Gate Research Institute: IMF includes Bitcoin in the capital account, RWA protocol TVL surpasses 10 billion USD

Summary

• Bitcoin price increased by 1.97% to 86,806 USDT, Ethereum price increased by 1.68% to 2,036 USDT.
• The daily burn amount of Ethereum is only 53.07 coins, setting a historical low.
• Pancakeswap ranks first in DEX weekly trading volume, with a weekly increase of over 40%.
• RWA Protocol TVL breaks through 10 billion dollars.
• The IMF clearly defines the classification of crypto assets, categorizing Bitcoin under the capital account.
• Plume token launches on Solana, promoting cross-chain liquidity for RWA assets.

Market Commentary

• BTC —— The BTC price has increased by 1.97% in the past 24 hours, currently priced at 86,806 USDT. The BTC price is currently in an uptrend, having earlier broken through the resistance level of 86,500 USDT. The moving averages are in a bullish arrangement, and the price is above the moving averages, indicating that short-term market momentum remains positive. If this momentum can be maintained, the price is expected to challenge the previous high of 87,400 USDT.【1]

• ETH —— The price of ETH has increased by 1.68% in the past 24 hours, currently priced at 2,036 USDT. The price of ETH is currently in an upward trend, touching the ascending trend line around 1,980 USDT, and is now challenging the resistance level upwards. The price increase is accompanied by a rise in trading volume. If it can break through the resistance level and hold above it, the price is expected to continue to rise.

• ETF —— According to data from SoSoValue, the total net inflow of Bitcoin spot ETFs in the U.S. on March 21 was $83.09 million【3】, while the total net outflow of Ethereum spot ETFs was $18.63 million. Data is as of March 24, 11:00 AM (UTC+8).【4]
• Altcoins —— The Pump.fun Ecosystem, PolitiFi, and Solana Meme sectors changed by +8.1%, +7.1%, and +6.8%, respectively. [5]
• Top 3 U.S. Stocks – The S&P 500 rose 0.08%, the Dow Jones rose 0.08%, and the Nasdaq rose 0.52% on March 21. 【6】
• Spot Gold —— The spot gold price is 3,020.19 USD / ounce, with a daily decline of 0.11%. Data as of March 24, 11:00 AM (UTC+8).【7]
• Fear and Greed Index —— Fear and Greed Index 45, 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 over the past 24 hours, the popular altcoins are as follows:

**FARTCOIN (Fartcoin) **—— Daily increase of approximately 24.86%, with a circulating market value of 558 million USD.

Fartcoin is a meme coin based on the Solana blockchain, characterized by its humor-driven brand image and significant market volatility. As a purely meme coin, Fartcoin lacks substantial technological innovation or intrinsic utility, relying entirely on its entertainment nature to attract attention. Nevertheless, Fartcoin has successfully cultivated an active community, with participants primarily trading for entertainment purposes or speculative motives.【10】

Recently, the Solana meme sector has warmed up, and the improvement in market sentiment has led investors to refocus on the meme token sector. As a once well-known project in this sector, Fartcoin has benefited from this overall market environment, and its price has risen.

**ZEUS (Zeus Network) **—— Daily increase of approximately 24.39%, with a circulating market value of 147 million dollars.

Zeus Network is a multi-chain interoperability layer based on the Solana blockchain, with its core function being to enable permissionless interactions between Bitcoin and other blockchain ecosystems. As a Layer 1.5 solution for Solana, Zeus Network has built a bridge-less cross-chain infrastructure, creating a platform that allows developers to design and integrate decentralized applications.

Recently, the first application on the Zeus Network, Apollo, is about to launch, allowing users to deposit Bitcoin and mint a 1:1 pegged zBTC token. This initiative is expected to bring liquidity of Bitcoin to Solana, greatly enriching the economic activities in the Solana ecosystem. The launch of Apollo further validates the development potential of the Zeus Network, enhances investor confidence in the project, and drives up the token price.

MUBARAK (MUBARAK)) — Daily increase of about 20.12%, circulating market value of 146 million dollars.

MUBARAK token is a meme coin issued on the Binance Smart Chain (BSC), and its name means “blessed” in Arabic. The token was launched on the Four.Meme platform on March 14, 2025, inspired by Abu Dhabi’s investment in a centralized exchange (CEX), aiming to become a digital asset symbolizing growth and opportunity.【12】

The rise of MUBARAK token is mainly attributed to CZ’s support. On March 13, CZ retweeted a meme related to MUBARAK on social media, captioning it “Mubarak,” which drew market attention. To avoid a repeat of the contract chaos seen in the Broccoli incident, CZ subsequently designated the official contract address, further stimulating market sentiment. Today, CZ opened a 24.7x long position on APX Finance with 0.04 BNB using a public donation address, triggering a price increase (the position has now been closed).

Highlight Data

Ethereum daily burn amount is only 53.07 coins, hitting a record low

According to data from The Block, on March 22, the number of Ethereum destroyed due to transaction fees was only 53.07 ETH, worth approximately $106,000 at current prices, setting a historical low that reflects a significant decline in network usage demand. The creation of new Ethereum addresses, the number of transactions, and daily trading volume have also been declining for several weeks, with user activity and network load decreasing in parallel.

This indicates that the Ethereum trading market is in a downturn, and users and developers may turn to lower-cost or alternative public chains. As a mainstream DeFi and NFT platform, Ethereum’s weak network usage not only undermines deflationary expectations but also puts pressure on long-term value support and ecosystem vitality.

Pancakeswap ranks first in DEX weekly trading volume, with a weekly increase of over 40%

Pancakeswap’s weekly trading volume surged from about $9.94 billion last week to $14.1 billion, an increase of 41.93%, making it the number one DEX in weekly trading volume. This stands in stark contrast to Uniswap’s $8 billion (down 43.83% from last week) and Raydium’s $2.5 billion (down 17.32% from last week), showcasing Pancakeswap’s strong performance in the recent market.

The trading volume of Pancakeswap may have benefited from the popularity of the meme coin Four.meme, while the recent launch of perpetual contracts for hot tokens like MUBARAK and BANANAS31 has attracted traders seeking high returns. Additionally, recent initiatives such as the launch of the SpringBoard no-code token creation tool, new Telegram trading bots, and expansion to Polygon zkEVM may broaden the user base.

RWA Protocol TVL Breaks 10 Billion USD

The tokenization of Real World Assets (RWA) has reached an important milestone, with a total locked value (TVL) surpassing $10 billion, currently at $10.4 billion. This development marks an acceleration in the deep integration of blockchain technology with traditional financial systems, particularly against the backdrop of declining yields in decentralized finance (DeFi), as investors increasingly turn to RWAs for more stable returns. [15]

The breakthrough of the total locked value (TVL) of RWA protocols exceeding 10 billion USD is driven by multiple factors. The recent decline in DeFi protocol yields has prompted investors to turn to RWA, particularly real-world debt instruments such as government bonds and corporate loans, in search of more stable returns. For example, MakerDAO offers low-risk yield options through its RWA collateral. Meanwhile, RWA bridges the gap between traditional finance and decentralized systems by tokenizing assets such as treasury bills, government bonds, real estate, and commodities, attracting institutional investors. Additionally, tokenization enhances the liquidity and divisibility of traditional assets, while blockchain technology improves ownership management transparency and reduces administrative costs, as seen in YieldStreet’s real estate tokenization project, which has attracted a large number of retail investors. Finally, amidst economic uncertainty, demand for RWA is rising as investors seek safer investment avenues, driving rapid growth in the industry.

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Hot Reviews

The IMF clearly defines the classification of crypto assets, listing Bitcoin under the capital account

The International Monetary Fund (IMF) put forward the principle of digital asset classification for the first time in the new edition of the Balance of Payments and International Investment Position Handbook (BPM7), which classifies Bitcoin, stablecoins, Ethereum, Solana, etc. according to whether they have liabilities and alternatives, and incorporates them into the official statistical framework. Among them, non-debt-backed tokens such as Bitcoin are classified as non-productive non-financial assets and included in the capital account, while stablecoins may be considered financial instruments due to redemption obligations. The International Monetary Fund (IMF) is a key pillar of the global economic system, overseeing the stability of the international monetary system, facilitating global trade, and providing economic policy advice. The Balance of Payments and International Investment Position (BPM) Handbook published by it is an authoritative guide for countries to compile balance-of-payments statistics, which has a wide impact on the operational norms of central banks, statistical agencies and financial markets.

The IMF’s update to BPM7 can better monitor international transactions of digital assets, enhance global financial stability analysis capabilities, and improve policy recommendations; national statistical agencies need to adjust data collection methods, such as including Bitcoin in the capital account or classifying mining services as exports, which may lead to more resources entering the blockchain market and training related talents; for the digital asset industry, this enhances legitimacy and attracts investment, but the IMF’s classification of digital assets (e.g., Bitcoin as a capital account asset, stablecoins as financial instruments, ETH and SOL as equity-like, and mining services as exports) may impact regulation, taxation, and cross-border investments, while also potentially promoting the development of related industries in various countries. [16]

Plume token launched on Solana, promoting RWA asset cross-chain liquidity

On March 24, 2025, Plume announced the launch of its native token $PLUME on Solana and opened the trading entrance, marking an important advancement in its cross-chain strategy. Plume is building the RWAfi ecosystem through the SkyLink program, allowing real-world assets (RWA) such as real estate and bonds to circulate freely across multiple blockchains.

This launch is not a Token Generation Event (TGE), but an expansion to Solana through a cross-chain bridge to enhance liquidity and user participation. $PLUME, as the governance and utility token of the Plume ecosystem, supports voting, staking, and network functions. Solana is known for its high performance and active community, and Plume’s choice of this chain is not only a technical consideration but also due to its ecological influence. In addition, SkyLink employs mirror YieldTokens technology to ensure the security of the original chain’s TVL and supports yield distribution, helping to mitigate cross-chain liquidity risks. By trading $PLUME on Solana, users can more conveniently participate in Plume’s RWA ecosystem, promoting the popularization of RWA assets in the crypto market.【17】

Fidelity Investments recently announced plans to launch a blockchain version of its U.S. money market fund

Fidelity Investments recently announced plans to launch a blockchain version of its U.S. dollar money market fund, marking the entry of this financial giant, which manages over $5.8 trillion in assets, into the tokenization of real-world assets (RWA). The product being launched is called the Fidelity Treasury Digital Fund (FYHXX) “OnChain” share, initially deployed on the Ethereum blockchain, with potential expansion to more on-chain platforms in the future. The fund will use blockchain as a transfer agent and invest in cash and U.S. Treasury securities. If approved by regulators, the fund is expected to officially take effect on May 30, 2025. This move not only demonstrates Fidelity’s high recognition of the efficiency and transparency of blockchain technology but also represents a systematic transition of traditional finance to “on-chain finance.”

Fidelity Investments has launched a blockchain version of a dollar money market fund. For itself, this move enhances its reputation as an innovator in the financial industry by adopting blockchain technology, attracting clients interested in digital assets, while simplifying operations, reducing costs, and increasing transparency through blockchain. At the same time, entering the RWA tokenization market opens up new revenue streams for it, especially against the backdrop of market growth. For competitors like BlackRock and Franklin Templeton, Fidelity’s entry will intensify competition, potentially driving market innovation and reducing fees, while also facilitating collaboration with financial institutions or technology providers to accelerate RWA tokenization adoption and expand market size. For the industry, Fidelity’s initiative could significantly drive mainstream adoption of blockchain technology in traditional finance, promote market standardization and regulatory clarity, and serve as a catalyst for innovation, giving rise to new products that combine the advantages of blockchain and finance.

Integration Information

According to RootData, in the past 48 hours, 2 projects have publicly announced their financing, with a total financing amount exceeding 67 billion dollars, and the highest single financing amount reaching 5 million dollars, involving fields such as infrastructure and AI. Here are the specific details of the financing projects: 【19】

**Betterx **—— Betterx has completed a $1.7 million Pre-A round of financing, with participation from Grand Prix Capital, Aument Capital, and others. BetterX is a digital asset infrastructure provider focused on offering institutional-grade digital asset solutions to financial institutions. The company is dedicated to building a bridge between traditional finance and the digital asset ecosystem, providing compliant and scalable solutions for wealth management companies and licensed intermediaries. BetterX plans to use the newly raised funds to accelerate its growth strategy in key markets such as Asia, the Middle East, and the United States, establish strategic partnerships, and enhance its technology stack to meet the increasing regulatory requirements and client demands.【20】

**Hibit **—— Hibit completed a $5 million financing round, with participation from Waterdrip Capital, BetterverseDao, and others. Hibit is a seamless, independent Layer 2 infrastructure designed to connect multiple blockchain networks including TON, Kaspa, Solana, ETH, BTC, BNB, and ICP. It provides a cross-chain solution that is secure without the need for bridging. This financing will be used to promote the development of Hibit DEX, cross-chain interoperability, and the AI agent economy in the project.【21】

Airdrop Opportunity

Orochi Network

Orochi Network is an innovative verifiable data infrastructure designed to revolutionize the way data is handled in the digital age by ensuring data integrity and privacy through advanced cryptography. It leverages advanced cryptography tools such as zero-knowledge proof (ZKP), fully homomorphic cryptographic (FHE), and Trusted Execution Environment (TEE) to achieve this goal. 【22】

Recently, Orochi Network launched the ONACTIVE event, where participants can earn $ON tokens, special community roles, and unlock exclusive rewards.

Participation Method:

1. Visit the Orochi Network ONACTIVE official website and register.
2. Join the official Discord group to get new codes and verify on ONACTIVE.
3. Complete other tasks to earn points.

Tip: The airdrop plan and participation methods may be updated at any time. Users are advised to follow the official channels of Orochi Network for the latest information. At the same time, users should participate cautiously, be aware of the risks, and conduct thorough research before participating. Gate.io does not guarantee the issuance of subsequent 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. Gate.io,https://www.gate.io/price/fartcoin–fartcoin?fiat=usd
11. Gate.io,https://www.gate.io/price/zeus-network-zeus?fiat=usd
12. Gate.io,https://www.gate.io/price/mubarak-mubarak
13. Theblock,https://www.theblock.co/data/on-chain-metrics/ethereum/burned-eth-after-eip-1559-daily
14. Defillama,https://defillama.com/dexs
15. Defillama,https://defillama.com/protocols/RWA
16. IMF,https://www.imf.org/-/media/Files/Data/Statistics/BPM6/draft-bpm7-wcv.ashx
17. Theblock,https://www.theblock.co/post/347646/daily-eth-burn-hits-all-time-low-as-ethereums-on-chain-activity-dips
18. SEC,https://www.sec.gov/Archives/edgar/data/917286/000113322825002995/ftdf-efp15119_485apos.htm#useofRootdata
19. Crowdfundinsider,https://www.crowdfundinsider.com/2025/03/237651-singapore-digital-asset-startup-betterx-secures-1-7m-to-accelerate-global-expansion/
20. X,https://x.com/hibit_official/status/1903370344645468470?s=46
21. Orochi,https://orochi.network/

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