Global Markets

Hong Kong's Financial Secretary Paul Chan introduced the development status of Hong Kong stablecoins and the digital yuan, emphasizing the growth of digital yuan wallets driven by local banks and the significant expansion of merchant acceptance. In the future, the government will explore the potential of wallet upgrades and new payment tools to meet market demands.

Gate News report: On March 25, European stock markets opened higher. The Stoxx Europe 50 Index (European blue-chip index) rose 1.2%, Germany's DAX 30 Index rose 1.4%, UK's FTSE 100 Index rose 0.7%, France's CAC 40 Index rose 1.1%, and Italy's FTSE MIB Index rose 1.3%.

Brent crude oil prices have fallen below $100 per barrel as the United States proposes a 15-point plan to end the war with Iran, with mediators pushing for bilateral talks. Analysts point out that market sentiment will reverse as conflict risks diminish, despite ongoing attacks between the two sides and the continued closure of the Strait of Hormuz.

US-Iran ceasefire reports trigger market volatility, Bitcoin rebounds in the short term. Analysts believe Iran's influence has transcended military operations, with markets sensitive to ceasefire expectations. A ceasefire would boost risk assets, while continued conflict would limit Bitcoin's upside potential. Investors need to monitor Iran's stance.

Recent geopolitical tensions have prompted investors to sell gold and shift toward Bitcoin, which offers price stability and attracts substantial capital inflows. Data shows gold ETFs experienced outflows of $3.8 billion, while Bitcoin ETFs absorbed $2 billion. Analysts point out that despite short-term changes in capital flows reshaping market dynamics, both Bitcoin and gold retain their characteristics as store-of-value instruments, and their performance requires long-term evaluation.

Gate News: According to the latest Gate TradFi data, AUDUSD (AUD/USD) has dropped by 0.5% in a short period. Current volatility is significantly higher than recent averages, indicating increased market

Goldman Sachs noted that the recent decline in gold prices is consistent with expectations, primarily affected by rising interest rates and market volatility. Despite weakening investor demand, Goldman Sachs remains optimistic about gold's prospects, forecasting that prices will reach $5400 by year-end as central banks purchase gold to diversify assets.

Goldman Sachs analysis indicates that recent gold price declines are driven by interest rate expectations and market volatility, which the firm believes aligns with historical trends. The bank projects gold will reach $5,400 per ounce by year-end, supported by central bank gold purchases driven by asset diversification needs.

Gate News reported on March 25 that JPMorgan Chase pointed out in its latest report that although gold (a traditional safe-haven asset) has declined approximately 17% from its January peak amid a stronger US dollar and widespread market risk aversion, historical experience suggests such pullbacks typically represent temporary buying opportunities. The institution stated that the longer geopolitical conflicts persist, the more compelling the case for bullish gold becomes.

SpaceX is accelerating its IPO process, with plans to submit an IPO application to the SEC as early as this week. The company targets a valuation of $1.5 trillion to $1.75 trillion and aims to go public in 2026. The company has acquired xAI to integrate artificial intelligence with aerospace operations. Despite IPO expectations, tokenized stock prices have fallen 22%, reflecting market caution regarding uncertainty. SpaceX also holds approximately 8,285 bitcoins, increasing its influence in the crypto market.

BlackRock Chairman Fink mentioned in his letter to shareholders that digital assets and tokenization technology will drive an upgrade of the financial system, but the current U.S. economic model is leaving behind disadvantaged populations. He emphasized that capitalism needs to benefit more people and advocated using tokenization to address wealth inequality and improve capital market efficiency. BlackRock has already accumulated $150 billion in assets under management in the digital assets space and stressed the importance of reforming the U.S. financial system to capture market participation.

Gate News reported that on March 25th, according to market data, Brent crude oil (the international benchmark crude oil price) rose 1% intraday and is now trading at $97.06 per barrel.

Cryptocurrency market maker Wintermute points out that Bitcoin's return to the $70,000 level is due to easing tensions in the Middle East, which has led to a decline in crude oil prices and reduced geopolitical risks. Market concerns about inflation and supply disruptions have eased, with capital flowing toward risk assets. If oil prices remain stable, it could improve Bitcoin's performance; if they rise again, it could suppress Bitcoin's price.

The essay discusses a 15-point peace plan aimed at resolving the U.S.-Israel-Iran conflict, reflecting positive market responses like a stable Bitcoin price. It also highlights fluctuating oil prices and their potential impact on inflation and financial markets, emphasizing uncertainty about the plan's effectiveness.

By 2026, the crypto ETF market has shifted from a regulatory story to an indicator for observing institutional capital flows and Bitcoin price resilience. As the market matures, active strategies will become the new trend, with ETFs no longer serving merely as tools for capital inflows, but as a means for risk allocation. ETF capital flows have become a real-time barometer of market sentiment, with continuous inflows or outflows reflecting shifts in risk appetite. Understanding ETF functionality lies in confirming market structure rather than predicting price, particularly in weak markets where inflows demonstrate underlying demand.

Morgan Stanley believes that Wall Street's embrace of crypto assets is a natural extension of financial infrastructure modernization, rather than driven by "fear of missing out." Institutions have shifted away from focusing solely on Bitcoin speculation and are moving toward rebuilding settlement channels in the digital asset market. As the regulatory environment improves, the market is gradually entering the mainstream financial system, enabling large financial institutions to expand their operations in the digital asset space.

DV8 Public Company Limited announces plans to establish a digital asset investment portfolio equivalent to 10,000 BTC by 2028, with 1,000 BTC to be purchased in the first year. Funding will come from capital market financing, asset management returns, mergers and acquisitions, and cash flow. The company's reserve strategy is modeled after BTC reserve approaches employed by the United States and Japan.

Recently, U.S. Bitcoin spot ETFs experienced significant outflows after consecutive seven trading days of net inflows, with net outflows of $163.5 million on the 18th and an additional $51.9 million on the 19th, indicating simultaneous weakening of market capital and prices. Bitcoin prices temporarily broke below $70,000, highlighting that ETF capital flows can no longer support its rebound, while deteriorating macroeconomic conditions have created pressure on risk assets, causing investor preference to noticeably contract. The test of the $70,000 level has become a barometer of short-term market sentiment.

Ripple is testing its stablecoin RLUSD in Singapore's regulatory sandbox to automate cross-border payments, partnering with Unloq to enhance trade finance. This initiative aims to streamline processes by utilizing tokenized bank liabilities, moving beyond traditional manual verification methods.