Abstract

• Bitcoin price rose by 1.97% to $86,806, while Ethereum price increased by 1.68% to $2,036.
• Ethereum’s daily burn volume was only 53.07 ETH, marking a historic low.
• PancakeSwap ranked first in DEX weekly trading volume, with a weekly increase of over 40%.
• RWA (Real-World Asset) protocols saw TVL surpass $10 billion.
• The IMF (International Monetary Fund) has formally defined crypto asset classifications, listing Bitcoin under the capital account.
• Plume token launched on Solana, boosting cross-chain liquidity for RWA assets.

Market Analysis

• BTC —— Over the past 24 hours, the BTC price increased by 1.97%, currently trading at $86,806. BTC is in an uptrend, having recently broken through the $86,500 resistance level. Moving averages are in a bullish alignment and the price is above them, indicating sustained positive short-term momentum. If this momentum holds, the price may challenge the previous high at $87,400. [1]

• ETH —— Over the past 24 hours, the ETH price rose by 1.68%, currently at $2,036. ETH remains in an upward trend, having recently touched the rising trendline near $1,980. The price is now pushing against resistance, accompanied by increased trading volume. If it breaks above resistance and holds, more upside is likely.[2]

• ETF —— According to data from SoSoValue, on March 21, U.S. Bitcoin spot ETFs saw a net inflow of $83.09 million, while Ethereum spot ETFs experienced a net outflow of $18.63 million. Data as of March 24, 11:00 AM (UTC+8). [3][4]
• Altcoins —— Sectors such as Pump.fun Ecosystem, PolitiFi, and Solana Meme recorded respective changes of +8.1%, +7.1%, and +6.8%. [5]
• U.S. Stock Market —— On March 21, the S&P 500 Index rose by 0.08%, the Dow Jones increased by 0.08%, and the Nasdaq gained 0.52%. [6]
• Spot Gold —— The price of spot gold reached $3,020.19 per ounce, marking a daily decline of 0.11%. Data as of March 24, 11:00 AM (UTC+8). [7]
• Fear & Greed Index —— The index stands at 45, indicating the market is currently in a fear state. [8]

Top Performers

According to Gate.io market data[9], based on trading volume and price performance over the past 24 hours, the top-performing altcoins are as follows:

FARTCOIN (Fartcoin) – Daily Increase of Approximately 24.86%, Circulating Market Cap of $558 Million.

Fartcoin is a meme coin built on the Solana blockchain, characterized by a humor-driven brand identity and notable market volatility. As a purely meme-based token, Fartcoin lacks substantial technological innovation or utility, relying entirely on its entertainment appeal to attract attention. Nevertheless, it has successfully cultivated an active community, with participants primarily engaging for entertainment or speculative purposes.[10]

Recently, the meme coin sector on Solana has seen a resurgence. The overall improvement in market sentiment has led investors to revisit meme tokens. As a previously prominent project within this sector, Fartcoin has benefited from the broader market environment, contributing to its price surge.

ZEUS (Zeus Network) – Daily Increase of Approximately 24.39%, Circulating Market Cap of $147 Million

Zeus Network is a multi-chain interoperability layer built on the Solana blockchain, designed to enable permissionless interaction between Bitcoin and other blockchain ecosystems. Positioned as a Layer 1.5 solution for Solana, Zeus Network establishes a bridge-less cross-chain infrastructure, creating a platform for developers to design and integrate decentralized applications (dApps).[11]

Zeus Network’s first application, Apollo, is set to launch soon. Apollo will allow users to deposit Bitcoin and mint zBTC tokens on a 1:1 basis. This move is expected to introduce Bitcoin liquidity into the Solana ecosystem, significantly enriching its economic activity. The upcoming launch of Apollo further validates the growth potential of Zeus Network, boosting investor confidence and driving up the token’s price.

MUBARAK (MUBARAK) – Daily Increase of Approximately 20.12%, Circulating Market Cap of $146 Million.

MUBARAK is a meme token issued on the Binance Smart Chain (BSC), with its name meaning “blessed” in Arabic. The token was launched on March 14, 2025, via the Four.Meme platform. It draws inspiration from Abu Dhabi’s investment in a centralized exchange (CEX), aiming to symbolize growth and opportunity as a digital asset.[12]

The recent price surge of MUBARAK can largely be attributed to the support of CZ. On March 13, CZ reposted a meme related to MUBARAK on social media, accompanied by the caption “Mubarak,” which triggered market attention. To prevent contract confusion similar to the earlier Broccoli incident, CZ subsequently designated an official contract address, further fueling market enthusiasm. Today, CZ used a public donation address to open a 24.7x leveraged long position on MUBARAK with 0.04 BNB on APX Finance, leading to a price spike (the position has since been closed).

Data Highlights

Ethereum Daily Burn Hits Historic Low of Just 53.07 ETH

According to data from The Block, on March 22, the amount of Ethereum burned through transaction fees totaled only 53.07 ETH—approximately $106,000 at current prices—marking a historic low. This reflects a significant decline in network usage demand. New address creation, transaction count, and daily transaction volume on the Ethereum network have all been declining for several consecutive weeks, indicating a drop in user activity and overall network load.[13]

This suggests that the Ethereum transaction market is currently in a downturn, with users and developers potentially shifting toward lower-cost or alternative public chains. As the leading platform for DeFi and NFTs, Ethereum’s weakening network activity not only undermines its deflationary outlook but also puts pressure on its long-term value proposition and ecosystem vitality.

PancakeSwap Tops Weekly DEX Trading Volume with Over 40% Growth

PancakeSwap’s weekly trading volume surged from approximately $9.94 billion last week to $14.1 billion this week, a 41.93% increase, making it the top-ranking decentralized exchange (DEX) by weekly volume. This contrasts sharply with Uniswap’s $8 billion (down 43.83% from last week) and Raydium’s $2.5 billion (down 17.32%), highlighting PancakeSwap’s strong recent performance in the market.

The surge in PancakeSwap’s volume may be driven by the popularity of meme coins like Four.meme. Additionally, the recent launch of perpetual contracts for trending tokens like MUBARAK and BANANAS31 has attracted traders seeking high returns. The platform’s rollout of the SpringBoard no-code token creation tool, a new Telegram trading bot, and its expansion to Polygon zkEVM may also be contributing to a growing user base.[14]

RWA Protocols Surpass $10 Billion in TVL

The tokenization of real-world assets (RWA) has reached a significant milestone, with TVL in RWA protocols surpassing $10 billion, currently standing at $10.4 billion. This development marks the accelerating convergence of blockchain technology with traditional financial systems—particularly as declining yields in decentralized finance (DeFi) drive investors toward RWAs in search of more stable returns.[15]

Several key factors are fueling the growth behind RWA protocols crossing the $10 billion TVL threshold. As DeFi yields have fallen, investors have turned to RWAs—especially real-world debt instruments like government bonds and corporate loans—for more reliable income streams. For example, MakerDAO offers low-risk yield options through RWA collateral. RWAs serve as a bridge between traditional finance and decentralized systems by bringing assets such as treasury bills, government bonds, real estate, and commodities onto the blockchain. This integration is attracting institutional investors. Tokenization enhances the liquidity and divisibility of traditional assets, while blockchain technology improves ownership transparency and reduces administrative costs. Real estate tokenization projects like YieldStreet’s have also drawn significant retail investor interest. Finally, amid broader economic uncertainty, demand for RWAs is growing as investors seek safer investment channels—further accelerating the sector’s development.

Spotlight Analysis

IMF Clearly Defines Crypto Asset Classifications, Lists Bitcoin Under Capital Account

The International Monetary Fund (IMF), in the latest edition of its Balance of Payments and International Investment Position Manual (BPM7), has for the first time proposed classification principles for digital assets. It categorizes Bitcoin, stablecoins, Ethereum, Solana, and others based on whether they constitute liabilities and their substitutability, incorporating them into the official statistical framework. Specifically, tokens like Bitcoin that are not backed by liabilities are classified as non-produced non-financial assets and included in the capital account. Stablecoins, due to their redemption obligations, may be considered financial instruments. As a key pillar of the global economic system, the IMF is responsible for overseeing the stability of the international monetary system, promoting global trade, and providing economic policy advice. Its BPM manual is the authoritative guideline for countries in compiling balance of payments statistics, with wide-reaching influence on central banks, statistical agencies, and financial market operations.

The BPM7 update will enhance the monitoring of international transactions involving digital assets, strengthen global financial stability analysis, and improve policy recommendations. National statistical agencies will need to adjust their data collection methods—for example, including Bitcoin under the capital account or treating mining services as exports. This could channel more resources into the blockchain industry and support the training of relevant talent. For the digital asset industry, this move enhances legitimacy and attracts investment. However, the IMF’s classification—such as Bitcoin as a capital account asset, stablecoins as financial instruments, ETH and SOL as equity-like instruments, and mining services as exports—may influence regulations, taxation, and cross-border investment, and could also drive countries to further develop related industries.[16]

Plume Token Launches on Solana, Advancing Cross-Chain RWA Liquidity

On March 24, 2025, Plume announced the launch of its native token, $PLUME, on Solana, opening trading access and marking a significant step in its cross-chain strategy. Through its SkyLink initiative, Plume is building an RWAfi ecosystem that enables real-world assets (RWAs) such as real estate and bonds to circulate freely across multiple blockchains.

This launch is not a Token Generation Event (TGE), but rather an expansion to Solana via a cross-chain bridge, aimed at enhancing liquidity and user participation. As the governance and utility token of the Plume ecosystem, $PLUME supports voting, staking, and network functions. Solana is known for its high performance and active community; Plume’s choice of this chain is based not only on technical merits but also on its ecosystem influence. SkyLink employs mirrored YieldTokens technology to ensure TVL security on the original chain and support yield distribution, helping mitigate cross-chain liquidity risks. By trading $PLUME on Solana, users can more easily engage with Plume’s RWA ecosystem, promoting the adoption of real-world assets within the crypto market.[17]

Fidelity Investments Announces Plan to Launch a Blockchain Version of Its U.S. Dollar Money Market Fund

Fidelity Investments recently announced its plan to launch a blockchain-based version of its U.S. dollar money market fund, marking the entry of the financial giant—managing over $5.8 trillion in assets—into the Real World Asset (RWA) tokenization space. The new product, named the Fidelity Treasury Digital Fund (FYHXX) “OnChain” shares, will initially be deployed on the Ethereum blockchain, with potential expansion to other on-chain platforms in the future. The fund will use blockchain as the transfer agent and invest in cash and U.S. Treasuries. Pending regulatory approval, the fund is expected to become effective on May 30, 2025. This move not only reflects Fidelity’s strong recognition of blockchain technology’s efficiency and transparency but also signals a systematic shift of traditional finance toward “on-chain finance.”

For Fidelity itself, launching a blockchain version of its money market fund serves to enhance its reputation as an innovation leader in the financial industry by leveraging blockchain technology. It aims to attract clients interested in digital assets while simplifying operations, reducing costs, and increasing transparency. Entering the RWA tokenization market also opens new revenue streams for Fidelity, especially against the backdrop of market growth. For competitors such as BlackRock and Franklin Templeton, Fidelity’s entry intensifies competition, potentially driving market innovation and fee reductions. It may also spur collaborations with financial institutions or tech providers, accelerating RWA tokenization adoption and expanding market size. For the industry as a whole, Fidelity’s initiative could significantly advance the mainstream adoption of blockchain technology in traditional finance. It may promote market standardization, regulatory clarity, and serve as a catalyst for innovation, giving rise to new products that combine the strengths of blockchain and finance.[18]

Funding News

According to RootData, over the past 48 hours, two projects have publicly announced successful fundraising rounds, with a total funding amount exceeding $67 billion. The largest single funding round reached $5 million, covering areas such as infrastructure and AI. The details of the fundraising projects are as follows:[19]

Betterx —— BetterX has completed a $1.7 million Pre-A round of financing, with participation from Grand Prix Capital, Aument Capital, and others. BetterX is a digital asset infrastructure provider focused on delivering institutional-grade digital asset solutions for financial institutions. The company is committed to building a bridge between traditional finance and the digital asset ecosystem, offering compliant and scalable solutions for wealth management firms and licensed intermediaries. BetterX plans to use the newly raised funds to accelerate its growth strategy in key markets such as Asia, the Middle East, and the United States, establish strategic partnerships, and enhance its tech stack to meet increasing regulatory demands and client needs.[20]

Hibit —— Hibit has completed a $5 million funding round, with participation from Waterdrip Capital, BetterverseDao, and others. Hibit is a seamless, independent Layer 2 infrastructure designed to connect multiple blockchain networks including TON, Kaspa, Solana, ETH, BTC, BNB, and ICP. It offers a secure, bridge-free cross-chain solution. The funds raised will be used to advance development in areas such as the Hibit DEX, cross-chain interoperability, and the AI agent economy.[21]

Airdrop Opportunity

Orochi Network

Orochi Network is an innovative verifiable data infrastructure designed to revolutionize data processing in the digital age by ensuring data integrity and privacy through advanced cryptographic technologies. It leverages cutting-edge tools such as Zero-Knowledge Proofs (ZKP), Fully Homomorphic Encryption (FHE), and Trusted Execution Environments (TEE) to achieve this goal.

Recently, Orochi Network launched the ONACTIVE campaign, where participants can earn $ON tokens, gain special community roles, and unlock exclusive rewards.

How to Participate:

1. Visit the official Orochi Network ONACTIVE webpage and register.
2. Join the official Discord group, obtain a new code, and verify it on ONACTIVE.
3. Complete additional tasks to earn points.

Note:
The airdrop plan and participation methods are subject to change at any time. Users are advised to follow Orochi Network’s official channels for the latest updates. Additionally, users should participate cautiously, be aware of the risks, and conduct thorough research before getting involved. Gate.io does not guarantee the distribution of future airdrop rewards.


References:

1. Gate.io,https://www.gate.io/trade/BTC_USDT
2. Gate.io,https://www.gate.io/trade/ETH_USDT
3. SoSoValue,https://sosovalue.xyz/assets/etf/us-btc-spot
4. SoSoValue,https://sosovalue.xyz/assets/etf/us-eth-spot
5. CoinGecko,https://www.coingecko.com/en/categories
6. Investing,https://investing.com/indices/usa-indices
7. Investing,https://investing.com/currencies/xau-usd
8. Gate.io,https://www.gate.io/bigdata
9. Gate.io,https://www.gate.io/price
10. Gate.io,https://www.gate.io/price/fartcoin—fartcoin?fiat=usd
11. Gate.io,https://www.gate.io/price/zeus-network-zeus?fiat=usd
12. Gate.io,https://www.gate.io/price/mubarak-mubarak
13. Theblock,https://www.theblock.co/data/on-chain-metrics/ethereum/burned-eth-after-eip-1559-daily
14. Defillama,https://defillama.com/dexs
15. Defillama,https://defillama.com/protocols/RWA
16. IMF,https://www.imf.org/-/media/Files/Data/Statistics/BPM6/draft-bpm7-wcv.ashx
17. Theblock,https://www.theblock.co/post/347646/daily-eth-burn-hits-all-time-low-as-ethereums-on-chain-activity-dips
18. SEC,https://www.sec.gov/Archives/edgar/data/917286/000113322825002995/ftdf-efp15119_485apos.htm#useofRootdata
19. Crowdfundinsider,https://www.crowdfundinsider.com/2025/03/237651-singapore-digital-asset-startup-betterx-secures-1-7m-to-accelerate-global-expansion/
20. X,https://x.com/hibit_official/status/1903370344645468470?s=46
21. Orochi,https://orochi.network/

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