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On March 23, Bitcoin experienced a decline over the past week, but since the outbreak of the Iran conflict on February 28, its drop has been less than the overall market retreat. According to CoinGecko data, the world's largest cryptocurrency was trading at around $68,000 on Sunday, down approximately 2% in the last 24 hours and about 6% over the past 7 days. This trend coincides with the fourth week of the Iran war, which has driven up oil prices and triggered an overall pullback in risk assets last Friday. Over the weekend, the geopolitical situation further deteriorated as U.S. President Trump issued a 48-hour ultimatum to Iran, demanding the full reopening of the Strait of Hormuz or face strikes on Iranian power plants. In response, Iran threatened to completely close this critical oil transport route and target energy infrastructure related to the U.S. in the region. The U.S. stock market has now declined for four consecutive weeks, with the S&P 500 index breaking below its 200-day moving average last week, a key technical level closely watched by institutional investors, for the first time since March of last year. According to Google Finance data, both the S&P 500 and Nasdaq indices have fallen about 4% to 5% this month.

[Analysis: Oil Shock Continues, Bitcoin Price Declines but Outperforms Stock Market]On March 23, Bitcoin experienced a decline over the past week, but since the outbreak of the Iran conflict on February 28, its drop has been less than the overall market retreat. According to CoinGecko data, the world's largest cryptocurrency was trading at around $68,000 on Sunday, down approximately 2% in the last 24 hours and about 6% over the past 7 days. This trend coincides with the fourth week of the Iran war, which has driven up oil prices and triggered an overall pullback in risk assets last Friday. Over the weekend, the geopolitical situation further deteriorated as U.S. President Trump issued a 48-hour ultimatum to Iran, demanding the full reopening of the Strait of Hormuz or face strikes on Iranian power plants. In response, Iran threatened to completely close this critical oil transport route and target energy infrastructure related to the U.S. in the region. The U.S. stock market has now declined for four consecutive weeks, with the S&P 500 index breaking below its 200-day moving average last week, a key technical level closely watched by institutional investors, for the first time since March of last year. According to Google Finance data, both the S&P 500 and Nasdaq indices have fallen about 4% to 5% this month.

Analysis: Oil Shock Continues, Bitcoin Price Declines but Outperforms Stock Market

On March 23rd, the Bitcoin mining difficulty was adjusted downwards by approximately 7.76% to 133.79T, marking the second-largest negative adjustment since 2026. The current network hashrate has fallen to around 903–948 EH/s, a significant decrease from its peak in 2025. Analysis indicates that with coin prices below production costs and mining profitability under pressure, a large number of miners are redirecting their infrastructure towards AI and high-performance computing (HPC) businesses, driving a structural shift in the industry. Mining companies including Core Scientific and Bitdeer have accelerated their transformation, which could potentially impact the long-term security and hashrate landscape of the Bitcoin network.

[Bitcoin Mining Difficulty Drops 7.8%; Miners Shift to AI Compute, Network Hashrate Declines]On March 23rd, the Bitcoin mining difficulty was adjusted downwards by approximately 7.76% to 133.79T, marking the second-largest negative adjustment since 2026. The current network hashrate has fallen to around 903–948 EH/s, a significant decrease from its peak in 2025. Analysis indicates that with coin prices below production costs and mining profitability under pressure, a large number of miners are redirecting their infrastructure towards AI and high-performance computing (HPC) businesses, driving a structural shift in the industry. Mining companies including Core Scientific and Bitdeer have accelerated their transformation, which could potentially impact the long-term security and hashrate landscape of the Bitcoin network.

Bitcoin Mining Difficulty Drops 7.8%; Miners Shift to AI Compute, Network Hashrate Declines

On March 23, it was disclosed that Fidelity, in a letter to the U.S. Securities and Exchange Commission (SEC), proposed the establishment of a regulatory framework that would permit broker-dealers to trade crypto assets through Alternative Trading Systems (ATS). This proposal aims to facilitate the integration of crypto asset trading into the existing financial system, thereby enhancing market compliance and institutional participation.

[Fidelity Urges SEC to Establish Framework for Crypto Trading via ATS]On March 23, it was disclosed that Fidelity, in a letter to the U.S. Securities and Exchange Commission (SEC), proposed the establishment of a regulatory framework that would permit broker-dealers to trade crypto assets through Alternative Trading Systems (ATS). This proposal aims to facilitate the integration of crypto asset trading into the existing financial system, thereby enhancing market compliance and institutional participation.

Fidelity Urges SEC to Establish Framework for Crypto Trading via ATS

On March 23, according to Onchain Lens monitoring, as spot gold prices continue to decline, Sky's co-founder Rune has opened a 20x leveraged long position in gold. At the same time, he is closing his short position on the S&P 500 ($SP500) and still has TWAP orders for buying and selling related to that position.

[Sky's Rune Takes 20x Leverage Long Position on Gold While Closing S&P 500 Shorts]On March 23, according to Onchain Lens monitoring, as spot gold prices continue to decline, Sky's co-founder Rune has opened a 20x leveraged long position in gold. At the same time, he is closing his short position on the S&P 500 ($SP500) and still has TWAP orders for buying and selling related to that position.

Sky's Rune Takes 20x Leverage Long Position on Gold While Closing S&P 500 Shorts

Market data shows that PAXG briefly fell below $4340, currently priced at $4370.33, with a 24-hour decline of 3.23%. The market is experiencing significant fluctuations, so please ensure proper risk management.

[PAXG Briefly Drops Below $4340, 24-Hour Decline Reaches 3.23%]Market data shows that PAXG briefly fell below $4340, currently priced at $4370.33, with a 24-hour decline of 3.23%. The market is experiencing significant fluctuations, so please ensure proper risk management.

PAXG Briefly Drops Below $4340, 24-Hour Decline Reaches 3.23%

On March 23rd, NYSE Arca and NYSE American, subsidiaries of the New York Stock Exchange, completed the full removal of the 25,000-contract position and exercise limits for crypto ETF options. This move signifies that all major US options exchanges have uniformly lifted these restrictions. The adjustment covers 11 Bitcoin and Ethereum spot ETFs, including the iShares Bitcoin Trust and the Wise Origin Bitcoin Fund, and permits FLEX options trading for these ETFs. Following the implementation of the new rules, crypto ETF options will adhere to the same standards as other commodity ETF options, with position limits potentially increasing to over 250,000 contracts as liquidity improves. Analysts believe this action will significantly enhance institutional flexibility in hedging, arbitrage, and structured products, further promoting the integration of crypto assets into the mainstream financial system.

[US Stock Exchanges Fully Remove Crypto ETF Options Position Limits]On March 23rd, NYSE Arca and NYSE American, subsidiaries of the New York Stock Exchange, completed the full removal of the 25,000-contract position and exercise limits for crypto ETF options. This move signifies that all major US options exchanges have uniformly lifted these restrictions. The adjustment covers 11 Bitcoin and Ethereum spot ETFs, including the iShares Bitcoin Trust and the Wise Origin Bitcoin Fund, and permits FLEX options trading for these ETFs. Following the implementation of the new rules, crypto ETF options will adhere to the same standards as other commodity ETF options, with position limits potentially increasing to over 250,000 contracts as liquidity improves. Analysts believe this action will significantly enhance institutional flexibility in hedging, arbitrage, and structured products, further promoting the integration of crypto assets into the mainstream financial system.

US Stock Exchanges Fully Remove Crypto ETF Options Position Limits

On March 23rd, South Korea's KOSPI index experienced a sharp intra-day decline of 6.00%, currently trading at 5432.67 points. (Jins10)

[South Korea's KOSPI Index Plunges 6.00% Intra-day]On March 23rd, South Korea's KOSPI index experienced a sharp intra-day decline of 6.00%, currently trading at 5432.67 points. (Jins10)

South Korea's KOSPI Index Plunges 6.00% Intra-day

On March 23rd, a new report released by RWA.io, a data platform for real-world assets, revealed that multiple banks are exploring tokenized deposits and testing solutions for migrating commercial bank funds to blockchain-based payment and settlement infrastructure. 
The report, authored by RWA.io with contributions from industry organizations such as UK Finance, Citigroup, BNY Mellon, JPMorgan's Kinexys, Standard Chartered, ABN AMRO, and Digital Asset, indicates that tokenized deposits, alongside stablecoins and central bank digital currencies (CBDCs), are forming a broader on-chain cash ecosystem. 
The report highlights that an increasing number of banks in the European region are initiating related pilot and implementation projects. In January of this year, Lloyds Banking Group and Archax announced the completion of the UK's first public blockchain transaction based on tokenized deposits on Canton Network. Furthermore, the "UK Pilot for Tokenised Deposits" project, initiated by UK Finance, will test scenarios such as peer-to-peer market payments, mortgage refinancing, and digital asset settlement by mid-2026. 
This comprehensive push by banks reflects their efforts to maintain their core positions in payment, treasury management, and deposit-taking businesses amidst a growing landscape of digital cash tools.

[Global Banks Explore Tokenized Deposits, European Institutions Launch Pilots]On March 23rd, a new report released by RWA.io, a data platform for real-world assets, revealed that multiple banks are exploring tokenized deposits and testing solutions for migrating commercial bank funds to blockchain-based payment and settlement infrastructure. 
The report, authored by RWA.io with contributions from industry organizations such as UK Finance, Citigroup, BNY Mellon, JPMorgan's Kinexys, Standard Chartered, ABN AMRO, and Digital Asset, indicates that tokenized deposits, alongside stablecoins and central bank digital currencies (CBDCs), are forming a broader on-chain cash ecosystem. 
The report highlights that an increasing number of banks in the European region are initiating related pilot and implementation projects. In January of this year, Lloyds Banking Group and Archax announced the completion of the UK's first public blockchain transaction based on tokenized deposits on Canton Network. Furthermore, the "UK Pilot for Tokenised Deposits" project, initiated by UK Finance, will test scenarios such as peer-to-peer market payments, mortgage refinancing, and digital asset settlement by mid-2026. 
This comprehensive push by banks reflects their efforts to maintain their core positions in payment, treasury management, and deposit-taking businesses amidst a growing landscape of digital cash tools.

Global Banks Explore Tokenized Deposits, European Institutions Launch Pilots

On March 23rd, according to AXIOS, the Trump administration is engaged in preliminary discussions regarding the next phase of the conflict with Iran and potential peace negotiations. However, there has been no direct contact between the US and Iran; communication is currently being conducted indirectly through multiple countries. Reports indicate that Iran has put forth stringent conditions, including the closure of US military bases, reparations for damages, and the reshaping of rules governing the Strait of Hormuz. The US, on the other hand, is demanding an end to uranium enrichment, limitations on missile development, and a cessation of support for regional armed groups. With core demands from both sides in stark opposition, the likelihood of achieving a ceasefire or agreement in the short term remains low.

[US and Iran Explore Peace Talks Amid Stiff Demands and Divergent Views]On March 23rd, according to AXIOS, the Trump administration is engaged in preliminary discussions regarding the next phase of the conflict with Iran and potential peace negotiations. However, there has been no direct contact between the US and Iran; communication is currently being conducted indirectly through multiple countries. Reports indicate that Iran has put forth stringent conditions, including the closure of US military bases, reparations for damages, and the reshaping of rules governing the Strait of Hormuz. The US, on the other hand, is demanding an end to uranium enrichment, limitations on missile development, and a cessation of support for regional armed groups. With core demands from both sides in stark opposition, the likelihood of achieving a ceasefire or agreement in the short term remains low.

US and Iran Explore Peace Talks Amid Stiff Demands and Divergent Views

DeFi protocol Balancer announced that they had received a serious vulnerability report affecting multiple V2 pools. Emergency mitigation procedures have been implemented to ensure the safety of most TVL, but some funds still face risks. Users are advised to immediately withdraw affected LPs.

[Balancer: Vulnerabilities exist in multiple V2 pools, users are advised to immediately withdraw affected LPs]DeFi protocol Balancer announced that they had received a serious vulnerability report affecting multiple V2 pools. Emergency mitigation procedures have been implemented to ensure the safety of most TVL, but some funds still face risks. Users are advised to immediately withdraw affected LPs.

Balancer: Vulnerabilities exist in multiple V2 pools, users are advised to immediately withdraw affected LPs

Disclaimer：The content above does not represent HTX's positions.，HTX does not provide any trading recommendations.。

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