Web3 Research Weekly｜The overall market showed a fluctuating upward trend this week; the tokenization of U.S. Treasury bonds has for the first time exceeded 5 billion dollars in market capitalization.

Weekly Overview

This week, the cryptocurrency market has followed the recovery trend of the US stock market, showing a noticeable warming trend after opening. Due to positive signals from external news and policy factors, the overall market has seen a slight upward movement this week. However, overall, most mainstream cryptocurrencies are still in a consolidation phase, although a considerable number of cryptocurrencies have shown an upward trend over the week. Additionally, the adjustments to the policies related to cryptocurrencies in the US are still in a rapid change cycle. In the short term, there is still a possibility of certain fluctuations in the cryptocurrency market, but many analysts remain optimistic about the long-term trend.

Overall, the market index experienced a rapid short-term rise after opening this week, but the extent remained within a small range. As we entered the mid-week period, the market began to oscillate within a new price range. Although there was a warming trend influenced by external factors, the overall market signals are still not very clear, and it will take some time for the entire market to stabilize. As we approach the end of the week, the prices of leading mainstream cryptocurrencies are primarily experiencing slight fluctuations, and in the short term, the market is expected to continue following the dynamics of the U.S. stock market.

This week, the BTC price has performed relatively strong, rising back to around 88,000 USD. It is expected that in the future, it will be further influenced by external news factors, and the long-term bullish outlook remains the mainstream consensus.

ETH is currently experiencing a pullback after a price increase, with a weekly high around $2100 and a low of about $1980, showing a relatively small overall price fluctuation. This week, the price movements of key mainstream cryptocurrencies have generally followed the overall market trend, showing some signs of recovery. The total market capitalization of the crypto market has increased compared to the same period last week, reaching around $2.85 trillion, with a 24-hour decrease of 0.54%.

Compared to last week, the overall cryptocurrency market has further warmed up this week, but the increase is still relatively small compared to last week, remaining within the same adjustment cycle. The current price of BTC is around $87365. The current price of ETH is maintaining around $2012.

This week, the overall cryptocurrency market is in a correction phase, with mainstream coins showing a certain increase, but maintaining within a reasonable range. The coin with the highest increase this week is SPX, which reached around 45% for the week, mainly due to the long-term community-driven influence among a number of memecoins, and recent user sentiment related to it has driven the price upward this week.

The overall cryptocurrency market is expected to continue slight fluctuations this weekend, with external news factors unable to drive large-scale market changes in the short term.

Cryptocurrency Market

🔥 Bo Hines, Executive Director of the President Trump's Digital Assets Advisory Committee, stated in an interview that the U.S. could use the proceeds from its gold reserves to buy more Bitcoin. According to Hines, this move could be a budget-neutral way to increase the country's Bitcoin reserves.

🔥Cloverpool data shows that the Bitcoin mining difficulty experienced an adjustment at block height 889,056 (Beijing Time 03-23 19:15:42), with the difficulty increasing by 1.43% to 113.76 T, close to the historical high point (114.17).

🔥According to Aggr News, Fidelity will launch a tokenized fund for investing in U.S. Treasury bonds to compete with BlackRock's BUIDL.

🔥According to reporter Eleanor Terrett, one of the key factors that led to "debanking" was the regulatory requirement for banks to consider so-called "reputational risk" when assessing whether clients could access financial services. The Federal Reserve previously instructed employees in an internal manual to pay attention to whether bank executives made "controversial statements," but last month, Federal Reserve Chairman Powell pledged to remove that clause.

🔥According to the official announcement, Strategy has increased the issuance scale of the STRF Series A perpetual preferred stock from $500 million to $722.5 million, with an issue price of $85 per share, an annual interest rate of 10%, and a settlement expected on March 25, raising approximately $711 million for the purchase of Bitcoin and general operations.

🔥 According to a study by Atmos, the UAE ranks as the world's most crypto-friendly country with a score of 98.4, slightly higher than Singapore in second place (97.5), while the United States scored 85.4 and ranks third.

🔥According to on-chain analyst Yu Jin's monitoring, in just 10 hours, 1.859 million AUCTION (70.36 million USD) flowed into CEX, accounting for 24.3% of the total AUCTION supply. The AUCTION price also dropped from 57 USD to 23 USD in a short period, a decrease of 60%.

🔥Matthew Sigel, the Director of Digital Assets Research at VanEck, tweeted that Bloomberg's legal analysts believe there is a 30% chance that the federal government will purchase Bitcoin this year. He believes that Trump will not invest political capital in legislation because he could achieve this goal unilaterally through the exchange stabilization fund (ESF) if he wanted to.

🔥Tom Wan, the data officer of Entropy Advisors, posted on platform X that BUSD was once the third largest stablecoin by market cap, reaching 23 billion USD, and currently has a market cap of only about 50 million USD on the Ethereum chain.

🔥Trader Eugene stated in his personal channel that the current market has entered the fifth stage (bull losses, price consolidation, and shrinking volume and volatility). At this stage, some stronger altcoins have reached the bottom, but it is still uncertain whether the bottom has been reached for most assets.

🔥According to Crypto.news, data from CryptoSlam shows that NFT trading volume fell to $102 million this week, a decrease of 3.19% compared to the previous week.

🔥Bitcoin Magazine disclosed data on the X platform stating that as of Tuesday, U.S. Bitcoin exchange-traded funds have purchased a total of 8,775 BTC, while Bitcoin miners have produced only 3,150 BTC.

🔥According to News.bitcoin, although the BTC price has recently rebounded, long-term indicators still lean towards bearish.

🔥Greeks.live macro researcher Adam released a Chinese community briefing, which pointed out that there is a cautious attitude towards the volatility of Bitcoin within the community, with much discussion about whether new lows will be reached. Members are primarily focused on reasonably constructing hedging structures and selecting cost-effective options strategies, rather than simply predicting the market's rise and fall direction.

🔥According to The Block, the Dogecoin Foundation has established an "official Dogecoin reserve" through its newly formed business entity House of Doge, and has purchased 10 million DOGE, worth approximately $1.8 million at market price.

🔥According to The Block, Trump Media & Technology Group (TMTG) announced a preliminary agreement with Crypto.com to launch a series of "Made in America" themed digital assets, stock ETFs, and ETPs through its fintech brand Truth.Fi.

🔥According to Business Insider, several institutions still expect BTC to reach $200,000.

🔥According to Decrypt, Standard Chartered analyst Geoff Kendrick stated that given the high correlation between Bitcoin prices and the Nasdaq index, investors would be better off viewing it as a tech stock rather than a tool for hedging against traditional market volatility.

🔥The USDC stablecoin issuer Circle's Japanese subsidiary Circle Japan KK will cooperate with the SBI Holdings Group to fully launch the USDC stablecoin in Japan through SBI VC Trade on March 26.

🔥According to a report by Coindesk, Swiss blockchain analytics company Global Ledger's latest report shows that the sanctioned Russian cryptocurrency exchange Garantex has been renamed Grinex. A large amount of on-chain and off-chain data indicates that Grinex is the direct successor of Garantex. Part of Garantex's liquidity, including all of the ruble-backed stablecoin A7A5 held by Garantex, has been transferred to wallets controlled by Grinex.

🔥According to Santiment data, this week the activity on the DOGE network has fallen to its lowest level since October 2024, with an average of only 66 "whale" transactions per day and less than 60,000 active addresses.

🔥Singapore crypto investment firm QCP Capital stated that the crypto market experienced a mild rebound over the weekend, with BTC and ETH breaking through $85,000 and $2,000 respectively. The recovery appears to be led by the stock market, which saw a strong rebound in stock futures. Although concerns about an economic recession persist, Powell's remarks at last week's FOMC meeting, though cautious, helped ease investor anxiety.

🔥Lisa Gordon, Chair of the UK investment bank Cavendish, has proposed imposing taxes on cryptocurrency purchases to encourage more investors to invest in the UK stock market.

🔥According to MarketWatcher, the market expects the Federal Reserve to shift from Quantitative Tightening (QT) to Quantitative Easing (QE), which will inject liquidity into the financial markets. Currently, the cryptocurrency industry still has high expectations for QE, as the previous QE cycle drove Bitcoin to surge by 1000% from March 2020 to November 2021.

🔥According to Cointelegraph, the US stock market opened slightly higher, bringing much-anticipated optimism to traders. A key factor preventing risk assets from declining is the potential adjustment of the new round of trade tariff plans by the US government and Trump. By analyzing the short-term BTC price trend, traders are focusing on the critical resistance level of $90,000. Given Bitcoin's strong historical performance, market participants are also very optimistic about April.

🔥According to Crypto in America reporter Eleanor Terrett, following the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation (FDIC) plans to remove "reputational risk" from its regulatory standards, which may be beneficial for the crypto industry, as this regulatory standard has been used to justify the closure of legitimate businesses, including crypto companies.

🔥According to Whale Alert monitoring, on-chain data shows that USDC issuer USDC Treasury has minted 100,000,000 USDC on Ethereum, with a total of approximately 300 million USD minted in three transactions.

🔥According to data reported by CoinDesk from rwa.xyz, the market value of tokenized U.S. Treasury bonds has surpassed $5 billion for the first time, increasing by $1 billion in just two weeks, primarily from the BUIDL products issued by BlackRock and Securitize.

🔥According to market news, the Chicago Board Options Exchange (CBOE) has submitted a Solana ETF application on behalf of Fidelity. It is reported that Cboe BZX, a subsidiary of the Chicago Board Options Exchange Group, has submitted a proposed rule change (19b-4 application document) to the U.S. Securities and Exchange Commission.

🔥According to the official announcement from GameStop, the company's board of directors has unanimously approved an updated investment policy on March 25, Eastern Time, to include Bitcoin as one of the company's reserve assets.

🔥According to CoinDesk, Ripple has reached a preliminary settlement agreement with the SEC, in which the SEC agrees to return $75 million of the $125 million fine ordered by the court last year, retaining only $50 million for settlement. In exchange, Ripple will withdraw its cross-appeal. The proposed settlement still requires approval from the court and the committee, and could signal the end of the long-standing legal dispute between the two parties.

🔥 David Sacks, the White House's crypto and AI director, stated on the X platform that the Federal Deposit Insurance Corporation (FDIC) is following in the footsteps of the Office of the Comptroller of the Currency by removing "reputational risk" as a factor in bank regulation, which is a huge victory for the crypto industry.

🔥According to Bloomberg, GameStop ( announced on Wednesday that it plans to privately place $1.3 billion in convertible senior notes, maturing in 2030. In addition, the company stated that it will allow initial purchasers to buy notes with a total principal amount not exceeding $200 million.

🔥According to the Korean Cultural Daily, the South Korean government's Public Officials Ethics Committee has disclosed the property changes for the year 2025. Seoul City Council member Kim Hye-young ranks first among high-ranking officials with 1.7 billion won (approximately 1.27 million USD) in cryptocurrency assets.

🔥 According to The Block, K33 analysts said that while the cryptocurrency market has been in a quiet uptrend over the past few weeks due to U.S. government statements showing a dovish tariff attitude and a slightly dovish Fed stance, there are eight days to go until President Trump's "Liberation Day," and the market volatility caused by the tariffs could intensify further.

🔥According to The Block, Bloomberg analyst James Seyffart stated that the XRP ETF may be launched in the coming months, and it is likely that we will first see the XRP futures ETF. The chances of the XRP ETF being approved in 2025 have increased due to the SEC's decision to withdraw the Ripple lawsuit.

🔥Canaan Inc. announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024. The financial report shows that total revenue for the full year 2024 reached $269.3 million, an increase of 27.4% year-over-year.

🔥According to Business Insider, GameStop has previously stated in a brief statement that the board has unanimously approved an updated investment policy to include Bitcoin as a financial reserve asset for the company.

🔥Cathie Wood stated during her speech at the digital asset summit held in New York: "We believe tokenization will be huge, and we hope to tokenize the ARKVX or the Digital Asset Revolution Fund." However, analysts believe that although Cathie Wood is prepared to tokenize the Ark Invest funds, she faces obstacles from U.S. regulations and laws, which may delay this process.

🔥Synthetix founder Kain Warwick shared his views on market makers, pointing out that some market makers manipulate prices through low liquidity markets, using loans and options arbitrage, and even sell discounted tokens before token generation events (TGE) and quickly sell them off after driving up the price.

🔥Augustine Fan, head of research at SignalPlus, stated that despite ongoing concerns about a slowdown in the U.S. economy, the market may gradually rebound from last week's slump, with a moderate recovery expected before the end of the month.

Regulation & Macroeconomic Policy

🔥According to a report by Bloomberg, the U.S. House Financial Services Committee is expected to review the stablecoin legislative draft on April 2.

🔥According to Crypto in America, the White House is actively pushing for the GENIUS Act to enter the Senate for review as soon as possible, aiming for President Trump to sign it into law within two months. The bill was passed by the Senate Banking Committee on March 13 with a vote of 18 to 6, proposing a regulatory framework for payment stablecoins pegged to the dollar. The House version, the STABLE Act, will begin review on April 2, and the White House hopes that the Senate version will gain enough support to encourage the House to pass it directly, avoiding the legislative negotiation process.

🔥 The U.S. House of Representatives of Oklahoma voted overwhelmingly 77 to 15 to pass HB1203 Strategic Bitcoin Reserve Act. The bill aims to support state governments holding Bitcoin as a reserve asset, allowing up to 10% of public funds to be invested in Bitcoin or digital assets with a market capitalization of more than $500 billion.

🔥 The governor of Kentucky, USA, officially signed the HB701 bill into law on March 24, ensuring residents' rights to use digital assets, self-custody wallets, and operate blockchain nodes. The bill explicitly excludes such activities from money transmission licensing and securities regulation, and restricts local governments from discriminatory management of related technological activities.

🔥According to the SEC's official website, the U.S. Securities and Exchange Commission (SEC) cryptocurrency working group announced that it will hold four new roundtable meetings from April to June 2025, covering topics such as crypto trading, custody, asset tokenization, and DeFi.

🔥According to The Block, the U.S. Senate passed a resolution with a vote of 70 to 28 to repeal the cryptocurrency tax regulations introduced by the Biden administration in its final days. The bill will be submitted for President Trump’s signature. The IRS DeFi broker rule requires certain DeFi platforms to report user transaction information as securities brokers and issue 1099 forms, raising privacy and compliance concerns.

🔥 U.S. Congressman Tom Emmer and Darren Soto have reintroduced the Securities Clarity Act, aimed at clarifying the legal distinction between crypto assets and securities contracts, providing a compliance pathway for innovative projects. The bill has received support from Coin Center, the Blockchain Association, and others, and is seen as an important prelude to legislation on the structure of the U.S. crypto market.

🔥According to an announcement by the Governor of Wyoming, the Wyoming Stablecoin Committee has announced that its fiat-backed, fully reserved WYST stablecoin has entered the multi-chain testing phase, deployed on testnets such as Avalanche, Solana, and Ethereum.

🔥North Carolina lawmakers have submitted two bills to the House and Senate, proposing to allow a portion of pension funds to be invested in crypto assets, with a maximum percentage of 5%. Representative Brenden Jones introduced the "State Investment Modernization Act" (HB506), while the Senate submitted a similar SB709 bill.

Highlights of the Crypto Market

⭐️ In the past week, the overall cryptocurrency market has further recovered, and the broader market has mainly followed the trend of U.S. stocks, but the overall range has remained in a small range. Although the rise and fall of mainstream currencies in the past week have been different, the market as a whole is in the upward recovery stage, and it is expected that there will be a round of volatility in the future.

⭐️This week, the SPX in the cryptocurrency market ranked first among mainstream coins in terms of growth. As this coin is a project significantly influenced by community sentiment among memecoins, recent community sentiment has driven a noticeable upward trend in its price. Currently, the price is around $0.62, which has seen a pullback compared to the one-week high of $0.66, and is now in a state of short-term fluctuations. ![])https://img.gateio.im/social/moments-6217e640ffbc158231a7e8be8c601ca7(

Bitcoin & Ethereum Weekly Performance

) Bitcoin ###BTC( ![])https://img.gateio.im/social/moments-f2add0ca7a1b908a6a366ea873542c9e( ) Data source: TradingView (

This week, the price of BTC showed a short-term upward trend after the opening, with rapid fluctuations being the main market activity during the day. As the US stock market has recently warmed up, the overall cryptocurrency market has maintained a following state. The performance of BTC price is relatively optimistic recently, as it approached the $89,000 price point within the week. Currently, the BTC price is maintained in the range of $87,000 to $88,000, and it is highly likely that the BTC price will continue to follow the overall market trend.

) Ethereum ###ETH( ![])https://img.gateio.im/social/moments-d7222903fc7f08cc6fc74f445646a2e0( ) Data Source: TradingView (

The price of ETH has risen and fallen more sharply than that of BTC during the week, and the price has fallen even more after a rapid short-term upward movement. ETH reached a high of $2,100 during the week, but then showed a more obvious continuous downward trend. At present, the price of ETH continues to fluctuate around $2,000, and the price has come to $2,012.

Web3 Project Trends

This week, the total market value of seven categories of projects mostly continued the recent upward trend, mainly following the overall market trend, with the overall amplitude still maintained within a small range. The overall market is still in an adjustment cycle. Recently, the overall market has been significantly affected by news factors and macroeconomic conditions, and the probability of maintaining continuous fluctuations within the current range during the weekend closing period is quite high.

| Project Category | Weekly Change | Top Three Tokens by Weekly Growth | Overview | | ------------ | ------------ | ------------ | ------------ | | Layer 1 | 0.5% | EIOB,CUDOS,MIRAI | The market capitalization of Layer 1 tracks saw a slight recovery this week, but the distribution of price increases among leading coins is not uniform. Overall, most projects are still in a correction phase. | Layer 2 | 3.5% |DLC,SFI,KONET|The market performance of Layer 2 this week is quite similar to that of Layer 1, but the rise is more evenly distributed. Overall, the increase in major cryptocurrencies is actually quite limited. | DeFi |1.6% | DEPAY,SPEX,SB | The total market value of the DeFi sector has seen a slight increase this week, with the top rising currencies showing a relatively even distribution in their growth rates. Overall, the volatility is low. | NFT | 3.6% | $RAINI,MST,TUNE | The total market value of NFTs has slightly increased this week, with the gains among leading coins being very uneven, primarily led by $RAINI, while other coins have shown weaker trends.| | MEME | 8.1% | GME,BABY,CATEX| The MEME coin track has shown significant warming momentum this week, with the top rising coins experiencing considerable gains, which is a relatively positive heat signal for the market.| | Liquid Staking | -0.3% | EGP,STZETA,RAFT | This sector experienced a slight decline this week, but the actual total value change is very small, and the growth of leading coins is also limited, heavily influenced by mainstream coins. | AI | 5.3% | CUDOS, VAIX, 39A | The AI sector has maintained a warming trend this week, with considerable increases in the prices of leading coins. Overall, the sector has recently been influenced by a market recovery, showing a following trend.

Author: Charles T., Gate.io researcher *This article only represents the author's views and does not constitute any trading advice. Investment carries risks, and decisions should be made cautiously. *The content of this article is original and the copyright belongs to Gate.io. If you need to reprint it, please indicate the author and source, otherwise legal responsibility will be pursued.