Web3 Research Weekly Report｜This week the market shows a slight warming trend; the tariff exemption policy has triggered a positive response in the crypto market.

Weekly Overview

This week, the cryptocurrency market experienced a slight rebound due to Trump's tariff exemption policy, but the actual increase was limited and concentrated among the major mainstream coins. Overall, the market is still in a state of structural adjustment, and future trends will continue to be significantly influenced by external factors. Recently, although the mainstream coins have shown noticeable volatility in their price fluctuations, their overall ability to withstand external shocks remains strong.

This week, most mainstream cryptocurrencies in the market have shown a slight warming trend. Due to the timely adjustment of Trump's tariff policy, the US stock market and the crypto market have been positively impacted. However, there are still no significant signs of a substantial rebound in the overall market size this week.

Overall, the market saw a slight warming trend after opening this week, with most mainstream cryptocurrencies showing a general upward trend. However, due to the lack of significant changes in the external environment, the weekly trend remained relatively stable, fluctuating within a small range. As we approach the end of the week, the mainstream market continues to experience minor fluctuations.

This week, the BTC price has shown a significant recovery. Currently, after rebounding above $86,000, it has slightly decreased, maintaining around the $85,000 level. The subsequent trend is likely to continue to be greatly influenced by external factors.

The price trend of ETH over the week is similar to that of BTC, experiencing a significant decline after reaching a weekly high, which was around $1682, and is currently maintained at around $1600.

This week, the price trends of major cryptocurrencies have generally shown a slight rebound. The overall market capitalization of the cryptocurrency market has increased compared to the same period last week, reaching around $2.68 trillion, with a rise of about 1.54% within 24 hours. The current price of BTC is around $85,052. The current price of ETH is maintained at around $1,600.

This week, the cryptocurrency market is still in a structural adjustment cycle. Most mainstream coins have seen price increases due to external factors, but the overall magnitude is not significant. The coin with the highest increase this week is RAY, which rose by about 38% over the week. This is mainly because the coin launched LaunchLab after the Pump.fun event, enabling seamless token creation, which has increased liquidity for the Raydium AMM platform and boosted the recent price rise of the token RAY.

This weekend, the overall cryptocurrency market is likely to maintain a slight fluctuation trend, with rapid ups and downs within a certain range being a high-probability event. The overall likelihood of a significant downturn is relatively low, and the price movements of major cryptocurrencies will continue to depend on the impact of external news factors.

Cryptocurrency Market

🔥According to a report by Bloomberg, President Trump and his family have ventured into almost every sector of the cryptocurrency industry. Based on publicly available data, even considering the market fluctuations caused by the latest round of trade wars, the total paper profits of these projects are still close to $1 billion.

🔥According to CoinDesk, JPMorgan CEO Jamie Dimon is preparing to deal with the turmoil in the nearly $30 trillion U.S. Treasury market, while the Federal Reserve will only act when they start to feel some panic. The U.S. Treasury market plays a central role in global finance, setting the tone for all market factors from mortgage rates to corporate bond yields.

🔥CryptoQuant analyst mignolet stated that Bitcoin whales have not left the market, and the current trend is similar to the accumulation seen during the sideways consolidation period from August to September last year. What we are seeing now is likely just a correction within a continuing bull market cycle (despite its large magnitude), rather than a structural crisis that triggers a "whale" level exit. Once this false crisis is resolved, quantitative easing policies will be restarted. Following gold, the next main beneficiary of this wave of liquidity will be Bitcoin.

🔥According to Cointelegraph, Bitcoin has reversed much of its earlier decline this week after Trump announced a delay in imposing tariffs.

🔥According to CNBC, Larry Fink, the CEO of asset management giant BlackRock, hopes that all assets (from stocks to bonds, real estate, etc.) can be traded online on the blockchain. He stated that the concept of "tokenization" will fundamentally change financial ownership and investment, and every asset can be tokenized.

🔥Veteran futures and options trader Jim Iuorio wrote an analysis on the CME Group's official website regarding the recent weak performance of Bitcoin. He pointed out two main reasons: first, after Bitcoin reached a peak of $109,000 in mid-January, the positive news has already been digested by the market, and once the expected news is confirmed, traders will choose to sell, leading to an increase in the liquidation of long positions; second, many institutional traders have included Bitcoin in the same investment portfolio as the Nasdaq index, and when the Nasdaq drops significantly, it triggers Bitcoin sell-offs to meet margin requirements.

🔥 Senior analyst James Van Straten stated that the S&P Volatility Index has surged to its highest level since August of last year, indicating an increase in market uncertainty. The ratio of Bitcoin to VIX has reached the long-term trend line at 1903, the last time it touched this trend line was during the market volatility surrounding the closure of yen carry trades.

🔥According to Cointelegraph, Michael Saylor, founder of Strategy (formerly MicroStrategy), stated at an event that Bitcoin does not need the United States, the United States needs Bitcoin.

🔥 According to a report by Cryptoslate, a survey conducted by Harris Poll found that approximately 55 million (21% of the total population) American adults own cryptocurrency, and 76% of holders believe that their experience with digital assets has had a positive impact on their personal lives.

🔥According to Cryptodnes, BlackRock CEO Larry Fink warned of a potential economic recession in the U.S. during an interview with CNBC, cautioning that a recession may have already begun. Larry Fink pointed out that the rising economic pressures and protectionist trade policies are key driving factors behind what he believes is a slow economic contraction.

🔥Santiment stated that Trump's weekend tariff exemption policy triggered a sudden surge in the cryptocurrency market.

🔥According to Crypto.news, data from CryptoSlam shows that NFT trading volume fell by 4.7% to $94.7 million on Monday.

🔥McKenna, the managing partner of Arete Capital, stated that the market often bottoms out amid the worst news. He mentioned that due to reciprocal tariffs and a stock market decline, Bitcoin had dropped to $74,000, which he described as one of the most severe panics he has seen in the market. He believes that unless relations with China seriously deteriorate, future news will only cause market fluctuations.

🔥The Chief Sustainability Officer of the Hong Kong Stock Exchange Group, Zhou Guanying, stated that the application of new technologies such as blockchain may make the tracking of carbon credits more transparent and efficient, and help with cross-border transactions. Therefore, the Hong Kong Stock Exchange is open to using technologies like blockchain to address existing issues in the carbon market.

🔥Alex Thorn, the research director at Galaxy Digital, stated in a post on X that, based on the review of public documents, bankruptcy filings, and voluntary disclosures from active lenders, the total scale of centralized finance (CeFi) loans is $11.2 billion by the end of 2024, a decrease of 68% from the historical peak (ATH) of $34.8 billion in 2022.

🔥Arthur, the founder and Chief Investment Officer of DeFiance Capital, stated on platform X that the biggest issue troubling the liquidity cryptocurrency market is how projects and market makers collaborate to create artificially sustained prices in a completely opaque process.

🔥According to a report by Cointelegraph, based on the "2025 Q1 Corporate Bitcoin Adoption" released by Bitwise, publicly traded companies purchased a total of 95,431 Bitcoins in Q1 2025, a 16.11% increase quarter-over-quarter, bringing the total Bitcoin holdings of publicly traded companies to 688,000, which accounts for 3.28% of the total supply of 21 million Bitcoins. The number of publicly traded companies holding Bitcoin reached 79, an increase of 17.91% quarter-over-quarter, with 12 new companies acquiring Bitcoin in that quarter.

🔥According to Cointelegraph, Mantra CEO John Mullin responded to community concerns regarding the sharp decline of the OM token. He assured that Mantra and its partners are working on the recovery of the OM token, but details regarding the buyback and burn are still being formulated.

🔥According to CoinDesk, Visa will join the Global Dollar Network (USDG) stablecoin alliance initiated by Paxos, becoming the first traditional financial institution to join. Other members of the alliance include Robinhood, Kraken, Galaxy Digital, Anchorage Digital, Bullish, and Nuvei. The USDG aims to share the stablecoin profits among members to incentivize liquidity and interoperability, distinguishing itself from models like Tether that retain profits.

🔥Laser Digital announced on platform X that it is not related to the recent price drop of $OM (Mantra). In response to rumors on social media regarding Laser's involvement in investor sell-offs, the company stated that the claims are "factually incorrect and misleading."

🔥According to The Defiant, Bitcoin has performed excellently across all time periods, outpacing the S&P 500 every year for the past 14 years. During this period, Bitcoin achieved a return of about 7.2 million%, far exceeding gold's return of 116% and the S&P 500's return of 306%. In shorter time frames, Bitcoin's return over the past two years was 173%, further solidifying its dominance compared to traditional investment assets like gold and the S&P 500.

🔥According to Ledger Insights, a recent survey by the Bank for International Settlements on central bank reserves shows that in 2024, 15.9% of central bank respondents indicated that they would consider investing in digital assets or currencies within the next five to ten years. However, in the 2025 survey, the proportion of central banks considering investing in cryptocurrencies within the same timeframe was only 2.1%.

🔥According to a report by Phoenix Network, State Street Global Advisors Hong Kong Limited announced the launch of the "State Street Galaxy" application for crypto and traditional investments in collaboration with Galaxy Asset Management, a subsidiary of Galaxy Digital Holdings.

🔥According to a report by Cryptoslate, Matthew Sigel, the head of digital asset research at VanEck, has proposed a new type of debt instrument called "BitBonds," which combines U.S. Treasury bonds with exposure to Bitcoin as a new strategy to manage the upcoming $14 trillion refinancing needs of the government.

🔥Tether announced a strategic investment in Fizen, a fintech company focused on self-custody wallets and digital payments, aiming to enhance the real-world application of stablecoins and payment infrastructure globally. Fizen allows users to make payments with stablecoins and settle fiat currency through methods such as QR codes, without the need for additional hardware, helping to break down barriers to financial services and improve merchant access efficiency.

🔥According to an official report from ZKsync, the security team discovered that one of the admin accounts of the airdrop contract was leaked, allowing attackers to control and sell approximately $5 million worth of unclaimed ZK airdrop tokens. The incident was caused by a single key leak and did not affect the protocol itself or the ZK token contract, ensuring user funds remain safe.

🔥According to The Block, investment bank TD Cowen has issued a warning that political risks in the cryptocurrency industry are rising, as actions taken by U.S. President Trump and his administration may hinder progress on cryptocurrency regulation.

🔥According to CryptoSlate, Mantra's CEO John Patrick Mullin proposed to burn the OM tokens he holds to restore investor confidence after the price of the protocol's native token plummeted.

🔥The medical technology company Semler Scientific, listed on NASDAQ, has submitted an S-3 registration statement to the U.S. Securities and Exchange Commission (SEC) to issue $500 million in securities. This issuance will primarily be used for general corporate purposes, including but not limited to purchasing Bitcoin.

🔥 According to Fortune, Trump is preparing to launch a real estate-based crypto game with his brand at its core, which two people familiar with the matter said would be similar to Monopoly GO!, led by his longtime business partner Bill Zanker. The project is part of the Trump family's crypto footprint and has ventured into NFT, stablecoins, DeFi, and Bitcoin mining. Although Zanker has denied any affiliation with Monopoly, the project is expected to go live in late April, and it has not yet been revealed how blockchain technology will be used.

🔥According to The Block, Federal Reserve Chairman Jerome Powell stated that future regulations regarding banks and cryptocurrencies may be "relaxed."

🔥According to Protos, DeFi users have recently encountered a new type of scam: scammers take over the official websites of abandoned projects to trick old users into signing malicious "fund draining" transactions. This passive scam differs from traditional active scams, as it specifically targets old users who may still have bookmarks for the old projects.

🔥 Wu Jihan, chairman and CEO of Bitdeer (BTDR), issued a statement on X in response to the BTDR short report, saying that the report is built on a preconceived position, piecing together complex but unrelated facts, and using absurd and misleading logic to construct a narrative with the aim of manipulating market sentiment for short sellers for personal gain. He stressed that the company will continue to focus on actual business fundamentals and long-term value creation, while reserving the right to take legal action to protect the company's reputation and shareholder interests.

🔥According to Cointelegraph, some market makers are turning token loans into a profitable machine, leading small crypto projects into a death spiral. It is reported that a market maker model known as the "loan option model" involves project teams lending tokens to market makers, who then use these tokens to provide liquidity, stabilize prices, and assist projects in launching on crypto trading platforms. However, behind the scenes, some market makers are exploiting this controversial token loan structure for their own profit. These agreements are often packaged as "low risk, high return," but in reality, they can severely impact token prices, causing newly established crypto teams to fall into chaos and struggle.

🔥According to Bitcoin.com, ENS chief developer Nick Johnson revealed a sophisticated phishing attack that exploited a vulnerability in the Google system, particularly a recently patched OAuth flaw.

🔥According to The Block, VanEck plans to launch a new crypto-related ETF next month with the trading code NODE. This ETF aims to provide investors with access to a broader crypto economy by investing in financial instruments and stocks related to crypto exchanges, Bitcoin miners, and data centers.

Regulation & Macro Policy

🔥According to Cointelegraph, Tim Scott, the chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, recently stated that the cryptocurrency market structure bill is expected to become law before August 2025. Tim Scott also noted that the Senate Banking Committee has advanced a comprehensive stablecoin regulatory bill—the GENIUS Act—in March 2025, indicating that the committee is prioritizing crypto policy.

🔥The U.S. Securities and Exchange Commission (SEC) has decided to extend the review period for the rule change proposal submitted by NYSE Arca. The proposal aims to allow the Grayscale Ethereum Trust ETF and Mini Trust ETF to stake the Ethereum they hold.

🔥According to The Defiant, the U.S. Securities and Exchange Commission (SEC) has postponed the decision on the physical purchases and redemptions of the spot Bitcoin and Ethereum ETFs from WisdomTree and VanEck to June 3, 2025. Physical trading involves the direct exchange of underlying assets, such as Bitcoin and Ethereum, rather than cash.

🔥According to Barron's, the anti-money laundering and financial crime unit under the U.S. Department of Homeland Security has launched an investigation into the crypto custodian bank, Anchorage Digital Bank. The company, backed by Wall Street capital, has publicly supported Trump's policies in the digital asset space. The investigation focuses on its compliance and financial transaction practices, with details yet to be disclosed.

🔥According to Bitcoin Magazine, Bo Hines, executive director of the Digital Asset Advisory Committee for President Trump, stated that the United States may use tariff revenues to purchase Bitcoin.

🔥According to a report by The Block, Standard Chartered's latest report predicts that the upcoming "Stablecoin Regulatory Framework" (GENIUS Act) in the United States will drive the global stablecoin market from its current $230 billion to $2 trillion by the end of 2028.

🔥The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market has imposed a total fine of $12.45 million on the crypto company Hayvn and its former CEO Christopher Flinos for handling client transactions through an unlicensed SPV entity, AC Holding, since 2018, and for a long-standing lack of effective anti-money laundering controls.

🔥According to cryptocurrency journalist Eleanor Terrett, the U.S. Securities and Exchange Commission (SEC) has announced details of its third cryptocurrency policy roundtable, which will focus on custody issues on April 25. The meeting will feature two panel discussions—one on broker-dealer and wallet custody, and the other on investment advisors and investment company custody.

🔥According to lawyer James K. Filan, the "stay motion" jointly submitted by the SEC and Ripple has been approved by the court. The SEC must submit a case status report within 60 days of the order being issued.

🔥According to a report by Reuters, a senior official from the Russian Ministry of Finance stated on Wednesday that after the stablecoin USDT held in a digital wallet linked to Russia was frozen last month, Russia should develop a domestic stablecoin pegged to other currencies.

🔥According to The Block, Panama City Mayor Mayer Mizrachi Matalon posted on the X platform on Wednesday that the Panama City government has approved the use of cryptocurrency to pay taxes, fees, fines, and licenses.

🔥According to Cointelegraph, North Carolina's HB 92 bill has been passed by the House Pension and Retirement Committee. The bill allows the state treasurer to invest in qualified digital assets such as Bitcoin.

Highlights of the Crypto Market

⭐️In the past week, the overall cryptocurrency market continued to be influenced by external factors. With the introduction of Trump's tariff exemption policy, mainstream financial markets mostly experienced a warming trend, while the crypto market saw a slight increase and is currently still in a structural adjustment phase. Over the past week, major cryptocurrencies have primarily experienced continuous short-term fluctuations, with an overall trend of slight increases. The current market is within a short-term upward channel, and the current situation is expected to continue.

⭐️This week, RAY has ranked first among mainstream cryptocurrencies with an increase of about 38%, mainly due to the launch of LaunchLab after the recent Pump.fun event, which has led to a short-term increase in liquidity, driving up the price of RAY. Currently, the price of RAY is around $2.2, with a weekly high of about $2.4. It is currently in a short-term fluctuation trend, with a slight decrease in price.

Bitcoin & Ethereum Weekly Performance

Bitcoin (BTC)

( Data source: TradingView )

This week, the BTC price trend continued the performance of last week after opening, showing a daily continuous rise and fall trend. The price fell to a weekly low in the range of 83000 USD, followed by several rounds of short-term fluctuations. Influenced by external news factors, the BTC price also touched a weekly high of 86400 USD. Although it fell again afterward, it basically maintained in the range of 83000-85000 USD. The BTC price trend performed relatively well this week, with 83000 USD as a key support level. The weekly price trend of BTC remained relatively strong, and it is likely that this cryptocurrency will continue to follow the overall market trend, maintaining a continued rise and fall in a small range as the mainstream market condition in the short term.

Ethereum (ETH)

( Data Source: TradingView )

ETH's price action during the week has remained roughly in line with BTC's, but the rise and fall have been relatively flat. ETH is approaching a one-week high of $1,700 and moving lower in the short term to a one-week low near $1,540. At present, the price of ETH has fallen below the key price level of $1,600 again, and the subsequent trend will continue to rise and fall in a small range. At present, the price of ETH has continued to fluctuate around $1,580, and a new round of price correction is expected during the weekend session.

Trends in Web3 Projects

This week, the total market value of the seven categories of projects showed mixed trends, but the fluctuations remained generally within a small range. The overall market continued to be significantly influenced by external factors, with a noticeable slight rebound trend. It is expected that the current market trend will continue during the weekend closing period.

| Project Category | Weekly Change | Top Three Tokens by Weekly Increase | Overview | | ------------ | ------------ | ------------ | ------------ | | Layer 1 | 1.7% | NETZ, BLD, DEC | The market capitalization of the Layer 1 sector has shown a slight recovery this week, but the increase in leading cryptocurrencies is not significant, remaining within a moderate range. Overall, most projects have maintained a small range of fluctuations this week. | Layer 2 | -4.3% |COMBO,FHE,PEPU|The Layer 2 sector continued its downward trend this week, with only a few cryptocurrencies showing an upward trend, while the majority continued to decline. | DeFi | 0.5% | BOR,COMBO,SYNO | The total market value of the DeFi sector saw a slight recovery this week, but the increase in top-performing coins is mainly concentrated in a few specific coins, with most coins in the sector showing no particularly obvious upward trend.| | NFT |3.4% | COMBO,BFOX,REALM | The NFT market has seen a certain recovery in total value this week, with leading rising cryptocurrencies mainly consisting of comprehensive projects, and most cryptocurrencies in the sector experiencing slight recoveries.| | MEME | 0.3% | DWOG,MUNCAT,CATEX| The MEME coin sector experienced a slight increase this week, but is essentially flat compared to the same period last week, with the top rising coins showing decent gains.| | Liquid Staking |-2.1% | LBR,AGI,LAY3R | This sector experienced a slight decline this week, with the top rising cryptocurrencies maintaining their gains within a small range, and the distribution continues to remain relatively balanced. | AI | 2.9% | TSAI,FLARE,39A | The AI sector has seen a certain recovery this week, but the gains of the top rising cryptocurrencies are concentrated in a few specific coins, while the overall increase of other coins in the sector is relatively small.|

Author: Charles T., Gate.io Researcher *This article only represents the author's views and does not constitute any trading advice. Investment involves risks, and decisions should be made with caution. *The content of this article is original and copyrighted by Gate.io. If reprinted, please indicate the author and source, otherwise legal responsibility will be pursued.