As of April 3, 2026, Migo Shanghai's analysis of the cryptocurrency market from six macro dimensions is as follows:

1. Monetary Policy and Liquidity (Federal Reserve)

- Current Situation: The Federal Reserve maintains high interest rates (3.50%~3.75%), with a 0% probability of rate cuts from April to June. The room for rate cuts this year is very limited.

- Impact: High interest rates suppress non-yielding crypto assets, but the loose repurchase mechanism provides liquidity buffers.

- Conclusion: Slightly tight but resilient, unlikely to see easing in the short term.

2. Global Regulatory Environment

- United States: Progress on the CLARITY Act, with expected clarification of SEC/CFTC regulatory responsibilities.

- European Union: MiCA regulation implemented in July, accelerating compliance.

- China: Crackdown on illegal financial activities, with a complete ban on trading and speculation.

- Conclusion: Regulations are tightening but frameworks are clear, benefiting compliant projects and negatively impacting gray areas.

3. Institutional Capital Flows

- US Stock ETFs: Bitcoin/Ethereum ETFs continue to attract capital, with pension funds, insurance, and other compliant funds entering the market.

- Corporate Holdings: MicroStrategy and others continue to increase their holdings.

- Conclusion: Institutionalization deepens, becoming a stabilizing force in the market.

4. Macroeconomics and Risk Appetite

- United States: Strong economic resilience, high inflation stickiness.

- Globally: Geopolitical easing, risk appetite recovering.

- US Dollar: Mid-term weakening, benefiting non-US assets.

- Conclusion: Risk appetite is recovering, supporting crypto valuations.

5. Technology and Industry Narratives

- Layer 2: Scaling solutions implemented, costs decrease.

- RWA (Real-World Assets): On-chain tokenization of real assets explodes.

- AI + Blockchain: Narratives heating up.

- Conclusion: Application deployment and diverse narratives, long-term value enhancement.

6. Stablecoins and Market Structure

- Scale: Total market cap exceeds $320 billion, accounting for about 15%.

- Structure: USDT/USDC dominate, with expanding compliant stablecoins.

- Conclusion: Stablecoins become infrastructure, supporting market depth.

One sentence summary (April 3, 2026):

The crypto market is in a macro environment characterized by high interest rate suppression, tightening regulation, institutional entry, risk appetite recovery, technological implementation, and stablecoin support, with short-term volatility and medium-term strength.