Abstract

• Bitcoin price fell by 0.11% to $86,535, while Ethereum price rose by 1.48% to $2,046.
• The amount of ETH held on centralized exchanges dropped to 8.97 million, hitting a 9-year low.
• Berachain officially launched its PoL (Proof of Liquidity) system to drive decentralized governance through liquidity.
• The Oklahoma House of Representatives passed a bill proposing to include Bitcoin in public funds reserves.
• The supply of Ethena’s stablecoin USDtb surpassed $1 billion.
• Nillion Alpha went live on its mainnet, advancing the development of Web3 privacy computing infrastructure.

Market Analysis

• BTC — Over the past 24 hours, the price of BTC dropped by 0.11%, currently standing at $86,535. BTC remains within an upward channel, but the recent short-term dip below the moving average suggests potential pullback pressure. The MACD indicator also signals possible short-term bearish momentum. Going forward, attention should be paid to the support level around $86,000 and whether BTC can reclaim its short-term moving average. [1] \

• ETH — Over the past 24 hours, the price of ETH rose by 1.48%, currently priced at $2,046. ETH is currently retesting a key resistance level. The slight decline in trading volume suggests the market is awaiting a clearer directional signal. While short-term moving averages indicate potential for a pullback, the overall uptrend remains intact. [2]

• ETFs — According to SoSoValue data, on March 24, U.S. spot Bitcoin ETFs saw a total net inflow of $84.17 million [3], while U.S. spot Ethereum ETFs recorded zero net inflow. Data as of March 25, 1:20 PM (UTC+8). [4]
• Altcoins — Sectors such as Cat-Themed, Frog-Themed, and The Boy’s Club saw respective gains of 8.2%, 7.1%, and 7.1%, reflecting a slight recovery in market sentiment and renewed capital inflow into trending narrative sectors. [5]
• U.S. Stock Market — On March 24, the S&P 500 rose by 1.76%, the Dow Jones gained 1.42%, and the Nasdaq increased by 2.27%. [6]
• Spot Gold — The price of spot gold reached $3,013 per ounce, with a daily increase of 0.05%. Data as of March 25, 12:30 PM (UTC+8). [7]
• Fear & Greed Index — The Fear & Greed Index is at 46, indicating a state of fear in the market. [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:

ALCH (Alchemist AI) — Daily gain of approximately 37.80%, with a circulating market cap of $80.69 million.

Alchemist AI is a decentralized platform that integrates AI and blockchain technologies, aiming to provide Web3 users with intelligent trading tools, strategy automation, and data insight services. The platform uses AI algorithms to optimize on-chain interactions and asset management, empowering use cases across DeFi, NFTs, and blockchain gaming. The ALCH token is used for service payments, participation incentives, and governance voting.
On March 23, Alchemist AI launched its AI Shared Cloud, allowing users to upload and use custom assets directly within applications, while integrating the efficient AI planning model, Gemini. These new features significantly enhance the platform’s utility and appeal, boosting both user engagement and developer activity. This momentum has driven increased market demand for the ALCH token, making it a key driver behind the recent price surge. [10]

NAVX (NAVI Protocol) — Daily gain of approximately 23.55%, with a circulating market cap of $47.93 million.

NAVI Protocol is a native lending protocol built on the Sui network, focused on delivering efficient and secure on-chain asset lending services. NAVI supports multi-asset collateral, dynamic interest rate adjustment, and liquidation mechanisms, aiming to become the core DeFi infrastructure within the Sui ecosystem. The NAVX token is used for governance, liquidity incentives, and fee payments.
On March 24, NAVI Protocol completed the reward distribution for the Ondo Campaign, attracting significant user interest and participation, and boosting awareness and engagement within the NAVI ecosystem. Additionally, the project has teased upcoming DeFi opportunities, heightening community expectations for platform growth. These positive developments have contributed to the recent surge in the NAVX token price. [11]

HIVE (Hive) — Daily gain of approximately 18.08%, with a circulating market cap of $129 million.

Hive is a decentralized social blockchain platform, originally forked from Steem, committed to building a censorship-resistant, open, and efficient content ecosystem. With fast transactions and zero fees, Hive is widely used in social media incentives, on-chain gaming, and identity management.
On March 23, Hive announced ongoing community development initiatives across multiple global regions, including the construction of its 20th community water well in Ghana and the installation of water pipelines in three Venezuelan communities. Emphasizing a community-driven growth model, these philanthropic efforts have boosted Hive’s global brand recognition and increased user and investor confidence in the project—factors that have supported its recent price rise. [12]

Data Highlights

Centralized Exchange ETH Holdings Drop to 8.97 Million — Lowest in 9 Years

According to CryptoRank data, the amount of ETH held in centralized exchange wallets has dropped to approximately 8.97 million, marking the lowest level since November 2015. This trend is generally seen as a bullish signal, as it suggests more investors are moving ETH to self-custody wallets, reducing potential sell pressure. However, market response has been relatively muted, with Ethereum’s price remaining weak and range-bound instead of rising.

This reflects weakening on-chain fundamentals, such as a drop in ETH burn rate to a local low, several consecutive weeks of declining new address creation, and a clear decrease in network activity and transaction demand. Daily active addresses and transaction counts are also steadily falling, indicating that despite the reduced circulating supply of ETH, user behavior and capital activity on-chain have yet to catch up. The market is currently in a state of low supply and low demand, with cautious sentiment and investors awaiting a clear catalyst. In the short term, ETH price may continue to consolidate. [13]

Euler Finance Hits All-Time Highs in Deposits and TVL

DeFi protocol Euler Finance announced that its total platform deposits have surpassed $1 billion, with total value locked (TVL) reaching around $542 million, signaling strong ecosystem growth. Euler is a decentralized finance protocol supporting customizable lending markets, allowing users to create permissionless lending pools and manage assets and yield strategies flexibly.

Notably, this growth marks a full recovery from a major security incident in 2023. In March 2023, Euler suffered a hack in which approximately $197 million worth of crypto assets were stolen and converted into ETH and DAI. With assistance from multiple parties and rising ETH prices, Euler successfully recovered about $240 million by early April that year, resolving the incident positively.

From a market perspective, Euler’s robust rebound and stabilization above $1 billion in deposits underscore the resilience of its product design and operational capabilities. Euler is poised to attract more liquidity and developer interest, reinforcing its position as a key player in the lending sector. [14][15]

Ethena’s USDtb Stablecoin Supply Surpasses $1 Billion — Over 70% Allocated to BlackRock Tokenized Treasuries

According to DefiLlama, the supply of USDtb, the stablecoin issued by Ethena Labs, has exceeded $1 billion, with more than 70% of funds allocated to BlackRock’s tokenized U.S. Treasury fund, BUIDL. This growth highlights not only the rapid development of USDtb but also the increasing role of institutional-grade asset allocation in its yield model.
Ethena Labs is a crypto project focused on stable yield and real-world asset (RWA) integration. USDtb is a fiat-free stablecoin backed by on-chain derivatives and U.S. Treasury allocations, aiming to deliver sustainable and stable returns.
From a market perspective, USDtb represents a deep fusion of crypto-native yield strategies with RWAs, meeting current demand for secure, yield-bearing on-chain assets. The large capital inflow into BUIDL validates the real-world application of tokenized treasuries in DeFi and reflects a broader shift in stablecoin models—from being fiat-pegged to yield-pegged. As the RWA narrative gains traction, USDtb is poised to become a key product in the stablecoin space, balancing yield and institutional compliance. [16]

Spotlight Analysis

Berachain Officially Launches PoL System, Driving Decentralized Governance Through Liquidity

On March 24, EVM-compatible Layer 1 network Berachain officially launched its Proof-of-Liquidity (PoL) system, marking the beginning of its on-chain governance phase. This system is designed to distribute the governance token BGT through DeFi liquidity pools, aiming to promote broader decentralized governance while enhancing ecosystem liquidity. The initial incentives will target specific DEX liquidity pools and will later expand to additional reward vaults.

Berachain’s PoL model allows users to provide assets to liquidity pools without locking them up, earning BGT tokens in return. Users can delegate BGT to influence validator weight, thereby integrating governance and liquidity mechanisms. This design improves capital efficiency and lowers participation barriers, potentially attracting significant DeFi liquidity into the ecosystem. It also enhances network activity and security, offering a more market-driven paradigm for public blockchain governance. [17]

Oklahoma House Passes Bill to Include Bitcoin in Public Funds Reserves

The Oklahoma House of Representatives has passed a Bitcoin reserve bill proposing to allocate up to 10% of public funds to Bitcoin or other digital assets with a market cap exceeding $500 billion. The goal is to include Bitcoin as part of the state’s fiscal reserves to increase asset diversification and hedge against inflation.

If enacted, Oklahoma would become one of the first U.S. states to formally support Bitcoin reserves through legislation—a significant milestone for cryptocurrency adoption.

Growing interest in Bitcoin allocation by local governments indicates the gradual institutionalization and mainstream adoption of digital assets. This trend not only boosts market confidence but could also inspire other states or nations to follow suit, forming a new long-term demand driver for Bitcoin. [18]

Nillion Alpha Mainnet Goes Live, Advancing Web3 Privacy Computing Infrastructure

Nillion, a privacy-preserving secure computation network, has announced the official launch of its Alpha mainnet—a major milestone in its development of distributed secure computation technology. Nillion focuses on enabling multi-party computation and data collaboration without exposing the underlying data.

The Alpha mainnet is primarily open to developers, aimed at facilitating the creation of decentralized applications built on the Nillion protocol. It provides foundational infrastructure for data privacy protection and cross-chain collaboration.

Privacy computing is seen as a critical component of Web3 infrastructure. Nillion’s launch brings fresh momentum to the space. With rising demand for secure data environments and AI privacy training scenarios, high-performance and compliance-ready privacy networks like Nillion are expected to gain increased market attention and capital backing. [19]

Funding News

According to Delete RootData, three projects publicly announced funding rounds in the past 24 hours, raising a total of $46 million. The largest single investment reached $40 million, with projects spanning infrastructure and DeFi sectors. Below are the details of the funded projects: [20]

Tabit — Tabit Insurance raised $40 million, entirely in Bitcoin, to serve as reserves for underwriting traditional insurance and reinsurance policies. Regulated in Barbados, Tabit claims to be the world’s first fully Bitcoin-backed, USD-denominated, compliant underwriter of traditional insurance products.

Currently, Tabit offers conventional insurance products such as Directors and Officers (D&O) liability insurance. By using Bitcoin as a reserve asset and settling in USD, it introduces an innovative model that merges crypto assets with the traditional insurance market. This approach is likely to appeal to crypto businesses, Web3 projects, and DAOs—especially those in high-risk sectors underserved by traditional banking—demonstrating new potential in Bitcoin financialization and insurance integration.

Fragmetric — Fragmetric secured $5 million in strategic funding from investors including RockawayX and Robot Ventures. The funds will support the expansion of its “fragAsset” initiative and accelerate the development of its restaking platform.

Focused on modular blockchain infrastructure, Fragmetric decouples execution, consensus, and data availability layers to enable cross-chain integration. It serves diverse scenarios including Rollups, on-chain applications, and decentralized AI, aiming to become a foundational component of Web3 infrastructure.

As fragAsset continues to evolve, Fragmetric strengthens its strategic position in the “modular + restaking” space, enriching its product suite and potentially opening new market opportunities in multi-chain DeFi, secure validation, and decentralized computation. If successfully implemented, Fragmetric could emerge as a strong contender in the restaking sector alongside EigenLayer.

Skate — Skate raised $1 million in a community round to support protocol development, community building, and ecosystem expansion. The project is developing a highly scalable blockchain execution layer focused on improving on-chain performance and modular interoperability.

The successful community round reflects early recognition of Skate’s vision by users and developers. As modular blockchain architecture gains traction, Skate’s continued progress in performance and ecosystem integration could help it secure a spot in use cases like Rollups, DeFi, and AI chains.

Airdrop Opportunity

Wayfinder

Wayfinder is a blockchain-based AI agent framework designed to bring universal on-chain AI capabilities to Web3 games and applications, serving both developers and non-technical users. Its core innovation lies in “Pathways”—instruction sets that guide AI agents to complete specific on-chain tasks, such as interacting with DEXs or Web3 tools. By offering modular and automated AI agents, Wayfinder simplifies user interactions and enhances efficiency and usability in gaming and DeFi scenarios. [21]

Wayfinder has allocated 40% of its total token supply for community distribution through two main methods: 1% is available to users who register on the platform for free, while the remaining 39% is distributed among users who stake PRIME tokens—an incentive mechanism designed to encourage active participation in the platform’s ecosystem.

How to Participate:

1. Visit the official Wayfinder website and register to create a wallet.
2. Complete social and other platform tasks to earn points.

Note:
The airdrop plan and participation methods may be updated at any time. Users are advised to follow Wayfinder’s official channels for the latest information. Participation carries risk, and users should conduct thorough research before getting involved. Gate.io does not guarantee future airdrop reward distributions.


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/alchemistAIapp/status/1903524077299445797
11. X,https://x.com/navi_protocol/status/1904130953121054996
12. X,https://x.com/hiveblocks/status/1903576022890516599
13. X,https://x.com/CryptoRank_io/status/1903228086256099383
14. X,https://x.com/eulerfinance/status/1904207500867457211
15. DefiLlama,https://defillama.com/protocol/euler?events=true&denomination=USD
16. DefiLlama,https://defillama.com/protocol/ethena-usdtb?tvl=false&usdInflows=true&groupBy=cumulative
17. X,https://x.com/berachain/status/1903227859675623591
18. X,https://x.com/oklahomabtc/status/1904296761465679874
19. X,https://x.com/nillionnetwork/status/1904157582203207738
20. Rootdata,https://www.rootdata.com/Fundraising
21. Wayfinder,https://app.wayfinder.ai/

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