Abstract

• Bitcoin price fell 0.54% to $83,713.5, while Ethereum price dropped 0.69% to $1,908.56.
• Solana’s revenue in February accounted for 57% of the total blockchain market.
• Stablecoin market capitalization is growing, with USDT remaining dominant and USDC expanding within the Solana ecosystem.
• North Korean hacker group Lazarus Group’s Bitcoin holdings have risen to the third-largest globally.
• U.S. voters generally oppose the strategic crypto reserve plan, with fiscal priorities still focused on public welfare.
• Argentina has officially implemented new Virtual Asset Service Providers (VASPs) regulatory rules to strengthen compliance and market stability.

Market Analysis

• BTC - BTC price dropped 0.54% in the past 24 hours, currently at $83,713.5. BTC is in a volatile upward trend, encountering resistance near $85,200, with multiple unsuccessful breakout attempts. Trading volume remains relatively stable. The MACD indicator is operating above the zero axis, but the momentum bars show little change, indicating that bullish strength is relatively stable but has not significantly strengthened. [1]

• ETH - ETH price fell 0.69% in the past 24 hours, currently at $1,908.56. ETH is fluctuating within a range of $1,820-1,950. In the short term, the price rebounded from $1,870 to $1,910, breaking above the moving average, showing some upward momentum. However, overall trading volume remains lackluster, suggesting that the price may lack strong directional momentum. [2]

• ETF - According to SoSoValue data, on March 14, U.S. Bitcoin spot ETFs saw a total net outflow of $68.41 million [3], while U.S. Ethereum spot ETFs had a total net outflow of $35.3 million. Data as of March 17, 13:30 PM (UTC+8). [4]
• Altcoins - CEX tokens and Launchpads edged up 1.4% and 1.2%, while most other sectors dipped. [5]
• U.S. Stock Market Indexes - On March 14, the S&P 500 rose by 2.13%, the Dow Jones Industrial Average increased by 1.65%, and the Nasdaq climbed 2.61%. [6]
• Spot Gold - The price of spot gold reached $2,987 per ounce, with a daily increase of 0.11%. Data as of March 17, 12:00 PM (UTC+8). [7]
• Fear & Greed Index - The Fear & Greed Index stands at 46, indicating that the market is in a state of fear. [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:

BNX (BinaryX) - Single-day increase of approximately 33.07%, with a circulating market capitalization of $602 million.
BinaryX is a decentralized finance (DeFi) platform based on Binance Smart Chain (BSC) and Ethereum. Initially focused on binary options trading, it later transitioned into a GameFi project. Its flagship game, CyberDragon, integrates gaming with blockchain technology, allowing players to earn BNX tokens through in-game activities.

Recently, the price of BNX (BinaryX) has surged significantly, driven by multiple factors, including brand repositioning, the Meme economy boom, and exchange support. Firstly, BinaryX announced its rebranding to Four and introduced a 1:1 token conversion plan, signaling a shift from a GameFi platform to a broader Web3 ecosystem, which was positively received by the market. Secondly, after the rebrand, BinaryX quickly integrated into the BNB Chain ecosystem and launched the Meme coin platform Four.meme, aligning with the current Meme economy trend and attracting substantial capital inflows. Additionally, support from major trading platforms and the token upgrade plan have increased market attention and boosted investor confidence, leading to a price surge. [10]

QANX (QANplatform) - Single-day increase of approximately 23.12%, with a circulating market capitalization of $63.68 million.

QANplatform is a quantum-resistant Layer 1 hybrid blockchain platform, which enables developers and enterprises to build smart contracts, decentralized applications, and DeFi solutions using any programming language.

Over the past month, several quantum chips have been released, including Amazon’s Ocelot and Microsoft’s Majorana 1. These technological advancements indicate that quantum computers may be practically deployed within the next five years. QANplatform stands out for its built-in quantum-resistant security features. As the era of quantum computing approaches, QANplatform, being one of the few blockchain platforms already prepared for quantum threats, may experience growing market demand and increased investor interest, driving the price of the QANX token higher. [11]

Data Highlights

Solana’s February Revenue Accounts for 57% of Blockchain Income

In February 2025, Solana’s revenue accounted for 57% of total blockchain revenue, surpassing 50% in three of the past four months. Solana continues to be the most profitable public blockchains. However, its growth momentum has weakened compared to the peak period of Meme trading.

Although Solana maintained a high revenue share in early 2025, driven by surging transaction volume, a mature DeFi ecosystem, and the Meme economy, Meme trading enthusiasm has fluctuated. Pump.fun saw a 38% revenue decline in February compared to January, which may indicate a cooling in memecoin trading. If market sentiment weakens, Solana’s revenue growth rate could be affected. [13]

Additionally, Solana faces competitive pressure from rival blockchains such as Ethereum L2s, Aptos, and Sui. Its ability to support high-frequency trading through network stability remains a key factor influencing growth. Moving forward, Solana’s sustained high revenue will depend on further expansion of its DeFi ecosystem, continued development of its developer community, and infrastructure optimizations to offset the potential impact of declining Meme trading activity.

Stablecoin Market Cap Grows, USDT Remains Dominant, USDC Expands in Solana Ecosystem

According to DeFiLlama data, as of March 17, the total stablecoin market capitalization has reached $229.132 billion, making an increase of $1.962 billion from the previous week, reflecting a 0.86% week-on-week growth and indicating stronger capital inflows into the market. USDT continues to hold a 62% market share, maintaining its position as the world’s largest stablecoin, while the market shares of USDC, DAI, and other stablecoins have remained relatively unchanged, suggesting a stable market structure. [14]

Additionally, USDC has seen significant growth within the Solana ecosystem. OnchainLens data shows that as of 2025, Circle has minted over 10 billion USDC on the Solana blockchain, accounting for 25% of the stablecoin market. This growth reflects increasing adoption of USDC in Solana’s DeFi ecosystem and payment applications, potentially strengthening its market competitiveness.

In the short term, the continuous growth of stablecoin market capitalization may indicate stronger market momentum, attracting more capital into trading activities. In the long term, the stablecoin market remains influenced by regulatory policies, the rise of emerging stablecoins, and the development of central bank digital currencies (CBDCs). While USDT and USDC continue to dominate, USDC’s rapid growth in the Solana ecosystem could further reshape the competitive landscape of the stablecoin market, potentially positioning Circle as a more significant player in the global stablecoin industry.

Bitcoin Short-Term Holders Incur $100 Million in Losses, Market Faces Downward Pressure

The recent decline in Bitcoin’s price has resulted in significant losses for short-term holders (STH). According to CryptoQuant data, investors who purchased BTC within the past 1 to 3 months have suffered the hardest, with many panic-selling instead of holding their positions. Data shows that this group has collectively lost approximately $100 million, indicating substantial financial pressure on short-term investors. Additionally, the market capitalization (MC) falling below the realized capitalization (RC) suggests that short-term holders’ cost basis is higher than the current market price, leading them to sell at a loss, further exacerbating selling pressure. Some speculators have been forced to exit due to the market pullback, increasing market liquidity and putting additional downward pressure on prices. [15]

From a market trend perspective, the selling pressure from short-term holders could pose short-term downside risks. If market sentiment does not recover, Bitcoin’s price may remain under pressure or even experience further corrections. However, it is worth noting that long-term holders (LTH) remain relatively stable, indicating strong underlying support in the market. If the selling pressure gradually subsides, the market could return to an upward trend after a period of short-term volatility. Therefore, investors should closely monitor overall liquidity changes and the behavior of long-term holders to assess future market trends.

Spotlight Analysis

U.S. Voters Show Strong Opposition to Strategic Crypto Reserve Plan, Fiscal Priorities Remain Focused on Public Welfare

A recent poll shows that the American public largely opposes the Trump administration’s plan to establish a strategic cryptocurrency reserve, with 51% against it and only 34% in favor. Republican voters are divided on the issue (41% support vs. 40% oppose), while Democratic voters strongly oppose it (59% vs. 29%). Furthermore, cryptocurrency and blockchain development are considered the lowest priority in federal fiscal spending, with only 10% of respondents supporting increased funding, while 45% believe the budget should be reduced. Social Security, Medicare, and transportation infrastructure remain the top fiscal concerns for the public. [16]

These results highlight a clear division in U.S. society regarding cryptocurrency policies, with crypto being generally regarded as a secondary issue. While younger demographics tend to have a more open stance toward crypto development, the government will still need to build broader social consensus on fiscal priorities, regulatory frameworks, and economic benefits to advance related initiatives and alleviate public concerns.

North Korean Hacker Group Lazarus Now Holds the Third-Largest Bitcoin Reserves Globally

Data indicates that following a series of security incidents in February, North Korean hacker group Lazarus Group has begun converting portions of stolen assets into Bitcoin (BTC). As of March 17, they have accumulated 13,518 BTC, worth approximately $1.14 billion. This puts North Korea’s Bitcoin holdings ahead of El Salvador (6,117 BTC) and Bhutan (10,635 BTC), making it the third-largest government entity in Bitcoin holdings, behind only the United States (198,109 BTC) and the United Kingdom (61,245 BTC).

This trend underscores North Korea’s increasing reliance on cyberattacks to acquire crypto assets, using Bitcoin as a financial tool to evade international sanctions. Over the years, Lazarus Group has frequently targeted cryptocurrency exchanges, DeFi protocols, and cross-chain bridges, employing complex on-chain mixing techniques to obscure fund flows. As their Bitcoin holdings continue to grow, North Korea may escalate illicit trading activities on black markets and over-the-counter (OTC) channels to launder assets. At the same time, this situation exposes significant gaps in global cryptocurrency regulation, raising urgent concerns about how to prevent state-backed hacker groups from exploiting blockchain technology for illicit financial activities. [17]

Argentina Officially Implements VASP Regulatory Framework to Strengthen Compliance and Market Stability

The Argentine National Securities Commission (CNV) has officially approved General Resolution No. 1058, establishing the final regulatory framework for Virtual Asset Service Providers (VASP). The new regulations cover multiple aspects, including registration requirements, cybersecurity, asset custody, anti-money laundering measures, and risk disclosure obligations. The goal is to strike a balance between regulation and innovation, avoiding excessive compliance costs while enhancing market transparency and investor protection.

Under the new rules, all VASPs must complete formal registration and adhere to annual system audits and compliance obligations. Non-compliant entities may face suspension or revocation of registration by the CNV, and in severe cases, unregistered VASPs could be shut down under court orders.

The implementation of Argentina’s new regulations marks a significant step toward the legalization and standardization of the Latin American crypto market. While some VASPs may exit or adjust their operations in the short term, improved regulatory clarity is expected to attract more compliant capital, institutional investors, and enhance overall market trust in the long run. If the Argentine government can successfully balance regulation and innovation, the country has the potential to become a key player in Latin America’s crypto industry. [18]

Funding News

According to RootData, in the past 72 hours, four projects have publicly announced funding rounds, with a total financing amount of approximately $47 million. The highest single funding round reached $40 million, covering sectors such as payments and gaming. Below are details of the top two funded projects: [19]

RedotPay - RedotPay has completed a $40 million Series A funding round, with participation from Lightspeed Venture, Sequoia China, and others. The funds will be used for technology upgrades to enhance payment experiences and for market expansion to attract more merchants and users, driving the global adoption of crypto payments.

RedotPay is a cryptocurrency payment platform aiming to create a borderless payment ecosystem by seamlessly connecting fiat and crypto transactions. With the growing adoption of cryptocurrencies, demand for secure and convenient crypto payment solutions is increasing. By integrating with traditional financial systems, RedotPay offers compliant payment methods for crypto assets, lowering the entry barrier for users. Despite regulatory uncertainties and competitive pressures, this successful funding round provides the company with the resources to drive technological innovation and global expansion, potentially increasing its market share in the crypto payments industry.

PlaysOut - PlaysOut has completed a $7 million seed funding round, with investors including OKX Ventures, Kenetic Capital, and others. The funds will be allocated toward technology development to enhance gaming experiences.

PlaysOut is a multi-engine-compatible mini-game platform that offers an interface similar to Steam, enabling super apps to integrate a large number of mini-games seamlessly. With the rise of Web3 gaming, there is increasing demand for decentralized gaming experiences and on-chain asset ownership. PlaysOut connects blockchain technology with traditional gaming mechanics, making Web3 games more accessible to players. While challenges remain in user education, game quality, and market competition, this funding success provides crucial support for innovation and global expansion, potentially positioning PlaysOut as a key player in the blockchain gaming industry.

Airdrop Opportunity

Giza

Giza is a decentralized Autonomous Agent Finance (AAF) protocol that leverages AI agent technology to optimize DeFi trading and investment strategies. Its core framework, ARMA (Autonomous Risk Management Agents), is designed to provide efficient intelligent financial management solutions, enabling users to automate complex DeFi operations and improve capital management efficiency. [20]

Currently, Giza is running the “Megaphone x Giza Points” airdrop program to encourage user participation and contribution to its autonomous agent finance ecosystem. Users can earn Giza Points by utilizing, testing, and optimizing AI-driven financial agents based on ARMA, which they can later exchange for future token rewards. This mechanism not only accelerates the growth of the Giza ecosystem but also provides additional incentives for users, promoting the adoption and maturity of autonomous agent finance technology.

How to Participate:

1. Visit the official Giza website and connect your wallet. [21]
2. Complete tasks such as social interactions and setting up an ARMA SMART ACCOUNT.

Note:
The airdrop program and participation methods may be updated at any time. Users are advised to follow Giza’s official channels for the latest information. Additionally, participants should exercise caution, assess risks, and conduct thorough research before joining. Gate.io does not guarantee the future distribution of 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. X, https://x.com/binary_x/status/1893927616861876319
11. X, https://x.com/QANplatform/status/1896934122909523987
12. X, https://x.com/arcdotfun/status/1898116361869836410
13. X, https://x.com/Cointelegraph/status/1900556572884955617/photo/1
14. DefiLlama, https://defillama.com/stablecoins
15. CryptoQuant, https://cryptoquant.com/insights/quicktake/67d2aadda9545929eccbe041-Short-Term-Bitcoin-Holders-Exit-with-100B-Loss-Analyzing-the-Impact-of-the-1-3-M
16. Data for progress, https://www.dataforprogress.org/blog/2025/3/14/a-majority-of-voters-oppose-a-crypto-strategic-reserve
17. ARKHAM, https://intel.arkm.com/explorer/entity/lazarus-group
18. Argentina.gob.ar, https://www.argentina.gob.ar/noticias/regulacion-de-los-proveedores-de-servicios-de-activos-virtuales-psav
19. Rootdata, https://www.rootdata.com/Fundraising
20. X, https://x.com/gizatechxyz/status/1899089183328621045
21. Gizatech, https://metrics.gizatech.xyz/

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