US Core PCE Index
The U.S. core PCE (Personal Consumption Expenditures) index measures the prices people pay for goods and services domestically, excluding food and energy prices. The core PCE index is the Fed's preferred measure of inflation, which targets 2%.
The U.S. core PCE index slowed to 2.8% in February 2024 from 2.9% in January, about the lowest level in three years, in line with market expectations.
Looking at year-on-year PCE inflation data over the past 30 years, we can see that the current reading is above average but continues to regress toward the midpoint of the range.
Prices are still rising (which is the Fed's intentional target), but at a slower pace, and inflation is trending in line with the Fed's 2% year-over-year inflation target.
FTX founder Sam is sentenced to 25 years in prison
A year and a half after FTX collapsed, Sam Bankman-Fried (SBF) was sentenced to 25 years in prison for defrauding customers, lenders, and investors. The judge presiding over the case said Sam lost $1.7 billion to investors, $1.3 billion to lenders and $8 billion to customers, for a total loss of $11 billion. Sam was also found guilty of witness tampering and three counts of perjury, including falsely claiming he did not know he had spent client funds prior to the fall of 2022.
The crypto industry has been pushing for better regulatory frameworks and self-regulatory practices, but despite these advances, cryptocurrencies remain challenging. "After Sam received his verdict, an anonymous individual amassed more than $30 million in deposits simply through a tweet about the launch of memecoin, which illustrates the persistent loopholes in the crypto market and the difficult road ahead for regulatory compliance."
Bitcoin back to $70,000
In the previous article “The pullback is over, Bitcoin will move to higher levels! As described in "Bitcoin's correction enters its final stage and will then continue towards $10,000." Therefore, after Bitcoin price broke through the support level of $60,000-$64,000, the price returned to $70,000 again.
Combining the overall market direction with Bitcoin cyclicality (halving cycles), we are very confident that a $100,000 Bitcoin price will arrive sooner than many realize.
Bitcoin Spot ETF
Inflows into Bitcoin spot ETFs are picking up after falling sharply last week. Total inflows during the week were approximately $860 million (approximately 12,600 BTC).
In the past 11 trading days starting from March 14, Grayscale spot ETF-GBTC has experienced outflows of at least US$160 million per day. During these 11 trading days, the average daily outflow of GBTC was approximately US$328 million (Grayscale’s total outflows of more than $3.6 billion).
Because Grayscale has always insisted on charging a management fee of 1.5%, which is 4-5 times higher than other institutions (BlackRock and Fidelity charge 0.25% management fee), BlackRock and Fidelity still continue to absorb Grayscale outflows. of Bitcoin.
The current number of Bitcoins held by Grayscale: 334,000 BTC.
Bitcoin short-term holder realized price (STH-RP)
STH-RP Continues to Rise (Support During the Bull Market): The perfection of this on-chain indicator as a support level during the 2017 and 2021 bull markets means that we must pay close attention to it. With the current status quo, a retest of this level could mark a local bottom for Bitcoin.
Next week’s crypto market events calendar (special attention):
Past selections:
"2024 Crypto Market Investment Outlook"
"Ethereum will move towards $10,000, 2024 roadmap analysis!" 》
"The spring of Layer 2 is coming, what other Layer 3 projects are worth paying attention to?"
"The Crypto Market's Wild Bull Run!" 》
Note: All content represents the author's personal views only, is not investment advice, and should not be construed in any way as tax, accounting, legal, business, financial or regulatory advice. Before making any investment decision, you should seek independent legal and financial advice, including advice on tax consequences.
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