【March 6th Market News and Data Analysis】

1. Forecast: The US unemployment rate for February and #非农 data will be released tonight;

2. Market News: A US judge will hold a closed-door 'settlement meeting' on the tariff refund case on Friday regarding #TRUMP ;

3. Current mainstream CEX and DEX funding rates indicate that the market still leans bearish;

4. 10x Research: Institutional capital is reshaping the landscape of crypto stocks, with structural changes evident in the mining sector.

Latest news shows that the movements of institutional capital and the shifts in corporate financial strategies are quietly reshaping the stock patterns associated with crypto assets. Capital is being reallocated, resulting in significant disparities in the performance of related stocks. Taking the mining company Bitdeer as an example, although its stock price shows short-term technical indicators improving, the medium to long-term trend remains unclear. Market focus is on its latest capital operations: the company is supporting its strategic transition to AI infrastructure through large-scale financing and has cleared all Bitcoin reserves in exchange for expansion funds. Meanwhile, its Bitcoin output has seen a month-over-month increase. This seemingly contradictory operation—where one strips away native crypto assets while strengthening computational power—reflects profound structural evolution within the mining sector, with some companies attempting to break free from dependence on purely price cycles.

From a broader market sentiment perspective, the funding rate of #BTC perpetual contracts has turned negative, which is typically seen as a short-term bearish signal for the market. Overall, the strategic transformation of mining companies and the cautious sentiment in the derivatives market mirror each other, possibly indicating that this cycle is entering a complex phase. For Bitcoin, the sale of reserve assets by mining companies may bring additional selling pressure, while the overall contraction of market risk appetite will suppress buying interest. These structural changes suggest that the forces driving BTC prices are shifting from purely macro narratives to more specific industry capital allocations and supply-demand dynamics.