Original Title: "GameStop Announces 'Buying Bitcoin as Company Reserve,' Surges 7%, Michael Saylor: Welcome to the BTC Revolution Army"

Original Source: Bitpush

Over the past 24 hours, the cryptocurrency market has seen a mild rebound, with the price of Bitcoin trading narrowly around $87,400 and Ethereum experiencing a slight pullback to $2,070. Among the major coins, Solana (SOL) has risen against the trend by 2%, reaching a daily high of $146.

As of March 26, the total cryptocurrency market cap has slightly increased by 0.4% to $2.87 trillion, while the Fear & Greed Index has dropped to 34, indicating that investors remain cautious.

GameStop Enters Bitcoin Space

It is worth noting that the former "Wall Street meme" stock, video game retailer GameStop, officially announced on the 25th local time that its board of directors unanimously voted to include Bitcoin in its balance sheet reserve, propelling GameStop to surge 7% in after-hours trading to $27.19.

In fact, there were signs of this decision earlier: two months ago, after a photo of GameStop CEO Ryan Cohen meeting with BTC's top supporter Michael Saylor surfaced, the major shareholder of GameStop, Strive Asset Management, publicly urged the company to emulate MicroStrategy's treasury strategy. Strive CEO Matt Cole stated at the time, "We believe GameStop can improve its financial condition by purchasing Bitcoin, which is a strategic allocation."

Additionally, Michael Saylor also tweeted this morning to congratulate GameStop on joining the Bitcoin ranks.

Is Bitcoin Emerging from the Correction?

On-chain data has revealed a new trend in fund flows. CryptoQuant data shows that despite the stable price of Bitcoin, there has been a key signal in on-chain data:  

· Institutional-grade Fund Flows: In the past 24 hours, there have been 17 transactions of over $100 million in BTC, with the total on-chain transfer volume skyrocketing by 268%, reaching a nearly three-month high.

· Exchange Flow Dynamics: Coinbase saw the highest 0.3% premium, while exchange BTC reserves decreased by 1%, with approximately 12,000 bitcoins flowing into cold wallets. This "low volatility, high liquidity" trend suggests that institutional investors may be undergoing a large-scale asset custody transfer.

· Derivatives Market Adjustment: Perpetual contract funding rates have returned to the neutral zone of 0.01%, and the options volatility surface shows a put/call ratio (PCR) decrease to 0.85, implying a slightly bullish market sentiment.

Additionally, the Bitcoin Unrealized Profit/Loss (NUPL) indicator has dropped from 0.68 last week to 0.55, indicating that some short-term holders have begun to take profits. However, Glassnode data shows an increase of 12 addresses holding over a thousand BTC, suggesting that whale accounts are quietly accumulating.

Hani Abuagla, Senior Analyst at XTB MENA, believes that Bitcoin is experiencing the second deep correction in this cycle. If expectations of a Fed rate cut resonate with relaxed trade policies, the possibility of Bitcoin breaking $100,000 in the spring still exists.

Macroeconomic Variables: PCE Data Becomes a Key Touchstone

This Friday (March 28), the US will release the February Core PCE Price Index, which could be a key variable to disrupt market equilibrium. As the inflation gauge most closely watched by the Fed, the market expects the year-over-year core PCE growth rate to tick up slightly from 2.6% in January to 2.7%. If the data shows a higher-than-expected increase, it could further delay market expectations of a rate cut.

Currently, the CME FedWatch tool indicates that traders' expectations for the magnitude of a Fed rate cut this year have narrowed to 50-75 basis points, and the first rate cut could be delayed until the third quarter. If the PCE data strengthens expectations of "inflation stickiness," US bond yields may rise again, leading to a stronger dollar or short-term pressure on risk assets. In the current market context, even small fluctuations in inflation data can indirectly influence the trajectory of the crypto market by altering liquidity expectations.

A TradingView analyst suggests that for short-term traders, they can focus on the breakout direction of Bitcoin's $87,000 support level and $90,000 resistance level, combined with options strategies when IV is at a low point. For medium to long-term holders, the on-chain MVRV ratio (1.98) is still below the historical bull market peak (3.5), the distribution of holder addresses is healthy, and accumulating on dips in batches remains a viable strategy.

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