Abstract

• Bitcoin falls 1.62% to $84,621, Ethereum drops 2.67% to $1,982.
• Bitcoin short-term circulating supply drops over 50%, exchange inflows slide 54%.
• Ethereum supply on centralized exchanges falls to 8.97 million eth.
• Tether becomes one of top 7 U.S. treasury holders, surpassing Hong Kong and Canada.
• Pump.fun launches native dex ‘PumpSwap’.
• SEC clarifies stance on pow mining: not considered securities issuance.
• Dubai Land Department launches real estate tokenization project.

Market Analysis

• BTC - BTC price fell by 1.62% over the past 24 hours, currently trading at $84,621. BTC remains within an ascending channel, with price fluctuations occurring within the channel, maintaining an overall upward trend. A short-term support has formed around $83,600. Trading volume has shown signs of increase during the price rise, indicating that bulls hold a slight advantage.[1]

• ETH - ETH price declined by 2.67% in the past 24 hours, currently at $1,982. ETH is trading within a consolidation range, with resistance around $2,070 and support around $1,950. The volume was weak during the bounce from support, and ETH is on the verge of breaking below its moving average, suggesting bearish short-term momentum.[2]

• ETF - According to SoSoValue, on March 20, U.S. spot Bitcoin ETFs saw a net outflow of $6.39 million[3], while spot Ethereum ETFs saw a net outflow of $3.45 million. (Data as of March 21, 11:00 AM UTC+8.)[4]
• Altcoins - Sectors such as Liquid Staking Tokens, Oracle, and CEX tokens saw respective changes of +7.0%, +6.1%, and +1.2%, respectively.[5]
• U.S. Stock Market Indices - On March 20, the S&P 500 declined by 0.22%, the Dow Jones fell by 0.03%, and the Nasdaq dropped by 0.33%.[6]
• Spot Gold - Spot gold prices stood at $3,043.72 per ounce, down 0.03% on the day. (Data as of March 21, 11:00 AM UTC+8.)[7]
• Fear and Greed Index - The index stands at 46, indicating 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:

BR (Bedrock) - As a newly launched token, BR saw a single-day increase of approximately 1,553.9%, with a circulating market cap of $33.24 million.

BR token is the native token of Bedrock DeFi. Bedrock is a protocol focused on Ethereum (ETH) and Bitcoin (BTC) restaking, aiming to provide a balance between liquidity and maximized returns through its innovative PoSL mechanism. The total supply is 1 billion tokens, with 5% allocated for the initial airdrop at a price of $0.025.

One of the direct catalysts for BR’s surge was its simultaneous listing on multiple major exchanges. Among them, Gate.io was the first to list Bedrock (BR) and launched the HODLer Airdrop campaign. Users holding 1 GT could participate in claiming the airdrop, sharing a total of 960,000 BR tokens. [10]

BONE (Bone ShibaSwap) - Single-day increase of approximately 41.54%, with a circulating market cap of $82.89 million.

BONE is the governance token of the decentralized exchange ShibaSwap, with voting functionality. BONE gives the Shiba Inu community the right to participate in platform decision-making, including voting, submitting proposals, and accessing future NFTs. Users holding more BONE tokens have greater voting power. [11]

Recently, Shiba Inu officially announced that its community, ShibArmy, has reached 1.5 million members, a piece of news that attracted market attention. The official announcement and community celebration activities triggered positive market sentiment, driving the price increase.

L3 (Layer3) - Single-day increase of approximately 57.74%, with a circulating market cap of $51.39 million.

Layer3 is an omnichain infrastructure ecosystem focused on distribution, identity, and incentive mechanisms. The main goal of the Layer3 Foundation is to promote community-led governance of the Layer3 protocol and support the development and adoption of the Layer3 ecosystem. [12]

Recently, the official team announced that Layer3 will soon release. The v3 version promises to enhance user experience, offering more fun, rewards, and participation methods, while also improving the utility of the L3 token. These positive expectations for the upcoming version drove the price increase of the L3 token.

Data Highlights

Bitcoin’s short-term circulating supply drops over 50%, with average daily exchange inflows down 54%

According to data from Glassnode, over the past 3 months, Bitcoin’s “hot supply” (BTC held for no more than 1 week) has dropped from 5.9% to 2.8% of the circulating supply, a decline of over 50%. At the same time, the average daily BTC inflow to exchanges decreased from 58,600 BTC to 26,900 BTC, a year-over-year drop of 54%. These changes indicate a reduction in short-term trading activity, with market liquidity facing challenges.

The decline in Bitcoin’s “hot supply” and exchange inflows is driven by multiple factors: since January 2025, weak market demand has restrained capital accumulation. Short-term holders, facing losses, have panic sold, causing the SOPR indicator to fall below 1, similar to the market crash in August 2024. When the price dropped below $92,000, there was a lack of buy orders at lower levels, reflecting a decline in investor risk appetite. In addition, macro uncertainties such as the Bybit hacking incident and rising U.S. tariff tensions have limited new capital inflows, turning the market into a net capital outflow. Moreover, the cost basis for holdings between 1 week and 1 month is lower than that of holdings between 1 to 3 months, reflecting increased short-term selling pressure. On March 12, selling intensity spiked to -12.8K coin days per hour, signaling a wave of intense panic selling across the market.[13]

Ethereum supply on CEX drops to 8.97 million

The amount of Ethereum currently available for trading on centralized exchanges (CEX) has dropped to 8.97 million, marking the lowest level since November 2015. This decline is driven not only by the growing demand for DeFi and staking, but also by recent CEX-related security incidents that have triggered an outflow of user funds.

Market data shows that an increasing number of Ethereum holders prefer to transfer assets to DeFi protocols or engage in staking to gain long-term returns and reduce the potential risks of centralized platforms. The continued decline in ETH supply is generally seen as a bullish signal, as it may reduce market selling pressure and drive prices upward when demand increases. It also reflects a growing trend among investors toward long-term holding and participation in ecosystem development. [14]

Tether ranks among the top seven U.S. Treasury holders, surpassing Hong Kong and Canada

In 2024, Tether became the seventh-largest holder of U.S. Treasuries, with total holdings reaching $33.1 billion—surpassing countries such as Canada, Taiwan, Mexico, Norway, Hong Kong, South Korea, Germany, and Saudi Arabia. Tether CEO Paolo Ardoino stated that although jurisdictions like the Cayman Islands, France, and Luxembourg hold more Treasuries, these usually represent multiple hedge funds, whereas Tether’s assets belong to a single entity.

Tether uses U.S. Treasuries as a core component of its USDT reserves, which not only strengthens USDT’s stability and liquidity but also deepens Tether’s influence in the global financial system. According to the Q4 2024 reserve report, Tether’s total U.S. Treasury holdings reached $94 billion, highlighting its dominance in the stablecoin market. [15]

Spotlight Analysis

Pump.fun Launches Native DEX PumpSwap

Popular Solana-based meme coin On March 12, selling intensity spiked to -12.8K coin days per hour, signaling a wave of intense panic selling across the market. Pump.fun has announced the launch of its native decentralized exchange, PumpSwap, with the goal of delivering a smoother and more efficient trading experience for users. Effective immediately, all tokens launched via bonded curve issuance on the platform will be directly migrated to PumpSwap, enabling users to enjoy instant migration and zero fees (down from the previous 6 SOL).

Built on Solana, PumpSwap adopts a Constant Product Automated Market Maker(CPAMM) model, similar to Raydium V4 and Uniswap V2. Users can freely create liquidity pools, add liquidity to existing ones, and trade any token listed on PumpSwap. Currently, each transaction incurs a 0.25% fee, distributed as 0.20% to liquidity providers and 0.05% to the protocol. In the future, with the introduction of a revenue-sharing mechanism for creators, this allocation will be adjusted to better incentivize the development of high-quality projects.[16]

The launch of PumpSwap marks a major upgrade to the Pump.fun ecosystem. In addition to enhancing trading efficiency and lowering entry barriers, PumpSwap also aims to build a more fair and transparent decentralized trading environment. However, despite the project undergoing multiple rounds of security audits, users should remain mindful of the risks associated with smart contracts and conduct thorough research before trading.

SEC Clarifies Regulatory Stance on PoW Mining Activities: Not Considered Securities Issuance

The U.S. Securities and Exchange Commission (SEC) has released a statement clarifying its regulatory position on Proof-of-Work (PoW) mining activities. The SEC has determined that PoW mining does not constitute an offer or sale of securities. As a result, miners are not required to register their activities under the Securities Act, nor are they subject to its exemption provisions.

According to the SEC, whether performed by individual miners or mining pools, these activities are considered administrative or operational in nature, rather than profit-driven activities reliant on the managerial or entrepreneurial efforts of others. Consequently, they do not meet the definition of an “investment contract” under the Howey Test.

The SEC emphasized that miners’ earnings in PoW networks are determined by the computing power and resources they individually contribute, not by third-party management or decision-making — a characteristic that remains true even within mining pools. Therefore, the SEC considers PoW mining activities outside the scope of securities transactions and not subject to regulation under the Securities Act.[17]

This clarification provides a positive signal for the PoW ecosystem by removing regulatory uncertainty. PoW miners and mining pool operators can continue their operations with greater confidence and fewer compliance concerns. However, the SEC’s statement applies strictly to protocol-level mining under the PoW mechanism and does not address other consensus mechanisms or the classification of specific crypto assets as securities.

Dubai Land Department Launches Real Estate Tokenization Project

The Dubai Land Department (DLD), the government entity responsible for managing real estate in Dubai, has launched a pilot project to tokenize real estate assets on the blockchain. This initiative is being carried out in collaboration with the Dubai Future Foundation (DFF) and the Dubai Virtual Assets Regulatory Authority (VARA), the city’s crypto regulator.

With this tokenized issuance, DLD becomes the first real estate registry authority in the UAE to implement tokenization of property title deeds. In its official statement, DLD noted that the initiative is expected to accelerate the development of the real estate tokenization sector. The government forecasts that by 2033, the market value of tokenized real estate in Dubai could exceed $16 billion, accounting for 7% of total real estate transactions.

This pilot aligns with Dubai’s broader vision of becoming a smart city and global blockchain hub. It is expected to attract technology firms and investors, enhance Dubai’s status as an innovation center, and increase transaction volume and revenue by attracting both international and retail investors.

In partnership with VARA, the project also aims to establish a regulatory framework and bolster Dubai’s reputation in the virtual asset space. For the real estate industry, tokenization brings enhanced liquidity, fractional ownership, and global accessibility, while blockchain simplifies processes and reduces risks. For the blockchain ecosystem, this project showcases real-world application of the technology, with the market expected to reach $16 billion by 2033 — fostering growth, standardization, and reducing regulatory uncertainty.

However, the project still faces challenges, including market education, cybersecurity, and regulatory integration.[18]

Funding News

According to RootData, a total of six projects announced funding rounds in the past 24 hours, with total financing exceeding $148 million. The highest single funding round reached $140 million, covering sectors such as infrastructure, RWA (Real World Assets), and DeFi. Below are details on the top three projects by amount raised:[19]

Walrus — Walrus completed a $140 million funding round, with participation from a16z, Electric Capital, and others. The Walrus protocol is a new decentralized storage network developed by Mysten Labs, the team behind the Sui blockchain. Its goal is to create an application that offers file storage and retrieval services similar to Google Cloud, but in a decentralized manner. Walrus is characterized by higher speed, lower cost, and better programmability, making it suitable not just for archival storage but also for a broader range of applications. The primary purpose of this funding is to accelerate the research, development, and launch of this high-performance storage network.[20]

Manifest - Manifest completed a $2.5 million pre-seed funding round, with participation from VanEck, Lattice Capital, and others. Manifest is a company focused on bringing U.S. private equity real estate onto the blockchain. Its first product is USH, an ERC-20 token that offers exposure to U.S. residential real estate home equity investments, with a promised annual return of 13%. Unlike previous real estate tokenization attempts, Manifest users can participate without undergoing KYC/AML verification and can directly leverage DeFi infrastructure. The funds raised will be used to establish the fund structure, make the service publicly available, and cover legal costs related to the product’s regulatory compliance.[21]

Uranium Digital - Uranium Digital completed a $6.1 million seed funding round, with investors including Framework Ventures, Mirana Ventures, and others. Uranium Digital is a startup developing a uranium trading platform built on blockchain infrastructure. The company aims to become the first institutional market dedicated to uranium trading — a key fuel in nuclear energy generation. The platform is intended to fill a market gap, addressing the increasing demand for uranium in the context of a global nuclear energy revival. The funds will be used to accelerate development of the spot uranium trading platform, expand business and engineering teams, and fast-track the platform’s launch due to stronger-than-expected market demand.[22]

Airdrop Opportunity

Chronicle Protocol

Chronicle Protocol is an innovative blockchain oracle that has been exclusively securing over $20 billion in assets for MakerDAO and its ecosystem since 2017. The protocol utilizes Schnorr signature cryptography to aggregate multiple validator signatures into a single “super signature,” achieving three core advantages: stable gas costs, high scalability, and comprehensive data verifiability.[23]

Chronicle has launched the Chronicle Points community rewards program. Participants can earn Chronicle Points by depositing USDS on platforms such as Sky.Money, Spark.fi, or Summer.fi. While earning points, participants can also receive interest and other DeFi rewards—all without relinquishing control of their assets. In the future, Chronicle Points can be converted to $CLE tokens at a rate of 10 points per 1 $CLE.

How to participate:

1. Visit the official website and connect your wallet.
2. Deposit USDS on Sky.Money, Spark.fi, or Summer.fi to start earning points and other DeFi rewards.
3. Follow the official X and complete additional tasks to earn extra points.

Note:
Airdrop plans and participation methods are subject to change at any time. Users are advised to follow Chronicle Protocol’s official channels for the latest updates. Participation carries risks, and users should conduct thorough research before engaging. Gate.io does not guarantee the distribution of future 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/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. Gate.io,https://www.gate.io/zh/post/status/9850130
11. X,https://x.com/Shibtoken/status/1902494374107525218
12. X,https://x.com/layer3xyz/status/1902287769378156603
13. Glassnode,https://studio.glassnode.com/charts/d8d02755-a8f6-4dfb-40d0-862e96a86aef?s=1679152307&u=1742310707
14. X,https://x.com/santimentfeed/status/1902851984182669545
15. X,https://x.com/chrispavlovski/status/1902733707363881422
16. X,https://x.com/pumpdotfun/status/1902762320939319439
17. SEC,https://www.sec.gov/newsroom/speeches-statements/statement-certain-proof-work-mining-activities-032025
18. Government of Dubai Media Office,https://mediaoffice.ae/news/2025/march/19-03/dubai-land-department-launches-real-estate-tokenisation-project
19. Rootdata,https://www.rootdata.com/Fundraising
20. Fortune,https://fortune.com/crypto/2025/03/20/walrus-fundraise-140-million-2-andreessen-horowitz/
21. Blockworks,https://blockworks.co/news/exclusive-manifest-tokenization-real-estate
22. Coindesk,https://www.coindesk.com/business/2025/03/20/uranium-digital-raises-usd6-1m-to-speed-debut-of-crypto-powered-spot-market
23. Chronicle,https://chroniclelabs.org/

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