Web3 Research Weekly｜This week the market continues to show slight fluctuations; the US Bitcoin ETF has reduced its Bitcoin holdings by 4.76%.

Weekly Overview

This week, the cryptocurrency market has basically continued the overall trend since last week since the opening. After the Federal Reserve announced to maintain interest rates, the US stock market and the cryptocurrency market experienced a rebound, leading to a relatively high level in the overall market. Overall, the market is still greatly influenced by macroeconomic and policy factors, with mainstream coin prices in a correction phase. In addition, the adjustment of cryptocurrency-related policies in the US is currently in a rapid change cycle following Trump's inauguration. In the short term, there are still significant volatility expectations in the cryptocurrency market, and the overall trend may be similar to the trend of the same period last year, driven by external news factors causing large-scale fluctuations in the market.

Overall, the market index this week has basically maintained a slight fluctuation of rises and falls after opening. In the middle of the week, there was a round of overall warming affected by external news factors, but the extent was relatively limited, and the market sentiment has now reached 31. As we approach the end of the week, the prices of major mainstream cryptocurrencies are mainly showing continuous slight rises and falls. It is expected that during the weekend, influenced by external factors such as Trump's attendance at the New York Digital Assets Summit and the SEC roundtable meeting, there will be another round of new short-term rises.

This week, the BTC price has remained relatively strong, not falling below the key price level of $80,000 again. Influenced by external news factors, it has now returned to fluctuate above $83,000.

The price movement of ETH is similar to that of BTC, with a slightly larger increase. The weekly price high is around $2061, while the low is about $1872, currently maintaining fluctuations around $2000. This week's price trends of various key mainstream cryptocurrencies have mostly been influenced by news factors, showing a certain degree of recovery. The overall market capitalization of the crypto market has increased compared to the same period last week, reaching around $2.75 trillion, with a decrease of 1.38% within 24 hours.

Compared to last week, the overall cryptocurrency market has warmed up this week, entering a new adjustment cycle influenced by news. The price of BTC is currently around 84,000 USD. The price of ETH is currently maintained at around 2,000 USD.

This week, the cryptocurrency market is experiencing rapid fluctuations, with mainstream coins showing some gains. The coin with the highest increase this week is FORM, which reached about 117% over the week, mainly due to the buying pressure triggered by its listing on major mainstream exchanges.

The overall cryptocurrency market is expected to experience a new round of upward trends this weekend, depending on market sentiment triggered by external news factors.

Crypto Market

🔥According to Cointelegraph, the Bitcoin futures gap at the Chicago Mercantile Exchange was not filled between $85,000 and $86,000 over the weekend. Currently, the likelihood of Bitcoin shifting towards upward liquidity is increasing. A liquidation triggered above $85,000 could further drive bullish momentum, creating new highs for Bitcoin and turning $85,000 into a new support level.

🔥 A new survey of 1,169 potential U.S. voters conducted by Data For Progress, a polling firm that primarily surveys left-wing approval ratings, found that a majority of voters oppose the use of government spending to buy and hold crypto strategic reserves in cryptocurrencies such as Bitcoin and Ethereum, Theblock reported.

🔥According to Theblock, in February, the US spot Bitcoin ETF only had 5 days of net inflows, and so far in March, there has only been 1 day of net inflows. Since the beginning of 2025, the total cumulative net inflow of the ETF has basically been wiped out.

🔥According to Cointelegraph, Markus Thielen, chief cryptocurrency researcher at 10xResearch, stated that Bitcoin is "very likely" to repeat its performance in 2024, entering a prolonged consolidation phase after reaching a historical high.

🔥According to Bitcoin.com, the latest data shows that the U.S. spot Bitcoin ETF has reduced its Bitcoin holdings by 4.76% since February 6, 2025.

🔥According to a memorandum released by the White House dated March 5, U.S. AI and cryptocurrency czar David Sacks sold over $200 million in digital assets through personal and his company Craft Ventures prior to taking office to reduce potential conflicts of interest.

🔥 The on-chain analysis platform CryptoQuant tweeted that it is witnessing the weakest demand for Bitcoin this year.

🔥According to a report by The Block, Goldman Sachs mentioned cryptocurrencies in its annual shareholder letter, acknowledging their increasingly important role in financial markets and competition.

🔥According to Cryptoslate, Francois Villeroy de Galhau, Governor of the Bank of France and a member of the European Central Bank's governing council, stated in an interview with the French newspaper La Tribune Dimanche that U.S. President Trump’s support for cryptocurrencies is a huge mistake, and that the U.S. may be paving the way for the next financial crisis by embracing cryptocurrencies and non-bank financials.

🔥According to Cointelegraph, Bitcoin has fallen 30% since peaking in mid-January, but network economist Timothy Peterson believes a bull market may return.

🔥According to Cointelegraph, Anastasija Plotnikova, co-founder and CEO of blockchain regulatory firm Fideum, stated that Meme coins are going against the fundamental spirit of cryptocurrency decentralization and are increasingly being used to exploit retail investors in the growing number of Rug Pulls.

🔥According to Cointelegraph, although investors are generally worried about the current adjustment, Bitcoin's historical bull market cycle remains intact, and it may just be a temporary "fluctuation" before the next round of upward movement. Bitfinex analysts point out that several key technical indicators have turned bearish, leading to speculation that the bull market cycle may have ended too early. Nevertheless, Bitcoin's 4-year cycle remains an important factor that historically influences price movements. Past trends indicate that it is not yet the beginning of a long-term bear market, and the $72,000-$73,000 range remains a key support area. Global government bond yields and stock trends may determine Bitcoin's next significant movement.

🔥According to Cointelegraph, Jason Calacanis, an early investor in Uber and Robinhood, and a well-known angel investor, stated on the X platform that Bitcoin has already been monopolized by some giants in the market, and now is the best time to create a better Bitcoin, "the game needs to be restarted."

🔥According to Crypto.news, data from CryptoSlam shows that NFT trading volume has decreased by 7.84% this week compared to the previous week, dropping from $121.5 million to $109.2 million.

🔥According to Solid Intel, analysts at Standard Chartered Bank claim that if U.S. President Trump's proposed "crypto reserve" plan is successfully implemented, it could drive the price of Bitcoin up to $500,000.

🔥According to Glassnode data, there is a significant supply gap for Bitcoin in the $70,000 to $80,000 range. If it falls below $80K, the market may see a rapid correction.

🔥According to a report by CoinDesk, Standard Chartered has significantly lowered its price target for ETH at the end of 2025 from $10,000 to $4,000, believing that Ethereum is facing a structural decline.

🔥According to a recent report by JPMorgan, the Bitcoin network's hash rate increased by 2 EH/s in the first two weeks of March, reaching an average of 811 EH/s. However, due to a 10% decline in Bitcoin prices, miners' revenues are under pressure.

🔥According to a survey by Data for Progress, only 10% of American voters want the Trump administration to increase federal funding support for cryptocurrency and blockchain development. In contrast, many prioritize support for Social Security (65%), Medicare (64%), and infrastructure development (64%).

🔥According to Blockworks, U.S. President Trump will deliver a speech at the Digital Asset Summit (DAS) in New York this Thursday, marking the first time a sitting president has spoken at a cryptocurrency industry conference.

🔥According to Decrypt, cryptocurrencies such as Bitcoin, Ethereum, and Solana rose after the Federal Reserve kept interest rates unchanged on Wednesday and the Fed Chairman delivered reassuring remarks, leading to a rise in the U.S. stock market.

🔥According to a report by The Block, the monthly number of high-risk transactions in the crypto space has significantly contracted, with only 116 private transactions tracked in February, marking one of the lowest points in recent years.

🔥According to a report by Reuters, Jan Kubicek, a board member of the Czech National Bank (CNB), holds a "skeptical attitude" towards incorporating Bitcoin into the bank's large reserve assets, mainly due to concerns over legal uncertainty and the volatility of digital currencies.

🔥According to a report by Forbes, three senior executives of Trump Media & Technology Group have formed a new special purpose acquisition company (SPAC) aimed at acquiring businesses in the cryptocurrency or related industries, according to a registration statement submitted to the U.S. Securities and Exchange Commission (SEC) on Friday—meanwhile, the Trump administration is trying to shape the landscape of this industry.

🔥According to on-chain analyst Yu Jin's monitoring, "Hyperliquid 50x Whale" made frantic moves around the Federal Reserve interest rate announcement event between 12 AM and 3 AM, taking long and short positions on BTC, turning 690,000 USDC into 1.826 million USDC, a profit of 164%.

🔥10x Research stated in a post on platform X: "According to multiple indicators, Bitcoin is currently in a minor bear market. As we emphasized earlier, $90,000 is a key pivot level. The recent trend is a short-term countertrend bounce, providing an opportunity to profit during this broader consolidation phase. As we anticipated, the FOMC meeting was slightly dovish."

Regulation & Macroeconomic Policy

🔥According to Cointelegraph, the U.S. Senate Banking Committee voted to pass the GENIUS Act, a bill regulating stablecoin issuers, clearing the way for the adoption of stablecoins as a means of payment beyond the cryptocurrency trading space. However, the bill may trigger the potential privatization of the dollar and could increase the risks of de-dollarization.

🔥According to reports from the Korea Economic TV, the Bank of Korea has clearly stated that it "has never considered including Bitcoin in its foreign exchange reserves."

🔥According to the Brazilian media "O Globo", Brazil plans to simplify international financial transactions of import and export contracts between BRICS member countries by utilizing blockchain technology.

🔥According to Cryptoslate, the Pakistani government has established the Pakistan Cryptocurrency Committee (PCC) to oversee the integration and use of blockchain technology and digital assets in the country's financial sector.

🔥US President Trump previously signed an executive order directing the Department of the Treasury and the Department of Commerce to establish a sovereign wealth fund within the next 12 months, to be managed by former Morgan Stanley technology investment banker Michael Grimes. The fund is expected to be primarily funded by tariffs.

🔥According to the Electronic Times, the Financial Supervisory Service (FSS) of South Korea has requested cryptocurrency exchanges to pay a total of 7.9 billion won (approximately 5.54 million USD) in annual regulatory fees.

🔥According to The Block, the U.S. Securities and Exchange Commission (SEC) is considering withdrawing a proposal aimed at tightening cryptocurrency custody requirements, which is the latest move by the acting chair under the Trump administration.

🔥 The acting chair of the U.S. Securities and Exchange Commission (SEC) stated that they are considering adjustments to the monthly reporting rules regarding the holdings of mutual funds and ETFs. They are considering the cancellation or modification of proposals related to investor asset protection (including cryptocurrencies) that were made during the Biden administration.

🔥 According to Solid Intel, the first roundtable of the U.S. Securities and Exchange Commission's (SEC) Cryptocurrency Working Group will begin on March 21, 2025, and will discuss important topics related to the regulation of cryptocurrency assets.

🔥The Dubai Land Department (DLD) has announced the launch of a pilot project for real estate tokenization, becoming the first real estate registration authority in the Middle East to utilize blockchain technology for managing real estate ownership certificates. This project is jointly developed by the Dubai Land Department in collaboration with the Virtual Assets Regulatory Authority (VARA) and the Dubai Future Foundation (DFF).

Highlights of the Crypto Market

⭐️In the past week, the cryptocurrency market has generally returned, significantly influenced by macroeconomic conditions and policies. U.S. stocks have risen in response, and the crypto market followed suit, resulting in an overall upward trend this week. Over the past week, most mainstream coins have been in the latest round of fluctuating upward trends, and overall, the likelihood of the market further warming up in the short term appears to be high.

⭐️This week, the increase in the crypto market for FORM ranks first among mainstream currencies. The launch of this currency on major exchanges this week has attracted a large number of users, resulting in a TOP1 increase for FORM this week. The current price is around $1.8, with some price correction, but there is still a range of price fluctuations for further increases.

Bitcoin & Ethereum Performance Over the Week

Bitcoin (BTC)

( Data source: TradingView )

This week, the price of BTC has shown continuous fluctuations after the opening, mainly characterized by rapid intraday rises and falls. With the Federal Reserve maintaining interest rates, the cryptocurrency market has seen a warming trend. The price of BTC has been relatively strong recently, as it has not fallen below the key price level of 80,000 USD, and due to news factors, it briefly rose above 87,000 USD. Currently, the price of BTC has again fallen above 84,000 USD, and there is still a possibility of further upward movement in the short term. The future performance of BTC's price largely depends on the overall market trend changes, macroeconomic conditions, and policy factors.

Ethereum (ETH)

( Data source: TradingView )

The price trend of ETH this week is similar to that of BTC, both significantly influenced by external news factors. The price rebound of ETH is somewhat larger compared to BTC. After the price rose above 2000 USD, it began to show a short-term downward trend. It is currently fluctuating around 2000 USD. The current price of ETH has reached above 1900 USD, and the probability of breaking through the 2000 USD level again is quite high. The weekly price peak for ETH is around 2050 USD, and it is expected that there will be another round of price fluctuations during the weekend, with a higher probability of further warming.

Trends in Web3 Projects

This week, the total market value of seven categories of projects experienced a widespread increase, mainly influenced by news factors, as the overall market warmed up. However, the overall range of increase remained relatively small, with some cryptocurrencies experiencing significant gains, while the overall market is still in an adjustment cycle. Recently, the market has been heavily influenced by news factors and macroeconomic conditions, and there is a relatively high probability of further increases during the weekend closing period.

| Project Category | Weekly Change | Top Three Tokens by Weekly Increase | Overview | | ------------ | ------------ | ------------ | ------------ | | Layer 1 | 1.6% | ACG,ZCD,MEWC | The Layer 1 sector saw a slight rebound in market capitalization this week, with the top cryptocurrencies showing concentrated gains. Overall, the number of active projects remains limited. | Layer 2 | 2.8% |XFI,SOONX,CWEB| The market trend of Layer 2 this week is quite similar to that of Layer 1, overall showing a slight recovery. The increase in leading coins is actually quite limited, and the overall distribution is relatively even. | DeFi | 5.7% | TRADE,PRIME,DEPAY | The total market value of the DeFi sector this week has rebounded moderately, but the increase in the leading rising coins is relatively concentrated, focusing on a few popular coins.| | NFT | 4.8% | MSTR,XED,DMPD | The total market value of NFTs this week has increased at a similar rate compared to other sectors, with significant gains in leading cryptocurrencies, but the overall growth distribution is quite uneven. | MEME | 2.4% | BUBB,CATME,KM| The MEME coin sector showed a weaker recovery momentum this week, with the top-performing coins not able to compare with recent increases, mainly driven by non-mainstream coins. | Liquid Staking | 5.8% | MSTR,URO,STAKELAYER | The sector has seen some recovery this week, with growth concentrated in a few major coins, significantly influenced by the trends of mainstream coins, resulting in a very uneven overall upward trend.| | AI | 3.5% |ERALAB,MATRIX,AUKI | The AI sector welcomed a slight recovery this week, with leading rising cryptocurrencies maintaining moderate gains. Overall, the sector has been influenced by the market's recent warming, showing a following trend.

Author: Charles T., Gate.io researcher *This article only represents the author's views and does not constitute any trading advice. Investing involves risks, and decisions should be made cautiously. *This content is original and copyright belongs to Gate.io. If you need to reprint, please indicate the author and source, otherwise legal responsibilities will be pursued.