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The key information in the crypto market over the past week is summarized as follows:
【Regulatory and Policy Developments】
The Federal Reserve has been making significant moves. After news broke that Powell is under criminal investigation, some members of the Trump camp expressed shock, which could trigger risk aversion on Wall Street. JPMorgan has changed its stance and no longer expects the Federal Reserve to cut rates in 2026; they previously predicted a 25 basis point cut in January. However, Goldman Sachs has a different view, believing there will be two rate cuts this year (25 basis points each in June and September). The US Treasury Secretary stated that Trump's MBS plan is mainly aimed at countering the Fed's balance sheet reduction.
On the international front, India is tightening KYC requirements for crypto users, while South Korea is taking a different approach—lifting a nine-year ban on corporate crypto activities, allowing listed companies to invest up to 5% of their net assets in crypto assets. A committee chairman in the UK Parliament is calling for a ban on political donations in cryptocurrency. Geopolitical tensions remain high, with gold futures surpassing $4,600 per ounce for the first time.
【ETF and Fund Flows】
Last week, Bitcoin spot ETFs experienced net outflows totaling $681 million, with the largest outflow from FBTC (Grayscale Bitcoin Trust), amounting to $481 million. Ethereum spot ETFs also saw outflows, totaling $68.57 million, led by Grayscale's ETHE, which saw outflows of $145 million. The SEC is expected to complete the application process for the Morgan Stanley Bitcoin ETF around March 23.
【Market Hotspots】
Meme coins in 2025 performed poorly, with market caps dropping over 60% and trading volumes plunging from high levels to $3 billion. However, the M&A market appears to have opportunities; crypto M&A deals in 2026 are expected to surpass last year's record of $37 billion, with stablecoins and payment sectors becoming popular targets.
It is worth noting that the viewership of cryptocurrency content on YouTube has fallen to its lowest point since January 2021, reflecting a genuine cooling of market enthusiasm.