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In March 2025, the crypto market declined by 4.4%, amid volatility following President Trump’s Executive Order establishing a Strategic Bitcoin Reserve, and ongoing uncertainty around Federal Reserve rate policy. Renewed tariff tensions — opposed by Canada and Mexico — also contributed to a US$1B crypto liquidation in cryptocurrency derivative markets on March 4. Meanwhile, regulatory progress — with the GENIUS Act advancing and the OCC approving bank-held crypto — signaled growing mainstream adoption.
The supply of Bitcoin (BTC) held by long-term holders is on the rise, coinciding with significant adoption marked by the establishment of a U.S. strategic Bitcoin reserve and increased institutional purchases. Bitcoin's on-chain ecosystem has also progressed, with Bitcoin DeFi (BTCFi) experiencing a 2,767% surge in total value locked (TVL) over the past year. These developments, along with potential interest rate cuts, may reinforce positive sentiment for Bitcoin in the medium and long term.
Strong competition has upended the status quo in the decentralized exchange (DEX) landscape. Uniswap, traditionally the leading DEX, has seen its market share decline significantly, from 45% last year to 29% as of March 2025. Competitors like PancakeSwap and Raydium have been gaining ground, benefiting from robust ecosystem growth and strategic initiatives.
March brought major shifts in the wallet landscape, with Binance Wallet’s market share surpassing 50% following OKX’s temporary suspension of its DEX aggregator services. While this incident seems to have prompted a wave of user migration, Binance Wallet's upward trajectory was supported by ecosystem activity on BNB Chain and the rollout of new features and incentives.
Pump.fun, the launchpad synonymous with the "memecoin supercycle" on Solana, has seen a significant decline in weekly usage metrics since the launch of $TRUMP, with total volume, token creation, and active wallets dropping by 69.9%, 51.8% and 45.1%, respectively from their peaks in January 2025.
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