Gate Research Institute: The Trump administration plans to promote "Bit Bonds" to expand Bitcoin reserves, while Ethereum's weekly Blob fees have reached a new low since the Dencun upgrade.

Summary

• Bitcoin price increased by 2.14% to 84,672 USDT, and Ethereum price increased by 2.90% to 1,883 USDT.
• Ethereum's weekly Blob fees hit a new low after the Dencun upgrade.
• Long-term holders who entered from 2020 to 2022 still firmly hold Bitcoin.
• Sonic TVL surpasses $1 billion.
• BlackRock receives regulatory approval from the UK as a crypto-asset company.
• The Trump administration plans to promote "Bitcoin Bonds" to expand Bitcoin reserves.

Market Commentary

• BTC —— The BTC price has increased by 2.14% in the past 24 hours, currently priced at 84,672 USDT. BTC has recently been operating within an ascending channel, rising after breaking through previous resistance and forming a bottom head and shoulders pattern, but is currently hindered by resistance near 85,400 USDT. The moving average system is in a bullish arrangement, and the MACD remains strong, indicating that the short-term trend is still bullish. If the price retests the lower channel or support level and stabilizes, it may continue to rise.【1]

• ETH —— The price of ETH has increased by 2.90% in the past 24 hours, currently priced at 1,883 USDT. ETH has recently maintained an upward trend but faced selling pressure near the resistance level of 1,920 USDT, and is currently testing the support of the ascending trend line. The moving average system is still in a bullish arrangement, and the MACD is gradually weakening, indicating a potential short-term pullback.

• ETF —— According to SoSoValue data, on April 1st, the total net outflow of Bitcoin spot ETFs in the United States was $158 million【3】, while the total net outflow of Ethereum spot ETFs was $3.58 million. The data is as of April 2nd, 11:00 AM (UTC+8).【4]
• Altcoins - The Boy's Club, BTCfi, RWA Protocol and other sectors changed +5.0%, +4.9%, +4.6% respectively. 【5】
• Top 3 US Indices – The S&P 500 rose 0.38%, the Dow Jones fell 0.03% and the Nasdaq rose 0.87% on April 1. 【6】
• Spot Gold – Spot gold prices to $3,132.44 per ounce, up 0.27% on the day. Data as of April 2 at 10:00 AM (UTC+8). 【7】
• Fear and Greed Index —— Fear and Greed Index 44, the market is in a state of panic. [8]

Popular Tokens

According to Gate.io market data【9】, combined with the trading volume and price performance in the last 24 hours, the popular altcoins are as follows:

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MSQ (MSQUARE)—— The daily increase is approximately 41.34%, with a circulating market value of 217 million USD. It is a multifunctional platform startup that combines blockchain technology with real-world applications. Its flagship project is the Metastar global blockchain-integrated real estate information platform launched in March 2022, aimed at enhancing the transparency and security of real estate transactions through blockchain. 【10】

MSquare Global encourages users to stake MSQ tokens to earn higher returns by optimizing the staking mechanism. This incentive has attracted a large number of token holders to participate in staking, reducing the supply of MSQ in the market and thereby pushing up the price. Additionally, MSQUARE recently launched the "POINT TO YOU"(P2U) platform. This platform allows users to accumulate points and participate in various activities, as well as purchase products at discounted prices, greatly enhancing the utility of the MSQ token and driving up its price.

ALCH (Alchemist AI) - A one-day increase of approximately 13.91%, with a circulating market capitalization of $67.29 million. Alchemist AI is a no-code app generation platform built on the Solana chain that allows users to build software applications by simply providing descriptions. No coding skills required, enabling anyone to quickly create custom apps, utilities, and games. 【11】

The reason for ALCH's increase may be due to the recent integration of a new model, DeepSeek V3, which further enhances its technical capabilities. The model excels at structured generation, multi-step logical reasoning, and technical decomposition, and is especially good at dealing with complex systems such as in-game hierarchical mechanics, inventory management logic, and user interaction processes. Users can use it to draw the logic blueprint of the app or game, and then hand it over to other completion models to generate code, or use DeepSeek V3 to handle the final logic collation and optimization. These enhancements significantly increase the depth and professionalism of the platform as a development tool, potentially attracting more developers to use it, thereby driving demand for the ALCH token.

AI16Z(ai16z) - Up about 17% in a single day, with a circulating market capitalization of $212 million.

ai16z has created a decentralized autonomous organization (DAO) that acts as a venture capital role for Marc Andreessen through artificial intelligence (AI) agents, aiming to utilize AI technology for investment decisions. Its core lies in obtaining market information, analyzing community consensus, and automatically executing token trades on-chain and off-chain through AI agents. By combining tokenized operations and decentralized governance, it provides investors with more transparent and highly trusted investment opportunities.

AI16Z has recently risen, mainly due to the announcement made by its founder Shaw on social media on April 1, 2025, that the Launchpad platform auto.fun and Eliza v2 are both ready, with plans to launch with the first batch of partners in two weeks, and marketing and announcements are about to begin, attracting market attention. At the same time, a large amount of funds has flowed into the AI sector since last week, coupled with whale investors making large purchases, further pushing up prices.【12】

Highlight Data

Ethereum weekly Blob fees hit a new low after the Dencun upgrade

Data shows that as of the week ending March 30, 2025, the Ethereum network only collected 3.18 ETH (approximately $6,000) in fees from Blob transactions, marking a new low for the year. This figure represents a sharp decline of 73% compared to the previous week, and is down over 95% from the peak of over 84 ETH in mid-March. This trend may reflect certain challenges faced by the Ethereum network in generating revenue from reliance on Layer 2 expansion chains.

Blob fees are derived from the EIP-4844 (also known as Proto-Danksharding) upgrade implemented in 2024, which aims to reduce the on-chain data costs for rollup networks by introducing a temporary data structure called "Blob." Blob data is usually automatically cleared within 18 days, and the fees are significantly lower than traditional calldata, which has been seen as one of the key technological paths for Ethereum to move towards low-cost high scalability.

The decrease in Blob fees essentially reflects the current market's supply and demand changes for the Ethereum Layer 2 ecosystem. As competition in the Layer 2 track intensifies and some projects migrate to modular architectures (such as Celestia's DA layer), part of the on-chain data storage demand is diverted, directly leading to a decrease in Blob space consumption on the Ethereum mainnet. For example, leading Rollup projects like Base and Arbitrum have recently switched part of their data storage to lower-cost external DA solutions (such as EigenDA). At the same time, the overall activity in the cryptocurrency market has declined, and the shrinkage of on-chain activities has reduced the frequency of Layer 2 submitting data to the mainnet.

Long-term holders who entered from 2020 to 2022 still firmly hold Bitcoin

According to on-chain data from Glassnode, the behavior of Bitcoin investors who entered the market from 2020 to 2022 has shown significant divergence from earlier long-term holders (LTHs), reflecting the strategic choices and wealth transfer patterns at different stages of the market cycle. Although Bitcoin prices reached an all-time high in December 2024, the wealth share held by entrants from 2020 to 2022 only declined by 3 percentage points from the peak, remaining at historically high levels. Data shows that the majority chose to continue holding and did not engage in large-scale selling. More than two-thirds of entrants from 5 to 7 years ago exited at the peak in December 2024 to realize profits. This is consistent with the historical pattern of "old miners" and institutional investors cashing out at the top of bull markets during earlier cycles.

The divergence in the behavior of long-term Bitcoin holders is essentially the result of a combination of market cycles, cost bases, and investor beliefs. The firm holding of 2020-2022 entrants, coupled with the increase in the holdings of new whales, may lay the foundation for the next stage of the bull market; The exit of early investors reflects the typical logic of wealth redistribution. In the future, it is necessary to pay close attention to the superimposed impact of on-chain supply changes, institutional inflows (such as ETFs) and macroeconomic narratives (such as interest rate cut expectations) on market sentiment. 【14】

Sonic TVL Breaks 1 Billion Dollars

Sonic's total locked value (TVL) has successfully surpassed the 1 billion USD mark, currently reaching 1.01 billion USD. This marks a significant milestone achievement for this emerging EVM-compatible Layer-1 blockchain. The fact that Sonic has been able to attract such a large amount of funding in a short period is not coincidental, but rather due to its outstanding technical architecture. As the first public chain to achieve sub-second transaction confirmations (within 1 second) and throughput of up to 10,000 TPS, Sonic has made a qualitative leap in performance, addressing the pain points of "high latency and high costs" that previous blockchain networks faced.

Its advanced technology architecture provides an attractive platform for developers and users, which is expected to attract more projects and funding, and heralds the huge growth potential of the Sonic ecosystem in the future. 【15】

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Hot Comments

BlackRock Obtains UK Regulatory Approval to Become a Crypto Asset Company

Global investment giant BlackRock recently received approval from the UK's Financial Conduct Authority (FCA) to become a registered crypto asset firm in the UK. This means that the asset manager, which oversees approximately $12 trillion, can offer crypto services in the UK, allowing it to operate its new European Bitcoin ETP as a UK entity. Previously, BlackRock launched a spot Bitcoin ETF in the United States in January 2024, quickly accumulating over $47 billion in assets, with first-year trading volume exceeding $107 billion. This approval makes BlackRock the 51st crypto asset firm to receive FCA certification in the UK, and its newly launched iShares Bitcoin ETP is already listed in Paris and Amsterdam. 【16】

BlackRock has received approval from the UK FCA, marking a significant step for traditional financial giants in embracing the cryptocurrency market, which has implications for the crypto asset industry in the UK and globally. As one of the world's largest asset management companies, BlackRock's entry will undoubtedly enhance institutional investors' confidence in cryptocurrencies and may accelerate the maturation and development of the UK crypto asset market.

Bio Protocol releases V1 upgrade, introducing permissionless launch platform and AI agents

The decentralized science (DeSci) platform Bio Protocol has officially released its V1 upgrade, marking its transition from a traditional accelerator model to an open, automated research funding platform. This upgrade introduces a "permissionless launch platform," allowing users holding BIO tokens to vote on and select biotechnology projects. If a project receives enough support, it can enter the public fundraising and automated liquidity phases. The platform also launches AI-driven BioAgents, which are used to automatically execute research tasks, reducing R&D costs and time.

Currently, the community can participate in voting and funding for projects such as MycoDAO, SpineDAO, and ReflexDAO through the Solana and Base networks, covering areas such as fungal technology, spine health, and neural tuning. This upgrade also extends support to emerging directions such as quantum biology, indicating that Bio Protocol will continue to expand in decentralized scientific research finance.

Trump Administration Proposes "Bitcoin Bonds" to Expand Bitcoin Reserves

The Trump administration is considering adopting a new type of financial instrument called BitBonds as part of Bitcoin's reserve strategy. The proposal aims to fund the country's accumulation of bitcoin reserves through the issuance of bitcoin-pegged bonds without direct access to the federal budget. 【18】

The proposal suggests that the government issue dollar-denominated bonds with an annual interest rate of 1%, which is far lower than the traditional rates of U.S. Treasury bonds. The design goals of the Bitcoin bonds include: reducing the interest burden of national debt, providing funding for the country's Bitcoin reserves, offering tax-advantaged savings tools to American families, and gradually reducing federal debt through asset appreciation. Specifically, 90% of the bond proceeds will be used for general government purposes, and 10% will be used to purchase Bitcoin, allowing investors to benefit from both fixed interest and potential appreciation of Bitcoin.

The implementation of this strategy could result in significant savings in interest expenses for the U.S. government, as well as reduce the nation's debt through the potential appreciation of Bitcoin, achieve U.S. fiscal sustainability, and solidify U.S. leadership in the global financial landscape. However, critics point out that the high volatility and uncertainty of Bitcoin's price could pose risks, and that direct government involvement in the cryptocurrency market could lead to regulatory and policy controversy. Therefore, while "bit bonds" offer an innovative fiscal strategy, their practical effectiveness and feasibility still need to overcome legal, regulatory, and market acceptance challenges.

Fusion Information

According to RootData, in the past 24 hours, 2 projects have publicly announced their funding, with a total amount of $10.9 million, involving areas such as infrastructure, AI, etc. Below are the details of the funded projects: [19]

**Cambrian Network **—— Cambrian Network has completed a $5.9 million seed round financing, with participation from a16z CSX, Blockchain Builders Fund, and others. Cambrian Network is an AI infrastructure protocol designed to provide financial data and predictive market analysis for AI agents, driving the revolution of "agent finance." This financing will be used to accelerate the development of Cambrian Network, expand its data coverage, and enhance performance.【20】

This round of financing will be used to accelerate development, expand data coverage and performance. The next steps include collecting feedback on the Solana and Base private testing APIs, providing tracking statistics for decentralized exchange liquidity providers and funding pools, and offering real-time and historical data statistics for all high trading volume DeFi protocols. Additionally, Cambrian plans to complete the design of the decentralized network, recruit validators, and prepare for the launch of the testnet.

Mahojin – Mahojin closed a $5 million seed round with participation from a16z CSX, Maelstrom Capital, and others. Mahojin is a "GitHub" platform for AI model creators and dataset developers. Its core functions include tracking intellectual property and paying original contributors to models and datasets. 【21】

With this financing, Mahojin plans to accelerate open-source innovation at the intersection of AI x Crypto, further improve the performance of Ippy LoRA, expand the platform's capabilities, and collaborate with ecosystems such as Story Protocol to give users more creative inspiration and possibilities.

Airdrop Opportunities

Hyperbeat

Hyperbeat is a decentralized ecosystem aimed at revolutionizing decentralized finance by seamlessly integrating innovative liquidity solutions with excellent DeFi protocols. It optimizes yield opportunities on HyperEVM, providing higher base returns, optimized liquidity, and greater capital flexibility, while simplifying the user experience and maximizing capital efficiency.【22】

Hyperbeat recently launched an incentive program called "Hearts Program". Users can earn "Hearts" points by participating in various activities on Hyperbeat, and then gain eligibility for airdrops based on their points.

Participation method:

1. Visit the Hyperbeat official website and connect the HyperEVM wallet.
2. Stake $HYPE, deposit liquidity into HyperEVM gold, or exchange assets to earn Hearts points.
3. Invite friends to earn more rewards.

Tip: The airdrop plans and participation methods may be updated at any time, and users are advised to follow Hyperbeat's official channels for the latest information. At the same time, users should participate cautiously, be aware of risks, and conduct thorough research before participating. Gate.io does not guarantee the distribution of subsequent airdrop rewards.

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