March 20, Gate News reported that according to Coinglass data, Bitcoin pulled back slightly, with funding rates on mainstream CEX and DEX showing an overall bearish market sentiment. Funding rates affect traders' costs and returns, and when below 0.005%, it indicates widespread market pessimism.

On March 18, U.S. natural gas prices fell 3.6% in the short term, leading network liquidations, with a cumulative decline of 11.6%. The address with the largest long position was forcibly liquidated when the price fell below $2.91, with a liquidation size of 638,364 contracts and losses of $200,000. Meanwhile, it held BTC short positions and long positions in crude oil and gold as hedges, but suffered losses in both directions.

Ledger's Asia-Pacific head Shibayama stated that if the US bans stablecoin yield distribution, it will trigger a new global crypto regulatory landscape, with some countries potentially introducing more attractive policies. The Asian market is more focused on blockchain infrastructure and financial product tokenization, while large institutions show weakening interest in direct crypto asset investments. As regulatory conditions improve, institutional investors are becoming more cautious when selecting custodial service providers.