Abstract

• Bitcoin rose 0.71% to $87,393, while Ethereum edged down 0.06% to $2,055.
• The market cap of tokenized U.S. Treasury bonds surpassed $5 billion for the first time.
• PumpSwap’s daily trading volume exceeded $580 million.
• USDC’s market cap hit an all-time high, surpassing $60 billion.
• Gate Wallet has added support for Berachain.
• BlackRock launched the iShares Bitcoin ETP in Europe.
• Asia Web3 Alliance Japan has proposed a U.S.-Japan partnership to advance the tokenized economy and foster innovation in Web3.

Market Analysis

• BTC — Over the past 24 hours, Bitcoin has risen 0.71%, reaching $87,393 as of 12:00 PM (UTC+8) on March 26. The price is currently in an upward trend, facing resistance around the $88,600 level. Moving averages are tightly clustered, and trading volume shows little change, indicating no clear direction at the moment. [1]

• ETH — Ethereum slipped 0.06% in the past 24 hours, currently trading at $2,055. ETH remains in a choppy upward trajectory, with trendlines suggesting a broader bullish pattern. However, it is encountering resistance near $2,100. Volume data indicates cautious sentiment among market participants, with no signs of a strong one-sided move. The MACD indicator leans slightly bearish, hinting at possible short-term correction pressure. [2]

• ETF —— According to SoSoValue, U.S. spot Bitcoin ETFs saw a net inflow of $26.83 million on March 25[3], while U.S. spot Ethereum ETFs experienced a net outflow of $3.21 million. Data is as of 11:00 AM (UTC+8) on March 26.[4]
• Altcoins — The Zero Knowledge (ZK), Modular Blockchain, and Elon Musk-inspired sectors posted gains of +9.1%, +6.4%, and +6.0%, respectively.[5]
• U.S. Stock Market — On March 25, the S&P 500 rose 0.16%, the Dow Jones edged up 0.01%, and the Nasdaq gained 0.46%.[6]
• Spot Gold — Spot gold was priced at $3,019.76 per ounce, up 0.01% on the day. Data as of 11:00 AM (UTC+8) on March 26.[7]
• Fear & Greed Index — The index stands at 47, indicating a neutral market sentiment.[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:

MOVE (Movement Network) – Approx. 33.33% Daily Increase, Circulating Market Cap of $1.4 Billion

Movement Network is the first Layer 2 blockchain built on Ethereum using the Move programming language. It aims to deliver high throughput (TPS), enhanced security, and near-instant finality. By integrating Move with the Ethereum Virtual Machine (EVM), Movement Network brings superior security features and diverse application possibilities to a leading smart contract platform, enhancing the Ethereum ecosystem.[10]

The recent sharp rise in the price of the MOVE token is primarily attributed to a $38 million token buyback announced by the Movement Network Foundation on March 25, 2025. The funds for the buyback come from profits of a non-compliant market maker whose assets were frozen on Binance. The foundation plans to use these funds to gradually repurchase MOVE tokens on Binance and deposit them into the “Movement Strategic Reserve” wallet. This is intended to reduce circulating supply, enhance token stability, and boost ecosystem liquidity. The buyback program will run for three months and officially started in the early hours of March 26. Despite some community concerns about the source of the funds, overall market sentiment remains optimistic. MOVE surged more than 30% within 24 hours, reflecting strong market reaction and investor confidence.

DGB (DigiByte) – Approx. 16.52% Daily Increase, Circulating Market Cap of $187 Million

DigiByte (DGB) is a decentralized and highly secure blockchain platform. Its native token, DGB, is designed to provide fast, low-cost digital payments and data security solutions to users worldwide. Since its launch in 2014, DigiByte has continuously improved blockchain performance through technological innovation. With five mining algorithms, a multi-layer architecture, and high TPS (transactions per second), DigiByte offers stable and reliable infrastructure for both individuals and enterprises. Its community-driven development model has allowed it to maintain an active and evolving ecosystem, despite the absence of an ICO or pre-mining. DGB is widely used for network security, payment processing, and future smart contract deployment, making it a core utility within the ecosystem.

The recent rise in DGB’s price is largely driven by the community’s approval and upcoming activation of the Taproot upgrade, injecting new technical vitality into the platform. Originally a protocol enhancement introduced by Bitcoin, Taproot has been adopted by DigiByte to reduce transaction fees, enhance privacy, and support more complex smart contract logic. Technologies like MAST (Merkelized Alternative Script Trees) and P2TR (Pay-to-Taproot) improve network transaction efficiency and scalability. With over 95% of blocks signaling support for the upgrade, there is strong community consensus, which has boosted market confidence in DGB’s future potential. Rising social media buzz, trading volume, and discussions around the upgrade have all contributed to DGB’s more than 17% gain in a short period.[11]

CARV (Carv) – Approx. 17.68% Daily Increase, Circulating Market Cap of $89.27 Million

CARV is a Web3 project focused on gaming and AI data ecosystems, with its native token CARV playing a critical role on the platform. CARV aims to build a user-driven data layer that empowers connectivity between gamers and AI applications, allowing users to earn real value through data enabling and governance participation. The platform includes several modules such as decentralized identity (DID), rewards systems, governance mechanisms, and game data integration, striving to create a transparent, efficient, and user-centric data economy for developers, gamers, and data consumers. As the core utility token, CARV is used for staking, voting, governance participation, earning rewards, unlocking features, and supporting future platform services.

The recent price surge of the CARV token is primarily driven by the launch of the “Infinite Play” incentive program on March 25, 2025. The program distributes 300,000 $CARV tokens to encourage user engagement in gaming, governance voting, and community building, significantly boosting platform activity and user retention. Meanwhile, growing market enthusiasm for data and AI projects has further fueled interest. CARV, with its unique position as a data platform covering over 900 games and AI projects, has caught the attention of investors. CARV rose nearly 19% in the past 24 hours, with a notable increase in trading volume, reflecting strong market recognition and confidence in its growth potential.[12]

Data Highlights

Tokenized U.S. Treasuries Market Cap Surpasses $5 Billion for the First Time

As of March 25, 2025, the market capitalization of tokenized U.S. Treasuries surpassed $5 billion for the first time, reaching $5.02 billion—marking a new phase for this emerging sector. The market has grown rapidly in a short period—rising from $4.2 billion on March 13 to $5.02 billion in under two weeks, an increase of $820 million. Tokenized U.S. Treasuries represent a financial innovation where U.S. government-issued bonds are converted into digital tokens and traded on the blockchain. Compared to traditional bond trading methods, tokenization enhances transaction efficiency, liquidity, and composability of the assets, garnering strong interest from both traditional financial institutions and crypto investors.

This market’s rapid expansion is largely driven by BlackRock’s BUIDL fund, which has a market cap of around $1.7 billion and holds the top position in the space, acting as the main catalyst for the recent growth. Additionally, rising investor demand for secure, transparent, and highly liquid assets has further accelerated the development of the tokenized bond market.[13]

PumpSwap Daily Trading Volume Surpasses $580 Million, Captures 19.2% of Solana Ecosystem

PumpSwap, the new decentralized exchange (DEX) launched by Pump.fun, has seen explosive growth since its debut on Solana on March 19. On its first day, the platform recorded $50 million in trading volume, which quickly climbed, hitting a peak of $580 million on March 25. To date, total trading volume has exceeded $1.5 billion, and PumpSwap’s market share within the Solana ecosystem has increased to 22.4%. The platform has processed over 11 million transactions and attracted 388,000 active users.

Developed by Pump.fun, PumpSwap is designed to be a frictionless decentralized trading environment focused specifically on memecoin trading, optimizing liquidity and user experience for such projects. Its rapid rise is largely attributed to its ability to reduce the friction in memecoin trading. Previously, memecoins issued on Pump.fun had to be migrated to Raydium for trading—a cumbersome process that hindered smooth trading. PumpSwap solves this with an instant and free migration mechanism, greatly simplifying the trading process and improving user experience.

Additionally, high trading activity has led to notable revenue growth for the platform. PumpSwap has generated over $2.1 million in total fees, with more than $1.5 million allocated to the protocol and $540,000 paid to liquidity providers, further enhancing the platform’s ecosystem appeal.[14]

USDC Market Cap Surpasses $60 Billion, Setting a New All-Time High

As of March 25, 2025, the market capitalization of USDC—the U.S. dollar-pegged stablecoin issued by Circle—has successfully surpassed $60 billion, reaching $60.1 billion, setting a new all-time high. This milestone further solidifies USDC’s position as one of the world’s leading stablecoins. The continued rise in USDC’s market cap reflects growing market recognition of its pivotal role in the digital asset ecosystem.

Driven by the ongoing expansion of the DeFi ecosystem, cross-border payments, and crypto asset trading, demand for USDC has been steadily increasing, pushing its market value to new highs. Circle has consistently advanced the development of the digital economy by partnering with numerous crypto platforms and financial institutions, expanding USDC’s use cases and market reach. In the context of high volatility in the crypto market, stablecoins like USDC offer users a price-stable medium for value transfer. Its increasing global usage and acceptance have further contributed to its market growth.[15]

Spotlight Analysis

Gate Wallet Now Supports Berachain, Enhancing Security and Liquidity

On March 25, 2025, Gate Wallet now announced support for Berachain—a Layer 1 blockchain known for its Proof of Liquidity (PoL) consensus mechanism. This integration improves asset security and transaction liquidity for users, offering broader access to the Berachain ecosystem. Specifically, Gate Wallet now enables users to store, send, and receive Berachain’s native token, leveraging Gate.io’s cold storage and encryption technologies.

Supporting Berachain allows Gate Wallet to offer a wider range of blockchain assets, attracting users interested in emerging blockchain networks. This move may also draw more attention to Berachain’s unique features, potentially increasing its trading volume and user activity. With Gate.io’s robust security measures, including cold storage and multi-signature technologies, Berachain users can benefit from heightened asset protection and greater trust in the platform.

BlackRock Launches iShares Bitcoin ETP in Europe

On March 25, 2025, BlackRock launched the iShares Bitcoin ETP in Europe, further expanding its footprint in the Bitcoin investment product space. Previously, BlackRock’s spot Bitcoin ETF launched in the United States attracted over $50 billion in capital inflows. The launch of this ETP in Europe is aimed at meeting the growing demand among European investors for cryptocurrency exposure.

The iShares Bitcoin ETP is a physically backed Bitcoin investment product, allowing investors to trade Bitcoin on traditional exchanges without the need to directly hold the crypto asset. The custodian for this product is Coinbase, and a temporary fee waiver is being offered, reducing the management fee to 0.15% through the end of 2025.

Following the successful launch of its Bitcoin ETF in the U.S. market, BlackRock’s entry into the European market further solidifies its leading position in global crypto asset management, while attracting more institutional capital. BlackRock’s continued expansion signals that Bitcoin has become a key asset class of interest among global asset management firms. The increasing acceptance of Bitcoin ETPs in Europe could also drive more traditional financial institutions to accelerate the rollout of cryptocurrency investment products. Recently, BlackRock also announced support for trading BUIDL on the Solana blockchain, further advancing its expansion into blockchain technology and crypto assets.[17]

Asia Web3 Alliance Japan Proposes U.S.-Japan Cooperation to Promote Tokenized Economy and Web3 Innovation

On March 25, 2025, Asia Web3 Alliance Japan submitted a proposal to the U.S. Securities and Exchange Commission (SEC)’s crypto task force, recommending the establishment of a U.S.-Japan regulatory cooperation framework for tokenization and Web3. The primary goal of the proposal is to facilitate joint efforts by the two countries in creating a unified token classification framework, clearly defining tokenized securities, utility tokens, and non-security digital assets, while advancing cross-border compliant token issuance and regulatory coordination. The proposal suggests collaborative efforts among the SEC, Japan’s Financial Services Agency (JFSA), Ministry of Economy, Trade and Industry (METI), and the Bank of Japan (BOJ) to jointly promote the development of the Web3 ecosystem. It also emphasizes the design of safe harbor mechanisms for early-stage token projects and the establishment of secure and compliant standards for cross-border token trading and custody.

Additionally, the proposal calls for regular U.S.-Japan Web3 regulatory roundtables to promote policy and research sharing. This initiative strengthens U.S.-Japan cooperation on Web3 regulation, helping to harmonize token regulatory standards, reduce legal and compliance barriers for cross-border operations, and foster the healthy development of the crypto industry. The proposal’s sandbox testing environment and safe harbor provisions offer Japanese Web3 startups a more flexible testing ground and compliant pathways, alleviating high compliance costs and market entry hurdles. The U.S.-Japan cooperation plan could also serve as a model for other countries in Web3 and crypto regulation, driving the globalization and standardization of the tokenized economy and enhancing stability and transparency in global markets.[18]

Funding News

According to RootData, two projects publicly announced successful fundraising rounds in the past 24 hours, with total funding exceeding $15 million. The largest single investment reached $12 million, involving sectors such as infrastructure and gaming. Details of the funding rounds are as follows:[19]

Chronicle Protocol — Chronicle Protocol raised $12 million in a seed funding round, with participation from Strobe Ventures, 6th Man Ventures, and others. Chronicle is the first oracle on Ethereum, founded by members of the original MakerDAO team. Its core function is to enable blockchains to send and receive off-chain data—much like how smartphones connect to external data—thus enhancing the capabilities of blockchain applications.

Chronicle also serves as a data infrastructure provider for tokenized assets, covering both the DeFi and Real World Assets (RWA) sectors. It offers an RWA oracle known as the “verified asset.” The funds raised will be used for product development and research.[20]

Immortal Rising 2 — Immortal Rising 2 secured $3 million in funding, backed by Spartan Group, Immutable, and others. Immortal Rising 2 is an innovative blockchain-based mobile game that fully integrates Web3 mechanisms, providing players with true digital asset ownership and in-game incentives. The main goal of this funding round is to further expand the game’s ecosystem, enhance gameplay mechanics, and deepen community engagement[21]

Airdrop Opportunity

InfiniFi

InfiniFi is a decentralized financial system designed to address the issue of maturity mismatch found in traditional banking systems. It adopts a depositor-driven model, allowing users to control asset allocation based on their own liquidity preferences. Through its on-chain fractional reserve system, InfiniFi offers a safer and more decentralized alternative to traditional banking, claiming to deliver greater stability and higher returns.[22]

Currently, InfiniFi is running a points-based campaign to encourage user participation and sharing. Users can start earning rewards by clicking a button— the more they share, the more rewards they earn.

How to Participate:

• Visit the InfiniFi website and connect your wallet.
• Click the button to start the game and earn rewards.
• Invite friends to join the campaign for more chances to play.

Note:
The airdrop plan and participation methods may be updated at any time. Users are advised to follow InfiniFi’s official channels for the latest information. At the same time, users should participate cautiously, be aware of potential risks, and conduct thorough research before engaging. Gate.io does not guarantee the issuance of future airdrop rewards.


Reference:

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. X,https://x.com/Ashcryptoreal/status/1904576123515641919
11. X,https://x.com/DigiByteCoin/status/1904240979068301343
12. X,https://x.com/carv_official/status/1904418548048642231
13. Rwa,https://app.rwa.xyz/treasuries
14. Dune,https://dune.com/adam_tehc/pumpswap
15. Coingrecko,https://www.coingecko.com/en/coins/usdc
16. X,https://x.com/GateWallet/status/1904443183163170873
17. Blackrock,https://www.blackrock.com/au/solutions/ishares
18. SEC,https://www.sec.gov/about/crypto-task-force/written-submission/ctf-input-asia-web3-alliance-japan-3-25-25
19. Rootdata,https://www.rootdata.com/Fundraising
20. Blockworks,https://blockworks.co/news/chronicle-raises-12m
21. Globenewswire,https://www.globenewswire.com/news-release/2025/03/26/3049295/0/en/Immortal-Rising-2-Secures-3-Million-in-Funding-and-Concludes-Successful-NFT-Sale-Ahead-of-TGE.html
22. Infinifi,https://infinifi.xyz/

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Disclaimer
Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.