Abstract

• Bitcoin price dropped by 0.75% to $95,761.10, and Ethereum price fell by 1.04% to $2,752.30.
• Exchange Bybit suffered a security breach, with approximately $1.5 billion in ETH stolen, making it the largest security incident in cryptocurrency history.
• Pump.fun tested its own AMM, triggering a sharp decline in the price of RAY, the token of Raydium DEX, with which it had a long-standing partnership.
• Infini suffered a security attack due to operational negligence, resulting in a loss of nearly $50 million.
• Pump.fun’s protocol fee revenue dropped by 90%, and its trading volume fell by 60%.
• Berachain’s cross-chain bridge saw inflows of $85.47 million within a 7-day period.
• The market capitalization of stablecoins has surpassed $22.65 billion.

Market Analysis

• BTC – The price of BTC dropped by 1.07% in the past 24 hours, currently priced at $95,675.60. BTC broke below the $97,000 support level yesterday, turning the support into resistance. The short-term support level is near $95,000. Trading volume and MACD suggest that bearish momentum may be weakening, but overall, the market sentiment remains slightly bearish[1].

• ETH – The price of ETH dropped by 1.13% in the past 24 hours, currently priced at $2,737.98. Today, ETH failed to break through the resistance at $2,840, quickly falling back and breaking the upward trend. With over $1.5 billion in assets stolen during the hacker attack, potential selling pressure from hackers is contributing to a pessimistic outlook for ETH. The price continues to test lower levels, and trading volume has not significantly increased, indicating a bearish market sentiment[2].

• ETF – According to SoSoValue data, on February 21, the U.S. Bitcoin spot ETF saw a net outflow of $62.77 million[3], and the U.S. Ethereum spot ETF experienced a net outflow of $8.92 million. The data is up to February 24, 11:30 AM (UTC+8)[4].
• Altcoins – Sectors such as Made in China, Liquid Staked ETH, and Ether.fi Ecosystem saw respective changes of +2.3%, +2.0%, and +1.8%[5].
• U.S. Stock Market – On February 21, the S&P 500 Index dropped by 1.71%, the Dow Jones Index fell by 1.69%, and the Nasdaq Index dropped by 2.20%[6].
• Spot Gold – The price of spot gold reached $2,926.63 per ounce, with a daily decline of 0.33%. The data is up to February 24, 11:30 AM (UTC+8)[7].
• Fear and Greed Index – The Fear and Greed Index stands at 49, indicating that the market is in a neutral state[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:

FORT – The price increased by approximately 66.62% in a single day, with a circulating market capitalization of $70.34 million.
Forta is a decentralized security network focused on monitoring transactions and assets on the blockchain. Through its firewall and real-time monitoring capabilities, Forta helps protocols and rollups prevent malicious activities and alert potential security vulnerabilities before blockchain transactions are executed, thereby protecting assets and users in the Web3 ecosystem[10].

Recently, Forta’s multi-signature module for its firewall is about to launch. This new feature is specifically designed to detect and prevent multi-signature attacks, further expanding Forta’s influence in the blockchain security field. With increasing hacker attacks, blockchain security has drawn widespread attention, and the market’s demand for enhanced transaction security and prevention of malicious activities is growing. Forta’s real-time transaction monitoring and security auditing solutions perfectly meet this need, attracting more investors’ attention, which has driven the rise of the FORT token, reflecting market expectations for more features in Forta’s security products.

QUAI (Quai Network) – The price rose by approximately 51.61% in a single day, with a circulating market capitalization of $158 million.
Quai Network is a blockchain platform that uses a unique Proof-of-Entropy-Minima (PoEM) consensus mechanism and a layered merged mining architecture to achieve efficient transaction processing and network security. Quai Network adopts a dual-token economic model, with two tokens: QUAI and Qi. QUAI is primarily used for value storage and network security, while Qi serves as a stablecoin for daily transactions and payments[11].

Recently, Quai Network launched its self-organizing subnet, a technology that significantly improves the performance of its sharding system. The self-organizing subnet optimizes node organization and reduces broadcast delays, significantly boosting network throughput and lowering latency. It is expected to increase the propagation speed by 10 times, providing a substantial boost to the network’s efficiency and scalability. Additionally, the QUAI token has recently been listed on multiple trading platforms and received support for instant exchange, offering investors more trading channels and liquidity, which further boosts market attention and demand.

SN (SpaceN) – The price increased by approximately 33.59% in a single day, with a circulating market capitalization of $55.28 million.
SpaceN is an all-in-one NFT investment management tool designed to help users manage and track their NFT investments. The platform automatically calculates the returns on buying and selling NFTs, helping users stay updated on the changes in their NFT assets. The $SN token has various functions within the platform’s ecosystem, including community governance, opening creator spaces, paying for access to exclusive content, staking to create sub-DAOs, and earning rewards for high-quality contributions[12].
Recently, $SN saw low trading volume. At 4:00 AM (UTC+8) on February 24, there was a large buy order, causing the $SN price to rise more than 240% on the 15-minute chart. However, the buying volume subsequently decreased, and the price gradually pulled back. As of the time of writing, the 24-hour increase is approximately 33.59%.

Data Highlights

Pump.fun Protocol Revenue and Trading Volume Drop Approximately 90% and 70% from Peak

Yesterday, Pump.fun’s protocol fee revenue was $1.49 million, a decrease of approximately 90.3% compared to the historical peak of $15.38 million on January 25. At the same time, the trading volume on the same day was $119 million, a reduction of about 69.5% compared to the historical peak of $390 million on January 24. This data indicates a significant decline in market activity on Pump.fun recently, reflecting a decrease in the popularity of meme coins. On a macro level, the Federal Reserve’s interest rate hike expectations and the liquidity contraction in the cryptocurrency market have put pressure on the highly volatile meme coin sector. The decline in Solana ecosystem activity has also weighed down Pump.fun’s performance. Additionally, the increasing “vampiric” effect of leading meme coins has weakened the appeal of new coin offerings. Coupled with multiple Rug Pull incidents that have triggered a trust crisis, this has further reduced the platform’s attractiveness. Pump.fun itself faces challenges such as a limited trading scenario and technical risks. The meme coin battle on centralized exchanges (CEX) and the rise of AI narratives have intensified external competition. Moving forward, Pump.fun needs to break through by strengthening its ecosystem integration, innovating its products, and implementing better risk control measures to prove the long-term value of the meme coin economy.[13]

Berachain Cross-Chain Bridge Sees $85.47 Million in Net Inflows Within 7 Days

In the past 7 days, the Berachain cross-chain bridge recorded a net inflow of $85.47 million, making it the leading platform among all public blockchains, showcasing its strong appeal. Following closely behind are Base and Sonic, with net inflows of $48.28 million and $37.98 million, respectively. During the same period, traditional large public blockchains such as Ethereum, Avalanche, and BSC experienced the largest net outflows of funds, with Ethereum seeing a net outflow of $135 million, Avalanche losing $110 million, and BSC experiencing a net outflow of $58 million. This trend in fund flows indicates growing market interest in emerging blockchains and cross-chain bridges, while more established blockchains face certain pressures of fund loss. Berachain’s ability to attract such attention and become a focal point among all public chains can be attributed to its unique innovative mechanisms and market strategies. Berachain employs an innovative consensus mechanism known as “Proof of Liquidity” (PoL), designed to incentivize users to provide liquidity to the ecosystem, rather than just validate transactions. Additionally, Berachain uses a unique three-token model consisting of BERA (used for gas fees), BGT (used for governance), and HONEY (a stablecoin), which aims to better balance various demands within the ecosystem. Berachain is also compatible with the Ethereum Virtual Machine (EVM), reducing development costs and entry barriers, which has attracted a large number of developers. Furthermore, the Berachain team has been actively promoting the platform, using various channels to highlight its technological advantages and ecosystem potential. These factors collectively contribute to Berachain’s rise.[14]

Cryptocurrency Market’s Stablecoin Market Cap Surpasses $22.65 Billion

Currently, the total market capitalization of stablecoins in the cryptocurrency market has reached $22.65 billion, marking a growth of $1.031 billion in the past week, a 0.46% increase. Among these, USDT remains the dominant force in the market, holding a commanding 63.07% market share. Despite the rise of competitors, USDT’s market share continues to far outpace others. USDC, as the second-largest stablecoin, holds a market share of 25.2%, with a 7-day increase of 1.29%.

Additionally, PayPal’s newly launched stablecoin, PYUSD, has performed remarkably well, with a 21.58% increase over the past seven days. Its market cap has now reached $774 million. The launch of PYUSD signals that traditional financial giants are entering the cryptocurrency space, which is further driving the development of the stablecoin market. This move, particularly in areas like merchant payments and cross-border transactions, highlights the potential of stablecoins in real-world applications. The growth of the stablecoin market is driven not only by liquidity demand within the cryptocurrency industry but also by the entry of traditional financial institutions and the improvement of regulatory frameworks. This has positioned stablecoins as a crucial vehicle for market risk-off funds, while also introducing new possibilities for global payments and settlement systems.[15]

Spotlight Analysis

Bybit Hit by Major Hack, Approximately $1.5 Billion in ETH Stolen

On the evening of February 21, 2025, cryptocurrency exchange Bybit fell victim to the largest hack in its history. The exchange appears to have been targeted by the North Korean hacking group Lazarus Group, who reportedly gained control of Bybit’s Ethereum multi-signature cold wallet by forging signature interfaces and implanting malicious smart contracts. As a result, approximately 499,000 ETH (roughly $1.5 billion) were stolen. This hack marked the largest theft in the cryptocurrency industry and had a profound impact on the entire market.

Following the news of the breach, the price of ETH dropped by more than 7%, briefly touching $2,618. Panic spread quickly across the market, with users withdrawing a total of $2.4 billion in the span of 24 hours. In response, Bybit took swift action and collaborated with other exchanges, with Gate.io offering support in tracking and intercepting the stolen funds. Market sentiment gradually stabilized, and within 24 hours, ETH’s price rebounded to above $2,700. The exchange is actively working to restore its ETH reserves to make up for the losses caused by the hack.[16]

This breach highlights significant security vulnerabilities within the cryptocurrency industry, particularly with the complexity of smart contracts and the limitations of cross-chain bridges when using multi-signature cold wallets. It underscores the urgent need for the crypto industry to establish more robust security mechanisms to ensure the safety of assets.

Pump.fun Tests Its Own AMM, RAY Price Plunges

Pump.fun has announced the addition of a new Swap module on its official website. The community speculates that this may signal the platform’s preparation to launch its own Swap platform, potentially replacing the current third-party AMM provider, Raydium. This change has caused a significant drop in the price of Raydium’s native token, RAY, which saw a 22.1% decline within 24 hours. As of now, RAY’s price has fallen below 3.5 USDT, currently trading at 3.4 USD. Data is as of February 24, 11:00 PM (UTC+8).[17]

As an important liquidity provider in the Solana ecosystem, Raydium could face significant market competition pressure in the short term if it loses this partnership. Furthermore, the success of Pump.fun’s own AMM platform remains to be seen, depending on its technical implementation and the community’s acceptance. Regardless, this development will intensify competition among cryptocurrency trading platforms.

Infini Faces Abnormal Fund Flow Due to Internal Operational Oversight, Full Compensation to Protect User Assets

On February 24, 2025, Infini was initially mistaken by the public as having been hacked, which allegedly caused approximately $49.5 million in funds to flow abnormally. However, the platform’s founder, Christian, later clarified that the actual cause was not a hacker attack but an internal operational oversight during the transfer of permissions by an employee. Christian emphasized that personal private keys were not leaked, and the platform’s withdrawal function remains fully operational. He also promised that, in the worst-case scenario, users would be compensated in full. The team is currently working diligently to identify the specific cause of the incident and has already taken steps to strengthen internal management and permission control to prevent similar incidents from occurring in the future. Users can continue to use the Infini platform with confidence, as the platform will continue to enhance its security measures to ensure the safety of every user’s assets.[18]

This incident highlights management deficiencies in the platform’s permission handover and internal operational processes, indicating the need for strengthened internal controls and employee training to improve operational procedures and prevent similar issues in the future. The incident serves as a reminder to the entire cryptocurrency industry that even in the absence of external attacks, internal operational mistakes can lead to significant losses. Platforms should establish sound internal auditing and risk control mechanisms to ensure the safety of user assets.

Funding News

According to data from RootData, in the past 72 hours, four projects publicly announced funding rounds, with a total funding amount exceeding $12.5 million. The largest single funding round reached $6.5 million, covering sectors such as infrastructure and DeFi. Below are the specific details of the funding:[19]

Primus Labs — Primus Labs completed a $6.5 million seed round funding, with investments from Dispersion Capital and Symbolic Capital. Primus Labs is committed to building a privacy-preserving proof data operation platform. By adopting cutting-edge cryptographic technologies such as Interactive Zero-Knowledge Proofs (IZK) and Secure Multi-Party Computation (MPC), the platform enables the efficient integration of off-chain data onto the blockchain. It ensures compliance, security, privacy, and verifiability of the data, helping to build a user-centric, fully decentralized credit protocol, thus driving the continuous innovation and development of the digital economy ecosystem.[20]

Infinity Ground — Infinity Ground completed a $2 million seed round funding, with investments from Animoca Brands and MH Ventures. Infinity Ground is a Web3-native Agentic IDE (Integrated Development Environment) designed to empower creators to rapidly build dynamic and interactive experiences using a modular Intelligent Development Kit (IDK), making innovation as simple as assembling Lego blocks. Leveraging its self-developed ING network and Initia’s Interwoven Stack technology, Infinity Ground achieves cross-chain interoperability and supports mainstream blockchain networks such as Base, BNB Chain, and Kaia. The project aims to cultivate “super individuals,” accelerate the development and implementation of AI-driven applications, and further promote continuous innovation and development in the Web3 ecosystem.[21]

Layer3 — Layer3 completed a $4 million funding round, with Greenfield participating. Layer3 is a protocol dedicated to supporting community-driven governance and aims to promote the development and application of the Layer3 ecosystem. It provides essential cross-chain infrastructure, covering areas such as distribution, authentication, and incentive mechanisms. The core product of Layer3 is a platform capable of handling large volumes of on-chain transactions, helping crypto projects increase user engagement and drive economic growth. To date, Layer3 has processed over 150 million transactions, covering more than 2 million users and serving over 600 applications.[22]

Airdrop Opportunities

Teneo Protocol

Teneo Protocol is a decentralized platform designed to bridge real-world data with Web3 applications, focusing on the utilization and tokenization of decentralized physical infrastructure networks (DePIN) and artificial intelligence (AI) data. Teneo has completed a $3 million seed round of funding, led by RockawayX and Borderless, with participation from Generative Ventures, further accelerating the development of its decentralized data ecosystem. Users can participate in data contribution by running Teneo community nodes and earn Teneo Points, which can eventually be converted into $TENEO tokens.[23]

How to Participate:

1. Download the Teneo Extension: Visit the official Teneo website to download and install the browser extension.
2. Register and connect a Node: Register an account using a valid email and password, and enter a referral code to receive a 2,500 points bonus.
3. Start Earning Points: After connecting the node, keep the extension online to automatically accumulate points.

Note:
The airdrop plan and participation methods may be updated at any time, so users are advised to follow Teneo’s official channels for the latest information. Additionally, users should participate cautiously, be aware of 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. 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/FortaNetwork/status/1893710150973669630
11. X,https://x.com/QuaiNetwork/status/1893772702411837482
12. X,https://x.com/spacenNFT/status/1892832000790163599
13. Defillama,https://defillama.com/protocol/pump?volume=false&fees=true&revenue=false&groupBy=daily
14. Defillama,https://defillama.com/bridges
15. Defillama,https://defillama.com/stablecoins
16. Coindesk,https://www.coindesk.com/markets/2025/02/21/bitcoin-ether-slumps-as-crypto-prices-crumble-on-report-of-massive-usd1-4b-bybit-security-incident
17. X,https://x.com/AggrNews/status/1893828729635225600
18. Techflow,https://www.techflowpost.com/newsletter/detail_75962.html
19. Rootdata,https://www.rootdata.com/Fundraising
20. X,https://x.com/primus_labs
21. X,https://x.com/infinityg_ai?mx=2
22. X,https://x.com/greenfield_cap/status/1892937674022887753
23. Teneo Protocol,https://teneo.pro/community-node

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Disclaimer
Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.