Kulipa’s stablecoin card issuance infrastructure platform completed a $6.2 million seed round on April 2, led by Flourish Ventures and 1kx. Founder Axel Cateland said the financing was structured as a SAFE form; previously, it completed a $3.0 million funding round in 2024.

On March 18, on-chain data analyst Axel released a report indicating that the Bitcoin market has moved out of an overheated state, but selling pressure still exists and no reversal signals have appeared. The MVRV Z-Score indicator has dropped to 0.674, suggesting that the bubble has been deflated; meanwhile, the aSOPR indicator remains below 1.0, indicating that the market is still in a loss-selling phase, with a rebound facing the risk of selling pressure.

CryptoQuant analyst Axel Adler Jr stated that Bitcoin price has returned to fair value, with market structure significantly transformed compared to two weeks ago. The phase dominated by bears has ended, with prices rebounding above fair value, indicating a warming market.

Gate News Report, March 10th, cryptocurrency market analyst Axel Adler Jr. posted on social media that the 30-day average transfer volume of Bitcoin (BTC) has decreased compared to one month ago and three months ago. However, this indicator still remains above the 365-day average level and is significantly higher than the level six months ago.

Gate News Announcement, March 8 — CryptoQuant analyst Axel posted on X platform that Bitcoin may have entered the mid-stage of this bear market cycle. Data shows that the NUPL–MVRV harmonic composite indicator has reached 0.33, while historical cycle bottoms typically occur around the -0.5 level. The chart indicates that the start of the bear market cycle is trending upward, suggesting that extreme selling conditions are moderating. However, the indicator remains well above historical bottom levels, indicating that a full-scale market sell-off has not yet been confirmed.

Gate News Announcement, March 7th, CryptoQuant analyst Axel pointed out on the X platform that the Bitcoin NUPL--MVRV harmonic composite indicator has reached 0.33, while historical cycle bottoms typically occur around the 0.5 range. The chart shows that the bear market cycle is beginning to shift upward, indicating that Bitcoin may have entered the mid-stage of this bear market cycle, suggesting that extreme selling conditions are easing. However, this indicator is still well above historical bottom levels, implying that a market-wide bottom has not yet been confirmed.

Cryptocurrency market analyst Axel pointed out that in early March, Bitcoin saw an outflow of 47,700 coins within a week, reaching a nearly one-year high, especially on March 4th with an outflow of 31,900 coins, mainly related to large holders transferring to cold wallets. Meanwhile, stablecoins experienced a shift from net inflow to net outflow, reflecting a closed-loop of capital operations.

Independent analyst Axel Adler pointed out that the Bitcoin market systemic indicator has recovered from the year's low of -47 to +0.98, indicating a rapid rebound. He believes that maintaining prices above $70,000 and normalizing funding rates will be key factors for a bull market. Recently, the price structure and systemic indicator have aligned for the first time, suggesting a possible structural shift.

CryptoQuant analyst Axel Adler Jr. pointed out that the Bitcoin basis has fallen back into the neutral zone, with spot and futures premiums narrowing, indicating weakening bullish demand, declining market risk appetite, and investors shifting to a wait-and-see stance. Stronger spot buying support is needed to regain bullish momentum.

Analyst Axel Adler Jr. stated that the Bitcoin futures funding flow index has fallen to 7.1%, entering the bear market boundary, reflecting ongoing market weakness. At the same time, the Bitcoin local pressure index surged to 92.5, indicating the market is under extreme downward pressure. The current situation suggests the market may be experiencing capitulation.