#创作者冲榜 Web3 Today Must-Read | March 31

Today’s Highlights
• U.S. Senator proposes establishing strategic Bitcoin reserves.
• SWIFT begins on-chain settlement testing with thousands of institutions.
• U.S. plans to allow trillions of dollars in pension funds to buy crypto assets.
• Square defaults to enabling Bitcoin payment acceptance for merchants.
• Mitsubishi integrates with JPMorgan’s on-chain payment network.
• SEC relaxes restrictions on large-cap stocks used as broker collateral.
• Chainlink and Anchorage fund political lobbying efforts.
• Regulatory concerns trigger significant outflows from Ethereum funds.
• Ethereum Foundation pledges $50 million in assets.
• MicroStrategy pauses after 13 consecutive weeks of additional purchases.

Today’s Analysis
This is no longer a “small-scale” local market fluctuation but a long-planned “financial overhaul.”
SWIFT, the “main gateway” of global finance, is beginning to test blockchain settlement, and established giants like Mitsubishi are connecting to JPMorgan’s on-chain payment network. This indicates that the migration of core financial infrastructure has shifted from verbal agreements to real infrastructure projects. The clear signal behind this is: traditional finance is no longer trying to eliminate crypto technology but intends to move the entire system onto the blockchain.
Even more interesting is the emergence of the “U.S. Mining Act.” This is no longer just about supporting miners but elevating Bitcoin to the level of “national security” and “strategic reserves.” When the U.S. begins discussing relocating mining hardware supply chains domestically and legislating Bitcoin reserves, it’s essentially a “backup plan” for sovereign credit.
In simple terms, Washington’s elites have realized that in today’s environment of increasingly depleted fiat credit, whoever controls the sovereignty of computing power and reserve assets will secure the next round of financial competition. Meanwhile, the Department of Labor’s move to allow 401(k) retirement funds to participate represents a “nuclear-level” liquidity. Once this trillions of dollars in long-term capital is unlocked, the capital structure of the crypto market will undergo a permanent transformation. However, this massive migration is not without challenges. The outflows from Ethereum funds and MicroStrategy’s pause in buying reflect the market’s pain ahead of “regulatory clarity.” Acts like the Clarity Act hang like the Sword of Damocles over DeFi—institutions yearn for on-chain efficiency but remain anxious about legal boundaries.
The real highlight is that this “soft and hard” infiltration is now everywhere. Square’s default enablement of Bitcoin payments has quietly educated millions of merchants; SEC’s adjustment of collateral rules is bridging the gap between traditional stock markets and crypto assets.
We are in a transitional period of “old gods leaving and new gods establishing rules.” This is not merely a bull or bear market but a collective shift of the entire financial civilization toward decentralized underlying protocols. In this process, retail investors’ focus on “coin prices” is superficial; the deeper “redefinition of sovereignty and liquidity” is the true endgame to watch.