Web3 Research Weekly Report | The overall market showed a volatile upward trend this week; the market capitalization of tokenized U.S. Treasury bonds has exceeded 5 billion USD for the first time.

Weekly Overview

This week, the cryptocurrency market has followed the recovery trend of the US stock market, showing a noticeable warming trend after the market opened. Due to positive signals from external news and policy factors, the overall market experienced a slight upward movement this week. However, overall, most mainstream currencies are still in a consolidation state, but a considerable number of currencies have shown a predominantly upward trend over the week. Additionally, the US is still in a rapid change cycle regarding adjustments to cryptocurrency-related policies. In the short term, there may still be some volatility in the cryptocurrency market, but many analyses 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 midweek period, the overall market began to fluctuate continuously within a new price range. Although there was a warming trend influenced by external factors, the overall signals in the market are still not very clear, and it will take some time for the market to stabilize. Currently, as we approach the end of the week, the prices of major mainstream cryptocurrencies are mainly characterized by continuous slight ups and downs, and the market is expected to continue following the dynamics of the US stock market in the short term.

This week, the price of BTC has remained relatively strong, having rebounded to around 88,000 USD. It is expected that 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 relatively small overall price fluctuations. This week, the price trends of key mainstream cryptocurrencies generally followed the overall trend of the market, displaying a certain degree of recovery. The overall market capitalization of the cryptocurrency market has increased compared to the same period last week, reaching around $2.85 trillion, with a decrease of 0.54% within 24 hours.

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 around $2012.

This week, the overall cryptocurrency market is in a correction phase, with mainstream coins seeing a certain increase, but remaining within an appropriate range. The coin with the largest increase among the top performers this week is SPX, which achieved around 45% over the week. This is mainly due to the long-term community-driven influence of this coin among a multitude of memecoins, with recent user sentiment contributing to the price increase this week.

The overall trend of the cryptocurrency market this weekend is expected to continue with slight fluctuations, as external news factors are unlikely to drive significant market changes in the short term.

Crypto Market

🔥 Bo Hines, Executive Director of President Trump's Digital Asset Advisory Committee, stated in an interview that the United States could use the proceeds from its gold reserves to purchase 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 underwent an adjustment at block height 889,056 (Beijing time 03-23 19:15:42), with the difficulty increased by 1.43% to 113.76 T, nearing the historical high of 114.17.

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

🔥According to reporter Eleanor Terrett, one of the key factors that has led to "debanking" is the requirement from regulators for banks to consider so-called "reputational risk" when assessing whether clients can access financial services. The Federal Reserve had instructed staff in an internal manual to pay attention to whether bank executives made "controversial statements," but Federal Reserve Chairman Powell promised last month to remove that provision.

🔥According to the official announcement, Strategy has increased the issuance scale of the STRF series A perpetual preferred shares from $500 million to $722.5 million, with an issuance price of $85 per share and an annual interest rate of 10%. The settlement is expected on March 25, with net fundraising of approximately $711 million to be used for purchasing Bitcoin and general operations.

🔥According to a study by Atmos, the UAE ranks as the number one crypto-friendly country in the world with a score of 98.4, slightly ahead of Singapore in second place (97.5), while the United States scores 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 price of AUCTION also dropped from 57 USD to 23 USD in a short time, a decrease of 60%.

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

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

🔥 Trader Eugene stated in his personal channel that the current market has entered the fifth phase (bull losses, price consolidation, and reduced volume and volatility). In this phase, some stronger altcoins have reached their bottoms, but it is still uncertain whether the bottoms of most assets have been reached.

🔥According to Crypto.news, data from CryptoSlam shows that NFT trading volume dropped 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, despite a recent rebound in BTC prices, long-term indicators still lean towards a bearish outlook.

🔥Adam, a macro researcher at Greeks.live, released a briefing for the Chinese community, pointing out the community's cautious attitude towards Bitcoin volatility and the ongoing discussion about whether it will hit new lows. Members are mainly focused on reasonably constructing hedging structures and choosing high cost-performance options strategies, rather than simply predicting the market's rise and fall.

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

🔥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 and stock ETFs and ETPs through its fintech brand Truth.Fi.

🔥According to Business Insider, multiple 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 as a tool to hedge against traditional market volatility.

🔥USDC stablecoin issuer Circle's Japanese subsidiary Circle Japan KK will collaborate with SBI Holdings Group to fully launch the USDC stablecoin in Japan via 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 to Garantex. Some 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, the activity level of the DOGE network has dropped to its lowest point since October 2024 this week, with an average of only 66 "whale" transactions per day and fewer than 60,000 active addresses.

🔥Singapore-based 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 cautious remarks at last week's FOMC meeting helped ease investors' anxiety.

🔥Lisa Gordon, chairwoman of the UK investment bank Cavendish, proposed taxing the purchase of cryptocurrencies to encourage more investors to invest in the UK stock market.

🔥According to MarketWatcher, the market believes that the Federal Reserve is expected to shift from quantitative tightening (QT) to quantitative easing (QE), a move that will inject liquidity into the financial markets. Currently, the expectations for QE in the crypto industry remain high, as the previous QE cycle drove Bitcoin to soar by 1000% from March 2020 to November 2021.

🔥According to Cointelegraph, the US stock market opened slightly higher, bringing long-awaited 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 $90,000 key resistance level. Given the historical trend of strong Bitcoin price performance, Bitcoin market participants also have high expectations for April.

🔥According to Crypto in America reporter Eleanor Terrett, following the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation (FDIC) intends to remove "reputational risk" from its regulatory standards, which could 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 the issuer of USDC, USDC Treasury, has newly minted 100,000,000 USDC on Ethereum, totaling approximately 300 million USDC minted in three instances.

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

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

🔥According to an official announcement from GameStop, the company's board of directors unanimously approved an update to the 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 last year's court-ordered $125 million fine, leaving only $50 million to settle. In exchange, Ripple will withdraw its cross-appeal. The proposed settlement still requires approval from the court and the commission, or it may signal the end of the long-standing legal dispute between the two parties.

🔥 David Sacks, the White House Crypto and AI Chief, posted on 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 plans to privately place $1.3 billion of 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 of up to $200 million.

🔥According to the South Korean "Cultural Daily," the South Korean government’s Public Officials Ethics Committee has disclosed the asset changes for the year 2025. Seoul City Council member Kim Hye-young ranks first among high-ranking officials in terms of crypto assets, holding 1.7 billion KRW (approximately 1.27 million USD).

🔥According to The Block, K33 analysts state that despite the cryptocurrency market being in a calm upward trend over the past few weeks due to a more moderate stance on tariffs from the U.S. government and a slightly dovish position from the Federal Reserve, there are still eight days until President Trump's "Liberation Day," and market volatility caused by tariffs may further intensify.

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

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

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

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

🔥Kain Warwick, the founder of Synthetix, shared his views on market makers. He pointed out that some market makers manipulate prices through low liquidity markets, utilizing loans and options arbitrage, and even sell discounted tokens before the Token Generation Event (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, and is expected to maintain a moderate recovery before the end of the month.

Regulation & Macroeconomic Policy

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

🔥According to Crypto in America, the White House is actively pushing for the GENIUS Act to enter Senate review as soon as possible, aiming for it to be signed into law by President Trump within two months. The bill was passed by the Senate Banking Committee on March 13th with a vote of 18 to 6 and aims to establish a regulatory framework for payment-type stablecoins pegged to the US dollar. The House version, the STABLE Act, will begin review on April 2nd, and the White House hopes the Senate version will gain enough support to push the House for a direct passage, avoiding the legislative negotiation process.

🔥The Oklahoma House of Representatives passed HB1203 "Strategic Bitcoin Reserve Act" by an overwhelming majority of 77 votes to 15. The bill aims to support state governments in 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 over $500 billion.

🔥 The Governor of Kentucky, USA, officially signed the HB701 bill into law on March 24, local time, safeguarding 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 official website, the U.S. Securities and Exchange Commission (SEC) cryptocurrency working group announced that it will hold four new roundtable discussions 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 by a vote of 70 to 28 to repeal the cryptocurrency tax regulations introduced by the Biden administration in its final days, and the bill will be submitted for President Trump’s signature. The IRS DeFi broker rule required 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 garnered 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 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 proportion of 5%. Representative Brenden Jones introduced the "State Investment Modernization Act" (HB506), while the Senate submitted a similar SB709 bill.

Highlights of the Cryptocurrency Market

⭐️In the past week, the overall cryptocurrency market has further warmed up, mainly following the trend of the US stock market, but overall the fluctuations remain within a small range. Although the rise and fall of mainstream coins have varied in the past week, the overall market is in an upward warming phase, and it is expected that there will be another wave of upward fluctuations in the future.

⭐️This week, the SPX in the cryptocurrency market ranked first among mainstream coins in terms of growth. As this coin is significantly influenced by community-driven factors among memecoins, recent community sentiment has led to a noticeable upward trend for this coin. The current price is around $0.62, which is a slight pullback compared to the weekly high of $0.66, and it is currently in a state of short-term volatility. ![])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 opening, with rapid fluctuations within the day being the main market trend. As the U.S. stock market has recently warmed up, the cryptocurrency market overall remains in a following state. The performance of BTC's price has been relatively optimistic recently, approaching the price level of 89000 USD within a week. Currently, the BTC price is maintained in the range of 87000-88000 USD, and it is highly likely that the BTC price will continue to follow the overall trend of the market.

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

The price fluctuations of ETH this week have been more intense compared to BTC. After a rapid short-term rise, the price has experienced a larger decline. ETH reached a high point of $2100 within the week but has since shown a significant continuous downward trend. Currently, the ETH price is fluctuating around $2000 and has reached $2012. It is expected that there will be a new round of price fluctuations during the weekend, with a high probability of maintaining the current price range.

Trends in Web3 Projects

This week, the total market capitalization of the seven categories of projects largely continued the recent upward trend, mainly following the overall trend of the market. The overall amplitude remains within a small range, and the market is still in an adjustment cycle. Recently, the overall market has been significantly influenced by news factors and macroeconomic conditions, and there is a high probability that it will continue to fluctuate within the current range during the weekend closing period.

| Project Category | Weekly Change | Top Three Tokens by Weekly Increase | Overview | | ------------ | ------------ | ------------ | ------------ | | Layer 1 | 0.5% | EIOB, CUDOS, MIRAI | The Layer 1 sector saw a slight market value recovery this week, with the price increases of leading coins being unevenly distributed. Overall, most projects are still in an adjustment 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 growth distribution is more even. Overall, the actual rise of the top cryptocurrencies is relatively limited. | DeFi |1.6% | DEPAY,SPEX,SB | This week, the total market value of the DeFi sector has seen a slight increase, with the top rising cryptocurrencies showing relatively even distribution in their growth rates, and overall volatility is low.| | NFT | 3.6% | $RAINI,MST,TUNE | The total market value of NFTs has seen a slight increase this week, with the leading cryptocurrency $RAINI showing a significant rise, while other cryptocurrencies have weaker momentum.| | MEME | 8.1% | GME,BABY,CATEX| The MEME coin sector has shown significant warming momentum this week, with considerable gains in leading coins, 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 rate of the leading currencies is also relatively small, heavily influenced by the overall trend of mainstream cryptocurrencies.| | AI | 5.3% | CUDOS,VAIX,39A| The AI sector has maintained a warming trend this week, with significant gains in leading coins. Overall, the sector has been influenced by the market's 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 involves risks; decisions should be made with caution. *The content of this article is original and copyright belongs to Gate.io. If reprinted, please indicate the author and source; otherwise, legal responsibility will be pursued.