1. Market observation
Keywords: ETF, ETH, BTC
The Ethereum Foundation (EF) recently announced the establishment of a new advisory group, the Silviculture Society, to promote the further development of the Ethereum ecosystem. However, this move has also triggered criticism from the Ethereum community about the direction of the project. A research paper proposes a new decentralized block construction model that aims to encourage broader community participation and reduce the risks posed by the maximum extractable value (MEV). At the same time, the Ethereum Foundation appointed Hsiao-Wei Wang and Tomasz Stańczak as co-executive directors in a leadership reshuffle, injecting new management power into the foundation.
In the crypto application space, Ethereum cryptocurrency MetaMask plans to launch native support for Bitcoin and Solana in the coming months. This move shows that multiple cryptocurrencies are gaining wider acceptance and integration.
In the Bitcoin market, Bitcoin showed a strong recovery momentum last Friday, driven by political and regulatory factors, with prices rising nearly 10%. However, despite positive signs in the market, Bitcoin ETFs saw outflows of as much as $2.7 billion, reflecting investors' uncertainty about the market and potential bear market risks. At the same time, Bitcoin's long-term development continues to advance. The strategic efforts of Michael Saylor, co-founder of Bitcoin company Strategy, helped Bitcoin achieve $2.6 billion in gains in early 2025. Although Bitcoin's market value has reached $1.5 trillion, Solv Protocol co-founder Ryan Chow pointed out that its utility in the DeFi field is still slow to develop due to infrastructure and regulatory barriers. However, with the gradual thawing of the regulatory environment and the continuous maturity of Ethereum-based DeFi, Bitcoin's potential is being gradually released.
In addition, traditional financial institutions are also accelerating their integration with crypto assets. BlackRock, a leading global asset management company, has included its iShares Bitcoin ETF in some model portfolios and allocated 1-2% of its shares in alternative investments. Despite this, the president of the Swiss National Bank still regards cryptocurrencies as a "niche phenomenon" and is cautious about their mainstreaming. Volatility in the Bitcoin market remains. Some analysts predict that Bitcoin may usher in a further rebound, while others warn of potential risk factors based on changes in the macroeconomic environment.
2. Key data (as of 13:00 HKT on March 3)
S&P 500: 5,954.50 (1.24% year-to-date)
Nasdaq: 18,847.28 (-2.4% year-to-date)
10-year Treasury yield: -7.55% (-34.60 basis points for the year)
US dollar index: 107.243 (-1.14% year-on-year)
Bitcoin: $92,560.38 (-0.77% year-to-date), with a daily spot volume of $68,429.6 million
Ethereum: $2,440.10 (-26.55% year-to-date), with a daily spot volume of $39.855 billion
3. ETF flows (February 28 EST)
Bitcoin ETF: $94.34 million
Ethereum ETF: -$41.82 million
4. Important Dates (Hong Kong Time)
US February ISM Manufacturing PMI (March 4, 23:00)
Actual: None / Previous: 50.9 / Expected: 50.5
US President Trump was invited to deliver his first speech to Congress (March 4)
FOMC permanent voting member and New York Fed President Williams spoke at the Bloomberg Investment Forum (03:30, March 5)
U.S. ADP employment in February (10,000 people) (March 5, 21:15)
Actual: None / Previous: 18.3 / Expected: 14
U.S. EIA crude oil inventory for the week ending February 28 (10,000 barrels) (23:30, March 5)
Actual: None / Previous: -233.2 / Expected: None
Number of initial jobless claims in the United States for the week ending March 1 (10,000 people) (March 6, 21:30)
Actual: None / Previous: 24.2 / Expected: 23.5
FOMC permanent voting member, New York Fed President Williams and Fed Governor Bowman participated in a panel discussion on the U.S. Monetary Policy Forum organized by the University of Chicago Booth School of Business (March 7)
US President Trump hosts cryptocurrency summit at the White House (March 7)
Federal Reserve Chairman Powell speaks before the 2025 U.S. Monetary Policy Forum luncheon at the University of Chicago Booth School of Business (March 7)
U.S. unemployment rate in February (March 7, 21:30)
Actual: None / Previous: 4% / Expected: 4%
U.S. February seasonally adjusted non-farm payrolls (10,000 people) (March 7, 21:30)
Actual: None / Previous: 14.3 / Expected: 15.3
North America has begun to implement daylight saving time. The trading hours of financial markets and the release of economic data in the United States and Canada will be one hour earlier than winter time. (March 9, 14:00)
5. Hot News
CME Bitcoin futures set record with gap of more than $10,000
Metaplanet announces an increase in holdings of 156 Bitcoins
Cronos proposes to re-issue 70 billion burned tokens to “create the Cronos Strategic Reserve”
ADA's 24-hour increase exceeded 70%, and its market capitalization ranking rose to eighth
Trump says crypto strategic reserve will include Bitcoin and Ethereum
After Trump's statement, SOL, XRP and ADA all rose, and ADA rose 27.24% in 24 hours
Greeks.Live: Most traders are watching to see if $82,000 can hold support on Bitcoin's weekly chart
Tether Treasury mints 1 billion more USDT on Ethereum
CryptoQuant CEO: Ethereum has internal problems, the team may no longer trust the leadership
Michael Saylor: Bitcoin gains of $2.6 billion in the first two months of 2025
Ethereum Foundation Appoints Hsiao-Wei Wang and Tomasz Stańczak as Co-Executive Directors
CZ releases "crazy idea of token issuance" but says he has no plans to issue tokens
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