Compilation: Cora, Techub News
TinTinLand
Greed Index: 15 (Extreme Greed)
Bitcoin Price: $66,731
BTC/ETH Spot ETF Fund Flow (Last Week)
BTC Net Inflow: $787.31 M
ETH Net Inflow: $80.46 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (Last Week)
BTC Net Subscription: 12.73 BTC
ETH Net Subscription: 908.78 ETH
The Financial Secretary of Hong Kong, Paul Chan, stated today that Hong Kong has limited direct trade and investment with Iran, but the conflicts in the Middle East bring great uncertainty globally. He estimates that the financial market is highly volatile, with capital flows moving faster and more unpredictably, and local funds may be seeking a "safe haven" in Hong Kong. The government is well-prepared with contingency plans and is carefully managing financial risks. He pointed out that this conflict might temporarily affect gold prices, oil prices, and international trade transportation costs, and the authorities are continuously assessing related risks.
We have compiled notable activities in the cryptocurrency sector in Hong Kong this March, which will open a window to the future of Web3 for you.
Regulation/Macro
As tensions between the US and Iran escalate, while traditional markets are closed over the weekend, cryptocurrency perpetual contracts have become a primary channel for risk hedging. On the Hyperliquid platform, crude oil perpetual contracts rose by about 5%, reaching $70.6 per barrel; gold perpetual contracts rose by about 1.3% to $5,323 per ounce, and silver rose about 2% to $94.9 per ounce. The 24/7 trading features of the cryptocurrency market highlight their advantages when traditional markets are closed, leading to increased investor focus on on-chain perpetual contracts.
11 US Senators have written to the Treasury Secretary and Attorney General, calling for a comprehensive investigation into the sanctions compliance of the cryptocurrency exchange Binance. The letter cites recent reports suggesting that Binance may have violated US sanctions and anti-money laundering regulations, with approximately $1.7 billion in digital assets flowing to entities connected to Iran and the Houthis, as well as the Islamic Revolutionary Guard Corps; it also revealed that over 1,500 Iranian users accessed accounts with suspected Russia sanction evasion activities. The lawmakers pointed out that compliance staff who discovered suspicious transactions were fired, and that Binance's cooperation with law enforcement has decreased, expressing concerns about its newly launched payment card and stablecoin partnerships, which they believe could be used to evade sanctions. A Binance spokesperson denied the accusations, stating that the platform does not allow Iranian users and reports suspicious activity to authorities, claiming recent media reports are inaccurate.
Blockchain analysis firm Chainalysis estimates that Iran's cryptocurrency ecosystem will reach $7.78 billion by 2025, growing at a rate higher than the previous year. Since the country legalized Bitcoin mining in 2019, its mining power share has accounted for 2%–5% of the global total, with mined Bitcoin sold to the central bank. The report indicated that addresses associated with Iran's Islamic Revolutionary Guard Corps (IRGC) accounted for over 50% of Iran’s cryptocurrency inflows in Q4 2025, receiving over $3 billion throughout the year. Elliptic's analysis revealed that Iran's central bank is expected to accumulate at least $507 million in USDT by 2025 to stabilize the rial exchange rate, despite the rial having depreciated by over 96% against the US dollar. Ordinary citizens accelerated withdrawing Bitcoin from local exchanges to personal wallets during protests and internet outages as a means of risk avoidance.
Projects/Company News
The Web3 verifiable data and AI collaborative infrastructure Manadia has entered the ecosystem coordination phase and completed a $7 million seed round financing, with investors including OKX Ventures, Pillar VC, One Way Ventures, Quasar Holding Co., and Polygon co-founder Sandeep Nailwal also participating.
Vitalik Buterin stated on the X platform that the EIP-8141 proposal introduces a "frame transaction" mechanism, breaking transactions into frame sequences that can reference data from one another, where each frame can authorize the sender or gas payer, supporting complex scenarios such as multi-signatures, account pre-deployments, and using non-ETH tokens like RAI to pay gas through payment main contracts without intermediaries. The proposal emphasizes the core principle of minimizing intermediate links, maximizing functionality even if external infrastructure fails, and optimizing privacy protocols through a 2D nonce mechanism to eliminate public broadcaster issues found in Railgun and Tornado Cash. The proposal also focuses on on-chain verification of frame validity and conservative rules for memory pools, complementing FOCIL, and is expected to be implemented after the Hegota hard fork to achieve a unified framework for all accounts and batch operation capabilities.
Insiders said that multiple intelligence agencies, including the US Central Command, are still using the Claude AI tool launched by Anthropic for analysis and decision-making, while the US government announced the attacks on Iran just hours after banning federal agencies from using this AI tool. The US Central Command declined to comment on the specific system details used for military operations against Iran.
In-Depth & Perspectives
Bitdeer's GPU increased from 584 to 1,792 in three months, a tripled amount. Utilization dropped from 87% to 41%, primarily because the machines arrived too quickly; B200/GB200 is still in customer testing and has not started generating revenue. The electricity is already supplied, the machines are being installed, and while the denominator is soaring, income has yet to keep pace.
The real question is: USDT, computing power, and agents, are they starting to form an interdependent relationship? If they merely remain parallel—stablecoins continue to issue, computing power continues to invest, and AI projects develop independently—then this is merely horizontal expansion. But if the three are interdependent, a network will emerge.
Bitcoin is digital capital; it is a revolution in capital markets. It is a rare profound innovation in human history that allows us to closely tie economic energy to individuals, companies, or any entity.
A long-held saying in the market is: Bull markets make TGE easier to succeed. However, real data and cases seem to show that many bad projects end up at zero after being harvested in bull markets, while high-quality projects can also emerge through the cycle in bear markets.
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