DeepFlowTech

In March, publicly traded companies increased their Bitcoin holdings by over 47,000 coins, with 94% of that purchased by Strategy, while nine companies collectively reduced their holdings by 22,000 coins, narrowing the net increase to approximately 25,000 coins. Other companies' purchase volumes hit historic lows, with major buyers including American Bitcoin and Gemini, while the largest reduction came from MARA Holdings.

U.S. prosecutors have filed charges against 10 foreign nationals related to four cryptocurrency market-making firms, with three executives already extradited to the United States. These companies are accused of manipulating trading volume and prices to deceive retail investors.

Iranian parliamentary officials stated that the Strait of Hormuz will reopen, but not to the United States. The conflict between the US, Iran, and Israel has disrupted shipping through the strait, leading to rising global shipping costs and supply chain adjustments, impacting oil market stability.

Author: 🪽, Deep Tide TechFlow
Microsoft's stock price has declined approximately 25% in the first quarter, marking the worst single-quarter performance since the 2008 financial crisis, and the largest drop among the "Big Seven." Despite a massive AI capital expenditure of $146 billion, it failed to achieve large-scale adoption of Copilot (only 6 million daily active users, less than 1/73 of ChatGPT), and disputes over exclusivity agreements with OpenAI have further shaken investor confidence. The forward P/E ratio has compressed to about 20 times, the lowest since 2016, and has even fallen below the S&P 500 index level.
Microsoft has just experienced its most severe quarter since the 2008 global financial crisis.
According to CNBC on March 31, Microsoft's stock price in the first quarter of 2026 declined approximately 25%, falling from the early-year high of $481.

Australia became the first country to pass comprehensive digital asset regulation legislation on April 1 with the "2025 Company Amendment (Digital Asset Framework) Act," requiring crypto exchanges to apply for licenses, establish regulated digital asset platforms, and tokenized custody platforms to ensure customer asset security. Studies estimate that this market could generate annual revenue of up to AUD 24 billion.

Author: Pink Brains
Translation: Deep Tide TechFlow
Deep Tide Introduction: Pendle, PancakeSwap, and Balancer abandoned the ve token model within 12 months. These three protocols' total value locked (TVL) once reached billions of dollars. This article provides the most systematic post-mortem analysis in the market: where each protocol's specific breaking points are, what alternative mechanisms were adopted, and whether the underlying failure logic is the same. The conclusion is not "ve tokens are dead," but a more precise judgment—what types of protocols can succeed and which cannot.
The full text is as follows:
Three major DeFi protocols abandoned the voting escrow model within 12 months. Pendle, PancakeSwap, and Balancer each faced different breaking points, but ultimately arrived at the same conclusion.
Voting escrow tokens

Author: Apoorv Agrawal
Translation: Deep潮 TechFlow
Deep潮 Guide: This is the third article in the author's series on ChatGPT business models. The first two articles discussed usage (900M weekly active users, 70% market share) and stickiness (retention smile curve, usage depth comparable to Slack). This article addresses the most critical question: how much are these actual attention values? The core conclusion is counterintuitive — for leading AI applications, the ceiling for advertising revenue may be higher than for subscriptions, and currently, 95% of ChatGPT's free users contribute almost no revenue. This represents a monetization space that the industry has yet to unlock.
The full text is as follows:
The first two articles in this series demonstrated ChatGPT's user scale and genuine engagement. The previous articles discussed "quantity" in the revenue = price × quantity equation — how many users there are, and how many of them come back more...