Abstract

• Bitcoin price rose by 4.32% to 87,733.4 USDT, and Ethereum price increased by 5.35% to 2,182.01 USDT.
• Ondo Finance TVL surpassed $1 billion.
• Morph TVL exceeded $20 million.
• Solana network fees dropped to $1.16 million.
• USDC became the first USD-pegged stablecoin approved for use in Japan.
• The market cap of 14 Bitcoin mining companies fell by 22% in February.
• The White House supports repealing the crypto broker rule, potentially signaling a shift in DeFi regulation.

Market Analysis

• BTC - BTC price has risen by 4.32% in the past 24 hours, currently at 87,095.2 USDT. BTC has recently been in a slight pullback trend. After falling to around 81,500 USD, it found support and then rebounded to approximately 88,900 USD, where it faced resistance. The moving averages are almost overlapping, indicating that the short-term trend is relatively stable but lacks clear direction. The price is currently fluctuating within a narrow range between 86,000 USD and 88,000 USD. Recent price movements show signs of recovery after the decline, but upward momentum remains limited. [1]

• ETH - ETH price has increased by 5.35% in the past 24 hours, currently at 2,172.14 USDT. ETH is in a downtrend. After dropping to around 2,000 USD, it found support and then began to rebound. The MACD indicator is signaling bullish momentum, with the green histogram slightly expanding, suggesting a potential short-term rebound opportunity. However, recent trading volume has remained relatively weak, which may indicate a lack of momentum for a trend breakout. [2]

• ETF - According to data from SoSoValue, on March 4, the total net outflow of U.S. Bitcoin spot ETFs was 80.89 million USD [3], while the total net inflow of U.S. Ethereum spot ETFs was 19.18 million USD. Data as of March 5, 11:00 AM (UTC+8). [4]
• Altcoins - The Stablecoin Protocol, Directed Acyclic Graph (DAG), and Bitcoin Fork sectors increased by +18.1%, +7.4%, and +4.5%, respectively. [5]
• U.S. Stock Market - On March 4, the S&P 500 Index fell by 1.22%, the Dow Jones Index dropped by 1.55%, and the Nasdaq Index declined by 0.35%. [6]
• Spot Gold - The spot gold price reached 2,910.50 USD per ounce, with an intraday decline of 0.25%. Data as of March 5, 11:00 AM (UTC+8). [7]
• Fear & Greed Index - The Fear & Greed Index stands at 20, indicating that the market is in a state of extreme fear. [9]

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:

PURR (Purr) - Up 24.53% Daily, Market Cap: $59.14M

PURR is the first native token on Hyperliquid L1. It was launched without a presale or predefined utility. Instead, its primary function is to serve as an incentive mechanism, distributed to active users and ecosystem participants to encourage engagement and support the growth of the Hyperliquid ecosystem. [10]

Recently, the Hyperliquid platform has been expanding rapidly, with a surge in trading volume and user adoption, along with increased market competitiveness driven by its technological advantages. As the core token of the Hyperliquid ecosystem, PURR’s value is closely linked to the platform’s activity and development. With Hyperliquid continuously introducing new features and expanding its DeFi applications, the ecosystem’s growth directly fuels the demand and value of PURR.

RLC (iExec) - Up 22.78% Daily, Market Cap: $89.24M

iExec is a decentralized computing service provider built on blockchain technology. It integrates idle computing resources, applications, and datasets, enabling users to access and pay for cloud computing services on demand. [11]

The recent surge in RLC token price is likely linked to iExec’s newly released 2025 development roadmap. This roadmap focuses on expanding the ecosystem and forming strategic partnerships, with an emphasis on AI, DePIN, TEE, GPU, storage, and other key sectors. By establishing broader collaborations in these areas, iExec aims to enhance RLC’s real-world utility and market recognition.

Additionally, the roadmap highlights plans to boost RLC token utility through stronger marketing efforts and improved performance, accelerating technological innovation and market adoption within the ecosystem. This announcement has fueled investor optimism toward iExec, driving the recent RLC price increase.

SFM (SafeMoon) - Up 79.37% Daily, Market Cap: $33.56M

SafeMoon is a decentralized technology platform driven by the SafeMoon Army community, aiming to expand blockchain innovation and build a better future. Through advancements in blockchain, business, the metaverse, and NFT products, the platform seeks to unlock new value from blockchain technology and apply it across a wider range of industries. [12]

Recently, SafeMoon burned approximately 10 billion SFM tokens. This move reduces the circulating supply, reinforcing SFM’s deflationary nature. Token burns are generally seen as a mechanism to boost market confidence, potentially contributing to SFM’s price increase.

Data Highlights

Ondo Finance TVL Surpasses $1 Billion

Ondo Finance’s total value locked (TVL) has reached $1.002 billion. As a market-leading institutional provider of tokenized U.S. Treasury products, Ondo Finance has secured an over 80% market share in this sector, demonstrating its strong technological capabilities. [13]

Currently, Ondo Finance’s products have been integrated with more than 80 DeFi applications across multiple blockchain ecosystems, including Ethereum, Solana, Aptos, Stellar, Ripple, and Arbitrum. This extensive integration enables users to seamlessly utilize tokenized assets for savings, payments, derivatives trading, and more. Additionally, Ondo Finance has established strategic partnerships with major financial institutions, including BlackRock, PayPal, and Wellington Management. These partnerships provide a solid foundation for Ondo Finance’s products, driving the growth of the real-world asset (RWA) ecosystem. Looking ahead, as global capital markets continue moving on-chain, Ondo Finance is poised to unlock greater potential, further accelerating the development of the DeFi ecosystem.

Morph TVL Exceeds $20 Million

Morph’s total value locked (TVL) has reached $21.88 million, with a stablecoin market capitalization of $2.49 million. From December 2024 to early 2025, Morph’s TVL remained relatively stable, experiencing slow and moderate growth. However, since February 2025, the protocol has entered a phase of explosive expansion, with its TVL surging nearly 3-4 times within just a few weeks, quickly surpassing the $20 million milestone. [14]

As an emerging DeFi protocol, Morph’s TVL growth is likely driven by its unique ecosystem strategy and multi-dimensional value creation. Unlike traditional technology-driven blockchain projects, Morph, as a Layer 2 public blockchain designed for consumer applications, focuses more on user experience and real-world use cases. From BulbaSwap, which boasts a monthly trading volume exceeding $25 million, to the world’s first AI-powered fund, bAI Fund, and Morph Pay, offering up to 30% annualized returns, these projects have not only attracted users but have also infused sustained vitality into the ecosystem.

Solana Network Fees Drop to $1.16 Million

Solana’s network fees have experienced significant volatility in recent months. From December 2024 to early January 2025, fees remained relatively stable at lower levels. However, around January 20, 2025, Solana’s network activity surged dramatically, pushing fees to an astonishing peak of $35.53 million. Following this spike, as market enthusiasm cooled and overall activity declined, Solana’s network usage dropped steadily. As of now, network fees have fallen back to $1.16 million, marking a 96.7% decline from the peak. This trend reflects a shift in market sentiment, particularly influenced by the cooling of the meme coin frenzy, which had previously driven high network congestion. Going forward, if new trends or market catalysts emerge, Solana’s network fees and transaction activity could see another resurgence. [15]

Spotlight Analysis

USDC Becomes the First USD Stablecoin Approved for Use in Japan

Japanese financial giant SBI Holdings has secured an electronic payment service provider license from the Japan Financial Services Agency (JFSA) under the new payment framework through its crypto exchange subsidiary, SBI VC Trade. This makes SBI VC Trade the first institution in Japan to receive this license.

SBI Holdings and Circle signed a partnership agreement in late 2023 to introduce Circle’s USDC stablecoin to the Japanese market. With this new registration, SBI VC Trade plans to launch a test version of its USDC-related services on March 12. [16]

This milestone indicates that cryptocurrency is gradually gaining legitimacy within traditional financial systems. For Circle, it represents a major breakthrough in the Japanese market, potentially driving wider adoption and influence of USDC across Asia. For Japan’s fintech ecosystem, this event signals a more open and inclusive regulatory stance toward crypto technology.

Market Cap of 14 Bitcoin Mining Companies Drops 22% in February

According to JPMorgan data, the total market capitalization of 14 publicly traded Bitcoin mining companies fell by 22%, reflecting the challenging conditions in the mining industry. Daily block rewards and profits have declined, with the average daily revenue per EH/s dropping to $54,300, marking a 5% year-over-year decrease. Gross profit also saw a 9% YoY drop, reaching $29,500 per EH/s. Meanwhile, network hashrate continues to rise, up 3% year-over-year to 810 EH/s, with mining difficulty increasing by 2%. This suggests that despite weak short-term financial indicators, overall network activity and computational power remain robust. [17]

The further decline in mining profitability is driven not only by increasing competition and rising operational costs but also by multiple short-term pressures. In February, Bitcoin prices remained volatile and weak, reducing miners’ flexibility in holding or selling reserves. Some mining companies were forced to liquidate assets at lower prices to maintain cash flow, exacerbating market sell pressure and profit declines.

Additionally, the fragility of highly leveraged mining operations has become more apparent. With the Federal Reserve maintaining high interest rates, financing costs have surged, intensifying debt burdens. At the same time, fluctuating winter energy prices, such as rising North American natural gas costs, have increased electricity expenses. Older mining rigs, struggling with efficiency competitiveness, are being phased out more rapidly, further compressing profit margins.

These factors combined have heightened concerns about the long-term profitability of mining companies, prompting accelerated capital outflows from the sector.

White House Supports Repealing Crypto Broker Rule, Potential Turning Point for DeFi Regulation

The White House Office of Management and Budget (OMB) has issued a statement expressing support for Senate bill S.J. Res. 3, which aims to overturn a total proceeds reporting rule introduced by the IRS for digital asset brokers. The rule, proposed by the Biden administration in late 2024, expanded the definition of a “broker” to include certain DeFi protocol software, requiring some DeFi users to report total proceeds from crypto transactions and taxpayer information. The OMB argues that this rule would unreasonably increase compliance burdens on U.S. DeFi businesses, stifle innovation, and raise concerns over user privacy risks. [18]

The White House’s policy shift reflects a political struggle between both parties over crypto voters. The Biden administration’s previous strict regulatory stance conflicted with the interests of key crypto industry players in battleground states ahead of the 2024 elections, such as Texas miners and California developers. Meanwhile, Republican lawmakers have been pushing S.J. Res. 3, with Coinbase and other major industry players lobbying in support. The OMB’s reversal could indicate that Democrats are seeking to gain crypto industry votes in swing states, especially given Coinbase’s user base of over 10 million and intense lobbying efforts from firms like a16z.

In the short term, this move grants DeFi protocols a regulatory reprieve of at least 12-18 months, accounting for Congressional review and potential legal challenges. However, fundamental regulatory tensions remain unresolved. The SEC may still expand its oversight by broadening the definition of securities, and the Treasury Department could shift toward using on-chain transaction tracking tools instead of broker-based reporting. For mining companies and trading platforms, upcoming policy developments should be closely monitored. If a combination of tax relief, ETF inflows, and post-halving hashrate consolidation aligns, it could trigger a new wave of structural opportunities in the crypto market.

Funding News

According to RootData, a total of 5 projects announced successful funding rounds in the past 24 hours, with a combined funding amount exceeding $244 million. The largest single funding round reached $102 million, covering areas such as DeFi, CeFi, and cross-chain bridges. Below are the top three projects by funding amount: [19]

Metaplanet - Metaplanet secured $87 million in funding, led by EVO FUND. Metaplanet Inc. specializes in hotel development and operations, while also engaging in IR consulting, Web3 advisory, and real estate development. In recent years, Metaplanet has been undergoing a strategic transformation, accumulating Bitcoin as a reserve asset and leveraging blockchain technology to build secure Web3 platforms and communities, fostering a more equitable digital economy. Recently, the company completed the exercise of the 13th and 14th series stock subscription rights through a third-party private placement. Metaplanet plans to use this funding to continue increasing its Bitcoin holdings, reinforcing its digital asset investment strategy. [20]

Flowdesk - Flowdesk completed a $102 million funding round, with participation from HV Capital, Cathay Innovation, and others. Based in France, Flowdesk is a crypto trading firm offering a comprehensive suite of trading solutions, including market-making, liquidity provision, OTC trading, brokerage services, and asset management. With this funding, Flowdesk aims to expand its services, including the launch of a crypto lending business, enhancement of proprietary trading infrastructure, and strengthening of regulatory compliance. The company also plans to establish new offices in key global markets while actively preparing for the full implementation of the EU MiCA regulatory framework. [21]

Across Protocol - Across Protocol secured $41 million in funding, with participation from Paradigm, Coinbase Ventures, and others. Across Protocol is an “intents-based” interoperability protocol designed to simplify cross-chain transactions. With Across Protocol, users only need to initiate a single request to complete multi-step processes such as cross-chain asset swaps and deposits, while the protocol automatically handles asset transfers and smart contract interactions in the background. This enables fast and efficient cross-chain transfers. [22]

Airdrop Opportunities

Primus

Primus is a technology platform focused on solving data coordination challenges in blockchain and artificial intelligence. Its core objective is to overcome the privacy and scalability limitations of decentralized systems by establishing high-trust data verification and computation mechanisms, providing a secure data bridge for the blockchain and AI ecosystem. The project has currently raised $9.5 million in funding. [23]

Primus will allocate 3% of the total token supply to the community. The airdrop rewards are divided into basic task rewards and referral rewards. Users can earn points by connecting social accounts, contributing data labels, or participating in AI model training tasks. Points will be converted to PRM tokens at a 1:1 ratio based on quarterly snapshots. Additionally, inviting new users grants an extra 20% bonus based on the invitee’s earned points.

The event will continue until the mainnet launch in Q3 2024, and token trading is expected to open in Q4. Participants must complete KYC and on-chain signatures to ensure compliance. Bot accounts will be permanently banned.

How to Participate

1. Download and install the Primus browser extension.
2. Connect your wallet and complete registration within the extension.
3. Link your social accounts via the “Data Sources” page.
4. Complete tasks on the event page to earn points.

Notes:
The airdrop program and participation requirements may be updated at any time. Users are advised to follow Primus’s official channels for the latest information. Participants should exercise caution, assess potential risks, and conduct thorough research before engaging in the airdrop. 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/HyperFND/status/1896843804734599244
11. X,https://x.com/iEx_ec/status/1895118517210431925
12. X,https://x.com/safemoon/status/1896958991286378896
13. Defillama,https://defillama.com/protocol/ondo-finance?denomination=USD
14. Defillama,https://defillama.com/chain/Morph
15. Defillama,https://defillama.com/chain/Solana?fees=true&tvl=false
16. Coindesk,https://www.coindesk.com/markets/2025/03/04/circle-s-usdc-to-be-first-usd-stablecoin-in-japan
17. Coindesk,https://www.coindesk.com/markets/2025/03/04/bitcoin-mining-economics-weakened-in-february-jpmorgan
18. X,https://x.com/davidsacks47/status/1896941181566894133?s=46&t=bcMyidYO0QkS5ajIW9CBdg
19. Rootdata,https://www.rootdata.com/Fundraising
20. X,https://x.com/Metaplanet_JP/status/1896740222731505960
21. Theblock,https://www.theblock.co/post/344389/crypto-market-maker-flowdesk-102-million-new-funding?utm_source=twitter&utm_medium=social
22. Theblock,https://www.theblock.co/post/344470/paradigm-leads-token-round-across-protocol-ethereum
23. Primusdlabs,https://www.primuslabs.xyz/

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