This month, Gate Research focuses on the full-spectrum dynamics of the Web3 industry, covering on-chain data, major security incidents, technical and crypto events, policy and macro trends, and market financing conditions. Below is a summary of the key content for this month:
1. Crypto Market Review
- Overall Market Performance: In February, the cryptocurrency market exhibited a downward oscillating trend. The total market capitalization gradually declined from $3.6 trillion at the beginning of the month. It fell below the $3.0 trillion mark by the end of the month, with a monthly decline of over 16%.
- BTC and ETH Trends: Bitcoin experienced a continuous pullback after reaching the $100,000 high, hitting a monthly low of $78,000, a decline of over 22%. Ethereum began a significant downturn in late February, reaching a low of $2,200, with a monthly drop of nearly 30%.
- Trending Token Developments: $TRUMP recorded an on-chain trading volume of $5.3 billion, a sharp decrease of 86.9% month-over-month, indicating a clear retreat of speculative capital. $HONEY’s supply continued to increase, on-chain interaction activity rose, and ecosystem activity showed improvement.
- Read the full report: Gate Research: February Crypto Market Review
2. On-Chain Insights
- Overall Trend: On-chain activity declined due to the market pullback, with some networks experiencing capital outflows and a simultaneous reduction in on-chain stablecoin supply.
- Ecosystem Performance: The number of active addresses on the Sui chain increased by 35.81% month-over-month, with transaction volume and TVL rising in tandem. Ethena, leveraging its innovative yield model and hedging mechanism, became a safe haven for capital in a weak market. Berachain’s mainnet launch attracted market attention, with TVL showing a steady growth trend.
- Holding and Trading Behavior: Short-term Bitcoin holders have generally entered an unrealized loss state, significantly increasing selling pressure. On-chain stablecoin supply declined by 9.2%, and exchange stablecoin reserves decreased, indicating tightening off-exchange liquidity.
- Read the full report: Gate Research: Web3 On-Chain Insights - February 2025
3. Security Incidents
- Overall Overview: In February, 15 security incidents occurred, with disclosed losses reaching as high as $1.676 billion, marking a significant increase from the previous month.
- Major Threats: Account hacks and contract vulnerabilities were the primary sources of risk, accounting for 58.3% of total losses. Projects on the BSC chain were particularly affected.
- Key Cases: Bybit suffered a wallet attack, resulting in a $1.5 billion loss; Infini lost $50 million due to a lack of access control; Ionic fell victim to a social engineering attack, losing $12.3 million.
- Hacker Activity: THORChain has become a key channel for hackers to launder funds, facilitating the conversion of ETH to BTC for further concealment.
- Read the full report: Gate Research: Security Incident Summary for February 2025
4. Crypto Events & Industry Tech Updates
- Technical Breakthroughs: Ethereum's gas limit was increased to nearly 32 million units, enhancing network processing capacity. Hyperliquid launched the HyperEVM mainnet, building a stronger technical foundation for the derivatives market.
- Product Innovations: Ondo Finance introduced the Layer 1 blockchain Ondo Chain. Etherscan launched an address credit scoring feature to enhance on-chain transparency. MetaMask added support for Bitcoin and Solana and introduced smart contract accounts.
- Major Events: Bybit suffered a hacker attack, resulting in an estimated $1.5 billion loss. StakeStone officially released its whitepaper, expanding into the LSD sector.
- Read the full report: Gate Research: February 2025 Web3 Crypto Events & Industry Tech Updates
5. Industry Policies and Macro Trends
- Macroeconomic Fluctuations: The United States released key economic data, inflation expectations rose, and the interaction between policy and the market intensified. The Federal Reserve maintained a hawkish stance, weakening short-term rate cut expectations.
- Policy Developments: The Bitcoin Freedom Bill in Oklahoma entered legislative review; South Dakota rejected the Bitcoin Treasury Reserve Bill. Under the MiCA regulatory framework, 10 companies have been approved to issue stablecoins within the EU.
- Global Impact: After the U.S. announced tariffs on Mexico and Canada, it quickly suspended their implementation, causing significant volatility in the crypto market. The Consumer Confidence Index saw a sharp decline in February, reflecting ongoing uncertainty about the economic outlook.
- Read the full report: Gate Research: Web3 Policy and Macro Report(Feb 28 - Mar 6, 2025)
6. Industry Funding
- Funding Overview: In February, the Web3 industry completed 134 funding deals worth $1.02 billion, representing a 6.4% month-over-month decline.
- Sector Focus: CeFi and blockchain services were the primary funding hotspots, attracting $301 million and $223 million, respectively.
- Funding Structure: 73% of projects raised less than $10 million, while only 4.7% of deals exceeded $50 million. Pre-Seed and Seed rounds accounted for more than half, indicating that early-stage projects remain the market's main force.
- Active Investors: Amber Group is the most active institution, with six investments.
- Read the full report: Gate Research: February 2025 Web3 Funding Report
Disclaimer
This content does not constitute an offer, solicitation, or recommendation. You should always seek independent professional advice before making any investment decisions. Please note that Gate may restrict or prohibit all or part of its services in certain restricted regions. For more information, please read the User Agreement here: https://www.gate.com/user-agreement.
Investing in the cryptocurrency market involves high risk. It is recommended that users conduct independent research and fully understand the nature of the assets and products they purchase before making any investment decisions. Gate is not responsible for any losses or damages from such investment decisions.
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Gate Team
March 12, 2025
