On-Chain Data

Against the backdrop of Middle East geopolitical tensions, Bitcoin has faced a comprehensive sell-off with nearly all coin holders turning to net selling, most notably among retail investors. According to Glassnode data, the cumulative trend score has dropped to 0.04, indicating heavy selling pressure in the market. Small-cap holders and mid-sized investors are showing significant selling intensity, while whales, though reducing their holdings, are doing so at a lower rate. Despite the dismal data, Bitcoin continues to demonstrate resilience against declines.

2026-03-20 07:30 to 2026-03-20 07:45 (UTC), ETH recorded a return rate of +0.67% within 15 minutes, with a price range of 2136.67 - 2153.1 USDT and a volatility of 0.77%. The short-term price surge was accompanied by a rapid increase in trading volume, rising market attention, and intensified fluctuations. The main driver of this movement is the concentrated transfer of large on-chain funds and the adjustment of capital structure between spot and derivatives markets. Data shows that early ICO holders transferred nearly 40,000 ETH (approximately $119 million) to

Gate News reported that on March 20, early Bitcoin holders ('ancient whales') recently transferred large amounts of funds to exchanges. The current escalation of tensions in the Middle East has triggered impacts on energy markets, compounded by the Federal Reserve's tightening policy, putting pressure on the cryptocurrency market. The specific transfer amount has not been disclosed, but market monitoring shows that the capital flow scale reached several million dollars.

Gate News reported that on March 20, early Bitcoin holders (whales) recently transferred millions of dollars worth of Bitcoin funds to a certain CEX, with the specific transfer amount not yet disclosed. This move occurred against the backdrop of escalating tensions in the Middle East, energy market volatility, and tightening monetary policy by the Federal Reserve. The current market environment is putting pressure on the cryptocurrency market, with multiple macroeconomic factors compounding their impact on market sentiment.

As XRPL ecosystem activity increases, XRP meme coins have become a new pathway for some traders to increase their XRP holdings. The current meme coin market cap is approximately $50 million, attracting speculative capital attention. Through AMM pools trading with XRP, traders can achieve "passive accumulation." The overall market cap is approximately $418 million, with meme coins showing significant volatility, but liquidity and market attention remain limited. In the short term, they should be viewed as trading tools with both risks and rewards.

Pi Network (PI) has recently surged, showing weakening profit-taking trends. Kraken and LBank have been added as official centralized exchanges supporting PI trading, enhancing liquidity. On-chain data shows CEX net inflows turning positive, indicating strengthened holding intent among holders. Technical analysis shows PI still faces resistance but has rebound potential, requiring a breakthrough of the 50-day moving average and rising RSI to challenge the psychological $0.20 level.

European asset manager Amundi has partnered with tokenization platform Spiko to launch a $100 million Spiko Amundi Overnight Swap Fund (SAFO), selecting Chainlink as its oracle infrastructure. However, LINK has failed to break above $10 since February. Despite on-chain data showing declining LINK holdings and increased ETF inflows, market sentiment remains cautious, making it difficult for prices to rise in the short term, and institutional adoption has yet to become a price catalyst.

VanEck research report indicates that while Bitcoin prices have declined, volatility and futures funding rates have stabilized. Miners face survival pressure and have sold off nearly all newly mined Bitcoin. Options market shows strong put demand, with historical data suggesting potential for a rebound. Overall on-chain activity has decreased, reflecting deepening financialization of the market.

Ethereum maintains its leading position in the L1 blockchain market with its superior Total Value Locked (TVL), continuously attracting concentrated capital and users. Its mature smart contracts and decentralized architecture deepen the ecosystem, attracting institutional participation. Although other chains have advantages in efficiency and cost, Ethereum still leads significantly in stability and application composability. Future competition will focus on performance and application scenarios.

Nansen's release of the NEAR Protocol Q4 2025 report shows that NEAR achieved 1 million TPS, with cross-chain transaction volume surpassing $7 billion, and introduced NEAR AI Cloud. During this quarter, it processed 54 million transactions, served 20 million users, and increased the number of shards to 9. Hot wallets contributed 53.3% of the transaction volume.

An Ethereum user mistakenly exchanged 50 million USD in stablecoins for only 37,000 USD worth of Aave tokens in a token swap, sparking widespread discussion due to insufficient liquidity and extreme slippage. The incident exposed flaws in DeFi trading mechanisms, prompting Aave and CoW Swap to propose improvement measures. Responsibility disputes continue, with experts calling for optimized system design to better protect users.

Tether is accelerating the introduction of USDT into the Bitcoin Lightning Network to enhance transfer efficiency and expand application scenarios. This move combines stablecoins with Bitcoin, promoting efficient payments and cross-chain application development, and is expected to improve the usability of cryptocurrency payment systems, though it faces market competition and technical challenges.

As on-chain data accumulates, the competition between permissioned and permissionless blockchains has entered a new stage. Ethereum's real-world assets exceed $16 billion, leading other public chains. Although private chain assets are massive in scale, they are primarily used for internal ledgers and lack liquidity. Experts generally agree that in the long term, permissionless public chains have greater advantages in liquidity and openness. Currently, most RWA projects adopt a hybrid model. Although private chains have advantages in compliance, applications are gradually concentrating on public chains.

Solana ecosystem DApps revenue has dropped to $22 million, marking an 18-month low, while the derivatives market is also showing bearish signals with funding rates near 0% and option skew surging, reflecting institutional lack of confidence in the future. The rise of competitor Hyperliquid has further intensified the pressure, leading to erosion of Solana's market share in the derivatives sector.

The UK has initiated dissolution proceedings against Zedxion Exchange due to the provision of false information in its company registration. An investigation revealed that the company was closely related to Iran's Islamic Revolutionary Guard Corps and operated using fictitious identities. This dissolution represents the latest case of the UK strengthening regulatory oversight under new legislation, reflecting the country's efforts in combating sanctions evasion.

Gate News reports that on March 20, according to The Data Nerd monitoring, 12 hours ago, the WLFI treasury wallet (address 0xFef...14B4) deposited 135 million WLFI to a certain CEX, valued at $12.52 million. Over the past 2 months, the wallet has cumulatively deposited 644 million WLFI to the exchange, with a total value reaching $79.68 million.

Solana ecosystem decentralized application revenue has dropped to an 18-month low, with SOL price recently declining 11% to $87, while long positions have been liquidated. Despite strong performance in DEX trading volume, it faces intense competition in the perpetual futures market.

Gate News, March 20, according to Artemis data, the stablecoin market cap on Hyperliquid's HyperEVM blockchain has surpassed 1 billion dollars. Data shows that since February, the platform's stablecoin market cap has grown 96%, demonstrating significant growth in stablecoin adoption on the platform.

The Solana ecosystem has come under pressure recently, with SOL's price retreating from $97.70 to $87, representing a three-day decline of approximately 11%. Sentiment in the derivatives market is insufficient, with funding rates approaching historic lows, and on-chain DApp revenue has dropped to an 18-month low. Despite relatively solid performance on decentralized exchanges, new products and competition are putting pressure on capital flows. SOL is expected to remain range-bound and weak in the near term.

On March 19, Ethereum spot ETFs recorded net outflows of $129.8 million, significantly higher than the previous day's $55.69 million. Among them, BlackRock's ETHA saw outflows of $100.9 million, which was the primary source of outflows. The only fund recording net inflows was BlackRock's staking version ETHB, with inflows of $7.61 million.