"The United States will become the world's Bitcoin superpower. The golden age of the United States has begun."

1. Trump signed an executive order to establish the United States' strategic Bitcoin reserves, which is very beneficial to crypto development from a long-term perspective.

2. The data level in the first half of this month is favorable to crypto's short-term trend, but due to the influence of tariffs and turbulent situations, the market is still in the volatile range.

3. In the next few months, more positive aspects of regulatory direction will be released, including: eth pledge etf, more crypto etf, defi financial regulatory bill clarification, and tax rate legislation on Bitcoin and crypto track.

1.1FMG RWA, AI Index Analysis

Among the many Indexes monitored by FMG, RWA Index still had a good trend, with monthly returns rising from around 16% in late February to around 19%. This is due to the delay in the future of the copycat season, with fewer investment opportunities in Web 3 and over-concentration in BTC and stablecoins. Off-market funds are bringing their vision back to the DeFi, asset management and strategy sectors. However, DeFi in the single Web 3 market is also highly risky, so products with real-world asset anchorage and DeFi attributes are currently being favored.

1.2 Encrypted market data

As of March 14, 2024, the total market value of cryptocurrencies was 2.68 trillion yuan, a decrease of 6.2% from US$2.86 trillion in the second half of February.

BTC dominant index: As of March 2, the current BTC dominant index was 60.1%, the same as the first half of February.

Budget season arrival index: As of March 15, the current Budget season arrival index is 14, compared with 2At 22 in the late month, the index further declined, which means that there are fewer opportunities for altcoins at present, and funds are mainly concentrated in BTC and other stablecoins, but it also means that the altcoins have bottomed out.

ETFs and contract indexes

BTC ETF: In the past 15 days, BTC ETFs have had a net outflow of US$2.678 billion.

ETH ETF: In the past 15 days, ETH ETFs have had a net outflow of US$221 million.

1.3 CPI and other data and market reactions to judge the market

8:30 am (East Time), the US CPI data was released, indicating that the inflation rate dropped significantly. The CPI report shows that the monthly decline rate in February 2025 was 0.2%, the lowest level since April 2021 (Source: U.S. Bureau of Labor Statistics, March 12, 2025). This positive inflation data immediately sparked reactions from various asset markets, including the cryptocurrency market.

The overall rise in crypto assets after the release of the US CPI data once again confirms the huge and direct impact of the US macro environment on the crypto market: Although, after the release of the data, the market further raised expectations for the #Feder rate cut in September and November, and began to discuss whether the #Bitcoin price in June and July will break through the previous highs.

However, the Federal Reserve has remained silent for six consecutive times in interest rate actions, especially considering the tenaciousness of inflation, the current overall position of the Federal Reserve is "Wait And See"; until the inflation problem is effectively controlled, the Federal Reserve will not clearly release a signal of interest rate cuts, and the crypto market trend is likely to continue to maintain a volatile volatility.

2.1 The head of White House cryptocurrency: Trump signs executive order to build strategic bitcoin reserves

White House AI and cryptocurrency director David Sacks said, "Just a few minutes ago, President Trump signed it了一项行政命令，建立战略比特币储备。 该储备金将以联邦 拥有的比特币作为资本，这些比特币是刑事或民事资产没收程序的一部分。 This means it won't cost taxpayers a penny. It is estimated that the United States owns approximately 200,000 bitcoins; however, no full audit has been conducted. The executive order requires a comprehensive accounting of federal digital asset holdings.

The United States will not sell any bitcoins deposited in reserves. It will be retained as a means of store of value. For cryptocurrencies commonly known as "digital gold", reserves are like digital Fort Knox. The premature sale of Bitcoin has caused more than $17 billion in losses to U.S. taxpayers. Now the Federation will develop a strategy to maximize the value of Bitcoin it holds.

Coinbase Co-founder and CEO Brian Armstrong commented on social media about the "Trump is advancing the cryptocurrency reserve program" that BTC may be the best choice in terms of asset allocation for strategic reserves, and as the successor of gold, BTC has the simplest and clearest narrative. If people want more types, market capitalization weighted indexes can be used to keep things fair. But it may be the easiest to choose only BTC.

2.2 French crypto market maker Flowdesk completed a $52 million Series B additional financing, and HV Capital led its equity financing

French crypto market maker and liquidity provider Flowdesk completed a $52 million Series B additional financing, of which 80% were equity financing and about 20% ($10.2 million) were debt financing. The round of equity financing was led by European investment institution HV Capital, with Eurazeo, Cathay Innovation and ISAI VC participating, and the debt financing was partly provided by a fund managed by BlackRock. HV Capital also won a board seat on Flowdesk this time.

Flowdesk 计划利用本轮资金扩展业务，包括推出专门的加密信用业务，并在阿联酋设立办公室。公司联合创始人兼全球 CEO Guilhem Chaumont 表示，债务融资是公司在维持可持续增长的同时，优化资产负债表的战略选择，避免股权稀释。 Flowdesk was previously at 20A $50 million Series B financing was completed in January 24, with a valuation of over $250 million at the time.

2.3 Metaplanet completed approximately US$87 million in financing to increase its holdings of Bitcoin

According to the Metaplanet announcement, the company completed the large-scale exercise of the 13th and 14th series of stock subscription rights through third-party targeted share issuances, with a total financing of approximately 12.97 billion yen (approximately US$87 million). This financing is backed by EVO FUND, and some funds have been used to redeem the previously issued 7th ordinary bonds. Metaplanet plans to use the funds to continue to increase its holdings in Bitcoin to strengthen its digital asset investment strategy.

Trump: The Treasury and the Commerce Department will explore new ways to accumulate more Bitcoin

U.S. President Trump said at the White House Crypto Summit that the Treasury and the Commerce Department will explore new ways to accumulate more Bitcoin for reserves and do not want taxpayers to pay any price. He will order federal agencies to take stock of the digital assets currently held in the United States and determine how to transfer them to the Treasury. The digital assets will be kept in a new US digital asset reserve.

The long-term trend is still positive:

1. Regulatory compliance: This year's legislation on crypto is gradually benefiting the entire crypto track, especially after Trump signed the US Bitcoin strategic reserve, the moat is stronger and the general direction is more certain. In the next few months, there will be more positive changes in regulatory directions, including: eth pledge etf, more crypto etf, defi financial regulatory bill, and tax rate legislation on Bitcoin and crypto track.

2. Rate cut cycle: Currently in the interest rate cut cycle, it is obvious that this rate cut cycle will be particularly long-lasting, because the Federal Reserve will regulate interest rate cuts and no interest rate cuts based on specific economic conditions, affecting the capital market. At present, the United States is still a period of high interest rates, and there is still a long way to go before low interest rates or even zero interest rates. It may last for 2-3 years. There is also a qe that may open at the required time. From the perspective of the economic cycle, this bull market has just begun.

3. Track benefits: The three main core tracks in the long term in the future: DEFI, stablecoins and US stock tokenization will lead crypto to a new height on the road to cooperating with the globalization of US finance. Hype track: The combination of AI, depin and crypto is also a hype track point worth paying attention to in this cycle.