Abstract

• The price of Bitcoin dropped by 6.31% to 80,270.7 USDT, while Ethereum’s price fell by 9.78% to 2,106 USDT.
• Due to a hacker money-laundering incident, THORChain’s trading volume surged to $860 million.
• CoW Swap’s market share soared to 26%, challenging 1inch’s dominance as a DEX aggregator.
• A hacker laundered 50% of stolen ETH via THORChain.
• MetaMask released an updated roadmap, supporting Bitcoin and Solana, and introducing smart contract accounts.
• Jupiter has partnered with Bubblemaps to enhance transparency and reshape the DeFi ecosystem.
• The number of active addresses on the Solana network decreased to 3.28 million.

Market Analysis

• BTC - The price of BTC has dropped by 6.31% in the past 24 hours, currently priced at 80,270.7 USDT. BTC experienced a significant drop today, breaking through the support level of 80,000 USDT and finding short-term support around 79,500 USDT. The moving averages are in a bearish alignment, and overall market sentiment is becoming increasingly bearish. [1]

• ETH - The price of ETH has dropped by 9.78% in the past 24 hours, currently priced at 2,106 USDT. ETH has been in a downward trend within an hourly channel, failing multiple times to break the resistance around 2,380 USDT. The moving averages are also in a bearish alignment, showing a downward trend, which indicates a bearish market sentiment in the short term. The MACD indicator is in the negative zone, with no signs of a rebound, and the market remains weak. [2]

• ETF - According to SoSoValue data, on February 27, the total net outflow from U.S. Bitcoin spot ETFs was $275 million[3], while the total net outflow from U.S. Ethereum spot ETFs was $71.08 million. The data is as of 14:00 PM (UTC+8) on February 28[4].
• Altcoins - Recently, altcoins have been showing overall weak performance, with the market experiencing a general pullback. In the past 24 hours, most sectors have seen declines, and there are no clear signs of capital inflow, indicating that overall investor sentiment remains cautious. Altcoins are still under pressure in the short term[5].
• U.S. Stock Indices - On February 27, the S&P 500 index fell by 1.59%, the Dow Jones index decreased by 0.45%, and the Nasdaq index dropped by 2.78%[6].
• Spot Gold - The price of spot gold is at $2,869.27 per ounce, with a 0.27% decrease on the day. The data is as of 12:00 PM (UTC+8) on February 28[7].
• Fear and Greed Index - The Fear and Greed Index stands at 16, suggesting that the market is still in a state of extreme fear[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:

VON (Vameon) - The price increased by approximately 52.42% in a single day, with a circulating market cap of $49.97 million.
Vameon is an AI Play-to-Earn metaverse platform based on BNB Chain, with its core game named dEmpire of Vampire, a dark fantasy-style mobile game focused on action RPG and PVP gameplay. It offers players an instant, engaging gaming experience, where players can earn VON tokens by participating in the game[10].

The recent surge in VON’s price is largely due to several incentives being gradually rolled out within the Vameon ecosystem. Firstly, VON holders enjoy free VIP club membership with exclusive benefits. Secondly, players holding VON tokens receive a 30% discount when purchasing NFT-Earn assets. In addition, VON tokens support staking, offering investors high passive income. With the introduction of new features such as quarterly reward distributions and in-game purchase discounts, the utility of VON has further increased, driving market demand and boosting its value.

SHELL (MyShell) - The price increased by approximately 17.9% in a single day, with a circulating market cap of $165 million.
MyShell is a decentralized AI platform designed to connect consumers, AI agent creators, and open-source researchers, facilitating the creation, sharing, and monetization of AI agents. Its native token, SHELL, is used within the platform for payments, rewards, governance, and other purposes[11].

The recent price increase of SHELL is mainly attributed to the positive market reaction following its listing on a well-known centralized exchange (CEX). This listing event sparked investor interest, and the token will also participate in a CEX HODLer airdrop event, further increasing its market visibility and driving the price of SHELL upwards.

CKB (Nervos) - The price increased by approximately 12.78% in a single day, with a circulating market cap of $338 million.
Nervos Network is an open-source public blockchain ecosystem aiming to create a decentralized crypto-economic network where users can access a variety of provably secure blockchain services and functionalities. The platform supports developers in creating decentralized applications (dApps) that can run on multiple blockchain systems, enhancing cross-chain interoperability and scalability[12].

The recent rise in CKB’s price may be linked to the continuous development and improvements of the Nervos Network. Specifically, the release of Nervos Docs v2.15.0, which enhanced scalability, developer experience, and Layer 2 solutions, has driven increased demand for CKB. Along with the ecosystem’s expansion and improved market sentiment, these factors have contributed to the significant price increase of CKB. Moving forward, CKB’s long-term growth will depend on the continued development of its ecosystem and ongoing technological innovations.

Data Highlights

Solana Network Active Addresses Drop to 3.28 Million

According to data from The Block, the number of active addresses on the Solana network has dropped to 3.28 million, down 50.5% from the peak of 6.63 million in November of last year. The number of active addresses on the Solana network saw a significant increase between November and early December 2024, but then experienced a continued fluctuation and downward trend, with a notable decline in February 2025[13].

The overall downturn in the crypto market has led to a decline in activity across the board, and Solana network’s activity has been directly impacted. Despite this, Solana has demonstrated strong user attraction in recent months, and with a potential market recovery and ongoing ecosystem development, the network could see a resurgence in activity.

THORChain’s Trading Volume Surges to $860 Million Due to Hacker Money Laundering Incident

THORChain’s trading volume saw a significant surge starting on February 22, reaching up to $860 million, compared to its usual daily trading volume of about $70 million. At the same time, the platform’s daily income surged from around $50,000 before February 22 to $765,000. This dramatic increase in trading volume is closely tied to a hacking incident involving Bybit, where hackers used THORChain as a money laundering channel to convert stolen ETH from Bybit into BTC, and then moved the funds further[14].

This incident highlighted potential vulnerabilities in decentralized protocols regarding compliance, security, and anti-money laundering (AML) measures. The cryptocurrency industry should strengthen security monitoring and compliance procedures, using on-chain analysis, address tracking, and cooperation with regulatory bodies to prevent hackers or other malicious actors from laundering illicit funds into the market, thus preventing decentralized finance (DeFi) from becoming a haven for criminal funds.

CoW Swap’s Market Share Soars to 26%, Challenging 1inch’s Dominance in the DEX Aggregator Space

CoW Swap reached a market share of 26% in January 2025, doubling from 12% in the same period last year, marking a strong rise in the DEX aggregator market. This growth is primarily attributed to its unique “Coincidence of Wants (CoW)” mechanism, which directly matches traders when possible, reducing reliance on liquidity pools, lowering slippage and transaction costs, and providing enhanced protection against front-running and the extraction of Maximum Extractable Value (MEV).

Meanwhile, market leader 1inch has seen its market share drop to 30%, indicating that new protocols are innovating and competing for leadership in the industry. With the return of institutional traders and large wallets, the efficiency of DEX aggregators in handling large trades has become critical. Optimizing slippage management and offering competitive pricing for large transactions will be key factors in determining the allocation of market share[15].

Overall, CoW Swap’s rapid growth and increased market share reflect traders’ strong demand for efficient trading and optimized routing solutions. As market competition intensifies, the DEX aggregator space is likely to see more innovation and change.

Spotlight Analysis

Bybit Hacker Launders 50% of Stolen ETH via THORChain

According to Spot on Chain monitoring, the Bybit hacker has successfully laundered 266,309 ETH, worth approximately $614 million, over the past five and a half days, accounting for 53.3% of the total stolen amount. The hacker primarily used THORChain to convert ETH into BTC, laundering an average of 48,420 ETH per day. At this rate, the remaining 233,086 ETH is expected to be fully converted within just 5 days.

As a decentralized cross-chain trading protocol, THORChain makes it difficult for funds to be traced or frozen, increasing the difficulty of regulatory oversight. Meanwhile, large-scale ETH sell-offs and increased BTC demand may cause significant market volatility.

In the future, regulators may intensify monitoring of THORChain and related addresses. However, due to its decentralized nature, law enforcement will still face significant challenges. The hacker may also further disperse transaction paths to avoid detection and tracking. As the laundering process nears completion, market and regulatory responses will be closely watched[16].

MetaMask Releases New Roadmap, Supporting Bitcoin and Solana, and Introducing Smart Contract Accounts

On February 28, MetaMask announced a new roadmap that plans to add support for Bitcoin (BTC) and Solana (SOL) networks, allowing users to manage multi-chain assets within a single wallet. Additionally, MetaMask will introduce Smart Contract Accounts (CA), which, compared to traditional External Owned Accounts (EOA), will support transaction recovery mechanisms, enhancing security and enabling more complex automated transactions. Furthermore, the wallet will support ERC-5792 batch transactions, reducing gas fees and improving transaction efficiency, and will launch a MetaMask debit card in the U.S., supporting crypto asset payments.

This upgrade has significant market implications. Multi-chain support strengthens MetaMask’s leadership position in the wallet market, setting it further apart from competitors like Trust Wallet and Brave. The introduction of Smart Contract Accounts could drive the development of Ethereum Account Abstraction (AA) technology, improving the user experience for Web3 applications. Additionally, the launch of the MetaMask debit card will accelerate the adoption of crypto payments, fostering the integration of cryptocurrencies into the real economy and driving up overall market adoption[17].

Jupiter Partners with Bubblemaps to Enhance Transparency and Reshape the DeFi Ecosystem

Jupiter’s Trenches platform has partnered with Bubblemaps to integrate token holder analysis features. Through this integration, users can use Bubblemaps’ interactive bubble charts on the Trenches platform to visually analyze the distribution and transfer of tokens. This helps users identify connections between token holders and detect potential market manipulation, thereby improving the transparency and accuracy of investment decisions.

The collaboration between Bubblemaps and Jupiter enables users to more intuitively analyze token holdings and fund flow paths. This is crucial for the DeFi space, as many projects have opaque token distributions that can lead to whale manipulation or insider trading. This collaboration enhances transparency within the DeFi ecosystem and may impact the trading strategies of some major holders and project teams in the short term. However, in the long run, it will contribute to the healthy development of the market and increase trust from both retail and institutional investors. For Jupiter, this is a key move to enhance its ecosystem’s competitiveness, which may attract more stable investors and further decentralize the Solana ecosystem[18].

Ripple Partners with Korean BDACS to Promote XRP and RLUSD Institutional Custody

Ripple announced a strategic partnership with South Korean digital asset company BDACS to provide institutional-grade custody services for XRP and RLUSD. According to the agreement, BDACS will leverage Ripple’s custody solutions to securely store digital assets, including XRP and RLUSD. This move aligns with the Financial Services Commission (FSC) of South Korea’s regulatory approval roadmap and aims to promote institutional investor participation in South Korea’s digital asset market.

Ripple has been committed to advancing XRP as an international payment solution, and this collaboration not only enhances XRP’s adoption in the South Korean market but also provides more robust institutional-grade custody support for XRP and RLUSD. Overall, this partnership strengthens Ripple’s influence in the South Korean market and may bring new growth momentum to its payments and stablecoin business. However, in the short term, attention will need to be given to XRP price fluctuations and market acceptance of RLUSD[19].

Funding News

According to RootData, in the past 24 hours, a total of 6 projects publicly announced they had secured funding, raising over $22 million in total, with the highest single investment reaching $12 million. These projects span areas such as infrastructure and DePIN. Below are the details of the funding:

Orochi Network - Orochi Network raised $12 million, with participation from Presto Labs, Smape Capital, and others.

Orochi Network focuses on building verifiable data infrastructure, aiming to provide efficient and secure data solutions for the blockchain ecosystem.

This funding will accelerate product development and market expansion, further solidifying Orochi Network’s position in the crypto-tech field and strengthening the development of verifiable Web3 data infrastructure. It also reflects institutional attention to decentralized data transparency and security. In the long term, if the project can successfully standardize data verification, it could have a profound impact on areas such as DeFi, NFTs, and cross-chain protocols.

Shaga - Shaga completed a $4 million funding round with participation from IOSG Ventures, Everyrealm, and others.

Shaga is a decentralized physical infrastructure network (DePIN) project within the Solana ecosystem, focused on overcoming hardware limitations to provide ultra-low latency and high-performance cloud gaming experiences, allowing global users to easily access high-quality gaming content.

The project enables ordinary users to convert idle gaming computers into network nodes, offering computational support for other players. Participants can earn token incentives while contributing hardware resources, lowering the barrier to high-performance gaming.

Finisterra - Finisterra Labs raised $3.75 million in seed funding, with investment from Haun Ventures, Lightshift, and others.

Finisterra Labs is a Web3 tech company specializing in decentralized data infrastructure. This round of funding will be used to develop the decentralized data marketplace Baselight, which aims to address issues such as data fragmentation, high access costs, and unfair profit models.

The Baselight platform will offer queryable, computable, and monetizable data services for financial analysts, DeFi developers, AI teams, and others. The team plans to expand the data ecosystem, optimize the analysis engine, and deepen the integration of AI, finance, and blockchain to promote data democratization.

As Baselight progresses, it may bring new changes to the data services industry, fostering the open sharing of data and fair revenue distribution.

Airdrop Opportunities

SoneX

SoneX is the core DeFi project of the Soneium ecosystem, supported by Sony Block Solutions Labs and Startale. As one of the first projects incubated on the Soneium mainnet, SoneX is positioned as an AI-driven decentralized exchange (DEX). Its goal is to provide users with efficient and secure digital asset trading and financial services.

Recently, SoneX launched the Astar Contribution Score (ACS) campaign. From February 20, 2025, to May 30, 2025, users can participate in ASTR staking on the SoneX platform to receive dual rewards of tokens and points. These points are likely directly linked to future ecosystem airdrops and are designed to incentivize users to actively participate in the platform’s ecosystem development[21].

How to Participate:

1. Visit the SoneX official website’s campaign page and connect your wallet.
2. Go to the Swap page to exchange assets and earn points.
3. Provide liquidity in the Earn section to earn points.
4. Complete other tasks to accumulate more points.

Note:
Airdrop plans and participation methods may be updated at any time. It is recommended that users stay informed through SoneX’s official channels for the latest updates. Users should participate with caution, be aware of risks, and conduct thorough research before participating. Gate.io does not guarantee the distribution of future airdrop rewards.


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/vameon69/status/1895079932394344516
11. X,https://x.com/MyShell_ai
12. X,https://x.com/CKBDevrel/status/1893388921981280538
13. The Block,https://www.theblock.co/data/on-chain-metrics/solana
14. DefiLlama,https://defillama.com/chain/Thorchain?volume=true
15. The Block,https://www.theblock.co/data/decentralized-finance/dex-non-custodial/dex-aggregator-market-share
16. Spot on Chain,https://platform.spotonchain.com/zh/signal-details/bybit-hacker-has-laundered-over-50-of-the-stolen-eth-within-a-week-post-hack-334609
17. X,https://x.com/MetaMask/status/1895292999615369660
18. X,https://x.com/bubblemaps/status/1895060612947886389
19. Ripple,https://ripple.com/ripple-press/bdacs-signs-digital-asset-custody-partnership-with-ripple/
20. Rootdata,https://www.rootdata.com/zh/Fundraising
21. SoneX,https://app.sonex.so/campaign

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