Gate.io Blog Weekly Web3 Research | The Market Showed A Small-scale Recovery

Weekly Web3 Research | The Market Showed A Small-scale Recovery

18 April 15:27

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![](https://gimg2.gateimg.com/image/article/1744960807weeklyweb3research.png)

## Weekly Trend Overview
This week, the <a href="/price" target="_blank" class="blog_inner_link">crypto market</a> saw a slight recovery due to Trump's tariff exemption policy, but the actual increase is limited and concentrated in the top mainstream coins. Overall, the market is still in a state of structural adjustment, and the subsequent trend of the market is still greatly affected by external factors. Although mainstream coins have experienced obvious fluctuations in recent days, the overall ability to cope with external shocks is still strong.

Most of the mainstream coins in the market showed a slight recovery this week. Due to the timely adjustment of Trump's tariff policy, the U.S. stock market and the crypto market were positively affected, but the overall market size for the week still showed no signs of a substantial rebound.

In general, the market has seen a slight recovery since the opening this week, and most mainstream coins have generally risen. However, since there has been no major change in the overall external environment, the trend has been relatively flat and maintained within a small range. Currently, as the market approaches the end of the week, the mainstream market is experiencing a slight rise and fall.

The price of BTC has rebounded significantly this week. After rising back above $86,000, it has fallen slightly and remains around $85,000. The subsequent trend is likely to continue being significantly influenced by external factors.

ETH's weekly price trend is similar to that of BTC. It has fallen significantly after reaching a weekly high. The weekly high was around $1,682 and is currently maintained at around $1,600.

This week, the price trend of major cryptocurrencies has been mainly a slight recovery. The overall market value of the crypto market has increased, reaching about $2.68 trillion, an increase of about 1.54% in 24 hours. The current price of BTC is around $85,052. The current price of ETH remains around $1,600.

The overall crypto market is still in a structural adjustment cycle this week. Most mainstream coins have experienced price increases due to external factors, although the overall increase has been relatively modest. The top coin with the largest increase is RAY, which has reached about 38% in a week. This is mainly due to the launch of LaunchLab after the Pump.fun incident, which has achieved seamless token creation. This has increased liquidity for the AMM platform Raydium, driving the recent rise in the price of the token RAY.

This weekend, the overall <a href="/price" target="_blank" class="blog_inner_link">cryptocurrency market</a> is expected to maintain a slight fluctuation trend. It is likely to maintain a rapid rise and fall within a certain range. It is unlikely that the overall market will fall sharply again. The rise and fall of major coins will still depend on the impact of external news factors.

## Crypto Market
🔥According to Bloomberg, President Trump and his family are involved in almost every area of the crypto industry. According to public data, even taking into account the market volatility caused by the latest round of trade war, the total book income of these projects is still close to $1 billion.

🔥According to CoinDesk, JPMorgan Chase CEO Jamie Dimon is preparing for chaos in the nearly $30 trillion U.S. Treasury market, and the Federal Reserve will only act if they start to panic a little. 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 said that <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> whales have not left the market yet, and the current trend is similar to the accumulation seen during the sideways consolidation from August to September last year. What we are seeing now is likely just a pullback within the ongoing bull market cycle (albeit a large one), rather than a structural crisis that triggers a "whale" level exit. Once this false crisis is resolved, quantitative easing will be restarted. After gold, the next major beneficiary of this wave of liquidity will be Bitcoin.

🔥According to Cointelegraph, Bitcoin has reversed most of its losses from earlier this week after Trump announced a suspension of tariffs.

🔥According to CNBC, Larry Fink, 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 said that the concept of "tokenization" will revolutionize financial ownership and investment, and every asset can be tokenized.

🔥Jim Iuorio, a senior futures and options trader, wrote an article on the official website of CME analyzing the reasons for the recent weak performance of Bitcoin. He pointed out that there are two main reasons: First, after Bitcoin reached a peak of $109,000 in mid-January, the positive news has been digested by the market, and it is expected that after the news is confirmed, it will choose to sell, increasing the liquidation of long positions at the same time; second, many institutional traders have included Bitcoin and the Nasdaq index in the same investment portfolio. When the Nasdaq falls sharply, it will trigger a sell-off of Bitcoin to meet margin requirements.

🔥 Senior analyst James Van Straten wrote that the S&P Volatility Index has soared to its highest level since August last year, indicating increased market uncertainty. The ratio of Bitcoin to VIX has hit the long-term trend line at 1903. The last time it hit the trend line was during market volatility before and after the unwinding of yen carry trades.

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

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

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

🔥Santiment posted that Trump’s tariff exemption policy over the weekend triggered an instant rise in the crypto market.

🔥According to Crypto.news, CryptoSlam data showed that NFT transaction volume fell 4.7% to $94.7 million on Monday.

🔥McKenna, managing partner of Arete Capital, said that the market often hits bottom in the worst news. He mentioned that Bitcoin once fell to $74,000 due to reciprocal tariffs and falling stock markets, which was one of the worst panics he had ever seen in the market. He believes that unless relations with China deteriorate seriously, future news will only cause market fluctuations.

🔥HKEX Group Chief Sustainability Officer Chow Kwun Ying said that the use of new technologies such as blockchain may make the tracking of carbon credits more transparent and efficient, and facilitate cross-border transactions. Therefore, HKEX is open to using technologies such as blockchain to solve existing carbon market problems.

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

🔥Arthur, founder and chief investment officer of DeFiance Capital, wrote on the X platform that the biggest problem plaguing the current liquid crypto market is how projects and market makers work together to create artificial prices that can be sustained for a long time, and this process is completely in a black box state.

🔥According to Cointelegraph, according to the "Enterprise Bitcoin Adoption in the First Quarter of 2025" released by Bitwise, in the first quarter of 2025, listed companies purchased a total of 95,431 bitcoins, an increase of 16.11% from the previous quarter, bringing the total bitcoin holdings of listed companies to 688,000, accounting for 3.28% of the total supply of 21 million bitcoins. The number of listed companies holding Bitcoin reached 79, an increase of 17.91% from the previous quarter, and 12 new companies purchased Bitcoin in the quarter.

🔥 According to Cointelegraph, Mantra CEO John Mullin responded to community concerns after the OM token plunge. He assured that Mantra and its partners are promoting the recovery of OM tokens, but the details of repurchase and destruction are still being worked out.

🔥According to CoinDesk, Visa will join the Global Dollar Network (USDG) stablecoin alliance initiated by Paxos, becoming the first traditional financial institution to join. Alliance members also include Robinhood, Kraken, Galaxy Digital, Anchorage Digital, Bullish, and Nuvei. USDG aims to share stablecoin revenue with members to incentivize the construction of liquidity and interconnection, which is different from the model of retaining revenue, such as <a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a>.

🔥Laser Digital issued a statement on the X platform saying that it had nothing to do with the recent price plunge of $OM (Mantra). In response to rumors on social media that Laser was involved in investor selling, the company said the relevant statements were "factually false and misleading."

🔥According to The Defiant, Bitcoin has performed well in all time periods, outperforming the S&P 500 every year for the past 14 years. During this period, Bitcoin achieved a return of approximately 7.2 million%, far exceeding the 116% return of gold and the 306% return of the S&P 500. In a shorter time period, Bitcoin's return over the past two years was 173%, further consolidating its dominance over traditional investment assets such as gold and the S&P 500.

🔥According to Ledger Insights, a recent survey on central bank reserves by the Bank for International Settlements showed that in 2024, 15.9% of central bank respondents said they would consider investing in digital assets or coins within five to ten years. But in a 2025 survey, only 2.1% of central banks considered investing in cryptocurrencies within the same time frame.

🔥According to Phoenix.com, State Street Global Advisors Hong Kong Limited announced that it will launch the crypto and traditional investment application "State Street Galaxy" with Galaxy Asset Management, a subsidiary of Galaxy Digital Holdings.

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

🔥Tether announced a strategic investment in Fizen, a fintech company focused on self-hosted wallets and digital payments, to enhance the practical application and payment infrastructure of stablecoins around the world. Fizen supports users to pay with stablecoins and settle in fiat currency through QR codes and other methods without the need for additional hardware, which helps break down barriers to financial services and improve merchant access efficiency.

🔥According to the official announcement of ZKsync, the security team discovered that an administrator account of the airdrop contract was leaked, and the attacker controlled and sold about $5 million of unclaimed ZK airdrop tokens. The incident was caused by a single key leak, which did not affect the protocol itself or the ZK token contract, and user funds are always safe.

🔥According to The Block, investment bank TD Cowe warned that political risks in the crypto industry are rising as actions by US President Trump and his administration could hinder progress in crypto regulation.

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

🔥Nasdaq-listed medical technology company Semler Scientific has applied to the U.S. Securities and Exchange Commission (SEC) for a $500 million securities offering by submitting an S-3 registration document. The offering will be used primarily for general corporate purposes, including but not limited to the purchase of Bitcoin.

🔥According to Fortune, Trump is preparing to launch a real estate crypto game centered on his brand. Two people familiar with the matter said the game is similar to Monopoly GO! and is led by his long-term business partner, Bill Zanker. The project is part of the Trump family's crypto layout and has been involved in NFT, stablecoins, DeFi, and Bitcoin mining. Although Zanker denies any connection with Monopoly, the project is expected to go online 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 said that bank rules related to cryptocurrencies may be "relaxed" in the future.

🔥According to Protos, DeFi users have recently encountered a new type of fraud: scammers take over the official website of abandoned projects and trick old users into signing malicious "fund drain" transactions. This passive fraud is different from traditional active scams. It specifically targets old users who may still have bookmarks of old projects.

🔥Bitdeer (BTDR) Chairman and CEO Jihan Wu issued a statement on X in response to the BTDR short-selling report. He said that the report was based on a preset position, piecing together complex but irrelevant facts, and using absurd and misleading logic to construct a narrative, with the purpose of manipulating market sentiment for the short sellers to seek personal gain. He emphasized 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 profit machine and putting small crypto projects into a death spiral. It is reported that a market maker model called the "loan option model" will allow projects to lend tokens to market makers, who will then use these tokens to provide liquidity, stabilize prices, and assist projects in listing on crypto trading platforms. However, behind the scenes, some market makers are using this controversial token loan structure to make profits for themselves. These protocols are often packaged as "low risk, high return," but in fact, they will severely hit token prices, causing the fledgling crypto teams to fall into chaos and struggle.

🔥According to Bitcoin.com, ENS lead developer Nick Johnson revealed a sophisticated phishing attack that exploited vulnerabilities in Google's systems, especially the recently fixed OAuth vulnerability.

🔥According to The Block, VanEck plans to launch a <a href="/price/view/new-cryptocurrencies" target="_blank" class="blog_inner_link">new crypto</a>-related ETF next month, with the trading code NODE. The ETF aims to provide investors with exposure to the broader crypto economy by investing in financial instruments and stocks related to crypto exchanges, Bitcoin miners, and data centers.

## Regulatory & Macro Policies
🔥According to Cointelegraph, Tim Scott, chairman of the U.S. Senate Banking, Housing and Urban Affairs Committee, recently said that the crypto market structure bill is expected to become law by August 2025. Tim Scott also pointed out that the Senate Banking Committee has advanced a comprehensive stablecoin regulatory bill, the GENIUS Act, in March 2025, indicating that the committee has made crypto policy a priority.

🔥The U.S. Securities and Exchange Commission (SEC) has decided to extend the review period for a rule change proposal submitted by NYSE Arca to allow Grayscale <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> Trust ETF and Mini Trust ETF to pledge Ethereum holdings.

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

🔥According to Barron's, the Anti-Money Laundering and Financial Crimes Team of the U.S. Department of Homeland Security has launched an investigation into the crypto custody bank Anchorage Digital Bank. The company is backed by Wall Street capital and has publicly supported Trump's policies in the field of digital assets. The investigation focuses on its compliance and financial transaction behavior, and the details have not yet been made public.

🔥According to Bitcoin Magazine, Bo Hines, executive director of President Trump’s Digital Asset Advisory Committee, said the United States may use tariff revenue to purchase Bitcoin.

🔥According to The Block, Standard Chartered Bank's latest report predicts that the United States' upcoming Stablecoin Regulation Act (GENIUS Act) will drive the global stablecoin scale from the current $230 billion to $2 trillion by the end of 2028.

🔥The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market has fined crypto company Hayvn and its former CEO, Christopher Flinos, a total of $12.45 million for processing customer transactions through the unlicensed SPV entity AC Holding since 2018, and for failing to maintain effective anti-money laundering controls for a prolonged period.

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

🔥According to attorney James K. Filan, the "stay of appeal" motion jointly filed by the U.S. SEC and Ripple has been approved by the court. The SEC is required to submit a case status report within 60 days of the order.

🔥Russia should develop its own stablecoin pegged to other coins after the stablecoin USDT held by digital wallets associated with Russia was frozen last month, a senior Russian Finance Ministry official said on Wednesday, according to Reuters.

🔥 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 cryptocurrencies 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 eligible digital assets such as Bitcoin.

## Crypto Market Highlights
⭐️Last week, the overall crypto market continued to be affected by external factors. With the introduction of Trump's tariff exemption policy, most mainstream financial markets have rebounded, while the crypto market has mainly seen a slight increase. It is still in the stage of structural adjustment. In the past week, mainstream coins have mainly experienced short-term ups and downs, and the overall trend of the week has mainly been a slight increase. The current market is in a short-term upward channel, and the current market is expected to continue.

⭐️This week, the increase in the price of RAY in the crypto market ranked first among the mainstream coins, reaching about 38%. This is mainly due to the recent launch of LaunchLab after the Pump.fun incident. The liquidity has increased in the short term, which has driven the increase in the price of RAY. The current price of RAY remains around $2.2, and the weekly high is around $2.4. It is currently in a short-term fluctuation trend, and the price has fallen slightly.
![](https://gimg2.gateimg.com/image/article/17449610061.jpeg)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17449610282.jpeg)
(Data Courtesy Of TradingView)

This week, the <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">BTC price</a> trend continued last week's trend after the opening, showing a continuous rise and fall trend during the day. The price fell to a weekly low of $83,000, and subsequently showed multiple consecutive rounds of short-term rise and fall trends. Affected by external news factors, the BTC price also hit a one-week high of $86,400. Although it fell again afterwards, it remained within the range of $83,000 to $85,000. The BTC price trend performed well. With $83,000 as the key price support level, the BTC price trend was relatively strong. In the future, the coin is likely to continue following the overall market trend. Maintaining continuous ups and downs in a small range will be the mainstream market state in the short term.

### Ethereum (ETH)
![](https://gimg2.gateimg.com/image/article/17449610523.jpeg)
(Data Courtesy Of TradingView)

The price trend of ETH this week is roughly consistent with that of BTC, but the fluctuation is relatively more moderate. The high point of <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">ETH price</a> in the week is close to $1,700, and it fell in the short term in the middle of the week and then reached the low point of the week at around $1,540. The price of ETH has fallen below the key price of $1,600 again, and the subsequent trend will continue to rise and fall in a small range. The price of ETH remains around $1,580 and continues to fluctuate. It is expected that a new round of price adjustments will come during the weekend.

## Web3 Project Trend
This week, the total market value of the seven types of projects fluctuated, but the amplitude remained within a small range. The market continued to be greatly affected by external factors, and the slight recovery trend was more obvious. It is expected that the current market trend will continue during the weekend closing period.

| Project Category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | 1.7% | NETZ,BLD,DEC | The total market cap of the Layer 1 track rebounded slightly, but the increase in the top coins is not large and remains within a moderate range. Overall, most projects maintained a small range of ups and downs.|
| Layer 2  | -4.3%  |COMBO,FHE,PEPU|The Layer 2 sector continued its downward trend, with only a few coins showing an upward trend, while most coins continued their downward trend.|
| DeFi  | 0.5%  | BOR,COMBO,SYNO | The total market cap of the DeFi track rebounded slightly, but the gains of the top coins are concentrated in individual coins, and most coins in the track have no particularly obvious rising trends.|
| NFT  |3.4% | COMBO,BFOX,REALM |The total value of the NFT market showed a certain recovery. The top rising coins were mainly comprehensive projects, and most coins in the track saw a slight recovery.|
| MEME  | 0.3%  | DWOG,MUNCAT,CATEX| The MEME coin track saw a slight increase, but is the same as the same period last week. The gains of the top rising coins are still acceptable.|
| Liquid Staking  |-2.1% | LBR,AGI,LAY3R | This sector showed a slight decline, with the gains of the top coins remaining within a small range and the distribution continuing to remain relatively even.|
| AI  | 2.9%   | TSAI,FLARE,39A | The AI track saw some recovery, but the gains of the top coins are concentrated in individual coins, while the gains of other coins in the overall track are relatively small.|

<div class="blog-details-info">
<div>Author:**Charles T.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions. All investments carry inherent risks; prudent decision-making is essential.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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