to wrong decisions.

Don't trade when tired.

I have countless times stubbornly refused to rest, breaking through stop-loss lines and ignoring risk management. Now, I treat sleep as a non-negotiable rule. If I'm not feeling well, I simply don't trade.

#Trump: I love $TRUMP I wish someone had engraved this principle into my brain earlier: Never trade when you're exhausted. I used to think I could stay up all night staring at charts, watching the market like an eagle. Well, I was wrong.

My decision-making became as unreliable as a flawed smart contract. To be honest, how many successful trades have you made after staying up all night? That's right, almost none. Decision fatigue hits harder than a flash crash. When you're worn out, your brain takes shortcuts, and these shortcuts often lead directly to wrong decisions.

Do not trade when you are exhausted.

I have countless times been too stubborn to take a break, breaking through stop-loss lines, ignoring risk management. Now, I treat sleep as a non-negotiable rule. If I'm not feeling well, I don't trade.

#币安理财收益竞技场 I wish someone had drilled this principle into my mind earlier: never trade when you are exhausted. I used to think I could stay up late staring at charts, observing the market like an eagle. Well, I was wrong.

My decision-making became as unreliable as a bug-ridden smart contract. To be honest, how many successful trades have you made after staying up late? That's right, almost none. Decision fatigue is more severe than a flash crash. When you are worn out, your brain takes shortcuts, and these shortcuts often lead directly to wrong decisions.

Do not trade when you are exhausted.

I have countless times stubbornly refused to rest, breaking my stop-loss lines and ignoring risk management. Now, I treat sleep as a non-negotiable rule. If I am not in good spirits, I do not trade.

#美SEC推进SECCrypto2.0计划 I hope someone engraved this principle in my mind early on: Never trade when you are exhausted. I used to think I could stay up all night staring at charts, observing the market like an eagle. Well, I was wrong.

My decision-making became as unreliable as a faulty smart contract. Honestly, how many successful trades have you made after staying up late? That's right, almost none. Decision fatigue hits harder than a flash crash. When you are worn out, your brain takes shortcuts, and these shortcuts often lead directly to wrong decisions.

Do not trade when you are exhausted.

I have countless times been too stubborn to take a break, breached stop-loss lines, and ignored risk management. Now, I treat sleep as a non-negotiable rule. If I am not mentally sharp, I do not trade.

#Trump: I Love $TRUMP Recently, the Bitcoin market has shown a complex situation of intertwined bullish and bearish trends. However, after the Federal Reserve (Fed) announced a slowdown in the reduction of its balance sheet, the price of Bitcoin rebounded from below $83,000 and successfully broke through $87,000 today.

Market analysts point out that trader sentiment is gradually becoming optimistic, with an increase in demand for call options, and prices have risen accordingly. However, macroeconomic uncertainties still exist, and the future direction of the market remains unclear.

Market sentiment is becoming optimistic
Analysts at QCP Capital note that demand for call options has increased, and traders' confidence in Bitcoin has strengthened. This situation sharply contrasts with the market atmosphere earlier this week, when demand for put options was higher.

Call options give traders the right to buy an asset at a specific price within a specific time, while put options give traders the right to sell an asset at a specific price within a specific time.

#Trump: I love $TRUMP Recently, the Bitcoin market has shown a complex situation of intertwining bullish and bearish trends. However, after the Federal Reserve (Fed) announced a slowdown in the reduction of its balance sheet, the price of Bitcoin rebounded from below $83,000 and successfully broke through $87,000 today.

Market analysts pointed out that trader sentiment is gradually becoming optimistic, with an increase in demand for call options, and prices are rising accordingly. However, the uncertainty in the macroeconomy still exists, and the future direction of the market remains unclear.

Market sentiment is becoming optimistic
Analysts at QCP Capital pointed out that the demand for call options is increasing, and traders' confidence in Bitcoin is strengthening. This situation contrasts sharply with the market atmosphere earlier this week when there was higher demand for put options.

Call options give traders the right to buy an asset at a specific price within a specific time, while put options give traders the right to sell an asset at a specific price within a specific time.

$BTC Next Week's Market Focus
3/24 (Monday)

United States: March Manufacturing PMI, Previous Value 52.7
United States: March Services PMI, Previous Value 51.0
3/25 (Tuesday)

United States: March Conference Board Consumer Confidence Index, Previous Value 98.3
United States: February New Home Sales, Previous Value 657K
3/26 (Wednesday)

United Kingdom: February CPI (Year-on-Year), Previous Value 3.0%
United Kingdom: Spring Budget
United States: Crude Oil Inventories, Previous Value 1.745M
3/27 (Thursday)

United States: Q4 GDP (Quarterly Growth Annualized), Forecast 2.3%, Previous Value 3.1%
United States: Initial Jobless Claims, Previous Value 223K
3/28 (Friday)

United Kingdom: Q4 GDP (Year-on-Year), Forecast 1.4%, Previous Value 0.9%
United Kingdom: Q4 GDP (Quarterly Growth), Forecast 0.1%, Previous Value 0.0%
United States: February Core PCE Price Index (Year-on-Year), Previous Value 2.6%
United States: February Core PCE Price Index (Month-on-Month), Previous Value 0.3%

$BTC Next Week's Market Focus
3/24 (Monday)

United States: March Manufacturing PMI, Previous Value 52.7
United States: March Services PMI, Previous Value 51.0
3/25 (Tuesday)

United States: March Conference Board Consumer Confidence Index, Previous Value 98.3
United States: February New Home Sales, Previous Value 657K
3/26 (Wednesday)

United Kingdom: February CPI (Year-on-Year), Previous Value 3.0%
United Kingdom: Spring Budget Statement
United States: Crude Oil Inventories, Previous Value 1.745M
3/27 (Thursday)

United States: Q4 GDP (Quarterly Growth Rate), Forecast 2.3%, Previous Value 3.1%
United States: Initial Jobless Claims, Previous Value 223K
3/28 (Friday)

United Kingdom: Q4 GDP (Year-on-Year), Forecast 1.4%, Previous Value 0.9%
United Kingdom: Q4 GDP (Quarterly Growth), Forecast 0.1%, Previous Value 0.0%
United States: February Core PCE Price Index (Year-on-Year), Previous Value 2.6%
United States: February Core PCE Price Index (Month-on-Month), Previous Value 0.3%

#美SEC加密圆桌会议 Next Week's Market Focus
3/24 (Monday)

United States: March Manufacturing PMI, Previous Value 52.7
United States: March Services PMI, Previous Value 51.0
3/25 (Tuesday)

United States: March Conference Board Consumer Confidence Index, Previous Value 98.3
United States: February New Home Sales, Previous Value 657K
3/26 (Wednesday)

United Kingdom: February CPI (Year-on-Year), Previous Value 3.0%
United Kingdom: Spring Budget
United States: Crude Oil Inventory, Previous Value 1.745M
3/27 (Thursday)

United States: Q4 GDP (Quarterly Annualized Rate), Forecast 2.3%, Previous Value 3.1%
United States: Initial Jobless Claims, Previous Value 223K
3/28 (Friday)

United Kingdom: Q4 GDP (Year-on-Year), Forecast 1.4%, Previous Value 0.9%
United Kingdom: Q4 GDP (Quarterly Growth), Forecast 0.1%, Previous Value 0.0%
United States: February Core PCE Price Index (Year-on-Year), Previous Value 2.6%
United States: February Core PCE Price Index (Month-on-Month), Previous Value 0.3%

Does $SOL reflect market optimism?
Historical data shows that an increase in leveraged long positions does not necessarily drive up prices. For example, in July and September 2024, there were significant increases in leveraged positions while prices fell. Some large traders, although ultimately profitable, have a much higher risk tolerance and operational ability than the average investor.

Moreover, due to the relatively low cost of borrowing Bitcoin (approximately 3.14% annualized), there are opportunities for market-neutral arbitrage. For instance, the interest rate spread between spot and perpetual contracts (funding rate is 4.5%) can be profited from using a 'spot + short futures' strategy, indicating that some positions may be of an arbitrage nature rather than simply long.

Even assuming that the $1.48 billion leveraged long position on Bitfinex is primarily bullish, data from other exchanges shows differing market sentiment. For example, the demand for leveraged long positions in Bitcoin on OKX has significantly decreased within the same 30 days, with a long-short ratio of only 15, marking the lowest in over three months.

Looking back at history, when the market is overly optimistic, the long-short ratio on OKX has soared above 40 (the last instance was at the end of February when BTC broke above $105,000); conversely, when the ratio is below 5, it often reflects strong bearish sentiment. Currently, while the ratio is not extremely pessimistic, it indicates hesitation and divergence in the market regarding the upward momentum of Bitcoin.

Does #ETF关注 reflect market optimism?
Historical data shows that an increase in leveraged long positions does not necessarily drive up prices. For example, there were instances in July and September 2024 where leveraged positions surged but prices fell. Some large traders, although ultimately profiting, have a risk tolerance and operational capability far superior to that of ordinary investors.

Additionally, due to the relatively low cost of borrowing Bitcoin (annualized at around 3.14%), opportunities for market-neutral arbitrage are provided. For instance, the interest rate spread between spot and perpetual contracts (funding rate at 4.5%) can be profited through a 'spot + short futures' strategy, indicating that some positions may be of an arbitrage nature rather than purely bullish.

Even assuming that the $1.48 billion leveraged long position on Bitfinex is primarily a bullish setup, data from other exchanges show differing market sentiments. For example, the demand for leveraged longs on OKX significantly declined within the same 30 days, with a long-short ratio of only 15, marking the lowest in over three months.

Looking back at history, when the market is overly optimistic, OKX's long-short ratio has soared above 40 (the last time was at the end of February when BTC broke $105,000); conversely, when the ratio is below 5, it often reflects strong bearish sentiment. Although the current ratio is not extremely pessimistic, it does indicate hesitation and divergence in the market regarding Bitcoin's upward momentum.