Orange Evening Interpretation 3.25 There is good news about the bitcoin strategic reserve again. Last night Bonkins, a consultant of Trump, said that he might use the money to buy gold to buy big cakes in the future. The state-level bitcoin reserves of Texas and Oklahoma are also about to pass, and the funds of bitcoin ETFs and micro strategies are starting to buy again. The second half of 2025 bull market is coming! The currency market had a good trend last night, rushing up to the price of 8w8 and close to 8w9. The rise was mainly due to two reasons. The first reason was that Bonkins, a consultant of Trump, told the media last night that he might use the gold money to buy big cakes in the future, which must be a great stimulus to the market. After all, Trump mentioned strategic reserves several times before, they said that taxpayers' money would not be used, just to ensure that the existing Bitcoin would not be sold; The second is that Trump's tariff position has softened. Previously, it said that it would implement tariff policies separately for automobile, pharmaceutical, wood, chip and other industries in the near future. Then last night, it said that it would delay the implementation of tariff policies, and only implement tariffs among major trading partners, rather than dividing the world into three levels as previously said. The major trading countries are only Australia, Brazil, Canada, China, the EU, India, Japan, South Korea, Mexico, Russia and Vietnam, while most other countries are likely to be exempt from tariffs. In addition, Trump last night called for Powell to cut interest rates. These factors led to the takeoff of both the US stock market and the cryptocurrency market last night, with the Nasdaq rising 2.27 and Tesla soaring 12%. The cryptocurrency market also had the intention of hitting 9 million at one point, but currently it is still in the late stage of arbitrage selling pressure, and the market turnover has not yet ended, so the price fell back during the day. In terms of funds, yesterday the micro strategy srategy announced that it increased its holdings of 6911 bitcoins between March 17th and 23rd, with a total purchase cost of $584 million. The Bitcoin ETF continued to have positive capital flow last night, with an inflow amount of $84.2 million. This is the seventh consecutive day that the ETF has had a net inflow of funds, with a total inflow of $870 million in seven days. In addition, five listed companies increased their holdings of large cakes last week, totaling 1306, with a value of $113 million. It can be seen that there is no problem with external funds now, perhaps because emotions are not yet as high, so the leverage ratio of funds entering the market is not high. During the period when the market broke through 9w and 10w, the daily inflow of funds into ETFs was around 1 billion yuan, and there is still a long way to go before that time; Next, last night the Oklahoma House of Representatives voted to pass the Strategic Bitcoin Reserve Act, which allows the state to invest 10% of its public funds in Bitcoin or any digital asset with a market value exceeding $500 billion. This is also a positive development. Although the bill still needs to be submitted to the Senate for a vote and signed by the governor before it can be officially implemented, it can be considered a milestone achievement. Currently, the progress of Bitcoin Reserve Acts in various states in the United States is as follows: four states have already passed the Senate or House vote, with Texas leading the way, followed by Oklahoma, Arizona, and Utah. Missouri has passed a committee proposal and is waiting for a parliamentary vote. Other progress is slightly slower compared to the federal government. Bitcoin reserves, The progress is still faster. After all, only Trump has said it several times, and it has not entered the voting stage yet. In short, there is a long way to go in terms of reserves. It is possible that the benefits of reserves will continue to emerge throughout 2025. Finally, let's talk about the market. The market has started to decline again during the day, and it is still fluctuating. If it rises later, it will fall during the day. Let's wait for more stimulus policies or more favorable policies to emerge; The Ethereum ETF has ended half a month of continuous capital outflows, with zero trading last night. However, this is not a good thing, indicating that there is no interest in Ethereum ETF trading outside the market. Now Ethereum is like entering a midlife crisis, unable to show interest in anything. However, with the upcoming battle between Fidelity and BlackRock for pledged ETFs, it is estimated that Ethereum will soon regain its momentum; There is good news on Sol's end. PolyMarket went online on Solana last night, and the meme on Sol also restarted. There was a routine yesterday and an RFC today, and AI also rebounded; The trend of BNB is still strong, and recently the on chain dogs have been playing very well. Although it is weaker than when Mubarak came out last week, Binance last night introduced new on chain incentives with a total capital of 100 million US dollars. They also caught the employee mouse warehouse on UUU and rewarded the whistleblower with 100000 US dollars. Later, the market maker of Move was also caught and 38000 US dollars were frozen. In addition, Binance last night added nil, which is an L1 related to data and AI, with a market value of 160 million and an fdv of 820 million US dollars. Binance also announced a new issue of Binance HODLer @ ParticleNtwrk, and launched PARTI on PancakeSwap. TGE, with a subscription limit of 3 BNB, has earned profits from the first two rounds of shell BMT; Other knockoff CROs have collaborated with WLFI and achieved a direct 30% increase in sales; Other strong tracks such as RWA AI Meme L1 and other ETF related knockoff trends are doing well, and these tracks are available for purchase throughout 2025.