Abstract

• Bitcoin price dropped 2.96% to $79,733, and Ethereum fell 5.63% to $1,535, remaining within a volatile trading range.
• Ethereum network gas fees hit a record low, with average monthly transaction costs in March plunging 80% from the end of last year.
• Bitcoin mining started strong in Q1 2025, with leading companies generating nearly $800 million in mining revenue.
• Tariffs have driven demand for safe-haven assets, pushing tokenized gold trading volumes to a two-year high.
• Nasdaq has filed for a VanEck spot ETF for Avalanche, signaling a potential expansion of mainstream investment access to AVAX.
• Trump signed a bill repealing the Biden-era crypto tax rules, marking the enactment of the first crypto legislation.
• Gate.io released its Q1 2025 report, showing growth in both trading volume and reserves.

Market Analysis

• BTC — Bitcoin’s price fell 2.96% over the past 24 hours, currently trading at $79,733. Analysis shows that BTC found support around $78,570 yesterday, forming a short-term stabilization pattern. However, the overall rebound remains limited. This morning, the price briefly approached $80,000 but failed to break above it, and it is now fluctuating between support and resistance levels. On the technical side, short-term moving averages (MA5 and MA10) continue to exert downward pressure, limiting the rebound, while MA30 has flattened, indicating a tug-of-war between bulls and bears. The MACD indicator is showing signs of a potential bullish crossover, with shrinking green bars suggesting short-term rebound momentum. However, trading volume has been shrinking over the past few hours, indicating weak follow-through from the bulls.[1]

• ETH — Ethereum’s price fell 5.63% over the past 24 hours, currently trading at $1,536.08. From chart, ETH quickly rebounded after dipping to around $1,412.33 yesterday, forming a clear recovery from a local low. The price has reclaimed the $1,520 level, finding short-term support, but still faces resistance at $1,678.22, indicating it remains in a range-bound phase. Technically, both the MA5 and MA10 moving averages are starting to turn upward, and the price has slightly broken above the short-term moving average resistance. However, the MA30 is still trending downward, indicating that mid-term bearish pressure persists. The MACD lines are hovering near the zero axis, and the green bars continue to shrink, signaling a potential bullish crossover that could fuel further rebound momentum. [2]

• ETF — According to SoSoValue data, on April 10, U.S. spot Bitcoin ETFs saw a total net outflow of $149 million[3]; U.S. spot Ethereum ETFs recorded a total net outflow of $38.79 million. Data as of 9:00 AM (UTC+8) on April 11. [4]
• Altcoins — The LSDFi, BTCFi, and Tokenized Gold sectors recorded changes of +11.1%, +4.8%, and +4.1%, respectively. [5]
• U.S. Stock Indices — On April 10, the S&P 500 index dropped 3.46%, the Dow Jones fell 2.50%, and the Nasdaq declined 4.31%. [6]
• Spot Gold — The price of spot gold was $3,212.75 per ounce, with a daily decline of 4.14%. Data as of 9:30 AM (UTC+8) on April 10. [7]
• Fear & Greed Index — The Fear and Greed Index stands at 25, indicating a state of extreme fear in the market. [8]

Top Performers

According to Gate.io market data[9], the top-performing altcoins over the past 24 hours, based on trading volume and price movement, are as follows:

XCN (Onyxcoin) — Daily gain of approximately 48.92%, with a circulating market cap of $534 million.

Onyxcoin (XCN) is the governance and utility token of the Onyx Protocol, operating on Ethereum. It is designed to support the decentralized development of financial services, including lending, payments, and blockchain infrastructure. Onyx Protocol enables institutions to launch and operate blockchain networks via Onyx Core, supports various types of digital assets, and positions itself as a Web3 financial infrastructure solutions provider. XCN is used not only for participating in DAO governance and paying platform fees but also plays a key role in its Layer-1 blockchain project, Goliath. [10]

The recent price surge may be driven by market optimism around the upcoming launch of the Goliath mainnet. The Layer-1 blockchain project is scheduled to launch its testnet in Q3 2025, with the mainnet expected to go live in early 2026. Onyx’s recent repeated mentions of the project have attracted market attention. Additionally, daily trading volume spiked over 300%, reflecting heightened market engagement. Continuous whale holdings and a shift in investor interest from other tokens (such as XRP) to XCN have further fueled the price rally.

AERGO (Aergo) — Daily gain of approximately 58.82%, with a circulating market cap of $103 million.

Aergo is an open-source hybrid blockchain platform designed for enterprises and developers to build decentralized applications (DApps). The platform supports Lua and SQL smart contracts, balancing ease of use for developers with high performance. It features over 10,000 transactions per second, one-second block time, and transaction fees as low as $0.001, making it suitable for efficient and eco-friendly blockchain applications. Its hybrid architecture allows flexible switching between private and public blockchains and has been deployed in various enterprise use cases. Aergo is one of the earlier blockchain solutions tailored for enterprise-grade demands. [11]

The recent price increase was primarily driven by the approval of proposal AIP-21. Announced on April 9, the proposal outlines Aergo’s Layer 2 expansion plan and integration into the Superchain ecosystem, signaling progress toward greater interoperability and utility. Additionally, the launch of a “vote-to-earn airdrop” campaign boosted community engagement, significantly heating up market sentiment and driving AERGO’s price up by more than 55% within 24 hours.

ZRC (Zircuit) — Daily gain of approximately 30.31%, with a circulating market cap of $74.6 million.

Zircuit is a zero-knowledge proof-based rollup solution aimed at enhancing Ethereum’s scalability and security. Fully compatible with the Ethereum Virtual Machine (EVM), it allows for easy application migration. Zircuit uses a hybrid architecture that leverages zero-knowledge proofs to improve efficiency and reduce transaction costs. It is backed by well-known investment firms, including Pantera Capital, and is considered a promising solution to Ethereum’s scalability and security challenges. [12]

Recently, Zircuit partnered with DiffuseFi to integrate on-chain data, enabling users to make more informed decisions. As an AI-powered hybrid zkEVM, Zircuit combines AI-driven security, speed, and proof optimization with full EVM compatibility. These developments have likely attracted increased attention and interest, contributing to the token’s price rise.

Data Highlights

Ethereum Network Gas Fees Hit Record Low – March Average Transaction Cost Plunged 80% from Late 2024

Data shows that by the end of March 2025, the average gas fee on the Ethereum network hit a historic low, with the monthly average dropping to just 2.71 Gwei — an 80% decline from 16.9 Gwei at the end of 2024.

The sharp decrease in Ethereum gas fees is primarily attributed to a significant drop in market activity. With ETH prices trending downward recently, on-chain transaction activity has continued to decline, accompanied by a decrease in user engagement and liquidity, resulting in lower network utilization and therefore lower gas costs. In addition, Layer 2 solutions like Arbitrum and Optimism have diverted a large volume of transactions away from the mainnet, helping keep gas fees at historically low levels. [13]

Bitcoin Mining Sees Strong Start — Leading Firms Earn Nearly $800 Million in Q1 2025

According to the latest data from CoinTelegraph, in Q1 2025, the world’s largest publicly traded Bitcoin mining companies mined a total of 9,746 BTC, valued at approximately $800 million. Bitcoin’s price has remained elevated (around $81,600), contributing to steady revenue growth for mining firms.

Marathon Digital, the company with the highest market cap, led the quarter with 2,285 BTC mined (worth approximately $186 million). In March alone, the company produced 829 BTC, a 17.4% increase from February. CleanSpark followed with 1,950 BTC mined in Q1, worth nearly $160 million, and its March production also rose by 13.4%. Ranked third was Iren (formerly Iris Energy), with 1,513 BTC mined (around $124 million), and a 16.1% month-over-month increase in March.

Although its total quarterly output was lower, Hut 8 Mining stood out with a remarkable 91% monthly increase, producing 88 BTC in March compared to just 46 BTC in February. Notably, on March 31, Hut 8 announced a new mining project called “American Bitcoin,” launched in partnership with Donald Trump Jr. and Eric Trump. The initiative aims to create the world’s largest and most efficient pure-play Bitcoin mining facility. [14]

Trump’s Tariffs Drive Safe-Haven Demand, Tokenized Gold Trading Volume Hits Two-Year High

Following recent import tariff measures announced by U.S. President Trump, market risk-aversion sentiment has intensified, driving a surge in tokenized gold trading volume. This week, tokenized gold recorded over $1 billion in weekly trading volume, the highest level since the U.S. banking crisis in March 2023.

According to research reports, since Trump first announced his tariff policy on January 20, the trading volume of Paxos Gold (PAXG) has soared over 900%, Tether Gold (XAUT) has increased by more than 300%, and Kinesis Gold (KAU) has skyrocketed by an astonishing 830-fold. This trend highlights tokenized gold as an increasingly vital safe-haven tool for investors.

Meanwhile, the price of physical gold has also recently hit a historic high. As of March 31, gold prices surpassed $3,100 per ounce for the first time and have remained above $3,118 per ounce. Since the start of 2025, gold has gained more than 18%, significantly outperforming Bitcoin, which has fallen by over 12% in the same period. The rapid growth of tokenized gold reflects strong investor demand for safe-haven assets. However, tokenized gold is not yet a full substitute for physical gold and currently serves primarily as a diversification and portfolio for crypto investors.

It’s worth noting that the spike in tokenized gold trading volume comes amid rising global trade tensions triggered by the Trump administration. As investors seek more stable and secure assets, tokenized gold and other crypto products linked to real-world assets (RWAs) are expected to continue gaining traction in the near future. [15]

Spotlight Analysis

Nasdaq Files for VanEck Spot Avalanche ETF, AVAX May See Expanded Access to Mainstream Investment Channels

The U.S. stock exchange Nasdaq has recently filed an application with the Securities and Exchange Commission (SEC) to list the VanEck Avalanche Spot ETF, further enriching its lineup of crypto assets. This application aims to provide investors with exposure to the price movements of Avalanche (AVAX) without requiring direct ownership of the token, offering potential returns through an ETF format.

According to the filing, VanEck Digital Assets will serve as the sponsor of the trust, with a third-party custodian holding all Avalanche tokens on behalf of the trust. The ETF will track the market price of AVAX and aims to lower the barriers for traditional financial market participants to gain crypto exposure—allowing them to allocate to this asset without needing a digital wallet or exchange account.

This filing represents VanEck’s latest move in the Avalanche ETF space. In March, the firm registered the trust in Delaware and publicly shared its plans via social media, signaling strong commitment to the product. It is VanEck’s fourth spot crypto ETF initiative, following its Bitcoin, Ethereum, and Solana ETF offerings. [16]

Trump Signs Resolution Repealing Biden-Era Crypto Tax Rules, Marking First Enacted Crypto Legislation

On April 10, 2025, U.S. President Donald Trump officially signed a resolution repealing the crypto tax rules introduced at the end of the Biden administration. The bill, spearheaded by Republican lawmakers Mike Carey and Ted Cruz, aimed to overturn IRS requirements that classified certain decentralized finance (DeFi) participants as “custodial brokers,” obligating them to collect and report user transaction data—potentially issuing 1099 forms for non-employee income such as gambling, rental, and royalty payments.

The legislation passed both the House and Senate, even receiving support from some Democratic lawmakers, including Senate Minority Leader Chuck Schumer. At the signing ceremony, Carey noted this marks the implementation of the first crypto-specific law in U.S. history, symbolizing a shift toward rational and practical crypto regulation.

Under the original rule, the U.S. Treasury defined covered entities as frontend service providers that interact directly with users, aiming to regulate platforms operating DeFi protocol interfaces, rather than the protocols themselves. With the rule now officially repealed, this move is seen not only as a symbolic return to crypto-friendliness by the Trump administration but also as a clear signal of a more supportive policy environment for digital asset development in the U.S. [17]

Gate.io Releases Q1 2025 Report, Trading Volume and Reserves See Simultaneous Growths

Global cryptocurrency exchange Gate.io marked its 12th anniversary with a strong performance in the first quarter of 2025. The platform’s user base and contract trading volume continued to rise, with contract trading up approximately 31% compared to the previous quarter. The upgraded LaunchPool delivered over $14 million in airdrops and mining rewards. On the security front, Gate.io’s total reserves reached $10.328 billion, ranking fourth globally, with a reserve ratio of 128.58% and an excess reserve ratio of 28.58%. In terms of platform performance, institutional service latency was halved, quantitative copy trading volume surged 780%, and the number of trading bot strategies rose 404%. The ETF leveraged token offering now supports over 200 assets. The GT ecosystem also performed well, with its price hitting a new all-time high, gaining nearly 70% year-to-date, alongside ongoing token burns.

Under its strategic approach of “security as foundation, innovation as spearhead,” Gate.io achieved dual breakthroughs in business and brand development during Q1 2025. With transparent audits and surplus reserves, it reinforced user asset security. Simultaneously, Gate.io continued to enrich its product suite—ranging from spot to contracts, and from quantitative trading to DeFi staking—building a multi-layered ecosystem. Global compliance efforts, paired with top-tier sports sponsorships like the official partnership with the F1 Red Bull Racing Team, significantly boosted brand visibility. Meanwhile, philanthropic initiatives in Vietnam and Benin underscored its corporate social responsibility. Looking ahead, Gate.io plans to maintain high growth while further refining its risk control models and user experience, driving technological innovation and regulatory compliance to set new industry standards. [18]

Funding News

According to RootData, one project publicly announced a funding round in the past 24 hours, raising $40 million. The deal is in the AI insurance sector. Details of the funding are as follows: [19]

Meanwhile — Meanwhile has completed a $40 million seed round led by Framework Ventures and Fulgur Ventures, with participation from 6th Man Ventures and several individual investors. Meanwhile is a crypto-based life insurance company offering core financial products denominated in Bitcoin (BTC), powered by an AI-driven system that enables users to easily apply for BTC life insurance policies. These policies function similarly to traditional life insurance, where policyholders pay monthly premiums calculated by actuaries. However, instead of using bank accounts or checks, customers pay with Bitcoin from their crypto wallets. The funds will be used to expand its BTC-denominated life insurance business, primarily targeting “inflation-prone economies.” [20]

Airdrop Opportunity

Krain AI is a platform focused on the AI agent ecosystem, providing intelligent infrastructure to facilitate the discovery, evaluation, and creation of AI applications. Its core features include an AI agent portal, workflow builder, agent discovery engine, community reputation system, advanced search tools, a no-code builder, and the Orion Protocol. Krain AI aims to lower the technical barriers for using AI agents and promote deeper integration between Web3 and AI, making it widely accessible to creators and users alike. [21]

Currently, Krain AI is running an airdrop campaign for its native token, $KRAIN. Users can earn points by completing specific tasks, which may later be redeemable for tokens. Basic tasks include creating an account (reward: 5,000 points) and connecting a Solana wallet active for ≥30 days (reward: 1,000 points). Additional points can be earned by sharing referral links, interacting on social media (e.g., likes, retweets), and engaging via Telegram.

How to Participate:

1. Create a free Krain account, connect your wallet, and link social media accounts to receive base points.
2. Share your referral link—earn 1,000 points for each successful invite (no cap).
3. Actively complete weekly social tasks published by the platform to earn bonus points.
4. Stay updated through official channels (e.g., X and Telegram) for the latest campaign info and point updates.

Note:
The airdrop campaign and participation rules may change at any time. Users are advised to follow Krain AI’s official channels for the latest information. Additionally, participants should exercise caution, be aware of potential risks, and conduct proper due diligence before taking part. Gate.io does not guarantee the future distribution of airdrop rewards.


Reference:

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. X,https://x.com/OnyxDAO/status/1910472735068660093
11. X,https://x.com/aergo_io/status/1910211140929339488
12. X,https://x.com/ZircuitL2/status/1910162177043931189
13. X,https://x.com/Cointelegraph/status/1910462900344443243
14. Cointelegraph,https://cointelegraph.com/news/bitcoin-miners-produce-800-million-btc-first-quarter
15. X,https://x.com/Cointelegraph/status/1910308973934166077
16. Nasdaq,https://listingcenter.nasdaq.com/assets/rulebook/nasdaq/filings/SR-NASDAQ-2025-032.pdf
17. The block,https://www.theblock.co/post/350461/trump-signs-repeal-controversial-irs-crypto-rule-under-biden-lawmaker-says
18. Gate.io,https://www.gate.io/zh/announcements/article/44362?ch=GM_Q1od_20250410&utm_campaign=TR_464ee7gU&utm_content=&utm_medium=Flash+News&utm_source=CH_mX1vZMFk&utm_term=
19. Rootdata,https://www.rootdata.com/Fundraising
20. Rootdata,https://www.rootdata.com/Projects/detail/Meanwhile?k=ODE1OQ%3D%3D
21. Krain AI,https://airdrop.krain.ai/GBEAH8

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