Abstract

• BTC price dropped 2.92% to 80,226, while ETH price fell 9.62% to 1,867.95 USD.
• The crypto market evaporated at $1.3 trillion, marking the largest quarterly pullback in history.
• The market cap of stablecoins rose to $227.17 billion, reaching an all-time high.
• Thailand’s SEC approved compliant trading of USDT, a key step forward in digital asset regulation.
• Movement submitted a MOVE ETF application, with the Mainnet Beta launch driving ecosystem growth.
• The SEC shifted to a crypto-friendly stance and may withdraw exchange registration requirements.

Market Analysis

• BTC - BTC price dropped 2.92% in the past 24 hours, currently at 80,226 USD. BTC’s overall trend is near the lower boundary of the downward channel. After a brief rebound near the previous support level at 78,200, it continued to decline, with overall trading volume decreasing compared to before. The blue MACD line is currently at -815.9, slightly below the signal line, indicating that bearish momentum remains dominant, suggesting a continued downtrend ahead. [1] Additionally, according to Coinglass data, BTC contracts saw a total liquidation of $315 million in the past 24 hours, with total market liquidations reaching $940 million, primarily long positions being liquidated. [2]

• ETH - ETH price fell 9.62% in the past 24 hours, currently at 1,867.95 USD. ETH has broken downward from the triangular convergence pattern, officially forming a downtrend channel. Trading volume has slightly increased compared to before, with the decline trend being stronger than BTC. If the price drops further, the 1,750-1,800 USD range could act as a key support zone for bulls; otherwise, a break below this level may test the 1,600 USD mark. Based on market sentiment and trading volume, ETH remains weak, with significant short-term rebound pressure. Investors are advised to monitor changes in market trading volume and BTC’s correlation. [3]

ETF - According to SoSoValue data, on March 10, U.S. spot Bitcoin ETFs had a total net outflow of $278 million [4], while U.S. spot Ethereum ETFs saw a total net outflow of $34 million. [5] Data as of March 11, 13:30 PM (UTC+8).

Altcoins - Recently, altcoins have shown overall weakness, with most sectors experiencing declines over the past 24 hours. There is no significant sign of capital inflows, indicating that overall investor sentiment remains cautious. In the short term, altcoins are still facing selling pressure. [6]

U.S. stock market - On March 10, the S&P 500 index fell 2.70%, the Dow Jones index dropped 2.08%, and the Nasdaq index declined 4.00%, with the Nasdaq 100 recording its largest drop since 2022. [7]

Spot gold - Spot gold prices reached $2,896 per ounce, rising 0.26% intraday. Data as of March 11, 12:00 PM (UTC+8). [8]

Fear & Greed Index - The Fear & Greed Index is at 24, indicating the market is in an extreme fear state. [9]

Top Performers

According to Gate.io market data[10], based on trading volume and price performance over the past 24 hours, the top-performing altcoins are as follows:

RARE (SuperRare) - Daily increase of approximately 83.71%, with a circulating market cap of $96.74 million.

SuperRare is a high-end digital art marketplace built on Ethereum, specializing in unique, limited-edition NFT (non-fungible token) artworks. Creators can mint one-of-a-kind digital artworks on the Ethereum blockchain and tokenize them. Holders of RARE tokens can participate in the governance of the SuperRare DAO, influencing the platform’s development direction and strategy.

Additionally, on March 4, SuperRare released its 2025 outlook, announcing plans to introduce a staking feature. This news further fueled market sentiment, driving the price surge. [11]

MYTH (Mythos) - Daily increase of approximately 19.39%, with a circulating market cap of $119 million.

Mythos (MYTH) is a project aimed at democratizing the gaming world by supporting a multi-chain ecosystem, unified marketplaces, decentralized financial systems, decentralized governance mechanisms, and multi-token gaming economies. The MYTH token serves as the core of this ecosystem, used not only for governance voting and proposal submissions but also as the primary currency in the Mythical Games NFT marketplace.

Today, Mythos officially announced the launch of its staking program, which includes an incentive plan distributing 50 million MYTH over 12 months through the delegated proof-of-stake (DPoS) system on Polkadot. This announcement attracted more investors to trade the token, pushing its price higher. [12]

SAROS (Saros) - Daily increase of approximately 4.77%, with a circulating market cap of $61.37 million.

Saros is an application designed to redefine the Web3 experience on Solana. Initially launched on a DEX, it is now strategically evolving into a comprehensive product aimed at providing users with a fully integrated mobile consumer application, along with a suite of features in the Solana ecosystem, including ID, DePIN, and payments.

Over the past two weeks, the Saros platform has launched multiple new contracts, driving ecosystem expansion, boosting investor confidence, and subsequently pushing up its price. [13]

Data Highlights

The Market Capitalization of Stablecoins Rises to $227.17 Billion, Reaching an All-Time High

According to DefiLlama data, the total market capitalization of stablecoins is approximately $227.17 billion, setting a new historical record. This growth may be driven by multiple factors, including increased liquidity in the crypto market, rising institutional adoption, and growing investor demand for safe-haven assets. [14]

Recently, the prices of major crypto assets such as BTC and ETH have experienced significant volatility, leading to heightened risk aversion in the market. A shift of funds from highly volatile crypto assets to stablecoins may be one of the key reasons behind the market cap increase. Historical data shows that during major crypto market corrections, demand for stablecoins tends to rise, as investors prefer to temporarily hold assets like USDT and USDC to hedge against market risks. Additionally, institutional and exchange settlement needs may have also contributed to the increase in stablecoin supply.

Although the market has shown a clear downward trend recently, the rising stablecoin market cap suggests that crypto investors are not directly exiting the market. Instead, they are holding stablecoins to mitigate market volatility while waiting for more attractive investment opportunities.

The Crypto Market Evaporates $1.3 Trillion, Marking the Largest Quarterly Pullback in History

Since reaching an all-time high of $3.9 trillion on December 16, 2024, the cryptocurrency market has lost $1.3 trillion in value, dropping to $2.6 trillion—a decline of nearly 33%. The current total market capitalization has fallen to its lowest level since November 6, 2024, marking the largest quarterly pullback in crypto market history. [15]

This correction is likely influenced by factors such as macroeconomic conditions, deleveraging, institutional capital reassessment, and decreased on-chain activity. In the short term, the market continues to face challenges related to liquidity shortages and cautious investor sentiment. However, potential catalysts for a future market rebound include the Bitcoin halving, adjustments in Federal Reserve policy, and long-term institutional allocations.

Market participants should closely monitor on-chain liquidity, stablecoin holdings, and ETF fund flows to assess when the market may recover.

Anzen Finance Protocol TVL Surpasses $112 Million, Reaching an All-Time High

Anzen Finance protocol’s total value locked (TVL) has surpassed $112 million, marking a 10.45% increase in the past 24 hours and setting a new all-time high. Anzen Finance is a decentralized lending platform designed to enhance stability in the DeFi sector and expand the use cases of stablecoins. Users can lend assets on the platform to earn yields backed by real-world assets (RWA). Loans are secured by safe, tangible, and value-appreciating assets, providing lenders with predictable income streams linked to RWA performance.

Recently, with the advancement of U.S. cryptocurrency regulations and the European Union’s MiCA framework, the concept of RWAfi (real-world asset tokenization in DeFi) has been gaining traction. The surge in popularity of Plume within this sector has drawn increased attention to Anzen Finance, driving its TVL growth. This rise reflects the accelerating institutional demand for yield-bearing assets at the intersection of RWA and DeFi. [16]

Spotlight Analysis

Thailand SEC Approves USDT for Regulated Trading, Marking a Key Step in Digital Asset Regulation

The Thai Securities and Exchange Commission (SEC) has officially approved USDT (Tether) as a compliant cryptocurrency, with the policy set to take effect on March 16, 2025. This decision legalizes USDT trading within Thailand and paves the way for its listing on regulated exchanges. It also removes barriers for merchants to accept USDT as a payment method, further strengthening Thailand’s position as a regional leader in digital asset innovation.

The regulatory update aims to enhance flexibility in digital asset operations, provide investors with more options, and drive the industry toward greater resilience and dynamism. By facilitating the seamless integration of USDT into Thailand’s financial system, this decision not only supports the diversification and modernization of the country’s financial infrastructure but also marks a significant step in establishing a robust digital asset regulatory framework. This move signals a pivotal moment in the development of the digital asset market in the region. [17]

Movement Submits MOVE ETF Application, Mainnet Beta Launch Drives Ecosystem Growth

The Movement Foundation has announced that REX-Osprey™ has submitted an application for a MOVE ETF. REX-Osprey™ is a fund series jointly launched by REX Shares and Osprey Funds, designed to offer investors innovative exchange-traded products (ETPs). If approved, this ETF would become the first fund providing exposure to Movement assets through traditional financial channels. This initiative lowers the investment barrier, allowing investors to access Movement via brokerage accounts and retirement investment vehicles without the complexities of directly managing tokens, thereby attracting more traditional capital into the ecosystem.

At the same time, the Movement public mainnet Beta has officially launched, achieving a total locked value (TVL) of $250 million at launch through the Cornucopia program. This not only showcases the project’s technological maturity and real-world utility, but also bolsters market confidence with its high TVL, laying a solid foundation for ecosystem growth. With the ETF application progressing, the mainnet Beta release, and accelerating capital inflows, the Movement ecosystem is poised for broader adoption and increased market competitiveness. [18]

SEC Shifts to a Crypto-Friendly Stance, May Withdraw Exchange Registration Requirement

SEC Acting Chairman Mark Uyeda recently stated that he has instructed staff to explore withdrawing the proposal requiring crypto firms to register as exchanges. He noted that the public response to expanding the definition of “exchange” to include the crypto sector has been intense, with many negative comments arguing that linking U.S. Treasury market regulation with crypto market oversight is a mistake. The rule was initially proposed in 2020 by former SEC Chairman Jay Clayton, primarily targeting participants in the U.S. Treasury market. However, under Gary Gensler’s leadership, the SEC significantly expanded the rule to include crypto firms under exchange regulations, sparking strong industry opposition.

Since Gensler’s resignation, the SEC’s stance on the crypto industry has noticeably softened. In addition to dropping lawsuits against multiple crypto firms, the SEC has also established a dedicated task force led by crypto-friendly Commissioner Hester Peirce to develop a more reasonable regulatory framework for digital assets. This marks a significant shift in U.S. regulatory policy toward a more favorable approach for the crypto sector. [19]

Funding News

According to RootData, one project publicly announced its funding in the past 24 hours, with the amount undisclosed, involving the DeFi sector. The details are as follows: [20]

Harmonix Finance - Harmonix Finance announced the completion of a funding round, with Skyland Ventures as the lead investor.

Harmonix Finance is an emerging decentralized finance (DeFi) platform focused on risk management and yield optimization. Its core technology is based on an automated delta-neutral strategy vault system, which uses hedging strategies to minimize the impact of market volatility on investment portfolios. Users can deposit stablecoins like USDC and leverage the system to optimize returns across multiple yield sources.

Harmonix Finance employs an automated vault strategy that integrates traditional financial hedge fund techniques, including options rolling and delta-neutral strategies, aiming to achieve maximum returns with minimal risk. This innovative model is expected to attract investors seeking stable returns and contribute to the further development of the DeFi sector.

Airdrop Opportunities

XOOB

XOOB is a GameFi platform based on Telegram, centered around a space-themed mining experience. Players can earn XOOB tokens by completing tasks and participating in mini-games. This mining event not only provides a gamified approach to mining but also offers users potential airdrop opportunities.

The XOOB mining event represents a potential airdrop opportunity, allowing participants to compete for a share of 100 million XOOB tokens over 90 days. The mining event is structured around a planetary exploration system, with new blocks generated every 10 seconds for users to mine. The event is expected to run until April 2025, after which all mined XOOB tokens will be distributed to participants. [21]

How to Participate:

1. Access the XOOB Telegram application [22]
2. Set up an account and join the game
3. Earn as many XOOB tokens as possible

Note:
The airdrop plan and participation methods may be updated at any time. Users are advised to follow XOOB’s official channels for the latest information. Additionally, participants should exercise caution, be aware of potential risks, and conduct thorough research before joining. Gate.io does not guarantee the distribution of future airdrop rewards.


References:

1. Gate.io,https://www.gate.io/trade/BTC_USDT
2. Coinglass,https://www.coinglass.com/LiquidationData
3. Gate.io,https://www.gate.io/trade/ETH_USDT
4. Sosovalue,https://sosovalue.com/assets/etf/us-btc-spot
5. Sosovalue,https://sosovalue.com/assets/etf/us-eth-spot
6. CoinGecko,https://www.coingecko.com/en/categories
7. Investing,https://investing.com/indices/usa-indices
8. Investing,https://www.investing.com/currencies/xau-usd
9. Gate.io,https://www.gate.io/bigdata
10. Gate.io,https://www.gate.io/price
11. X,https://x.com/SuperRare/status/1896684310549483718
12. X,https://x.com/EnterTheMythos/status/1899169553944658293
13. X,https://x.com/saros_xyz
14. DefiLlama,https://defillama.com/stablecoins
15. CoinGecko,https://www.coingecko.com/en/global-charts
16. DefiLlama,https://defillama.com/protocol/anzen-finance
17. Tether,https://tether.io/news/thailands-regulator-recognizes-tethers-usdt-as-an-approved-cryptocurrency-in-major-step-for-digital-assets/
18. SEC,https://www.sec.gov/Archives/edgar/data/1771146/000199937125002521/rexosprey-485apos_031025.htm#ospreymove485aposa001
19. SEC,https://www.sec.gov/newsroom/speeches-statements/uyeda-remarks-institute-international-bankers-031025
20. Rootdata,https://www.rootdata.com/Fundraising
21. X,https://x.com/XoobGames/status/1884656315856814491
22. XOOB,t.me/xoobgames_bot

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