Abstract

• Bitcoin price rose by 2.14% to $84,672, while Ethereum price increased by 2.90% to $1,883.
• Ethereum’s weekly blob fees hit a new low since the Dencun upgrade.
• Long-term holders who entered between 2020 and 2022 continue to hold BTC with strong conviction.
• Sonic’s TVL surpassed $1 billion.
• BlackRock received regulatory approval in the UK to operate as a crypto asset firm.
• The Trump administration is reportedly proposing “Bitcoin Bonds” to expand BTC reserves.

Market Analysis

• BTC — Bitcoin’s price rose by 2.14% over the past 24 hours, currently at $84,672. BTC has recently been moving within an upward channel, breaking past previous resistance and forming an inverse head-and-shoulders bottom pattern. However, it is currently facing resistance near the $85,400 level. The moving average system remains in a bullish alignment, and the MACD is holding strong, suggesting a continued short-term uptrend. If the price pulls back to the lower boundary of the channel or support level and stabilizes, further upward movement is likely. [1]

• ETH — Ethereum price rose by 2.90% over the past 24 hours, currently at $1,883. ETH has maintained an upward trend recently but faced selling pressure and pulled back near the resistance level of $1,920. It is currently testing support at the ascending trendline. The moving averages remain in a bullish alignment, while MACD is gradually weakening, indicating a possible short-term correction. [2]

• ETF — According to SoSoValue data, on April 1st, U.S. spot Bitcoin ETFs recorded a total net outflow of $158 million[3], while U.S. spot Ethereum ETFs saw a total net outflow of $3.58 million. Data as of April 2nd, 11:00 AM (UTC+8). [4]
• Altcoins — The Boy’s Club, BTCFi, and RWA Protocol sectors recorded respective changes of +5.0%, +4.9%, and +4.6%. [5]
• U.S. Stock Market — On April 1st, the S&P 500 Index rose by 0.38%, the Dow Jones Index declined by 0.03%, and the Nasdaq Index increased by 0.87%. [6]
• Spot Gold — Spot gold prices reached 3,132.44 USD/oz, up 0.27% on the day. Data as of April 2nd, 10:00 AM (UTC+8). [7]
• Fear & Greed Index — The Fear & Greed Index stands at 44, indicating the market is in a state of fear. [8]

Top Performers

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

MSQ (MSQUARE) — Daily gain of approximately 41.34%, with a circulating market cap of $217 million. MSQUARE is a startup that integrates blockchain technology with real-world applications, operating as a multifunctional platform. Its flagship project, Metastar, launched in March 2022, is a global blockchain-integrated real estate information platform aimed at enhancing transparency and security in property transactions via blockchain technology. [10]

MSquare Global has optimized its staking mechanism to encourage users to stake MSQ tokens in exchange for higher returns. This incentive has attracted a large number of holders to participate in staking, reducing the circulating supply of MSQ in the market and driving up the price. Additionally, MSQUARE recently launched the “POINT TO YOU” (P2U) platform, which allows users to accumulate points, participate in various activities, and purchase products at discounted rates — significantly enhancing the utility of MSQ and contributing to the token’s price increase.

ALCH (Alchemist AI) — Daily gain of approximately 13.91%, with a circulating market cap of $67.29 million. Alchemist AI is a no-code application generation platform built on the Solana chain, allowing users to build software applications simply by providing descriptions. It enables anyone to quickly create custom applications, utilities, and games without any coding skills. [11]

The recent price increase in ALCH is likely due to its integration of the new DeepSeek V3 model, which significantly boosts its technical capabilities. This model excels at structured generation, multi-step logical reasoning, and technical breakdowns — particularly in managing complex systems such as in-game mechanics, inventory logic, and user interaction flows. Users can use it to blueprint logic for apps or games, with complementary models generating the code, or reverse the process by using DeepSeek V3 to refine and optimize final logic. These upgrades significantly enhance the platform’s depth and professionalism as a developer tool, potentially attracting more developers and increasing demand for ALCH tokens.

AI16Z (ai16z) — Daily gain of approximately 17%, with a circulating market cap of $212 million. \
Ai16z is a decentralized autonomous organization (DAO) powered by an AI agent modeled after venture capitalist Marc Andreessen. It leverages AI to make investment decisions, collecting market data both on-chain and off-chain, analyzing community sentiment, and executing token trades automatically. The project combines tokenized operations with decentralized governance to offer investors a more transparent and trustworthy investment experience.

The recent rise in ai16z’s price was primarily driven by a social media announcement on April 1, 2025, by its founder Shaw, who revealed that the Launchpad platform auto.fun and Eliza v2 are ready to launch with initial partners within two weeks. The announcement, alongside upcoming marketing campaigns, drew significant attention. Additionally, a surge of capital into the AI sector last week and large purchases by whale investors further fueled the token’s price growth. [12]

Data Highlights

Ethereum Weekly Blob Fees Hit Post-Dencun Low

As of the week ending March 30, 2025, data shows that the Ethereum network collected only 3.18 ETH (approximately $6,000) in fees from blob transactions — a new annual low. This represents a 73% drop from the previous week, and more than a 95% decline compared to the mid-March peak of over 84 ETH. The trend may indicate challenges for Ethereum in generating revenue through Layer 2 scaling solutions.

Blob fees were introduced with EIP-4844 (also known as Proto-Danksharding), implemented in 2024. This upgrade aimed to reduce the data posting costs for rollup networks by introducing “blobs,” a temporary data structure. Blob data is typically auto-pruned after 18 days and carries significantly lower fees than traditional calldata, making it a key step in Ethereum’s roadmap toward low-cost, high-scalability infrastructure.

The decline in blob fees essentially reflects shifts in supply and demand within Ethereum’s Layer 2 ecosystem. As competition intensifies among Layer 2 networks and some projects transition to modular architectures (e.g., Celestia’s Data Availability layer), demand for on-chain data storage is partially diverted — leading to decreased blob space usage on Ethereum mainnet. For instance, major rollups like Base and Arbitrum have recently migrated portions of their data storage to more cost-effective external DA solutions such as EigenDA. At the same time, declining market activity and reduced on-chain engagement have lowered the frequency of Layer 2 data submissions to the mainnet. [13]

Long-Term Holders from 2020–2022 Still Firmly Holding Bitcoin

According to on-chain data from Glassnode, Bitcoin investors who entered between 2020 and 2022 are behaving distinctly from earlier long-term holders (LTHs), reflecting different strategies and wealth transfer patterns across market cycles. Despite Bitcoin price reaching an all-time high in December 2024, the share of wealth held by 2020–2022 entrants only dropped 3 percentage points from its peak, remaining at historically high levels. Most of these holders chose to retain their BTC rather than sell in large quantities.

In contrast, more than two-thirds of holders who entered 5–7 years ago exited during the December 2024 peak, locking in profits. This behavior aligns with historical patterns, where “old miners” and institutional investors have often sold at market tops in previous bull cycles.

The divergence in long-term holder behavior is the result of market cycle dynamics, cost basis differences, and investor conviction. The steadfast holding by 2020–2022 entrants, combined with accumulation by new whale investors, could help lay the foundation for the next bull phase. Meanwhile, the exit of early investors reflects a classic wealth redistribution pattern. Going forward, close attention should be paid to on-chain supply trends, institutional inflows (such as from ETFs), and macroeconomic narratives (e.g., interest rate expectations) as they impact overall market sentiment. [14]

Sonic TVL Surpasses $1 Billion

Sonic’s total value locked (TVL) has successfully exceeded the $1 billion milestone, currently standing at $1.01 billion. This marks a significant achievement for the emerging EVM-compatible Layer-1 blockchain. Sonic’s rapid capital inflow is no coincidence; it is largely attributed to its superior technical architecture. As the first public chain to achieve sub-second transaction finality (under 1 second) and throughput of up to 10,000 TPS, Sonic represents a breakthrough in blockchain performance — addressing longstanding issues such as high latency and high costs.

This advanced architecture provides developers and users with an attractive platform, and is expected to draw in more projects and liquidity, signaling substantial future growth potential for the Sonic ecosystem. [15]

Spotlight Analysis

BlackRock Receives UK Regulatory Approval as Crypto Asset Firm

Global investment giant BlackRock has secured approval from the UK’s Financial Conduct Authority (FCA) to become a registered crypto asset firm. This authorization allows the $12 trillion asset manager to offer crypto services in the UK and operate its new European Bitcoin ETP under a UK entity. Previously, BlackRock launched a spot Bitcoin ETF in the U.S. in January 2024, quickly amassing over $47 billion in assets and achieving more than $107 billion in trading volume in its first year.

With this approval, BlackRock becomes the 51st FCA-certified crypto asset firm in the UK. Its newly launched iShares Bitcoin ETP is now listed in Paris and Amsterdam. [16]

BlackRock’s FCA approval marks another step in traditional finance’s embrace of the crypto market and holds significant implications for the digital asset industry in both the UK and globally. As one of the world’s largest asset managers, BlackRock’s involvement is likely to boost institutional confidence in crypto and potentially accelerate the maturity and development of the UK’s crypto asset market.

Bio Protocol Launches V1 Upgrade, Introducing Permissionless Launchpad and AI Agents

Decentralized science (DeSci) platform Bio Protocol has officially launched its V1 upgrade, marking a shift from a traditional accelerator model to an open, automated platform for scientific funding. This upgrade introduces a “permissionless launchpad,” enabling users who hold BIO tokens to vote on biotech projects. Projects that receive sufficient support can move into public fundraising and automated liquidity phases. The platform also integrates AI-powered BioAgents to autonomously execute research tasks, significantly reducing R&D costs and timelines.

Currently, the community can participate in voting and funding initiatives like MycoDAO, SpineDAO, and ReflexDAO via the Solana and Base networks — covering fields such as fungal technologies, spinal health, and neuro-modulation. The upgrade also extends support to emerging areas such as quantum biology, indicating Bio Protocol’s ongoing expansion of decentralized scientific finance infrastructure. [17]

Trump Administration Proposes ‘Bitcoin Bonds’ to Expand BTC Reserves

The Trump administration is reportedly considering the introduction of a new financial instrument called “BitBonds” as part of a national Bitcoin reserve strategy. The proposal aims to fund the accumulation of Bitcoin reserves through the issuance of Bitcoin-linked bonds, avoiding the need to draw directly from the federal budget. [18]

The plan suggests issuing USD-denominated bonds with a 1% annual interest rate — significantly lower than the yields on traditional U.S. Treasury bonds. The goals of BitBonds include reducing national interest expenses, funding Bitcoin reserves, offering tax-advantaged savings instruments for American households, and gradually decreasing federal debt through asset appreciation. Specifically, 90% of the bond proceeds would go to general government use, while 10% would be allocated to Bitcoin purchases. Investors would benefit from fixed interest payments and the potential upside of BTC appreciation.

If implemented, this strategy could save the U.S. government substantial interest costs and potentially reduce national debt through BTC value gains — contributing to fiscal sustainability and reinforcing the U.S.’s leadership in global finance. However, critics highlight the risks associated with Bitcoin’s high volatility and uncertainty. Direct government involvement in crypto markets could also raise regulatory and policy concerns. Therefore, while “BitBonds” present an innovative fiscal concept, their real-world effectiveness and feasibility still face legal, regulatory, and market adoption challenges.

Funding News

According to RootData, two projects publicly announced funding in the past 24 hours, raising a total of $10.9 million, with investments in infrastructure, AI, and other sectors. Below are the details of the funded projects: [19]

Cambrian Network — Cambrian Network raised $5.9 million in a seed round, with participation from a16z CSX, Blockchain Builders Fund, and others. Cambrian Network is an AI infrastructure protocol designed to provide financial data and predictive market analysis to AI agents, driving the revolution of “agent-based finance.” The funding will be used to accelerate the development of Cambrian Network, expand its data coverage, and improve its performance. [20]

The round will support development efforts, data coverage expansion, and performance enhancement. Next steps include collecting feedback from Solana and Base’s private API testing, providing tracking statistics for decentralized exchange liquidity providers and funding pools, and offering real-time and historical data for high-transaction-volume DeFi protocols. Additionally, Cambrian plans to complete the design of its decentralized network, recruit validators, and prepare for testnet launch.

Mahojin — Mahojin raised $5 million in a seed round, with a16z CSX, Maelstrom Capital, and others participating. Mahojin aims to build a “GitHub-like” platform for AI model creators and dataset developers. Its core functionality includes tracking intellectual property and compensating original contributors of models and datasets. [21]

With this funding, Mahojin plans to accelerate open-source innovation at the intersection of AI and crypto, further enhance Ippy LoRA’s performance, expand platform functionality, and collaborate with ecosystems such as Story Protocol to inspire users with more creative possibilities.

Airdrop Opportunity

Hyperbeat

Hyperbeat is a decentralized ecosystem designed to revolutionize decentralized finance by seamlessly integrating innovative liquidity solutions with leading DeFi protocols. It optimizes yield opportunities on HyperEVM, offering higher base yields, optimized liquidity, and greater capital flexibility, while simplifying the user experience and maximizing capital efficiency. [22]

Recently, Hyperbeat launched an incentive program called the “Hearts Program.” Users can earn “Hearts” points by participating in various Hyperbeat activities, and then use those points to qualify for airdrops.

How to Participate:

1. Visit the official Hyperbeat website and connect your HyperEVM wallet.
2. Stake $HYPE, provide liquidity to the HyperEVM vault, or swap assets to earn Hearts points.
3. Invite friends to earn additional rewards.

Note:
The airdrop program and participation details may be updated at any time. Users are encouraged to follow Hyperbeat’s official channels for the latest information. Additionally, users should exercise caution, be aware of risks, and conduct thorough research before participating. Gate.io does not guarantee the issuance of subsequent 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/GLOBAL_MSQ
11. X,https://x.com/alchemistAIapp/status/1907168695392276534
12. X,https://x.com/shawmakesmagic/status/1906804591427203518
13. Dune, http://dune.com/queries/4104427/6911469
14. Glassnode,https://studio.glassnode.com/charts/a3025616-1c4d-48aa-4b57-2beae2bf12a2?s=1479077810&u=1743498045&utm_campaign=woc_42_2023&utm_medium=insights_woc&utm_source=gn_insights&zoom=
15. Defillama,https://defillama.com/chain/sonic
16. Dlnews,https://www.dlnews.com/articles/markets/blackrock-wins-nod-to-become-crypto-asset-firm-in-the-uk/
17. The block,https://www.theblock.co/post/349052/bio-protocol-launches-v1-upgrade-to-power-desci-research-and-boost-bio-token-utility?utm_source=twitter&utm_medium=social
18. Btcpolicy,https://www.btcpolicy.org/articles/bitcoin-enhanced-treasury-bonds-an-idea-whose-time-has-come
19. Rootdata,https://www.rootdata.com/Fundraising
20. Medium,https://medium.com/cambriannetwork/www-medium-com-cambriannetwork-cambrian-a16z-csx-04-seed-round-accelerator-d2bde7a840b4
21. X,https://x.com/MahojinAI/status/1906767374403154334
22. Hyperbeat,https://www.hyperbeat.org/

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