Web3 Research Weekly Report｜This week the market has entered a volatile downward channel, with EOS rising the most among mainstream tokens.

Weekly Overview

This week, the cryptocurrency market has been significantly affected by external factors. The implementation of Trump's tariff policy has intensified capital hedging behaviors, putting considerable pressure on the cryptocurrency market from the US stock market, resulting in a continuous downward trend since last weekend. After the market opened, there was also a lack of signs of recovery, and the overall downward trend is very apparent.

This week, the mainstream cryptocurrencies in the market showed a general downtrend. The decline in the US stock market severely impacted publicly traded companies in the cryptocurrency sector, indicating a significant correlation between the two. Additionally, the impact of the US government's adjustments to tariffs and cryptocurrency-related policies has dealt a certain blow to the market. In the short term, there is still a considerable downward momentum in the cryptocurrency market.

Overall, the market index has experienced a continuous downward trend since the opening this week, with some mainstream cryptocurrencies even dropping by 30% within the week. However, as we entered the mid-week period, a few mainstream cryptocurrencies showed a slight recovery, primarily influenced by news. Nonetheless, this momentum did not sustain. As we approach the end of the week, the market overall still presents a trend mainly characterized by short-term declines, with the possibility of further decreases ahead.

This week, the price of BTC has declined and is currently near the key price support level of $81,500. If it falls below the current price range, there is a high probability of further declines, and there is a certain chance it could drop below the $80,000 level this week.

The price trend of ETH over the past week is similar to that of BTC, currently showing a short-term downward trend. The weekly price high is around 1941 USD, and it has now entered the weekly low price range, reaching around 1760 USD, with an overall price decline that is relatively larger compared to BTC.

This week, the price trends of various key mainstream cryptocurrencies are generally downward. Currently, the overall market capitalization of the crypto market has significantly decreased compared to the same period last week, reaching around $2.6 trillion, with a decline of about 5.3% within the last 24 hours. The current price of BTC is around $81,700. The current price of ETH is maintained around $1,760.

This week, the overall cryptocurrency market is in a fluctuating downward channel, with most mainstream coins showing a declining trend. A few coins have seen price increases, but the extent is generally small. The coin with the highest increase this week is EOS, which has risen by about 43% over the week. This is mainly due to the fact that it is a blockchain platform coin that has recently promoted brand revitalization and staking incentive measures, causing the coin's price to surge in the short term.

The overall cryptocurrency market will continue its volatile trend this weekend, with short-term fluctuations being the mainstream trend. The rise and fall of major coins will depend on whether leading coins show signs of a corrective decline.

Cryptocurrency Market

🔥According to Samaa, Inky Cho, a financial market strategist at Exness, stated that the recent decline in the cryptocurrency market may be related to the panic selling triggered by the transfer of BTC for debt repayment from Mt.Gox, while Trump's comments about the impending economic recession have impacted the stock and cryptocurrency markets.

🔥According to News.bitcoin, in the 89 days since the beginning of 2025, the total value of the cryptocurrency sector has shrunk by over $600 billion, from about $3.27 trillion to around $2.6 trillion.

🔥According to Cointelegraph, the trading volume of the top ten stablecoins has dropped to a quarter of the levels seen during the bull market cycle in December last year. Analysts believe that trader fatigue, regulatory uncertainty, and Bitcoin supply hitting a 7-year low are key factors.

🔥 The economist Peter Schiff, who is not friendly towards cryptocurrencies, posted on the X platform that the price of gold has once again reached a historic high, exceeding $3,080 per ounce. Meanwhile, millions of young Americans are letting this "high-speed train" pass by them, turning their attention to Bitcoin.

🔥Analyst Adam from Greeks.live stated that group members generally hold a cautious to bearish attitude. Traders are focusing on selling put options at the $81,000 level as a potential bottom. Currently, Bitcoin is experiencing a negative funding rate, while the volatility indicator DVOL has surged, reflecting increased market uncertainty.

🔥According to a report by Cryptoslate, a recent study by the research firm Decentralised indicates that with the surge in the number of tokens, new capital inflows have stagnated, leading to funding shortages for many crypto projects.

🔥 Crypto analyst Ali Martinez posted a chart analysis on the X platform stating that the BTC seller ratio has dropped to 0.086%. A seller ratio below 0.1% over the past two years has typically indicated a significant price rebound.

🔥According to Korean media SBS, as of the end of February this year, the total number of users of virtual asset exchanges in South Korea has exceeded 16 million, reaching 16.29 million, which accounts for about 32% of the total population of the country (approximately 51.68 million).

🔥According to TheBlock, on November 5, after the U.S. elections, the daily trading volume of cryptocurrencies surged to $126 billion amidst a backdrop of heightened market enthusiasm and active speculation. It has now fallen to $35 billion, a decrease of about 70% compared to the peak, returning to pre-election levels. Recent announcements of tariffs against major U.S. trading partners have created uncertainty, dampening trading enthusiasm in both traditional and cryptocurrency markets.

🔥According to Cointelegraph, David Pakman, managing partner at CoinFund, stated that the global supply of stablecoins could surge from its current scale of approximately $225 billion to $1 trillion, potentially becoming a key catalyst for the growth of the cryptocurrency market.

🔥According to Benzinga, Matt Mena, a cryptocurrency research strategist at 21Shares, stated that U.S. stocks are experiencing volatility amid macro uncertainty, while BTC has shown resilience and is defending the support area of $84,000-$85,000. Nic Puckrin, founder of The Coin Bureau, pointed out that the PCE data to be released this Friday may lead the Federal Reserve to delay its recent interest rate cut plans, and Bitcoin is not expected to return to its historical highs before the Fed cuts rates again.

🔥According to CoinDesk, Elliot Chun, a partner at Architect Partners, wrote in a market observation report: "Considering various strategic layouts, it is predicted that by 2030, 25% of companies in the S&P 500 index will include Bitcoin as a long-term asset on their balance sheets."

🔥According to Decrypt, on March 30, at a town hall meeting hosted by Elon Musk's "America PAC" in Green Bay, Wisconsin, Musk distinguished the Department of Efficiency (D.O.G.E.) from the Dogecoin cryptocurrency.

🔥According to Beincrypto, Larry Fink, the CEO of BlackRock, claimed in a recent letter that Bitcoin and cryptocurrencies could undermine the international status of the US dollar. If investors view Bitcoin as a hedge against dollar inflation, this could lead to serious problems.

🔥According to an analysis by 10x Research, Bitcoin's rebound over the past three weeks has been hampered by higher-than-expected core PCE data. The data indicates rising inflation, partly driven by Trump's tariff policies, which have weakened consumer confidence.

🔥According to The Block, Miller Whitehouse-Levine, a long-time supporter of cryptocurrencies, is launching his next venture in Washington, D.C. – the establishment of the Solana Policy Institute, aimed at educating lawmakers and regulators to think "beyond Bitcoin." This nonpartisan nonprofit organization officially debuted on Monday as digital assets are garnering attention from lawmakers and related legislative work is rapidly advancing, covering various aspects from stablecoins to market structure.

🔥According to a report by Reuters, when World Liberty Financial raised over $500 million, industry experts pointed out that, due to governance terms favorable to insiders, former U.S. President Donald Trump's family gained control of the crypto company and seized most of the funds.

🔥Forbes released the 39th annual global billionaire list, which has seen the number of billionaires worldwide exceed 3,000 for the first time, reaching 3,028 individuals, with a total wealth of $16.1 trillion, an increase of $2 trillion compared to last year. The list shows that 15 billionaires have a fortune exceeding $100 billion, with Elon Musk reclaiming the title of the world's richest person with $342 billion, followed by Mark Zuckerberg ($216 billion) and Jeff Bezos ($215 billion). Additionally, there are 16 billionaires from the cryptocurrency sector on the list, with a total wealth exceeding $164 billion, and an average fortune of $6.8 billion.

🔥According to monitoring information from ElonAlertsX, Musk has just followed the account of Wang Chun, co-founder of F2Pool, on the X platform. Previously, it was reported that Wang Chun, co-founder of F2Pool, will lead a four-day SpaceX orbital flight.

🔥According to the announcement from the Hong Kong Stock Exchange, the Hong Kong listed company Zhongze Feng has released its annual performance announcement for 2024, which discloses that its subsidiary Atlantic Asset Management Limited has been approved by the Hong Kong Securities and Futures Commission to allow Zhongze Feng's managed funds to invest no more than 10% of the assets under management (AUM) in virtual assets. In addition, the announcement also reveals that in the coming year, Zhongze Feng's funds will focus on global stocks, futures, and options, covering areas including indices and cryptocurrencies.

🔥Japanese listed company Metaplanet announced an investment of 1.998 billion yen (approximately 13.34 million USD) to increase its holdings by 160 bitcoins, bringing its total bitcoin holdings to 4,206 BTC.

🔥According to Bloomberg, Elon Musk's X platform is urging the U.S. Supreme Court to protect the company from subpoenas issued by federal law enforcement agencies without reasonable suspicion, in order to avoid being forced to disclose sensitive user financial data.

🔥According to DL News, global asset management giant BlackRock has received approval from the UK's Financial Conduct Authority (FCA) to officially become a registered crypto asset company.

🔥VANECK has registered the VANECK BNB ETF in Delaware, indicating that the company may launch BNB-based investment products in the United States.

🔥According to Decrypt, JPMorgan stated in a report on Tuesday that Bitcoin miners continue to face challenges, as 14 publicly listed mining companies experienced their worst month on record in March.

🔥According to CoinDesk, Grayscale's research director Zach Pandl stated that the impact of tariffs on cryptocurrencies may have already been "priced in", and the worst-case scenario may be behind us.

🔥Layer1 blockchain Shardeum officially announced that its global first EVM-based auto-scaling blockchain mainnet will officially launch on April 15, 2025. According to previous news, Shardeum has launched an airdrop event before the mainnet launch, and airdrop registration is now online.

🔥According to Cointelegraph, the main source of income from the Layer2 expansion chain on the Ethereum network—"Blob fees"—has fallen to its lowest weekly level this year.

🔥RootData shows that the total funding amount for the crypto market in March 2025 is $2.883 billion, an increase of 153% compared to $1.139 billion in March 2024, and a growth of 198% compared to $967 million in February 2025. In addition, the number of funding rounds in March 2025 was 74, a decrease of 28.8% from 104 in February. In terms of total funding amount by sector, the top three sectors are Other Categories, CeFi, and DeFi.

🔥According to The Block, video game retailer GameStop announced on Tuesday that it will raise $1.5 billion through a private placement of convertible bonds and plans to use the proceeds to purchase Bitcoin.

🔥The AI infrastructure protocol Cambrian Network has announced the completion of a $5.9 million seed round financing led by a16z Crypto Startup Accelerator (CSX), with participation from BB Fund.

🔥According to a report by Bloomberg, after U.S. President Trump imposed tariffs on global American trading partners, the prices of Bitcoin and other major cryptocurrencies fell, triggering a plunge in risk assets.

🔥According to CoinDesk, the Chicago Mercantile Exchange Group (CME) had an average daily trading volume of 198,000 contracts in cryptocurrency derivatives in the first quarter of 2025, with a notional value of $11.3 billion, setting a record high.

🔥Suji Yan, the founder of Mask Network, stated on the X platform: "The team has noticed the recent sudden drop in MASK prices and is working to obtain more information/details. A solution will be announced within 1-2 days."

🔥According to The Block, Standard Chartered Bank has begun covering the Layer 1 blockchain Avalanche and expects that the network's native token AVAX will rise from the current approximately $20 to over $250 by the end of 2029.

🔥According to The Block, the token issuance platform CoinList has announced its return to the U.S. market for the first time since 2019, hosting a token sale for the team behind the DoubleZero protocol, the DoubleZero Foundation. The token, named 2Z, will be open to qualified U.S. investors—marking the first time in five years that CoinList has allowed U.S. investors to participate in its token sales.

🔥According to CoinDesk, the UK subsidiary of digital asset financial services company Galaxy Digital has announced that its application for a derivatives trading license with the UK Financial Conduct Authority (FCA) has been officially approved.

🔥Bitcoin developer Ruben Somsen posted on the X platform that the email list of the Bitcoin development group BitcoinDev has been "permanently removed" by Google. Ruben previously stated: "To my knowledge, no inappropriate content has been published."

🔥According to CoinDesk, Fidelity has officially launched a no-fee crypto IRA retirement account, allowing users over 18 in the U.S. to invest in Bitcoin, Ethereum, and Litecoin through this program. The assets are custodied by Fidelity and stored in cold wallets. This product supports Roth, traditional, and rollover IRAs, meeting the strong demand from customers for tax-advantaged crypto investment channels.

Regulation & Macroeconomic Policy

🔥According to Cryptoslate, Panama has announced a comprehensive bill aimed at regulating cryptocurrency and promoting the development of blockchain services.

🔥According to Decrypt, the Federal Deposit Insurance Corporation (FDIC) announced that banks can engage in cryptocurrency and other legally permitted activities without prior approval from regulators, as long as they can appropriately manage risks. This policy change rescinds a requirement from 2022 that mandated FDIC-regulated entities to notify the agency before engaging in crypto-related activities. Under the new guidelines, banks can offer services involving digital assets without prior permission from the agency.

🔥According to the Hong Kong Wen Wei Po, the Vice President of the Hong Kong Monetary Authority, Chen Weimin, stated that a regulatory framework for the issuance of stablecoins is being established to lay the foundation for the development of the cryptocurrency ecosystem. Hong Kong is making good progress in the development of stablecoins, with related legislation currently being reviewed by the Legislative Council, and it is hoped that it will be passed in the coming months.

🔥According to crypto journalist Eleanor Terrett, Brian Quintenz, the nominee for chairman of the U.S. Commodity Futures Trading Commission (CFTC), has begun discussions with senators on Capitol Hill to prepare for his nomination hearing. Today, he met with Chuck Grassley, a Republican senator from Iowa and a member of the Senate Agriculture Committee, to discuss CFTC matters, including the regulation of the cryptocurrency spot market.

🔥According to Bitcoin.com, SEC Commissioner Hester Peirce called on Congress to simplify cryptocurrency regulation and reduce regulatory confusion at the 8th Blockchain Summit of the Digital Chamber in Washington, D.C. on March 26.

🔥According to crypto journalist Eleanor Terrett, Bryan Steil, the chairman of the U.S. House Digital Assets Subcommittee, revealed that after Wednesday's deliberations, the House's STABLE Act (Stablecoin Transparency and Accountability to Support the Better Ledger Economy Act) will "align well with the Senate's GENIUS Act (Guiding and Establishing the National Innovation for Stablecoins Act)." This alignment was achieved after several rounds of "draft revisions" in both the House and Senate, with technical assistance from the SEC and CFTC.

🔥According to CoinDesk, the Brazilian National Monetary Council (CMN) issued resolution 5.202/2025, prohibiting Entidades Fechadas de Previdência Complementar (EFPCs) and other closed pension funds from investing their guaranteed reserves in Bitcoin (BTC) or other crypto assets, citing that cryptocurrencies are considered too high-risk.

🔥According to Bitcoin.com, Nigeria's President Bola Ahmed Tinubu recently signed the Investment and Securities Act (ISA) 2025, which effectively ends the uncertainty surrounding the status of cryptocurrencies. The new legislation essentially repeals the Investment and Securities Act No. 29 of 2007. This revised securities law "officially" classifies cryptocurrencies as an asset class.

🔥According to reports from People's Financial News, on April 2, Li Chunlin, Deputy Director of the National Development and Reform Commission, stated at a State Council Information Office press conference that in strengthening technical support and guarantee, the National Development and Reform Commission has already applied new technologies such as privacy computing to the shared application of credit information, reducing the risk of information leakage. At the same time, it will explore the use of blockchain technology to promote the "on-chain" of key data, realizing data encryption processing and process plasticity.

🔥According to Bitcoin Magazine, Texas House Bill 4258 (H.B. 4258) has been submitted today for review by the Government Efficiency and Accountability Committee. The bill authorizes the state auditor to utilize up to $250 million in funds to invest in Bitcoin, and also authorizes municipalities or counties to invest up to $10 million of their own funds or funds under their control in Bitcoin and/or other cryptocurrencies.

🔥According to the "2025 U.S. Cryptocurrency Holders Report" released by The Harris Poll on behalf of the National Cryptocurrency Association (NCA), approximately 21% of adults in the U.S. (about 55 million people) own cryptocurrency, with 76% stating that crypto assets have a positive impact on their lives.

Highlights of the Cryptocurrency Market

⭐️In the past week, the overall cryptocurrency market has shown a downward trend, closely following the decline of the US stock market, with a significant overall drop for the week. In the past week, mainstream currencies have mainly experienced a broad decline, with only a small number of currencies showing upward performance. Currently, the market is still in a state of downward fluctuation, and a significant market volatility is expected in the future.

⭐️This week, the EOS cryptocurrency has seen the highest increase among mainstream coins, reaching approximately 43%. This is mainly due to recent efforts in brand revitalization and various forms of staking incentives on the platform. The community has shown significant enthusiasm, collectively driving a noticeable upward trend for this coin, making it one of the few mainstream coins to achieve a substantial increase within a week. Currently, the EOS price is hovering around $0.82, with a weekly high of $0.85. It is currently in a state of short-term volatility, with slight price corrections.

Bitcoin & Ethereum Weekly Performance

( Bitcoin )BTC( ![])https://img.gateio.im/social/moments-bb18ccd1aa9d4e919205ee91f46ebdc2### ( Data source: TradingView )

This week, the price of BTC showed a short-term fluctuating trend after the opening, maintaining continuous volatility within a small range, overall entering a state of slight increase. However, a subsequent plunge occurred, with the price quickly dropping from a high of 88,000 USD to around 82,000 USD. As the US stock market experienced a rapid decline this week, the cryptocurrency market continued to follow suit. The price of BTC mainly demonstrated a defense of its support level this week, and it is expected that the price of BTC will continue to follow the overall market trend, with the possibility of a further decline.

( Ethereum )ETH( ![])https://img.gateio.im/social/moments-9861f7bde214c54d205afea1545c193f### ( Data Source: TradingView )

ETH's price trend this week has been consistent with BTC, but the decline has been greater compared to BTC, followed by a further drop. The price of ETH reached a high of $1950 within the week, but subsequently showed a rapid decline during the day. Currently, the price of ETH is fluctuating around $1750-$1800, with the price at around $1780. It is expected that there will be a new round of price fluctuations over the weekend, with a possibility of a slight decline again.

Web3 Project Trends

This week, the total market value of seven categories of projects has fallen across the board, with most sectors experiencing significant declines. The overall market has been notably influenced by the drop in U.S. stocks, leading to a clear downward trend. Recently, the market has been largely affected by external factors, and it is expected that a new wave of market fluctuations will occur by the end of the week.

| Project Category | Weekly Change | Top Three Tokens by Weekly Increase | Overview | | ------------ | ------------ | ------------ | ------------ | | Layer 1 | -6.8%| SPR, ACG, CUDOS | The market capitalization of the Layer 1 sector has declined significantly this week, with the leading coins maintaining a growth rate of over 20%. Overall, most projects performed poorly this week. | Layer 2 | -20.0% |DELAY,EPII,MINT|The Layer 2 sector saw a significant decline this week, primarily with widespread drops across the board, and the gains of leading rising coins were very limited.| | DeFi | -11.9% | AX,DEPAY,SQT | The DeFi sector had a certain decline in market value this week, with the gains of leading cryptocurrencies being distributed relatively evenly. Overall, the market performance is not good. | NFT | -19.5% | MSTR,METADOGE,PONCH | The total market value of NFTs has seen a significant decline this week, with the rise in leading coins being very unevenly distributed, primarily concentrated in a few coins, while the majority of other coins are mainly down. | MEME | -19.7% | MINDS,METADOGE,GME| The MEME coin sector saw a significant decline this week, but the top rising coins still performed relatively well, although the upward momentum is mainly concentrated on a few coins, with most coins primarily showing a downward trend.| | Liquid Staking | -12.1% | MSTR,LAY3R,LBR | This sector experienced a certain decline this week, with all currencies basically showing a downward trend except for MSTR.| | AI | -19.9% | MINDS,ARCX,SENT | The AI sector saw a significant decline this week, with the leading rising cryptocurrencies experiencing gains concentrated in a few coins, while the overall sector was heavily impacted by the market downturn.

Author: Charles T., Gate.io researcher *This article only represents the author's views and does not constitute any trading advice. Investment carries risks, and decisions should be made with caution. *The content of this article is original and copyright belongs to Gate.io. If reprinting is needed, please indicate the author and source; otherwise, legal responsibility will be pursued.