BTC short squeeze above $90K could fuel a rally

Mainstream data observations

Fear and Greed index: Increased from 46 on March 25 to 47 on March 26 (a neutral market sentiment with a warming trend).

BTC core liquidation levels: Long positions at $87,047 with a liquidation amount of $259M; short positions at $88,594 with a liquidation amount of $262M.

ETH core liquidation levels: Long positions at $2050.2 with a liquidation amount of $58.38M; short positions at $2087 with a liquidation amount of $282M.

BTC Long-Short Ratio: Increased by 2% from 1.00 on March 25 to 1.02 on March 26.

Total stablecoin market cap: $238.0B (overall market cap slightly increased by -0.2%).

Mainstream market lending rates: AAVE at 5.03%, Compound at 5.07%.

Market overview

On March 25, BTC overall maintained a sideways trend, with its highest surge reaching around $88,500 before retreating. Continue to monitor the support near $86,000; if it holds, there is potential for further upward movement. The current RSI is likely in the 50-70 range, indicating a neutral to slightly bullish market without being overbought. However, if the RSI nears 70, it could signal a short-term correction risk. Currently, BTC's market share stands at 61.53%, and TOTAL3's market capitalization is $837 billion.

The BTC futures open interest reached $32 billion, and at that time the price had not yet peaked, indicating room for further upward movement. Previously, in November 2021, when the open interest reached $23 billion, BTC hit $69,000 before subsequently crashing. In November 2024, the open interest exceeded $40 billion and BTC broke above $100,000, but in March it adjusted to below $80,000—both outcomes being the result of BTC’s price and open interest rising together. Considering that BTC’s breakthrough above $85,000 did not trigger massive liquidations, it is expected that if it surpasses $90,000, there will be substantial short liquidations. If, by that time, open interest continues to grow and the price follows suit, a bullish trend will prevail; however, if open interest declines or liquidations intensify, caution should be taken for a pullback to $84,000.

CBOE files Solana ETF application for Fidelity: Fidelity, the world's third-largest asset management firm with over $6 trillion in assets under management, is taking another step toward embracing crypto assets. Cboe BZX Exchange, a subsidiary of CBOE, filed a 19b-4 document with the US SEC on March 25, proposing a rule change to support the listing of Fidelity's “Fidelity Solana Fund.” This action follows Fidelity’s registration of a Solana fund in Delaware on March 20. If the Solana ETF is approved, potential capital inflows could range from $3 billion to $6 billion.

BlackRock will launch Bitcoin ETP in Europe: BlackRock, the world's largest asset management company with over $11 trillion in assets under management, plans to launch the iShares Bitcoin ETP (ticker such as IB1T) in Europe. The product is already listed on exchanges such as Euronext Paris, Xetra Frankfurt, and Euronext Amsterdam. The ETP uses Bitcoin as the underlying asset and is supported by Coinbase Custody’s cold storage. With an initial fee of 0.15%, it is competitively priced compared to the traditional fee rate of 0.25%. Following its launches in the United States and Canada (Cboe Canada's IBIT, set to launch in January 2025), the European ETP marks another step in BlackRock's global crypto expansion, demonstrating its long-term confidence in BTC as an asset class. As institutional adoption of BTC increases, its upward momentum is expected to grow stronger.

Key events

• Lens Protocol founder Stani Kulechov has tweeted that Lens Chaina, a modular blockchain designed for social scenarios, will launch.
• AI trading robot Bankr has tweeted that the fees for tokens deployed through replies on X will be shared with the original post author at a 50/50 ratio.
• According to CoinDesk, blockchain payments company Ripple will reclaim a $75 million court fine from the US SEC and withdraw its cross-appeal.
• Ethereum liquidity re-staking platform Kelp DAO has opened the first season airdrop query for its KERNEL token, with TGE expected in early April 2025.
• According to Whale Alert monitoring, the USDC Treasury has minted 65 million USDC on the Ethereum chain.
• According to Reuters, gaming retailer GameStop will incorporate Bitcoin into its treasury reserve assets.
• Sui ecosystem AMM protocol STEAMM has been launched and introduced the STEAMM points program, where users can earn STEAMM points by providing liquidity to pools on STEAMM.
• According to SEC disclosure, the nonprofit organization Lido Labs Foundation responded to the US SEC’s cryptocurrency special task force, arguing that governance and liquidity staking tokens (LST) should not be classified as securities due to their inherent utility and functionality.
• According to on-chain data, stablecoin issuer Circle has minted an additional 250 million USDC on the Solana network.
• Stock and cryptocurrency trading platform eToro has applied to list on the Nasdaq with the US SEC, planning to raise $400 million.
• Liquidity staking protocol Amnis has announced that its governance token, AMI, will have an initial airdrop distributing 3.6% of the total AMI supply.
• According to blockchain security company PeckShield's monitoring, two DeFi platforms, GMX and MIM Spell, have had their smart contracts hacked, resulting in a loss of approximately 3260 ETH (worth about $6.5 million).
• Particle: Will open an airdrop claim, with this round accounting for 9% of the total token supply.
• BNB Chain has tweeted that due to the high demand on the chain, which may cause inconvenience to some users, the block display of BscScan is slightly behind, and it is recommended to use BscTrace.
• Global asset manager BlackRock has expanded its BlackRock USD Institutional Digital Liquidity Fund (BUIDL) to Solana, its seventh blockchain network, and listed a Bitcoin exchange-traded product (ETP) in Europe to tap the growing demand for cryptocurrency exposure in new markets.
• The Dogecoin Foundation, through its new corporate arm, has established an "Official Dogecoin Reserve" with an initial purchase of 10 million DOGE (approximately $1.8 million).

Hot projects

Token		Description	Market Cap（$）
	MOVE Recently completed a buyback	On December 10, 2024, after MOVE was listed on Binance, a market maker responsible for providing liquidity for the MOVE/USDT trading pair sold approximately 66 million MOVE tokens in a single day, almost without offering any buy orders. This market maker netted a profit of $38 million. Binance expelled the market maker from its platform on March 18, 2025, and froze the profits. On March 25, the foundation announced that it had cooperated with Binance to recover the $38 million USDT, promising to use the funds for the "Movement Strategic Reserve" token buyback program. The buyback will take place on Binance over the next three months, with the repurchased MOVE tokens periodically transferred to an on-chain wallet. The first batch of the buyback comprised 10 million tokens, valued at $5.44 million, marking the initial concrete step of the $38 million buyback plan, which accounts for approximately 14.3% of the total plan.	1.34 billion
	Lens Chain The founders recently disclosed that it will be launched soon	Lens Protocol is a decentralized social protocol launched in February 2022 by Aave founder Stani Kulechov. It is designed to build an open, composable Web3 social graph. In 2023, the project secured $15 million in seed funding and, in June 2024, sought an additional $50 million in financing with a valuation of $500 million. Investors include Polychain Capital and Binance Labs, making the project's future token issuance worth monitoring.	500 million
	iBGT Recently showing strong performance	iBGT, introduced by Infrared Finance, is a liquid staking version of Berachain's governance token BGT. BGT (Berachain Governance Token) is non-transferable (soulbound) and serves as the governance token for Berachain, while iBGT is a tradable ERC-20 token that circulates freely within Berachain's DeFi ecosystem. It is designed to enhance composability and utility in decentralized finance, enabling its use for providing liquidity, as collateral, or for participation in other protocols.	35.76 million

Exchange updates

• WOO X has launched NIL/USDT perpetual contracts with up to 20x leverage and API3/USDT perpetual contracts with up to 10x leverage. 
• Bybit has launched PARTI/USDT perpetual contracts with up to 75x leverage. 
• Bitget has launched Particle Network (PARTI) spot trading, and Bitget PoolX along with CandyBomb will launch Immortal Token (IMT) on March 27 with a total prize pool of 16.26 million IMT.
• OKX has launched NAVX (NAVI Protocol) spot trading.
• Binance Futures has launched PARTIU/USDT perpetual contracts with up to 75x leverage, while Binance Wallet and PancakeSwap completed the TGE for ParticleNetwork (PARTI) by raising 326,963 BNB, which is about 163 times the target, and Binance announced the seventh phase of the Solv Protocol (SOLV) project on BNSOL Super Staking, with Binance Earn introducing EigenLayer WBETH staking on on-chain yields.

Industry landscape

• US SEC's Cryptocurrency Working Group announced that it will hold four new rounds of roundtable meetings from April to June 2025 on topics including crypto trading, custody, asset tokenization, and DeFi, and it has dropped its investigation into the web3 gaming platform Immutable without filing any enforcement charges.
• Chronicle, an Ethereum-based oracle service, has completed a $12 million seed round, led by Strobe.
• Memecoin incubation platform Coresky has completed a $15 million Series A round, led by Tido Capital.
• Financial infrastructure Vest Labs has completed a $5 million seed round, participated in by Amber Group.
• Anime IP ecosystem Tarta Labs has completed a $4.5 million pre-seed funding round, led by BITKRAFT Ventures.

Emerging projects

Token	RFC	MOBY	BUIDL
Description	A memecoin on Solana, officially named Retard Finder Coin, is styled as a Web 2 meme featuring Retard.	An AI Agent token on Solana is specifically designed to monitor large on-chain transfers.	A memecoin on Solana is conceptualized as the leading token on the memecoin issuance platform Dev.fun, a platform supported by the Solana Ecosystem Fund Colosseum.
Price	$0.004923	$0.01828	$0.002407
Market Cap（$）	4.92 million	18.28 million	2.4 million
Token Holders	8,324	23,896	1,690

Token	TIM	PKIN	Bitboy
Description	A memecoin on Solana claims to be the killer of John Pork, a hyper-realistic pig-headed humanoid model that is a virtual figure with an AI-synthesized head, which first debuted on Instagram in 2018.	$PKIN is the token of the Pumpkin platform, a competitor to Pump.Fun. The platform enables developers to profit from trades while rewarding holders through staking to incentivize community growth.	A memecoin on Solana is based on crypto influencer Biyboy, who is currently facing up to three years in prison without bail.
Price	$0.003376	$0.004970	$0.0009466
Market Cap（$）	3.37 million	4.97 million	946,000
Token Holders	3,811	11,813	2,672

Other opportunities

On-chain DeFi mining yield products:

Project Name	Mropho（Blockchain：Ethereum） ←→ Token： USDC
Project Details	Spark USDC Vault: A vault organized by SparkDAO. Participate in Spark USDC Vault from the Mropho official website. Participate in Savings USDC from Spark (Annual Interest Rate: 4.5%).
Participation Method	Participate in Spark USDC Vault from the Mropho official website. Participate in Savings USDC from Spark (Annual Interest Rate: 4.5%).
Project Information	Mropho: A lending protocol that provides customizable pools, each isolated separately.
Earnings Details	Staked currency: USDC Exit period: T+1 Annual interest rate: 5.72% (variable, with a native yield of 4.32%, and Coinbase One membership incentive of 1.4%, no management fee).
Product Data	Token: USDC Total deposits: $94.04M Liquidity: $19.84M 7-day yield: 5.83%

Risk: Investors should proceed with caution and conduct their research.

Disclaimer

The development and market cap of stablecoins mentioned in the above content are speculative and based on market analysis at the time of writing and should not be interpreted as guaranteed outcomes. Market conditions can fluctuate widely and unpredictably due to numerous factors such as regulatory changes, market demand, and global economic developments. 

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