Crypto Morning Brief: Bitcoin Falls Below $80,000, Arthur Hayes Calls to Wait for Fed "Stimulus" Before Adding Positions
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Crypto Morning Brief: Bitcoin Falls Below $80,000, Arthur Hayes Calls to Wait for Fed "Stimulus" Before Adding Positions
Tech stocks post largest drop since 2022 as Wall Street's panic intensifies.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Greeks.live: Bitcoin market sentiment turns bearish, traders eye 74K–76K as potential downside target
Daily English community briefing from Greeks.live indicates that Bitcoin market participants generally hold a bearish outlook. Most are watching the 74,000–76,000 USD zone as a potential downside target, with 87,000 USD seen as resistance. Traders believe the market is undergoing an orderly decline, with price targets aligning with the 365-day volume-weighted average price of 75,000 USD.
Some traders anticipate heightened volatility ahead, while numerous options sellers have taken positions near the 88,000 USD resistance level. MSTR’s filing to issue up to $21 billion in preferred shares to purchase Bitcoin is viewed as a potential catalyst, though market sentiment remains skeptical.
Multiple traders are adjusting their put option positions downward—from 100,000 to 90,000 USD and from 92,000 to 86,000 USD—while managing substantial losses, signaling persistent bearish sentiment. Market structure shows clear interaction at key price levels, but insufficient liquidity is causing rapid price swings.
U.S. Stocks Plunge Monday:Tech Sector Suffers Worst Drop Since 2022, Wall Street Panic Mounts
On March 10, U.S. equities suffered a sharp downturn, with tech stocks posting their largest drop since 2022. The Nasdaq 100 Index plunged nearly 4%, wiping out over $1 trillion in market value. The S&P 500 fell 2.7%, closing below its 200-day moving average for the first time since November 2023, ending a streak of 336 consecutive trading days above this threshold.
Crypto-related stocks declined even more sharply: Strategy dropped 16.68%, Coinbase fell 17.58%, Hut 8 slid 15.03%, and Canaan Creative declined 14.17%. Tesla’s stock plummeted 15.4%, widening its year-to-date loss to 45%. Bitcoin prices hit a four-month low, bond offerings were canceled, and the Wall Street fear index surged.
Investors worry that the Trump administration’s tariff policies, spending cuts, and geopolitical uncertainty could stall the U.S. economy. Trump recently warned Americans they might feel “a little bit uncomfortable” due to trade wars and refused to rule out a recession, triggering investor panic. Deutsche Bank data shows U.S. equity positioning is now slightly underweight—the first time since August last year. Goldman Sachs reports hedge funds are aggressively unwinding positions, with the long-short equity ratio falling to its lowest level since 2019.
Investors are fleeing risk assets and rotating into defensive sectors such as energy, consumer staples, and utilities. U.S. Treasury yields plunged, with the 2-year yield dropping about 11 basis points. Wall Street strategists and economists have begun raising their U.S. recession probability forecasts, and the market broadly expects further declines ahead.
Strategy Files to Issue Up to $21 Billion inPreferred Shares, May ContinueBitcoin Accumulation
According to filings on the U.S. SEC website, Strategy has submitted a prospectus to issue up to $21 billion worth of 8.00% Series A perpetual convertible preferred shares. The offering aims to raise capital for general corporate purposes, including potential Bitcoin acquisitions.
Strategy intends to continue its strategy of accumulating Bitcoin using proceeds from equity, debt financing, and operating cash flows.
While the filing does not mention any new Bitcoin purchases, it underscores the company’s ongoing commitment to its Bitcoin strategy.
MyShell Releases "Official Statement Regarding Binance Announcement and SHELL Buyback Plan"
According to official sources, MyShell has released an “Official Statement Regarding Binance Announcement and SHELL Buyback Plan”:
Good morning, Shell community members,
We would like to take this opportunity to clarify recent events and provide transparency.
On March 7, the Binance team contacted us regarding abnormal activity by a market maker (“Market Maker”). In response, we immediately terminated our partnership with the involved party and are onboarding multiple new partners to ensure stable liquidity.
All Binance accounts associated with this market maker have been suspended, and all remaining assets will be transferred to our new market makers. Furthermore, all stablecoins sold by the market maker will be fully used to repurchase $SHELL tokens within 90 days. To ensure full transparency, we will publish wallet addresses related to the buyback for community verification. Additionally, we are working closely with Binance to make this process open and transparent.
Despite broader market challenges, the MyShell team remains operationally strong. We remain fully committed to advancing open-source AI models and building a robust token economy framework to support AI application development and open-source AI innovation.
We sincerely thank you for your continued support and trust in MyShell. We will keep you updated on our progress and any further developments.
Thank you for being part of our community.
Manta Co-Founder: Market Makers Are Fundamentally Blind “Parasites,” Real Liquidity Should Come From Community Trading
Victor Ji, co-founder of Manta Network, criticized crypto market makers in a social media post, calling them “parasitic leeches.” He stated that his team receives daily offers from so-called proactive market makers and OTC desks to buy or acquire coins, but emphasized that market makers “don’t care at all about project fundamentals” and merely profit from project communities.
Victor Ji argued that if increasing amounts of capital in the industry ignore fundamentals, the industry will collapse faster—and market makers are the most blatant offenders. He stressed that real liquidity should stem from genuine community trading, reflecting natural bullish and bearish sentiment in the market.
He also shared early experiences, revealing that Calamari, a project under Manta during its Polkadot ecosystem phase, had allocated over 3% of its tokens to Three Arrows Capital for market making, only for the latter to dump all holdings. Victor Ji advised projects concerned about liquidity to consider offering loans instead, but suggested limiting such allocations to no more than 0.2% of total supply.
Rex Shares and Osprey Funds File Application for MOVE ETF
According to CoinDesk, asset management firms Rex Shares and Osprey Funds have filed an application with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tracking the price performance of Movement Networks’ token MOVE.
The REX-Osprey MOVE ETF plans to allocate at least 80% of its assets to MOVE or related financial instruments, using a combination of direct holdings and derivatives.
Market Report: Singapore Exchange (SGX) to List Open Bitcoin Futures Contracts
According to Jinshi Data, market rumors suggest the Singapore Exchange (SGX) will list open Bitcoin futures contracts.
Tether: Thailand SEC Lists USDT as Approved Cryptocurrency, Allowing Domestic Trading
Per Tether’s official announcement, the Thailand Securities and Exchange Commission has recognized USDT as an approved cryptocurrency. Tether stated this decision allows USDT to be traded domestically, facilitates listings on regulated exchanges, and paves the way for payment applications.
The new regulations aim to increase flexibility in digital asset businesses and will take effect on March 16, 2025.
Tether CEO Paolo Ardoino said the company places high importance on the Thai market and is committed to delivering a secure and transparent stablecoin experience for users.
Arthur Hayes: Don’t Rush to Buy the Dip, Wait for Fed “Easing” Before Adding Exposure
BitMEX co-founder Arthur Hayes posted: “Be patient. BTC could bottom around $70K. A 36% drop from the $110K all-time high is very normal in a bull market.”
Hayes anticipates that stock markets (S&P 500 and Nasdaq) will enter free fall, putting traditional financial institutions under pressure. Eventually, the Federal Reserve and central banks globally will pivot to full-blown easing—marking the ideal time to add exposure.
“Traders will try to catch the bottom. If you’re more risk-averse, wait until central banks loosen policy before deploying more capital. You may miss the absolute bottom, but you won’t suffer psychological stress from prolonged sideways movement and unrealized losses.”
CZ: “BTC Price Tied to Economic Indicators” May Only Apply Short-Term
Crypto user Adaora Favour Nwankwo posted an analysis: “Bitcoin’s price movements are closely tied to economic indicators. Here’s what could happen: If a recession occurs, Bitcoin’s maximum potential downside is around $50,000. If no recession happens, the expected floor is between $70,000 and $75,000. Key market watchers are focusing on Wednesday’s CPI (Consumer Price Index) data, which could significantly impact Bitcoin’s price trajectory.”
In response, Binance founder Changpeng Zhao (CZ) commented: “I think this analysis only applies in the short term.”
Bitcoin Magazine CEO: DOJ May Be Selling Bitcoin Against Presidential Wishes, Pressuring Prices Recently
David Bailey, CEO of Bitcoin Magazine, posted on social media: “If the U.S. Department of Justice has been rushing to liquidate the U.S. government’s Bitcoin holdings within three months of court approval—against the president’s wishes—then Bitcoin’s recent price action makes sense.” He implied that government sell-offs could be a major reason for recent price pressure.
CoinShares: Digital Asset Investment Products See $876 Million Outflow Last Week, Fourth Consecutive Weekly Outflow
According to CoinShares Research, digital asset investment products experienced their fourth consecutive week of outflows, with $876 million withdrawn last week, bringing total outflows during this negative trend to $4.75 billion. Although the pace of outflows has slowed, investor sentiment remains bearish.
Regionally, U.S. investors were the most pessimistic, withdrawing $922 million, while Switzerland, Canada, and Germany viewed the dip as a buying opportunity, recording inflows of $23 million, $14.7 million, and $13.3 million respectively.
Bitcoin was the main focus, seeing $756 million in outflows, followed by Ethereum with $89 million. In contrast, Solana, XRP, and Sui continued to attract inflows of $16.4 million, $5.6 million, and $2.7 million respectively.
Market Update
Suggested Reading
Know Yourself, Earn the Right Money: Crypto Investment Personality Analysis Through MBTI
This article explores how MBTI personality types influence individual decision-making and styles in cryptocurrency investing, emphasizing that personality plays a crucial role in shaping investment trajectories. It analyzes the strengths and weaknesses of different personality types in investing and calls on investors to develop strategies tailored to their own traits.
Interview With a Crypto Scam Operator: How We “Legally” Engineered a Multi-Million Dollar Fraud
This article reveals the mechanics of cryptocurrency scams and their impact on victims, based primarily on an interview by National Geographic’s *Trafficked* series with a self-proclaimed scam operator known as “Mr. X.” It also examines victim experiences, scam techniques (such as “Rug Pulls”), law enforcement perspectives, and how investors can protect themselves.
BTC Lingers Around $80K: Prelude to Bear Market or Golden Pit?
This article discusses current price volatility and trends in the Bitcoin (BTC) market, analyzing extreme fear sentiment and diverse viewpoints among investors and analysts—including “wait-and-see,” “golden pit bulls,” and “buy at 75K” camps. It also explores how macroeconomic conditions, policy environments, and on-chain data affect Bitcoin prices.
Analyzing Seven Yield-Bearing Stablecoins: Risks, Returns, and Market Trends
This article provides an in-depth analysis of seven yield-bearing stablecoins (sUSDe, sUSDS, USD0++, sfrxUSD, USR, USDY, and slvlUSD), covering their yield mechanisms, risk profiles, and market trends. These stablecoin protocols generate returns through various strategies and dynamically adjust yields based on market sentiment and cycles.
Crypto in a Doldrums Phase: Temporarily Turning Into “Entertainment Industry”
This article discusses how, amid低迷 market sentiment, the Chinese crypto community has shifted toward entertainment-driven content, with KOLs attracting traffic via selfies and gossip. Projects are joining the attention race through marketing stunts, but concerns are rising about high-quality content being marginalized.
Survival Strategies for Crypto Investors: It’s a Loser’s Game—Staying Alive Is the Ultimate Goal
This article argues that crypto investing has shifted from an early “winner’s game” to a “loser’s game,” where survival is key to success. At this stage, avoiding mistakes matters more than technical expertise—especially in speculative behaviors like meme coin trading, which reflect zero-sum dynamics. Success lies in avoiding financial self-destruction and leveraging time to gain resilience amid market fluctuations.
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