本文說明 Curve 在 2025 年暴跌後，為 CRV-long Llamalend 的壞帳開啟鏈上困境債市場。透過 crvUSD／cvcrvUSD 池，受損債權可折價交易、換取流動性，或等待回收。此設計讓市場自行定價與治理，提供退出與風險/報酬平衡，但不保證回收。

比特幣在接近八萬元關卡時遇顯著阻力，並非單純現貨拋售，而是選擇權結構所致。Deribit 等市場出現集中在八萬履約價的買權，造市商因 Long Gamma 需對沖，系統性賣出現貨，形成價格上行的天花板。散戶熱情減退，機構買盤成穩定支撐；再加上傳統股市波動影響，短期突破難度增加。

歡迎閱讀我們的機構通訊《Crypto Long & Short》。本週： Nilmini Rubin 將說明加密與傳統市場面臨的挑戰：如何建立混合式、共享的治理架構。 Meredith Fitzpatrick 將探討金融機構必須如何根本性地重新思考 AML 風險，因為加密資產正逐漸融入主流金融體系。

Sentient (SENT) ghi錄了14.3%的減少，降至0.01585美元，而交易量在撰寫本文時大幅增加65%，達到2432萬美元。這一變化反映了激烈的賣壓，儘管市場參與度正在顯著增加。 訂單流繼續傾向於賣方，使

Jinse Finance reported that on March 25, BlackRock's Head of Digital Assets Robbie Mitchnick stated that institutional investors are concentrating their cryptocurrency asset allocations on Bitcoin and Ethereum, with limited interest in most other tokens, believing they lack long-term value. Meanwhile, he pointed out that artificial intelligence will become a more important long-term driving factor than cryptocurrency assets, and emphasized that cryptocurrency as "computer-native currency" has natural synergy with AI's "computer-native data and intelligence."

Shaw，Golden Finance Bitcoin struggled to advance over the weekend, exhibiting a volatile downward trend. In the early hours today, Bitcoin briefly broke below $68,000, momentarily touching $67,360.1, declining over 3% in 24 hours; Ethereum briefly touched $2,025.75 in the early morning, declining over 4% in 24 hours. According to Coinglass data, the entire network liquidated $336 million in the past 24 hours, with long liquidations of $242 million and short liquidations of $94.4383 million, with longs being the main liquidations. Among these, BTC liquidations were $98.9338 million and ETH liquidations were $79.1798 million. Over the weekend, tensions in Iran escalated again, with Israel's direct strikes on Iran's core energy facilities amid continued "substantive" blockade of the Strait of Hormuz, intensifying the impact on global energy markets. The turbulent situation and energy shocks have further exacerbated volatility in major global financial assets.

# Author: CoinFound Over a long period of time, the core role of stablecoins in the market has been more like an on-chain USD settlement tool: it serves as a transaction medium, a safe-haven asset, a cross-border transfer mechanism, and a foundation for DeFi liquidity—the most important "silent infrastructure" in the crypto ecosystem. However, entering 2026, this track has begun to experience a deeper structural differentiation: an increasing amount of capital is no longer satisfied with "holding USD-pegged assets," but instead is beginning to pursue "holding an on-chain USD asset that can continue to generate yield, be collateralized, be nested, and participate in strategy combinations." CoinFound's latest research report, "The On-chain '余额宝' Moment: The Liquidity Migration Behind the Surge of Yield-bearing Stablecoins," points out that yield-bearing stablecoins have transitioned from a marginal category to rapid growth. As of mid-March 2026, the global stablecoin market capitalization is approximately in the $320 billion range;

Ripple Labs 首席總裁 Monica Long 非常看好大多數財富 500 強公司將在年底前擁抱數位轉型的理念。確實，2026 年對加密貨幣來說在監管方面意義重大——完全啟動的歐洲 MiCa 法規和即將推出的美國《加密貨幣澄清法案》(Clarity Act) 將有望提升

Kyle Samani on X Platform Published Long Article Discussing Solana's PropAMM, Emphasizing Its Potential to Surpass Traditional Centralized Trading Models in Efficiency. He pointed out that by directly hosting market-making algorithms on the blockchain, PropAMM can achieve lower-latency price updates. Although facing some challenges, the upcoming Solana upgrade will significantly enhance PropAMM performance, expected to become the dominant on-chain trading model.