Abstract

• Weekly net inflows into crypto ETFs and ETPs reached $226 million, ending a five-week outflow streak for altcoins.
• The Tron network added 1.21 billion in stablecoins over the past 7 days.
• Bitcoin exchange supply dropped to 7.53%, the lowest level since February 2018.
• NFT marketplace X2Y2 announced it will cease operations.
• The second phase of Babylon Genesis mainnet is about to launch.
• Circle is advancing its initial public offering (IPO) plans.

Market Analysis

• BTC — Bitcoin’s price edged up by 0.07% in the past 24 hours, currently trading at $83,010 as of April 1, 11:00 AM (UTC+8). As illustrated, BTC remains in a consolidation range, with overall weak momentum. After multiple dips below previous lows, the price saw mild rebounds, but the strength of these rebounds has been limited, failing to break previous highs. The short-term resistance level is around $83,900, with support near $81,800. Trading volume has shown significant fluctuations, reflecting strong market divergence between bulls and bears. [1]

• ETH — Ethereum’s price declined by 0.30% over the past 24 hours, currently trading at $1,835 as of April 1, 11:00 AM (UTC+8). Recently, ETH has continued its slow downward trend but found some support around $1,770. Short-term rebounds remain capped at the $1,850 resistance level, with failed breakout attempts indicating persistent selling pressure. Overall, ETH is currently consolidating in a narrow range, with resistance at $1,850 and support near $1,770. Frequent fluctuations in trading volume and converging short-term moving averages suggest cautious market sentiment and a lack of clear direction. [2]

• ETF — According to SoSoValue, U.S. spot Bitcoin ETFs saw a net outflow of $71.07 million on March 31[3], while U.S. spot Ethereum ETFs had a net inflow of $6.42 million. Data as of April 1, 11:00 AM (UTC+8).[4]
• Altcoins — The Consensys Portfolio, The Boys Club, and Frog-themed sectors recorded changes of +4.3%, +4.1%, and +3.6%, respectively. [5]
• U.S. Stock Indices — On March 31, the S&P 500 rose by 0.55%, the Dow Jones gained 1.00%, while the Nasdaq fell by 0.14%. [6]
• Spot Gold — Spot gold rose to $3,127 per ounce, marking a 0.11% intraday increase. Data as of April 1, 10:00 AM (UTC+8). [7]
• Fear & Greed Index — The Fear & Greed Index stands at 34, indicating a state of fear in the market. [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:

LGCT (Legacy Network) — Daily gain of approximately 88.18%, with a circulating market cap of $198 million.

Legacy Network (LGCT) is an innovative education platform that integrates artificial intelligence (AI) with blockchain technology, aiming at creating a personalized, highly interactive, and reward-driven learning ecosystem. Its native token, LGCT, serves as the payment medium within the platform, allowing users to subscribe to courses, unlock exclusive content, and make in-app purchases.

The recent price surge is attributed to the project’s official announcement of expanding the token to the Base blockchain. This move not only reduces transaction costs but also improves global accessibility, and is considered a key step in LGCT’s vision to become the “universal currency for global education.” In addition to the technical upgrade, LGCT has seen active trading since its listing on Gate.io, significantly outperforming other platform tokens in intraday performance. The current rally reflects not just short-term sentiment, but also market recognition of the project’s long-term value. [10]

MLN (Enzyme) — Daily gain of approximately 39.25%, with a circulating market cap of $47.2 million.

Enzyme (MLN) is an on-chain asset management protocol designed for DeFi, enabling users to create, manage, and automate investment strategies via smart contracts. Its native token, MLN, serves as the platform’s core token, used primarily for fee payments and governance participation.

The recent price increase was mainly driven by the release of a wallet tokenization framework. This framework allows institutions, DAOs, and professional investors to convert existing wallets (such as MetaMask, Fireblocks, Safe, etc.) into on-chain asset management units and issue ERC-20 shares to represent asset ownership. This design enables automated management and cross-chain operations while eliminating the need to migrate custodial assets, significantly lowering the barriers for institutional entry into DeFi. Additionally, Enzyme’s practical utility has recently been demonstrated — prior to the official launch of the new project Diva Staking, over $62 million in TVL was deployed via Enzyme without writing a single line of code, further showcasing the platform’s maturity and scalability as an infrastructure layer. [11]

VINE (Vine) — Daily gain of approximately 38.46%, with a circulating market cap of $46.58 million.

Vine (VINE) is a meme coin launched in January 2025 by Vine CEO Rus on the Solana blockchain. It was created to commemorate Vine’s historical role in short video culture. The original Vine platform, launched in 2013, was a short-form video sharing app that allowed users to create looping videos of up to 6 seconds and share them on social media. The app was shut down in 2016. The token’s launch comes alongside a community-driven vision for Vine’s revival and is currently listed on exchanges including Gate.io.

The recent price surge was driven by a wave of market speculation surrounding a potential “comeback” of the Vine platform. On March 29, 2025, an X user posted that xAI had taken over Vine and publicly solicited ideas from the community. Elon Musk replied to the post with: “Feel free to take that on,” which was widely interpreted as indirect support for Vine’s return — sparking high expectations around its re-emergence.

Meanwhile, the U.S. is approaching the final countdown for its TikTok ban. According to public reports, April 5 is the deadline by which ByteDance must divest TikTok, or risk removal from U.S. app stores. Against this backdrop of policy uncertainty, the market has started looking for potential alternatives. The narrative of “Vine replacing TikTok” has quickly gained traction and become another key driver behind the VINE token’s price rally. [12]

Data Highlights

Weekly net inflows into crypto ETFs and ETPs reached $226 million, ending a five-week outflow streak for altcoins

The latest data shows that last week, crypto ETF and ETP products recorded net inflows of $226 million, signaling a gradual recovery in market sentiment. Bitcoin attracted $195 million, while short Bitcoin products saw capital outflows for the fourth consecutive week. The altcoin market also ended its four-week outflow streak, recording its first net inflow of $33 million. Of this, Ethereum brought in $14.5 million, Solana $7.8 million, XRP $4.8 million, and Sui $4 million — reflecting renewed investor interest in major tokens.

Although there was a minor withdrawal of $74 million last Friday due to higher-than-expected Core PCE data, the overall trend remains positive, with nine consecutive days of net inflows. Notably, the global assets under management (AUM) of Bitcoin-related ETPs fell to $114 billion — the lowest level since the U.S. election — due to the recent Bitcoin price decline. Overall, the market is gradually recovering from the historic $6.4 billion five-week outflow, with capital now returning to Bitcoin and select outperforming altcoins. Future macroeconomic data and policy directions will continue to dictate the pace of capital allocation. [13]

Stablecoin Supply on Tron Increased by $1.21 Billion Over the Past 7 Days

On-chain data shows that over the past 7 days, the balance of stablecoins (USDT and USDC) on the Tron network increased by a net $1.21 billion — the largest growth among all public blockchains. In contrast, Arbitrum saw its stablecoin balance drop by $438.4 million during the same period, marking the steepest decline. Tron’s stablecoin balance has been steadily growing for several consecutive weeks. In the previous week alone, over $1.7 billion in net inflows were recorded, indicating sustained capital movement into the Tron ecosystem.

A key factor behind this latest surge may be the minting of $1 billion USDT on the Tron network on March 31.

Tron’s continued ability to attract capital is partly due to its ultra-low transaction fees and fast transfer speeds, and partly thanks to the expanding use cases for stablecoins. Data shows that USDT accounts for over 98% of stablecoin assets on the Tron network, firmly positioning it at the core of the ecosystem and reinforcing Tron’s role as the “main battleground for stablecoins.” [14]

Bitcoin on Exchanges Drops to 7.53% of Total Supply — Lowest Since February 2018

On-chain data reveals that as of March 31, 2025, the proportion of Bitcoin held on exchanges has fallen to 7.53% of total circulating supply — the lowest level since February 2018. This data is based on the tracking and analysis of wallet addresses associated with major centralized exchanges.

The exchange supply ratio is a key metric for gauging the amount of Bitcoin readily available for trading. A lower proportion typically indicates that more Bitcoin is being moved to self-custody wallets, cold storage, or long-term holding addresses, thus reducing the volume available for immediate trading.

This ratio has been steadily declining over the past few years: it stood at around 12% in early 2020, dropped to 10% in early 2022, and fell further to 8.2% by the end of 2024. In Q1 2025, the downward trend continued, eventually reaching 7.53% by the end of March.

This change occurred while Bitcoin was consolidating near high price levels, with increased market activity. Some addresses also showed large outflows in multiple transactions to external wallets, further reducing the total exchange-held Bitcoin. While the ownership and purpose of these transfers have not been publicly confirmed, on-chain data indicates that most of these movements took place during mid-to-late March. [15]

Spotlight Analysis

NFT Marketplace X2Y2 Announces It Will Cease Operations

The NFT marketplace X2Y2, established three years ago, has announced that it will officially shut down its platform on April 30, 2025, although its smart contracts will remain active. X2Y2’s CEO stated that with NFT trading volumes down 90% from their peak, the platform can no longer sustain its competitiveness and has decided to pivot. Moving forward, X2Y2 will focus on integrating AI and crypto technologies to develop decentralized, AI-driven yield products. The CEO acknowledged that this pivot may affect the value of the X2Y2 token, but expressed confidence that the new direction will offer more sustainable value. [16][17][18]

In fact, the overall NFT market is undergoing a downturn. In Q1 2025, NFT sales volume dropped 63% year-over-year, falling from $4.1 billion in the same period of 2024 to $1.5 billion. The decline was especially sharp in March, with sales down 43.48% from February to around $400 million. This development may reduce demand for the X2Y2 token and negatively impact its market value. Currently, the X2Y2 token is priced at $0.001553, with minimal daily fluctuations. X2Y2’s shutdown represents a microcosm of the broader NFT industry contraction, and may have a short-term negative effect on the NFT market. Whether X2Y2 can find new growth opportunities in the AI sector remains to be seen.

Second Phase of Babylon Genesis Mainnet Set to Launch Soon

The second phase of the Babylon Genesis Mainnet is set to launch, with its core aim being the first Layer 1 blockchain secured by Bitcoin staking. It will also serve as the control plane of the Babylon ecosystem and a liquidity hub for BTCFi (Bitcoin Finance). This development positions Bitcoin not just as a store of value, but also as the foundational layer for broader blockchain applications, drawing attention from developers and investors alike. According to the project team, the launch of this phase is expected to significantly enhance the scalability of the Bitcoin ecosystem. Babylon Genesis is committed to leveraging Bitcoin’s security mechanisms to enable on-chain security through staking, providing a stable infrastructure and liquidity support for its ecosystem. This innovative design not only boosts confidence in the project itself but also introduces new technical breakthroughs and business model opportunities for the broader industry.

For the Babylon project, the launch of the Genesis Mainnet marks a major milestone in its technical roadmap, potentially enhancing its market competitiveness and user base. However, following the mainnet launch, the project will need to address challenges related to technical stability and user onboarding. For other Layer 1 networks (such as Ethereum and Solana), Babylon’s innovations may increase competitive pressure, encouraging them to improve their Bitcoin-related capabilities. For partners (like Bitcoin miners), the Bitcoin staking model may present new revenue opportunities. The rollout of the Babylon Genesis Mainnet is set to diversify the Bitcoin ecosystem and attract more institutional investors, though it may also trigger regulatory scrutiny, particularly concerning the security and decentralization of Bitcoin staking. [19]

Circle Advancing Plans for Initial Public Offering (IPO)

Circle, the issuer of the USDC stablecoin, is moving forward with plans for an initial public offering (IPO), having hired JPMorgan Chase and Citibank to assist with the listing process. Circle is expected to publicly file IPO documents with the U.S. Securities and Exchange Commission (SEC) by the end of April 2025, with a target valuation between $4 billion and $5 billion. [20]

It’s worth noting that Circle previously attempted to go public via a merger with a Special Purpose Acquisition Company (SPAC). In July 2021, Circle announced plans to merge with Concord Acquisition Corp, valuing the company at around $4.5 billion. However, that deal was terminated in December 2022. This time, Circle has opted for a direct IPO and enlisted top-tier investment banks, demonstrating its strong commitment to the listing. If successful, Circle would mark the largest crypto-related IPO since Coinbase, further signaling the integration of crypto firms into traditional financial markets. This move not only sets a precedent for other crypto companies such as Kraken and Ripple but could also attract more institutional capital, particularly from traditional asset management giants interested in crypto infrastructure. In addition, the IPO proceeds may accelerate USDC’s expansion across cross-border payments, DeFi, and other applications, deepening the integration between the Web3 ecosystem and traditional finance. The capital raised post-IPO could also help Circle increase its market share, enabling USDC to challenge USDT’s dominant position.

Funding News

According to RootData, one project publicly announced funding over the past 24 hours, with a total amount exceeding $7 million. The round focused on infrastructure and AI sectors. Details are as follows: [21]

Ambient — Raised $7.2 million in a seed round with participation from a16z, Andreessen Horowitz, Delphi Digital, and others. The project aims to integrate AI technology to provide fast, low-cost, and open intelligent services, using a proof-of-work mechanism similar to Bitcoin, and operating in a manner akin to Solana’s network. [22]

Ambient is a Layer-1 blockchain that combines Solana Virtual Machine (SVM) compatibility with a novel proof-of-work consensus to deliver the fastest and cheapest verifiable AI inference at scale — including inference for models with 600B+ parameters and their fine-tuned versions.

Ambient rewards any node performing inference, fine-tuning, or training of neural networks with predictable profitability, similar to Bitcoin miners. Through its unique “verifiable inference” mechanism, Ambient ensures traceable and reliable AI outputs, preventing model poisoning or users being misled by low-quality results. This design not only appeals to Bitcoin miners seeking new opportunities, but also provides developers with an open, high-performance platform to build the next generation of decentralized AI applications.

Airdrop Opportunity

X365 AI is a blockchain project claiming to integrate artificial intelligence (AI), gaming, forex, and decentralized finance (DeFi), with the goal of building the first AI-powered crypto ecosystem backed by real-world assets (RWA). Despite its website promoting cutting-edge technology and diversified revenue streams, the project currently lacks a clear whitepaper and transparent team information. Its native token, $X365, has not yet been listed on major exchanges.

Recently, X365 officially announced the launch of its airdrop campaign: users can receive 500 $X365 tokens simply by registering, with rewards scheduled for distribution on May 1, 2025 — sparking heated discussions within the community.[23]

How to Participate:

1. Visit the official website at X365.Ai and register an account
2. Receive 500 $X365 tokens as an airdrop reward
3. Invite friends using a unique referral link to earn additional tokens
4. Wait for the reward distribution on May 1, 2025

Note:
The airdrop plan and participation requirements are subject to change at any time. Users are advised to follow X365.Ai’s official channels for the latest updates. Participants should exercise caution, be aware of the risks, and conduct thorough research before engaging. Gate.io does not guarantee the distribution 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/LegacyNetworkio/status/1904941513253040401
11. X,https://x.com/enzymefinance/status/1906758309060673721
12. X,https://x.com/Polymarket/status/1905788808970260585
13. Coinshares,https://blog.coinshares.com/volume-227-digital-asset-fund-flows-weekly-report-b8acc1fc9411
14. X,https://x.com/lookonchain/status/1906733282349531233
15. X,https://x.com/OnchainLens/status/1906714821690843202
16. X,https://x.com/the_x2y2/status/1906633578563203566
17. Cryptoslam,https://www.cryptoslam.io/nftglobal
18. Coingecko,https://www.coingecko.com/zh/%E6%95%B0%E5%AD%97%E8%B4%A7%E5%B8%81/x2y2
19. X,https://x.com/bbn_foundation/status/1906688863646482543
20. Fortune,https://fortune.com/2025/03/31/circle-jpmorgan-chase-crypto-usdc-citi-ipos-spac-sec/
21. Rootdata,https://www.rootdata.com/Fundraising
22. X,https://x.com/mahojinAI
23. X365,https://x365.ai

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