Abstract

• Bitcoin price fell by 0.77% to $86,783, while Ethereum price dropped by 1.06% to $2,003.
• Hyperliquid will delist $JELLY, with user losses to be covered by the foundation.
• Sonic Labs is set to launch SonicCS 2.0, aiming to double consensus speed and significantly optimize resource usage.
• Kazakhstan plans to establish a national crypto bank to bring crypto trading fully under regulatory oversight.
• In Q1, hacker attacks led to losses of $1.64 billion in the crypto market, marking a record high for a single quarter.
• Bitcoin whales accumulated over 129,000 BTC this month, marking the strongest accumulation trend in nearly seven months.

Market Analysis

• BTC — Bitcoin price fell by 0.77% over the past 24 hours, currently standing at $86,783 as of March 28 at 12:00 PM (UTC+8). BTC has recently been trading within a range, facing resistance around $88,500 and finding support near $85,800. The price has repeatedly pulled back after testing the upper resistance, while gaining buying support at the lower end, resulting in oscillating movement. Short-term moving averages have crossed multiple times, indicating the market lacks a clear trend, with most investors adopting a wait-and-see approach. [1]

• ETH — Ethereum price dropped by 1.06% over the past 24 hours, now priced at $2,003 as of March 28 at 12:00 PM (UTC+8). ETH has also been range-bound, having retreated several times after testing resistance levels, suggesting a lack of momentum for a directional breakout in the short term. Support has formed around $1,980. Trading volume increased when the price approached key levels, signaling that support is relatively strong. The MACD indicator is hovering near the zero line, with alternating red and green histograms, indicating an unclear market trend. [2]

• ETFs — According to SoSoValue data, U.S. spot Bitcoin ETFs saw a total net inflow of $89.06 million on March 27, while U.S. spot Ethereum ETFs recorded a total net outflow of $4.22 million. Data as of March 28 at 12:00 PM (UTC+8). [3][4]
• Altcoins — The Storage, Mobile Mining, and Proof of Stake sectors rose by 13.2%, 7.5%, and 4.9%, respectively. [5]
• U.S. Stock Indices — On March 27, the S&P 500 fell by 0.33%, the Dow Jones dropped 0.37%, and the Nasdaq declined 0.53%. [6]
• Spot Gold — Spot gold prices rose to $3,072 per ounce, up 0.53% on the day. Data as of March 28 at 12:00 PM (UTC+8). [7]
• Fear & Greed Index — The index currently stands at 44, 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:

KILO (KiloEX) — Daily increase of approximately 604.50%, with a circulating market cap of $21.97 million.

KiloEX is a decentralized perpetual contract trading platform that supports multi-asset trading, including cryptocurrencies, forex, and stocks. It aims to deliver a high-efficiency, low-slippage trading experience. The platform employs a stablecoin-neutral LP mechanism for automatic hedging to reduce market-making risks and offers copy trading features, enabling users to replicate strategies and fostering productive interaction between professional traders and regular users.

KILO is the native token of the KiloEX platform. With a daily gain of over 600%, the token has seen strong market enthusiasm, reflecting growing attention toward its mechanism design and growth potential. Notably, KILO was listed on the Gate.io exchange on March 27, boosting its liquidity and market visibility, and supporting the continued expansion of the KiloEX ecosystem.

TUT (Tutorial) — Daily increase of approximately 142.70%, with a circulating market cap of $44.39 million.

Tutorial is an innovative project combining blockchain education with meme culture, aiming to simplify blockchain learning through AI-assisted teaching. Its core product, the “Tutorial Agent” intelligent tutoring system, breaks down complex blockchain knowledge into simple, interactive courses, lowering the barrier to entry for users.

The TUT token was listed on a centralized exchange (CEX) on March 28, bringing increased liquidity and broader user exposure, sparking market optimism and driving the token’s price surge.

WAL (Walrus) — Daily increase of approximately 86.88%, with a circulating market cap of $608 million.

Walrus is a decentralized data storage network designed to support the storage of rich media content such as large texts, videos, and images. It distributes data shards across multiple global nodes, differing from traditional centralized cloud storage. Even if some nodes go offline, the system can quickly restore complete data, ensuring high availability and fault tolerance.

Walrus’s mainnet officially launched on March 27, reinforcing investor confidence in the project’s long-term value and stimulating market demand. At the same time, the WAL token has been listed on several centralized exchanges (CEXs), including Gate.io, significantly enhancing its liquidity and accessibility, and attracting broader investor participation.

Data Highlights

Q1 Crypto Market Losses Hit $1.64 Billion Due to Hacks, Setting a Record High for a Single Quarter

According to data from Web3 bug bounty platform Immunefi, the crypto industry experienced 40 hacking incidents in Q1 2025, resulting in a staggering $1.64 billion in losses—a record high for a single quarter. Although the number of attacks dropped by 36% compared to the same period in 2024, the total loss amount surged 4.7 times, indicating that hacking operations have become more efficient and highly targeted.

Most of this quarter’s losses stemmed from a handful of large-scale incidents, while the average loss per remaining attack declined, suggesting an overall improvement in security. Nevertheless, projects with high asset values remain the primary targets. Attackers continued to focus on cross-chain bridges, DeFi protocols, and trading platforms, highlighting persistent structural challenges in Web3 infrastructure security.

From a market perspective, these security breaches did not have a sustained impact on the prices of major cryptocurrencies, but they significantly affected investor confidence and capital flows. An increasing number of users and institutions are turning toward audited protocols or compliant platforms, as security becomes one of the core competitive advantages in the Web3 space. With growing capital attention, the Web3 security sector is expected to continue its expansion and specialization in the future. [10]

Stablecoin Annual Transfer Volume Reaches $27.6 Trillion, Surpassing Visa and Mastercard

On March 27, Circle signed a memorandum of understanding with Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, aiming to integrate USDC and USYC into ICE’s trading and clearing systems. This move could mark the first formal inclusion of stablecoins into the clearing processes of major global financial markets, further enhancing their liquidity and transparency. [11]

According to data from CEX.IO, the total on-chain transfer volume of stablecoins in 2024 reached $27.6 trillion, officially surpassing the annual transaction volumes of Visa ($15 trillion) and Mastercard ($9 trillion). This highlights the rapid growth of stablecoins as tools for value transfer. The figure not only reflects their widespread use in DeFi, cross-border payments, and other applications, but also signals their growing proximity to the core of traditional financial infrastructure.

With mainstream stablecoins like USDC and USDT increasingly adopted by institutions, their on-chain activity and real-world payment utility cannot be overlooked. [12]

The explosive growth of stablecoins is gradually reshaping the operational logic of traditional finance. As regulatory frameworks continue to become clearer, stablecoins are poised to further solidify their role as “digital cash” and may become a key component of the next-generation global payment and settlement network.

BTC Whales Accumulate Over 129,000 BTC This Month, Marking the Strongest Buying Surge in Nearly 7 Months

According to data from Glassnode, since March 11, 2025, BTC whale addresses—those controlled by institutions or individuals holding large amounts of BTC—have accumulated over 129,000 BTC. This represents the strongest monthly accumulation since August 2024. The trend sends a clear signal: major capital is re-entering the Bitcoin market, potentially paving the way for a rapid recovery in market confidence.

Whale activity is often seen as a market barometer. Large-scale accumulation typically occurs during consolidation or correction phases, reflecting a positive outlook on medium- to long-term market trends. On-chain data currently shows that major capital is quietly positioning itself. With the next Bitcoin halving approaching, continued accumulation by whales could become a key driving force for BTC’s mid-term momentum. [13]

Spotlight Analysis

Sonic Labs to Launch SonicCS 2.0, Targeting 2x Consensus Speed and Major Resource Optimization

On March 28, Sonic Labs (a core team within the Fantom ecosystem) announced via X that it will launch a new consensus protocol, SonicCS 2.0, which aims to double consensus speed and reduce memory usage by approximately 68%, significantly enhancing performance and resource efficiency. Co-founder Andre Cronje stated that the team will continue optimizing the protocol until it approaches physical limits, demonstrating their commitment to high-performance architecture.

SonicCS is a core module designed for Fantom’s next-phase upgrades, aiming to further reduce resource overhead while maintaining low latency and high throughput, thereby enhancing scalability for Layer 1 blockchains. The release of SonicCS 2.0 could bring smoother on-chain experiences for Fantom’s future ecosystem sectors such as DeFi, AI, and gaming.

From a market perspective, performance-focused protocol upgrades may not directly affect token prices but can have a profound impact on developer friendliness and user experience. If deployed successfully, SonicCS 2.0 will strengthen Fantom’s technical competitiveness and attract more builders to its ecosystem. [14]

Kazakhstan Plans to Establish National Crypto Bank to Bring Crypto Trading Under Full Regulation

Kazakhstan is planning to establish a “National Crypto Bank” to centralize the management and regulation of all crypto trading activities across the country. This institution will handle key functions such as settlement, payments, and auditing of crypto assets, aiming to bring a largely unregulated sector into compliance. Lawmakers have pointed out that approximately 90% of crypto transactions currently occur outside legal oversight, posing risks to taxation, financial security, and enabling money laundering and capital flight. Establishing a formal regulatory structure has thus become a national priority.

From a market perspective, Kazakhstan’s move signals a shift among emerging markets away from their previous “mining-friendly, loosely regulated” stance toward building a more controlled and institutionalized crypto financial system. If the initiative succeeds, it may serve as a model for other resource-rich countries and drive regional regulatory convergence.

While the short-term impact on global markets may be limited, this trend could accelerate a new phase where regulatory compliance and state involvement coexist—posing both challenges and opportunities for centralized exchanges and on-chain transparent financial systems. [15]

Hyperliquid to Delist JELLY Token, User Losses to Be Covered by Foundation

According to an official announcement from Hyperliquid, community validators have voted to delist the JELLY token from the platform. The governance vote followed allegations of project manipulation and price rigging associated with JELLY, and the community largely supported a decentralized approach to managing risky assets.

Hyperliquid stated that losses incurred by users in this incident will be covered by the Hyper Foundation, with a compensation mechanism already in progress. The move is intended to safeguard user interests and reaffirm the platform’s commitment to ecosystem health and market transparency.

This incident has also reignited discussions around vetting processes for early-stage project listings. Hyperliquid noted that it will further improve its governance mechanisms and risk control framework to prevent similar issues in the future. [16]

Funding News

According to RootData, a total of 6 projects publicly announced funding rounds in the past 24 hours, raising over $27 million in total. The largest single raise reached $14 million, with projects spanning infrastructure, DeFi, and other sectors. Below are details of the top three funded projects: [17]

Abound — Abound raised $14 million in funding from notable investors including the NEAR Foundation and Circle Ventures. The funds will be used to expand its business operations in the U.S. and improve its technical infrastructure.

Abound focuses on capital flows between the U.S. and India, aiming to simplify cross-border remittances through digital solutions that enhance settlement speed and transaction transparency.

This round of funding will strengthen Abound’s competitive edge in the U.S.-India cross-border payment space. With ongoing tech upgrades, the platform aims to offer faster settlement, lower fees, and improved regulatory transparency—encouraging users to shift away from traditional banks and high-fee services.

Warlock — Warlock secured $8 million in funding, with participation from Polychain, Greenfield Capital, and others. The capital will be used to expand its core development team, accelerate protocol deployment, and deepen integration testing with DeFi protocols and Layer 2 networks.

Warlock is building MEV (Miner Extractable Value) optimization solutions that redirect a portion of MEV and liquidation gains—typically captured by arbitrageurs—back to protocols and users, thereby reducing overall costs.
As Warlock’s products go live, and if adopted by major protocols, they could drive the trend of “fair MEV distribution,” reshaping the value dynamics between users and protocols. This shift may boost user loyalty and spark new competition among DeFi protocols in how they share returns, moving the ecosystem toward greater transparency, efficiency, and user-friendliness.

De Charge — De Charge completed a $2.5 million seed round led by Lemniscap, Daedalus, and others. The funding will be used for hardware mass production, deployment of a charging node network, and development of De Charge’s Web3 incentive system.

De Charge aims to transform EV charging into a community-driven, shared energy network. Its flagship product is a modular 7kW charging system that allows individuals or organizations to own, deploy, and earn from it.

De Charge exemplifies how Web3 is extending beyond on-chain finance into real-world infrastructure tokenization. By combining EV charging with crypto incentives, the project lowers the barrier to participation and offers a sustainable income model. Its “charge-to-earn” concept could attract a wide user base to participate in infrastructure development, promoting the fusion of green energy and blockchain innovation.

Airdrop Opportunity

Silencio Network

Silencio Network is a decentralized environmental intelligence platform that aims to build the world’s most comprehensive noise data repository by transforming smartphones into noise measurement tools. Users can measure and upload environmental noise data through their phones and receive in-app token rewards, which can be exchanged for the platform’s native cryptocurrency, SLC. [18][19]Participants in the Silencio Network airdrop campaign can earn token rewards by downloading the Silencio app and contributing noise data.

How to Participate:

1. Visit the official Silencio Network website.
2. Scan the QR code to download the Silencio app for iOS or Android.
3. Create an account and start contributing noise data to earn rewards.
4. Invite friends to earn additional rewards.

Note:
The airdrop campaign and participation guidelines may be updated at any time. Users are advised to follow Silencio Network’s official channels for the latest information. Participation should be done cautiously, with an awareness of risks, and only after conducting sufficient research. Gate.io does not guarantee the distribution of 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. Immunefi,https://downloads.ctfassets.net/t3wqy70tc3bv/kicQd50NcNkEQyA1QmpOB/b365451e130c1b1c0cbe55c191a22d41/Immunefi_Crypto_Losses_In_Q1_2025.pdf
11. X,https://x.com/circle/status/1905237115199422660
12. CEX.IO,https://blog.cex.io/ecosystem/stablecoin-landscape-34864
13. X,https://x.com/Cointelegraph/status/1905398272132288863
14. X,https://x.com/SonicLabs/status/1905291005605372328
15. X,https://x.com/Cointelegraph/status/1905375540078395768
16. X,https://x.com/HyperliquidX/status/1904923137684496784
17. Rootdate,https://www.rootdata.com/Fundraising
18. Silencio Network,https://www.silencio.network/
19. Gate.io,https://www.gate.io/learn/articles/what-is-silencio-network-slc/7313?utm_source=chatgpt.com

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