Today's top news highlights:

Regulation & Macro

The US core PCE price index rose further to 3.1% year-on-year in January, in line with market expectations.

The US core PCE price index rose 3.1% year-on-year in January, in line with expectations and unchanged from the previous month's 3.00%. The US core PCE price index rose 0.4% month-on-month in January, in line with expectations and unchanged from the previous month's 0.40%.

The U.S. core PCE price index rose further to 3.1% year-on-year in January, the highest level since March 2024, in line with market expectations.

A proposal from a National People's Congress (NPC) deputy to revise the People's Bank of China Law: to clarify the legal tender status of the digital yuan.

According to Caixin, Fu Xiguo, a National People's Congress (NPC) deputy and former head of the Liaoning branch of the People's Bank of China (PBOC), submitted a proposal to expedite the revision and promulgation of the "Law of the People's Republic of China on the People's Bank of China." The proposal argues that the current lack of clear legal regulations for the digital yuan (RMB) leaves its issuance, circulation, and risk prevention in a legal vacuum, leaving the central bank without a legal basis to effectively guarantee the security of its circulation and the rights of financial consumers. The revised "Law of the People's Bank of China" should clarify the legal tender status of the digital yuan and define the central bank's core responsibilities as the issuer. Furthermore, the new law should include acts such as counterfeiting and altering digital yuan within its scope, specifying corresponding legal liabilities and penalties to ensure the security of the digital yuan's circulation.

Trump acknowledges that the US and Israel have different goals in ending the war.

According to a report by CCTV International News cited by Jinshi, US President Trump, in response to reporters' questions on the afternoon of March 13th (Eastern Time), acknowledged that the US and Israel differ on the issue of "ending the current war." When asked "how long this war might last," Trump said he "couldn't tell reporters," but "it will continue as long as necessary."

The U.S. Department of Justice will appeal the Powell case ruling, potentially delaying Warsh's appointment.

According to Jinshi News, after a judge dismissed subpoenas issued to the Federal Reserve, U.S. Attorney Robert Piro vowed to continue his investigation into Fed Chairman Jerome Powell, potentially delaying the appointment of his successor, Kevin Warsh, whose term ends in May. U.S. District Judge James Bosberg stated that the government failed to provide any evidence to justify its subpoenas related to renovations at the Fed headquarters building and Powell's comments on the project. Piro stated, "This process was arbitrarily disrupted by a radical judge. The process should have proceeded smoothly, but they didn't. They are disgraceful." Senator Tillis, a member of the Senate Banking Committee, warned that he would block any Fed chairman nomination as long as the Justice Department's investigation into Powell continues. "This ruling confirms how weak and baseless the criminal investigation into Chairman Powell has been; it's nothing more than a failed attack on the Fed's independence," Tillis said. "The appeal will only delay Kevin Warsh's confirmation as the next Fed chairman."

The assets of relatives of the "Fujian gang" involved in Singapore's largest money laundering case are slated for confiscation in the UK.

According to Caixin, the UK's National Crime Agency (NCA) planned to freeze and seize £6 million (approximately RMB 55 million) in assets belonging to a 24-year-old woman in London, including two apartments, a parking space, and six bank accounts, on suspicion that these assets were related to proceeds of crime and that their source could not be explained. On March 13, the UK High Court rejected the woman's application to have the freeze order lifted. According to information disclosed by the court, the 24-year-old woman's uncle was one of 10 people arrested, convicted, and sentenced in Singapore's S$3 billion money laundering case, and her father was among 17 other fugitives involved in the case, and one of the 15 people whose assets were later seized and handed over by Singaporean authorities. The court's verdict announced that day did not disclose the names of the woman, her father, or her uncle, but based on information previously released by the Singapore police, only the brothers Wang Shuiming and Wang Shuiting, originally from Anxi County, Fujian Province, China, match the details disclosed by the British court. That is, the woman is Wang Shuiting's daughter and Wang Shuiming's niece.

On August 15, 2023, Singapore police launched a simultaneous island-wide raid, arresting 10 foreign nationals and seizing and freezing assets. The case subsequently expanded to approximately S$3 billion (approximately RMB 16.38 billion), becoming the largest money laundering case in the country's history. Because most of the 10 defendants—nine men and one woman—were originally from Anxi, Fujian, the case was also known as the "Fujian gang money laundering case."

Project Updates

Tether seeks to complete a full audit by the end of 2026 and is seeking a valuation of approximately $500 billion.

According to Bloomberg, Tether, the issuer of stablecoins, earned over $10 billion in profit last year and currently holds approximately $193 billion in reserve assets, about 63% of which are U.S. Treasury bonds. It claims to be the 17th largest and largest non-sovereign holder of U.S. Treasury bonds. The company launched its compliant stablecoin, USAT, in the U.S., intensified its lobbying efforts, and sought a valuation of approximately $500 billion. It plans to continue expanding its portfolio in commodities, AI, energy, and other sectors through the proceeds from its U.S. Treasury bond holdings. Tether also faces regulatory pressure regarding its USDT transactions related to criminal activities and Iran. Tether told investors that it is "striving" to complete a full audit by the end of 2026.

Tencent releases its first "Lobster Butler"

Tencent PC Manager launched the industry's first "Lobster Manager AI Security Sandbox" in its new version 18.0, providing one-stop security protection for locally running AI agents. Currently, "Lobster Manager" supports multiple "Lobster" protocols, including OpenClaw, QClaw, OneClaw, and LobsterAI.

The Ethereum Foundation released the EF Mandate, reaffirming its vision of decentralization and user self-sovereignty.

The Ethereum Foundation has released a new 38-page mission statement document, "EF Mandate," which outlines its development philosophy, priorities, and long-term role in the Ethereum ecosystem. It states that Ethereum's core goal is to promote "self-sovereignty," ensuring that users have ultimate control over their identity, assets, actions, and agents.

The document states that Ethereum's core objective is to safeguard user self-sovereignty, meaning that users have ultimate control over their identity, assets, and actions. The foundation emphasizes that Ethereum's development must always adhere to four core attributes: censorship resistance, open source and freedom, privacy, and security (collectively known as CROPS), stating that these principles should not be sacrificed for efficiency or convenience. It also places Ethereum within a broader open technology ecosystem, referring to it as part of the "Infinite Garden," an open digital infrastructure network jointly built by developers, the community, and institutions.

The Ethereum Foundation stated that it positions itself as a "guardian" of the project, not an owner or ruler, and its responsibility is to uphold the network's long-term vision and open values. The Foundation also emphasized that as the ecosystem matures, its influence should gradually decrease, with more responsibilities being assumed by the broader community and developer ecosystem.

Kraken-affiliated SPACs are seeking potential acquisition targets, with target companies potentially valued at up to $10 billion.

Kraken's affiliated special purpose acquisition company (SPAC), KRAKacquisition Corp., announced it has launched a search for potential acquisition targets, with target companies valued at up to $10 billion. The SPAC is reportedly broadly examining crypto-native companies, including those in stablecoins, tokenization, DeFi, and payments. KRAKacquisition, which previously completed a $345 million IPO, has been given two years to find acquisition targets. The company stated that $10 billion is only a rough upper limit for valuation, and the actual valuation of target companies may be closer to $2 billion. However, this range reflects the company's desire to provide a pathway for small- to mid-cap companies to access the public market.

Meanwhile, Kraken itself is also pushing forward with its IPO plans. The exchange had previously filed for registration with the U.S. Securities and Exchange Commission and completed a financing round of approximately $800 million last year, valuing the company at approximately $20 billion. Kraken Acquisition is also considered a strategic investment vehicle for Kraken, forming a closer economic connection with the acquired companies through shareholding.

Pump.fun launches on-chain agent "experiment" Tokenized Agents, supporting automatic token buyback and burn.

Pump.fun co-founder Alon posted on the X platform that on-chain agents are taking over everything. His platform has launched its first on-chain agent "experiment," Tokenized Agents, which supports automated on-chain revenue buyback and burning. Users can set their own buyback ratios. Alon added that this is only a v0 version, and the team is collecting community feedback to further improve features valuable to both agent developers and end-users. Future iterations will continue, and on-chain agents are expected to become a core component of the "trillion-dollar agent economy." It is understood that the agents on Pump.fun are developed outside the platform by third parties using tools such as Claude Code/OpenClaw, and Pump.fun has no other control over the functions or decisions of the agents.

Investment and financing news

UTime is reportedly planning to acquire Web3 data platform Feixiaohao for $80 million, and a letter of intent has been signed.

According to GlobeNewswire, Nasdaq-listed UTime announced that it has signed a non-binding letter of intent to acquire 100% of the Web3 data platform Feixiaohao for up to $80 million. The consideration includes $64 million in stock or convertible preferred stock and $16 million in cash. The transaction is subject to subsequent formal agreements and closing conditions.

Opinions & Analysis

Vitalik Buterin explains the Ethereum Foundation's new mission statement: It will double down on its commitment to Ethereum and push it to become a "safe haven for technology."

Vitalik Buterin published an article on the X platform interpreting the Ethereum Foundation's new mission statement, "EF Mandate," stating that he will double down on Ethereum and is full of expectations for its future development.

Vitalik Buterin pointed out that Ethereum plays a unique role in the global digital ecosystem, with a mission to become a "sanctuary technology" that maintains technological self-sovereignty and promotes collaboration in an environment free from coercion and domination. Ethereum's core objective is to ensure that no individual, organization, or ideology can gain absolute control in cyberspace and to provide users with an "exit mechanism." The Ethereum Foundation, as the "guardian" of the network, will continue to focus on advancing the CROPS principles—censorship and capture resistance, open source, privacy, and security—prioritizing decentralization, verifiability, network activity, and security at the protocol layer, while also promoting upgrades such as account abstraction to reduce reliance on intermediaries. At the application layer, the Ethereum Foundation will strive to create a "zero-option" user experience that balances security, privacy, and user autonomy, complementing broader ecosystem projects to jointly drive the development of the Ethereum ecosystem.

Tim Draper: The next decade will focus on promoting the development of the Bitcoin ecosystem, AI, and space technology.

American venture capitalist and billionaire Tim Draper stated in an article on the X platform that his life's mission is to spread entrepreneurship and venture capital globally, and to support visionary founders even before their visions are fully formed. Draper's team has invested in Tesla, SpaceX, Robinhood, Coinbase, and Bitcoin at early stages, and their portfolio has spawned over 60 unicorns and 10 "Rhinos" (large unicorns), with Tesla, SpaceX, and Bitcoin all exceeding a market capitalization of $1 trillion. Regarding his key priorities for the next decade, Tim Draper stated that he will focus on upgrading space and transportation technologies, leveraging AI to improve human and robotic efficiency, and advancing the Bitcoin ecosystem.

Former British Prime Minister Michael Saylor's view that "Bitcoin is a Ponzi scheme" has sparked controversy: Saylor emphasizes that BTC is decentralized and has no issuer.

Former British Prime Minister Boris Johnson posted on the X platform, stating that he has long suspected Bitcoin is a "huge Ponzi scheme," and that recent reports of investment losses have reinforced his concern that this assessment may be correct. In response, Michael Saylor, founder and CEO of Bitcoin treasury company Strategy, disagreed, pointing out that Ponzi schemes typically require a centralized operator promising returns and using funds from later investors to pay earlier investors. He argued that Bitcoin, however, has no issuer or promoter, and offers no guaranteed returns; it is simply an open, decentralized monetary network driven by code and market demand.

Analysis: Bitcoin outperformed US stocks amid macroeconomic turmoil, suggesting the crypto market may be gradually emerging from its period of extreme pessimism.

Coinbase Institutional, in an analysis published on its X platform, points out that the latest macroeconomic data shows a slowdown in US non-farm payroll growth, 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 rise 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 given Bitcoin's relatively strong performance. Since March of this year, Bitcoin has outperformed the US stock market, leading market observers to believe that the crypto market may be gradually emerging from a period of extreme pessimism. However, the market remains cautiously optimistic, with investors awaiting further confirmation of the trend and continuously monitoring whether market participation can support a sustained upward trend.

Santiment: The percentage of Bitcoin reserves held by exchanges has fallen to its lowest level since November 2017.

On-chain analytics platform Santiment published an article on its X platform stating that, based on traceable wallet data, the percentage of Bitcoin currently held in exchanges has fallen to its lowest level since November 2017. Over the past eight years, the crypto market and the global macroeconomic environment have undergone significant changes, and the continued decline in the proportion of Bitcoin held in exchanges is generally seen by the market as a signal of increased long-term holding tendencies and reduced tradable selling pressure.

Cambridge study: 72-92% of submarine fiber optic cables would need to be cut simultaneously to significantly impact the Bitcoin network.

A study published by the Centre for Alternative Finance (CCAF) at the University of Cambridge shows that the Bitcoin network is far more resilient to physical infrastructure disruptions than previously expected. The study, based on 11 years of network data and analysis of 68 verified submarine cable failures, found that for random failures, between 72% and 92% of transnational submarine cables would need to be interrupted simultaneously to significantly impact Bitcoin node connectivity.

The study indicates that in over 87% of the 68 real-world submarine cable failures analyzed, the impact on nodes was less than 5%. For example, in March 2024, submarine disturbances off the coast of Côte d'Ivoire damaged 7 to 8 cables simultaneously, affecting approximately 43% of nodes in the region, but globally only about 5 to 7 Bitcoin nodes were affected, representing approximately 0.03% of the network. The Bitcoin network is significantly more vulnerable to targeted attacks than to random failures. If an attacker targets a critical communication hub's cable, impacting only about 20% of the critical lines could cause a similar disruption; a coordinated disruption targeting the hosting providers with the most nodes (such as Hetzner, OVH, Comcast, Amazon, and Google Cloud) could result in a significant impact with a reduction in routing capacity of about 5%.

Furthermore, the study found that Tor network nodes accounted for approximately 64% (in 2025), with their distribution mainly concentrated in highly connected countries such as Germany, France, and the Netherlands. This, in turn, improved the overall resilience of the network. The study suggests that the Bitcoin community is gradually shifting towards more censorship-resistant infrastructure in the face of internet censorship and geopolitical events, giving the network an "adaptive reinforcement" characteristic.

BlackRock is considering launching a "complex structured" crypto ETF and will conduct rigorous product screening.

Robert Mitchnick, head of digital assets at BlackRock, said that while some asset management firms in the market are experimenting with more “complex” crypto ETF structures, BlackRock will not make such products its core strategy, but will continue to adopt a relatively prudent product portfolio.

In an interview on CNBC's Crypto World program, Mitchnick pointed out that more innovative or "heterogeneous" ETF structures may emerge in the future market, some of which may be popular with investors. However, BlackRock will maintain strict screening when expanding its product line, prioritizing market maturity, liquidity, and real-world application scenarios. Meanwhile, BlackRock launched the iShares Staked Ethereum Trust (ETHB), an Ethereum ETF that supports staking rewards, on Thursday. Data shows that the product saw over $15.5 million in trading volume on its first day of listing, attracting approximately $43.5 million in inflows. This ETF allows investors to obtain additional returns through a staking mechanism while simultaneously capturing potential gains from rising Ether prices.

Important data

Bitcoin spot ETFs saw net inflows of $180 million yesterday, marking the fifth consecutive day of net inflows.

Ethereum spot ETFs saw a net inflow of $26.6926 million yesterday, marking the fourth consecutive day of net inflows.

Strategy's CEO sold 2,034 shares of company stock, cashing out approximately $279,000.

According to BCTreasuries, based on the latest Form 144 filing with the U.S. Securities and Exchange Commission, Phong Le, CEO of Bitcoin treasury company Strategy, has sold 2,034 shares of stock at an average price of $137.25 per share, netting approximately $279,200.

Grayscale staked 57,600 ETH on Coinbase this morning, worth over $120 million.

According to Onchain Lens monitoring, Grayscale staked 57,600 ETH, worth $121.62 million, through Coinbase this morning.

The three whales have withdrawn a total of 16,728 ETH from the CEX.

According to Onchain Lens monitoring, whales are accumulating ETH, with three whales withdrawing a total of 16,728 ETH from the CEX:

1. Whale “0x46D” withdrew 9,220 ETH ($9.55 million) from OKX.

2. The whale "0xb37" withdrew 5,000 ETH (approximately $10.41 million) from Gemini.

3. Whale “0xC4F” withdrew 2,508 ETH ($5.28 million) from Binance.

数据：超1年未活跃的比特币流通供应量比例达70.35%，创历史新高

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