Point of View: The Federal Reserve Has Over-Eased, with a 65% Chance of Stagflation in the United States

March 16th: DefiLlama data shows **Perpetual DEX (Perp DEX)** trading volume was generally sluggish over the weekend, while total open interest (OI) across platforms continued to climb. Hyperliquid and Aster remain the top two in trading volume, with Hyperliquid’s OI hitting a near one-month high again. Mainstream Perp DEX 24-hour trading volume & OI breakdown: - Hyperliquid [https://app.hyperliquid.xyz/join/NTOD]: ~$38.9B volume | ~$67.1B OI - Aster [https://www.asterdex.com/zh-CN/referral/aboter]: ~$19.7B volume | ~$20.4B OI - EdgeX: ~$17.7B volume | ~$11.1B OI - Lighter [https://app.lighter.xyz/?referral=70045843]: ~$12.2B volume | ~$7.08B OI - Apex: ~$11B volume | ~$1.2B OI - Pacifica [https://app.pacifica.fi/?referral=pacbot]: ~$2.29B volume | ~$75.68M OI ### Notes on American English adaptation: 1. **Conciseness**: Used "~" (instead of "around") for brevity, standard in U.S. financial news; 2. **Terminology**: "Perpetual DEX (Perp DEX)" is the common U.S. c

On March 16, Centrifuge (CFG) rallied more than 55% in the short term—likely fueled by news that Binance would list the token with its Seed Label—pushing its market capitalization to $111 million.

March 16 — Per OnchainLens data, a whale with address 0x218 deposited 2 million USDC into HyperLiquid over the past 10 hours to avoid liquidation on its 10x-leveraged ETH short position. The position totals 15,217 ETH (roughly $34 million in value) and currently has an unrealized loss of $3.288 million. However, the whale still holds accumulated profits of over $8.5 million overall.

Per an official announcement on March 16, Binance will list Centrifuge (CFG) and assign a "Seed round" tag.

March 16 — Per data from Coinbob Popular Address Monitoring, silver prices on Hyperliquid plummeted to $77.1 ahead of the U.S. stock market open. The whale address “Silver Iron Head Air Force” (0x61ce) saw its unrealized profits on a silver short position climb to $310,000 (a 90% gain). The short was opened on March 14, with the whale holding a 20x-leveraged silver short at an average entry price of $80.76, a position size of $6.9 million, and a liquidation price of $136. Previously, this whale was among the largest on-chain silver shorts with a $35 million position. It was forced to close that position during silver’s sharp rally in January and now holds an equivalent-sized long position in BTC.

March 16th — Per OnchainLens monitoring, a whale address has again withdrawn assets from Binance, including: - 1,140 BNB (≈ $770,800) - 12,883 AAVE (≈ $1.53 million) - 545 ETH (≈ $1.23 million) - 62,898 LINK (≈ $604,600) The whale’s current holdings are as follows: - 23,683 AAVE (≈ $2.82 million) - 1,005 ETH (≈ $2.26 million) - 51,190 HYPE (≈ $2.01 million) - 2,090 BNB (≈ $2.01 million) - 115,889 LINK (≈ $1.11 million) - 7.85 million ENA (≈ $918,300) Address: 0xbfa7b56529bfc010ea4d0b98280e18d4cc5b45d0