GameStop Enters Bitcoin
Game retailer GameStop officially announced that its board has unanimously approved a resolution to incorporate Bitcoin into its balance sheet reserves, driving the company’s stock price to surge. Meanwhile, the U.S. Core PCE Price Index for February, set to be released this Friday, may become a key variable in disrupting market equilibrium.
(Background: Bitcoin fluctuates around 88,000; analysts say if it breaks the 90,000 resistance, new highs are expected. The April historical return rate for BTC is considerable.)
(Background Supplement: MSTR confirms the successful model of Bitcoin: How can other listed companies imitate the BTC reserve strategy?)
Market Overview
In the past 24 hours, the cryptocurrency market has shown a moderate rebound, with Bitcoin’s price fluctuating around $87,400 and Ethereum slightly pulling back to $2,070. Among mainstream coins, Solana (SOL) rose against the trend by 2%, reaching a daily high of $146.
As of March 26, the total market capitalization of cryptocurrencies slightly increased by 0.4% to $2.87 trillion, while the market sentiment index (Fear & Greed Index) dropped to 34, indicating that investors remain cautious.
Details of GameStop’s Decision
Notably, the former “Wall Street meme” stock, GameStop, officially announced on March 25 that its board unanimously approved the resolution to incorporate Bitcoin into its balance sheet reserves, resulting in a 7% surge in after-hours trading, with the stock price rising to $27.19.
This decision had been hinted at earlier: Two months ago, after a photo of GameStop CEO Ryan Cohen meeting with major BTC bull Michael Saylor was leaked, its major shareholder, Strive Asset Management, publicly called on the company to follow MicroStrategy’s strategy of holding Bitcoin. Strive’s CEO, Matt Cole, stated at the time, “We believe GameStop can improve its financial situation by purchasing Bitcoin; this is a strategic allocation.”
Additionally, Michael Saylor tweeted this morning to congratulate GameStop on joining the ranks of Bitcoin supporters.
Welcome to Team Bitcoin,@RyanCohen.$GME
pic.twitter.com/ldGh7my9WM
— Michael Saylor⚡️ (@saylor) March 25, 2025
BTC Recovery Indicators
On-chain data also reveals new trends in capital flow. CryptoQuant data shows that, despite Bitcoin’s stable price movements, on-chain data has revealed critical signals:
- Institutional fund migration: In the past 24 hours, there were 17 transfers of BTC exceeding $100 million, with total on-chain transfer volume surging by 268%, reaching a nearly three-month high.
- Exchange flow: Coinbase saw a peak positive premium of 0.3%, while the BTC reserve on exchanges decreased by 1%, with approximately 12,000 BTC flowing into cold wallets. This “low volatility, high turnover” trend suggests that institutional investors may be conducting large-scale asset custody transfers.
Derivatives market equilibrium: The perpetual contract funding rate has returned to the neutral range of 0.01%, and the options volatility surface shows the put/call ratio (PCR) has dropped to 0.85, indicating a slight recovery in bullish sentiment.
Notably, the Bitcoin Unrealized Profit and Loss (NUPL) indicator has fallen from last week’s 0.68 to 0.55, suggesting that some short-term holders are beginning to take profits. However, the number of addresses holding over 1,000 BTC has increased by 12, indicating that whale accounts are quietly accumulating.
XTB MENA senior analyst Hani Abuagla believes that Bitcoin is emerging from the second deepest adjustment in this cycle. If the expectations for U.S. Federal Reserve interest rate cuts and trade policy easing align, the possibility of breaking through the $100,000 mark in spring remains.
Macro Variables: PCE Data as a Key Test
This Friday (March 28), the U.S. Core PCE Price Index for February will be released, potentially serving as a key variable in disrupting market equilibrium. As the inflation indicator most closely monitored by the U.S. Federal Reserve, the market expects the core PCE year-over-year growth rate to rise slightly from January’s 2.6% to 2.7%. If the data exceeds expectations, it could further delay the market’s anticipation of interest rate cuts.
Currently, the CME FedWatch tool indicates that traders’ expectations for the U.S. Federal Reserve’s rate cuts have narrowed to 50-75 basis points, with the first rate cut possibly delayed until the third quarter. If the PCE data reinforces the “sticky inflation” narrative, U.S. Treasury yields may rise again, and a stronger dollar could exert short-term pressure on risk assets. In the current market context, slight fluctuations in inflation data may indirectly influence the direction of the cryptocurrency market by altering market liquidity expectations.
TradingView analysts suggest that for short-term traders, the focus should be on the breakout direction of Bitcoin’s $87,000 support level and $90,000 resistance level, combined with constructing volatility strategies based on low implied volatility in options. For medium to long-term holders, the on-chain MVRV ratio (1.98) remains below the historical bull market peak (3.5), and the distribution indicator of holding addresses shows a healthy chip structure, making it a viable option to accumulate positions in batches upon pullbacks.
