Gate Research (2025.3.28–4.2), this report provides a comprehensive analysis of key developments in the cryptocurrency market and macroeconomic landscape. On March 28, the U.S. Department of Commerce reported that the core PCE price index rose by 2.79% year-over-year in February, marking the highest level since December. Internationally, Kazakhstan announced plans to launch a “National Crypto Bank” aimed at centralizing the oversight of cryptocurrency trading across the country. As of March 31, a global trend toward lighter crypto regulations continues, with 47 countries easing restrictions since 2020. On April 1, the U.S. ISM Manufacturing PMI showed its first contraction of the year, while the price index jumped for a second straight month. On April 2, reports surfaced that the Trump administration is considering a new financial tool called “BitBonds” as part of a broader strategy to bolster its Bitcoin reserves.