Summary

• Since 2025, the monthly gas fees on BTC, Ethereum, and Solana networks have steadily declined.
• In March, Ethereum saw a net outflow of $586 million, while Base recorded a net inflow of $471 million.
• The market has absorbed about 2 million BTC in selling pressure, with long-term holders adding 278,000 BTC to their portfolios.
• By March 31, the Four.meme platform had created a total of 153,212 tokens.
• Trading activity on Four.meme surged in March, with a single-day trading volume surpassing $80.18 million on March 21.
• The $MUBARAK token, influenced by CZ, saw its trading volume skyrocket to $258 million on March 17.

On-Chain Data Highlights

Overall Activity

Daily Transaction Volumes

In March, Solana remained the leader in transaction volume, reaching $2.6 billion. Bitcoin’s transaction volume fluctuated significantly, totaling $12 million, while Ethereum saw $36.9 million in transactions. Since 2025, the transaction volumes of these three networks have remained relatively stable.[1]

Gas Fee Trends Across Networks

In March, Solana’s total gas fees amounted to roughly $30.8 million, Ethereum’s to $22.1 million, and Bitcoin’s to $15.1 million. Since 2025, gas fees on these three major public chains have steadily decreased. [2]

Net Capital Flows via Cross-Chain Bridges

Ethereum saw the largest net outflow in March among all public chains, totaling $568 million. In contrast, Base recorded the highest net inflow at $471 million. BTC and Solana networks also experienced positive inflows, with $6.6 million and $158 million, respectively, highlighting stable capital movement into these established networks.[3]

Bitcoin Market Analysis: Key Indicators

To understand market trends, we analyze several critical metrics related to Bitcoin.

Long-Term Holders and Accumulation Patterns

The Bitcoin market has recently shown a distinctive pattern. Long-term holders (those holding Bitcoin for more than 155 days) often sell during price rallies but reaccumulate, creating a relatively stable market structure. Two major cycles of distribution and accumulation have been observed:

Cycle 1: Long-term holders sold 929,000 BTC but later accumulated 817,000 BTC.

Cycle 2: Long-term holders sold 1.11 million BTC but have since added 278,000 BTC.

The market has absorbed around 2 million BTC in selling pressure. Historically, sell-offs of this scale have marked the end of bull markets. However, the current reaccumulation phase has softened the impact of these sell-offs, stabilizing Bitcoin’s price movements. This recurring cycle—where price increases lead to sell-offs and profit-taking, followed by consolidation and renewed accumulation—may be the key to maintaining orderly price trends in the market. [4]

Long-Term Bitcoin Holders Increasing Their Positions

Recent on-chain data from Glassnode shows that Bitcoin long-term holders (those holding for over 155 days) have significantly shifted their positions over the last six months. After a period of substantial selling, these holders have begun accumulating again.

On December 6, 2024, long-term holders registered a net reduction of approximately -618,234 BTC, reflecting heavy selling pressure as many opted to take profits in the prevailing market conditions. However, the market absorbed this pressure, and long-term holders began to rebuild their positions.

By February 22, 2025, their net position turned positive, with an increase of around +50,840 BTC, signaling renewed accumulation and improving market sentiment. This trend has since gained momentum, with the latest data showing a net position change of +260,756 BTC, indicating active replenishment of holdings by long-term investors.

This shift suggests that the market has likely moved past the phase of large-scale sell-offs by long-term holders and entered a period of reabsorption and steady accumulation. Historically, such transitions from selling to accumulation by long-term holders are often accompanied by improved liquidity and price stability, paving the way for potential future price growth. [5]

Bitcoin Exchange Balances Hit a 5-Year Low at 2,639,252 BTC

Data from Glassnode reveals that Bitcoin balances on exchanges fell to 2,639,252 BTC on March 28, the lowest level since 2018. This sharp decline indicates that more investors are moving their Bitcoin off exchanges into cold storage or private wallets, reflecting growing confidence among long-term holders.

This trend points to a “supply squeeze” phase in the market, where the declining availability of Bitcoin in circulation could create conditions for future price increases. Historically, low exchange balances have often coincided with market bottoms or accumulation periods, making this a critical metric for investors to watch. [6]

Summary of Market Trends

Since the start of 2025, BTC, ETH, and SOL have seen relatively stable monthly transaction volumes, with gas fees trending downward across all networks. In March, Ethereum experienced the largest net outflow of $568 million, while Bitcoin and Solana recorded positive capital inflows.

On-chain data highlights key developments in the Bitcoin market. Long-term holders are actively reaccumulating Bitcoin, with signs that this trend is accelerating, as shown by a positive net position change. At the same time, Bitcoin exchange balances hit a 5-year low of 2,639,252 BTC on March 28, suggesting that more Bitcoin is being moved into self-custody and long-term storage, further tightening the supply of tradable Bitcoin.

Bitcoin prices are expected to consolidate and form a bottom within this range in the current macroeconomic and policy environment. If long-term holders continue to accelerate their accumulation, Bitcoin is likely to enter a new upward phase in the near future.

Trending Projects and Token Updates

Key Insights into Popular Projects

Four.meme

Four.meme is a BSC-based platform designed for one-click token launches, offering low-cost and seamless solutions for token creators and investors. The platform supports the fair issuance of Meme coins and other token types, aiming to build a transparent, innovative, and efficient ecosystem for asset issuance.

Recently, Four.meme has gained significant traction, largely driven by CZ’s frequent engagement and endorsements on the social media platform X. This surge in attention has led to record-breaking activity on the platform. On March 22, the number of tokens launched in a single day reached an impressive 108,528, and by March 31, the cumulative number of tokens created had climbed to 153,212.[7]

In addition to its growing user base, Four.meme saw a substantial increase in transaction volume during March. On March 21 alone, the platform recorded a daily transaction volume of over $80.18 million, highlighting its strong presence and influence in the BSC ecosystem.

This rising momentum underscores the market’s demand for fair and cost-effective token issuance platforms and reinforces Four.meme’s leadership in the space. As more high-quality projects join the platform, Four.meme is poised to further enhance transparency and efficiency within the BSC ecosystem.[8]

Popular Token Highlights

$MUBARAK —— The MUBARAK token is a Meme coin built on the BSC network, inspired by a $2 billion investment from the Abu Dhabi MGX fund into a major exchange in March 2025. Its name, “MUBARAK,” comes from the Arabic word meaning “blessing,” symbolizing good fortune and prosperity while carrying cultural significance. With a total supply of 1 billion tokens, MUBARAK is primarily a tradable asset, though the community anticipates its potential future use in decentralized applications.

On-Chain Activity and Market Dynamics

The rise in popularity of the MUBARAK token is closely connected to CZ’s actions on social media. His posts on X (formerly Twitter) and even minor on-chain transactions have served as powerful catalysts, driving large price swings and trading volume spikes for MUBARAK.

For instance, on March 16, 2025, CZ made an on-chain purchase of MUBARAK tokens worth 1 BNB (approximately $600). Despite being a small transaction, it sparked widespread market speculation. Many in the community interpreted CZ’s action as a subtle endorsement of the token, which led to a dramatic surge in trading volume, reaching $258 million on the same day—a monthly record [9].

This event underscores CZ’s immense influence in the crypto market, where seemingly minor actions can create significant ripples. Beyond his on-chain activities, CZ’s personal branding also impacts market sentiment. When he updated his profile picture on X to feature traditional Arabic attire, the market speculated that this move was linked to the cultural identity of the MUBARAK token. The result? A 50% price spike for the token in a short span, pushing its market capitalization past $190 million [10].

The crypto market’s heightened sensitivity to KOL (Key Opinion Leader) activity, especially from figures like CZ, reflects how their personal actions are often interpreted as implicit signals, further influencing investor behavior [11].

Summary

In March 2025, on-chain data and market dynamics revealed a divergence in capital flows across major blockchains. Ethereum (ETH) saw significant net outflows during the month, while Bitcoin (BTC) and Solana (SOL) recorded positive inflows.

In the Bitcoin market, long-term holders shifted from selling to re-accumulating, with exchange balances dropping to historic lows. This tightening of supply suggests potential support for price stability and lays the groundwork for future price growth.

During the market pullback, the once-popular pump.fun platform on Solana lost much of its momentum. Meanwhile, the Four.meme platform on Binance Smart Chain (BSC) reignited excitement in the meme coin market. Its low-cost, fair launch mechanism, combined with CZ’s active presence on social media, drove a surge in activity. Four.meme set new records for the number of tokens launched and trading volumes in a single day, with the total number of tokens created on the platform also reaching all-time highs. This highlights the continued strong demand for fair and transparent asset issuance platforms.

As the market structure stabilizes and more high-quality projects emerge, both the Bitcoin market and the meme coin ecosystem are poised for renewed growth and upward momentum.

Reference:

1. Artemis,https://app.artemisanalytics.com/chains
2. Artemis,https://app.artemisanalytics.com/chains
3. Artemis,https://app.artemisanalytics.com/flows
4. Glassnoe,http://studio.glassnode.com/charts/supply.LthSum?a=BTC&mScl=lin&pScl=lin&resolution=24h&s=1679841653&u=1743003653
5. Glassnode,https://studio.glassnode.com/charts/supply.LthNetChange?a=BTC&s=1727610373&u=1743335173&zoom=182
6. Glassnode,https://studio.glassnode.com/charts/distribution.BalanceExchanges?a=BTC&s=1727766551&u=1743491351&zoom=182
7. Dune,https://dune.com/queries/4889305/8096226
8. Defillama,https://defillama.com/protocol/four.meme?volume=true&tvl=false&revenue=false&fees=false
9. X,https://x.com/rovercrc/status/1901235460829000087
10. X,https://x.com/mominsaqib/status/1902280574233948575
11. Dune,https://dune.com/queries/4922872/8147970

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