Pac Finance因突然更改LTV参数，致使2400万美元的资金遭遇清算。

In the long term, the return of liquidity in the future will steadily push up BTC prices.

BTC 回弹到 7 W 上方，长期震荡趋势仍在收缩区间之内，从期权上看，统计数据里反应出来的 IV/RV 波动敞口依然显著，前端隐含波动率在大量看涨期权的抛售下持续下行。

It is expected that liquidity re-hypothecation will be a winner-take-all market structure, and liquidity will bring more liquidity.

数字货币方面，昨日IBIT ETF买入流量恢复，与GBTC的流出量基本打平；币价上，BTC在7W下方维稳，震荡区间呈现收窄的趋势。

昨天市场忙于在CPI公布前调整头寸，Bloomberg报导了纽约开盘时创下纪录的SOFR期货大宗交易，随后价格上涨/收益率下跌。

A new opportunity to “eat two fishes out of one fish”.

从交易上看，近期IV和RV差值带来的Vol Premium吸引到了看跌短期波动的交易，ETH本周3400的Put遭到大量抛售，而在BTC方面，这种观点更多是由Sell Put/Call Spread的方式实现，保护了极端情况下的损益。

Ethereum’s competitors look to Ethereum for answers, but Ethereum finds its answers in cryptography. This is the real difference between first-rate public chains and second-rate public chains.

Markets were relatively calm yesterday, providing a breather before a very busy schedule of data releases ahead. Cryptocurrency prices continue to rebound after liquidating leveraged longs over the past week, with prices just one step away from all-time highs, with various altcoins taking turns to show good performance.

我们真的需要开始考虑什么是上限，以及我们如何才能真正达到上限

With an increase of more than a thousand times in two weeks, is it a protocol innovation or a hot dog?

上周五强劲的非农就业数据再一次显示了美国就业市场的顽强，整体数据显著优于预期（30.3 万 vs 预期的 21.4 万）。在加密货币方面，价格有所反弹，BTC 重新接近 7 万美元。

本月，加密市场的注意力仍然集中在资金流而不是基本面上。美国的BTC现货ETF通过2个月后，出现了连续4天的净流出（3 月 18 日至 21 日期间净流出 8.36 亿美元），而第一梯队贝莱德和富达，以及其他基金的正流入，则抵消了灰度比特币信托GBTC 的流出，这表明我们正在见证一些资本转移。同时，我们看到，获利了结的矿工们和ETF净流入之间的博弈，正在推动推动震荡行情的持续。

在过去一周的行情中，比特币与以太坊的价格都有一定幅度的下跌，历史波动率与成交量都在 4.2 连续下跌时最大，未平仓量较周初都有下降。隐含波动率 BTC 与 ETH 较周初下降。此外，资金费率高位回落，表明合约交易情绪急剧下降。市场宽度指标整体市场进入较为弱势的阶段。在事件方面， 4.5 公布非农数据后主流币价格小幅下跌后反弹。

BTC once broke through $69,000 during the day and then fell back to around $67,000. The implied volatility level rose slightly by 1-2% Vol, but was still slightly lower than last week's 5-8% Vol. On the other hand, Vol Skew has not changed significantly and is still near the low 25th percentile of the historical three-month data.