GameStop entered the game "accidentally"? Can BTC stabilize its footing

Author: BitpushNews

In the past 24 hours, the cryptocurrency market has shown a moderate rebound, with Bitcoin price fluctuating narrowly around $87,400, and Ethereum has slightly pulled back to $2,070. Among mainstream currencies, Solana (SOL) climbed 2% against the trend, hitting a high of US$146 intraday.

As of March 26, Beijing time, the total market value of Crypto rose slightly by 0.4% to US$2.87 trillion, and the market sentiment index (Fear & Greed Index) fell to 34, indicating that investors remain cautious.

In terms of news, GameStop, a former "Wall Street meme" stock and game retailer, officially announced on the 25th local time that the board of directors passed a resolution to include Bitcoin in its balance sheet reserves unanimously. GameStop rose 7% in after-hours trading of U.S. stocks, with the stock price rising to $27.19.

In fact, the decision has been a long time since two months ago, after the meeting photos of GameStop CEO Ryan Cohen and BTC bull Michael Saylor were leaked, its major shareholder Strive Asset Management publicly called on the company to follow MicroStrategy's currency holding strategy. "We believe GameStop can improve financial situation by buying Bitcoin, which is a strategic configuration," Strive CEO Matt Cole said at the time.

BTC is moving out of adjustment?

On-chain data reveals new trends in capital flows. CryptoQuant data shows that although Bitcoin price trends are stable, on-chain data reveal key signals:

Institutional-level fund migration: 17 BTC transfers in a single transaction of over US$100 million in the past 24 hours, and the total on-chain transfer volume increased by 268%, setting a new high in the past three months.

Exchange traffic: Coinbase saw a positive premium of up to 0.3%, while exchange BTC reserves fell by 1%, with about 12,000 bitcoins flowing into cold wallets. This "low volatility, high circulation" trend suggests that institutional investors may be conducting large-scale asset custody transfers.

Derivatives Market Balance: Perpetual Contract Funding Rate returns to 0.01% neutral range, the Option Volatility Surface shows the bearish/call ratio (PCR) drops to 0.85, suggesting a slight rebound in bullish sentiment.

It is worth noting that Bitcoin’s unrealized net profit and loss indicator (NUPL) has fallen back from 0.68 last week to 0.55, indicating that some short-term holders have begun to take profits. Glassnode data shows that the number of addresses holding more than 1,000 BTC increased by 12 against the trend, indicating that the whale account is still quietly attracting funds.

Hani Abuagla, senior analyst at XTB MENA, believes that Bitcoin is coming out of the second-depth adjustment in this cycle. If the Fed's expectation of a rate cut and the easing of trade policies, the possibility of breaking the $100,000 mark in spring still exists.

Macro variables: PCE data becomes a key touchstone

The U.S. February core PCE price index, which will be released this Friday (March 28), may become a key variable to break the market balance. As the inflation indicator that the Federal Reserve is most concerned about, the market expects that the year-on-year growth rate of core PCE may rebound slightly from 2.6% in January to 2.7%. If the data rises beyond expectations, the market's expectations for interest rate cuts may further delay.

Current CME FedWatch tools show that traders' expectations for the Fed's rate cut this year have narrowed to 50-75 basis points, and the time of the first rate cut may be postponed to the third quarter. If PCE data strengthens the "inflation stickiness" narrative, US Treasury yields may rise again, and the strengthening of the US dollar may form a short-term suppression on risky assets. In the current market context, the slight fluctuations in inflation data may indirectly affect the direction choice of crypto market by changing market liquidity expectations.

TradingView analysts believe that for short-term traders, we can pay attention to the breakthrough direction of Bitcoin’s $87,000 support and $90,000 resistance, and build a volatility strategy based on options with IV at a low level. For medium and long-term holders, the on-chain MVRV ratio (1.98) is still lower than the historical bull market peak (3.5). The dispersion indicator of the coin holding address shows that the chip structure is healthy, and building positions in batches is still a feasible option whenever a callback is made.