Weekly Web3 Research | Overall Market Trend Was Volatile and Upward; Market Cap of Tokenized U.S. Treasury Bonds Exceeded $5B for the First Time

Weekly Trend Overview

This week, the crypto market followed the recovery trend of the US stock market and showed a relatively obvious warming trend after the opening. Due to the positive signals brought by external news and policy factors, the overall market has a slight upward trend. However, overall, most mainstream coins are still in a state of consolidation, but a considerable number of coins have mainly risen in the week. In addition, the US policy adjustment on cryptocurrency is still in a rapid change cycle. In the short term, there is still a certain possibility of volatility in the crypto market, but many analysts are still optimistic about the long-term trend.

The market has experienced a short-term rapid rise since its opening this week, but the amplitude remains within a small range. After entering the mid-week period, the overall market began to fluctuate within a new price range. Although there has been a round of recovery due to external factors, the overall market signal is still unclear, and it will take some time for the whole market to recover. Currently, as the market approaches the closing time of the week, the prices of the top mainstream coins are mainly rising and falling slightly. In the short term, the market is expected to continue to follow the dynamics of the US stock market.

BTC prices have been relatively strong this week, rebounding to around $88,000. It is expected that they will be further affected by external news factors in the future, and long-term bullishness remains the mainstream consensus.

The current price of ETH has fallen back after rising. The week’s high point is around $2,100, and the low point is around $1,980. The overall price fluctuation is small. The price trend of key mainstream coins this week follows the overall trend of the market, showing a certain recovery trend. The overall market value of the crypto market has increased, reaching around $2.85 trillion, down 0.54% in 24 hours.

The overall crypto market has recovered further this week compared with last week, but the magnitude is still smaller than last week’s and is in the same adjustment cycle. The current price of BTC is around $87,365, and the current price of ETH remains around $2,012.

The crypto market is in an adjustment cycle this week, and mainstream coins have seen some gains, but they remain within an appropriate range. SPX has the largest increase, reaching about 45% in a week, mainly because it has been driven by the community among a number of memecoins for a long time, and the recent user sentiment has driven the price up.

The overall crypto market is expected to continue to fluctuate slightly this weekend, and external news factors will not be able to drive large-scale market changes in the short term.

Crypto Market

🔥Bo Hines, utive director of President Trump’s Digital Asset Advisory Council, said in an interview that the United States could use the proceeds from its gold reserves to buy more Bitcoin. According to Hines, this move could be a budget-neutral way to increase the country’s Bitcoin reserves.

🔥Cloverpool data shows that the difficulty of Bitcoin mining has been adjusted at block height 889,056 (Beijing time 03-23 ​​19:15:42), with the difficulty increased by 1.43% to 113.76 T, close to the historical high (114.17).

🔥According to Aggr News, Fidelity will launch a tokenized fund that invests in U.S. Treasury bonds to compete with BlackRock’s BUIDL.

🔥According to reporter Eleanor Terrett, one of the key factors that led to “debanking” in the past was that regulators required banks to consider the so-called “reputation risk” when assessing whether customers could obtain financial services. The Federal Reserve once instructed employees in an internal manual to pay attention to whether bank utives made “controversial remarks”, but Federal Reserve Chairman Powell promised to delete the clause last month.

🔥According to the official announcement, Strategy increased the issuance size of STRF Series A perpetual preferred stock from $500 million to $722.5 million, with an issue price of $85 per share and an annual interest rate of 10%. It is expected to be settled on March 25, with a net fundraising of approximately $711 million, which will be used to purchase Bitcoin and general operations.

🔥According to a study by Atmos, the UAE is the world’s top crypto-friendly country with a score of 98.4, slightly ahead of second-ranked Singapore (97.5). The United States ranked third with a score of 85.4.

🔥According to the on-chain analyst Yu Jin, in just 10 hours, 1.859 million AUCTION ($70.36 million) flowed into CEX, 24.3% of the total AUCTION. The price of AUCTION also fell from $57 to $23 in a short period, a drop of 60%.

🔥Matthew Sigel, director of digital asset research at VanEck, tweeted that Bloomberg Legal analysts believe there is a 30% chance that the federal government will buy Bitcoin this year. He believes that Trump will not invest political capital in legislation because he can achieve this goal unilaterally through the Exchange Stability Fund (ESF) if he wants.

🔥Tom Wan, data director at Entropy Advisors, wrote on the X platform that BUSD was once the third-largest stablecoin by market value, reaching $23 billion, and its current market value on the Ethereum chain is only about $50 million.

🔥Trader Eugene said in his personal channel that the current market has entered the fifth stage (bullish losses, coin price consolidation, shrinking trading volume, and volatility). At this stage, some stronger altcoins have reached the bottom, but it is still uncertain whether the bottom of most assets has arrived.

🔥According to Crypto.news, CryptoSlam data showed that NFT transaction volume fell to $102 million this week, a decrease of 3.19% from the previous week.

🔥Bitcoin Magazine disclosed data on the X platform. As of Tuesday, US Bitcoin exchange-traded funds had bought a total of 8,775 BTC, while Bitcoin miners produced only 3,150 BTC.

🔥According to News.bitcoin, despite the recent rebound in BTC prices, long-term indicators still tend to be bearish.

🔥Greeks.live macro researcher Adam released a Chinese community briefing, which pointed out that the community is cautious about Bitcoin volatility and discussed whether it will hit a new low. Members are mainly concerned about rationally building hedging structures and choosing cost-effective option strategies rather than simply predicting the direction of market ups and downs.

🔥According to The Block, the Dogecoin Foundation has established an “official Dogecoin reserve” through its newly established business organization House of Doge, and has purchased 10 million DOGE, which is approximately $1.8 million at the market price.

🔥According to The Block, Trump Media & Technology Group (TMTG) announced that it has signed a preliminary agreement with Crypto.com to launch a series of “Made in America”-themed digital assets and stock ETFs and ETPs through its fintech brand Truth.Fi.

🔥According to Business Insider, several institutions still expect BTC to reach $200,000.

🔥According to Decrypt, Standard Chartered Bank analyst Geoff Kendrick said that given the high correlation between Bitcoin prices and the Nasdaq index, investors are better off viewing it as a technology stock rather than a tool to hedge against fluctuations in traditional markets.

🔥Circle Japan KK, the Japanese subsidiary of USDC stablecoin issuer Circle, will cooperate with SBI Holdings Group to fully launch USDC stablecoin in Japan through SBI VC Trade on March 26.

🔥According to Coindesk, the latest report from Swiss blockchain analysis company Global Ledger shows that the sanctioned Russian crypto exchange Garantex has been renamed Grinex. A large amount of on-chain and off-chain data shows that Grinex is the direct successor of Garantex. Part of Garantex’s liquidity, including all of Garantex’s ruble-backed stablecoin A7A5, has been transferred to a wallet controlled by Grinex.

🔥According to Santiment data, DOGE network activity has dropped to its lowest level since October 2024 this week, with an average of only 66 “whale” transactions per day and less than 60,000 active addresses.

🔥QCP Capital, a Singapore-based crypto investment firm, said the crypto market rebounded modestly over the weekend, with BTC and ETH breaking through $85,000 and $2,000, respectively. The recovery appears to be led by the stock market, with stock futures rebounding strongly. While recession concerns continue, Powell’s speech at last week’s FOMC meeting, though measured, helped ease investor nervousness.

🔥Lisa Gordon, chairman of British investment bank Cavendish, has proposed imposing a tax on crypto purchases to encourage more investors to invest in the UK stock market.

🔥According to MarketWatcher, the market believes that the Federal Reserve is expected to shift from quantitative tightening (QT) to quantitative easing (QE), which will inject liquidity into the financial market. Currently, the crypto industry’s expectations for QE remain high. The previous QE cycle pushed Bitcoin to surge 1,000% between March 2020 and November 2021.

🔥According to Cointelegraph, the U.S. stock market opened slightly higher, bringing long-awaited optimism to traders. A key factor preventing risk assets from falling is that the U.S. government and Trump may adjust a new round of trade tariff plans. By analyzing the short-term BTC price trend, traders focus on the key resistance level of $90,000. Given the strong historical trend of Bitcoin prices, Bitcoin market participants also have high expectations for April.

🔥According to Eleanor Terrett, a reporter from Crypto in America, following the U.S. Office of the Comptroller of the Currency, the U.S. Federal Deposit Insurance Corporation (FDIC) plans to remove “reputational risk” from its regulatory standards, which may be good for the crypto industry because this regulatory standard has been used to justify the closure of legitimate businesses, including crypto companies.

🔥According to Whale monitoring, on-chain data shows that USDC issuer USDC Treasury has minted 100,000,000 new USDC on Ethereum, with a total of approximately $300 million worth of USDC minted in three transactions.

🔥According to CoinDesk, citing data from rwa.xyz, the market value of tokenized U.S. Treasuries has exceeded $5 billion for the first time, an increase of $1 billion in just two weeks, mainly from BUIDL products issued by BlackRock and Securitize.

🔥According to market news, the Chicago Board Options Exchange (CBOE) has submitted a Solana ETF application for Fidelity. Cboe BZX, a subsidiary of the Chicago Board Options Exchange Group, has also submitted a proposed rule change (19b-4 application document) to the U.S. Securities and Exchange Commission.

🔥According to GameStop’s official announcement, the company’s board of directors unanimously approved an update to its investment policy on March 25, Eastern Time, to include Bitcoin as one of the company’s reserve assets.

🔥According to CoinDesk, Ripple has reached a preliminary settlement agreement with the SEC, in which the SEC agreed to refund $75 million of the $125 million fine imposed by the court last year, retaining only $50 million to close the case. In exchange, Ripple will withdraw its cross-appeal. The proposed settlement still needs to be approved by the court and the commission, and may mark the end of the long-standing legal dispute between the two parties.

🔥David Sacks, the White House’s director of crypto and AI, posted on the X platform that the Federal Deposit Insurance Corporation (FDIC) is following the footsteps of the Office of the Comptroller of the Currency to remove “reputational risk” as a factor in bank supervision, which is a huge victory for the crypto industry.

🔥According to Bloomberg, GameStop announced on Wednesday that it plans to privately place $1.3 billion in convertible senior notes due in 2030. The company said it would allow initial purchasers to purchase notes with a total principal amount of no more than $200 million.

🔥According to South Korea’s “Culture Daily” report, the South Korean government’s Public Officials Ethics Committee disclosed the property changes in 2025. Seoul City Councilor Kim Hye-young topped the list of senior officials holding crypto assets with 1.7 billion won (about $1.27 million).

🔥According to The Block, K33 analysts said that although the crypto market has been in a calm upward trend in the past few weeks as the US government’s statements showed a moderate attitude towards tariffs and the Federal Reserve’s slightly dovish stance, there are still eight days to go before President Trump’s “Liberation Day”, and market volatility caused by tariffs may further intensify.

🔥According to The Block, Bloomberg analyst James Seyffart said that the XRP ETF may be launched in the next few months, and it is likely that the XRP futures ETF will be seen first. Since the US SEC withdrew the Ripple lawsuit, the probability of the XRP ETF being approved in 2025 has increased.

🔥Canaan Inc. announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024. The financial report showed that the total revenue for the full year of 2024 reached $269.3 million, a year-on-year increase of 27.4%.

🔥According to Business Insider, GameStop has previously stated in a brief statement that the board of directors has unanimously approved the updated investment policy to use Bitcoin as the company’s financial reserve asset.

🔥Cathie Wood said in a speech at the Digital Asset Summit in New York: “We think tokenization will be huge, and we hope to be able to tokenize the venture fund (ARKVX) or the Digital Asset Revolution Fund.” But analysts believe that although Cathie Wood is preparing to tokenize the Ark Invest fund, it faces obstacles from US supervision and regulations, which may cause this process to be shelved.

🔥Synthetix founder Kain Warwick shared his views on market makers. He pointed out that some market makers manipulated prices through low-liquidity markets, used loans and options arbitrage, and even sold discounted tokens before token generation events (TGEs) and quickly sold them after raising prices.

🔥Augustine Fan, head of research at SignalPlus, said that despite persistent concerns about a slowdown in the U.S. economy, the market may gradually rebound from last week’s downturn and is expected to maintain a moderate recovery before the end of the month.

Regulatory & Macro Policies

🔥According to Bloomberg, the U.S. House of Representatives Financial Services Committee is expected to review the draft stablecoin legislation on April 2.

🔥According to Crypto in America, the White House is actively pushing the GENIUS Act to enter the Senate for deliberation as soon as possible, and strives to be signed into law by President Trump within two months. The bill passed the Senate Banking Committee by 18 to 6 on March 13, and intends to establish a regulatory framework for payment stablecoins pegged to the US dollar. The House version of the STABLE Act will begin deliberation on April 2, and the White House hopes that the Senate version will gain enough support to push the House of Representatives to pass it directly and avoid the legislative negotiation process.

🔥The Oklahoma House of Representatives passed HB1203, the Strategic Bitcoin Reserve Act, with an overwhelming majority of 77 votes to 15. The bill aims to support state governments in holding Bitcoin as a reserve asset, allowing up to 10% of public funds to be invested in Bitcoin or digital assets with a market value of more than $500 billion.

🔥The Governor of Kentucky, USA, officially signed HB701 into law on March 24, local time, to protect residents’ rights to use digital assets, self-hosted wallets, and run blockchain nodes. The bill explicitly excludes such behaviors from money transmission licenses and securities supervision, and restricts local governments from discriminatory management of related technical activities.

🔥According to the SEC’s official website, the U.S. Securities and Exchange Commission (SEC) Cryptocurrency Working Group announced that it will hold four new rounds of roundtable meetings from April to June 2025, covering topics such as crypto trading, custody, asset tokenization and DeFi.

🔥According to The Block, the U.S. Senate passed a resolution by 70 votes to 28 to repeal the crypto tax regulations introduced at the end of the Biden administration. The bill will be submitted to President Trump for signature. The IRS DeFi broker rule requires some DeFi platforms to report user transaction information and issue 1099 forms as securities brokers, sparking privacy and compliance disputes.

🔥U.S. Congressmen Tom Emmer and Darren Soto re-proposed the Securities Clarity Act, which aims to clarify the legal distinction between crypto assets and securities contracts and provide a compliance path for innovative projects. The bill has received support from Coin Center, the Blockchain Association, and others, and is seen as an important prelude to legislation on the structure of the U.S. crypto market.

🔥According to an announcement released by the Governor of Wyoming, the Wyoming Stablecoin Committee announced that its fiat-backed, fully-reserved WYST stablecoin has entered the multi-chain testing phase and is deployed on test networks such as Avalanche, Solana, and Ethereum.

🔥North Carolina lawmakers submitted two bills to the House of Representatives and the Senate, proposing to allow part of pension funds to be invested in crypto assets, up to 5%. Representative Brenden Jones proposed the “State Investment Modernization Act” (HB506), and the Senate submitted a similar bill SB709.

Crypto Market Highlights

⭐️Last week, the overall crypto market further recovered, and the market mainly followed the trend of the US stock market, but the overall amplitude remained within a small range. Although the rise and fall of mainstream coins have been different in the past week, the overall market is in an upward recovery stage, and there is expected to be a round of volatile upward market in the future.

⭐️This week, the SPX cryptocurrency had the largest increase among major cryptocurrencies. As it is a community-driven project among memecoins, the recent community sentiment has driven the cryptocurrency to rise significantly. The current price remains around $0.62. Compared with the weekly high of $0.66, the price has fallen back and is currently in a short-term fluctuation state.

BTC & ETH Weekly Performance

Bitcoin (BTC)

(Data Courtesy Of TradingView)

This week, the price of BTC showed a short-term upward trend after the opening, and the rapid rise and fall during the day was the main trend. With the recent recovery of the US stock market, the overall crypto market has continued to follow. The price of BTC has been relatively optimistic recently, and its price has approached the price of $89,000 within a week. The price of BTC remains in the range of $87,000-$88,000. In the future, the price of BTC will most likely continue to follow the overall market trend.

Ethereum (ETH)

(Data Courtesy Of TradingView)

The price fluctuations of ETH this week are more dramatic than those of BTC. After a short-term rapid rise, the price fell more sharply. The high point of ETH price in a week was $2,100, but it subsequently showed a relatively obvious continuous downward trend. Currently, the price of ETH remains around $2,000 and continues to fluctuate. The price has reached $2,012. There is expected to be a new round of price fluctuations during the weekend, and the probability of maintaining the current price range is relatively high.

Web3 Project Trend

This week, the total market value of the seven types of projects continued the recent upward trend, mainly following the overall market trend. The overall amplitude is still maintained within a small range, and the overall market is still in an adjustment cycle. Recently, the overall market has been mainly affected by news factors and the macro economy. The probability of maintaining the current range of continuous fluctuations during the weekend closing period is relatively high.