标题：Omkar Godbole（除非另有说明，否则ET ET始终）

由于社交媒体上的情绪从“如此之多”变为“我们回来”，因此加密市场的翻转性质已得到充分展示

The crypto market continues to display its flip-flopping nature as the sentiment on social media has changed from “it’s so over” to “we are so back” in just 24 hours, thanks to President Donald Trump's announcement of a strategic crypto reserve.

由于唐纳德·特朗普（Donald Trump）总统宣布了战略性的加密储备，因此，加密市场继续展现出其人字倾角的性质，因为社交媒体上的情感已经从“如此结束”变为“我们回来了”。

The president named BTC, ETH, XRP, SOL and ADA as candidates for the basket of reserves, an initiative that began last year with the president’s executive order to explore the best digital asset technologies.

总统将BTC，ETH，XRP，SOL和ADA任命为候选人的候选人，该计划始于去年总统的行政命令探索最佳的数字资产技术。

Some analysts are calling for caution despite the positive momentum and enthusiasm from investors.

尽管投资者产生了积极的势头和热情，但一些分析师呼吁谨慎。

"Crypto is back on track with positive momentum and enthusiasm from investors. However, it's important to note that no concrete actions have been taken yet, and a continued lack of immediate catalysts could lead to another slowly correcting market," said Valentin Fournier, analyst at BRN, in an email.

BRN分析师的Valentin Fournier在一封电子邮件中说：“ Crypto以积极的势头和投资者的热情恢复正轨。但是，重要的是要注意，尚未采取任何具体的行动，并且持续缺乏直接的催化剂可能会导致另一个慢慢纠正市场。”

That's sensible because tough questions may be asked once the initial excitement about the statement subsides. For instance, Trump still needs congressional approval for this basket of reserves. While BTC makes sense as a reserve asset, having reportedly found a place in investor portfolios as digital gold, including XRP, ETH, SOL, and ADA raises concerns, as some of these tokens barely have links to economic activity.

这是明智的，因为一旦对陈述消退的最初兴奋，就可能会问棘手的问题。例如，特朗普仍然需要国会批准这一篮子储备。尽管BTC作为储备资产很有意义，但据报道，在投资者投资组合中找到了数字黄金，包括XRP，ETH，SOL和ADA引起了人们的关注，因为其中一些令牌几乎没有与经济活动联系。

It begs the question: Why would a government facing debt issues invest in assets with minimal ties to the economy and are unlikely to generate a significant multiplier effect and help improve debt-to-GDP ratios?

它提出了一个问题：面临债务问题的政府为什么会投资于与经济联系最少联系的资产，而不太可能产生重大的乘数效应并有助于提高债务与GDP比率？

Plus, allegations of insider trading related to Trump's Sunday announcement might dent sentiment. On Sunday, an unidentified trader deployed roughly $6 million in a 50x leveraged long bet on BTC and ETH and booked out with a profit of $6.8 million. "A U.S. crypto reserve could be a great boon to the asset class, but investors may feel more confident if significant measures are taken to resolve the fear of insider meddling," Mena Theodorou, co-founder at crypto exchange Coinstash, said, referring to the alleged insider trading.

另外，与特朗普周日宣布有关的内幕交易的指控可能会抑制情绪。周日，一位身份不明的交易员在50倍的50倍杠杆上投入了大约600万美元，对BTC和ETH的长期押注，并以680万美元的利润预订。加密交易所CoinStash的联合创始人Mena Theodorou表示：“美国加密保护区可能是资产类别的巨大福音，但是如果采取了重大措施来解决内部人员干预的恐惧，投资者可能会更有信心。”

For now, it's risk-on, and a similar positive action on Wall Street could see good gains in XRP/BTC, SOL/BTC and ADA/BTC crosses. Solana's co-founder Anatoly Yakovenko, also known as Toly, has reportedly expressed support for the SIMD-0228 proposal, which seeks to reform Solana’s staking mechanism to reduce inflation.

就目前而言，它是风险的，在华尔街上的类似积极行动可能会在XRP/BTC，SOL/BTC和ADA/BTC十字架上看到良好​​的收益。据报道，索拉纳（Solana）的联合创始人Anatoly Yakovenko（也称为Toly）表示对SIMD-0228提案表示支持，该提案旨在改革Solana的陈旧机制来减少通货膨胀。

We can expect more details about the proposed reserve at Friday's crypto summit at the White House. In the meantime, two other key events to watch are Wednesday's U.S. ISM non-manufacturing (services) PMI and Friday's payrolls report.

我们可以期望在周五在白宫的加密峰会上有关拟议的预备役的更多详细信息。同时，观看的另外两个关键事件是星期三的美国ISM非制造（服务）PMI和周五的薪资报告。

Note that the U.S. 10-year yield has declined for seven straight weeks, largely pricing a slowdown in the economy. The focus might shift back to that if the two impending data sets print below estimates, potentially weighing over risk assets.What to WatchCrypto:March 5, 2:29 a.m.: Ethereum testnet Sepolia receives the Pectra hard fork network upgrade at epoch 222464.

请注意，美国的10年收益率连续七个星期下降，在很大程度上定价了经济放缓。如果两个即将到来的数据集在估计下打印出来，则可能会转移到这一点。

March 5, 11:00 a.m.: Circle hosts a live webinar titled “State of the USDC Economy 2025” featuring Circle Chief Strategy Officer and Head of Global Policy Dante Disparte and three other executives from Bridge, Nubank and Cumberland.

3月5日，上午11:00：Circle举办了一场现场网络研讨会，名为“ USDC经济2025年”，由Circle首席战略官兼全球政策Dante Disparte的负责人和来自Bridge，Nubank和Cumberland的其他三名高管。

March 7: President Trump will host the inaugural White House Crypto Summit, which will bring together top cryptocurrency founders, CEOs and investors.

3月7日：特朗普总统将主持首届白宫加密峰会，该峰会将汇集最高的加密货币创始人，首席执行官和投资者。

March 11: The Bitcoin Policy Institute and U.S. Senator Cynthia Lummis co-host the invitation-only one-day event "Bitcoin for America" in Washington.MacroMarch 3, 8:00 a.m.: S&P Global releases February Brazil manufacturing data.

3月11日：比特币政策研究所和美国参议员辛西娅·卢米斯（Cynthia Lummis）在华盛顿共同主持的仅邀请的一日活动“比特币”。

Manufacturing PMI Prev. 50.7

制造PMI上一条。 50.7

March 3, 9:30 a.m.: S&P Global releases February Canada manufacturing data.

3月3日，上午9:30：标准普尔全球发布2月加拿大制造数据。

Manufacturing PMI Est. 51.9 vs. Prev. 51.6

制造PMI EST。 51.9 vs.上一篇。 51.6

March 3, 9:45 a.m.: S&P Global releases (final) February U.S. Manufacturing data.

3月3日，上午9:45：标准普尔全球版本（最终）2月美国制造数据。

Manufacturing PMI Est. 51.6 vs. Prev. 51.2

制造PMI EST。 51.6 vs.上一篇。 51.2

March 3, 10:00 a.m.: S&P Global releases February Mexico manufacturing data.

3月3日，上午10:00：标准普尔全球发布墨西哥制造数据。

Manufacturing PMI Prev. 49.1

制造PMI上一条。 49.1

March 3, 10:00 a.m.: The Institute for Supply Management releases February U.S. manufacturing data.

3月3日，上午10:00：供应管理研究所发布了2月美国制造数据。

Manufacturing PMI Est. 50.8 vs. Prev. 50.9

制造PMI EST。 50.8 vs.上一篇。 50.9

March 3, 8:00 p.m.: Chinese People's Political Consultative Conference (CPPCC) Third Annual Session starts.

3月3日，晚上8:00：中国人民的政治咨询会议（CPPCC）第三届年度会议开始。

March 4, 12:01 a.m.:

3月4日，12:01 AM：