PANews reported on March 14th that Coinbase Institutional published an analysis on its X platform, pointing out that the latest macroeconomic data shows that US non-farm payroll growth is cooling, challenging the previous narrative that the "labor market remains resilient." Meanwhile, Bitcoin's value proposition as a relatively independent asset may be further enhanced in the eyes of institutional investors. Furthermore, the increase in systemic leverage ratios reflects improving participation in the crypto market. Against the backdrop of recent geopolitical turmoil disrupting traditional financial markets, crypto market sentiment may be shifting, especially with Bitcoin's relatively strong performance. Since March of this year, Bitcoin's performance has outperformed the US stock market, and market observers believe that the crypto market may be gradually emerging from a period of "extreme pessimism." However, the market remains cautiously optimistic, with investors still awaiting further confirmation of the trend and continuing to monitor whether market participation can support a sustained upward trend.