Gate Daily (March 10): Bhutanese government transfers 175 Bitcoins; MicroStrategy adds 17,994 BTC on dips

Bitcoin (BTC) has experienced a strong rebound, currently around $68,990 as of March 10. Trump stated at a press conference that U.S. military actions against Iran will end soon, and oil prices rose less than expected. The Bhutan government transferred 175 Bitcoins, worth approximately $11.85 million. MicroStrategy purchased an additional 17,994 Bitcoins, bringing its total holdings to 738,731 Bitcoins.

Macro Events & Crypto Highlights

1. Arkham data shows Bhutan transferred 175 Bitcoins, valued at about $11.85 million. This is the latest move after transferring $6.8 million last month, bringing Bhutan’s total Bitcoin transfers since 2026 to approximately $42.5 million.

Bhutan currently holds about 5,400 Bitcoins, worth around $374 million, managed by the sovereign wealth fund Druk Holding & Investments. Arkham notes Bhutan regularly sells Bitcoin in amounts ranging from $5 million to $10 million. Compared to July last year, when Bhutan transferred over $60 million in four days and held over 11,000 Bitcoins worth $1.4 billion (more than 40% of the country’s GDP), recent transfers are smaller.

2. According to Michael Saylor, MicroStrategy bought about $1.28 billion worth of 17,994 Bitcoins between March 2 and March 8, at an average price of approximately $70,946 per Bitcoin. As of March 8, the company’s total holdings are 738,731 Bitcoins, with a total purchase cost of about $56.04 billion, averaging roughly $560,256 per Bitcoin.

News & Updates

1. Trump: If Iran blocks oil flow through the Strait of Hormuz, the U.S. will respond with twenty times the current level of force.

2. Sky Union founder Rune Christensen’s CL long position is currently floating at a loss of over $500,000.

3. Arthur Hayes predicts HYPE tokens will rise to $150 by August this year, about five times the current price.

4. Listed company Empery Digital sold 102 Bitcoins last week.

5. Antalpha deposited 3,000 XAUT into Cobo custody wallet, worth about $15.21 million.

6. Mara deposited 298 BTC into Cumberland, approximately $20.57 million.

7. Trump is pressuring Congress with a voter-based bill; the CLARITY crypto bill faces uncertainty.

8. Hyperliquid’s crude oil-related CL-USDC contracts surpassed $1.2 billion in daily trading volume, becoming its second-largest trading market.

9. SlowMist: Attackers poisoned Bing AI search results to trick users into downloading counterfeit OpenClaw malware to steal assets.

10. Trump’s press conference: Military action against Iran will end soon, and oil prices rose less than expected.

Market Trends

1. Latest Bitcoin news: BTC rebounded strongly, currently around $68,990. In the past 24 hours, $97.54 million was liquidated, mostly short positions.

2. On March 10, the U.S. stock market saw a dramatic reversal, with major indices rallying at the close. President Trump predicted the potential end of the U.S.-Iran conflict, boosting the market in the last hour. The Dow Jones Industrial rose 239.25 points, up 0.50%, closing at 47,740.80. The S&P 500 increased 55.97 points, up 0.83%, closing at 6,795.99. The Nasdaq gained 308.27 points, up 1.38%, closing at 22,695.95.

(Source: Gate)

3. According to Gate’s BTC/USDT liquidation map, with the current price at $69,099.10, if it drops to around $66,925, total long liquidations will exceed $1.23 billion; if it rises to about $69,725, short liquidations will exceed $453 million. Short positions are significantly less liquidated than longs, so it’s advisable to control leverage wisely to avoid large-scale liquidations during market fluctuations.

(Source: Coinglass)

4. In the past 24 hours, spot inflow was $3.23 billion, outflow $3.17 billion, net outflow $0.6 billion.

(Source: Coinglass)

5. In the past 24 hours, contracts for $XAU, $RIVER, $BCH, $TSLA, $HUMA showed net outflows, indicating trading opportunities.

KOL Insights

Phyrex Ni (@Phyrex_Ni): “Today continues to be dominated by geopolitical conflicts. Many are wondering why the war is intensifying—stock markets are falling, oil prices are rising, yet Bitcoin is also rising. Are investors starting to see Bitcoin as a safe haven? Not really. This morning, markets reacted poorly; Nasdaq and S&P dropped over 1.5%, US oil hit $120, and market sentiment was very negative.”

“But by noon, news broke that G7 plans to release strategic oil reserves to counter rising oil prices. That’s good news; if G7 actually releases reserves, oil prices will drop. No official announcement yet, but we expect to know by the weekend. This news eased market sentiment.”

“After the release news, US stocks rebounded—Nasdaq from a 1.6% drop to just 0.2% down, a significant recovery. Oil prices fell from $120 to around $93, close to Friday’s close. Bitcoin’s rise isn’t without reason or investor shift; it’s a reaction to G7’s actions. If G7 doesn’t release reserves or delays, sentiment could turn negative again.”

“Looking at Bitcoin data, trading volume today remains weak; despite slight price increases, buying power hasn’t grown much. Turnover rate is similar to a typical Monday. Investors aren’t panic-selling due to price gains; most are short-term traders switching hands.”

“From a holdings perspective, the structure remains solid. Although price action is weak and buying power low, most investors aren’t panicking—many are choosing to hold long-term.”

“Today, the 20 millionth Bitcoin was mined—only a few remain. Hopefully, Bitcoin can truly show its safe-haven properties.”

Today’s Outlook

1. China February trade balance (billion USD), previous 114.10

2. China February trade balance (billion RMB), previous 808.80

3. China February M2 money supply (yearly rate), previous 9.0%

4. Germany January seasonally adjusted trade balance (billion euros), previous 13.6

5. US February existing home sales (annualized monthly rate), previous -8.4%